Small Apartments Success Story (Damon Caldwell)
About This Episode:
In this episode, Lance Edwards’ guest is Damon Caldwell. A recent graduate of the Small Apartments Boot Camp, Mr. Caldwell got his start wholesaling in 2017 after serving as a firefighter for several years. He quickly learned about the greater income potential with multi-family units and takes Lance through his process of finding his first deal, getting it under contract and quickly finding a buyer. He emphasizes the importance of mindset and says that the confidence he gained from getting that first deal done now makes him feel he can do anything. Persistence is the key.
Tune in as Mr. Caldwell will discuss the details of his first multi-family deal, what he learned about investing in small apartments, the importance of mindset and how he learned from his early mistakes.
Guest Speaker: Damon Caldwell
Damon Caldwell was a recent graduate of the Small Apartments Boot Camp and since that time has found significant success in investing in small apartments.
What you’ll learn in this episode:
- The basics of Damon’s first post Boot Camp deal. He wholesaled a six unit multifamily building, flipped it, took the contract and made $15,000.
- Damon worked as a firefighter for two years before deciding he didn’t want to do a regular nine to five job, and he felt real estate was the best bet for him. Prior to attending Lance’s Boot Camp, he worked full time wholesaling the past few years.
- One of Damon’s investment partners, Jay, helped convince him to switch to multi-family because of the potential for better cash flow and residual income.
- After a deal that fell through in Arkansas, Damon went back on LoopNet – a method of connecting with brokers Lance recommends in his course – and after some searching, found a seller of a 10 unit property that Damon is currently waiting to close on. While that was going on, he ended up getting a six unit building under contract and that became his first official deal.
- To find buyers, Damon uses Facebook (which he used extensively in his early wholesaling endeavors) and Lance’s Deals and Dollars website. The buyer for his first deal came from Facebook when a guy from Kansas City connected him with a buyer in Oklahoma City.
- Damon has found that the process of wholesaling multi-family units takes a great deal longer than for single family homes.
- Now that he’s finished his first deal, Damon believes he can “do anything” because he has a better understanding of the steps, the numbers, how to work the calculator, how to make an offer, how to talk to brokers, how to talk to sellers using scripts, etc. He admits that in the beginning, when nothing he was doing was working, he felt like giving up. Persistence was the key to making breakthroughs.
- Damon now teaches small classes on wholesaling single family properties. He imparts to his students that they will never learn if they don’t make mistakes, and that mistakes are an essential part of that process. He considers letting fear get in the way as “contamination,” and tells his students that they have to find ways to overcome it.
Resources:
Grab a FREE Copy of Lance’s Best Selling Book, How to Make Big Money in Small Apartments here.
Get Access to Lance’s Best-selling Small Apartment Wholesaling Course here.