People looking into Lance Edwards’ real estate training courses always want to know one thing: Does it work?
Student Toni Ward was one of the first people in the nation to benefit from Lance’s classroom, and has an enthusiastic review for you. Her message, in short, is you don’t have to graduate to multi-family properties.
“Before I took your course, [I had some reservations]. Immediately after taking your course, I still had some fears,” Ward told Lance Edwards in our exclusive interview. “But, when the apartment presented itself, and the analysis just looked so good, I said ‘Let’s try it. Let’s do it.’ We did, and it just worked out!”
Toni took an early retirement package from a Fortune 500 corporate job when she discovered she had dreams of owning her very own real estate business.
Like many others, Toni thought she had to graduate from wholesaling single-family homes in order to make the leap to apartments and multi-family real estate. But, as she learned in Lance Edwards’ workshop, she could jump feet-first and skip the houses to bigger paychecks and financial freedom.
“The system works if you do the marketing, send out the letters, respond back to those who call you, keep the marketing going, you will find a deal,” she said. “And there were people out there who would loan me the money!”
Her first commercial deal came as a result of marketing for houses. She knew how to analyze the numbers and knew that this eight-unit apartment complex was a good deal, even with its deferred maintenance and awful color.
The owner picked a number out of the air and said he wanted $150,000 for the eight units, but Toni walked through the property, pointed out every need for repair she could, negotiated with him, and ended up getting the property for $10,000 a door.
Only four of the units were rented, and sometimes they paid rent, sometimes they didn’t. She knew that a C-level property shouldn’t cost more than $25,000 per door, including the necessary rehab.
While the seller wouldn’t accept that offer at first, they haggled and ended up at $80,000, signing the papers at a Whataburger restaurant up the street because he let it slip that his wife was on his back to sell the property.
Using everything she learned with Lance Edwards as a funding mechanism, she hooked up with another class member who negotiated for Toni to do the repairs if she carried the financing. She is now holding the building for passive cash flow and has six of the units occupied with one being used as storage.
Her advice? “You don’t ever have to touch a single family house.” The key is to keep marketing.
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