Quick Facts:

• Profit Strategy: Rehab and hold
• Number of Units: 16
• Personal Money Invested: $180k (split between 3 business partners)
• Amount Earned: $1,905/mo estimated monthly cash flow
• Prior Experience: Starting in 2010, Jeremy started through single family rentals, purchasing properties every few years. In 2022, he transitioned to a full time real estate investor.

Jeremy’s Story

Jeremy’s education took him to prominent universities resulting in an advanced degree in mechanical engineering. He became a Research Engineer for cutting-edge firms and earned a satisfying income. Interestingly, his real estate career started concurrently with his career in engineering. That’s the story he’s going to share. 

Jeremy’s Call to Adventure

Jeremy moved to South Bend, Indiana, to attend grad school at Notre Dame. He moved into an apartment but quickly realized buying a house made more financial sense since he’d be living there awhile. After graduating, Jeremy accepted a job in Connecticut and put his home on the market. However, he discovered he’d have to take a loss to sell, so he turned it into a rental. Thus began his life as a landlord.

Jeremy got a taste of passive income from owning a rental, and he and his wife decided to build their portfolio by purchasing a new property every two years. Meanwhile, his career as a research engineer continued to blossom simultaneously.

They moved to the Midwest to be near family when they got pregnant with their first child. Relocating to Chicago was expensive, and he also had to take a pay cut. This led to their first foray into multifamily. Jeremy and his wife decided to buy a five-unit apartment and live in one unit. The tenants paid their mortgage, and Jeremy and his wife only paid for utilities. 

They quickly discovered this was a great way to grow their real estate investments.

He acknowledges that he enjoyed his last job in robotics engineering, but he loves real estate investing even more. Real estate “lit his fire and fueled his passion.” It had been a hobby before, but he wanted to turn it into full-time.

The Evolution of His Real Estate Goals

He became a landlord when he turned his residence into a rental. But how did he go from investing in single-families to multifamilies? He explains, “When I decided to purchase a property for an investment, I did a lot of research. I came across a fascinating article that illustrated the logic of investing in multifamily instead of single-family. The article resonated with me.” He elaborates, “The writer explained that a benefit of multifamily is that if one tenant moves out, the other tenants are still paying your mortgage. With a single-family, if somebody moves out, you’re stuck with a mortgage, and you don’t have anybody paying for it.” Jeremy continued, “The second thing he discussed was the benefit of having common things like roofs and yards. It’s more efficient to maintain one roof for 5 units instead of 5 separate roofs. It just made more sense. Plus, I could envision scaling more quickly.” 

Jeremy’s Search for a Mentor

He retired from his job as an engineer to pursue real estate full-time. As he spent more time in the business, he realized he needed to focus on acquiring properties with more doors to hasten his growth. 

He read Lance’s book and understood that a person shouldn’t “graduate” to apartments; instead, they should start with apartments. 

Jeremy also developed a new mindset through Lance’s program. He elaborates, “I always believed I had to build capital before buying an apartment building. Lance’s strategies for using seller financing, working with partners, and bringing in people who will provide the down payment were the tools I needed to make the jump.” He admits, “I could have gotten there on my own, but it would have taken a lot longer. I’ve always believed in learning from others. Why reinvent the wheel? Learn from the people who’ve done it before. I knew Lance could give me a leg up and a head start to make these investments.” 

Developing Credibility and Experience

Jeremy learned how to find partners and investors through Lance’s program. This enabled him to purchase — with the partners — a 16-unit apartment only a handful of months after his training. 

Jeremy explains the benefits of this deal go beyond the income. “One of the outcomes of buying the 16-unit is to get credibility. It also gives us belief in ourselves — that we can do this. That’s been my mindset — I just need to get this one done. When we go to investors, we can say we own a 16-unit apartment. It’s going to help bring in new investors. And having this first one under our belts gave us a belief in ourselves and credibility to others.” 

His Obstacles

His biggest obstacle in transitioning to multifamily was funding. He explains, “The cost is much higher, so you need to bring more money to the table if you’re doing conventional financing. I had limited funds that I could use because I was doing fix-and-flips to earn money to acquire rental properties. I needed capital to be able to do my fixing. I couldn’t take all of that money and apply it all to a large multifamily.” 

He declares this was a critical reason he needed a mentor. “I needed to learn to talk to investors and bring others in. I needed to know how to analyze and present the numbers for an investment. One of the most valuable resources I got from Lance is the Doable Deal software and understanding things like Cap Rates.”

Jeremy’s Dream Unfolds

Spending time with his wife and four kids is a priority. Working as an engineer meant he could only see them in the evenings and on weekends. In his words, “I coach my boys’ baseball teams. I’m out on the baseball field most nights. This means my three-year-old twins don’t get to see me in the evenings.” He continues, “When I worked full-time, I wouldn’t see the twins because I’d go immediately from work to the baseball fields. Investing in real estate allows me to work when I want. I can take a couple of hours out of the day and spend that time with my three-year-old twins. I can sit down and watch a show with them or take them to the store. We can go to the playground. Having this freedom is really important to me. I realized quickly that I wouldn’t have that valuable time with them like I’d had with my older two if I kept my 9-to-5 job.” 

But that’s not his only dream. He explains, “I really want to give back to my community. I’m spending time coaching now. In fact, I’m the baseball director. I give a lot of my time now, but I would like the money to also give that.” He offers an example, “Our Rec program lost their baseball fields for the next three years. The fields were demolished as the town began building a new middle school. We’ve had to scramble and find other fields to use.” He shares his dream, “I would love to have the money right now to be able to just go build new fields for these kids. We have about 400 kids in our baseball program that need a place to play baseball. I would love to have enough money to donate and provide that for these kids.”

He admits, “I need a certain income to sustain my lifestyle with my family. But my dream is to build an income to give back to the community and build generational wealth.” 

Jeremy’s Financial Goals

Jeremy hasn’t found a financial goal that “has significance.” He explains, “I haven’t set a number that feels right. However, I believe that if I have 100 doors, I can replace my income from my previous job. My first goal, therefore, is to have passive income in the low six figures to replace that income. That’s my short-term goal, and I believe I will be able to achieve that before the end of the year.” 

Jeremy shares that in January of this year, his real estate business had grown enough that he could start paying himself a salary. He initiated this before closing on the 16-unit, so this new acquisition will “build on top of that.” He’s exceedingly optimistic about his future.

Jeremy shares his love for the business, “I really, truly enjoy looking for the opportunities, building, finding and working with new partners, and bringing new people into real estate. I’m excited about giving back to people just starting in real estate. Those are the things that excite me and that I’m passionate about.”

His Ability to Persevere is Key

Jeremy contends that perseverance is a historical strength that benefits him in this undertaking. “Even as a research engineer, perseverance has always been my strength. I just don’t let things get me down. Indeed, I’ll have some down days or rough stretches. But I  always pick myself back up. I just push through by keeping my ‘eyes on the prize.'”

An Unexpected Benefit

Jeremy declares he has become more social as a result of this business. He shares that he was social before, but “I always felt like that was boring to people. I didn’t want to bore people with the technical details of my work. However, when I talk to people about real estate, they get excited. It’s enabled me to be more social and seek out people doing similar things.”

He also reveals, “I always had to put on a facade. I had to act very professionally. I had to say the right things, so I wouldn’t say anything. Now I can be more who I am without putting up the facades.”

Jeremy’s Advice

To young investors, Jeremy offers this advice, “buy a multifamily property and live in one of the units. The residents will pay for your mortgage, and when you’re ready to move on to the next one, do it again — and do it again. I wish I had started doing that a long time ago. It’s the best way to get into real estate investment. It’s an excellent strategy.”

Overall, though, his advice is to persevere. You’ll hit obstacles. That’s a given. Keep your eyes on the prize, get up, and continue to push through.

Persevere.

