{"id":90501,"date":"2017-07-20T00:02:56","date_gmt":"2017-07-20T06:02:56","guid":{"rendered":"https:\/\/www.biggerpockets.com\/renewsblog\/?p=90501"},"modified":"2023-04-14T00:56:30","modified_gmt":"2023-04-14T06:56:30","slug":"biggerpockets-podcast-236tragedy-broke-400000-month-lance-wakefield","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/biggerpockets-podcast-236tragedy-broke-400000-month-lance-wakefield","title":{"rendered":"From Tragedy to Broke to $400,000 a Month with Lance Wakefield"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">How does one scale a real estate investing business to hundreds of thousands of dollars in profit in under two years? That\u2019s the topic on today\u2019s episode of <a href=\"https:\/\/www.biggerpockets.com\/podcast\" target=\"_blank\">The BiggerPockets Podcast,<\/a> where you\u2019ll hear just how <strong>Lance Wakefield<\/strong>, a real estate wholesaler in the Dallas area, accomplished that amazing feat. You\u2019ll hear Lance\u2019s powerful story of hitting rock bottom through numerous tragedies that hit him all at once and the devastation that caused\u2014but you\u2019ll 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\u2014so don\u2019t miss a moment of it. This is one show you\u2019ll want to bookmark and listen to over and over and over again! <\/span><\/p>\n<p><a href=\"https:\/\/itunes.apple.com\/us\/podcast\/biggerpockets-podcast-real\/id594419649\" target=\"_blank\" rel=\"noopener\">Click here<\/a>\u00a0to listen on iTunes.<\/p>\n<h2>Listen to the Podcast Here<\/h2>\n<p><iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm?e=BIGPOC7273356657&#038;light=false\" width=\"100%\"><\/iframe><\/p>\n<h2>Watch the Podcast Here<\/h2>\n<p><iframe loading=\"lazy\" title=\"From Tragedy to Broke to $400,000 a Month with Lance Wakefield | BiggerPockets Podcast 236\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/RngLLH2LcWc?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h2>Help Us Out!<\/h2>\n<p>Help us reach new listeners on iTunes by leaving us a rating and review! It takes just 30 seconds and instructions can be found <a href=\"https:\/\/www.biggerpockets.com\/forums\/25\/topics\/161423-do-you-listen-to-the-bp-podcast\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a>. Thanks! We really appreciate it!<\/p>\n<h2>This Show Sponsored By<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-80996 size-full alignright\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2016\/09\/Equity-Trust-Logo.png\" alt=\"Equity Trust\" width=\"270\" height=\"93\" title=\"\"><strong>Equity Trust<\/strong> is a financial services company that enables individual investors to diversify investment portfolios through alternative asset classes, including real estate, tax liens, private equity and precious metals.<\/p>\n<p>Get your free\u00a010 Ways to Partner on a Deal with Your IRA Checklist:\u00a0<a href=\"https:\/\/www.trustetc.com\/\" target=\"_blank\" rel=\"noopener\">trustetc.com\/bp3<\/a><\/p>\n<p>Join the The Self-Directed IRA Summit:\u00a0<a href=\"http:\/\/info.trustetc.com\/summit\" target=\"_blank\" rel=\"noopener\">info.trustetc.com\/summit<\/a><\/p>\n<h2>Fire Round\u00a0Sponsor<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-77567 alignright\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2016\/03\/simplisafe.png\" alt=\"simplisafe\" width=\"271\" height=\"58\" title=\"\">Check out <strong>SimpliSafe<\/strong> Security&#8217;s DIY home security systems; an affordable, wireless, cellular, and customizable system that doesn&#8217;t require a contract!<\/p>\n<p>Try it today with a discount:\u00a0<a href=\"http:\/\/simplisafepockets.