My First House Flipping Partner, We did 400 Deals Together

Episode 224:

Real Estate Mentoring: My First House Flipping Partner, We did 400 Deals Together

As an author of one of the top real estate investing books, MY LIFE AND 1,000 HOUSES, Mitch Stephen hosts real estate investing seminars and teaches real estate investing classes to help anyone who wants to create additional income through real estate investing. From real estate investing 101 to advanced real estate coaching, Mitch Stephen has guided many real estate agents to advanced success!

Sam Madrid entered the world of creative real estate investing in 1996. In his first year he studied the gurus of the day, modified their action plans for his market, and began his journey of buying and selling residential houses. By 1998 he was in full swing, buying 45 houses a year. The following year he bought 65 houses, year after that he bought 150 houses and sold 100 exactly! He specializes in buy and hold and owner financing. With 1,000’s of transactions to his credit, he created a lifestyle of success and freedom that most envy. He is humble but quiet. He is passionate. He is a family man and a man of faith.

What you’ll learn about in this episode:

How a chance meeting, being at the right place at the right time, helped to forge a friendship and business partnership that has been profitable and personally rewarding
An inventive form of flipping involving buying a property, selling it via owner financing, selling the note, and cashing out of the property and how Mitch and Sam got the idea for this type of “flipping”
How inventing ways to solve problems can also lead to highly profitable business solutions
The amount of money they walked away with that year and the life altering question, “what next?”
The important role of education for real estate investing and the various ways you can get the education on the Internet – meaning you can do it on your own time – while still bringing home a paycheck to make your initial investments
How one investment in his education changed the course of his career
Why Sam believes that formal education isn’t always the key as long as you continue to learn through seminars, podcasts, webinars, courses, books, etc.
The one thing that is even more critical for success in real estate than constant education
The fact that when you’re excited to get up and rolling with your day, it doesn’t feel like work or a daily grind
How knowing the way to build a successful business starting with nothing to invest means you can do it again and again – no need to stress over losing money today when you can make more tomorrow
The incredible value of a rinse and repeat system that allows you to essentially print your own money
The business model for real estate that weathers bubbles, bank collapses, and other storms that break businesses built on traditional real estate investing models
Why real estate investors who work with owner/seller financing are the last ones standing when disasters in the real estate market take place
Why Sam prefers to work in working class neighborhoods rather than fancier, luxury, or high-end housing
Sam’s advice to young, new investors
Sam’s greatest challenge in building a solid real estate empire that creates enough passive income for him to enjoy a comfortable lifestyle in the Caribbean while working remotely

Resources:

Learn More…

Real Estate Investing 101 – Owner Finance 101 Presentation
What Is Owner Financing – Episode 1: Who Is Mitch Stephen? Why is “Buy and Hold” a Myth? Why Owner Financed Properties?
Owner Financing Courses – Be The Bank: The Art of Owner Financing Mitch Stephen
Real Estate Investing Podcast – Real Estate Investor Summit Podcast Episodes

Real Estate Investing Seminars

Learn how to stop being a landlord and start being the back with the help of Mitch Stephen’s Real Estate Mentor Program!

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