Having a full-time job can make investing in real estate tough. However, with the right systems, people, and plan, your business can thrive no matter how few hours you have to dedicate towards it! In this episode of the BiggerPockets Podcast, we sit down with Bill Allen, a navy pilot who’s done just that in a very short time. We talk about hiring your first employee, finding good deals, using low down payment loans to fund your deals, and a lot more. If you are looking to make your real estate business launch into the stratosphere, don’t miss a moment of this show!
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This Show Sponsored By
We just wanted to give a shout out to our podcast sponsor on today’s show: RealtyShares. RealtyShares is a crowdfunding platform that allows you to invest in professionally managed properties without leaving your living room!
Learn more by visiting RealtyShares.com/biggerpockets!
Fire Round Sponsor
A huge thanks as well to our Fire Round sponsor MileIQ.
MileIQ is an automatic mileage tracker that tracks the miles you drive for business. By using smart drive-detection technology, MileIQ automatically logs your drives and calculates their value – automatically creating a mileage log that’s compliant with IRS guidelines.
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In This Episode We Cover:
- What Bill does aside from being active duty in the U.S. Navy
- How he got into the real estate world
- The importance of being able to walk away from a house
- What you should know about the housing assistance program
- His $185k loss in an investment
- The difference between buying rentals and buying primary residences
- His first investment property
- What exactly a VA loan is
- How he uses VA loans creatively to finance his investing
- How to treat real estate as a business
- Mistakes on his first flip and what he could have done better
- How Bill got private money despite not having deals under his belt
- Tips for flipping while having a full time job
- How to structure your business to maximize the potential in your market
- Considerations while hiring your first employee
- The importance of setting task lists
- How to incentivize those you hire
- How many deals has Bill done
- Thoughts on diversifying your business
- Tips for creating a good website
- How to funnel your leads
- And SO much more!
Links from the Show
- The BiggerPockets Team
- House Hacking 101
- BP Podcast 144: Getting Out of Your Comfort Zone and Kicking Butt at Real Estate with Danny Johnson
- BP Podcast 113: Becoming a Millionaire Real Estate Investor Using The One Thing with Jay Papasan
- BP Podcast 077: Negotiating Your Way to 1000 Wholetail Real Estate Deals with Michael Quarles
Books Mentioned in this Show
- The Book on Investing with Low or No Money Down by Brandon Turner
- The Book on Flipping Houses by J. Scott
- The 4-Hour Workweek by Timothy Ferriss
- Flipping Houses Exposed by Danny Johnson
- The Bogleheads’ Guide to Investing by Taylor Larimore
- The Millionaire Next Door by Thomas J. Stanley
- The One Thing by Gary Keller and Jay Papasan
- “It’s not emotional. I buy it as an investment property.” (Tweet This!)
- “If they can do it, I can do it.” (Tweet This!)
- “Know what the value of something is before you pay for it.” (Tweet This!)