How to buy property for $100k ABOVE retail market price and still cash flow

Can you buy property without having to work with a bank? Is there a way to make real estate investing profitable in areas where most people believe there’s no cash flow? 

Today’s guest, Buddy Broome, is here to share his insights about how he’s succeeded in real estate investing in Southern California by not buying property the traditional way… all while working a w-2 job. 

During today’s episode, you’ll learn about how to buy property without a bank and how avoiding the traditional route can help you make money in markets that other people struggle in. Listen to the episode to hear Buddy Broome discuss how he learned his strategies for buying real estate, how he finds and cultivates leads, and what he looks for in a tenant. 

Topics Discussed in This Episode

  • – The most over-used question from amateurs, and one you should avoid in almost every situation. 17:32
  • – The buying strategy used by Bob Ross to fix problems and create good deals for everyone. 15:15
  • – How to buy property without ever using banks
  • – Fleas crawling up legs – a clue to the “Real Deal” . 5:00
  • – Real-Life examples of solving motivated seller problems. 10:01
  • – His rule of thumb for analyzing rentals. 14.03
  • – Negotiation situations that land you cash flowing property. 11.33
  • – How many offers it took for his first deal. 14.26
  • –  discover what is his most important criteria is when pulling a list – It’s not equity. 
  • –  Mistakes to avoid and tips for managing property.  17:35
  • Buddy’s thoughts on the changes coming in 2020
  • The flexibility of financing real estate deals without a bank
  • How strategies may change in 2020 
  • – How to get a 50- year loan with only 5% down. 9:13

Quotes From the Show

“Investors’ job – our job is to fix people’s problems.”

“90% of property management is finding a good tenant.”

“I always price my apartments just a little bit below market.”

Resources

Buddy Broome