On this Episode #24 of Real Estate Talk with Randy Stedwell We are having Bill Allen The CEO of 7 Figure Flipping. Bill has a wealth of knowledge and in this episode we will try to get his journey and how he got there as well as some tips on what we can do to reach his level. This will be great to have him on our podcast, the last time I saw him was at a Meetup that he was here for and I filmed for Everyone here to see. Make sure to go back on our YouTube page to go visit that video.
About Bill Allen
Bill Allen is the CEO and Owner of 7 Figure Flipping a real estate organization based out of Nashville, TN. He and his team currently flip and wholesale 200+ deals per year in Tennessee and northern Florida, while leading the top house flipping and wholesaling mentoring groups in the nation.
Bill began his career as a Naval Officer with 18 years of military experience and discovered through the avenue of real estate, that his calling is leading others by helping them find their own success through networking and accountability. This year, 2021, Bill released the book 7 Figure Flipping Underground.
https://www.7figureflipping.com/
TITLE: Mastering Real Estate: Bill Allen's Journey to 7 Figure Flipping | RET EP#24 | www.RandyStedwell.com
My Take away From Investor Attitude Mastermind With Bill Allen @7FigureFlipping on How to Scale!
• How to Scale your Business With Bill ...
✅ Subscribe to The Channel Randy Stedwell for valuable insights into wholesaling and Real Estate through interviews and my personal journey:
/ @randystedwell
✅ Stay Connected With Us.
👉 Website: https://www.randystedwell.com/
👉 Instagram:
/ randystedwell
👉 Facebook:
/ metrodetroitoffmarketrealestate
👉 Twitter:
/ randystedwell
✅ For Business Inquiries: RandyBuysHousesMi@gmail.com
☎️ Call Us On: (586) 307-4765
hey everyone out there in YouTube land and our uh Facebook group
Metro Detroit off-market Real Estate Group how you guys doing today hope you're all doing well first off if you
have any questions put them in the side chat we'll answer them as we go love to
have you I so but I have this very very special guest Bill Allen CEO of seven
figure flipping and we I know we got a lot a lot of flippers here in the Metro
Detroit area we also got some Buy and Hold people but they also buy they also flip as well so I am very very happy and
humble to have Bill we had him come to Detroit uh you know for a Meetup before
uh through Dean gregowski and if you were at that Meetup by all means I know
you know exactly what kind of value this guy adds if you weren't we did record
some of that and put it on our YouTube channel go ahead and look back I'm I'm gonna actually put the if you're
watching this on the replay we're going to have the the link to that video in the description so go ahead and look
into that but without further Ado welcome Bill Allen Bill how are you
doing today great Randy how are you I'm doing awesome so I'm very happy to hear
hear that you you you came on here and uh first off before we get started
anyway you have a YouTube channel as well so uh what's the what's the U name
on your YouTube channel I do it's it's Bill Allen RI it's right there next to my name we uh it's it's my name Bill
Allen I kind of interview some entrepreneurs in the plane we do we've been doing a ton of like fun shorts
lately and stuff like that so you can check it out yeah and they're they're always entertaining I watch them all the
time so um so with that being said I how how
did you get started in real estate um and give us a little bit of background
of who you are what you've done uh you know things like that sure if you have no no idea who I am I've flipped and
wholesaled over a thousand houses at this point I've been doing real estate for the last 10 years um but I I was an
active duty Navy pilot so I just retired in June after 20 years I did 15 years of active duty and five years uh in the
reserves as a Naval aviator I got to fly for 20 years straight it was really
awesome and um I I the way I got started is I got married and I I was like
dabbling in real estate I had a couple rental houses I had one rental house before I got married I bought another
one while I was engaged with my wife um and and I I never flipped a house or
even thought about flipping a house I thought I was just going to buy 10 rental properties make a hundred grand a year passively on my rentals and then
retire from the Navy and get my pension that was gonna that was like my retirement plan I never met anyone in my
life that made more than $150,000 a year at that point like I just that was the cap I was like if I make a 150 Grand or
200 Grand a year I'll be like the richest person person I know and uh I'll be a millionaire by time 65 that was
like my mentality saved a lot of my money was super cheap um just saved 65%
of my salary well then I got married and then my wife was like not working she was live she's from England I met her in
England she moved back here and so now I got to feed two people and then we got
pregnant pretty soon after we got married and so now I'm like uh oh I have three mous de feed and only one of us
works so my whole savings plan just went in the toilet basically yep and now I
was like okay what am I gonna do here so I was I'm like I gotta accelerate my real estate rental buying I gotta buy
more rentals but I kept running out of money you mentioned Buy and Hold investors which I I'm all for a Buy and
Hold I'm all for creating passive income I love it but I was putting a down payment down and then and I didn't even
know I could raise other people's I could raise money from other people so I save up for a down payment put the down payment down and then get a loan from
the bank and I did that like 10 times in a row and so uh so bought a rental and
my realtor said you know if you sold this you could make a lot of money she wanted a second commission um which I I
get and and I did I fixed it up I sold it I made $43,000 at the time that was half of my
annual income I was like wow this could I do this again and then it took me six months to find the next one but I found
another one I fixed it up sold it made 45,000 so I did one flip every year for
two years and I made my annual income and then I said well what if if I could
do more of these what if I could do 12 of these a year 15 of these a year or something like that and I set a goal to do 12 I had no idea how I was going to
do it but I really ramped up and scaled by joining a mastermind group that's kind of getting around people I got
around my first person I'd ever met who was making a million dollars a year like a million dollars a year I was like I I
said it's not possible there's no way and then I got in the same room as them sat down next to them and realize they're just like me in fact they don't
have all the degrees that I have they don't have all the experience in the military that I had but they didn't have
this like mindset block or this barrier to money so that's like as short as I can make it how I kind of got started in
real estate and then from there I started kind of scaling my business we did 67 houses the first year then we did
135 the next year then 187 the year after that and then we did about 200 a year for the past you know four years or
so wow that is that is awesome so um
with that how did you uh is there like a horror story of a of a property that you
you learn multiple lessons now for me every deal that I've done I've learned something from and I'm sure that that's
same thing with you but is there something where everything went wrong basically yeah I mean I've got a few of
those I would say the the biggest thing that I want to point out is it's it's really easy to jump on this be like oh
like it was so easy for him like happened overnight it's not true I I was