Quick Facts:

• Profit Strategy: Rehab and hold
• Number of Units: 2
• Personal Money Invested: $0
• Amount Earned: $50k in equity and $500/mo positive cash flow after rehab
• Prior Experience: Tony and his partner, Angela, had previous experience acquiring single families, duplexes, triplexes, fourplexes and even developable land

Tony’s Story

Tony has run successful businesses — most recently as a financial advisor. Still, growing up, he never learned how to “shuffle around large sums of money.” Having a profitable business is one thing — knowing the skills to grow financial independence is entirely different.

Tony’s Call to Adventure

It all started with Monopoly. He describes himself as “that kid that went around the board and bought everything he landed on.”

He and his business partner, Angela, started looking into small apartment real estate in 2018 but “weren’t able to get going for all the reasons that people starting out can’t and don’t.” They read books by Robert Kiyosaki and Grant Cardone. From this, they developed a mission to buy a 16-unit apartment complex. The idea of getting 16 rentals under one roof made perfect sense.

They are still looking for a suitable 16-unit building. In the meantime, they acquired some other properties: single-families, duplexes, triplexes, fourplexes, and even developable land.

Early Challenges

Tony and Angela started their own financial firm after leaving another firm. This meant they “were literally starting over. There was very little business and not much income.” This was a challenging time to get into real estate investing.

Gradually, it became apparent that “finding the funds for deals is exceptionally challenging — if not impossible.” They connected with a few people who did hard money loans for them, which helped them start their “real estate empire.”

The First Wins

The first fourplex that they bought was in 2018. Tony describes the deal, “It’s in Wenatchee, Washington. The lady was selling her house for $220K. Angela suggested we offer $180K. So we did. The realtor thought we were crazy, but she presented the offer, and it was accepted! The seller didn’t even counter it.”

After that, they inherited a fourplex that produced $3000 monthly rent. It was 100 years old. Tony recaps, “we painted the outside. We installed separate sheds for each unit. That’s all we did. We intended to hold it, but on a whim, we decided to test the market to see what we could get. And 366 days later, we sold it for $300K.”

Funding, Funding, Funding

His “monopoly empire” is being built, but he explained the limiting factor has been “funding, funding, funding.” Most deals they couldn’t close were due to a lack of funding. They didn’t know how to get private money lenders. He clarified, “while bank funding is usually cheaper, it isn’t always accessible, especially when starting out. The banks see the acquisitions as a burden even if they bring in income. That limits what they will do for you. We learned that being able to tap into an infinite supply of money, even at higher costs, would give us a much more extensive portfolio.”

He elaborates on a deal they couldn’t close due to funding limitations. “It was 36 units. It was a very sweet deal, but we couldn’t get the funding to close it. Everything we envisioned doing with this property was done by the person who bought it. It’s ‘the one that got away.’ This is a big part of why we joined Lance’s program — to have investors available to us.”

Tony Finds His Mentor

Tony was no novice to “financial gurus.” He and Angela had looked at many programs but found them all lacking. They were drawn to Lance’s boot camp partly because of the guarantees and the possibilities of getting the tuition refunded by submitting or closing deals. The modest cost was attractive, and then when they attended, they realized the incredible value. They gained knowledge and also inspiration. They found their first deal quickly after completing the boot camp.

The Good, The Bad, and the Ugly

Tony shares that having vision helped him. “I see opportunities others don’t or don’t think are possible. Angela is also this way; she sees things in terms of what is possible. But, I’ve learned along the way to avoid paying for the potential but to always continue to see the possibilities of what you can do with the property.”

Conversely, Tony admits that his impulsiveness has worked against him. Occasionally, he’s been “willing to pay more than is prudent — buying the potential. We could have saved money if we’d done things differently. However, my impulsiveness has been fueled by the fear of not getting the deal. That’s a balance I’m working on.”

His Dream

He describes his goal is “to be wealthy, meaning we have enough passive income coming in that on any given day when you wake up, all of your expenses are paid, and you can live the life you want. Real estate is a big part of that. If we provide people with a nice, affordable place to live, and they support our lifestyle — that’s a win for everybody.”

His Mission

His first goal is $10 million in assets. But he is unequivocal that it needs to be a win for everyone involved. He elaborates, “everybody needs a place to live. We want to provide that at a reasonable price, but we don’t want to sell ourselves short either. We want everyone to win.”

He explains that he is motivated to achieve his wealth through real estate because he believes it is one of the most stable and efficient ways. He provides examples, “we’ve bought some places over the last five years and seen their value increase enough that even if the housing market drops 50% over the next year, we still have equity. And then, of course, values will eventually increase — like they always have. Buying apartments is part of generating wealth but also provides cash flow and revenue. Plus, the tax breaks are very beneficial.”

He’s excited about the future. “The possibilities are really infinite. If you have the right team, you can do anything you set out to do.”

His Advice

“Get started as soon as you can. From a young age, I realized if I set a goal of buying a rental a year, that would be great. But I didn’t follow through. As I look back now, almost 30 years, if I had done that, even through all the ups and downs of the markets and the housing markets, I’d be telling you what retired life is like. We’d be having a different discussion, and the background would be somewhere warm. My advice is to get started.”

Start. Now.

Quick Facts:

• Profit Strategy: Wholesale & other
• Number of Units: 81 units (5 properties)
• Personal Money Invested: Just the earnest money
• Amount Earned: $400k in her first year of Lance’s program
• Prior Experience: Prior to taking on Lance’s training, Caroline had 44 years of experience as a real estate broker

Caroline’s Story

Caroline has always had an attitude and expectation of success. For her, “failure is not an option.” She had already achieved financial success before getting involved with commercial wholesaling. Her primary objective was to find a better way to earn income.

Caroline’s Call to Adventure

Caroline has been a real estate broker for 44 years and has her license in several states. She was a residential broker for years and grew tired of “driving people around and listing homes.” She began exploring other options. She decided to change her specialty to commercial deals, specifically multifamily apartments.

Caroline Finds Lance

Over the years, Caroline has recognized the value of hiring a coach when learning a new skill. She began looking for a coach to teach her commercial real estate and found Lance. Her goal was to “take her business to the next level.”

She described her objective as making a “significant income.” She expands, “I was tired of making 10, 15, 20,000 here and there with residential houses. I realized that multifamily deals make a larger commission but can also take longer to close. I learned I could integrate wholesale with commercial properties. Lance taught me how to do this.”

Combining her occupation as a realtor with wholesaling became critical to her investment strategy and quick success. She earned about $400K in her first year of Lance’s program.

Her Ultimate Dream

Caroline’s dream is simply stated but not necessarily simple to achieve. She believes her mission is to fulfill her “destiny as a provider of wealth for God’s Kingdom.”

She declares her destiny is to provide “money for the Kingdom.” She clarifies, “I needed to find a way to accomplish what I think God has put me on this earth to do.”

Her financial goals revolve around following where God leads. She elaborates, “a couple of million dollars of income a year would help the Kingdom out pretty well.”

A Mission for Social Good

She is a certified affordable housing provider. As she sees it, she has been called on to help “deserving families get into homes of their own.” She explains, “some may have bad credit or have gone through a divorce. These people may not be able to get a traditional loan through a bank or mortgage company. I aim to improve their lifestyle by getting them out of a rental and into a home they own.”

Caroline is a founder of an institution that integrates artificial intelligence with helping others. She describes the organization’s mission, “we are working on futuristic tools and processes to make products that will help the world and humanity. We will help people have fresh water and help them escape poverty.”

Caroline’s Obstacles

Her biggest obstacle was carving out the time to study Lance’s system. She described the training as “drinking water out of a fire hydrant.” She stressed the importance of taking advantage of all the training Lance’s system offers. She revealed her method, “I was on every Monday night call. I attended every Bootcamp. I had to invest a lot of time to be successful, but Lance gives you the system. He tells you what to do. You simply have to follow it. You must engage in the system.”

