Are you looking for ways to build wealth and create a lasting legacy?
Look no further! In this video, Bill Allen is going to reveal the top secrets to building wealth and creating a legacy that real estate investors have been using for years.
Discover how you can get started in real estate investing and create generational wealth for yourself and your family.
Don’t miss out on this opportunity to make your dreams come true!
Transcript:
Bill Allen 00:00
I just want to take as much money off the table, go out and invest it and let it work for me while I’m doing something, I’m using my skill set to go actively do what I’m really good at and figure out how I can go from making $100,000 a year to a million or 2 million or 5 million a year. And then I can just go invest more, and it starts stacking and compounding. And that’s what’s really about
Ben Deal 00:18
build as a real estate investor based out of Nashville, Tennessee, he and his team currently flip and wholesale over 100 deals a year, that was the CEO and owner of seven figure flipping, where he leads a top house flipping and wholesale mentoring groups in the country. Bill, welcome to Real Estate hacking live.
00:38
Thanks, Ben. Thanks for having me.
Chris Bounds 00:40
Scott, on bill.
00:41
So Chris, how are you?
Chris Bounds 00:43
Good, good. Um, I mean, this is your whole, you know, this question is really everything you do every day, building wealth, creating a legacy, but you’re not doing it just for yourself, you know, owning an education company, you’re, you’re teaching other investors, top tier investors, which is, you know, that’s how we met, through your through your company on, you’re teaching them how to do that. So how, you know, for the folks watching, how are you building wealth and creating legacy?
01:13
Well, so one thing, I think there’s a piece that a lot of people miss, like, everybody wants the passive income, but so I look at things a little bit differently, maybe, but there’s like an active income side for me, and then a passive, like wealth building principles. So what I do and what I’ve done for years, actually, let me back up. When I started this, I just, I thought I was gonna save my way to be well, like, I was just gonna save money, I lived on 55% of what I made, and I saved the rest,
Chris Bounds 01:38
and I just invested it. That’s pretty impressive right there anyway. Oh, yeah.
01:42
I mean, I was single I was, but I didn’t make that much money. Maybe to some, it’s a lot. But it’s like 90,000 100,000, I was flying for the military. And I just, I would park like, anywhere between 45 and 55% of my salary, put it in IRAs, or 401 K savings accounts, put it in index funds, and just watch it grow. And one day I was gonna be a millionaire. That changed when I met people that were making a million dollars a year, I got into a room where people were making a million dollars a year and that shifted things for me. I said, Well, if they can do it, I can do it.
And so then I started looking at things like I have active income, like I have work that I do, and I love to work it’s it’s really enjoyable to me. I like to make money. I like to go out and, and change, change people’s lives. I like to impact the world. I’d like to do things like that. And so that’s not going to stop. So what I figured is how can I make as much active income and then go park it I call it burying in the backyard. So I just take my money and I buried in the backyard.
So if I make $100,000 in a month, I’ll go bury it in the backyard. And what I do is I just put it in multifamily syndications, typically, or, or I reinvested back in the business. And usually it’s a percentage of both. I don’t like having cash in my account. I like having my soldiers out working all the time. So multifamily real estate is the number one area that I’m investing right now and back into my business and into my knowledge and skill set. Like I want to build my skills, and I’ll pay money to build my skills really fast.
Chris Bounds 02:58
So it’s really the rich dad formula. I mean, you’re doing it through business, which you can do as a job because that basically is your business. You just have more leverage, since you have a business and you’re following your your business, your income, pay for your necessities, put everything else into assets, specifically, in this case, assets that are paying you money and building wealth at the same time.
03:21
Yeah, I love the fact that they cashflow, I get a tax depreciation, which I need. And I get net worth growth. Like it’s really great options there. So I just I just want to take as much money off the table, go out and invest it and let it work for me while I’m doing something else. Like let me use my skill set to go actively do what I’m really good at and figure out how I can go from making $100,000 a year to a million or 2 million or 5 million a year. And then I can just go invest more and it starts stacking and compounding and that’s what’s really powerful. Yeah, I
Chris Bounds 03:50
didn’t like what Grant Cardone says, which I think you may have a conversation with him some time soon. But it’s, he always says like, I’m always broke, I’m always broke because he doesn’t want anything in his bank account. Because that is just losing money. It’s got to be out there compounding with an asset.