I was like learning in the dark for years reading books like I wouldn't even buy a book I was it going to library
just checking out books free books free podcast free everything and uh so it took years for of me before I even got
out there and did anything so I hope that's not you I hope you aren't like somebody who has to just do all that and
then it took me four and a half months after I joined that Mastermind to get my first deal so I paid $25,000 to join a
program and four and a half months into that program is when I got my first $99,900 check from wholesaling a deal so
four and a half months of me doing the same thing over and over and over good and saying being consistent listening to
my coach and taking the actions that that I was being told to do and maybe small tweaks along the way but be the
belief that I had that I would do it was like I was unshakable belief and I paid
in full I was like I'm paying 25,000 because I'm I'm I'm going all in like
this is this is the right people this where I want to be and it paid off in Spade 67 houses later but that 67 houses
would after four and a half months of doing the work before I got my first check so um and I remember a house
specifically so this house was on HGTV twice so it was on uh beach front
bargain hunters or something and then like some other like luxury Waterfront show um okay I I bought the house off
Market it was um it was somebody who won the lottery okay called me because they
were broke so yeah this is totally common and you know this everybody talks about it but they won the lottery they
won a couple million dollars bought this house boats cars I pulled up there was like a nice boat Corvette all they fixed
it up they put hundreds of thousands of dollars into the house and they couldn't pay their tax bill they got a big tax
bill for like 400k and so um they held they held a first position mortgage I got them to own or Finance it if they
got a certain amount of money back so I had them own or Finance it I brought in a lender to do second to pay for the
rest of it I had no money in the deal I had to do like 30 or $40,000 with the work because the work they did just
wasn't that great it right it it wasn't ideal and then um there was there was
railroad tracks so there was two it was on the bay and there was a big house pool in the front yard on this like Side
Road and then railroad tracks and then there was another parcel that was the Waterfront like dock in area but you
have to walk across the railroad tracks I had a friend who was one of my investors at the time he wouldn't invest
in it because of the railroad tracks he's like I'm not lending you money because of the railroad tracks and I was like okay I put him in another deal
didn't think anything of it I probably should have listened to him and uh we fixed it up it was a high-end
property in a non-h high-end area so Pensacola is not doesn't have a lot of really high-end houses you know 800,000
plus houses so very small Market that I was marketing to the market wasn't really hot this was in like
2017 probably okay right around there so it was a still kind of a buyer Market or
or like you know somewhere in the middle um so people were just people looking at that house we looking at all the other
$800,000 houses um I didn't realize that price drops on an $800,000 house like you can't do what I did in the 250 to
300 where I was living you know that's most of my houses yeah first first time median home price houses there um 150 to
250 it's about what we our arvs were um you can't do a $10,000 price drop nobody
pays attention to that so you got do a $50,000 and uh so it was just the
railroad tracks all the stuff the hold times the the holding costs eating my lunch the contractors I was using my $1
150,000 $200,000 house contractors for an $800,000 house it just all pointed to
disaster I ended up losing 70 grand on the house um and but nobody knew like my
lenders didn't know nobody they got paid in full we were we were doing a business that had about 10 transactions a month
at that time so you know we pretty much broke even that month the $70,000 loss
we kind of we had enough profitability in the company to eat that eat that hit and I learned a lot I pretty much lost
money on all the expensive houses I've ever done I lost 50k on another one lost 30k on another one have a crazy story
about how I bought a house fixed it up sold it and then I got sued two years later and I bought it back turned it
into an Airbnb then a hurricane hit it uh two weeks before closing and then I
sold it for $300,000 less than I was going to sell it for three weeks before that to the same buyer wow so it it's
all kinds of crazy stuff that happens in the real estate business I could literally write a book on how many
people have pulled a gun on me how many how many times I've gotten like fleas going into houses been yelled at
screamed at all kinds of stuff wow so you know going through all of that I
mean yeah it's Battle Scars it's this it's that but I think one thing that
keeps you going you the good thing is that you had other flips going on at the same time to be able to offset a lot of
those losses so you're you're taking calculated risks at this moment is that
right so I would agree with that um but honestly even if I hadn't the sometimes
the lessons that we learn when we lose money or break even are better than the ones that we're doing well what I
learned at that time was I thought everything I did I touch turned to gold at that time like I hadn't lost money
before I hadn't really been burned I pretty much thought I was like The Golden Child I was like very I was I was
very successful in The Mastermind group I became one of the coaches and I was I thought I couldn't fail probably and I I
probably wouldn't have said that out loud or actually believed it then but I had no business buying that house and in
fact it was a competitive offer with another realtor who was going to get it instead of me and I was like I'll pay a
little bit more I'll figure this out like I'm gonna win and so I learned a ton of lessons there but one thing that
I will say so Annie Duke is a poker player uh she is a phenomenal poker player like World winning poker player
she also has a PHD and so she uh she wrote a book called thinking in bets and
another book called How to decide I had the opportunity to interview her Pro on on my podcast probably four years ago
and then she came to our event flip hacking live like that same year it was virtual as in 2020 so it's almost four
years ago now we had like a five hour conversation one day just two and a half hours before the show before we even hit
record most fascinating person I've met probably ever and so she said something
to me that I'll never forget she said what's the what how often do you lose
money on houses and I said well I've done at that point I had done like 600 houses I was like I've done you know
five or 600 houses I've probably lost money on five of them and so she's like okay so like 1%
of the time you've lost money and I was like yeah so she's like so when you buy a house you have a 99% chance of making
money I was like yeah I guess like when you put it that way yeah and she's like so why don't you just buy way
more and I was like you know what you're you're right like and so she said when
she has a 60% chance of winning a hand all she has to do is play more all she
has to do is get involved in that pot so she's like she's like as a poker player this is the most ridiculous like the
fact that people aren't playing more and and doing this more and growing and scaling their business is insane to her
she's like if I had a 99% chance of winning I would be a billionaire right now and so when she said that it was a
huge aha for me to try to figure out like I thought I thought in the
beginning me doing just one house a year was was was less risk right and what she
