How Lane Babin Found Success in Real Estate Investing
Lane Babin, a real estate investor from Lake Charles, Louisiana, has had a remarkable journey in the world of real estate. After spending 17 years in corporate America, Lane realized that the traditional path of going to work, getting promotions, and relying on a job for financial security was not fulfilling his goals and dreams. Inspired by the book "Rich Dad, Poor Dad," Lane decided to pursue real estate investing full-time.
In this blog post, we will delve into Lane's story, discussing his motivations, the challenges he has faced, and the strategies he has employed to achieve success in real estate. Whether you are a beginner looking for inspiration or an experienced investor seeking valuable insights, Lane's journey is sure to offer valuable lessons and inspiration.
Lane's Shift in Mindset
Lane's fascination with real estate was sparked when he read "Rich Dad, Poor Dad" at the age of 35. The book made him realize that he had been following the wrong path for the past 17 years. He had been working hard to climb the corporate ladder, only to find himself more stressed and less fulfilled.
The book opened Lane's eyes to the potential of using real estate as a means to build wealth and achieve financial independence. Real estate offered a different path—one where he could take control of his destiny and create a better life for himself and his family.
Diving into Real Estate
Driven by his newfound passion, Lane embarked on a journey into real estate investing. Over the past five to seven years, Lane has been fully dedicated to learning and growing in the industry. He has acquired various types of properties, including single-family homes, multifamily properties, and land for development.
Lane's investment strategy is primarily focused on long-term wealth-building through buy and hold properties. He believes in the power of cash flow and the potential for long-term appreciation. By acquiring properties and renting them out, Lane is building a portfolio that will generate consistent income and increase in value over time.
In addition to building his rental portfolio, Lane also dabbles in wholesaling. Wholesaling real estate involves finding distressed properties, negotiating a low purchase price, and then assigning the contract to another investor for a fee. While Lane does not wholesale extensively, he sees it as another avenue to generate income and help sellers in difficult situations.
The Impact of Stress on Family Life
One of the main reasons Lane decided to shift his focus to real estate investing was the negative impact his stressful job was having on his family life. As a career professional working on multimillion-dollar projects, Lane was constantly on call, even after work hours. This constant stress and lack of work-life balance took a toll on his relationship with his wife and children.
Lane's workday often spilled into the evenings and weekends, leaving little time for quality family time. The constant interruptions and need to be available at all times left him feeling stressed and unable to give his full attention to his family. Lane knew he needed to find a better way to provide for his family while also having the time and freedom to enjoy their company.
The Need for Change
Lane's realization that there must be a better way to achieve financial security and a fulfilling life led him to explore real estate investing. He understood that by taking control of his financial future and building a real estate portfolio, he could create a life where work and family could coexist harmoniously.
Lane's decision to pursue real estate was also driven by his desire to have more control over his income and to build wealth for himself, rather than making others wealthy through his hard work. He wanted to leverage his income and acquire assets that would appreciate over time, creating long-term wealth for his family.
The First Steps into Real Estate
When Lane first entered the real estate investing world, he did so with a partner. They pooled their resources and capital to get started. Their initial focus was on finding distressed properties and flipping them for a profit. This first foray into real estate provided valuable learning experiences, but Lane soon realized that flipping houses was not the ideal strategy for him.
Flipping houses involved a lot of time, effort, and risk. The process was often slow, with unexpected expenses and delays. Lane decided to shift his focus to rental properties, which offered more stability and long-term wealth-building potential.
One of the keys to success in real estate investing is finding good deals. Lane employs various strategies to find attractive properties that align with his investment goals. Early in his journey, he joined mastermind groups and invested in education to learn proven systems and processes for finding deals.
Lane's primary deal-finding method involves direct mail and online marketing. He sends out targeted mailers to potential sellers, uses pay-per-click advertising, and utilizes Google Ads and social media platforms to reach a wider audience. Additionally, Lane started using DealMachine, a tool that allows him to tag properties in specific neighborhoods while driving around, helping him identify potential deals more effectively.
The Power of Rapport
One of Lane's most successful wholesale deals came from building a strong rapport with a seller. The seller had received multiple offers, but she trusted Lane more because of the relationship he had built with her. Lane was able to secure the deal for $52,000, even though the seller had higher offers, including one for $150,000.
This deal showcased the power of connection and trust in real estate investing. By taking the time to build a genuine relationship with sellers, investors can gain a competitive advantage and secure deals that others may overlook. Building rapport is not just about making a sale—it's about genuinely helping people in difficult situations while also creating opportunities for financial success.
Dealing with Stress and Challenges
While real estate investing offers many rewards, it also comes with its fair share of stress and challenges. Lane acknowledges that the stress he faces now is different from the stress he experienced in his previous corporate job. However, he embraces the challenges because they are a result of pursuing his goals and dreams.
One of the biggest challenges Lane has faced is working on a particularly challenging flip project. The project has stretched on for 16 months, and unexpected issues and expenses have arisen along the way. While Lane anticipates losing money on this project, he remains committed to doing the right thing and ensuring that the property is fully repaired and ready to sell. This commitment to integrity and quality is a testament to Lane's values as an investor.
The Long-Term Vision
Despite the challenges, Lane remains motivated and determined to grow his real estate business. He wakes up at 3:30 am each day, driven by a burning desire to create something of value and achieve his goals. For Lane, real estate investing is not just work—it is a passion and a calling.
Lane's long-term vision includes expanding his rental portfolio and increasing his wealth and financial independence. He sees real estate as a means to create lasting generational wealth and provide a secure future for his family. Lane's dedication and focus on the long game set him apart and position him for continued success in the industry.
Lane Babin's journey in real estate investing is an inspiring example of how pursuing a passion can lead to remarkable success. From his initial discovery of "Rich Dad, Poor Dad" to building a thriving real estate business, Lane has demonstrated the power of mindset, determination, and willingness to take action.
While the road to success in real estate may be challenging, Lane's story serves as a reminder that with the right mindset and strategies, anyone can achieve their goals. Whether you are just starting out or looking to take your investing to the next level, Lane's story offers valuable lessons and insights into building a successful real estate business.
If you are interested in connecting with Lane and learning more about his journey, you can find him on Instagram (@lane.babin) and Facebook. Lane is always willing to share his knowledge and help others on their real estate journey.
So, take Lane's advice—don't just sit on the sidelines. Jump in, take action, and start your own journey to real estate success. The possibilities are endless, and with the right mindset and determination, you can achieve your financial and lifestyle goals through real estate investing.
About Samantha Ankney
Samantha has been a media specialist for DealMachine for 1.5 years. She produces, edits, writes, and publishes all media that is distributed to the DealMachine and Real Estate Investing community.