“Talking to the general public about investing, the idea is that you get a lender. The bank comes in and tells you the terms of the loan but, there’s no flexibility in those terms.” -Buddy Broome
Today I am interviewing Buddy Broome who is an investor and attorney in southern California. Buddy and his wife purchased their first rental property in August of 2008, but the following month the downturn happened. During that time their property began to negatively cash flow and they also started to notice that homes were selling for 60% below market value. Encouraged to buy another property because of the crash, Buddy and his wife faced another dilemma which was not being able to get a loan. Around that time they met Ellis San Jose (Co Founder of FIBI) who became their mentor. Eliis introduced them to Clyde Wilson and Gary Johnston who introduced them to the concept of seller financing and using a financial calculator. Fast forward to today, Buddy is a successful investor, educator, mentor and speaker and has presented at my FIBI Pasadena meeting.
Buddy Broome: Was born in southern New Jersey. He attended the University of Pennsylvania and received his law degree from the University of San Diego. Before he dove into the investing world, he worked as an attorney for a large firm in Los Angeles. After reading “Rick Dad, Poor Dad” he and his wife began investing. He now teaches his clients and workshop attendees how to understand and use numbers for financial freedom.
TOPICS COVERED IN THE EPISODE
- “Rich Dad, Poor Dad” Robert Kyosaki
- The 2008 downturn
- Ellis San Jose
- Clyde Wilson
- Gary Johnston
- Seller financing
- Direct to seller
- Why real estate is a better investment than stocks
- Why you shouldn’t use leverage to margin
- Get rich slow
- Idiot insurance
- CA legislation on statewide rent control
- Why Buddy owns in southern California
- Advantages of owning in California
- David Tilney workshop
- Tenant selection
- Installment sales
The Real Estate Breakthrough Show with Christina Suter is where we talk about the reality of real estate, the mindset you need and the tips and tricks to get you moving forward in investing. Join us every week and learn everything you need to know to invest in real estate education and create real wealth for a lifetime.
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