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

Episode • Dec 28, 2017 • 1h 30m

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

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

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

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