Starting out in single-family homes due to his military service, he knew real estate was the way to financial freedom. After reaching 10 investment homes, his strategies changed and jumped into house flipping and more profitable investments.
Key Points on Behind The Scenes Of Launching A New Real Estate Business
- Bill studied engineering in college and got a master’s degree. He got commissioned into the military that paid for his school.
- After graduating he started work as a pilot for the government. He was traveling a lot and moved around 15 times in 15 years.
- When he got married and had his first child, he realized his net worth wasn’t going up as fast as he wanted it to. He wanted to do more for his family.
- Bill bought some rental properties from his savings and he saw how his net worth immediately went up. He made $43k with this flip and got instantly hooked. He thought this could be a good opportunity to build long term wealth.
- In the beginning, he was doing 1 flip a year. Soon he found a mentor and a mastermind group and set a 12 flips/year goal for himself.
- Being around successful people helped Bill to conquer his limiting beliefs around success. In the first year, he was able to flip 67 houses.
- The next year he did 135 deals, and the third year 187. For the last few years, he was able to do about 175 years a deal constantly.
- Bill’s advice for long term success is to invest in a good team and don’t be afraid to delegate tasks.
- Bill never used hard money lenders for his deals. He came up with the funds through his network, social media, and private money lenders.
- His worst experience so far was a deal, when he was supposed to make $150k profit but ended up losing $70k. The property was very high priced in an area that didn’t support that.
- Ever since this experience, Bill is not doing high-end properties anymore.
- Bill has dealt with around 650 houses until now by wholesaling, flips, or combined transactions.
- In the future, he would like to expand his company further. Even though he is not actively working in the company anymore, he loves being a visionary.
- Who is your success role model? His dad.
- What is your biggest success? The impact he makes on peoples lives around him.
- What does a typical day look like for you? He wakes up early in the morning and takes his kids to school. Then he works out for an hour and does podcasts, videos, and team meetings during the day. After 5:00 PM he spends time with his family.
- What’s your favorite quote? “I go about my life setting examples. If it inspires you, great. If it doesn't, maybe I'm not the person you should be following.” – Michael Jordan
- What are your hobbies? He likes going to the gym, playing soccer, and being outdoors. He loves going to Disney World.
- What is the best business book you’ve read? Jocko Willink and Leif Babin – Extreme Ownership
- If there was one key piece of advice you could leave our listeners with about achieving success, what would it be? Take actions and constantly be in learning mode!
About our Guest, Bill Allen
Prior to launching Blackjack Real Estate, LLC in 2015, Bill had bought and rented out a few houses (thanks to frequent moves during his military service) and saw an opportunity to make money in real estate. He was also looking for a way to achieve financial freedom and plan for his early retirement.
At first Bill stayed focused on purchasing rental properties in Pensacola, Florida. But with 20% bank loan interest rates and recurring costs of property management, by the time Bill got to his tenth house, he knew he needed to change his strategy in order to become profitable. In 2014 he sold one of the properties he’d originally bought to rent and made $43,000 on the deal. That’s when Bill decided to add house flipping to his real estate investing portfolio.