Bill Allen has turned house flipping into a 7 figure business with his companies 7 Figure Flip, Flip Hacking Live, and Black Jack Real Estate. He takes pride in the rehab work his company does, so when he was accused of selling a house with rotten siding, he felt like his reputation was at stake.
The Boca Raton house was a difficult flip from the beginning. As a larger, nicer home in a vacation area, buyers could afford to be picky about what they wanted because there were plenty of houses to choose from. During the rehab, Bill came across some wood rot because, like many homes on the ocean, the constant exposure to rain and damp ocean air wreaks havoc on the siding. But after three separate inspections, Bill felt confident that he’d done his due diligence to repair the house.
Maybe it was the fact that he was a “big, bad flipper”, or maybe it was his high-profile in the real estate world, but when a lawsuit tracked him down two years later, Bill knew that the charges were false. He was determined to make the situation right, even if it meant personally purchasing the house back from the buyers.
But wait, there’s more. Because after a while, Bill decided to sell the house again, but two weeks before the property closed, a hurricane hit Florida. Currently locked in a disagreement with the insurance company, Bill has some tips for investors whose markets are vulnerable to natural disasters. And even though nothing has turned out smoothly with this house, Bill feels that he did the right thing in protecting his good name.
Watch and Learn:
Listen and learn:
- Being in a high profile business, having a real estate coach, or being a real estate podcaster are all factors that might come into play when you’re threatened with a lawsuit.
- How buying a high-end house in a low-end area limited Bill’s choices for buyers.
- Does paying more for good coverage really matter with hurricane insurance?
- Rebuilding after a hurricane might take creativity and ingenuity to protect against future hurricane seasons.
Mentioned in this episode:
- Black Jack Real Estate
- 7 Figure Flipping
- 7 Figure Flipping on Youtube
- Flip Hacking Live
- 7 Figure Flipping on Facebook
- Text BAD to 313131 for the mind map
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