98 Active Wealth, Passive Income Show – Oct.15 1PM

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98 Active Wealth, Passive Income Show – Oct.15 1PM

In today’s episode of Active Wealth, Passive Income Show of Carolina Hard Money Bill, Wendy, and Jonathan are joined by Nancy Wallace-Laabs

For Nancy, what she loves about real estate is the never-ending opportunity to have a good laugh. Because she has been in real estate for so long that she knows all the emotions involved herein. From a bad story to a good story.

Bill Fairman (00:08):

Good afternoon and welcome to the Active Wealth, Passive, no. Passive Income, Active Wealth Show. Man! Why did we pick a name that was so hard for me to say?

Wendy Sweet (00:19):

I don’t know, we thought it was great at the time.

Bill Fairman (00:21):

Name is Bill Fairman. This is Wendy Sweet and Jonathan Davis at the end. We are Carolina Capital Management. We do make loans. For anybody who is interested, go to our website, CarolinaHardMoney.com. Click on the apply now tab if you’re interested in borrowing money. We also offer passive investments so if you’re a investor looking for passive returns, then click on the investor tab. Don’t forget to share like, and subscribe to our show. If you have any questions, we have a comment section on the right side of your screen or depending on the platform you’re on, it may be underneath. So Hey!

Wendy Sweet (01:00):

Yeah, we don’t know we’re on this.

Bill Fairman (01:00):

Jonathan had stepped out and

Wendy Sweet (01:04):

Made it just in the nick of time. He was in the green room

Bill Fairman (01:09):

Picking on his yellow M&M’s.

Wendy Sweet (01:12):

That’s right.

Jonathan Davis (01:12):

That’s right.

Bill Fairman (01:12):

Because no yellow M&M’s for me.

Wendy Sweet (01:14):

That’s right.

Bill Fairman (01:14):

By the way, we have a awesome guests today and I’m going to let, Wendy to introduce Nancy, but I was perusing her website yesterday and I love the way this thing is set up by the way. So I’ll have a conversation offline about that.

Wendy Sweet (01:32):

Yep, yep. Yep. Nancy is a good friend of mine and it’s always, I had her on my son risers group a few weeks back and I always love just talking and talking and talking with Nancy. She’s got stories that she can keep you entertained for a long time and I love that about her. This girl is, it’s amazing all the stuff that she’s done. You know, you talk about women that have energy, she is ate up with it and she’s done so many things. It just blows my mind. All the things that she has done, the book she’s written, the articles that she’s written, that have been published in different magazines and things that Billy was even saying earlier today, Hey! She’s been,

Bill Fairman (02:26):

I’m going to ask her about that.

Jonathan Davis (02:26):

Don’t ruin this question!

Wendy Sweet (02:26):

Okay. All right. Yeah, that’s right. That’s right. It’s just amazing. All the things that she’s done and we are just thrilled to have her on here. She’s got so much she’s going to share with us today. Welcome Nancy, we’re so glad you’re here.

Nancy Wallace-Laabs (02:43):

Well, thank you, Wendy Bell and Jonathan. I’m so excited to be a guest on your show today and I know we were having some laughs, you know, about before the show started and, you know, I want to be entertaining. What I love about real estate is that there is a never ending opportunity to have a good laugh. Whether it’s at yourself or a deal or a seller or whatever it is and I think that’s the one thing I just really, it keeps me going. It’s just always something around the corner there.

Wendy Sweet (03:15):

So it’s either laugh or cry, right?

Wendy Sweet (03:18):

Yeah. You know, and one of my stories I’m gonna share today is about a little crying, you know, a little pain. If you’ve been in the business long enough, you go through all the gamut of all the different emotions. You know what I mean? Like, you know, get a bad contractor. I got asked to talk on Halloween for quest and they said, do you have scary stories? And I was like, you know, can I talk about bad contractors? You know? I’ve been waiting for them to hear back from me, but you know, when you have a house, I just, a quick little bad story, a house we were working on, I had gotten the tools and the materials, and I have bought 48 caulks of two, right? 40? Yeah, tubes of caulk. And I was like, where did that 40 tubes go? Cause they didn’t use them in the bathroom or the kitchen. Well, I found out that the sliding glass door that weighs about 400 pounds. Yeah. The contractor tried to glue it in with caulk.

Wendy Sweet (04:20):

Oh my goodness.

Bill Fairman (04:25):

Well, it won’t gonna leak.

Wendy Sweet (04:25):

So instead if sliding this way, you just push it forward in a falls over.

Nancy Wallace-Laabs (04:31):

Yup, you know, no opening it there so now they’re short on screws or something and so he just decided to caulk that bad boy. He was wondering why it was kind of sliding out of the, you know, the canva.

Wendy Sweet (04:42):

Only when it’s hot.

Jonathan Davis (04:49):

That’s funny.

Bill Fairman (04:49):

You know, that reminds me of Walter Walford. I was walking through a house with him and it was a split level. And this house,

Wendy Sweet (04:58):

It’s truly split.

Bill Fairman (04:58):

Literally, was split in two.

Wendy Sweet (05:04):

You can see the ground through it.

Bill Fairman (05:04):

The ranch part of it and the two-story part of it we’re separating.

Wendy Sweet (05:08):

Also needed to jump.

Bill Fairman (05:14):

The land down in the Delta region of Mississippi kind of moves around a little bit. And so I walked into the house and there was a really nice set of built-in shells up against the wall and I noticed it was back lit and the power wasn’t on.

Wendy Sweet (05:34):

Because the sunlight coming in.

Nancy Wallace-Laabs (05:35):

Yeah. The sunlight.

