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

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

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

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236: From Tragedy to Broke to $400,000 a Month with Lance Wakefield 01:37:14

BiggerPockets Real Estate Podcast

Shownotes Transcript

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236: From Tragedy to Broke to $400,000 a Month with Lance Wakefield