Empowering Women: A Moms Way into Real Estate

John Harcar (00:00.773)
Hey guys, welcome back to the show. Your host, John Hardcar here. Today, we’re privileged to speak with Nancy Wallace-Lobbs. And what we’re going to talk about today is empowering women and having an ally in real estate. Remember guys, here at Investor Fuel, we help real estate investors, service providers, and really all real estate entrepreneurs 2 to 5X their business.by giving them the tools and the resources to build those businesses they’ve always wanted to build and live those lives they’ve always wanted to live. So Nancy, welcome to the show.Nancy Wallace-Laabs (00:33.13)
Welcome and thank you so much for having me. I’m excited to be here.

John Harcar (00:36.317)
Yeah, so I’m excited to talk about this because we had some off camera time a little bit earlier and I can feel your passion about this. But before we talk about helping women and having that ally, tell my audience a little bit about yourself. What got you here?

Nancy Wallace-Laabs (00:51.086)
Okay, well, I live in Frisco, Texas, which is a suburb north of Dallas. I’m a mom, a nana, I have two dogs, I’ve been married for 27 years, and I did start when I was three, let’s be clear about that.

John Harcar (01:04.956)
I like that.

Nancy Wallace-Laabs (01:07.948)
And I’ve been investing in real estate since 2006. know, single family. I used to have a property management company and you there’s always, you could do a whole show or a week’s worth of shows about property management, And you know, my interest in real estate has just grown from…

John Harcar (01:20.845)
yeah.

Nancy Wallace-Laabs (01:26.392)
you know my very first long-term rental to have done flips but really about building wealth and then after I kind of learned you know along the way because it seems like every year is like a brick by brick you know like you learn this strategy you then you learn this strategy so now today I’m able to teach classes to realtors about how to help their clients you know find properties I’m able to work with women that want to get into real estate investing and I’m probably

John Harcar (01:42.331)
Mm-hmm.

Nancy Wallace-Laabs (01:56.289)
I don’t mind working with guys, right? But it’s such a male-dominated industry that there’s more need for women to be coaching other women. And so I’m doing a presentation Thursday for our chamber here about our company. And you know, I was doing some research and you know, only 30, less than 32 % of women nationwide invest in real estate. Yeah, it’s a very small number. And the number one reason that they don’t, according to Dr. Google,

John Harcar (01:58.704)
I don’t know.

John Harcar (02:05.097)
huh.

John Harcar (02:18.813)
wow, did not know that stat.

Nancy Wallace-Laabs (02:26.324)
is fear, know, fear of like, I’m going to make a mistake or I’m going to lose my money or whatever. And then imposter syndrome, which I want to kind of, but that’s about the self doubt and not having confidence, which I kind of lead that to, you don’t really know the right people to get involved with. And so that’s where, you know, I know we’re going to talk about that today about knowing and networking and, know, not just doing the due diligence on the deal. Is it a deal, you know, doing the analysis, but the people that you’re partnering with.

John Harcar (02:41.372)
Mm-hmm.

John Harcar (02:52.38)
Sure.

Right. I know you mentioned you started back around 2006 and obviously we know what happened around that time. And I like to ask folks that have been around that time because we went through a small little stint here and we’re probably still kind of still in it. Right. How did you navigate that and what are some of the tools you think or maybe things you focused on to get you to where you’re at now?

Nancy Wallace-Laabs (03:00.259)
Yeah.

Nancy Wallace-Laabs (03:06.061)
Yes.

Nancy Wallace-Laabs (03:14.606)
So funny, so I actually benefited from the crash because I was buying my first property. I didn’t know what I was doing. got our, if people remember this, if you’ve been around, I got my first loan from Countrywide Home Loans. And they were one of the top ones that were doing those subpar loans.

John Harcar (03:22.333)
Mmm.

John Harcar (03:28.861)
Countrywide, remember countrywide. I probably had one the lawns with them before.

Nancy Wallace-Laabs (03:34.452)
Yeah, and so that you could do like a 90-10-10 and you so you literally could buy investment properties with no money down now I Think you have to have skin in the game and I was just too nervous about it was my first property So we opted to do we had 20 % down the the value of the properties back then, know I bought a three-bedroom two-bath house. My first one was like hundred fifteen thousand dollars. So, you know, we went down You know rented I you know, I kept that property so and I think what I learned though because then I had friends

John Harcar (03:43.943)
Sure.

