169: Your First Month Wholesaling - Can You Make $96k?

The DealMachine Real Estate Investing Podcast

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