23 min
169: Your First Month Wholesaling - Can You Make $96k? The DealMachine Real Estate Investing Podcast
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- Investing
Lance made $96k in his first month wholesaling 4 real estate deals in 2016 and now he talks about why he still loves single family homes over multi family.
Key Talking Points:
00:00: Introduction to the podcast and guest's success in wholesaling.
00:20: Discussion on starting with a large volume of direct mail and host introductions.
01:06: Introduction of Lance Wakefield and his entry into wholesaling.
01:19: Lance discusses his initial strategy and details of his first four deals.
01:48: Explanation of the deals and Lance's decision to wholesale.
04:01: Transition from viewing wholesalers negatively to engaging in wholesaling.
05:02: Evolution of Lance's business and approach to wholesaling, seller financing, and holding properties.
06:25: Discussion on contracts used in wholesaling and benefits of tailored contracts.
08:20: Benefits of custom contracts and built-in 15-day extension.
10:31: Promotion for Deal Machine Unveiled event and the URL.
12:20: Lance's current business operations and comparison between rentals and seller financing.
14:02: Explanation of the difference between wholesaling and novation.
16:49: Breakdown of overhead expenses and business structure.
18:37: Strategy for focusing on bigger opportunities, including package deals and refinancing.
20:21: Reasons for targeting smaller multifamily units and packages of single-family homes.
22:10: Closing remarks and where to find Lance Wakefield on social media.
Links and Resources Mentioned:
Deal Machine Unveiled Event: dealmachine.com/unveiled
Instagram: https://www.instagram.com/lancewakefield/
Facebook: https://www.facebook.com/lancewakefield
TikTok: https://www.tiktok.com/@lancewakefield
Podcast: https://podcasts.apple.com/us/podcast/pursuit-of-prosperity/id1498765055
Lance made $96k in his first month wholesaling 4 real estate deals in 2016 and now he talks about why he still loves single family homes over multi family.
Key Talking Points:
00:00: Introduction to the podcast and guest's success in wholesaling.
00:20: Discussion on starting with a large volume of direct mail and host introductions.
01:06: Introduction of Lance Wakefield and his entry into wholesaling.
01:19: Lance discusses his initial strategy and details of his first four deals.
01:48: Explanation of the deals and Lance's decision to wholesale.
04:01: Transition from viewing wholesalers negatively to engaging in wholesaling.
05:02: Evolution of Lance's business and approach to wholesaling, seller financing, and holding properties.
06:25: Discussion on contracts used in wholesaling and benefits of tailored contracts.
08:20: Benefits of custom contracts and built-in 15-day extension.
10:31: Promotion for Deal Machine Unveiled event and the URL.
12:20: Lance's current business operations and comparison between rentals and seller financing.
14:02: Explanation of the difference between wholesaling and novation.
16:49: Breakdown of overhead expenses and business structure.
18:37: Strategy for focusing on bigger opportunities, including package deals and refinancing.
20:21: Reasons for targeting smaller multifamily units and packages of single-family homes.
22:10: Closing remarks and where to find Lance Wakefield on social media.
Links and Resources Mentioned:
Deal Machine Unveiled Event: dealmachine.com/unveiled
Instagram: https://www.instagram.com/lancewakefield/
Facebook: https://www.facebook.com/lancewakefield
TikTok: https://www.tiktok.com/@lancewakefield
Podcast: https://podcasts.apple.com/us/podcast/pursuit-of-prosperity/id1498765055
23 min