Caroline’s Strengths

She explains her success can be attributed to “not being a quitter. Failure is not an option for me.”

Another attribute that contributed to her success is being “a sponge for knowledge.” She consistently seeks mentorship and coaching from people who are experienced. She elucidated, “I’m a firm believer in not reinventing the wheel. If I can pay for knowledge that somebody has spent years accumulating — such as Lance Edwards — why not pay the price to get his systems and knowledge? Doing so speeds up success. It would have taken me much longer to succeed if I had made all the typical mistakes. I believe it’s worth paying a coach to get me there faster.”

In addition to Lance’s invaluable coaching, she says, “the Deal Generator is worth every penny.” She explained, “the ‘Deal Generator’ tool reduces the time it takes to analyze a deal. It tells you if the deal is ‘doable.’ That has helped tremendously.”

Caroline’s Advice

She offers helpful guidance, “be on every Monday night call. Go to as many Bootcamps as you can. You will glean a golden nugget in each one. Attend as many as possible, especially if you can’t afford the coaching. I highly recommend hiring one of Lance’s coaches. I worked with Hoku, who is exceptional. All of Lance’s coaches are excellent.”

She adds, “don’t give up. Keep persevering, and you will get it. Stay engaged with the material, coaches, and process.”

Hire. A. Coach.

Quick Facts:

• Profit Strategy: Rehab and hold
• Number of Units: 18
• Personal Money Invested: $110k
• Prior Experience: Gene had prior experience with some single family real estate investing and with owning a sod farm

Gene’s Story

Gene is 68 years old. He’s been through a thing or two.

He grew up on a farm in Northern California, and farming has always been “in his blood.” When his brother invited him to invest in a sod farm in central California, Gene and his wife quit their jobs and moved. The business was successful!

Gene’s Call to Adventure

With the farm’s success, the couple started investing in homes. They bought their first house about two weeks before they were married. It was a fixer, and they rehabbed it while they were living in it. He remembered the chaos and declared, “my wife is a saint.”

A year later, they sold that house and bought two others that needed rehabbing. They moved into one of the homes. It had 16 broken windows, and all houseplants froze the first night. He laughed, “my wife is a saint.”

The First Hurdles

Once that house was repaired, they moved into the second one to rehab it. After five years, the real estate market was collapsing. They had to sell the house and lost about $20K (factoring in rehab expenditures).

They bought and sold some more homes. In 2009, they lost the sod farm. It was an economic disaster for them.

Sadly, the challenges weren’t just financial. Also, in 2009, Gene found out he had prostate cancer.

The Challenges Continue

He avoided radiation treatments and continued to work. He owned landscape-related businesses, but they barely made money. Gene went through most of their assets just to survive.

He delayed having radiation for too long, and his cancer metastasized. In 2019, he went to Mexico for Nobel-prize-winning experimental treatments.

This added to their financial problems. Gene shares, “I couldn’t afford to pay for the ongoing medications. The doctors were kind and let me return with them because they knew that I would pay for them eventually. Financially we were in big trouble.”

The news of stage four cancer created an urgency for passive income to support his wife and son. While in Mexico for treatments, he saw an ad for Lance’s Small Apartment’s Course and Bootcamp and signed up immediately. His son joined him at the Bootcamp. They launched their real estate business together.

The Surprise Deal

They found an 18-unit complex in Ohio. They flew there to do inspections and investigations, landing in Pittsburgh — the closest airport. While there, they discovered a property in Pittsburgh that was such a good value they made an offer. He describes the deal, “the offer was accepted for $44,000 — for a duplex! I’m from California. You can’t buy a dog house for $44,000.”

Financing was tough. Ultimately Gene’s partner suggested paying cash. They did, and now they own it free and clear. It needs rehabbing, but they are waiting because it is fully occupied.

The Original Deal

Gene and his son also pursued the Ohio complex. They liked this deal because it was 18 apartments with 42 storage units. It had been on the market quite a while, so they offered significantly less than asking. The seller agreed to the price.

However, the closing was a nightmare. As Gene described, “I neglected to follow one of Lance’s rules — not to buy anything outside 30 miles of a population center. This property is about 45 miles from Pittsburgh, Pennsylvania. There were no comps. I couldn’t even interest private money investors because they couldn’t find comps.”

He tried approaching the local bank that was carrying the current paper on it. The bank had an appraiser visit the property to send photos and refused to refi based on the appraiser’s pictures.

Gene elaborates on his frustration, “I couldn’t believe it. They backed out of the financing based on a couple of pictures from an appraiser. Talk about fiduciary irresponsibility. I couldn’t believe it.” However, a banker told them about a competitive, competing bank that might provide financing. This new bank did agree, but not before six extensions over six months.

This building was nowhere near fully occupied. Of the residents, five were registered sex offenders. Others were “only a step above homeless.”  He provides an example, “when I took over the building, I raised the rent by $35. Five people moved out in the middle of the night.”

In addition, only 10 of the 42 storage units were leased. The property was a mess. It needed a lot more work than they anticipated. But the renovation is finally completed. Happily, Gene announces, “we now have a cash-flowing 18-unit apartment building with a 42-unit storage facility.”

Gene’s Goals

His goal is “to have $100K coming in passively.” He wants the investments to run smoothly so his son can continue them while doing his other work.

Gene no longer has a “sunset clause” on his life, like he did when he started Lance’s program. However, he recognizes that everyone faces impending mortality, so his ambition is still strong.

Gene’s Dream

Gene revealed that his ultimate dream is to serve God. He explains his calling, “God has called me to start a ministry of healing as a result of my healing. Because of this, financial targets and traveling are no longer on my bucket list. I have a different bucket list. I dumped that old bucket list out when I was in Mexico because I thought there wouldn’t be any time for a bucket list to be fulfilled. My bucket list has changed significantly since my health and finances have improved. My new bucket list is far more poignant than I had before.”

He defines his new priorities, “my revised bucket list is to bring people closer to God and to salvation. Sure, my wife and I have always wanted to travel. If we are blessed enough to do that, we will. But my travels will be to visit holy places.”

His Internal Obstacles

Gene’s most significant obstacles were internal ones — the belief in himself. But Lance’s coaches helped him through that. He elaborates, “I had some tough times early on in the program with attitude and mood. My coach, Hoku, was my rock. She didn’t buy into that. She said, ‘you need to move forward here, and this is how you do it.’ Lance and his coaches are excellent.”

His Advice

He suggests, “you need to follow your heart. And if your dreams match your heart, they will come true. Real estate is one of the most flexible ways to develop independent wealth that I know about, and I’ve tried a lot of different strategies. I’m nearly 69 years old, and I’ve been through a lot. I get excited about things. But if the structure isn’t there, it’s easy to stop. With real estate, whether the economy’s going up or down or flat, it’s always cyclical, and money can always be made. Especially if you have a coach like Lance who has been in it for a long time.”

All. Obstacles. Can. Be. Overcome.

Quick Facts:

• Profit Strategy: Rehab and short-term hold
• Number of Units: 8
• Personal Money Invested: $0
• Amount Earned: $110k
• Prior Experience: Rafael had prior experience investing in real estate on his own dating back to the 1970s

Rafael’s Story

Rafael’s tale is full of trials and tribulations — lessons learned the hard way.

He is familiar with financial loss. As he describes, “I have lost my wealth three times now.”

He characterized himself as a “jack of all trades.” He’s done many things in his life and knows “a little bit about everything and nothing about anything.” He’s worked in financial planning, tax advising, and emergency planning, to name a few.

Many of these occupations have given him experience that he has applied to real estate investing. For example, in 1989, he was a lead emergency planner for San Francisco when the earthquake destroyed good parts of the city. However, because of his risk planning for Wells Fargo Bank, they were the only operational bank in the area after the crisis.

