All Forum Posts by: William Allen

We are building out our one year plan on Jan 25th but here is what I have so far. 

1. $4M gross profit in my flipping and wholesale business (I think the team will want to go bigger on the 25th though...) 

2. Renovate and give away 2 fully flipped homes to combat wounded veterans or gold star families. 

3. Donate $250k to Operation Underground Railroad through our events and own company. Goal is $1M per year in 3 years.

4. Directly impact 10 other companies to hit 7 figures in profit per year. 

5. Motivate 1,000 or more REI entrepreneurs at our annual event this year to see their vision, find their why, and go do what they were called to do.

6. Lastly, but most importantly, unplug more, spend time with my family, further the relationship with my wife and God!

Have a great year everyone!  No better time than now to write down your goals and put them out there to the universe!

Looks like a great deal and a good lesson learned with the tenants.  I've had a lot of rentals in Pensacola and almost always had military tenants.  I've been very luck but have seen my fair share of minor issues.  Fortunately all things I could take care of from a distance while I was stationed outside the area or overseas.  What big dreams do you have?  Where are you stationed now?  Good luck, look forward to seeing more of your success here. 

@Joshua Watts, it did seem high to me.  I was just wondering if you needed to go that big to upgrade the property.  However, I don't know your exit strategy or plans for it going forward so it may be a great move to renovate to that level.  I've over renovated a lot in the past for a boost in rent or better tenants and usually been sorry.  But if there is forced equity that comes with that and the rent or tenants jump dramatically I would do it too!  Looks like a fun project!

$250k remodel budget, wow.  How big is each unit? 

I am in this same situation myself.  I run 2 real estate related businesses and my wife wants nothing to do with either of them.  I am a full time investor now, work from home, and can set my own schedule.  She loves that.  I've tried to get her interested and involved but realize that it's just not her thing.  I have to be 100% ok with that, but she is also ok with me following my dreams and passion.  

When I first got started I had a full time job and told her that I would have to make some sacrifices to get things going the way I planned.  I also told her that it would be worth it when I was done because I would potentially be able to leave my job flying planes for the Navy, not deploy again, and be home to help raise our family.  And I did that, but it took a few years.  She was ok with sacrificing me due to the long hours I was putting in but it was worth it all around.  I was able to build a real estate flipping and wholesaling business that runs without me (due to all the incredible people I have working with me) and I can stay home to help raise our 3 young boys.  

About 8 months ago, I came to her and said I wanted to buy another company I had been working in the past few years.  She knew it would be another sacrifice for a bit while I got things the way I wanted them in that company.  And it was, 6 months of hard work and some sacrifice but things have calmed down a lot lately. 

She wasn't directly involved in either of these business ventures or the growth of the companies, but she was.  Her support was needed through it all with the kids, the house, the understanding, etc... I think that's where it needs to be.  She doesn't have to love real estate or be directly involved in the business but she does need to be ok with me following what I want to do.  

I think that is the start.  Just because he doesn't want to be a direct contributor doesn't mean he has to be.  But in order for things to work out and do well, he will need to support you in that quest.  Good luck and I hope this quick story helps!

Great place to invest especially if you are in Murfreesboro, much cheaper and easier to find deals.  We wholesale there and in Nashville but when I moved to Nashville about 4 years ago I went to Chattanooga first.  Great cash flow but it's an interesting market so get to know it a bit before diving in. 

@Liz Fisher, biggest thing to watch out for is the rules and regulations for STR but in a vacation area like that it shouldn't be an issue. I have a STR in Pensacola and it works out well for me.

The biggest thing with condos is the HOA is so important, they can change the rules on a dime and they can also dictate the length of rentals, number of rented units, etc... I have had a few condo units in the past and I wanted to rent them out short term but the by laws blocked it. So make sure you dig into those before you buy!

$13k house that needed work but owner financed it for $60k, $5k down and $700 a month.  Great deal for sure!

@Don Scott, great post and you nailed it.  Private money lenders are a huge way to ramp up quickly and I attribute them to a lot of my success.  Being able to raise money and close on deals as a wholesaler or flipper is the name of the game.  Well done and congratulations on doing 50 deals a year, especially if you are doing so in Houston.  That's a competitive market!  Great job. 

Great job!