John Harcar (03:55.484)
Yeah, yeah.

Nancy Wallace-Laabs (04:04.476)
that they had a property and they went out when I came from Phoenix before all that and the property values just got so inflated they went out and took refinance, pulled out all that cash and then went and bought cars and boats and things that are not tangible for wealth building. Now we did the same thing except that we invested in real estate. So when the market fell in one area we were able to

John Harcar (04:10.439)
Mm-hmm.

John Harcar (04:23.162)
Right?

Hmm?

Nancy Wallace-Laabs (04:30.702)
take advantage of the other area. So I think just not because I knew anything, just was, I’m going to say a little bit luck, but also because I was conservative investor. You know, I just said, hey, I don’t want to like have zero interest or zero into this property. I want to have something into it because I feel like, you know, appreciation and all that. So I was looking at more at appreciating assets. And again, and I had a good mentor. So let me let me phrase that when I my very first

John Harcar (04:31.815)
capitalized than the other.

John Harcar (04:38.621)
Sure.

Nancy Wallace-Laabs (05:00.656)
I had a mentor that helped me through the process and I think that

John Harcar (05:05.039)
Was this just a local flipper, local renovator?

Nancy Wallace-Laabs (05:07.616)
It was actually what happened was it was a realtor that she was a big time investor and the lady that sold our house here in Frisco, said hey I’d always, I’d watch a lot of HGTV, I was ready to rock and roll on the big bed and she introduced me to her. I said hey I want to do this and she was a smart realtor. She said I don’t do that, which I’m appreciate that because if you’re a real estate agent listening to this and you don’t buy real estate for yourself, then you know be very cautious.

John Harcar (05:19.421)
We all did.

John Harcar (05:29.789)
Out.

Nancy Wallace-Laabs (05:37.473)
that saying you can help investors. Well anyway, she ended up turning me on to a lady who was an investor and I walked into her office and she didn’t want to work with me. She handed me the Gary Keller Blue Book, Millionaire Real Estate Investor and she said, read this, get back with me. And I read that thing like in a day and a half and to this day that’s still my Bible. And so that’s how she mentored me.

John Harcar (05:48.477)
But yeah, uh-huh, uh-huh.

John Harcar (05:54.877)
Wow.

Nancy Wallace-Laabs (05:59.531)
She took me out to look at properties and knowing what I know now, what she would say to me is like she would go to a house and if it was a good deal she’d say if you don’t buy this house I will.

So she kind of pushed you, right? I will so. And that’s how my journey started. And then from there, I really wanted to learn more about, you know, being a better investor. So I ended up working with her and starting a property management company. And we did that for 10 years together. Just, you know, and we only managed single family homes. We didn’t do apartments or, you know, we did duplexes and small apartment complexes, but nothing like that. So that’s how and every year I would buy a property.

John Harcar (06:11.299)
I will.

Mm-hmm.

John Harcar (06:35.077)
Sure.

Nancy Wallace-Laabs (06:39.54)
then I would learn something and then every year I would buy a property so I do want to share this with the audience because after four properties I was like well where do you get the money how do you scale because she wasn’t really she had a lot of she had a lot of mula you know what I mean so she didn’t have to worry about going to the bank and that really was a challenge because after the subprime fallout of 2008 it was very hard to get money for your investment property so I had four

John Harcar (06:53.266)
Mm-hmm.

Nancy Wallace-Laabs (07:05.302)
and they were all in my personal name so I couldn’t you know I didn’t even have I mean no one told me about an LLC or blah blah blah anyway it was I just kept asking asking and somebody finally turned me on and introduced me to a credit union that did a commercial loan so I wrapped all four of the properties together pulled out all the equity and then I was able to buy more properties leverage

John Harcar (07:11.526)
Mm-hmm.

John Harcar (07:24.071)
Good. Awesome. Leverage, that’s name of the game. Are you still currently doing any type of property management stuff or have you put that by the wayside? Did you?

Nancy Wallace-Laabs (07:31.79)
Oh no, I gave that up, you know, I gave that up a few years ago. know, it’s property management is one of those things. I mean, you can make a nice living off of it, but after 10 years of tenants and toilets, I mean, and it was so funny because even my rentals, I continue to manage them even though that’s not probably the best use of my time. But I used to teach property management courses, so every time I would meet a property manager and I’d ask them basic questions and they didn’t know, I was like, no. So I finally found a couple that I do trust here in the Dallas area.

