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What you’ll learn in just 17 minutes from today’s episode:
  • Learn how starting with apartments allowed Lance to quit his job and replace his salary FAST
  • Find out about Lance’s marketing strategies that get him apartment deals one after another
  • The systems Lance implements to continuously generate motivated apartment seller leads

Summary

Lance Edwards is a small apartment entrepreneur and educator. He is the author of the best-selling book, “How to Make Big Money in Small Apartments.” 

In this episode Lance shares how you can earn big with small apartment buildings. Find out how he continues in the same niche, raking in deals and dollars continuously since he first started about twenty years ago.

Topics Covered: 

01:44 – How his real estate career started  

03:24 – What would he have done earlier in his real estate career with his stature now 

06:06 – Big mistakes he notices newbie investors are making  

07:48 – What his idea of marketing is 

09:17 – One top marketing technique that works best for him 

11:57 – His unfair advantage over other investors 

13:25 – How to systematize your deal flow 

15:36 – His teaching and training initiative for getting people involved in small apartment buildings 

Key Takeaways: 

One piece of advice I will only share with everyone no matter what sector or state you’re in. If you’re straddling between the job that pays bills today and in getting started in your real estate business, here’s my best advice. Do not leave the job that pays the bills to go on to something else until that’s something else is already producing enough income to pay your bills because otherwise, it’s going to be a very, very stressful and likely unpleasant journey.” – Lance Edwards 

“Certainly if your intent is to go from employed entrepreneur, make that income at what you’re doing, but don’t increase your lifestyle, increase your lifestyle after you’ve made the leap because if you put your energies fulltime on the entrepreneurial side, you’ll do 10 times what you can do on the employee side income-wise.” – Lance Edwards 

“I would say your main emphasis needs to be on your marketing. You’ve got to get your phone ringing. There’s the saying if your phone’s not ringing, you don’t have a business. You have a hobby. You’ve got to constantly focus on marketing to get leads coming in. That’s true of any sector of real estate with regards to apartment building.” – Lance Edwards 

“Too often it’s too tempting for people to get caught up in the emotion of it and they’ll overpay for a property and they’ll come up with some kind of rationalization of why that’s okay to do, but ultimately down the road that’s going to cost them. Stick to the math. There should be no emotion involved in this business.” – Lance Edwards 

“Identify what you’re really good at and focus on that. Those things that you don’t like doing is what you want to, as soon as you can delegate that to someone who loves doing that and get that off your desk because the energy release, the energy boost you will have will be so great. You can go focus on what you’re best at and you’ll see your productivity going up.” – Lance Edwards 

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