Skip to main content

Mitch Stephen's Real Estate Business with Jay Conner, the Private Money ...

Real Estate Investing With Jay Conner

Mitch has been a self-employed RE investor for 25+ years.

His real estate investing career started at the age of 23 when he read “Nothing Down” by Robert Allen.

Mitch has purchased well over 2,000 houses in and around his hometown of San Antonio, TX. A high school graduate, who never stopped learning. Books, CDs, seminars, and webinars were his classroom.

Today he specializes in owner financing properties to individuals left behind by traditional lending institutions and giving new life to properties that scar the neighborhoods.

For more valuable information click on this link and watch the complete episode: https://youtu.be/sPCoiBzSJVA- “Mitch Stephen’s 1000 Doors, Real Estate Investing With Jay Conner, The Private Money Authority”


Have you read Jay’s new book: Where to Get The Money Now? It is available FREE (all you pay is the shipping and handling) at https://www.JayConner.com/Book

Free Webinar: http://bit.ly/jaymoneypodcast

Jay Conner is a proven real estate investment leader. Without using his own money or credit, Jay maximizes creative methods to buy and sell properties with profits averaging $64,000 per deal.

What is Real Estate Investing? Live Private Money Academy Conference

https://youtu.be/QyeBbDOF4wo

YouTube Channel

https://www.youtube.com/c/RealEstateInvestingWithJayConner

iTunes:

https://podcasts.apple.com/ca/podcast/private-money-academy-real-estate-investing-jay-conner/id1377723034

-----------------------------

Jay Conner:

What does your business look like today? You got a long history, bought thousands of houses, but in today’s economy with what we got going on, what does your business look like now?

Mitch Stephen

Well, I’ve got a house about every four to five days for over two decades and it’s about a hundred houses a year and I want to be really clear on something I know right across the street. There’s somebody doing five times that amount. I mean, there’s always a faster gun, there’s always a bigger guy out there. I’m, just saying where I’m at.. And I’ve been at that level for a long time. It’s a comfortable place for me. I don’t want to do more than that. It’s a challenge these days to do a hundred houses in COVID we only did 83, but there was a point in time there. I didn’t know if I was going to break 40 no one knew what was really going to happen. So I buy houses with OPM, Other People’s Money, private money.

One of the things that Jay teaches, I have $26 million of private money. And it didn’t happen overnight. It happened over a couple of decades and it’s amazing what happens when you borrow money from people and you pay them back, as you promised, they give you more and then they give you some more and they introduce you to your friends that have more than they had. And then, it just kinda keeps ratcheting up. In fact, I had so much private money that I had to start a private hard money loan company to keep it all out because you got access to a lot of money, doesn’t mean you go out and start making stupid deals. So I keep my underwriting the same. And then if I can’t buy enough houses under that underwriting, then I loan it out to my competitors who found deals before me that are 50 cents, 60 cents on the dollar and I’ll finance them.

And I keep that money occupied on short-term notes, so that it’s available for me, if, and when I’m ready and if I’m not ready, it’s out-working and I’m helping my private lenders make a return on their money. My money that I borrow is it’s, non-recourse collateral only, wrappable, which means I can buy the house for $50,000 from a private lender. I use the private lenders money, and then I can sell their finance, the house for a hundred thousand, with 10,000 down, carry the $90,000 balance at 10% for 30 years. And I don’t have to pay the underlying lien off. No, that’s hints wrappable, someone who buys my house owes me 90,000, say they owe me 850 a month. And then they send the payment to me. And then I have to send 350 of that, 850 over to my private lender.

And I get to keep what’s in the middle, but I’m not the landlord. I’m a bank. They’re sending me their mortgage payment. And when the air conditioner breaks, it’s not my air conditioner cause I sold them the house. And so today with all the glitz and glam and the TV shows and the flip this and flip that, everybody’s a house if you notice that everyone’s a home investor, I mean, it’s like must be the most popular side gig on the planet. So we really had to buckle down and hone the fine art of finding distress and motivated sellers and also had to refine the art of moving quickly to get to them and also had to open up our wheelhouse. It’s not just houses anymore. It could be land, we can buy land and owner finance raw land to people that want to put something on it, which is what I look for.