Understanding risk has given him a unique perspective on investments. When he looks for property, he avoids flood zones, for example. He had a rough time dealing with an insurance company (that story later), so investing in areas less apt to fall prey to natural hazards is crucial to him.

Rafael’s Call to Adventure

In 1978, Rafael read a book about real estate. The book described the “big four” (the Vanderbilt family and others) and the source of their wealth. He learned, “they became wealthy because they owned real estate that made them a lot of money. I said to myself, ‘if those guys can do it, why can’t I?’ So I started. I got my first little rental property in 1980 and another one about two years later. I would have kept those forever, but I married and had kids, and my wife thought real estate was too risky. To keep the peace at home, I sold both properties.” But he’d already been bitten by the real estate bug.

By 2008, he’d accumulated wealth in the stock exchange. But we all know what happened in 2008. He lost everything, including his wife.

After his wife left him and took the kids with her, he remembered how his mother always taught him not to wallow but to do something. He decided to revisit real estate investing.

Round Two

For Round Two, he pursued syndication. His first syndication was 244 units. It was purchased for $4.8 million and sold for $11.2 million. He quickly did five similar syndications with financial success.

But this part of the story was not without challenges. During the purchase of a 46-unit property, all hell broke loose.

The deal occurred in 2010 during the upheaval of the banking industry. When Rafael went to sign the closing documents, he was informed that the FDIC had just taken over the lending bank. He had to “scramble.” The seller gave him 30 days to find another lender. However, every bank he turned to was being taken over. He finally found a lender who would do the loan at 15% with 5 points.

Sadly, the story doesn’t end here and doesn’t get better. Four days after closing (which also happened to fall on Rafael’s birthday), he was advised that someone had thrown a Molotov cocktail into the building. Sixteen of the 46 units burned down.

Now he had to turn to his insurance company. That process wasn’t smooth either.

Fortunately, the story does have a happy ending. Rafael had hired a competent property manager who knew how to manage fire insurance claims. The day after the property was fully repaired and he received the certificate of occupancy, a person drove by and loved the new-looking building. That investor offered Rafael $1.4 million to purchase it.

However, Rafael wasn’t anxious to sell it. He was now able to charge higher rent because of the rebuilt units. Rafael was going to make a significant profit every month. He told the investor he wouldn’t take less than $1.65 million. The investor agreed!

He declares, “that’s why I went back to real estate, even though the obstacles were momentous. After a year of frustration, I went from being broke to earning more than $200K.”

His real estate hurdles weren’t over. He had several successful deals with cooperative partners. But his last two deals were the ones that caused his distrust. He partnered with some people he “thought were friends,” but they proved not to be. His unfortunate lessons with them caused him not to trust people.

He stopped investing once again and went down a rabbit hole of depression.

Four years passed.

Rafael Searched for a Mentor

It took a while, but ultimately he shifted his mindset to learn from the bad experiences and not let them stand in his way. He explains, “what happened in the past were simply bad experiences. I learned from them and moved on.” He decided to revisit real estate.

He found Lance’s book and loved it. COVID was rampant, so he attended the virtual course.

Round Three

From his previous investments, he had learned how to crunch the numbers. In fact, he could do it in his head — no pen and paper required.

While Lance’s training provided ample deal evaluation training, Rafael credits him with something even more extraordinary.

Lance was instrumental in helping him move beyond his depression.

Rafael discovered tools to enhance relationships. He learned how to evaluate if someone was trustworthy and re-learned how to connect with others. His perspective on helping people through real estate manifested as he put Lance’s education into play.

He revealed a beautiful story that aligns with Lance’s Operation True Potential™ mission. Rafael purchased a property that was such a mess that “the dump looked cleaner than it did.” He began renovations. Once the residents realized he cared about the property, the “riff-raff” left. The residents could see out their windows. They could sit outdoors and fully enjoy where they lived. This renovation only took him two months to accomplish.

He recalls how this impacted him. “I remember going to collect rents the third month I owned it. The people were so happy. They told me how nice it is to be able to sit in front of their door. It affected me more than I expected. Lance talks about the importance of helping people live in a better place. When it happened to me, it really hit me. I never thought about real estate in that way. I just looked at it as a business. Lance changed my perspective on things — to treat real estate as a means to improve other people’s lives, not just make a lot of money.”

Rafael’s New Success

He found an 8-unit building and began working with some investors to acquire it. But nothing is ever easy! When it was time to close, the investors decided the deal was too risky and backed out. He quickly found other investors, but it wasn’t until the fifth one that he was able to finally close. The seller had given him four extensions and refused to give any more.

The results? Two months ago, he sold the building for a net profit of $110,000. The investor received a $50K return on investment for the $10K she contributed.

As a result of Lance’s training, he’s nurtured relationships with three different groups of investors. He’s working on substantial acquisitions with each of them. He’s excited about the future again.

His Goals

He’s focusing on “big deals” — 200 units or more — to achieve his dreams. His specific financial objective is to earn $30K/month, “doing nothing.” His process will be what Lance teaches — buy three, sell two. At the end of three years, he plans on holding at least 200 doors. At the end of five, the expectation is 400.

Rafael’s Vision

When he began working with Lance’s team, his goal was eliminating debt. His next goal was to create a legacy.

He explained why this is so essential to him. He is now older than his parents were when they passed and has a different perspective on life. When his parents died, he inherited their debt. He didn’t want to do that to his children and grandchildren. His dream is to not only leave powerful assets to his children but also the knowledge to continue generating returns to fund his grandkids’ college educations.

His ultimate dream is to buy a couple of Mercedes-Benz buses to travel Europe and Asia with his family. He wants to “camp all over the place.” He further describes his desire, “I won’t have to worry about money coming in because I’ll be getting rents from the apartments. I will have good credit and no debt. That’s what I want to do before I leave this earth.”

Before starting his camping adventures, though, he wants to set up a foundation for young Latinos. His goal is to have a program that encourages and enables immigrant youth to strive for non-labor occupations. A big part of the foundation’s mission will be to change their mindset, so they know they can pursue anything they want.

Rafael elucidates his philosophy, “money is necessary. But it’s not essential to me to have a lot. I’m pretty happy. All I want in a car is a radio that works, AC that works, and an engine that runs. Everything else I can make do with. I just want to be comfortable. What is important to me is to create something that can last and benefit other people.”

His Relationships

Rafael has undoubtedly had to learn things the hard way. He shares that one of the most impactful segments in Lance’s training was the section on relationships. Lance teaches practical ways to deal with people, and Rafael now has the tools to be more selective about the people he brings into his deals.

His Realization

Through his exhaustive — and exhausting — ups and downs with investing in apartments, he’s learned the value of having a plan and sticking to it. He explains, “real estate is not difficult to do if you take the proper steps in the correct sequence. This results in consistent success. A building is a building, so whether it is two doors or 100 or even 900, it is still a building. The only difference is the number of zeros following the first digit.”

Rafael Offers Practical Tips

Rafael has some practical guidance, “close on the 28th of the month. This way, you will receive rental payments in your mailbox a few days later. That money can then be used to start renovations immediately.”

Another suggestion, “this is a tip I’ve developed when people make a decision I disagree with. I tell them, ‘I think I’m missing something because I don’t see how you came to this conclusion.’ By saying this, I’m blaming myself. They don’t get defensive because I’m not blaming them. As they explain their logic, they often conclude that they screwed up. That’s a trick I use now that has helped me a lot.”

His Advice

Rafael has extensive sage advice. Here’s what he offered:

“Follow the process. Don’t shortcut. When you try to shortcut the process, you will mess up. Follow the steps, and it is easy.”

He continues.

