BiggerPockets Podcast 236: From Tragedy to Broke to $400,000 a Month with Lance Wakefield
How does one scale a real estate investing business to hundreds of thousands of dollars in profit in under two years? That’s the topic on today’s episode of The BiggerPockets Podcast, where you’ll hear just how Lance Wakefield, a real estate wholesaler in the Dallas area, accomplished that amazing feat. You’ll hear Lance’s powerful story of hitting rock bottom through numerous tragedies that hit him all at once and the devastation that caused—but you’ll also hear how he went from having just $3,500 to his name to earning over $400,000 in profit in less than 18 months. This show is motivating, educational, powerful, and moving—so don’t miss a moment of it. This is one show you’ll want to bookmark and listen to over and over and over again!
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In This Episode We Cover:
- What Lance did before real estate investing
- How he learned to flip homes at the age of 15
- The concept of “house hacking” car dealerships
- The life tragedies that led him to lose everything
- Why stupid deals provide priceless teaching moments
- How to achieve massive success in just 21 months
- Why he teamed up with his wife
- The story behind their first deal
- What to know about the 2% Rule
- What you get when you spend $50k/month on marketing
- How to build out your processes
- How to obtain the right mailing list
- The software he uses to build his deal funnel
- How he determines the needs of the seller
- How to make real estate investing a business
- What’s next for Lance
- And SO much more!
Links from the Show
- BiggerPockets Forums
- BiggerPockets Hard Money Lenders
- Advertise on BiggerPockets
- Negotiating Your Way to 1000 Wholetail Real Estate Deals with Michael Quarles
- BiggerPockets Meet
- BiggerPockets Webinars
- J. Scott’s BiggerPockets Profile
- A Simple Morning Ritual to Help You Dominate Every Area of Your Life with Hal Elrod
Books Mentioned in this Show
- Trump-Style Negotiation by George Ross
- Multipliers by Liz Wiseman
- Traction by Gino Wickman
- The Miracle Morning by Hal Elrod
- Set for Life by Scott Trench
Fire Round Questions
- Proof of funds letter
- Building a buyers list
- Questions to ask an accountant
- Best way to find Contractors in this busy market
- “It was stupid to do as a deal. But as a learning experience, it was priceless.” (Tweet This!)
- “Our goal is to meet the need of the seller.” (Tweet This!)
- “When you are not focusing on the revenue, you are focusing on the wrong thing.” (Tweet This!)
- “Negotiation is everything. It is the key to real estate.” (Tweet This!)