Bill Fairman (05:37):

I say, Walter, what are you going to do about this? Big crack! And that’s exactly what he said. Caulk. That really wasn’t what he was going to do with it but it was funny

Nancy Wallace-Laabs (05:51):

Yeah. See, that’s what, you got to just laugh sometimes, you know? And fortunately the deck is, we have a deck being built and so the guy that’s doing the deck, he saw that and, Oh my gosh, this was just a blessing. You know, sometimes you get blessings from above and, you know, what he took about two hours, him and his buddy ripped out that patio door, they put in a header, like if the house falls down that door’s not going anywhere, right? And you know, a couple hundred bucks is the best couple hundred bucks cause my husband and I, we were like, okay, let’s go read some scaffolding and we’ll get those suction cups. You know?

Bill Fairman (06:27):

That’s too funny.

Wendy Sweet (06:32):

They fixed it right up. So you’re talking about lake house and you just got that lake house, tell us the story.

Nancy Wallace-Laabs (06:37):

All right. So we live in Dallas, Texas, and, you know, my daughter is getting married at the end of the year and so I told my husband, we need a hook, right? To when she starts having babies and all that and so we looked around for a lake house and, you know, they’re kind of expensive, you know? And we wanted it to be close to Dallas. So we ended up looking in Granbury and we had breakfast at this restaurant and start talking to this gal and she told us about this neighborhood that we were not even not even looking in. So we literally found this Lake house driving for dollars. If you don’t think driving for dollars, doesn’t work, you know, it works. So the backstory and the house was, it had actually been on the market the prior year and set on the market for over 200 in some days because the guy didn’t have a very good realtor. She took a picture of the car port and didn’t even mention the nice deck, sorry, the deck and the water and all of that. So he didn’t sell the house. So guess what? He’s a motivated seller and it was just getting ready to go back on the market. We just happened to catch it, right? They hadn’t put it on the MLS. Called the agent that came out when they, my husband and I were like, well, what do you think? You know, this house is cause everything around here was $350,000. Plus it needed another hundred, $200,000 in cause they’re expensive if you’re gonna have a Lake house. And so he told us the price and we both just looked at him and go, Hey, we’re putting in a full price offer right now. And that when we get it. We got the house inspected, renegotiated the price down and we got the price and I was telling. Backstage, I was saying, even our lender, our lender said that we got a good deal. And you know, when your lender says you got a good deal, you got a good deal. And I was saying how the guy threw in a boat and the boat was 1979. At first we were like, Oh, this is just jog. He doesn’t want to haul it off. That puppy works and we had an out on the water yesterday. 1959 Orange metallic so driving from the coast, I got the lake house, the deck had to be redone, the patio door had to be done. So it’s been a challenge, but yeah, driving dollars was how we found that bad boy.

Bill Fairman (08:58):

That’s awesome. And it’s amazing that you are driving for dollars. I tell people all the time, you know, they’re saying, I can’t find the wholesale or I can’t find deals. I’ve been doing all these postcard mail outs and all this stuff. I always tell them, find a street that you want to buy on. That you know, that people are probably willing to sell, park it on a Saturday morning between 10 and two because that’s when everybody’s home and just start knocking on doors.

Nancy Wallace-Laabs (09:24):

Yep, exactly. Cause you know what? You just never know and I know we’re going to talk about the profitable landlord system, but one of the things that I find that if you can get good deal flow, you can be a wholesaler or a flipper or a buy and hold or whatever it is that you want to do, but you have to have deal flow and so that’s one of the things I really focus on with people because when I’m working with someone new, what I find is that they’re just all over the board. Like I had a student and he was like, marketing all the taxes and I’m like, why are you doing that? You need to get into your own backyard because there’s deals to be had there yet and Dallas is very, very competitive. You have to, I do go to secondary markets but there are ways to compete with all those other investors but if you’re not focused and consistent, you’re not going to have deal flow. So that’s what we really teach, is how to get your deal flow going and, you know, we just don’t have a problem with that and we use driving for dollars. We use, I just use note cards. I don’t, I used to use postcards and letters and not door knock but my to-go to marketing techniques are driving for dollars and using note cards on targeted lists that I’m calling and I only market to, I’ll talk a little bit about my marketing. I market to properties in an area that I want to invest, okay? So they’re, and sometimes they’re secondary, but there’s a certain location, a certain appreciation that I’ve already analyzed and I focus on that area. So I like to do handwritten note cards and that says, this is my key message. Says, dear Smith family. I’m interested in the property at one 23 main street. If you’re interested in selling, call me and it has my number and that’s it. That is my marketing message. That’s just like, I’m just giving you that and about every 100 cards I sent out, I get at least one deal that pays for my list and I’ll make anywhere from minimum 5,000. If I ended up wholesaling it to actually acquiring a property. So that is my go-to. I’m driving for dollars, anytime I’m out and about looking at a property, I always drive a neighborhood where I’m at. So those are my two really and if you just stick to an area and you stick to your consistent messaging. So with my students, I, the first thing I do with them is I get a time commitment because you’re not going to make your deal flow happen unless you commit, you know, I say a minimum of five days a week could be Monday through Friday, Tuesday through Sunday, whatever you want to do and 30 minutes a day and you’ll have deal flow. I mean, it’s not gonna happen overnight, but you, and I hire a mom in my neighborhood and I pay her $10 an hour to write these note cards for me. I give her my list and then I pay for the postage. So really, I don’t have a lot of, high costs. I have CallRail to take my numbers and to track what campaigns I’m dealing with but that’s how I do all my marketing.

Wendy Sweet (12:28):

That’s awesome.

Nancy Wallace-Laabs (12:29):

I mean, you pay like tens of thousands of dollars for that.

Wendy Sweet (12:34):

That’s right. That’s exactly right.

Bill Fairman (12:35):

So Nancy, a professional interview typically has structure and since we’re not professional.

Wendy Sweet (12:41):

We’re not!