John Harcar (07:41.949)
It beats on you.

John Harcar (07:53.373)
Mmm.

John Harcar (08:01.424)
Okay.

Nancy Wallace-Laabs (08:01.744)
But it still was, I’m such a control freak, it was a little hard for me to turn them over, but I finally did.

John Harcar (08:06.493)
So you did the whole property management thing and did you were you still flipping houses? Were you still I mean what did your business look like then?

Nancy Wallace-Laabs (08:14.06)
So you know what I did? I haven’t flipped a ton of houses because if I found a good deal, because I find off market properties, right? So if I get them at a really good deal, I’m hanging on to them. So I’ve only flipped maybe less than 10 houses. That wasn’t really my whole thing of flipping houses.

John Harcar (08:29.329)
Okay.

Nancy Wallace-Laabs (08:33.352)
and I’ve only I’ve probably just wholesale a handful of them. So I would normally keep the houses and then just, you know, build the rental portfolio. And then after a while, when the markets went up, you know, here, then when it got high and I had all this appreciation, then I started selling them and then, you know, doing a 1031 to avoid the capital gains tax. And then we started doing we moved into passive investing. Right. So I don’t have as many rentals as I used to because now I’m at

John Harcar (08:48.653)
Mm-hmm. Sure.

John Harcar (08:55.943)
Yeah.

Nancy Wallace-Laabs (09:03.266)
a certain point in my life where I just don’t want all of that. Yeah, I just want to get the mailbox money. So then I moved into owner financing. We ended up doing some oil and gas. We do have a commercial deal that we’re in. yeah, so we did. I wanted to kind of expand. And now right now what I’m seeing, so I didn’t buy any properties for two, three years, I guess, because it was just so expensive here, right? I just started looking outside the Texas, but now

John Harcar (09:06.247)
Don’t want to deal with that.

John Harcar (09:16.612)
okay.

John Harcar (09:27.229)
Sure yeah it went out the values.

Nancy Wallace-Laabs (09:33.136)
Now you can see the market shifting a bit. My ideal house is under the ARV after repair value is under $250,000. Three bedroom, two bath, built after 1984. And you can still find those properties here, believe it or not, in DFW. So you can still find them. And I like to go out into the secondary markets as well to do my owner finance. So you can still find them a little bit harder, but what I’ve noticed is that the days on

John Harcar (09:35.815)
Yeah.

John Harcar (09:52.591)
You still can.

Nancy Wallace-Laabs (10:03.116)
are getting longer and longer.

John Harcar (10:04.465)
They are. And it’s funny you mentioned he goes to some of those tertiary markets for some of owner finance stuff because I’ve heard that before. You know, in some of those smaller pockets or smaller areas, it just seems like people are more willing to utilize that type of strategy.

Nancy Wallace-Laabs (10:17.656)
Well and also you can buy properties so you can I could go into that because I’m a broker I can go in and look at the MLS and I can do a search for properties but say the value is zero to a hundred thousand and you can find properties now they’re not going to be the you know short-term rental but sometimes those properties are diamonds in the rough that you can buy for under a hundred thousand you can get a private money lender to loan you the money this is what I normally do get a private money lender buy the house and then turn around and owner finance it and

you’re making money off of the deposit that they’re giving you. So I buy a house for let’s say $70,000 then I turn around and I owner finance it for a hundred. Well I’m gonna ask for 20 % down right? I’m gonna get my 20,000 and then yeah it’s well we don’t do lease option here in Texas because it’s you can’t you can do like up to six months so it’s all it’s strictly owner finance but what I like to do and I’ve done that like with my self-directed IRA so my most famous deal I did was I got a property in the

John Harcar (10:50.602)
Mm-hmm. Mm-hmm.

John Harcar (10:58.247)
Tent down, yeah, yeah. Do like a lease option type of deal or owner finance, yeah, owner. That’s right.

on our finance.

