In this episode, Larry invited his good friend Lance Edwards. Lance is the author of the best-selling book, "How to Make Big Money in Small Apartments." Lance has been an active real estate entrepreneur since 2002 when he bought his first small apartment, using none of his own cash or credit.

Lance has done deals ranging from 3 units to nearly 300 units, buying and flipping, but always using other people's money. He has been training real estate entrepreneurs and investors nationwide since 2007 the same exact systems they can use to get started.

Topics:

• How Lance got started in real estate through small apartments
• How he was able to quit his job
• What his niche is and why he chose it
• How he finds most of his deals - Website - Brokers/agents - Direct mail
• Criteria he is looking for in direct mail
• On doing massive mailing
• On analysing deals
• What cap rate is
• Determining the local cap rate for a specific geographic area
• Average expense ratio of an apartment building
• Automating offer generation
• Finding a good management company
• Number one attribute you should look for in a good management company
• On partnering with his students
• On his book "How to Make Big Money in Small Apartments"

Quotes:

• "Think like a 12-year-old. Just pick up the phone. Nothing can happen."
• "It's all about the math."
• "Never self-manage your own building."