Bill Fairman (12:41):

We started off right into some story. So let me ask you this question first, which is now in the middle. All right. So how did you get started in this business and what the heck is it that you do?

Nancy Wallace-Laabs (12:58):

All right. Those are some good questions. All right. Well, I’ve been investing my husband and I, Brian, he couldn’t be here with me because he’s at the Lake house. So hopefully he logged in and he’s watching. And we, you know, this is how we got started. We lived in Arizona and in 2005 when the whole, you know, the market went crazy in Phoenix. We had been living in our house for about five or eight years and we were ready to kind of, you know, our kids are getting bigger and we’ve kind of wanted to just move into another house and I had always in the back of my mind, gosh, I wish, I don’t even know if they have those kinds of shows, those flipping shows back in the day, but I always had an interest in real estate. I just, you know, I was a blood bank management consultant. That’s what I did. I helped blood banks become more cost effective by managing their call centers. So we started looking around at properties and we were like, dang! We ha we couldn’t afford the same kind of house that we had, was about three times more. So we said, huh, that’s interesting. We started going to open houses in our neighborhood and what was happening is how houses were flipping in our neighborhood. So my husband and I are a bit adventuresome and we were at an age where we said, you know, when can you make this kind of money? And you know what we did, we put our house on the market and we moved to Dallas area. We had some friends that lived here. So we had visited once and I’m originally from the Midwest, within three weeks we put our house on the market, we cashed out and we moved, we quit our jobs. I said, we can get jobs anywhere. I mean, we’re both smart people. I’ll go flip burgers, but when can you make this kind of money? So that’s how we, that was our first go round with real estate. And I was like, dang, you can make money and it’s when it’s your homestead like that, it’s all tax-free, yay! So that was the first time in my life that I had been able to just, I didn’t have to rush out to get a job, right? So I really thought about it. And I was like, you know, I always had an interest in real estate investing. So, the realtor that we worked with, she introduced me to a real estate investor and I wanted to come and work for her and she wouldn’t hire me because I had no real estate experience. I was very organized and everything. And so I offered to work for her for free. I said, just give me 30 days. I just want to learn, I want to know about real estate and she handed me, here’s another tip. She handed me, Gary Keller’s, the blue book, How to become a real estate millionaire. And she goes, read this. And when you read it, get back to me and then I’ll meet with you. So she wouldn’t meet with me until I read it and I went home and I read that book in a day and a half. And to this day, that’s still my Bible for buying single family rentals, the way Gary goes through it. So she was impressed that I read the book so fast and she did hire me for peanuts. I mean, literally I think I worked for it for like $5 an hour and this was 15 years ago and I was already remember, I’ve been a management consultant. So I was used to making way more money, but it was the opportunity to be mentored by this person and she actually sold me my first rental property and I can still remember the day she called me up. And she said, um, if you don’t buy this house, I will. Now I later learned that that was because she was a realtor and I later learned that was just what she always said to get you to buy the house. And one time, I actually used that. I was like, well, if you don’t buy the house, I was like, Oh, and I was close here. I mean, we did buy the house. We got the, and we were putting a chunk of change down. This was back before the whole, I think Countrywide was our lender if that’s how long ago this was. Wow, you could pretty much breathe, but you know, we were so nervous about, I mean, I remember that pit in my stomach about, Oh my gosh! I’m getting ready to buy this house. Is this what I want to do? Oh my gosh, it seems so risky. And I mean, palms were sweaty. That’s, I mean, it was very scary and most new people get that, and that’s what prevents them from moving forward is the fear, right? So we put us forward, we got it rented right away. I had two people that applied for the property. One was another realtor and one was a guy that was a handyman and his wife worked for South fork, the ranch here that used to be on TV, South fork? I asked my mentor. I said, who should I rent to? I don’t know. I didn’t know how to screen tenants and she said rent to the handyman and the lady that works at South fork, don’t rent to the realtor. Why? Here’s another tip for you. Realtors income is based on the market and it’s kind of ebbs and flows where they had steady income. They ended up being, we kept that property for about 13 years and they were the original tenant. So they paid the rent and everything. So that’s how, and then we just started buying properties out. So after the first one, and then when we bought the second one, we still had little butterflies, but we kind of knew and we kept to our formula. We buy three bedrooms, two bath, three bedrooms, two baths. So we stuck to a certain formula. Then that takes the scariness out of it. Plus you learn how to do your due diligence. So, and you know, what I really love about this business is all the people that you meet, like, she was wonderful. Her and I became great friends. We started a property management company together. She unfortunately passed away in 2015 and so I’m going to talk a little bit later about a book I wrote that’s going to come out but she taught me so much. I learned everything that I learned. I learned from her and I worked with her and I had a partnership. So I love, and then just all the people that I’ve met that are interested in helping you grow, whether you pay them or mentor them or whatever. But you know, what I don’t like about real estate? It’s the people. And the reason I say that is because with all the good people that are out there that want to learn, there are people out there and I’m just bringing this up because I had a recent incident with some contractors, you know, I really, I just wish there was a way to regulate that industry because I have an, I feel like I know what I’m doing and I’ll have these contractors. Like I was telling the story about the patio door, that the guy tried to glue in caulk with instead of, you know, and then he takes off and then, or, one guy, you know, he said he was going to do this work and he didn’t but then the people that take advantage of the new people, like I’ll meet people at real estate investing groups and I met this one young couple and they had spent, you know, $40,000. And I just said, and they weren’t anywhere. I said, stop, just stop and we invited them over to our house for a Saturday morning coffee and we just, not that I know everything, but what we do is we tell our story. This is how we do real estate investing. So then, you know, fast forward, I met a 22 year old girl who, she was at a networking event, some people had left her, I think it was her grandparents and there were these other wholesaling company and they were on her just, I mean, just on her. So I took her aside and said, Hey, you don’t know me, but if you’d ever like to just come over and talk to my husband and I, you know, we don’t push anything, we just tell our story. Well, then now that I have the profit landlord system and I am a mentor and a coach, she reached out to me and she’s one of my students. I’m happy to say that and she’s been wanting to do it. And I said, you just need to pull the trigger. And within two weeks she had her first appointment that we went to and we made an offer on a house. Two weeks after starting it because we worked on her consistency and her messaging and her focus.