told me is like that's actually more risk because now if you lose money on that
house you're 100% chance of losing money that year so that's when I started to
say okay you know what I can actually I can actually if I if I know what I'm doing avoid uh you know understand the
business understand the numbers I'm watching it I'm paying attention I can become really really successful in this
business make a whole lot of money help a whole lot of people if I learn how to grow it this thing because and even
let's just say you lost money on 10% of the houses that you did right 90% chance of winning like you just have to play
more you have to get involved more so and and that and what I'm not what I'm not saying for everyone that's watching
this is to go out there and just do risky deals just to do more deals because then your your odds are going to go way down but if you if you develop
your risk platform like your risk tolerance and you go out there and understand your like your your buy range
and honestly if I hadn't done those expensive houses at all I'd probably be close to 100% so most definitely figure out where
you're buying your box looks like what what the purpose of your company is and just go go play
more exactly follow follow the numbers and that's what I tell everybody is is
that no matter what your numbers is one Investor's numbers might be different from another because the risk tolerance
might be a little bit more than than say the others but also areas vary you know so always always follow the numbers and
I I try to tell people as soon as you let emotion get involved that's when you lose yep you know so from what I'm
gathering is it sounds like the more people you get around that are doing
better than you the better you do and it's not just getting around them it's
learning from them having these conversations and now you're thinking outside the box you're thinking oh I
guess I mean something like you just said something just clicked oh I didn't think about it like that it's a
percentage oh yeah I guess I do have a 99 % chance of winning when I buy a
house because we buy a lot you know um you know things like that so getting in
front of people I think that's right for everyone but I think it's the right people so you
need to get around the right people for you and so people ask me all the time hey what Mastermind should I join who
should I hire as my coach like what should I do should I be with you guys or somewhere else I say look find somebody
who has your values find a place that you feel comfortable and at home in
and then go all in there a lot of the problem that's going on right now in in our world like not just real estate like
I'm talking everywhere there's so much information out there and the access to information is immediate yep that we're
following too many people like we're listening to we're listening to five different people that are all saying
five different things and we're trying as a brand new person or very early on in our journey we're trying to
understand what to take from each of them that's not the way works it's not the way it's ever worked like you find
one person and they're your Mentor they guide you you follow their plan and you
go like that's always how in the tribes very like thousands of years ago you
know you're it's like this is the this is the this is the person that I'm that's going to teach me my craft and
I'm gonna go do and so now it's just so easy to be like oh yeah but this person said this and we just get confused we're
like totally drowning in information right now but we're really starving for as wisdom and so what what I tell
everybody is like just find the person to go go all in on and then turn everything else off like turn it off you
don't need to listen to 50 different podcasts you don't listen listen to read read a hundred different books a year
like just just figure out somebody who has the life that you want they they have the values that you want and go all
in on that and and just stick with it at least a year give them a year and then and then study learn like how did they
get there what did they do what because they're going to attract other people that are just like them I tell people in
my community all the time like I'm the head recruiter so I like go out on the shows I go out on the podcast I do my
show I I do my thing and and I'm my goal is to recruit people that have the same values that we all have and bring them
back and then we build like this this community of people that want to lift
each other up and we have similar values you'll see if you come to like everybody pretty much dress is the same like
nobody's wearing a suit wearing like t-shirts and sweatshirts and stuff it's just like everybody is like feel at home
there but the person who wears a suit who wants to drive like whatever or
where like that person is not necessarily going to feel comfortable in our world but there's a world for them
there's like a person for them there's a there's a mentor for them there's a guide for them and so find your place
that's the biggest thing I and then turn the other stuff off like Daniel Luso did not go to like Mr Miagi and then like
also the dude from Cobra Kai and the other two dojos and try to figure out how to fight he just Mr miyagi's like
training him that's it he's like okay like you tell me fine like I'll paint the fence I'll wax the floor whatever
and in the beginning he didn't know what was happening he didn't know what was going on he was just like waxing the like why am I doing this and he's
fighting it and he's bucking this and then sure enough tries to punch him and he blocks it right and so the mentor
knows what you need before you do so I know I went out off a tangent a little bit a lot people say like just get
around the right people it's like okay but who are the right people where are they just find somebody because most
most of the time people are lying about their life like you see the highlight reels and that stuff's not true they're
not willing to share the horrible things that are happening all the bad stuff with the good stuff find somebody who's real find somebody who's authentic cut
through the BS and find somebody who has the same values that you have their life looks like what you want your life to
look like figure out how they did it if they're willing to share most definitely so Miss Tammy B says I agree so and 100%
I I cannot say that enough Tammy is awesome we had her on the last podcast
and I actually had the chance to talk with her the other day and from the last
podcast when we were giving her wholesaling advice on just do things just talk to people now she basically
has a deal locked up almost has a buyer and she's wholesaling it right now so
love it Rand So Randy you do coaching you you help people like grow their business uh so that's what I'm working
on right now that's the whole point of this podcast and the Facebook group so what I'm doing actually I'm working on a
coaching program right now but I'm the type of person that unless it's polish
or you know uh like I don't feel Char like charging somebody unless like I
feel like over under promising and overd delivering that's my motto well the
reason I asked that is because I just to say like if you're watching this and you're like ry's person and he's helping
you and he's like developing you and like like Tammy's on the last show like just turn everything else off and
just listen to Randy like oh yeah this is the thing it's like people are like I'm listening to here here and here it's
like no just like go all in on your guy or your gal and turn off the noise and then when somebody else is like oh I'm
over here just be like oh cool that's fine I'm over here I'm GNA make things happen and go all in and believe me you
