Hoosier Hot Shot with Gene Chandler
42:49 · 2018
Scott: We have our good friend and very good note investor, the man, the myth, the Indiana hot shot legend, Gene Chandler. How are you doing?
Gene: Hi. I’m just hanging in there.
Scott: First of all, Gene has been an active note investor for quite a while now. How many years?
Gene: About six now. I dabbled with it for a while.
Scott: You’ve transitioned where you’re almost completely full-time now. Your job that you had before is more of a hobby thing that you do on the side though. You have done a tremendous job of turning a hobby into your income, and then your work taking a back step, being more so your hobby. Why don’t you share to people where you’re from, what your focus is, and your business model is?
Gene: I’m from Elkhart, Indiana, and that’s the northern part of the state, right in the middle. My business model is basically single family homes, vacant and occupied. It all depends on the area. I buy vacant in some areas and other areas where you can buy a vacant or you can turn it over quick, I don’t. I’m not interested in that. At first, I used to be interested in those, and now I’ve transitioned out and thinking I can wait a little longer and do a little better if I go and be patient. With the occupied, there’s got to be something that takes a little longer to do. I’ve had them for as much as 30 months before they finally got everything rolling, that I did very well. The last one I ended up with $64,000 and I had $11,500 in it in 30 months. If you’re looking at stuff like that, if you really look at your numbers, you can be patient. Working it out with the borrowers and talking to them, I try hard to project being nice and kind to the borrowers so that we can work some stuff out if possible. If not, to see what we can do to help them out of a situation.