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

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 monthWhat he’s learned about people buying housesWhy you should buy rentals in school districtsA discussion on cash flow vs. appreciationThe concept of “dialing for dollars“Why it’s all a number’s gameThings to note when buying from wholesalersThe usual problems with investorsWhere to get the money for dealsWhy perseverance is keyHow to hire the right peopleHow to continue buying 10 or more houses (and get bank financing)Why he’s concerned about the futureAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets Money PodcastBiggerPockets Podcast 221: Buy and Hold Real Estate—What Works and What Doesn’t with Tim ShinerBiggerPockets Podcast 242: How to Live an Incredible Life Now & Achieve Early Retirement with Josh RandallBiggerPockets Podcast 258: Six-Figure House Flipping with Gabe DaSilvaCraigsListBooks Mentioned in this ShowRich Dad Poor Dad by Robert KiyosakiTweetable 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 MikeMike’s Company WebsiteMike’s Facebook ProfileMike’s Twitter Profile