Scott: I am jacked up to have a friend as a guest who is doing some amazing stuff out there. Just absolutely rocking it. Literally killing it not only in her own real estate side, but she’s also got a book called Winning Deals In Heels. Nancy Wallace-Laabs is joining us from Dallas, Texas.
Nancy: Scott, thank you so much and thanks for having me on your podcast. I’m super excited about my book. It was a good feeling to get the book out. It’s going to help a lot of people that want to get into real estate investing.
Scott: I love how the book is written. I love how you got some great stories in there. Some from very strong women in heels doing some great stuff out there. For those that don’t know because you’re at Note Nation. We’ve known each other for a couple of years from different real estate events. We got a chance to reconnect on the Financial Friends Network Cruise and then meeting at a meetup again. Take a second to share a little about what you and your husband are doing with your real estate investment stuff.
Nancy: We started investing several years ago. We were originally from Phoenix, Arizona. When the market well went like that, we had been looking to move from our house that we lived in for eight years. We were amazed at what people were paying for houses there. It was insane. We quit our jobs, sold our house and moved to Texas. Texas hadn’t actually rebounded quite. That gave me the freedom to start investing and I always had a passion for real estate investing and wanting to get into it. I was very fortunate to meet a woman who mentored me and helped me buy rental properties and tell me everything. I got into property management. Fast forward, when you’re in real estate investing, there are so many avenues to go. You can do flips. You can do buy and holds and I fell into owner financing. I found a house for $10,000. I paid cash for it. I sold it three days later for $50,000. I got the terms work. I get $10,000 back, 20% down and I’m carrying the note for $40,000.
That made a true believer out of me on owner financing because you can still get that monthly check and you don’t have all the repairs. I’ve found myself so many opportunities if you go out, network and meet great people like you. It gives you ideas about, “I could take my business this way.” I’ve found myself I didn’t know everything about buying houses. Through the book, I started meeting different women that were doing different things and had a different story. One of the things we all had in common was, one, we had a passion for real estate. Two, we were pretty strong women in terms of we knew we were willing to take chances, calculated risks and we were consistent with what we did. That paid off and each of us has our own story of how we got started, but those are the three elements that we all had in common.
Scott: That’s definitely an underlying thread throughout each chapter. I honestly think we need more women out there sharing their stories and speaking up. I’m a guy, it’s a very male-dominated industry for the most part.
Nancy: I wanted the book to highlight. There are a lot of successful women real estate investors, but I found as I went to a three-day conference, there might be one or two women speakers. It’s not that they’re not out there, it’s that they haven’t had an avenue to showcase their results or sometimes women are too busy taking care of the family and the kids. Maybe they’re holding down a job. Time becomes not an ally for them. Sometimes they lack the confidence and/or knowledge and there are plenty of women out there that will mentor you. You do not have to pay them tens of thousands of dollars. There’s a lot of information. I felt it was important to highlight women in real estate investing, that’s why I wrote the book.
Scott: Talk about your background. What were you doing before you got into real estate though?
Nancy: I have a degree in social work. For a long time, I was a programs manager over Section 8 and this was like, “I don’t want to date myself.” This was before they had vouchers. I was instrumental in setting up in Johnson County, Kansas, the first Section 8 program. Back in the day, Johnson County, Kansas was the second richest nation in the country. The city council members and the population didn’t think they had needy people. I devised the waiting list and got very familiar. I got into housing way back when. Fast forward a few years, I moved to Phoenix, Arizona and I answered a blind ad in the newspaper and I got hired at United Blood Services, which at the time was the second largest blood bank in the country. I was a field rep. I went out to the companies and set up the blood drives.