Get to Know Me
I’m Buddy Broome, attorney & real estate investor in Southern California, and I help real estate investors understand the numbers essential for them to create financial freedom.
I was born & raised in Southern New Jersey and after graduating from high school, I studied at the University of Pennsylvania. Then, I moved to Spain where I got a job in a fish market in Madrid, and finally went to law school at the University of San Diego. After law school I started to work as an attorney with a large law firm in Los Angeles, and during this time I had no understanding of investing.
Me as a baby with my parents in Margate, NJ,.
While in L.A., my wife, Christina, happened across the book “Rich Dad, Poor Dad” by Robert Kiyosaki. She tried to convince me to read it, but I had no interest. Then, one day while my wife was out and I started to read the book out of boredom. After reading the book my life was changed forever as I had to learn about “financial freedom.”
My wife, Christina, my dog, Piglet, and I enjoying a sunny day in Manhattan Beach
After a lot of study, my wife and I took the plunge and purchased our first property in August 2008. We were on our way to becoming overnight real estate millionaires, or so I thought….
Unfortunately, in September 2008 the crash happened and 3 months later, I literally saw comparable properties listed at 60% of what we purchased our property. On top of that, our property was negative cash flow, which was the most painful part of all.
Ironically, during this time, I noticed that properties were extremely inexpensive and I wanted to buy another. However, we faced a couple of obstacles blocking us from purchasing another property:
- We did not have the money to buy all cash and
- Banks would not lend to us based on our last purchase.
It was at this point that my wife and I were introduced to two gentlemen who changed our lives forever, Gary Johnston & Clyde Wilson. From Gary & Clyde we learned:
- How to operate a financial calculator &
- How to purchase properties with seller financing, thereby purchasing properties without banks and sometimes with little to no cash.
Then, a few years later, my wife and I purchased our first successful investment property. We purchased an apartment building for $250,000 OVER market price. After reading that statement, you are probably thinking to yourself, “That is a terrible deal! Why am I reading this guy’s webpage again?!!!” The answer is that we purchased this property with seller financing, so this purchase:
- Required very little of our own cash
- Required no bank loan &
- The property positively cash flowed from day one.
So, while our net worth decreased significantly the second we closed escrow, our cash flow increased, making it a deal that we were very happy to make. We were able to do this deal only because of the knowledge that we acquired from our mentors.
My wife and I at the closing table!!!
Just as importantly, the deal with seller financing gave the sellers a number of amazing benefits that they would not have received from a “traditional” sale, including:
- Above market price,
- A better return on their money than could be found almost anywhere else,
- A great inheritance for their children,
- An investment secured by a property that they knew very well, &
- Extremely profitable tax benefits.
From there, we have been fortunate to purchase other properties in a similar manner, and have been “building the snowball.” I still practice law, and my wife and I are still purchasing & managing properties in Southern California, focusing on properties in tougher to manage neighborhoods, and I teach a class where I show people how to structure deals like this one and much more. When not investing or managing, we appreciate time together and enjoy life in Southern California with family and friends.
My wife and I getting to enjoy the Pageant of the Masters in Laguna Beach, CA
Now, I will close out with 10 “fun facts” about me….
- My parents gave me a used 1992 Ford Bronco when I was in high school and I still proudly drive the SAME CAR
- I love college football, and plan one day to rent an RV and travel for an entire season and see a different game in a different stadium every week.
- I am a brown belt in Brazilian Jiu-Jitsu under the Gracie Family
Receiving my brown belt in Brazilian Jiu Jitsu from Ryron & Rener Gracie
- I was a member of the rowing team at Penn, where I experienced many crazy early morning workouts and learned a lot about hard work and being part of a team.
- My wife and I love to travel.
- I am often told that my celebrity doppelganger is Hugh Laurie of “House” fame.
- I value good conversation with friends above all else.
- I speak Spanish, not perfectly, but pretty well, and I am always flattered if a native speaker cannot tell where I am from based of my accent.
- I am petrified of heights, and one time I went skydiving because of that fear (even after the feat, I am still scared of heights).
Me skydiving (Yes, this was very scary!!!)
- I love the beaches of Southern California, however my favorite beach in the world is in Ocean City, NJ.
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