PLP-061 Q&A Session On A Real Estate Bus Tour
What are your pain points and what are you struggling with when it comes to private lending? Is it finding private lenders? Is it convincing them? We answer these questions about private lending, minimal risk investments, and a whole lot more. Join us on this episode as we conduct a Q&A session with Mitch Stephen, his students, and other entrepreneurs on his bus tour. Mitch is a self-taught entrepreneur and the author of the book, My Life & 1,000 Houses: The Art of Owner Financing. Keith also introduces the podcast and the reason he’s doing it.
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Q&A Session On A Real Estate Bus Tour
Keith Conducts A Q&A Session On Mitch Stephen's Bus Tour
What I'm trying to do with the show and my online courses is getting people trained up and ready to be private lenders for you and for people like Mitch. I’ll give you a little background. I started this show on January 1st of 2018. The way this all came about was because I have a day job that I like. I do insurance adjusting for the oil field. I don't deal with homes. I don't deal with autos. I don't deal with feelings or soft tissues. None of that. I deal with oil field equipment, big money and large item stuff. One day when I was walking out of Lloyd's of London, I realized, “I handle a lot of other people's money,” but I love my day job and there's a lot of promise with that. I have a little equity in the company that I worked for, but I wanted to stay involved in real estate. The best way I could do that was through private lending.
I get to stay around with heavy hitters, people who do it every day. I get to learn from them whether they want to teach me or not. Oftentimes, I'll make them hold my hand and walked me through their transaction. I got a call from a guy who I used to loan a lot of money to who said, “I'm switching over to wholesale.” I don't need money, but my friend Landon needs a private lender. One of the first things that Landon asked me was, “Have you ever heard of Mitch Stephen?” I was like, “No. Who's that?” To make the long story short, Landon and I started in LLC and now we do owner financing out of that LLC. It all started with a private lending contact. I don't loan to the LLC because I do most of my lending out of my self-directed IRA. I like to sleep at night. I like to keep things above board and very transparent. I don't loan to the LLC that we do our owner financing with, but it doesn't mean we can't use other people's money or other people's IRA.
Fast forward to about last September 2018, I was forced to take a family vacation to the beach. I'm not a beach person. I'm a mountain guy, but when you have a wife and two daughters that love sunshine, you do what you have to do. While I was miserable and destined, the idea struck me to start the show. Mitch does bust his tail and a lot of you do try to find private money. I'd like to bridge that gap and be able to get people who aren't necessarily versed in real estate who aren't going to go out and flip or landlord but might have that 401(k) or an IRA sitting around. Maybe they got lucky and inherited some cash, but they can put it to work. What I'd like to do is bring everybody together and create an economy by which we don't need banks and we don't need Wall Street brokers getting paid. I'm not going to begrudge anybody for getting paid, but when you're losing my money, why should I pay you a bonus? That's the way I look at it. It’s a meritocracy. That's why I like private lending so much because I can pick and choose who I work with. The students or the gurus, I get to choose them who I work with as well.
When I kicked off the podcast, it got us going slowly, but there's been traction little by little getting more and more episode downloads every month. It’s getting more and more interaction with people. That is going to lead to the Private Lender Academy,