Wendy Sweet (20:49):

Awesome. That’s awesome. Yeah. I see people, I’ve had people come to me for loans and they don’t qualify because they spent literally 70 to $80,000.

Nancy Wallace-Laabs (21:02):

I know. And you know, and during this COVID thing, what I’ve seen is, and you can just see it on Facebook. People that you know have been in the business like a nanosecond, and now they’re a coach or this. And I just, and we, you know, even though I do charge, we’re very affordable. I’m very transparent. And you know what? I backed it up with a money back guarantee. If you don’t get what I say, as far as like getting a deal or getting qualified for lending, cause we do talk about, you know, how to get financing for these properties. You know, I’m going to give you your money back. I’m not going to, I’m not sitting here saying, Oh, I want your money, I want your money. I want to make it affordable for people because I want them to be successful and I want them to have the life that they deserve, but they just need. there’s, I mean, people are like, Oh, well, why should you pay for it? There’s all this free stuff on the internet. Well, yes, but if you’re the kind of person that just needs a roadmap to get there, because you don’t know and I’ll meet a lot of people that are like, well, I need to do my cashflow, I need to be a wholesaler first. And you know what I say to those folks? It’s like, well, you know what? Being a wholesaler is actually probably one of the hardest exit strategies in real estate investing because number one, you have to have superior negotiation skills to get that property at such a low discount and then you’ve got to have your buyers list so that you can wholesale it. I didn’t wholesale my first property till maybe a year or two ago because if I find a deal, I’m going to figure out a way to get it, keep it for myself. You know what I mean?

Wendy Sweet (22:44):

That’s right. And the other thing too is, you know, you don’t have to pay 10, 20, $30,000 to get a good coach or a good mentorship or even a good program on what it is you want to do. You don’t have to pay that. And that’s what kills me. I see people, you know, putting all this money on their credit cards to get in there and get a jumpstart and it doesn’t have to be that way. It just kills me to see people doing that.

Nancy Wallace-Laabs (23:16):

Yeah, and you know, oh, go ahead, Jonathan.

Jonathan Davis (23:16):

It’s like you said, Nancy, these people who have been in this industry for six months, a year or two years, whatever it is, and they’re out there,

Wendy Sweet (23:27):

Taking advantage.

Jonathan Davis (23:27):

Taking advantage, and you know, you can’t guide somebody with one year of experience. You can probably barely guide someone with 10 years of experience.

Nancy Wallace-Laabs (23:40):

And you know what, I do for a lot of people,

Jonathan Davis (23:41):

You need a lot of experience to be able to guide somebody through this cause you have be able to see a lot of things.

Nancy Wallace-Laabs (23:46):

Exactly. And you know, and there’s questions, you need to be asking someone that you’re considering to be a coach. So if somebody is like on the fence, like, look, if you know you, maybe you and I aren’t a good fit, but here. Here’s a list of questions that you need to ask somebody that you’re considering hiring. Number one, are they an investor? Like when people say, Oh, I need to find a realtor that knows about real estate investing and my question is, well, how many properties do they have? You know what I mean? Because if they don’t own real estate, how can they be a real estate, a realtor that knows about real estate investing? I mean, buying and selling houses. It’s not that hard, but to really know what type of exit strategy to use, to really do the due diligence on the repairs, is it going to be cashflow? Do you know how to find an appreciating property so that property that I would talk to about my very first property that I was so nervous to buy, fast forward so we sold it for a couple of reasons. Number one, the guy had been in there. When I first put him in, his rent was like a thousand dollars. That’s what the rent was back in the day, right? He qualified for a thousand dollars and so I’m a big believer in long time too. I love longtime tenants. So I don’t raise the rent craziness, like I don’t do $200. You know, I look at, okay, what do I need to raise it to keep the tenant in there? Cause if you raise it too much, then they move out. And then that causes me to spend more money on the turn. So by the time, you know, I had had it over 10 years, he could not afford the rent because remember he went in at a thousand and a $50 increase, you know, he didn’t have the income because the rents now had gotten up to almost $2,000. Well, and there was a lot of deferred maintenance on the property because he’d been there for so long and so the property had more than doubled in price. So we did an exit strategy that allowed us to leverage that appreciation that we had gotten to buy more properties and that’s really how you build the generational wealth that people really, really want. You know, cash is great. I mean, if you can get a hundred bucks, $400 on cashflow, that’s really good, but where you really make the wealth is in the appreciation and how to leverage your properties, that’s how you do it

Bill Fairman (26:07):


Jonathan Davis (26:07):

Yup. Well said.

Wendy Sweet (26:08):

Do you have a formula Nancy of what kind of income you want to have? You know, what’s the profit on the income that you want to have every month off of any particular property is, you know, you want to make 300 in profit, 400 profit. What is it that you’re looking for, mostly?

