I got started with real estate back in 2002 and my very first training was in how to buy houses nothing down. It was back before we even had webinars. It was more like teleseminars, so it was a teleseminar training. It was a very good training. I learned a lot.
But the biggest thing I took away from that course, what my very first mentor – one of the many things he taught me – but one of the things he said to me, which changed the course of my life was this:
“Lance, I made a lot of money doing houses but I came to realize that to meet my financial goals I needed to shift to multifamily. Multifamily provided bigger numbers in a shorter time period.”
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That made all the sense in the world to me and so when I came on my very first real estate training on houses, I came out looking to do apartments. And my very first real estate deal was a small apartment deal. I bought a fourplex, nothing down and I will tell you right now there is no more critical deal in my opinion in our real estate journey or in your real estate journey than getting that first deal done because once we get that first deal done, it becomes real for us from a subconscious standpoint because not only can we say this stuff works, it works for me.
And so that’s what happened to me is that first deal was a launching pad for me and over the next two-and-a-half years of having done that first deal, I did 50 deals. And by the way, I was doing this on a part-time basis. I had a full-time corporate job, very high demanding, very time limited in terms of getting a business started. But I did 50 deals over the next two-and-a-half years and I bought more fourplexes and I did 10 units, 50 units, 56, 86-unit projects always using OPM, other people’s money, because that’s the leverage that I had been taught by my mentor.
Ultimately, within three years of my start in small apartments, I was able to retire from my corporate job of 20 years. Walked in on a Friday morning and said I’m done. And I left corporate America back in 2005 and I just continued doing the real estate thing. I’m doing apartment deals, buying them, wholesaling them.
I was two years into that and I was approached by some colleagues at my local real estate club and they said, Lance, we see you doing these bigger ticket deals using none of your own resources. Can you teach us how you’re doing it?
And so I said, okay, and so I launched my very first seminar back in 2007 and that’s where my training business began.
See More from Lance Edwards: How I Did 70 Apartment Deals for $250
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