Nancy Wallace-Laabs (11:17.52)
Historic district of Fort Worth for ten thousand dollars now. This is in 2018 Yeah, and I know that area so I’ve got it under contract sight unseen the guy I sent him a postcard It’s so it’s just such an investor move right I sent him up I sent about a bunch of postcards to absentee owner He got the card. I wasn’t the first investor that called him But he him and I we bonded over football My husband’s a big Packers fan, and he was I think I don’t remember the Chiefs or something like that

John Harcar (11:22.524)
Wow.

John Harcar (11:37.389)
it works it worked.

John Harcar (11:45.469)
Okay.

Nancy Wallace-Laabs (11:47.44)
Anyway, he said, yeah, my wife’s been bothering me about selling that house. He grew up in the house and I bought it for 10. He actually had liens for the grass and everything for like $8,000. So we got the house, yeah.

John Harcar (11:58.201)
Mm-hmm. That’s it? mean, did the house need, was it a lot of deferred maintenance? it, I mean… Okay, all right.

Nancy Wallace-Laabs (12:05.326)
It was like almost a tear down. So we contacted this, I did have a partner on that. Anyway, long story short, we ended up putting a sign in the yard, said owner will finance. Three days later we sold it for $50,000. I bought it for 10 and our terms were 10 % down, or I’m sorry, 20 % down. So we got our $10,000 right off the bat and we financed $40,000 for 15 years at 10.5%.

John Harcar (12:17.723)
Good for you.

John Harcar (12:25.361)
Mm-hmm.

Nancy Wallace-Laabs (12:32.206)
Yeah, so that’s a little bit, you know, it’s not like, it’s not like, you know, for me that’s a home run, right? Because it’s like $200 every $225, $400 a month. I don’t have to worry about, right? Yes, and it’s all going into my self-directed IRA, so I never pay taxes on it until I pull it out. Yeah, so.

John Harcar (12:39.197)
And you got your money right back up. You got your money right back up front. So you’re into the deal with nothing.

John Harcar (12:49.389)
And you know, some very smart, very smart. So let’s talk about Money Making Mamas. Money Making Mamas is your training. Is it your training company?

Nancy Wallace-Laabs (12:59.638)
Yes, so my daughter and I launched Money Making Mamas. So my daughter Kelsey, she’s got my two grand babies. They’re three and two. And she had a very high powered, you know, management job with the Fortune 500 company. When she came ready to go back to work after her second child, she managed like 20 salespeople. So that’s a stressful job, right? And then you got your toddlers and that’s stressful. And she just had to make it.

John Harcar (13:19.517)
John Harcar (13:24.625)
Those are works for the salespeople.

Nancy Wallace-Laabs (13:26.126)
Yeah, and she had to make a decision because she didn’t feel like she could be 100 % of her job and 100 % with her family. And then the cost of daycare is just, you know, it’s just outrageous. And she literally would be working to pay for daycare. So she had always been on the fringes of investing. she, you know, when we did do flips, she’d like paint cabinets and you know, she, but she wasn’t really into the real estate investing thing because we used to drag her along when she was a kid, I think. She never saw the value. Anyway, she came to me and said, hey, could we, could I do

John Harcar (13:48.699)
Sure. Right. Force value.

Nancy Wallace-Laabs (13:56.18)
She was looking to replace her income. we sat down, know, as mother and daughters need to have a talk about, you know, money and how this is going to work and things like that. And long story short, we ended up from the lead generation that I do up for off market, we found a property, we wholesale it because she wanted to just get some cash and it really wasn’t something we wanted. And she made some money and she’s like, mom, I want to do this all the time and I need to teach other moms. So we launched this whole thing. It’s geared towards moms. Now guys,

We ended up having a focus group and it’s so funny because the moms are looking for something for themselves. As women, we have a tendency to take care of everybody else but ourselves. So when we had the focus group, we had about 10 women that we wanted to see how they would want to learn about real estate investing. Their time is very limited. So how can we make this work for the moms? So we rolled out just membership. A lot of things are recorded.

John Harcar (14:48.189)
Mm-hmm.

Nancy Wallace-Laabs (14:55.92)
Podcast so that we could be show up when they needed us to show up Both Kelsey and I will go and look at properties with them. We help them with the lead generation So we make it as simple as possible But also give them support now one of the things that came out of the focus group that that we had is that the women wanted to Invest together now. They didn’t necessarily know each other and I said, okay Well, if we’re do that we need to have kind of it not I guess maybe a controlled environment but more

John Harcar (15:20.893)
Yeah.

