Lance Edwards is living proof of his mantra that you don’t have to “graduate” from single family to multifamily – you can start with multifamily, just like he did. Lance purchased his first deal (a four-plex apartment) in March, 2003 – nothing down. Over the next 2 years, he went on to purchase 50 properties nothing-down on a part-time basis, while working his full-time corporate job.
In July, 2005, apartments allowed Lance to retire from his 20-year corporate career to start a full-time real estate business that acquires and flips commercial multifamily properties. In 2007, Lance added his training business to teach others how to likewise escape the rat race and create faster financial freedom with apartments and other commercial real estate, through creative financing and raising private money. Lance “walks the talk.”
Lance has student entrepreneurs nationwide using his system to profit from flipping and buying commercial apartments using none of their own cash. Flipping apartment contracts routinely yields 5 figure checks with Lance’s students earning $11,000 to $60,000 on their first deals. Buy-and-hold students from all walks of life have acquired 4-plexes to 84-unit projects, using none of their own cash; with the current record being 2 students who acquired 4 projects totaling $6 million in their first 10 months, again using none of their own cash or credit.
Lance has been featured on ABC, CBS, NBC, Fox, and The Wall Street Journal. His company is recognized by Inc Magazine as one of the fastest growing private companies in America – thanks to small apartments.
What you’ll learn about in this episode:
- What the small apartment world is really like
- Why someone should consider small apartments
- How Lance got to the point where he is now teaching tens of thousands of people how to replace their income or enhance their retirement
- Advantages in the niche of small apartment investing
- How you can make more money for the same effort
- Why you should start small but don’t have to stay small
- Benefits of small vs large apartment complex investing
- How small apartment financing is similar to single family owner financing
- Making sure you take care of your monthly cash flow needs first
- When to start cherry picking your deals
- Why real estate is so similar to marketing
- Earning true passive income
- How to determine the value of an apartment complex
- Hidden expenses you might forget about when determining the value of an apartment complex
- Why apartment buildings are less risky than office buildings
- How you can work through the formula to determine the value of an apartment building sight unseen
- Creating systems and how they can keep the small details off your plate
- Lance’s book “How to Make Big Money in Small Apartments”
- How anyone can get started with small apartments, no matter where you’re coming from