Nancy Wallace-Laabs (26:26):

So mostly it’s so that I can, so we do have a certain limit that we want to get to because my husband, Brian still works a full-time job and we need the benefits. So when you have to have benefits, I mean, you need to have my income. So we know my income plus his income plus, you know, it’s not like I turned 29 yesterday. I need to have a cushion for the medical. So the medical is probably what keeps us in the game but as far as like a monthly amount, so as long as all of my mortgages are covered on my properties, I have one property, but for the most part I carry debt on my rentals. So as long as all of that is covered, I’m able to pay for my marketing, right? And so if I’m clearing, you know, let’s say a thousand dollars a month on all my rentals, I’m doing good, you know? Because what people don’t really talk about is the tax break she get on the backend, you know what I mean? So it’s not the money that I have to make every month, but it’s the tax money I’m saving by my rentals and that then goes to your overall gen. So we’re more interested in generational wealth and leaving a legacy. So I know I’m going to, I was gonna kind of leave this for the end, but for me, the wealth is that I have what I need, you know, I don’t need to live extravagantly and my time is more valuable at this point in my life so I want time for my family, but I also want to leave a legacy for my family so we then went down the road of creating a nonprofit. So I don’t know if this is the right time to kind of jump into that but,

Wendy Sweet (28:15):

Talk about your husband and the nonprofit and [Inaudible]

Nancy Wallace-Laabs (28:18):

Okay. I will thank you, Wendy, for letting me share this and Brian would be here because this is really his journey. And so as the spouse, you know, I’ve witnessed what he’s gone through and lived through it. So we’ve been married, we’ve been together for over 25 years. We’ve been married like 20. I think we just had our 23rd, sorry, honey if I forgot how many years is it. It’s 22, 23? You know what I mean? And after we are married, so we’re a blended family, together we have five children. So just with that comes a lot of wooh, you know, and then you have me doing all these crazy real estate things. Well, about a couple of years into our marriage, Brian had been diagnosed with chronic depression and in my family, we have lots of different kinds of dysfunction but depression is not one of them. And so, you know, I didn’t really know that much about depression. I mean, I’m just like, okay, snap out of it, right? And that people with chronic depression can’t do that. They can’t snap out of it. They don’t have control. I mean, it’s an illness and Brian, I mean, bless his heart. He did, he was very good at a mass. Like most people who know Brian would never guess that he had chronic depression. He was just like that commercial where you see people with the little mask but then behind the scenes but then as men, just like women as men age, you know, they have hormonal changes as well. So all, he’d been on a different cocktail of antidepressants since mid thirties, right? So for over 20 years he’d been taking all these pills. Well, they stopped working and the primary care physician, they’re not equipped to deal with mental illness and so they just kept prescribing him different meds, right? Well, what happened was he had one too many cocktail mixtures and he had a complete breakdown. I mean, where he was, developed Parkinson-like tremors. He was unable to really have cognitive thinking and he had to be hospitalized because literally, what happened was his body was just, he was, I mean, for a lack of, it’s not a medical term, but he was whacked out. It was really scary because I, you know, I had to get medical power of attorney and all that kind of stuff but he went into a treatment facility where they literally took him off of every medicine and then they had to slowly re-reintroduce him. Now we were very, very fortunate and we’re, you can probably tell, I’m like an advocate and I became his advocate and I would not accept that these doctors just wanted to give him another pill and I kept saying there has to be another, there has to be something else and so we were so fortunate and blessed that we were introduced to a psychiatrist here that he offered T M S treatment. Trans magnetic stimulation treatment and Brian had the treatment. We were very fortunate. Our insurance covered it, it’s like a $12,000 treatment. Now, it didn’t matter. We would find the money for him and it was a game changer and I can’t even tell you what a game changer. He had a treatment of 36 treatments in a row within two weeks. Now, normally when you take antidepressants, it takes months to decide if they are working or whatever. Within two weeks, he had a lightness, I could tell that something was going on positively. We had gone on a trip right after that and our daughter was getting engaged and he was able to enjoy it cause sometimes when you’re traveling, you’re depressed and you know, you might get off your schedule of your meds or whatever, but it’s, it’s very stressful for people that have chronic depression. And he was able to set sail through that trip and that was best trip that we ever had. So that made a believer. And then as we started researching more about this, cause we’d never heard about it. What we found is that a lot of doctors don’t even talk about it because it’s pharma, big pharma wants to push all the antidepressants, the pill. It is expensive. There was a lady that wrote a book, that we’ve become friends on LinkedIn called a 3000 map of light or something like that and, anyway, she has a similar story. Like the insurance wouldn’t cover it that, you know, and doctors were just trying to give her another pill but I’m telling you this, for Brian was just a game changer and a game changer for our marriage. You know, because if you are with someone I’m speaking to, I’ve known people that had a depressed spouse and they ended up getting a divorce. I mean, it’s very lonely. There were times when he just, you know, he didn’t go with me to presentations or networking, or he couldn’t be excited about a deal we found and you know, it hurt my feelings and, he could not, it was beyond his control to have the empathy, you know, and there’s only so many pills and cocktails that you can take. So now, it’s like we have a honeymoon. I mean, he had, not quite to, um, it was just a little over a year ago. He had the treatment, it’s like a whole, like a honeymoon, a new marriage, the freshness, it’s just, it’s been amazing. I mean, it makes me just go, Oh my gosh, all this time, that’s gone by that we didn’t know about this. So we are very, we want to be advocates for other people that might be facing this. So we decided that we were going to create a nonprofit it’s called map of hope and I’m so excited. Just a couple of weeks ago, I got approval from the IRS that it’s actually a nonprofit. We have a website it’s called mapofhope.net, cause .com was taken. Then if you go there, you can read our story and what we went through and you know, Brian’s journey and there’s literally a diagram of a brain there and we called it Brian’s brain and it’s Brian’s journey and like he would have darkness with the chronic depression and then he has lightness with the TMS treatment and he still takes a little bit of the, he was able to downsize. He hasn’t gotten completely off cause it does take time, but he doesn’t take as many pills as it used to and eventually he’ll be able to get off of them. We just didn’t want it. You can’t just go off of those pills but just the lightness and the happiness that he’s been able to achieve by having this treatment. There you go. Yes. And if you can, you know, please donate, you know, I’m here to say that what we’re doing is we want people that cannot afford this. We want to be able to help pay for this treatment. So we work directly with the doctor’s office. We’re not making the call. We’re simply like, think of us like the insurance. So if the insurance doesn’t cover it, the doctor’s office can actually contact us and then we just pay the doctor’s office, the qualified TMS doctor’s office for people that need it and it’s a game changer.