“If you fall down, get up. And when you fail. So what? Just keep doing it and be persistent. If you don’t make an offer, you’ll never be successful. You’ll be told ‘no’ hundreds and hundreds of times, but it doesn’t matter. All you need is one yes every now and then. The world is filled with successful people that have failed many times — singers, actors, wealthy people, realtors. All successful people have fallen down several times and gotten back up. Get used to the word ‘no.’ All that means is there’s another opportunity someplace else.”

He summarizes all of his hard-learned lessons:

“Number one: Expect to hear ‘no.’ But get your butt ready to work when they say ‘yes.’

Number two: Be persistent. Just keep asking because the worst they can say is yes. That’s when you have to perform.

Number three: Make sure you follow the process no matter what. Do not deviate from the process because if you do, mistakes happen.

Number four is the most important one: Expect the unexpected. You have no clue what’s going to happen. You assume many things, and most of your assumptions are incorrect. You will always get curve balls that make you scramble, so don’t panic. Use the process to help you through it or ask for help.

Number five: Just don’t give up. Don’t give up no matter how long it takes to get your first deal.

Number six: The numbers are critical! Do not fall in love with a property — only fall in love with the numbers. This lesson cost me $40,000. The numbers must work. If they don’t work, don’t do it — no matter what.”

Expect. ‘No.’ Expect. Challenges. Persist. Anyway.

Quick Facts:

• Profit Strategy: Fix & flip
• Number of Units: 4
• Personal Money Invested: $1,100
• Amount Earned: $80k
• Prior Experience: Prior to finding Lance’s program, Wren had flipped approximately 40 single family homes

Wren’s Story

Wren came from a construction background. His father was a general contractor. Wren started pouring concrete as soon as he graduated high school. He discovered it was hard labor that didn’t pay well. He was broke and knew there was a better way.

Wren’s Call to Adventure

When he was only 19, he found a book at a yard sale with “a guy sitting on a Mercedes in front of an apartment building.” This find would radically alter the course of his life. He doesn’t recollect the exact title but recalls it as “How I Made a Million Dollars in Real Estate.” He shares, “the book hooked me. I’ve been interested in real estate ever since.”

His Early Dream

Wren’s early dream was to have freedom. That first book stimulated his dream of financial abundance. He describes, “I wanted to drive the Mercedes. I wanted to own the apartment building. And I wanted freedom.”

Wren tried to duplicate the lessons in that book he discovered. But reading that book wasn’t enough.

Wren’s First Big Lesson

In 1986, after reading the book and when Wren was still very young, he learned a harsh lesson about investing in multifamilies. He bought an REO from a bank. He recounts his experience, “it was fully occupied. I didn’t know anything about the landlord-tenant act. When I closed the deal, I went to the property to introduce myself as the new owner and to inform them I was raising their rents. I was educated very quickly about leases and the fact that you can’t do this. I made every possible bad mistake, but it was a great experience. I got a ‘college degree’ on what not to do with small apartment rentals.”

He provided additional details on this deal. “I brought in a partner for the down payment. My model was horrendous. I was utterly wrong on every possible metric.” He continues, “one month, I had a $1200 water bill, and I didn’t have money to pay it. The property was running negative, about $800 per month. That’s a big hurdle to jump over.”

He learned it is necessary to conduct regular inspections. These ensure the toilets are not constantly running and that the residents aren’t using their washers/dryers to do other people’s laundry. He explains, “in the unit that caused the high water bill, I’m confident that my tenants were washing everybody’s clothes. Residents were washing their cars out in the parking lot and not turning off the hose. I had to learn to implement rules on the property.”

The good news is he was able to pay his partner back, and joking, he says, “ultimately, I got out of the property with a little hair left.” He’s bald.

This experienced scared him away from investing in apartments for many years.

The Shift

Another book changes his life again.

Fast forward nearly 35 years. Wren discovered Lance’s book in 2020. It resonated with him. He explained, “it reminded me why I wanted to get involved in real estate. I took Lance’s course and Bootcamp. I signed up for everything he offered. I jumped in immediately and moved forward quickly.”

Wren’s First Deal with Lance’s Program

By this time, Wren had flipped approximately 40 single families. His first deal after Lance’s training was a four-plex in Tucson near his residence in Phoenix. It’s a fun tale of how patience can pay off. A wholesaler was trying to flip the contract on the small apartment building, but he couldn’t find a buyer. The wholesaler dropped the price several times. Before he ran out of his inspection period, Wren took the assignment for $2,000 over his contract price. Wren made $80K on this deal and only invested $1200 of his own money. He was off to a great start!

His Vision

Wren knew he wanted to work for himself and achieve the financial abundance he first dreamt about when he was 19. But now, he’s driven by more than the money.

He enjoys making a difference in his family’s life and the lives of his residents and their families. His work has helped people who buy properties from him because he “leaves some meat on the bone” and gives them a good deal. In addition, he provides an investment vehicle for people. He elaborates, “when people invest in my deals, they get a greater return than other investment options. I call it ‘lazy money.’ We put their money to work by investing it in a property short-term.” He is also committed to providing “attractive and affordable housing.”

Wren’s Personal Challenges

He described himself as “a shy person. It’s tough for me to even pick up the phone, talk to somebody, or send letters. I’m afraid somebody might respond to my letters! It scared the hell out of me to take those phone calls. I still get nervous to this day. And I’ve done a lot of deals.” He continues, “I guess I’m glad that’s the case because it keeps me from doing a horrible job. It’s an exciting experience every time.”

His Strategy

Wren uses an investment strategy that combines fix-and-flip with rehab-and-hold. He buys properties, fixes them up, holds onto them for a short while, and then sells them. He describes his process, “once I’ve bought it, I leave the rents alone. I know that is not how you maximize the return, but I want the residents to relax. I go into the deal expecting to hang on to it for about a year at least — maybe even two years. That’s my hold. I don’t do anything with the tenants for at least three months. I just let them get used to me as the new landlord. Once they calm down about the change, they can think without emotion.”

He’s also developed a process that is a win-win for everyone. He describes it, “I let the tenants fix the property up. We generate a list of things that need to be done and set a budget. The repairs get done while the property makes money from the tenants’ rents. No money comes out of our pockets. It’s a neat way to do it. Then the rents can be raised because the units are improved. When you put it on the market to sell, the property is perfect, and the buyer will pay you a healthy profit.”

He offered some great advice about being a landlord. “One thing to remember is your tenants are people. They’re dealing with issues. And so I believe in talking to them and listening. But I’m careful not to be their friend — I’m their landlord. I explain the rules. But I let them know that I realize they are human and sometimes have challenges. So I work with them to find a way through those challenges. There’s always a solution.”

Wren’s Success and Future Goals

Wren has nearly reached his goal of $1,000,000 in a year. He doesn’t have big dreams, just focuses on “living a good life.” Wren likes to travel and have adventures with his wife. But he has no intention of retiring. He explains, “retiring sounds horrible to me. Sure, I’ve taken time off, but I love doing deals. I love the ‘what if game.’ Whenever I find and analyze a property, I get excited about it. And so I love this business. I’m just going to keep doing it.”

He’s always looking for deals, even when he’s traveling. He suspects that he’s “not a very good date” for his wife. But he’s so excited about the market right now. He has a different attitude than many people. He shares his outlook, “everyone is scared of the market right now. That excites me because we’ve been in a seller’s frenzy for the last two or three years. Everything sold. All the ‘dogs’ are entirely sold. I am excited to find a deal, analyze it, go through the numbers, and not be rushed to make an offer. I can take time to negotiate with the seller and talk about creative financing. I love this. But I know it won’t last long because I know how these cycles go. We go round and round, and by the time everybody realizes we’re going down, we’ll start back up again.”

When asked about the future, he describes, “I want to do bigger deals. I would like to buy properties with 100 units. Lance has taught me it’s the same process, whether doing a 4-plex or a 100-plex. Just the spread is bigger. More investors may need to be brought in to make it happen. But I love that the profit might be $800K instead of $80K.”

