BiggerPockets Podcast 106: How to Do 100+ Deals Without a Bank (While Raising Unlimited Funds) with Mike Sumsky
Is it possible to build a large real estate business without the use of banks? Our guest today, Mike Sumsky, shows us that it’s not only possible – but can be incredibly beneficial! Mike has done well over 100 deals in the past several years using a variety of creative finance methods and shows you how you can do the same.
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Listen for great tips on obtaining private money, finding deals by knocking on doors, and other innovative strategies for building your real estate business. Whether you want to overcome a lack of funding or you just want to explore creative ways to raise capital, this is an episode you don’t want to miss!
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We just wanted to give a shout out to our podcast sponsor on today’s show: YellowLetters.com. YellowLetters is a full service marketing company that helps hundreds of BiggerPockets members find more deals and make more money.
In This Show We Cover:
- Mike’s thoughts on creative real estate investing
- How he got his first properties
- Investing while losing a job
- The beauty of taking action without knowing everything yet
- How to get your first deal from knocking on doors
- The anatomy of a short sale
- Tips on applying for a bank loan
- How to learn while doing
- Closing on a house with less than 5 thousand dollars
- What “Subject To” type deals are
- Everything you need to know about private money
- How to become “the prize” in each transaction
- Plus MUCH more!
Links From the Show:
- BiggerPockets’ Trivia (email)
- BP Podcast Show 105
- Video of the flood with Brandon
- And another video
- BiggerPockets’ List of Real Estate Meet ups
- BiggerPockets Forums
Books Mentioned in the Show
- Brandon Turner’s The Book on Investing in Real Estate with No (and Low) Money Down
- Think and Grow Rich by Napoleon Hill
- Pitch Anything: An Innovative Method for Presenting, Persuading, and Winning the Deal by Oren Klaff
- Landlording on Auto-Pilot by Mike Butler
- The E-Myth : Why Most Small Businesses Don’t Work and What to Do About It by Michael E. Gerber
- Work the System by Sam Carpenter