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.
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