Nancy Wallace-Laabs (15:25.88)
safe environment because we have our one of our four core principles is safety and not just about being safety when you go look at properties but safely investing and so as you and I talked about you really have to vet the people that you’re going to invest with and it’s not it sounds very glamorous you know I’m gonna throw in with Suzy and Mary and you know and we’re all gonna buy a property together but you don’t realize that there’s tax implications for that what if y’all get into a fight you know what if one of you dies

John Harcar (15:27.153)
Sure.

John Harcar (15:53.607)
Mm-hmm. Yep, yep.

Nancy Wallace-Laabs (15:55.76)
You know what I mean? I mean there’s so many things. So I said if we’re do it, we’re gonna learn to do it the right way and You have to be able to talk about money so in part of our coaching that we do is talking about that mindset because you know depending on how you grew up like I grew up in a very chaotic household and we didn’t you know sometimes we had a lot of money and sometimes we didn’t we never talked about it so if you don’t if you’re not able to like talk about money, especially with other people And sometimes that’s hard to do right so we talk about

John Harcar (16:14.749)
Sure. Yeah.

John Harcar (16:23.613)
Well, a lot of us grew up taboo to talk about money. Yeah, you don’t ask your father like that. You don’t ask him what he… That’s how a lot of us were brought up and that’s why it’s so difficult for folks to… And I’m glad that you focus on that.

Nancy Wallace-Laabs (16:26.708)
Yes, like it was it was bad manners to talk about money, right?

Nancy Wallace-Laabs (16:37.728)
Yes.

Yeah, because one of the things, know, like I’ve done one deal with $100, but you have to have money. When I hear people say, oh, you can buy houses with no, no, you need some money. You don’t need a ton, but you need some money. You know, maybe you want to do an inspection. I don’t know. Maybe you have to pay a hundred bucks. You have to pay escrow money. You there. have to have money. So when people say I have bad credit, okay, well we can work with that. But I do have to ask them, I said, well, do you have money to invest? And they’ll say, well, I have a little. Well, what’s a little? You know, are we talking about $5,000? We’re talking about 20,000. Are we talking about $300?

John Harcar (16:56.625)
Yeah.

Nancy Wallace-Laabs (17:09.698)
And then if I know that then I can help you grow into investing so maybe you can’t take down a You know a hundred fifty thousand dollar house today because you don’t have a down payment and you have bad credit But that doesn’t mean you can’t start elsewhere. You know like owner financing or Learning how to use an option or you know so there’s so many strategies But you have to have the initial talk so with the women what we want to do in our community is to make it safe Like everybody feels safe, and there’s no stupid

John Harcar (17:26.991)
Yeah.

Nancy Wallace-Laabs (17:39.628)
questions I mean I asked so one of my annoying I annoy people because I asked so many questions because I’m like okay that I don’t take no for an answer it’s like well why not why can’t you do that and when you find a property that you feel might be a good deal I mean the numbers don’t lie right so if you can’t take it down from you know this we’re gonna talk like 70 % of ARV minus repairs well if you took it subject to and you had you know the seller was paying you I mean is there another

John Harcar (17:40.476)
Mm-hmm.

John Harcar (17:48.977)
Good for you, good for you.

John Harcar (17:56.669)
Mm-hmm.

Nancy Wallace-Laabs (18:09.558)
way to get it because you sometimes we’re just doing straight flips I think it’s harder to take down the property and then people ask me all the time about you probably you guys probably get this about wholesaling because they think that’s an easy way to make money but the truth of the matter is is you have to be a dynamic dynamic and dynamite negotiator to get that house so low to be able to make money to wholesale it

John Harcar (18:10.951)
brand.

John Harcar (18:15.09)
Mm-hmm.

John Harcar (18:20.764)
Mm-hmm.

John Harcar (18:31.837)
You do. And that is a lot of things some of the people struggle with. And that’s where a lot of these new strategies came about. As far as your knowledge or your introduction into this whole creative type of world, was this from that mentor or is this something that you picked up?

Nancy Wallace-Laabs (18:35.726)
Mm-hmm.

Nancy Wallace-Laabs (18:49.422)
So she only knew because she had a big bankroll. So she only knew 20 % down by the house, 20 % down. So not all of us can do that, right? And as an investor, I don’t really want to tie up all my, even if I had, now knowing what I know, I wouldn’t want to tie up my cash like that. So I would go to Lunch and Learns. I got another mentor. I read books. I got on podcasts. I listened to Investor Fuel, networking with other investors.

