Episode 154: The Problem with Being Rich

Mitch Stephen has been a self-employed RE investor for 20+ years. His real estate investing career started at the age of 23 when he read “Nothing Down” by Robert Allen. REAL ESTATE INVESTOR: Mitch, together with his wife, Tommi, and his daughter, Shannon purchased their fair share of local houses. Their company, Independence Day, Inc., has bought and sold over 1,500 properties in and about San Antonio, Tx since 1996. This company specializes in buying distressed properties with OPM and the selling of those owner financed properties. AUTHOR: Mitch is the author 3 books: MY LIFE & 1,000 HOUSES: Failing Forward to Financial Freedom MY LIFE & 1,000 HOUSES: 200+ Ways to Find Bargain Properties My Life & 1,000 Houses The Art of Owner Financing For more info about these books go to http://1000houses.com/the-book/ EDUCATOR: Mitch offers Online Education, Group Coaching, and one-on-one Mentorships as it relates to all the aspects of Owner Financing and owner financed properties. Mitch forged the creation of a mass texting software, LiveComm.com to help solve problems that arise when you get numerous calls from bandit signs and other advertising efforts to sell your houses. The main reason Mitch wanted this system was to reduce the number of calls from potential buyers (that asked the same questions over and over) to a group of the most qualified buyers, saving time for the sales team. This solves that and much more to streamline your selling process. What you’ll learn about in this episode: Why being wealthy is not always a piece of cake The problems being rich can cause for some people How wealth can bring some bigger temptations and options Keeping your wealth to yourself How hiring family to work for you can be a very tenuous move The advantages of hiring employees that are not family What to do when a family member asks you for a loan How vices tend to expand when you have money and a lot of time on your hands Why it’s vital to have discipline when you have a lot of money Why you should consider giving anonymously to charity organizations Why you should be careful about how you spend your overhead Resources: REInvestorSummit.com/ProblemWithBeingRich REInvestorSummit.com/noteservicing REInvestorSummit.com/capital REInvestorSummit.com/aof REInvestorSummit.com/100