will see the fruit from that like you dig those Deep Roots you're gonna see some really incredible fruit so what I
yeah so what I've done is is I'm I'm taking one one student I'm doing it for free for them and we're recording it
throughout the whole process but I'm picking a student that I know will take action because if they don't take action
we can't get to the end yep you know so that's kind of what I'm doing so and the
reason why I I I interviewed Tammy for that position as well but she just said the buyer signed the purchase agreement
and if I had a bell right now I'd be ringing it so and she's super excited so that's awesome so hey before we move on
one thing that I that I want people to hear if if you're if you're like struggling to get in the business and get things going and you like you feel
like you're pushing a boulder up a really Steep Hill um first of all it's totally normal it's you're you're you're
building new habits you're breaking down the old habits you're building new habits you're doing something new
something new is always difficult and challenging that's why most people quit and so the the getting from zero deals
to your first deal is a bigger accomplishment than anything else that you'll ever experience in your real estate career so that first deal is so
important and so powerful it is it that is the game getting from zero to one is
like the only game you need to play once you get from one to get to 10 is easier to get to from 10 to 100 is even easier
to get from 100 to a thousand like because now you've built you've built the muscle around it it's just simp like
your brain is just on autopilot a lot of times comping properties gets easy being able to identify a deal gets easy you've
just done so many reps it becomes easy but that zero to one game is the game of I don't know if can do it and the second
that that contract signed T is so awesome and it's like wholesaling that or flipping it or whatever you're doing on exit strategy like that first deal
will get you the belief shift that you need to say now I I'm a real estate novice interested in real estate to I'm
a real estate investor and that identity shift will change everything for you in
your in your career in your business that's it that's that's what it takes and most people don't stick around long
enough they're like oh yeah I tried that real estate thing it didn't work for me it didn't work for them because they quit probably three days before they
were gonna they were building up the foundation that was about to explode and and get deals and find stuff so that's
that's one piece of advice I can give you if it feels hard it's because it should like you're basically like
tearing like going to the gym and like tearing the muscles to get to get stronger you're doing that same thing
mentally and it's really challenging like that's even harder than going to the gym like the mental gym is the tough
one out there and most definitely that's what I've learned is is that stop listening to people who have not done
things before okay listen to the people who've been there and who's done it because somebody who's just worked a 9et
to-5 their whole entire life saying real estate doesn't work well how do you know you've never done it you know so uh real
quick Dean Dean groski says hi hey guys how's it going what's up Dean good to
see awesome so de by by the way Dean is the reason that I I I've met bill period
that I even know about you in the first place so big sh like a I don't know was
it a cold Facebook message like hey y it was like you know Dean's like
well how how'd you get him like I just asked that's it you know you caught me
in a good season you caught me in a good season I I am I love getting on these and I haven't done a lot of these in a
while Y and so you caught me in a season where I just am I'm saying yes to to this kind of stuff again that's awesome
and I watch every one of your podcasts by the way so oh out sweet so um yeah
that's awesome and so tell me a little bit about how you became the CEO of
seven figure flipping like how did that Inspire that's kind of an interesting
story so the first Mastermind that I joined I I told you I spent $25,000 on it was called seven figure flipping and
so I was a student I became the I became a coach after I I did pretty well over
the first year and a half or so um the owner at that time Justin Williams he asked me to become a coach I did and
then I got to a point where I was either gonna do my own thing or I wanted to do more inside of that community and I
really loved that Community like had built my business up it built me up and I love giving back to things that serve
me and so I asked him if I could come in and do more I like hey I want to do more or I was I was thinking about starting
my own thing I don't think I ever told him that or he knows that he might but I uh I said I want to I want to do more
I want to I want to run the events I want to plan everything that we're doing I really want to to change the the
culture of things make make the events better and those kind of things and he's like all right why don't you come in and just be the COO just help run the whole
company so he did all the marketing and I did like everything uh towards the back end so I did all the I work with
the sales team I I I built a lot of the membership events and things like that I
hired some coaches and we started doing some Co coaching in there and uh I I dealt with the finances I hired the
bookkeeper and dealt with the finances on the back end of the business and then uh about a year later he was interested
in potentially doing something different and so I bought the company from him so I I was with that company 7 figure
flipping for like three years and then I bought it I've owned it for almost five years now it's crazy to think that I've
owned it longer than than it was around before so I I'm the owner the CEO the
but I'm not the founder like I didn't create the thing so I struggle with that sometimes but I did create you know new
branding like all all the logos and and the it's all Aviation related like we have a Runway program we have an
altitude program I built the eight-figure entrepreneur group so all that stuff we kind of like rebranded in
2019 when I bought it and so I've just been you know changing things and making it mine and adjusting you know the plat
like a lot of the different offerings that we have and stuff like that um and and we have some new stuff coming out
that's really I'm really excited about so you know that's that's kind of the story I I use the I don't know if
anybody's like as old as me that watches this uh it's like the there's a Hair Club for Men commercial when I was a kid
and it was like I'm not just the president I'm also a client so it's like the guy who owned it that also like was
bald before so I kind of feel like that you know I was a client in the beginning and now I own it so who better to know
how to run it and and how to talk to the people that are coming in and how to understand what they want and need than
somebody who's been through this exact program from the beginning having doing one house a year to now doing hundreds
of houses like I'm a I think I think I know how people you know how people go
through a program like this what they see it what they see online about how you know coaching programs and masterminds are scams and things like
that and I really do want to put I want to put those kind of people out of business with a really great program I focus a lot on the back end of things so
like the like the Fulfillment of it make sure the program's really good I could be better on the front-end marketing but probably a lot of people watching this
have no idea who I am or who we are and that that's my fault that's a problem that I need to work on is is do better
