How to (really) succeed in real estate
Do you need help investing in real estate? Do you understand how to grow, scale, and profitably build your company into the business that you want it to be? You're in luck! I've been working for the past several years with some of the most successful real estate investors in the industry and from around the country. Names such as Andy McFarland and Bill Allen, along with myself, have built a program called "Seven Figure Flipping." This exclusive mastermind and coaching program is designed to get you and your business to the next level. Interested in finding out more? Email me at [email protected] with the subject line "help," and we'll get on a call together to see if this program is a good fit for you and your business.
In this episode, I chat with and interview a friend of mine, Bill Allen. I've had Bill on my show previously, check out my other interviews with Bill to get even more great information on real estate investing. Bill is a successful real estate investor that managed to build an extremely impressive business while working a full-time job in a very short amount of time. He's one of the smartest investors I've ever met. In addition to chatting with Bill about how he created his real estate portfolio, I'll also show you why the most common objections people use as an excuse for not being able to create a real estate-based business.
Bill looked into flipping real estate for a secondary source of income and completed his first flip while he was stationed in Maryland in the Air Force. He joined the 7 Figure Real Estate group and made more money than he had ever hoped. Bill is looking for a 40% to 50% growth in numbers from last year to this year.
Bill talks about how his future goal to be around for his children and how real estate was going to be a part of his more significant goal. He talks about how you need to be passionate about accomplishing your intention to stay focused on your real estate growth. Concentrate on your why early on to stay on task to complete your goal. In the first year, he flipped over 60 homes.
Objection: I'm not able to create a real estate business if I have a full-time job. Not true! Bill was able to make a seven-figure income while working his full-time military position.
Bill looks at marketing, similar to fishing. He has a net and throws the net over a large area of the lake. To accomplish reaching many people, he spent $3000 a month for six months for a direct mail campaign. To generate the income you want, you need to go all-in, which is what Bill took action on when he started his real estate business. Bill's market is made of 350,000 people with a response rate of 3%, which is good for direct mail. One aspect of Bill's marketing was to delegate by hiring an assistant who would perform tasks needed to run the business, such as lead delegation, answering phones, and various accounting duties.
If you don't have the capital Bill has to put into your marketing, you can still run an effective marketing campaign with these suggestions: network and speak to others, go with wholesalers to deals, learn the trade and make deals, get a list that is pre-foreclosure or tax-delinquent, drive around on trash day (to see who is not putting their trash out) and write down the address of homes without owners and research these homes. You can put more time into your business if you don't have a large budget for marketing.
Listen in to find out and how Bill and I both built our teams, how and what worked for Bill and me when delegating work to other members of his team, Bill's marketing campaign plans, and when to run your company from a higher role. Also, Bill explains how and when he decided to work more at a C-level position and how he started to work smarter instead of harder.
In This Episode:
[04:04] Bill introduces himself, how he started in the business.
[07:22] What are the initial items or actions Bill used to get started in real estate.
[10:59] Bill’s early realizations about flipping real estate transactions.
[14:06] Your job is to figure out what is the best way to monetize or exit your property.
[14:56] What type of marketing did Bill create in the past and what marketing is Bill currently implementing for his real estate business?
[22:32] How Bill delegated his work and time for different tasks to build his real estate business.
[24:21] Exponential marketing growth and how I invested in my marketing.
[25:30] Bill’s suggestion for marketing on a smaller scale budget.
[29:20] Reevaluate how you are spending your time if you don’t have time OR money to invest in your new business.
[30:08] How Bill and I build our teams from the ground up.
[35:58] Who should you hire first and what tasks should you outsource?
[40:36] When working with real estate, create a company, not just a job for yourself.
[43:12] At what point can you afford to work on your company instead of in your company?
[46:10] What Bill’s day currently typically looks like after over three years in his business.
[49:30] Seven Figure Flipping is about giving and sharing your success with others.
[53:07] Come and check out Flip Hacking Live (link in resources below).
Links and Resources
Just Start Real Estate on the Web
Just Start Real Estate Coaching
Get in Touch with Mike at Just Start Real Estate