Now that Wren has neared his $1 million in one-year goal, he wants to help others. He loves teaching people and sharing ideas about this industry. He enjoys walking them through the process.

Wren’s Perspective

Real estate has changed the way Wren looks at the world. Clarifying, he tells a story. “I was driving around with a friend and pointed to a building. I told him, ‘somebody owns that. Either a group of people or an individual owns that building right there. That building means a lot to them. They’ve invested in it and want to improve it. Buildings aren’t static. They’re not as stationary or stable as people think they are. They’re either living or dying. The landscaping is either growing, or it’s dying off. There’s always something that can be improved.’ I love thinking about the people who own and care about the property. I love the personal side of the structure, and I love figuring out how to improve them. That’s my favorite thing.”

His investment strategy is to “look for dogs with fleas.” He explains, “I look for a ‘dog with fleas’ that can be turned into a show poodle with just a little grooming. That’s why fix-and-flip is the perfect model for me. That is a fun game.”

Wren’s Advice

Wren suggests that investors look for deals everywhere. He explains, “the great deals are where the great deals are. That’s where you should invest. It doesn’t matter if it is in your backyard. Looking in your backyard to get comfortable is okay, but there are probably better markets to invest in.”

He recognizes how important having a positive attitude is. He says, “I believe in belief. I think that anything is possible if we’re willing to focus on it. Have a goal or dream and work towards it.”

His final advice is, “do it. Just do it. Take advantage of what Lance is offering, read the book, take the Bootcamp — maybe even go through the Bootcamp a couple of times. I’ve been in it three times and picked up a nugget each time. You also need to be willing to make mistakes. You’ve got to make offers. You’ve got to take action.”

Dive. In.

Quick Facts:

• Profit Strategy: Rehab and hold
• Number of Units: 3
• Personal Money Invested: $0
• Amount Earned: Projected annual NOI of $21,400
• Prior Experience: Roger’s only prior real estate experience was that he turned his first home into a rental property

Roger’s Story

Roger is a “senior citizen,” he explained with a smile. He thought he’d be retired by now, but he’s not.

Roger started his career in the tech industry working 9-to-5, but when the bottom fell out in 2011, he had to change professions. He switched to insurance sales.

He always knew something different — something better — existed for him. He was a “book junkie” constantly seeking a “better way.”

Roger’s Call to Adventure

His intro into real estate came when an insurance client decided to move east. They needed to sell their home, so he purchased it. However, he did “everything he wasn’t supposed to do.” It’s in the desert in California, and the residents love him. He still owns the house but decided to pursue multifamily real estate investing in a structured way to earn better money to retire.

He began pursuing different real estate investment models, wholesaling in particular but realized the required degree of effort and knowledge. He made “good money” on his first deal but decided to look for mentorship to streamline his real estate endeavors for the future.

Working with one of Lance’s coaches is what turned things around for him.

Roger’s Why

Roger has four grandchildren for whom he wants to provide advanced education. He now has 5 doors. Concluding that one door per child won’t get him to his goal and enable retirement, Roger decided to focus on getting more doors. At this point, he is shooting for 10 doors. He may increase that goal, but he’s starting there.

He’s fulfilling part of his mission, though. He doesn’t charge market rent because he likes to help “people who are deserving.”

Another dream is for his kids to take over his business. Roger’s daughter is a commercial real estate paralegal, which makes it a definite possibility.

Roger’s Obstacles

He was challenged by time constraints and funding sources. He explained, “other investors would beat me up with cash offers. I wanted to be able to offer cash and not wait on transitional funding or other funding sources that might delay the process.” Another challenge was “being too careful and overthinking.”

He described a valuable lesson he learned, “take advantage of opportunities. Act and strike while the iron is hot.”

His Mindshift

His job pays well, so he needed to make a mental shift. He recognized that matching his current income with passive income would allow him to retire with the same lifestyle. “I just needed to make the decision and have the confidence that I could do it.”

Roger’s Discovery

He learned he loved the challenge of real estate investing — and the process. He’s also “enjoyed meeting and talking with people who offer different ideas and perspectives.”

The Results

While Roger is still seeking additional doors to accomplish his ultimate goal, he already has more freedom. He’s been able to take his grandchildren on vacations. He reminisced about a beautiful trip to Hawaii when he and his wife were able to treat his son’s family (son, wife, and two kids) to a great experience. His life has certainly improved.

His Vision

Being financially independent would allow him more time to do the religious education he enjoys. He is “currently consulting with people who have suffered a loss.” He would love to be able to do more of this. He also shared his real estate dream, “what excites me is to offer solutions so that it’s a win-win for everybody.”

Roger’s Advice

Roger advises to “get a coach and stick with it. Chip away at the goals you’ve set for yourself.” He adds, “be careful where you invest. Do comprehensive inspections of the property. It may look good on paper, but doing your due diligence will reveal if it is. Follow Lance’s advice about keeping a broker close to you and keep communicating with them.”

Challenge. Yourself.

Quick Facts:

• Profit Strategy: Rehab & hold
• Number of Units: 9
• Personal Money Invested: $0
• Amount Earned: Doubled the value of the building since purchasing
• Prior Experience: Hoku and her husband had prior experience flipping single family homes, but no multifamily experience

Hoku’s Story

Hoku’s story is not conventional. When she was in her twenties, she and her husband lived in a tent on some land they owned in Hawaii. She was an entrepreneur, and he was a retired contractor. Life was exciting and pleasurable, but they had a bigger vision.

Hoku’s Call to Adventure

She was young and in a rough financial situation. She had savings, but it was dwindling quickly. She needed something that would generate funds right away.

She and her husband realized that flipping houses would capitalize on their combined skills. However, they had “zero experience.” She had “never even bought or sold a single-family home before.” 

They began investing in real estate. Hoku wanted to work for herself and be lucrative. She had owned other businesses but learned that working for herself and being lucrative were separate things. She explains, “I got tired of not making money. I worked hard but only broke even or made a small profit at best.” She realized she needed a solution. And she needed a retirement package because “working for yourself doesn’t provide an automatic retirement plan.”

In the early days, Hoku and her husband flipped more single-family homes than she could count. But the tiny knock-down properties in Hawaii were expensive — often up to a million dollars. Finding financing for those deals was their first obstacle. They branched beyond Hawaii for this reason, investing in Colorado, Indiana, and other parts of the country.

They learned financing was more accessible for small apartments because “there are more doors, existing rentals, and the property already has income.” She could have stumbled through small apartment investing, but she was wise and knew having a mentor would help her grow faster than she could on her own. She explains, “Lance allowed me to get the upswing. At some point, you realize you can’t do it all yourself — you need to have a mentor in the industry. You need to have someone who saves you from some of the stumbling blocks. I saw a lot of people making mistakes. They didn’t know how to analyze deals, made poor investments, and lost their retirement savings. It was dreadful to watch.” 

She and her husband sought education and met Lance.

Lance often says, “if you can have one roof and more doors, why wouldn’t you?” Hoku heard this message and thought, “that is absolutely brilliant. I hopped on a plane and went to the next available boot camp in San Francisco. I knew how to do marketing, so I came there with deals already in hand. I brought these deals to boot camp and asked how to respond to these replies from the letters I sent. I didn’t know what I was doing. I followed Lance’s instructions from the initial kickoff. Within that first year, we picked up a triplex, a fourplex, and a nine-unit building. We’ve been building from there.”

Her Goals

Hoku’s first financial goal was to earn $100K in one year. She achieved that goal and is now shooting to repeat a consistent $200,000 yearly in her real estate investments. She’s working towards having property managers do most of the work to provide her with passive cash flow.

