Today’s guest has a really intriguing niche, in fact, it leaves both Mark & Scott with that shiny object twinkle in their eyes.
Brad Smotherman joins the guys to talk about his unique niche within the niche of house flipping. Brad is a professional house flipper but the way that he sells houses is very unique and as Mark says, very cool.
What makes Brad’s strategy so unique from the typical house flipper?
After doing some fix and flips, Brad soon realized that there was no money there and that the real money was in the financing, so he became the bank. Brad’s strategy is to get the property under contract, buy it with equity and sell it on owner financing, creating a wrap note.
Listen in as Brad walks us through an average deal, along with:
- The passive income on an average note
- Finding the houses and the buyers
- The types of properties he buys
- Working in multiple states
Another perk to Brad’s strategy, there are no repairs to deal with!
What about the Dodd Frank act?
Dodd Frank is a banking regulatory act, part of which clamps down on owner financing, but Brad says it’s not a concern in his strategy and explains why.
He also give us the details of a buyer’s pool that is vast with very few players in it… and so much more in today’s episode of The Art of Passive Income!
TIP OF THE WEEK
Scott: Check out ColorZilla.com—a chrome extension that allows you to get the colors from any website.
Brad: Read the book, 12 Rules for Life by Jordan Peterson.
Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?