Bill Allen has been flipping for over 3 years now and has done an incredible amount of growing in that short amount of time. He’s a full-time flight instructor for the Navy and has managed to grow a house flipping business from himself to a team running like a well-oiled machine.
I highly respect Bill and how he thinks. He’s the type of guy that loves to think through all types of situations and coming up with solutions. I think we’re wired the same.
In this episode, Bill shares with us how he got started. We then go into how he analyzes deals. His method of analysis is very similar to mine.
He uses the 70% rule of deal analysis for a quick idea of whether a deal is feasible or not and then goes into more detail.
A very important thing he mentioned was that the 70% rule works well for houses in the over $100k to about $180k range but not so much for anything outside of that. I tend to agree.
His quick method for repair cost estimation is to use $20 per soft of the house and then add costs for major items on top of that. Now, if a house needs major repair, this number will be low. This is more for typical updating, not relocating walls and re-sheetrocking, etc.
Bill became a father again recently. His son, James was born with a heart defect. Though he’s been through a lot, James is doing well.
You can read the story here on Bill’s blog: http://blackjackre.com/james/
Bill is an awesome father and person as he decided to set up donation page for the Children’s Heart Foundation and has pledged to match all donations.
This is incredible and I highly encourage everyone to make a donation. There’s nothing more important than our kids and I can’t think of a better cause.
Please pledge a donation here: Bill’s Children’s Heart Foundation Donation Page: http://www.childrensheartfoundation.org/donate-now
Please be sure to leave a mention of your donation on Bill’s Facebook page so that he can match your donation: http://facebook.com/blackjackestate