cover of episode 259: Old-School Investing Wisdom from 60+ Years with Mike Anderson

259: Old-School Investing Wisdom from 60+ Years with Mike Anderson

Publish Date: 2017/12/28
logo of podcast BiggerPockets Real Estate Podcast

BiggerPockets Real Estate Podcast
Frequently requested episodes will be transcribed first

Chapters

Shownotes Transcript

    <p>One of the most impactful moments for most real estate investors is meeting a “mentor,” someone older and wiser who can share with them the lessons they’ve learned. That’s exactly what today’s episode of <a href="https://www.biggerpockets.com/podcast">The BiggerPockets Podcast</a> is! <strong>Mike Anderson</strong> has invested in real estate for over 60 years, doing everything from <strong>buying 200 houses per month</strong> to owning a mortgage business to storage units and more. On today’s show, he dives into his story and the lessons he’s learned over the past half-century and offers insight and wisdom that newer investors need to hear. This conversation is fun, fast-paced, and filled with knowledge, so hang on for a wild ride!</p><p>In This Episode We Cover:</p><ul>
  • The story of buying a house for $3,250 (55 years ago)
  • How to buy and sell 200 houses a month
  • What he’s learned about people buying houses
  • Why you should buy rentals in school districts
  • A discussion on cash flow vs. appreciation
  • The concept of “dialing for dollars“
  • Why it’s all a number’s game
  • Things to note when buying from wholesalers
  • The usual problems with investors
  • Where to get the money for deals
  • Why perseverance is key
  • How to hire the right people
  • How to continue buying 10 or more houses (and get bank financing)
  • Why he’s concerned about the future
  • And SO much more!

    • Links from the Show

    Books Mentioned in this Show

    Tweetable Topics:

    • “The essential thing to make money is hard work.” (Tweet This!)
    • “Don’t worry about commissions; worry about your customers.” (Tweet This!)
    • “How are you going to buy real estate if you don’t know what your goal is?” (Tweet This!)
    • “It doesn’t cause cancer to call people on the phone.” (Tweet This!)

    Connect with Mike

    Learn more about your ad choices. Visit megaphone.fm/adchoices