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! In This Episode We Cover:What Lance did before real estate investingHow he learned to flip homes at the age of 15The concept of “house hacking” car dealershipsThe life tragedies that led him to lose everythingWhy stupid deals provide priceless teaching momentsHow to achieve massive success in just 21 monthsWhy he teamed up with his wifeThe story behind their first dealWhat to know about the 2% RuleWhat you get when you spend $50k/month on marketingHow to build out your processesHow to obtain the right mailing listThe software he uses to build his deal funnelHow he determines the needs of the sellerHow to make real estate investing a businessWhat’s next for LanceAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets Hard Money LendersAdvertise on BiggerPocketsNegotiating Your Way to 1000 Wholetail Real Estate Deals with Michael QuarlesBiggerPockets MeetPipedriveBiggerPockets WebinarsJ. Scott’s BiggerPockets ProfileA Simple Morning Ritual to Help You Dominate Every Area of Your Life with Hal ElrodBooks Mentioned in this ShowTrump-Style Negotiation by George RossMultipliers by Liz WisemanTraction by Gino WickmanThe Miracle Morning by Hal ElrodSet for Life by Scott TrenchFire Round QuestionsProof of funds letterBuilding a buyers listQuestions to ask an accountantBest way to find Contractors in this busy marketTweetable Topics:“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!)Connect with LanceLance’s BiggerPockets ProfileLance’s LinkedIn ProfileLance’s Facebook ProfileLance’s Instagram ProfileLance’s Phone Number: 469-478-2143

Episode 236 of the BiggerPockets Real Estate Podcast podcast, hosted by BiggerPockets, titled "236: From Tragedy to Broke to $400,000 a Month with Lance Wakefield" was published on July 20, 2017 and runs 94 minutes.

July 20, 2017 ·94m · BiggerPockets Real Estate Podcast

Summary

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! 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 Pipedrive 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 Tweetable Topics: “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!) Connect with Lance Lance’s BiggerPockets Profile Lance’s LinkedIn Profile Lance’s Facebook Profile Lance’s Instagram Profile Lance’s Phone Number: 469-478-2143 Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode Description