Wendy Sweet (35:35):


Nancy Wallace-Laabs (35:35):

Yeah, as we started telling our story, we found out there are so many people that are affected by depression and especially now with COVID, not that this is what, you know, somebody that’s having depression because of COVID. But there’s another alternative out there besides just loading up on antidepressants. So I hope people just check it out, PM me, you know, I will be happy to talk with anybody about our journey and what we went through and what it was like, we’ll get Brian on the phone, but you know, please, please just reach out and if you can make a donation, we’d really, really like it and I’ll send you, you know, the certificate or whatever for that cause it’s taxed on, what do they call that now? It’s texts, donation texts?

Bill Fairman (36:19):


Nancy Wallace-Laabs (36:19):

[Inaudible], thank you!

Wendy Sweet (36:22):

So the treatment itself is, it’s like, electrodes?

Nancy Wallace-Laabs (36:26):

So what they do is they map the brain and it’s like little, it’s not electric shock treatment cause that’s what somebody at, I was like, no, no, they still do that, though. I guess they do that. No, this is like, they map your brain and what they’re doing is they’re tapping, the machine taps right here and it’s stimulating the serotonin. This serotonin is made up here. So people with chronic depression, they don’t have that their body is not making serotonin. That’s what makes you happy. So when they hook him up, they know they have the right spot because his thumb will move. So it’s not, yeah, it’s very, it’s non-invasive, the treatments lasts about 40 minutes. He had, because of his, you know, each doctor I guess ,assesses how many treatments you need but he had 36 treatments and I’m like, if you know someone that has depression and you know how they are ,just imagine like, if you could lift that cloud and it was almost like magic and it’s very disheartening that it’s not talked more about in our society and that doctors aren’t talking about it. So I’m just saying, you know,

Wendy Sweet (37:37):

They don’t get the kickbacks for it.

Nancy Wallace-Laabs (37:39):

So Wendy, when you asked me, you know, like how much money do I need to make, I need to make enough money. So that if one, even if we just help one person have a better life, I would be so happy. So that’s our legacy. We want this to be ongoing, like long after I’m gone and Brian’s gone, we want map of hope to be able to help people. You know, hopefully they’ll come up with, you know, a cure for depression but if they don’t and this is something that helps people then to me, that’s really now my end goal when I invest in real estate because I’ve gotten the wealth and I’m happy with and I’m comfortable with and now I’m giving back. I’m want to give back about, you know, yes, I’m a real estate investor, but every chance I get, I want to talk about map of hope and how we got here. So my next book, so I wrote, so I’m gonna kind of backtrack here a little bit. So I wrote a book called winning deals in heels.

Wendy Sweet (38:29):

I love that. Talk about that.

Nancy Wallace-Laabs (38:31):

Okay. So I got that one right here, running the open hill, right? You can it on Amazon and I am such a gift backer person. Part of the proceeds of this book go to hope store here in Texas, in Plano, Texas and it’s a shelter. They help families heal from domestic violence. So part of the proceeds from this book go to another nonprofit and the reason I wrote winning deals in heels is because I wanted to give a platform and a voice to women real estate investors. Now I think in the last 12 months, it’s gotten better but most of the conferences that you see, most of the podcasts that you see are men driven and not that men don’t have a lot to say too but, you know, I saw that you were going to be on the quest con that’s coming up in November and Liz Faircloth and she does, you know, the invest her and I run the Dallas chapter of invest her because I feel really strongly that women, you know, sometimes we just think differently and one of the things I work with people,

Bill Fairman (39:40):


Nancy Wallace-Laabs (39:40):

