My guest today on the show is my friend Mitch Stephen. Mitch has been on the show several times before. I'm really pumped about the topic today which is, “The Art of Owner Financing”, and we will be talking about how to do it legally.
As you know, Mitch is the author of 2 books and has another one in the works.
- My Life and 1000 Houses
- My Life & 1,000 Houses: 200+ Ways to Find Bargain Properties
- My Life & 1,000 Houses: The art of Owner Financing (in the works)
Ever since the Safe Act and Dodd Frank came into play, owner financing has become a real gray area for investors. For some that I know personally, it put a serious dent in their passive income. They just weren't sure how to legally do owner financing. (If you missed the Dodd Frank Interview you can watch that here).
In today's podcast, Mitch Stephen takes all the mystery of how real estate investors can legally offer owner financing to retail buyers. When you can offer owner financing, you accomplish several things. You are able to provide a valuable service for buyers who might otherwise not be able to own a home, and you create an ongoing stream of passive income for yourself. It's a win-win for everyone.
One thing I think you will find intriguing about Mitch's business model is that in most cases the new homeowner makes the repairs to the home they are buying.
Interested in learning more? Here are a few of the topics we covered in this podcast:
- How to do seller financing LEGALLY
- Why Mitch doesn’t like the landlord model
- Understanding “owner financed value”
- Funding your deals with private money and non-recourse loans
- The exact formula for Mitch’s seller financing model
- Having a RMLO (Residential Mortgage Loan Officer) on your team
- What’s the cost per deal for a RMLO and who pays that cost?
- What happens when YOUR loan is up on the property?
- And so much more
My thanks to Mitch Stephen once again for coming the show and another awesome podcast! Be sure to stop by and pick up a copy of his books.
You Can Listen to the Podcast Here
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You Can Also Listen and Download all of the podcasts on iTunes By ClickingHere.
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About Mitch Stephen
Mitch Stephen is a full time real estate investor and Author of “My Life & 1000 Houses”, an autobiography about his struggles as a young entrepreneur on his way to eventually doing over 1,200 real estate deals. Mitch lives in San Antonio Texas where he builds his single-family and commercial storage businesses and writes country music.
Mitch has a couple of things for you too.
If you would like the first 100 pages of his book FREE just click here.
Be sure to check out “Owner Finance Pro” too and get a signed copy of his book. You can do that by clicking here.
If you want to schedule a 1 on 1 call with me to talk about specific strategies for building your brand and creating more effective marketing for your business, you do that here by clicking this link.
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