I don’t want to just financial bunch of land because in the event there’s a debacle and I get the land back and maybe it’s tight economic times that land’s not moving. Then it’s a little hard to make raw land produce an income. So I owner finance my land only to people who want to put improvements on it now and they’re putting their improvements on top of my collateral so that if I ever get the property back, It’s worth a lot more and or I can rent it or put someone in it to make an income because there’s improvements it’s on it now, hopefully enough improvements that I can collect some rent. And then mobile homes and land, I became very, I’ve always been, I’ve always taken the lift into the mobile homes when the recession hit or when the competition for houses got big.

So I know mobile homes where really well and mobile homes and land offer a great opportunity, especially if you’re in a culture, say like the Hispanic culture who values an acre or two over a postage size stamp, you know, residential lot. And of course these things are outside the city limits out in the outer parts of the County, if not just outside the County where there’s very little restrictions and you can do what you want, because a lot of these people that want these half acre, three quarter acre places, they want goats, chickens, sheep, burrows, cows, horse, they what all kinds of things and they don’t want some HOA telling them what they can do. So if you drive through my portfolio from house to house to house, it, parts of it looked like a third world country, but Hey, the payments are coming in and these people got stuff to eat. So if you don’t think they have something to eat, just look in their front yard, there’s animals walking around everywhere.


Comments

Popular posts from this blog

From Hospital Executive to Real Estate Mogul: The Mason McDonald Transformation

https://www.jayconner.com/podcast/episode-163/ Mason McDonald, once deeply entrenched in the healthcare industry, found liberation and financial success in an unexpected venture: real estate investment. His professional life took a dramatic turn when the pressures and dissatisfaction of his hospital executive job spurred him to explore real estate, an interest sparked by his family’s background in the industry. Mason’s story is not just about change; it’s about strategic and bold decision-making, taking a calculated risk with just $60 and a course on land flipping, leading to significant professional and personal growth as discussed in a gripping episode with Jay Conner on the “Raising Private Money” podcast. Why Invest in Land? Choosing land over other forms of real estate investment might seem unconventional to some. However, Mason outlined compelling reasons for his focus during the podcast. The barriers to entry are relatively lower, and the tax advantages are particularly appealin...

Secure Real Estate Success Through Digital Marketing & Private Money with Jason Wright & Jay Conner

Private Money Academy Conference: https://www.JaysLiveEvent.com Free Report: https://www.jayconner.com/MoneyReport Jason Wright is a speaker, author, entrepreneur, limited partner real estate investor, podcast host, and digital marketing architect with a passion for helping other business owners with their sales funnels. Jason prides himself on his ability to connect with people and speak to them in a language they understand. Jason is able to design successful marketing automation machines all while keeping a positive attitude and sense of humor along the way. DIGITAL MARKETING AUTOMATION EXPERTISE ActiveCampaign Go HighLevel SalesMsg Zapier Digital Marketing Strategy & Architecture Email Deliverability ENTREPRENEURIAL ACCOLADES Author of the book, The Backward Route To Forward Progress: 7 Solutions For Crushing Fear, Self-Doubt, And Limiting Beliefs ActiveCampaign Certified Consultant for 6+ years Has worked on 600+ sales funnels and counting... He has been featured on 9...

Transform Your Financial Future: Eric Vogel’s Strategies and Jay Conner’s Real Estate Insights

https://www.jayconner.com/podcast/episode-175-transform-your-financial-future-eric-vogels-strategies-and-jay-conners-real-estate-insights/ In the latest episode of the Raising Private Money podcast, renowned private money authority Jay Conner sits down with Eric Vogel, a high school teacher turned real estate investor, who shares his incredible journey to financial independence and freedom. This episode is an eye-opener for anyone looking to achieve their own FIRE (Financial Independence, Retire Early) through real estate.   The Journey Begins: From High School to High Profits Eric Vogel and his wife were high school teachers who decided to pivot their careers toward real estate investment. Within just four years, they grew their business to seven figures—a testament to their dedication, strategic planning, and unwavering intention. Their story is a powerful example of how setting actionable goals and focusing on intention can accelerate your path to financial success.   The A...