in the marketing World be louder and uh so but I spend a lot more time like
making sure that our our people are really successful so that's always a good thing you know that's what makes a
good program a good program but yeah you're right you got to get people out there that know you I agree with that
however you know I remember I was watching Undercover billionaire the second one that Grant Cardone was on and he said something that I'll never forget
he said best known beats best and when he said that I went cra you know he's right like there's a lot of people out
there that are that are selling selling people a lot of crap because they're better known than me it's my job to go
out there and be more welln which is why I'm saying yes to a lot of these things now so I it's what we have to do like we
have to get out there and we have to be in front and I'm I'm definitely a better behind the scenes guy than I am front man for for the company but for the last
four years that's all I've worked on is being on stage talking to people going to events like uh how to be a better
extrovert when I'm really a closet introvert so most definitely and Dean
says no doubt best known beats best it's true it's absolutely true it's exactly
right so I need to be I need to work better on being more well known most definitely so what what advice would you
say for like a beginner who's say on a budget at the moment um just starting
out trying to you know trying to get their feet wet with real estate um you
know things like that whether it be a new flipper or a new wholesaler um you know or just a new
investor period yeah so first of all it's time or money you got one or the
other if you have both great but anybody says you don't need any money to do this um you better have some time and so you
said if somebody's on a budget you better have some time or you better be willing to put in some time because if not it's not just gonna fall in your lap
like you're not you might get lucky you might get lucky on the first one right but it's not just going to fall in your lap so uh the other thing that I would
say is pick pick your lane in the beginning it doesn't have to be the right lane just pick a lane so if if
you're going to wholesale then wholesale if you're gonna flip then flip if you're GNA be a Buy and Hold investor be a buy
like Focus there yeah because what that does is it allows you to pick the things that you need to focus on getting better
at or do so if you're a wholesaler you got to be really good at marketing and sales it's that simple you got be good
at marketing and having sales conversations with somebody if you're really great at marketing and sales you have a background in that I would
recommend you start there yeah um flippers you got to be good at project management so raising money and
project management and so they're very different skill sets so I see people all the time they're great wholesalers and
they're like oh I'm gonna add flipping in and their flipping business kind of doesn't do so well and their wholesaling business does well and they just kind of
even out so just just pick a lane like I I started as a flipper then I became a wholesaler primarily after that just I
just liked it more I got tired of the retail stuff I got tired of the inspections I got tired of some of those so just pick one and what do you bet are
you really great project manager are you really great with budgeting are you really great with like creating a scope of work and and managing uh like
contractors and holding them accountable for what they're doing and managing that kind of project if you are flipping
would be great for you and then you can figure out the areas that you need to focus on the third thing that I would say is get really tight on your criteria
and where you want to operate don't take anything in the beginning in the beginning you're on a budget you just need to get one deal so what I would say
is pick a zip code or two zip codes maybe that are transacting the most and own that market so Realtors call it the
farm area we should use the same terminology find your farm area go deep
in there if I don't have any money I'm going to like the pawn shops I'm going to the liquor stores I'm going to the
bail bondsman I'm going to you know I'm gonna look at that area like there's
somebody in that area that knows everything that's going on and somebody is g to be in distress you don't need to
find a distressed house you need to Def a find a distressed person so somebody who's going through distress that's
willing to trade equity for ease and speed of transaction because that's what you provide in in any of these and if
I'm a wh if I'm a flipper I'm probably just working with wholesalers and Realtors I'm not going to do any direct mail marketing I'm not going to do any
direct to seller marketing I'm just GNA go find a deal from Realtors and wholesalers that's it that's awesome
yeah and that's that's what I'm known for I'm a wholesaler I've been a wholesaler for about three years going on four years now so um it's I've had to
learn all the different strategies the Buy and Hold the the creative Finance the flipping and for the areas and I
stay local to my Metro Detroit area everybody like well why don't you do a virtual Market because I don't know that
Mar I know this market like the back of my hand so I stay here at the moment now
I could go to other markets and I can give you advice and somebody else and like do what my normal criteria but keep
in mind I I don't know that area like the back of my hand I know this area you know
so you know the you can um you can do like if you go you can go really deep
you guys can go way deeper than you think that you're going right now um but with somebody doesn't have a lot of
money the problem is they always cast too big of a net so and you know what a lot of times in the beginning you're like you know
what I don't want to go where so many other people are going I'm gonna go over here where nobody is flipping or
wholesaling or any of that stuff and I'm going to go find a deal over here because there's no competition no no no no no they're over there
because there's money over there there's no money over here like don't come over here there's not a lot of money over there so when you're starting if there's
a hundred deals going on a month in one area you just need one yep if you go
over to a place where there's five deals a month going on you still need one but your odds are way worse of you getting
that one so go to an area that's transacting the most what area is transacting the most where the most
flippers working where the most wholesalers making money um a quick story there was an area in Pensacola
where uh it was a zip code that I said I'm never going to do business there it was like the ah maybe you'd see a gun
every now and then in a shooting but it like a pretty bad knife area like kind of dangerous like just not the place
that you would go to at night uh I wasn't wouldn't feel comfortable like going with my family there and I was like I'm never going to that zip code
well if you fast forward two years later we made half of our money half of our income for the whole company we're doing
like two and a half million dollars in that one ZIP code wow because we were wholesaling deals to landlords we were
getting a ton of deals there there's a ton of distress there's a ton of opportunity and it was a zip code I said
I would never go to just because I'm not going to flip there doesn't mean I I I can't wholesale houses in there and so I
had to find the people that were buying in there but it was transacting like crazy like the off the cash transactions that were happening there was there was
a ton of them and I had to get to know that area I had to know what streets to not just say no to or who who would buy
