After successfully flipping his first home while making just $40,000 a year, Sidney Torres got hooked on real estate. He used his profit to buy a property next door and, since then, the real estate mogul and self-made millionaire hasn't looked back.
And, when it comes to picking the right properties, Torres has a surprisingly simple method.
"A way to find really good deals in real estate is writing letters to the homeowner," he says in a new mini-series, "60 Seconds with Sidney." "I'd write 30 letters a week and I'd send it to these individuals saying: 'Your property fits the criteria properties that I like to rehab. If you're interested, call me.'"
The strategy has worked for Torres: Since his first flip, he's developed more than $250 million in commercial and residential real estate.