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">simplisafepockets.com<\/a><\/p>\n<h2>In This Episode We Cover:<\/h2>\n<ul>\n<li>What <strong>Lance<\/strong> did before real estate investing<\/li>\n<li>How he learned to <strong>flip homes<\/strong> at the age of 15<\/li>\n<li>The concept of \u201c<strong>house hacking<\/strong>\u201d car dealerships<\/li>\n<li>The <strong>life tragedies<\/strong> that led him to lose everything<\/li>\n<li>Why <strong>stupid deals<\/strong> provide priceless teaching moments<\/li>\n<li>How to achieve <strong>massive success<\/strong> in just 21 months<\/li>\n<li>Why he teamed up with his <strong>wife<\/strong><\/li>\n<li>The story behind their <strong>first deal<\/strong><\/li>\n<li>What to know about the <strong>2% Rule<\/strong><\/li>\n<li>What you get when you spend <strong>$50k\/month<\/strong> on marketing<\/li>\n<li>How to build out your <strong>processes<\/strong><\/li>\n<li>How to obtain the right <strong>mailing list<\/strong><\/li>\n<li>The <strong>software<\/strong> he uses to build his deal funnel<\/li>\n<li>How he determines the needs of the <strong>seller<\/strong><\/li>\n<li>How to make real estate investing a <strong>business<\/strong><\/li>\n<li>What\u2019s <strong>next<\/strong> for Lance<\/li>\n<li><strong>And SO much more!<\/strong><\/li>\n<\/ul>\n<h2>Links from the Show<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.biggerpockets.com\/forums\" target=\"_blank\" rel=\"noopener noreferrer\">BiggerPockets Forums<\/a><\/li>\n<li><a href=\"https:\/\/www.biggerpockets.com\/hardmoneylenders\" target=\"_blank\" rel=\"noopener noreferrer\">BiggerPockets Hard Money Lenders<\/a><\/li>\n<li><a href=\"https:\/\/www.biggerpockets.com\/advertise\" target=\"_blank\" rel=\"noopener noreferrer\">Advertise on BiggerPockets<\/a><\/li>\n<li><a href=\"\/renewsblog\/2014\/07\/03\/bp-podcast-077-negotiating-way-1000-wholetail-deals-michael-quarles\/\" target=\"_blank\" rel=\"noopener noreferrer\">Negotiating Your Way to 1000 Wholetail Real Estate Deals with Michael Quarles<\/a><\/li>\n<li><a href=\"https:\/\/www.biggerpockets.com\/meet\" target=\"_blank\" rel=\"noopener noreferrer\">BiggerPockets Meet<\/a><\/li>\n<li><a href=\"https:\/\/www.pipedrive.com\" target=\"_blank\" rel=\"noopener noreferrer\">Pipedrive<\/a><\/li>\n<li><a href=\"https:\/\/www.biggerpockets.com\/webinars\" target=\"_blank\" rel=\"noopener noreferrer\">BiggerPockets Webinars<\/a><\/li>\n<li><a href=\"https:\/\/www.biggerpockets.com\/users\/JasonScott\" target=\"_blank\" rel=\"noopener noreferrer\">J. Scott&#8217;s BiggerPockets Profile<\/a><\/li>\n<li><a href=\"\/renewsblog\/2016\/01\/14\/bp-podcast-157-simple-morning-ritual-help-dominate-every-area-life-with-hal-elrod\/\" target=\"_blank\" rel=\"noopener noreferrer\">A Simple Morning Ritual to Help You Dominate Every Area of Your Life with Hal Elrod<\/a><\/li>\n<\/ul>\n<h2>Books Mentioned in this Show<\/h2>\n<ul>\n<li><a href=\"http:\/\/amzn.to\/2tfVNM2\" target=\"_blank\" rel=\"noopener noreferrer\"><em>Trump-Style Negotiation<\/em><\/a> by George Ross<\/li>\n<li><a href=\"http:\/\/amzn.to\/2vkyAcX\" target=\"_blank\" rel=\"noopener noreferrer\"><i>Multipliers<\/i><\/a> by Liz Wiseman<\/li>\n<li><a href=\"https:\/\/www.biggerpockets.com\/traction\" target=\"_blank\" rel=\"noopener noreferrer\"><i>Traction <\/i><\/a>by Gino Wickman<\/li>\n<li><a href=\"http:\/\/amzn.to\/2vk38M8\" target=\"_blank\" rel=\"noopener noreferrer\"><i>The Miracle Morning <\/i><\/a>by Hal Elrod<\/li>\n<li><a href=\"https:\/\/www.biggerpockets.com\/setforlife\" target=\"_blank\" rel=\"noopener noreferrer\"><em>Set for Life<\/em><\/a> by Scott Trench<\/li>\n<\/ul>\n<h2>Fire Round Questions<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.biggerpockets.com\/forums\/67\/topics\/461542-proof-of-funds-letter\" target=\"_blank\" rel=\"noopener noreferrer\">Proof