In today’s episode of The Art of Passive Income, Scott is hosting the podcast solo and talks with Mitch Stephen—1000Houses.com
. Mitch buys houses with other people’s money then sells them with owner financing, creating a positive cash flow stream without the headache of being a landlord.
A lot like the land niche except with a house on the property, Mitch dives straight into a case study and why it makes sense to buy low and sell the house AS IS under owner finance terms as opposed to renting or fixing and flipping.
Listen in as Mitch breaks down his formula of backing into the rent to find the owner finance sales price. Mitch says that the basic core belief of the owner finance system in his strategy is that a person would rather pay a $1000 to own than $1000 to rent, and he figures out how to make that happen. By making it affordable and offering owner finance he is giving an opportunity to those who normally wouldn’t be able to buy a home, let alone qualify for one with the traditional banking system.
Mitch also delves into:
- Finding private money
- Types of properties he looks for
- Finding the deals
- The best states to buy in
Mitch’s strategy is to buy houses with other people’s money, so why does he say to “stop asking people for money!”
Find out his no ask approach to raising private money and so much more!
This podcast is packed full of so much value, it may have put a little twinkle in Scott’s eye.