You know, like I’ll talk to people and, the reason, the story behind winning deals in heels is I had a friend and I get frustrated with contractors and anybody who does flips or rehabs. I mean, you’re going to run across a bad contractor, it’s just going to happen. Well, one of my friends called me up and she had a bad contractor experience and she cried in front of them and so I was raised like, don’t cry and I was like, don’t cry. You know? Cause then the thing, you know, and it doesn’t change their mind, they’re still gonna rip you off and I said, you know, and it kind of started off a lot of my female real estate investor friends were like, well, you know, and I kind of find this too. We kind of have to play a different card than men do. Now, I know how to tile and I know how to use a hammer so I’m usually on a job site doing something. So they know at least I know what I’m talking about. and so, but you know, from time to time, I mean, I’m blonde and I’m sorry, sometimes you have to play that card. You know, you know what I’m talking about? I don’t really want them to understand. So that’s going to be a book about the differences between men and women in dealing in the real estate industry but then I thought, you know what? I don’t want to focus on that. I want to be able to tell women that are sitting there and maybe listening in the audience today, like maybe they’ve raised their children and they need, they’re looking for that how can I make more money? Maybe they’ve been laid off from their job through no fault of their own because of COVID maybe they got a divorce, maybe their husband died, but you know what? You can be a real estate investor and in the book, there’s common threads. There’s myself and nine other gals that I interviewed and we all have common factors. Number one, we all had a trusted mentor. Some of us paid for them and some of us didn’t and there’s different ways to pay for pay for things, right? Like my mentor, I went to work for her for peanuts, right? We all hired somebody that did our menial tasks, like housekeeping, hate it! Hire a housekeeper, maybe it’s somebody. Now you can do that groceries online, you know, but get rid of one menial tasks. You know what I mean? Your time’s worth more than that. Women, I’m sorry. I mean, men, maybe you are like this too, but don’t be emotional about your real estate investing. It’s a business, you know what? One of my students, you know, she’s talking to a seller and he just wants too much money for the house and she goes, well, do you think I could talk him down? And I go, well, you know what? The Delta right now is about 60 grand. So no, I don’t think you can talk them down, but what you need to do is just say, Hey, this is the cash offer I’m going to give you, you know, we could talk about subject too but I mean, we were so far apart. So know when you got to cut bait and move on, right? You just, you’re not going to cajole them into a 50,000 drop in price and don’t just spend the money because you want to jump in. I met a young couple and they bought a house and they overpaid and they were, I told them, don’t, you know, they called me after they bought the house and they’re like, what do you think? I said, don’t over improve it. Don’t, you know, you’re in a neighborhood and so they were, you know, they lost about 20 grand on the deal and I said to them, after an appropriate amount of time, I said, well, why did you buy this house? And the response was, we just wanted to get in the game. You know, don’t get in the game, don’t be too hasty to get in the game, get in the game sensibly and then the last thing is that start small. Don’t, I’ve taken coaching programs, right? And I take what I need from them so I don’t need to learn 20 different strategies to sell a house. I need to learn one and then master it and then I can move on. Now, one of the things that I do in my course is I do teach people how to monetize leads because not every week focus on single family but when I do my marketing, there are houses that are not necessarily a single family. You know, they’re not gonna make a good one. So I talked about my first house, you know, how I got, and I was so scared. We’ll fast forward 15 years and here’s what I did yesterday. I put a deal together so I have a house under contract I never saw, do not do this if you’re brand new. Okay? I’ve been doing this for a while. So I’m buying it for $70,000. I already have sold it. I’m going to owner finance it for 90 or 115. Okay? I’ve been doing this for a while. The ARV on the house is 140. I bought it for 70, right? I’m using private money to buy it, right? From my private money people and my terms for my buyer is that any points I pay the fees cause how I set up my private money lender with my quest IRA folks is I pay their fees to borrow their money. So I pay points and then I pay the percentage. So basically my buyer is reimbursing me all of those costs so this is my first deal. Remember, I’ve been doing this for a while. I have never seen the property and I’ll have zero money out of pocket zero. I’m actually doing a no money down deal and I will get a hundred. I’m doing owner finance and I’m getting a hundred dollars a month, you know, just a hundred dollars and in one year, because I’m making the buyer a refinance, I’ll make $25,000. So I’m making $1,200 in 12 months, you know, every, for the a hundred dollars and that making 25,000 and I had no money in the deal and that’s after I pay off my lenders and everything, I’ll make $25,000.

Wendy Sweet (45:27):

That’s more than a hundred percent profit.

Jonathan Davis (45:28):


Nancy Wallace-Laabs (45:31):

[Inaudible] I’m actually doing a, next week, I’m doing a webinar on how to grow your small dollar IRA and I’m actually using that case study it’s 617% is the return on investment.

Wendy Sweet (45:45):

That’s awesome. So you’re doing that in your IRA. You’re buying the house in your IRA?

Nancy Wallace-Laabs (45:50):

No, my private money lenders are, they are using their wiring money.

Wendy Sweet (45:54):


Nancy Wallace-Laabs (45:54):

So I have new private money lenders that are using their IRAs. So they’re going to make, total, they’ll make $6,000 plus 15. So they’re going to make $7,500. One’s doing 40 and one’s doing 35. So, you know, they’re about 50 50 on it and they’re happy and they’re people that have, that’s kinda my little niche with my lenders is that I have a lot of people that I use their small dollar IRA and I help them become private money lenders.

Wendy Sweet (46:22):

That’s awesome.

Nancy Wallace-Laabs (46:24):

Yeah. I have an online course about that, like in a week or two. So

Wendy Sweet (46:28):

So let’s talk about your program that you have and how can, how can people learn about that? And all of these things that you’re saying you’re doing the webinars and stuff. How can people get in touch with you to get on those and be able to enjoy that with you?

Nancy Wallace-Laabs (46:43):

So I partnered with a company called Real Estate IQ. You can just Google them. You can also email me at nancy@KBHomeStart.com but I’ve partnered with Real Estate IQ to do this series. It’s over the next three weeks on how to invest with your small dollar IRA and then the Profitable Landlord System is, you know, just website, Profitable Landlord System. There’s an online assessment so people can take it and then, after they’ve taken it, then I’ll just follow up with them on with a phone call. And the phone call, what we’ll do is we’ll kind of assess what their goals are if my program. So my program is dedicated to helping people buy single family rentals and build generational wealth through single family rental so if you’re interested in multifamily, this is not going to cut it for you. If you’re interested in commercial, we don’t do any of that. It’s strictly single family rentals. You know, there’d be like duplexes or whatever, whatnot, but how you get on the webinar? I think I have it on Facebook as well, but real estate. So actually Google real estate, IQ and go to their website and then under events and go to October 20th and you can register for it right there.

Bill Fairman (48:00):

I think you have it on your website as well. Don’t you under either under media or events or something like that?