the houses in the most dangerous areas from us and because there's just tons of opportunity there and the white collar
areas the really expensive areas and houses that I wanted to live in with my family they don't most most of them know
Realtors and they're they're selling through a realtor not off Market they not don't have a ton of distress and if
they do they'll find it so those are some things that I would recommend if you're just getting started is like go to the pockets with transacting the most
and start there because you only need one you just need that one deal let that money fund your next one and the next one and the next
one most definitely so Dean actually asked what are Bill's thoughts on Virtual wholesaling specifically locking
up deals on the MLS uh so so virtual wholesaling I think like we did it we we were in Pensacola
we were virtual wholesaling in Chattanooga and and Nashville like we were all virtual frankly okay um the
only the thing that I I would say about virtual I've seen these people go National and just like lock up deals and
sell I I don't like the I don't like the ethics of that specifically of just like
buying high and just let's see what we can do and then canceling the contract um because you don't know the market that well one thing that that I always
recommend if I'm going to go somewhere virtual when I pick what it is I'm either going to pick a lookalike Market to mine so a market that has similar
demographic similar um kind of uh so Chattanooga and Pensacola looked very
similar okay population the job market the different like they have expensive
houses really cheap houses um and so so I was like oh that's interesting and then I had a competitive Advantage
because I was living in Nashville and everybody in Nashville at all the RAS was like it's too expensive I can't find
rental house this year I can't find flip house this year and so I was pushing all those people to Chattanooga so I was
building a business in Chattanooga and pushing them all to buy from me in Chattanooga and so I had this idea that
what if it was only an hour and a half away what if everybody in Nashville could buy from me in Chattanooga and so that worked really well for a couple
years till a lot of people caught on and started going to Chattanooga and so and becoming a little bit more competitive
there but I was cleaning up for like two years and so that and I i' never been a Chattanooga I never went there once I
hired somebody who was there who knew the area I also questioned two people at the Ria who had done a lot of business
there about every zip code like they told me I sat him down I think I bought the guy a cup of coffee I was like saw
him at a ria meeting told him what I was doing for I was I mean I was doing a lot of business in Pensacola so I had a resume to to back up why we should go to
coffee and then I mean a laundry list of everything that was going on in the zip code so what I would recommend is is
there somewhere that you live before is there somewhere that you grew up is there somewhere that you know very well is there somewhere that you have a
competitive advantage of and that would be an area that I would I would look at some of those cities because we were
underwriting like Jacksonville which I had been before um you know Maryland which is another place where I grew up
as a kid um so there's certain areas that I know that I've traveled to I kind of understand them I can learn them and
then take take some time to get to know him before you just jump in so that's my advice I would I would recommend you
what competitive Advantage do you have in the area and not just say oh I heard that was a good good Market I'm just gonna jump in and try to make a couple
bucks because I think you're gonna have a challenge kind of breaking in and and scaling that
up just that's my perspective I know there's a lot of people out there that teach virtual wholesaling they believe
in it they they they say they're doing really well with it um nobody's going to compete with me in pensac right like I
could I know Pensacola I know the zip codes I know I know like the back of my hand I've been almost every street
around that area I just I've lived there four different times I I know that I can I
I've done we we did like 50% of the cash transactions per year there for years
and so yeah I just I don't think that there's a virtual wholesaler that's gonna come in and beat me in my in my
local area they might get one or two deals but they're not building a brand reputation there and things like that so it's just kind of depends on what you're
trying to do yeah we're having this issue right now where there's a lot of either virtual wholesalers or brand new
wholesalers that come into the Detroit market and Detroit comping is very
different in my opinion it's like one of the hardest markets to comp that I know
of anyways because it's literally Street by street block by block so you can you
can go outside if you go one block outside of a neighborhood it will look trash and one block inside that
neighborhood could be a $400,000 house you know yeah I mean use that as your competitive Advantage right so I don't I
don't like you know bash the people that are coming in I really just say hey this is why we stand out this is why this is
why I would recommend you go with us this is what we do um we actually created like a sheet that had all these
like it was it was like it wasn't really US versus them but it was like these are all the things that we provide have you
asked these people that that are going to come in after us was like a leave behind so it's like do they have proof
of funds do they have all this like all the stuff that as a new wholesaler you're like oh I hope they don't ask me that I hope they don't ask me that and
so we're just setting up landmines for for using our competitive advantage to not badmouth anybody or talk about how
we're better than other people just say hey here's all the things that we provide if anybody comes in that gives you a better offer make sure you're
asking them all this stuff like what are their reviews go look at them on Facebook how many deals have they done like all of those things like was the
reputation in the market have you ever heard of them before because we're just basically setting up the fact that we are a professional organization that has
done you know thousands of deals at this point and we we you know we have here's our reviews here's our testimonials
here's all the things that that you know you're going with a reputable company versus you know somebody who comes in
but when I was new I would say you know what that big company can't support you
the way that I can you know I'm the one that you're gonna talk to I own the company I'm the one you're gonna talk to
I'll be the one at the closing table I'll be the one that walks you through this whole transaction and I'm going to be using my money because a lot of
houses I was buying or I would buy so like I tried to figure out what my competitive advantage of when I was
small and when I was big so you should be doing the same thing yeah most definitely and that's actually what I do
a lot of JV deals as well and so there's a lot of that's how I know a lot about this is the either the new wholesalers
or virtual wholesalers and um so I give out a lot of advice I told I tell people
this you can give me any property to look at I'll look at it and I'll give you my 100% honest opinion even whether
we work together or we don't work together you know so that that way people can come to me with a deal even
if they don't have it locked up I'll let them know what I think buyers in this area will pay for it and we can work
backwards we can work together on it um and go from there so and I don't ever go
