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

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 28 December 2017

⏱️ 95 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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 The BiggerPockets Podcast is! Mike Anderson has invested in real estate for over 60 years, doing everything from buying 200 houses per month 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! In This Episode We Cover: 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 BiggerPockets Forums BiggerPockets Money Podcast BiggerPockets Podcast 221: Buy and Hold Real Estate—What Works and What Doesn’t with Tim Shiner BiggerPockets Podcast 242: How to Live an Incredible Life Now & Achieve Early Retirement with Josh Randall BiggerPockets Podcast 258: Six-Figure House Flipping with Gabe DaSilva CraigsList Books Mentioned in this Show Rich Dad Poor Dad by Robert Kiyosaki 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 Mike’s Company Website Mike’s Facebook Profile Mike’s Twitter Profile Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	And this is the BiggerPockets Podcast show.
0:05.0	What number are we at, Mindy?
0:07.0	Oh, Brandon.
0:08.0	This is the Bigger Pockets Podcast.
0:11.0	Show 259.
0:14.0	Money is worth the volume is and that's kind of always what I believed in.
0:17.0	You're listening to Bigger Pockets Radio,
0:20.0	simplifying real estate for investors large and small.
0:24.0	If you're here looking to learn about real estate investing, without all the height,
0:28.0	you're in the right place.
0:30.0	Stay tuned and be sure to join the millions of others who have benefited from bigger pockets.com.
0:36.0	Your home for real estate investing online.
0:39.0	What is going on everyone? This is Brandon, the host or co-host of the BiggerPockets podcast today
0:44.3	here with my guest co-host or host Mindy Jensen. How you doing Mindy?
0:48.8	I am doing wonderful Brandon. Thank you very much. How are you doing?
0:52.0	Man, you know what? is good Christmas is over now which you know we're recording this before Christmas but whatever man what a stressful holiday.
1:00.0	Oh my goodness I can't believe it.
1:02.0	Other random comments.
1:04.0	Good, good, good, no, things are good.
1:06.0	If all is scheduled to go the way I think it's supposed to go, which again we're recording this a few weeks earlier,
1:11.0	I should have both my apartment and my mobile home park closed here by the end of the month.
1:17.4	So it should be like any day now. So, yeah. Well, that's very exciting. I'm super excited for you. We're gonna have to go and take another episode to
	...

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