Nancy Wallace-Laabs (48:10):

Yeah. And if they email me direct, I’ll send them the link too. So the profitable landlord system is basically I have broken it down into easy to follow steps. So there’s five different modules. One is about how to find the sellers. I mean, and so what I want to do is talk a little bit about that, because if you don’t have sellers, you won’t have tenants. You won’t have, you don’t have to get loans. You know, none of that but it’ll take you all the way through, if you want to grow a team, that’s how I designed it. So it’s meant for people that have five or less rental properties, if you already have 50, yeah. I probably can’t teach you anything. Maybe how to property manager or something like that and I do offer a separate course just on property management, like how to find a property manager what to ask them but I just want to stick a little bit on the profitable seller. That’s what I call them, because that’s what you want to find is they’re distressed and they’re a profitable seller because you’re going to make a profit off of them, right? And so what we do is we work through 10 different, I call them risk factors because when you are looking for a property, there’s location, there’s the age, there’s the size, there’s the floor plan layout and those individually don’t matter, right? It doesn’t matter, location doesn’t matter about age, but when you bring them together, I actually rate each one of them. So I’m just going to give you an example for me. So my first property that I talked about was a three bedroom, two bath built a 19, I like properties that are 1978 and newer, because why? Not because the builders were battering thing but because of the lead based paint cause when you’re dealing with tenants, you always have to have them sign it. Right? So if I, but when I’m marketing, if I find a property that’s 1950, I’ll wholesale that, or maybe I’ll own or finance it. So there’s a different exit strategy. So when I’m looking for my rentals, I have a certain formula that I use and that’s what I teach. Now, depending on where the person lives, two bedroom, one bath might be more prevalent than a three bedroom, two bath. But the reason I stick with three bedroom, two bath is because you can rent those all day long. I mean, that’s a family, that’s somebody that’s downsizing. So we look at the location the age, and then I also look at areas because I’m going to buy properties that I’ve already identified as appreciating nd then the other thing we’re going to look at is rents in the area. So let me just break this down. So the property that I bought was a few years ago, but you could apply it to any of the rentals I own today. So I looked at the location, I loved the location cause I knew it was appreciating. It was actually, you couldn’t build there anymore. Couldn’t build there anymore. It was not a highly rentable area, meaning that there weren’t a lot of rentals. I don’t buy properties where every house on the street is a rental. I’m looking for a particular type of tenant, right? And so if you have a property that’s in a high crime area has tons of rentals, that’s the type of person you’re going to attract, which in the end will hurt your profitability. So I look at all these things so I want to know what the average rent is in the neighborhood and how many rentals there are and that is very important. So each one of these, I put a score like a one to five. So one, very low risk. Five is like, move on, don’t buy that property. So when you go through the profitable seller module, you will learn, okay, how do I figure out what’s a good location? So the location that’s good for me might not be good for you because number one, I only want properties that are within a 30 minute as a rental, as a 30 minute, one way from where I’m at. Okay? Now I have a property.

Wendy Sweet (52:00):

Nancy, this is incredible stuff. And I wish we could get into more, but that’s exactly what people needed to hear is just one great example of what this program. I mean, I want to hear more. Unfortunately, we’re at a hard stop.

Nancy Wallace-Laabs (52:17):

Alrighty but like I said, it’s out there, I’m having a specials. If you contact me direct and you mentioned Carolina Capital, I’m going to give you a discount on that.

Wendy Sweet (52:29):

Oh yay, thank you for doing that.

Nancy Wallace-Laabs (52:29):

And let me just say this really quick. It’s only 13 weeks. This is not like a year’s worth of stuff. You’ll be able to learn this stuff, put it in use and start getting your properties. It’s not like I’m going to take, it’s going to, it’s a very short amount of time that we work. It’s very intensified, but at the end of it, you’re going to have all the tools you need to go out there and buy all those properties.

Wendy Sweet (52:50):

And it has a money back guarantee.

Nancy Wallace-Laabs (52:51):

And a money back guarantee. So if you don’t, if I don’t live up to what I said, I would do, I’ll give you your money back. That’s awesome, right?

Wendy Sweet (52:58):

That’s awesome.

Nancy Wallace-Laabs (53:00):

So, yeah.

Wendy Sweet (53:00):

And that’s the ProfitableLandlordSystems.com.

Nancy Wallace-Laabs (53:04):


Wendy Sweet (53:05):

That’s, oh, we’ve got it on the, on the board here, Nancy, you have just, I wish we had three more hours for you. You’ve given us so much great information and I’m so, so thrilled that you’ve shared all the things that you’ve shared. There’s wonderful things that you’re doing. You’re an inspiration to men and women everywhere and I really appreciate it and I’m proud to call you my friend.

Nancy Wallace-Laabs (53:32):

Me too. Thank you so much for having me on. It was great. I know I can just.

Wendy Sweet (53:37):

And we can sit and listen cause it’s good stuff.

Jonathan Davis (53:39):

It’s good stuff.

Wendy Sweet (53:40):

Thank you so very much.

Nancy Wallace-Laabs (53:43):

You all have a blessed day and thanks again, I’ll look forward to talking to you soon. Thank you.

Bill Fairman (53:48):

Excellent. And folks, thank you so much for joining us today. Again, it was the, what are we calling our show again?

Jonathan Davis (53:55):

Passive Income, Active Wealth.

Wendy Sweet (53:55):

Passive Income, Active Wealth.

Bill Fairman (53:55):

It’s on the screen.

Wendy Sweet (53:58):

Yeah. He can read.

Bill Fairman (54:00):

So we are Carolina Capital Management. We make loans. Our website is CarolinaHardMoney.com. If you’re a borrower and interested in borrowing money, click on the apply now tab, if you’re an investor, click on the investor tab.

Jonathan Davis (54:17):

We only take interesting borrowers.

Wendy Sweet (54:18):


Jonathan Davis (54:18):

If you’re not interesting, we won’t turn you.

Bill Fairman (54:20):

The business is interesting enough. Don’t forget to share like, and subscribe to our show. If you have any additional questions again, you can add them to the chat box. We do have folks that peruse the chat box even after the show is over.

Wendy Sweet (54:36):

That’s right.

Bill Fairman (54:36):

You guys have a great day. Sue, who is going to be my next appointment. Give me five minutes please. Catch me later.

Wendy Sweet (54:45):

Thanks. Bye-bye.

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