150 – Mike Simmons–A Self Interview

In this episode, I turn the tables and do a self interview. I ask myself all of the questions that I normally ask my guests, and answer them is if I were a guest on my own show.

I’m going to change things up this week, and not post show notes for this particular episode. It just feels kind of weird posting show notes about myself. Please check out the show on iTunes, and let me know if you have any additional questions about me or my business.

Next week I will return with another inspiring interview from an awesome real estate investor!

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  1. Arthur on 06/05/2014 at 8:38 AM

    In this podcast you mention using private investors to purchase Buy and Hold properties. I’ve been trying to figure out how does an investor get their money back in this case. How do you structure these deals? Especially if the investor wishes to loan with interest with no desire for long term hold (rental) income.

    • Mike Simmons on 06/05/2014 at 8:57 AM

      Hi Arthur! Thanks for the question!
      I structure my buy and hold deals in a couple of different ways, but your question is how do I structure if the investor doesn’t want to fund a long term deal? I work with several investors. Most of them are only interested in funding flips (short term 4-6 months). In order to start purchasing rentals, I needed to find new investors that were happy to loan for the long term (8-10 years). I have partner with a few investors. IN the partnership, they own a percentage of the property and supply the funding, I own a (smaller) percent of the property and provide the acquisition, renovation and on going management expertise. The reason this makes sense for them is because the cash flow opportunities in my area is much better than in their markets.
      So basically I don’t try to convince investors who want short term investments, to invest in rentals. I have to fit the investment to an investor who wants that type of investment. Does that make sense?

  2. Arthur on 06/05/2014 at 12:41 PM

    Yes, it does make sense. I believe. Tell me am I correct in thinking, by the response “they own a percentage of the property and you a smaller percentage” you mean for instance: cash flow = $300/mo, with say a 60/40 split, they get $180, you $120?

    By the way, great podcast. I like the format of a weekly guest and your insight the remainder of the week. I just found the podcast so I have quite a bit of catching up.
    Keep up the great work.

    Also, is there any way to get notification of replies? I just happened to try refreshing this page and noticed you responded.
    Thanks again.

    • Arthur on 06/05/2014 at 12:43 PM

      Also, how do you handle the investment (loan) at the 8-10 year mark?

      • Mike Simmons on 06/05/2014 at 2:00 PM

        Generally, they are amortized for 30 years with a balloon payment due at the end of the term.

    • Mike Simmons on 06/05/2014 at 2:00 PM

      The answer to your percentage split essentially is -yes.

      Thank you for the compliment on the podcast! I’m really glad that you are enjoying it. If you have anything specific you would like me to talk about let me know!

      As far as the replies, I’ll look into that!

  3. Arthur on 06/05/2014 at 3:38 PM

    Thanks again. Let me catch up first. I’m sure with the amount of content you have you may have answered all my questions already!

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