of funds letter<\/a><\/li>\n<li><a href=\"https:\/\/www.biggerpockets.com\/forums\/12\/topics\/461753-building-a-buyers-list\" target=\"_blank\" rel=\"noopener noreferrer\">Building a buyers list<\/a><\/li>\n<li><a href=\"https:\/\/www.biggerpockets.com\/forums\/51\/topics\/461760-questions-to-ask-an-accountant\" target=\"_blank\" rel=\"noopener noreferrer\">Questions to ask an accountant<\/a><\/li>\n<li><a href=\"https:\/\/www.biggerpockets.com\/forums\/843\/topics\/461749-best-way-to-find-contractors-in-this-busy-market\" target=\"_blank\" rel=\"noopener noreferrer\">Best way to find Contractors in this busy market<\/a><\/li>\n<\/ul>\n<h2>Tweetable Topics:<\/h2>\n<ul>\n<li>&#8220;It was stupid to do as a deal. But as a learning experience, it was priceless.&#8221; (<a href=\"https:\/\/twitter.com\/home?status=%22It%20was%20stupid%20to%20do%20as%20a%20deal.%20But%20as%20a%20learning%20experience,%20it%20was%20priceless.%22%20BP%20Podcast%20236%20%40biggerpockets%20biggerpockets.com\/show236\" target=\"_blank\">Tweet This!<\/a>)<\/li>\n<li>&#8220;Our goal is to meet the need of the seller.&#8221; (<a href=\"https:\/\/twitter.com\/home?status=%22Our%20goal%20is%20to%20meet%20the%20need%20of%20the%20seller.%22%20BP%20Podcast%20236%20%40biggerpockets%20biggerpockets.com\/show236\" target=\"_blank\">Tweet This!<\/a>)<\/li>\n<li>&#8220;When you are not focusing on the revenue, you are focusing on the wrong thing.&#8221;\u00a0(<a href=\"https:\/\/twitter.com\/home?status=%22When%20you%20are%20not%20focusing%20on%20the%20revenue,%20you%20are%20focusing%20on%20the%20wrong%20thing.%22%20BP%20Podcast%20236%20%40biggerpockets%20biggerpockets.com\/show236\" target=\"_blank\">Tweet This!<\/a>)<\/li>\n<li>&#8220;Negotiation is everything. It is the key to real estate.&#8221; (<a href=\"https:\/\/twitter.com\/home?status=%22Negotiation%20is%20everything.%20It%20is%20the%20key%20to%20real%20estate.%22%20BP%20Podcast%20236%20%40biggerpockets%20biggerpockets.com\/show236\" target=\"_blank\">Tweet This!<\/a>)<\/li>\n<\/ul>\n<h2>Connect with Lance<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.biggerpockets.com\/users\/lancewakefield\" target=\"_blank\" rel=\"noopener noreferrer\">Lance&#8217;s BiggerPockets Profile<\/a><\/li>\n<li><a href=\"https:\/\/www.linkedin.com\/in\/lance-wakefield-2041ba23\/\" target=\"_blank\" rel=\"noopener noreferrer\">Lance&#8217;s LinkedIn Profile<\/a><\/li>\n<li><a href=\"https:\/\/www.facebook.com\/lance.wakefield.9\" target=\"_blank\" rel=\"noopener noreferrer\">Lance&#8217;s Facebook Profile<\/a><\/li>\n<li><a href=\"https:\/\/www.instagram.com\/winwinmethod\/\" target=\"_blank\" rel=\"noopener\">Lance&#8217;s Instagram Profile<\/a><\/li>\n<li>Lance&#8217;s Phone Number: 469-478-2143<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>How does one scale a real estate investing business to hundreds of thousands of dollars in profit in under two years? That\u2019s the topic on today\u2019s episode of The BiggerPockets [&hellip;]<\/p>\n","protected":false},"author":17340,"featured_media":118304,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4565],"tags":[],"class_list":["post-90501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-biggerpockets-podcast"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/90501","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/17340"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=90501"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/90501\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/118304"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=90501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=90501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=90501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}