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 special 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
- Foreclosures and more!
Another perk to Brad’s strategy that we discuss in today’s episode is that there are no repairs to have to deal with!
But, what about the Dodd Frank act?
Dodd Frank is a banking regulatory act, part of which clamps down on owner financing. Brad says that it’s not a concern in his strategy and explains why.
Also, find out which buyer’s pool is vast, yet there aren’t many players in it.
All of this and more on 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?