Hoku’s Journey

Beyond finding financing for deals, her biggest obstacle was a lack of confidence. She describes herself back then, “I was living in a tent. I had no real estate experience and very few funds to my name. I didn’t feel like anyone would take me seriously. I was terrified to call brokers because I thought they’d see right through me. But I actually pulled it off. I don’t know how because I was terrified the entire time. I relied on my mentors and other investors for encouragement because I didn’t feel like I would be successful at it. I had a mounting fear that was huge the first year of investing.” 

She combatted her fear by “just digging in.” She didn’t have a job to fall back on, so her “back was against the wall.” She had to make it work no matter what it took.

She loves real estate investing, but perhaps she loves coaching even more. Before coaching, she never felt she was doing enough to give back to others. She felt empty. But now, she’s helping people achieve financial freedom and independence. 

Real estate investing has changed her life. Traveling and having financial independence are well worth the time and energy required to make wise investments. She explains, “when you have a bank account that works for you, your confidence builds. You get to a point where things don’t bother you, and what people say doesn’t bother you.”

She adds, “Now I’m in a position that many people envy. It’s all because I was willing to go get it.”

Hoku Today

For the last seven years, Hoku has been a small apartment investment coach on Lance’s team. She loves being a coach. “I found my calling. I love being able to learn firsthand how to run a real estate business and coach others on how to do it. My mission is to help people level up to the next level they are capable of. For me, that is as good as doubling the value in a house.” She declares, “I am living my dream right now.”

Hoku certainly sees her investments continuing to expand, but she’s most excited about her continued contributions to others. She says, “the more I work with people one-on-one and in groups, the more opportunity I have to influence additional people. The idea of influencing greater numbers of people to step up and be more effective in drilling through their barriers is exciting.” She shares, “I like myself more when I’m focused on my well-being and the well-being of my community instead of just one or the other.” 

Another way she adds value to others is by improving C Class properties for veterans and others who need clean and safe places to live. She provides residents with a higher quality home, positively impacts the community, trains others to do it, and creates a nationwide shift in investing and running apartments. And she’s making passive income and generational wealth in the process. As she said, she’s living her dream.

Her Mindshift

When she began, everything was scary. Everything was a challenge. Now she views obstacles as opportunities for growth. She says, “I lean into it. I look forward to embracing it. I determine how it will make me grow and grow with it. I no longer feel like I have challenges.”

Hoku’s Advice

Hoku insists, “don’t give up. The challenges you encounter are not what they seem to be. The barriers we throw up often come from our traumas, experiences, and fears that are inside us, making it seem like an insurmountable obstacle. When it feels that way, take a minute to address those internal emotions. With the feelings out of the way, you can face the challenge. The challenge has probably shrunk to a 10th of what it seemed because 90% of our stuff is from the past.”

Fears. Leave. When. You. Act. 

Quick Facts:

• Profit Strategy: Buy & hold
• Number of Units: 18
• Personal Money Invested: 20% down
• Amount Earned: $9k-$10k monthly cash flow
• Prior Experience: Joe spent almost 40 years as a general contractor for commercial properties, working on massive projects such as building 177 Walmarts and Sam’s Clubs.

Joe’s Story

Joe started his career as a construction manager for a developer. He was working Friday to Friday. He describes himself as a blue-collar guy who worked diligently every day.

Joe’s Call to Adventure

Joe has a B.S. in Construction Management and Business and spent almost 40 years as a general contractor for commercial properties. He worked on many massive projects, his most prominent being a $66 million truck manufacturing facility. Joe also built 177 Walmarts and Sam’s Clubs. He was successful, well-networked, and respected. Some would think he’d “arrived.”

Despite the industry paying well, he knew it would never provide him and his family with the lifestyle he strove for. He didn’t want to provide solely for his family — he had big goals for helping others, too. Resources were necessary to accomplish both pursuits. 

His Vision Develops

He knew he had to find a way to make his money work for him. He decided to pursue real estate and started with single-family properties. In fact, he did 27 of these deals but quickly got bored and considered other investment options. 

He moved into multifamily investments. After completing several smaller projects, he experienced a critical mind shift. He elaborates, “one of my investors shifted my perspective. This guy’s projects were in the $18- to $30-million range. I told him about an opportunity I was underwriting. But he wasn’t into it. I asked him how I could get him excited about it. He told me that it was too small. He explained that it takes the same amount of brainpower to do million-dollar-deals — or even $20 million deals — as it does to do the small ones. He pledged that if I found a $20 million project that works, he’d invest in it.”

Joe Seeks Mentorship

Joe sought help because he “knew enough to be dangerous.” He loves that Lance’s program is straightforward. He treasures the deal sheet because it allows him to easily and quickly identify viable projects. He expresses how Lance has helped him, “I needed an expert to help me get there. I didn’t need him to get me out of bed and go to work. I needed him to keep me from making stupid mistakes, but I was already motivated to go.”

Lance taught him that “with an 18-unit project, you can lose four doors and survive. It’s not pretty, but you can endure. If you have a portfolio of four duplexes and lose those four doors, you are immediately in the red. And that’s not a good place to be. I don’t look good in red.” He’s learned throughout the journey that “Lance’s model is spot on.”  

His Obstacles

In the beginning, one of Joe’s most significant obstacles was cash flow. He clarifies this, “I was starting with next to nothing. We did have some savings and equity in our home that made things a little easier. But as you grow, the issue is always cash flow and leveraging your debt. Every deal has a life of its own. When you look at projects — regardless of their size — you have to raise the equity or have it on your balance sheet, one of the two. If you don’t have it on your balance sheet, you have to find it. The good news is there are a bazillion people out there who want to work with people that are ‘getting out of bed and going to work.’ It becomes critical to develop relationships. All you need to do is make relationships. Talk to others about your projects. It’s a relationship process.” 

Before he tapped into his relationships, he had to rely on credit cards and his home equity line to invest in projects. His credit card debt grew, and he was limited in his expansion. 

He shares an example, “there was a time I needed $2.3 million to close. I was informed of this ten days before the closing. I returned to my Rolodex to determine who had that money. It came from a relationship with a guy who had wanted to work with me for 40 years. He loaned me $2.36 million. I’ve learned it’s all about relationships.”

His first deal after Lance’s training was an 18-unit building. The story of how he acquired the funds necessary for this deal exemplifies his gratitude for relationships. “I described the deal to my BNI group. I told them I was looking for a couple of equity investors. I had done successful private money deals with some people in that group, so they were immediately responsive. One of the members suggested I talk to her husband. I shared the numbers with him. I explained that I already had the financing secured and was just looking for the equity. He put up the equity, and I took the bank loan. In exchange, he received 30% of the deal. I retained 70%. I’ve done all the work, but I’ve done it with his money.” 

Joe’s Vision

Joe’s vision is to build passive income and legacy wealth and contribute to communities.

While he enjoys many activities — skiing, bicycling and traveling —  his true objective is to help others experience the same success. He explains, “when you aren’t worried about getting paid, the possibilities are endless. My goal now is to help others.”

His initial objective was to have 500 doors. He clarifies why his goal has expanded. “Five hundred doors is roughly an annual income of $500,000. It sounds like a lot of money, but it isn’t.” He is not being arrogant. He simply knows what it takes to accomplish his goals. He explains, “my big ‘why’ was to go to work, so I didn’t have to go to work.” 

Joe’s Dream

Joe loves real estate investing. His ultimate dream is to build a thriving business that his sons can join should they want to. He enjoys the work enough not to seek retirement. Still, he strives for financial freedom because of the opportunities it opens. 

He describes that financial freedom provides “the ability to live your life how you want to. You can choose how you want to spend time with your wife and kids. It allows you to travel, fish, play golf, or ride your bicycle without worrying about money or a job. It gives you options.” He continues, “financial freedom also means no debt. Life can quickly get pretty good when you don’t have debts.” 

Joe’s Goals

His goal is to own 2500 multifamily units. He’s also pursuing residential care projects and expects to have 180 assisted living beds within the next five years.