You know, there’s a lot of stuff out on Facebook, but the thing is you have to be careful. You don’t want to like, you know, don’t give people money over Facebook. But you know, I just started, it was really self education about this. And I made plenty of mistakes along the way. Fortunately though, because I’m conservative, I didn’t make huge financial mistakes, but I have gone to the closing table with a cashier’s check in hand and it was not to, you know, it was just to pay it off because I didn’t partner correctly. Right. So that’s, I think that’s

John Harcar (19:23.932)
That fool you.

Right.

John Harcar (19:34.852)
Sure.

John Harcar (19:48.154)
huh. huh.

Nancy Wallace-Laabs (19:49.296)
something that I do try to focus with people because I can’t think of one person that really teaches you how to correctly partner. You know what I mean? I can have a friend and say this, but if they have no business sense, they’re not going to make a good partner. think people, just because I like you, doesn’t make you good business partner.

John Harcar (19:59.611)
Yeah. What?

John Harcar (20:11.117)
Yeah, I mean, think it really, you know, obviously each partnership or each specific situation would have a depth of how, you know, where, you know, I do believe getting to know somebody first before you do something like that. Because like you said, I mean, what if we have an argument? Like, what if those little things that you don’t think about happen? You know what I mean?

Nancy Wallace-Laabs (20:17.53)
huh.

Nancy Wallace-Laabs (20:25.889)
Yes.

Nancy Wallace-Laabs (20:29.324)
Yes, well and just for me being a broker, so real estate broker and if I partner with non-broker people, so when you’re doing a flip, so this actually happened to me, we were doing a flip and my partner kind of wanted to take, I’m not saying shortcuts, but maybe not get everything permitted the way it should be. as a realtor, you you can be sued, like you sell the house and then you need permits, I mean you can be sued for that. So as I think realtors, you when people say, well, should I get my real estate license? I want to be an investor. Well, it doesn’t really go hand

John Harcar (20:37.725)
huh.

John Harcar (20:45.871)
Right?

John Harcar (20:49.617)
The year of… Yeah.

Nancy Wallace-Laabs (20:59.258)
in hand, right? So I’m not saying when you’re an investor, but sometimes investors, you know, they’re trying to do the quickest turn on a flip or something. So I think you just have to be careful that you’re providing a safe product for the end buyer.

John Harcar (21:14.781)
Do you have a lot of realtors or have you reached out to your realtor network to help teach these ladies this or?

Nancy Wallace-Laabs (21:21.59)
So yes, it’s so funny because a couple, guess it was like during COVID, I had a lot of my realtor friends call me because they’re, everybody was getting into the short-term rental business. They want to get an Airbnb and the realtors, there’s no, there was no training for them about how to help their clients identify a property. So I was contacted by a title company to do a zoom training and they had over a hundred and it’s a big title company. had over 150 people on the zoom call. They asked me to come back another 150.

John Harcar (21:48.061)
Wow.

Nancy Wallace-Laabs (21:51.504)
Right there I knew there was a need so I ended up writing a CE course, a continuing education course through Texas Realtors to teach Realtors the basics of identifying properties for short-term rental. I was so excited I got to present that at the statewide conference last August here in Texas.

John Harcar (22:03.738)
Awesome.

John Harcar (22:11.998)
congratulations. Congratulations, that’s so cool.

Nancy Wallace-Laabs (22:15.106)
Yeah, so I teach realtors how to help their clients find investment properties. teach them about exit strategies. And most recently I started teaching realtors about how to find off-market listings through pre-probate training. Because a lot of realtors don’t even know about pre-probate leads, which is different from probate. So pre-probate, and here if you’re listening to this anywhere in Texas, you can actually take a property and you don’t have to, if someone passes away, and you can actually

John Harcar (22:34.352)
Uh-uh.

Nancy Wallace-Laabs (22:45.04)
purchase the property through what’s called an affidavit of airship, work with a title company to do all of that, but the property does not have to go through probate. Now in Florida, I did a webinar there for them and you have to, you have to go through probate, but the thing is the leads, right, the leads are, I want to say fresh. mean, really.

John Harcar (22:51.357)
Yep.