behind anybody's back to steal a deal or anything like that just ethically that's just who I am so I mean well you could
do that once but then everybody's gonna find out about it and you're you're not going to make it exactly yeah you build a reputation you know and it's just it
happens so I'm here for the long hul no matter what so um so what are you doing
in the future uh that say uh like what are you building for the future you
notice that you said that there are a lot of things coming up with seven figure flipping and things like that that say maybe our audience can help you
out with or um specifically what can you know if he even if it's not something for the future what can my audience help
you out with yeah I'd say the most exciting thing that I'm building right now and I I'm lit up about it because I
interviewed two young people today for my podcast one is a 14-year-old um
young young man young boy U young person 14 years old he's
flipping his third house right now and then I interviewed a 17-year-old girl who is she's done seven deals
and um and so we've had these we've had these young people in our community and I I think everything that we do is for
our our future and so everybody wants Freedom that comes into our community into our masterminds and coaching
programs all that stuff and uh what I we realize is we're we're trying to leave a
legacy but what if we can actually do that like actively what if we can actively leave the Legacy while we're
doing it and so all these young kids started coming to our events um started tagging along with their parents like
coming to our big conference we have like a real estate conference every year called flip packing live they were coming to that and then they started two
years ago we had no three years ago we had one speak on stage and then the next
year we had a 12-year-old and a 16-year-old speak on stage and it was just kind of motivating all these kids
and adults frankly to go do more so last year uh this this past summer in June I
did an event at my office for we had 70 kids come and we taught him about money in real estate and and business
financials and it was It was kind of a test to see you know what it would be like what the kids would get from it and
honestly the parents got just as much as the kids as we were teaching money and and financial literacy and these kind of
things and real estate and so what we decided was decided to launch a mastermind group for kids and so we're
launching it right now like I'm in the middle of my launch right now we haven't even started emailing it to the public but we're we're we're building out the
the the site we're building everything right now um and in the I think Friday we launch it so it's really exciting
it's called te teenage Tycoon and I'm writing the same I'm writing a book right now called teenage Tycoon for for
you know kids about money and Entrepreneurship and a little bit of real estate and so we we launched this recently so that's something I think
that people could talk about is you know we we're building a mastermind for kids so effectively every two weeks they have
somebody that I know that's gonna come on and talk to them about entrepreneurship I got I got an e-commerce coach coming in she's amazing
she's one of the top e-commerce people on the planet Like These Are People Randy that me and you could not get on a
one-hour Zoom call like I can't even get I pay uh Russell Brunson runs a company called clickfunnels he's my marketing
Mentor I can't he's never been on a one- hour Zoom call with me he's gonna come in and talk to the kids they run he runs
a billion dollar company with a be billion dollar company they do over 100 million a year in sales and so like the
parents are going to be looking over the kids' shoulders during these calls so every two weeks I got a New York Times
best-selling author I got motivational speakers coming I'm GNA have huge YouTubers come talk to them and so 25
people throughout the year every two weeks are going to come do a training for them on what they can do at their
age to get started like if they could go back what what do they learn what would they do just to motivate these kids to
want to continue to grow and build a business and things like that we have a a video course about money and
Entrepreneurship and real estate that they're going to have access to two events we'll have an event in the summer an event in the winter um for them we
have 850 person conference in the summer here in Nashville and then in the winter they'll be here at my office and over at
my farm and then um and they're doing a book club we're going to do a book club with the kids where they go through a
book together and they meet every week on an accountability call for the book where that they can kind of learn what
what were your takeaways that's Guided by some of our facilitators so really amazing I'm this is what I'm most
excited about and I think is the future of what I can leave behind is impacting the future generation like the next
generation of of our youth and honestly I think most of the parents are going to pick up this book and look over their
kids shoulder and learn just as much as they will from from the group and uh on top of that I'll kind of leave it at
this but most people that need this group and Mastermind and training for
their for their kids um they can't afford it so what what I'm doing is for everybody that pays in full for them for
the group then we're gonna we're gonna do we're gonna sponsor another family to come in for free and uh we're not giving
it to them but they have to actually they we're going to give it to them but they have to keep it's like when I was
in college if you had to keep a .0 GPA to keep your scholarship if you were from Georgia I went to Georgia Tech
these kids were like failing out like crazy it was it was nuts so they have to keep a participation percentage up or
we're gonna give it to another family and so it's one price per family I'm really excited about it so if you have
five kids or six kids or eight kids they can all come in if you're a grandparent and you want to do you want to buy this
for your grandkids you can uh things like that so I think with Christmas coming up and end of year it's really
exciting we're going to start on Janu first week of January for the program but you know promo starts launching here
and I think I think we launch it Friday so I'm excited oh that that's awesome So for anybody who is watching um you know
I do have his website in the description it's sfigure flipping. comom correct yeah the number seven figure flipp.com
and this I just bought the domain today it was a little bit expensive but it's called teenage tycoon.com teenage Tycoon
ah teenage tycoon.com okay awesome yeah because the thing is is that I had uh
growing up we never had I you know talks about money you know it
was always taboo school never really taught about you know taught us the the
most I got from my parents were okay how to balance a checkbook you know and I'm surprised I got that most people didn't
even get that to be honest and I you know the thing is is that my parents
were never really successful I I hate nothing to bag on my parents I love my
parents they they were very successful and give me all the love and and support possible but financially
they were not successful and so they always saw that
like I was always kind of I don't want to say I was above them but I had an entrepreneur Spirit where I would always
be just out there working trying to develop businesses trying to you know develop money doing whatever I could um
you know so my one of the best things that my dad ever taught me was he said
listen I don't care what anybody else does or what any anybody else parents does we're only required to do three
things put put a roof over your head food in your belly and clothes on your