His story has already highlighted that he has philanthropic goals. He’s passionate about dogs and works with the Duo Dogs Foundation. This organization’s mission is to “train and connect dogs to people with specific physical, emotional, and social needs, creating a dynamic, life-enhancing duo.” He enjoys hunting and imagines having properties “with pheasants, grouse, and quail.” He works with an organization that trains hunting dogs.

“This business has been a complete lifestyle change. It has allowed me to go to my kids’ events, travel, and be outside. This business enables you to work wherever you have a good internet connection. I’ve closed a deal on a ski trip. It’s not all about making money. It’s about lifestyle and living the way you want to live.”

He explains, “we’re trying to fund a lifestyle. You’ve got to have a ‘why’ outside yourself, your family, and your charities. Your ‘why’ should be so enormous that when you tell others about it, they tell you that you’ve lost your ever-loving mind. When someone tells me there’s no way, I tell them to hide, get out of the way, and watch and see.” 

The Importance of Relationships

As previously mentioned, relationships are paramount to Joe. The importance of connections is multifaceted. Joe’s relationships have helped finance projects, grow his business, and expand his mindset.

First, he explains, “the benefits and longevity of multifamily investing are that as you help others by improving apartments, they help you pay down your debt. Paying down debt increases your equity, which gives you more liquidity, allowing you to go to the bank again to get another loan to do another deal. It gives you credibility. It also gives your business equity and structure.”

Helping Others

Joe’s always been passionate about helping others. Being financially free will just increase his ability to do so. 

He relays a story about how he was able to help one of his son’s friends. “The kid was smart but had made some bad decisions. His parents weren’t great, and he was living with someone else. The guy he was living with passed away. When my son went to help his friend move, he discovered him living out of his car. My son asked if his friend could move in with us.” Joe agreed. 

The rest of the story unfolds with Joe teaching him some valuable life lessons. Joe guided him to get a job and advised him to get a used bicycle instead of a new car. When Joe saw him smoking, he urged the kid not to waste money on cigarettes and girls. Finally, it was time for his son’s friend to move out. Joe helped him find an apartment. Then the young man fell behind on his rent and had to learn how to catch up. 

Joe describes what happened next, “here’s the magic. The kid calls me and says, ‘you trusted me when no one else would. You took a chance on me. You put your reputation out there for me. I want to tell you that I’ve decided to join the Marine Corps.’ I love that he is now on a path to success.”

Joe’s Advice

Joe describes the approach to use when roadblocks appear. “If you’re going to be in this business, you have to be able to be punched in the nose and get back up. It’s inevitable. There’s no perfect deal. We’ve had several very successful ones, but we’ve also had some that weren’t. But at the end of the day, you just can’t quit. If you stop, you have to go to a job. Whatever motivates you, put that on your mirror or your computer. I post quotes that inspire me: ‘get comfortable with being uncomfortable,’ ‘the impossible is possible,’ and ‘be daring.'”

He offers this advice, “throw a project away if you have to work to make it a deal. Don’t screw with the numbers so that you feel good about a bad deal. I made that mistake more than once, but you make it about three times and learn that if the numbers tell you not to do it, don’t do it.” 

He also shares advice that is imperative for any endeavor. “Don’t quit. Just don’t. Don’t quit. You’re going to get punched in the nose. You’re going to make bad decisions. You’ll have people you trusted lie to you and steal from you. You’ll go through some highs and lows, good and bad. You may want to quit because you think you can’t do it anymore. Then other times, you will say, ‘Holy Crow! I’m delighted I stuck with this because I got $2,000 in ‘mailbox money’ this month.’ It’s all about attitude, and it’s all about your ‘why.’ You need to make your ‘why’ so big, preposterous, and onerous that when you talk about it to your mother, spouse, best friend, or whomever they tell you, there is no way. And then you just respond, ‘stand back and watch.'” 

Build. Relationships.

Quick Facts:

• Profit Strategy: Rehab & hold
• Number of Units: 8
• Personal Money Invested: $60k
• Amount Earned: $10k per year
• Prior Experience: With no prior experience, Chris works in technology

Chris works in technology. The income is good, but he knows his job will never give him the financial freedom he craves. He loves his profession and recognizes he’s fortunate in that regard. But he also knows that “it won’t last forever.”

Chris wanted to find an alternative to his career to generate cash without having to work full-time forever. Multifamily investing became his retirement plan. Even though he enjoys his job, he wants to be able to quit working when he’s ready.

Chris’ Call to Adventure

Chris seeks financial freedom through passive income. When asked about his “ultimate dream,” he explains that it is not in his DNA to strive for different end goals continuously. He elucidates, “many people constantly strive towards an end goal. But, once you achieve that, then what? That’s what becomes the next question. I’ve certainly persisted with achieving things I’ve wanted, but once I attained it, I would ask myself, ‘what’s the next step?’ You wind up in a constant cycle of chasing the next thing.”

He seeks “the ability to act on new opportunities.” Clarifying, “I don’t even know what those opportunities are. But when they come up, I want to be able to take advantage of the ones that interest me.”

His Vision

Ultimately, he’s looking for flexibility. His job isn’t flexible. He has to be in a particular area and do specific work. He wants freedom. Freedom to act on possibilities that arise. Those opportunities may take him to other places. He’s seeking the ability to be able to pursue those.

He believes in sharing this new worldview with his children. He has exposed his oldest son to this way of thinking and looks forward to helping him — and the rest of his family — become financially free.

Chris’ Realizations

Before Chris worked with Lance, he researched real estate investment options. As he explains, “most trainers out there were talking fix-and-flips which was a daunting task to me. I didn’t like the prospect of working all day and then renovating a house at night — or trying to get contractors to do it. Through trial and error, I learned I’d also be competing with people who do this full-time. Vying for contractor resources without the contacts is hard.”

In fact, he experimented with fix-and-flips, and they didn’t work out for him. But, buying-and-holding small apartments made a lot of sense. And through Lance’s book and training, he shifted his mindset to look at other areas of the country.

He learned that in some parts of the country, an 8-unit building could be priced the same as a single-family. Furthermore, when he ran the numbers, he realized that “buying and holding a building that has five or more units is a different strategy than a 4-unit building. You evaluate it and pursue financing differently. The numbers made more sense to invest this way.”

His Obstacles

Lacking knowledge was an early deterrent, as was the necessary mind-shift. But another obstacle he battled was balancing family time with spending time on his job or a new venture.

Funding deals has also been challenging. To date, Chris has used his own money. He recognizes this process is not sustainable in the long term. Learning to find investors is a critical next step.

Pushing Past the Barriers

Chris has been successful in his career and knows any new venture has hurdles. “Life is a bunch of challenges you have to overcome. If you are dedicated to the new venture, you accept those challenges and work through them. Some days you overcome them, and some days you get setbacks. But you keep going.”

Lesson Learned

Chris experienced firsthand that due diligence before purchasing is critical. “You might discover unforeseen repairs. Or perhaps a tenant is planning to move out. There are little surprises along the way; if you can see them in advance, you will be better off.”

Chris’ Advice

“Open your mind to new possibilities,” Chris recommends. “When you look at traditional ways of investing money, many say ‘stock market, stock market, stock market.’ I shifted my retirement money out of a managed retirement account. I moved it into a self-directed account — investing in myself versus the more traditional avenues. I’ve grown with this expanded perspective. I think others could benefit from this as well.”

Chris suggests people “stick with it. I did not jump in with both feet. I didn’t want to have things blow up in my face. For me, everything was little baby steps here and there. I learned about things, tried them, and discovered new opportunities. If you are considering investing in real estate, understand that there are a lot of different avenues. You don’t have to do it only one way. Find what works for you, buy what you’re comfortable with, and just keep at it. Real estate investing won’t disappoint once you find the right path for yourself.”

Open. Yourself. To. New. Opportunities.