John Harcar (22:57.272)
F2.

John Harcar (23:05.723)
Yeah, well, and that’s huge. That’s a lot of folks don’t get them.

Nancy Wallace-Laabs (23:07.47)
Yeah, the person when I get my leads I get them every Wednesday and literally the person passed away last week Maybe two weeks ago and so these aren’t the kind of leads you can call up and go hey, you know I’m an investor I want to buy your house or or send a text to these people that is not going to work so I have been doing these leads since 2018 and I feel like I kind of perfected how to reach these folks and And I teach that now to real estate agents because of the leads that I get I might only

John Harcar (23:22.749)
No

Nancy Wallace-Laabs (23:37.424)
be marketing to 15-20 % of the leads I get every month. And so there’s all these leads because the property value is included on the leads and it goes anywhere, you know, we’re talking about over a million dollar properties. Now Investor Fuel probably does those big high-end properties, but Nancy does not.

John Harcar (23:53.817)
It doesn’t fit your Bible actually. doesn’t fit what you’re looking to do. No, it will. And that’s awesome. Like, you know, one of the biggest things, you know, I love working with realtors, but sometimes it’s frustrating because they just don’t know our world in a sense. And you’re educating them, you’re teaching them and, and, and not to do anything more than give them more opportunity. And that’s, think, which is an incredible part.

Nancy Wallace-Laabs (24:12.866)
Yeah. Yes, I mean, yeah. And the reason I got down the short-term rental, just really quick story, a realtor contacted me and her client, she already sold him the $750,000 property and it wasn’t making any money as a short-term rental. And there were just so many things that, I mean, it was a nice brand new build in the wrong area.

John Harcar (24:20.413)
Hmm?

Nancy Wallace-Laabs (24:35.138)
They had an unlicensed property manager and she just didn’t know anything about short-term rentals. And I said to her, well, why did you think it would make a good short-term rentals? She goes, well, it’s brand new.

John Harcar (24:35.965)
The num.

Nancy Wallace-Laabs (24:45.398)
And I even talked to the owner and I was like, okay, this is why you’re not making any money. And he’s not ever gonna make the kind of money that he wanted to. It’s an over saturated area. And I always say, if you’re gonna have a short-term rental, like an Airbnb, then make sure that property, there’s another exit strategy. Because right now, the short-term rental market, everybody got into it. Now you can just see all these houses that are for sale because people aren’t making any money on their short-term rentals.

John Harcar (24:48.635)
Ha ha ha.

John Harcar (24:53.085)
Mm-hmm

John Harcar (25:00.114)
Yes.

John Harcar (25:09.571)
I was always told to evaluate it no matter what is a long term, right? If you can fit it’s a long term rental, then you decide you want to do it to a short term. Okay, cool. And worse comes worse and always be able to live and last as a long term rental. if I was a mom of kids.

Nancy Wallace-Laabs (25:12.895)
Yes.

Nancy Wallace-Laabs (25:22.014)
Exactly.

John Harcar (25:26.845)
I’m not a mom kids. But if I were, and I wanted to get into this, what do you think is the biggest thing they need to do? The first thing they need to do, or what would you recommend they do to set them up for success?

Nancy Wallace-Laabs (25:28.085)
Hahaha!

Nancy Wallace-Laabs (25:40.14)
Well, number one, call us. No.

But I think they have to have a plan because it’s one thing, so moms get really busy. mean, I remember, know, especially when you have little kids, just, your time, you don’t have a lot of time. So you have to have a plan. So what we try to do is get with the moms and say, you know, what’s your overall goal? And then let’s break that down into bite-size. Maybe they only have 15, 20 minutes a day. Great. Here’s how you can look for properties in 15 or 20 minutes. That’s what my daughter did. I had her just look, I had her take 20, 30 minutes a day and go.

John Harcar (26:07.453)
Mm-hmm.

Nancy Wallace-Laabs (26:13.584)
Zillow, look at, get familiar with neighborhoods. You know, I was able to kind of set her up on sins because I had my list. And then whenever you’re out and about, take an extra five minutes and do driving for dollars. You know, start making your list. And then the third thing is to tell everyone you know.

John Harcar (26:28.604)
Yeah.