back and they don't have to be the best roof doesn't have to be the best food and it does not have to be the best clothes so anything else outside of that
there's a there's a rake there's a lawnmower there's a shovel go out there and earn it yourself you know best
advice I ever got from my dad and that's what I did so that's good hey you know I
I wanna I want to just bring something up real quick um I think when we think about
success it's easy for us as entrepreneurs who kind of understand the game the financial game and how to print
money especially as you get more successful as people that are watching this you become more successful opportunities open up you have tons of
opportunity you can just figure out like honestly you take every single dollar I have right now and I'll figure out how to make it back 10 times faster than I
made it the first time and I wouldn't be scared and I wouldn't worry about it um but I think success there's a lot of
people that have Financial achievement and so you you use the word financial
success and I think success Tony Robbins probably talks about the best it's it's the science of achievement and art of
fulfillment the thing is is there's people that have no money that are totally fulfilled with their lives and
that's success to me and so I would say if you're watching this just be careful tying success to financial achievement
because we think that and a lot of us like driven type A personalities that
are like the 1centers out there like and I mean like 1 per crazy people that are like entrepreneurs not one% because if
if you're making over 60k a year in the US you're you're in the top 1% on the planet so what we need to be careful of
is is tying financial gain to success in life and there's a lot lot of people that work at 9 to-5 that are insanely
happy they're living in you know what to us would be like lower end housing not
having that much money driving a crappy car like whatever it is but they're super happy and these other people that
are living in my neighborhood are constantly complaining and worried about their financial life their life all the
stressors they're all over social media getting sucked in the Hales and have knots like all of the stuff that's not
success so um so you're parents like I I I would say like we all Define
fulfillment the art of fulfillment very different every single person has a different version that's why it's an art
it's an art because your art is different than your parents art and my art and everybody else's art so I think for all of us out there
like we need to figure out how we feel successful in our life through that art of fulfillment and for most of us that
are high Achievers like you're like I'm I was above my parents and you're probably like I desire to achieve more
and they're fine achieving what they achieved but what I'm what I don't like
is when people want to achieve more but they don't and so that to me that's like my
mine is like where is my achievement level and what have I achieved like what and so I'm constantly looking to grow
and so if somebody's like I just don't want to sit there at the end of my life and be like I wish I went for it and
those people I feel like that's the that's the challenge when they're constantly making excuses so anyway just
a little bit for for everybody that's watching I hope to to just kind of dial in the fact that just because something
that I have or somebody else has or has that's not your definition of success
successful is not money successful is being fulfilled with your life and if we
can live in that then oh man we can all just live our life by Design and that's
what we're trying to do with these kids and these families is like it's not just to come in and just because it's 14 year-olds flip three houses doesn't mean
you need to flip a house like what are you excited about what do you what do you what fires you up maybe it's tennis
shoes maybe it's baseball cards maybe it's uh I don't know maybe it's sports memorabilia I have no idea but something
you're excited about right now maybe it's just mowing a ton of Lawns and growing a lawn mowing business and I
don't know but there's something that you're excited about maybe it's playing instrument or singing or or writing books or something that's outside of the
the formal education system right now that I agree with you is totally broken but let's find your passion and let's
pour into it because there's something that you're best in the world at that's God Made You God put in you to to expand
in his kingdom and let's figure out how to how to pour into that so that's uh I don't know I kind of like leave it at
that that's what that's what I'm excited about and I just heard some things in there that I mean I'm sure I bet your
parents are like insanely proud of you and I hope they went for it and they're they might be fine just clocking in and
clocking out and living their life you know yeah I was talking to my I was talking to my mom yesterday and I was
just telling her about everything I'm doing and and she goes oh my God Randy like I'm 40 years old now she goes by
time you're 50 You're Gonna Be A Millionaire and I go I hope so Ma I hope
so you know but no matter what I'm still always gonna be there for you so yeah you know be like Mom no next year I am
yeah next not in 10 years next year like yes and and sometimes like most those a
lot lot of people are like I don't I I don't even know how you do it how do you do it like but they're happy they're so happy in their life and and totally
fulfilled and they they say to me all the time like that would give me a headache that would kill me in a year
and like well if I don't do this I feel like I'm gonna die so yeah so that's one thing that I love to do is I actually
love to teach people everything anything that I I have knowledge wise I want to
pour into other people if you want to learn here you go you know um here's my
knowledge here's what I've be based on my experience here you go so um that's
kind of another reason why I've done the podcast I've done the Facebook group and I'm doing the YouTube channel as well so
trying to give back as much as possible nice um I feel the same way most definitely so I want to respect your
time uh you know with that and I really do appreciate you coming on and I I I
really do so anybody who is watching go down hit see sfig flipping. comom and I
you know check check out the you said it was the Teen Tycoon teenage tycoon.com
teenage hey look if you go there right now if you're watching this live you're gonna find like a park domain I literally bought it an hour ago but by
Friday we should have it up and rolling and uh and down the road that's where it'll live so it'll be I'm writing a
book it's man I think it'll be a New York Times bestseller I'm G to go to work on that thing so it it weon be
ready until next year next December most definitely so um and if you have any uh
questions or anything like that ask them in the chat if you're watching the replay if you're not live and I'll be
able to I'll try to answer them as much as I can so um thank you Bill for coming on and thank you for everything that
you've done uh you know for your on your YouTube channel for seven figure
flipping like honestly I've learned a lot just by watching all that so and I'll definitely be at the next
flip hacking live so next year so yes um
so with that I'm gonna bring you down I'm gonna do my exit and then uh we'll talk for a minute all right sounds good
so all right how's it going everybody thank you so much for joining us I
really do appreciate it and uh again check out seven figure flipping in the
description or just the number seven figure flipping and we'll see you on the next podcast
we'll see you with the next guest all right have a good one