04:05
Yep, absolutely. Yeah. I just had a conversation with him a few minutes late, because he just he kept going. Like he just talks about real estate. He talks about money. And he talks about mindset. He just keeps going. Like we were supposed to be on for 30 minutes or on for an hour and 15 minutes.
Chris Bounds 04:18
Wow, amazing. Legacy then. So how are you using your current vehicle right now and the way you have designed to, to define your legacy?
04:31
Yeah, so legacy is an interesting word. I think most people look at their kids and their family and things like that. But that’s only going to last for so long. Like I think our name is only gonna last for so long. So number one, I think the written word has the opportunity to last a really long time like way beyond us. If we can market it and get in the right hands. We can make it powerful. So writing books is one thing I wrote my first book, I’m writing another book. I think that’s one thing that I want to do, obviously my children like, I want I don’t want to give them things But I want to pass down information, knowledge, leadership, things like that to them, like a mindset where they can grow up, and it’s okay to be wealthy, it’s okay to, to want to do things in their life, it’s okay to want to travel, it’s okay to want to just shift from the norm, like, money is not the root of all evil at all.
And then the real place is making an impact on others. I think like, that’s, that’s where the legacy I think can actually really spread. And so we have a, we have a charity in our company where we’re giving money back, we’re going on mission trips, we’re doing those kinds of things, but making an impact on other people. I recently tried to figure out, like, what my Y was, everybody just shows up and says it’s their family. And I think they’re all kind of like full of it. I think a family is the piece of it. Like if your y is just your family and you have $3 million in the bank, then why are you here at the event? Why don’t you just stay home with your kids. And, and so I think it’s a piece of it, I think we want a better life for our family. But we also want to strive to do more.
And so I really got deep on on that. And I got to a place of like, I really don’t want to die without making a really big impact on a lot of people. And so that’s really, when people asked me why I do what I do. Why do you coach train? Why do you speak at events? Why do you do all this stuff? And why do you keep keep going? That’s it. Like I really feel like, I want to figure out how to leave something way better for other people, like how can I change other people’s lives? Or got my life changed? And I try to keep passing that down? So
Chris Bounds 06:29
love it, love it. When you’re talking about the books and and whatnot, and plus, you do a lot of content? Has it ever occurred to you like, Wouldn’t it be so yummy, I imagine you you would think this would be cool. If you could go back and actually watch a video of your Greg Gregor grandparents, like, have a conversation about something they were passionate in your is it earlier occurred to you like 10 generations from now. Like, they’re gonna be able to go back and actually watch you and see what you were like and things you were passionate about, and really connect with you on a level that it’s never been possible before and in human history.
07:07
Yeah, well, number one, I’ve never actually thought of like people looking back at me, like my, you know, 1010 levels have passed me looking back at me. But I do wonder. And that’s interesting. Like, now I now I now I do want that. But I, I think I wish that I spent more time with my grandpa’s grandfather before he passed away. And, and I know some about him, but like, I never really just, I was a kid. So I never really like curious about his history and what he did. And all those things. I asked my dad and stuff but never had like, deep conversations with my grandparents.
And so it is, it is interesting that this stuff, I don’t even know if this stuff will be be able to find it. I mean, the the rate at which like AI and all this stuff is going to search the internet is probably going to be fine. But like most of our stuff, like you say I put out a lot of content and like I wish that I did. Like I think it’s so insignificant, I shouldn’t be doing way more. And we all should. I think that’s that’s what I hope people get from this is like, there’s a level like way past the level at which you’re at.
And whether you want to get there or not like you got to figure out why you want to go there. I do think it’s interesting, I would, I won’t be around that long. I just hope I make it to like my kids kids, and, and get to spend time with them. And I really like I’m so proud, like my dad is my hero. And I’m so proud of the values that he instilled in me that I just hope that that, you know, my kids, and maybe my kids kids see that and just keeps going back. Like my dad’s values are because of his dad.
And we have a long lineage of like great relationships with fathers, which is really incredible. Um, not everybody has that. And I realized that so I want to do that. I want to be that for my kids. Like I really want to be the inspiration and role model for them just to just to do whatever they want to do not exactly what I’m doing because I’m not doing what my dad did. But yeah.
Chris Bounds 08:53
Love it. Well, thank you so much, Bill. Look forward to hearing more about your conversation with with Grant.
08:58
Oh, yeah, it was a good one. He just he was just talking. We’re gonna put it out in the podcast and stuff like that eventually. So thanks for having me, Chris.
Chris Bounds 09:05
Absolutely. Take care. See you soon.