Nancy Wallace-Laabs (26:33.07)
that you are a real estate investor, even if you haven’t bought your first house. Because somebody knows somebody that knows somebody that has a house that, and I always say, I like to work with people who the house cannot be sold on the real estate market. Right? So you’re looking for people that need to sell fast. And then they can also, you know, like the way I do my marketing, it’s all turnkey. I have, it’s a low cost marketing. So I have, I’m just going to tell you how I do it. I have a mom that I hire that’s

John Harcar (26:47.21)
huh.

John Harcar (27:01.51)
huh.

Nancy Wallace-Laabs (27:03.034)
in my neighborhood, she writes my handwritten cards for me that are very simple. The most expensive thing, I get my blank note cards off of Amazon, they’re 18 cents a piece, and the first class postage, right? I pay her like $10 an hour to write these cards for me. She mails them out every two weeks, and I just sit back and I answer the phone. It’s very, very simple. So a mom could do that, and when the mom says, well, I can’t answer the phone, that’s what voicemail’s for. We help you set up a really nice voicemail so that when someone does call, you know, they leave you

John Harcar (27:12.763)
Okay.

Mm-hmm.

John Harcar (27:21.669)
awesome

John Harcar (27:30.257)
Mm-hmm.

Nancy Wallace-Laabs (27:32.974)
message and then when the baby’s taking a nap or you you know maybe get up ten minutes early in the morning and return the phone calls and you know what people who are in a distress situation they respond to moms with little kids they’re like I’m sorry I have you know I’m sorry my baby’s crying in the background you know because they think that you’re just doing this good thing for your family I mean my daughter she gets more okay I’ve been investing for a long time so I’m just like

John Harcar (27:51.119)
It’s life, it’s real, it’s real.

Nancy Wallace-Laabs (28:01.858)
I’m not going say the word old, but I’ve been around, right? I don’t inspire people because they’re like, well, she already has been doing it. But my daughter, she inspires people because she’s living what we’re teaching.

John Harcar (28:14.609)
Well, I would love to have another podcast episode with you and your daughter together on. think that would be killer, but I love everything you share today. Guys, I hope you guys enjoyed everything that was shared today, especially women out there, you know, that are looking to get into this. Nancy, how do they get ahold of you? How do they, what’s your website? How do they, how do they link up with you?

Nancy Wallace-Laabs (28:19.511)
Yes!

Nancy Wallace-Laabs (28:35.19)
So they can find us on social, so it’s moneymakin, M-A-K-I-N, no G, mamas, because if you put the G, then there’s I can’t be responsible for that site that comes up.

John Harcar (28:44.839)
You

Nancy Wallace-Laabs (28:47.018)
And then we’re on our podcast, we’re on Spotify, we’re on Amazon, we’re on Apple, so we’re all on those platforms. We have a YouTube channel, Money Making Mamas, so if you just type in Money Making Mamas, go to our website, and we have resources there. we have, one, we have a quiz, so like are you ready? Just take a quiz, it’ll let you know. Two, we have our Millionaire Mama Masterclass, it’s completely free, you sign up for it, and it tells more about Kelsey and I, that’s my daughter, and how we make money.

secret sauces and three we have like let’s say you found a property and you wanted to analyze it so we have a flip calculator on there we have a bird you know the to see if it’s going to be a long-term rental so we have resources and then we also have a link to our community so you can find out more about our community and if it’s something for you and then you can always reach me at nancy at moneymakinmamas.com it’s a boatload of words there but it’s remember the makin is m-a-k-i-n and then it’s mamas m-a-m-a-s

John Harcar (29:42.141)
Make it it.

Nancy Wallace-Laabs (29:46.83)
I even have a hard time with it.

John Harcar (29:48.893)
So we’ll put all that in the notes, the show notes, everybody will have the links to everything. So Nancy, I appreciate it. It was blast talking to you. Like I said, I really do want to do another one with you and your daughter. think that’d be pretty cool.

Nancy Wallace-Laabs (30:00.206)
Yes, we’ll just have to film it around her, the kids’ nap time, right? I mean, we have to…

John Harcar (30:04.441)
Yep, exactly. Exactly what I almost have to do. So, hey guys, thank you again for joining us today. You know, I hope you got as much out of it as I did and we look forward to seeing you on the next one. Have a good one, guys. You’re welcome. Bye-bye.

Nancy Wallace-Laabs (30:16.535)
Thank you.