Do you want to learn Mitch Stephen’s criteria for deciding if a deal is a good deal?
Watch this short video now!
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”
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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.
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Jay Conner:
What is your criteria for deciding if a deal is a deal?
Mitch Stephen:
I don’t like to pay over 65% of what I can own or finance a house for. And so the Owner Finance Value, and I may have coined this, you know, the OFV, I don’t think I’d ever heard that before. Maybe it was around, but if it was out there, I didn’t know, I call it the OFV the Owner Finance Value, just like you have the ARV and the Mayo. Now we have the OFV, the OFV is a value unto itself. It’s based on the rents. And we find the rents in the neighbourhood and the object of my seller financing business is to find properties that I can seller finance or owner finance to my buyer. And the P I T I S payment is about equal to whatever they’re paying in rent for a house across the street, the separator being, do you have a down payment of 10% or more? Because I don’t take less than 10%. If those two things line up, then you have a real chance to get into one of my houses for about the same as you’re paying rent. And I average four days on the market. I was averaging nine days and then after COVID now, it’s like I average four days and I put no signs in my yards anymore. I don’t even have to put a sign in the front yard. I functioned completely signless now.
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