Allan’s story is one of hard work, overcoming obstacles (like a heart attack!), and lifting his lid on what he thought was possible for his life. Read the show notes below to learn more about Allan’s real estate investing journey.
Contact Allan
allan@fogliogroup.com
Ep 005: Former tractor owner now owns 80+ rentals | Allan Foglio
1:25 – Fearless Five Questions:
- Allan’s most interesting real estate story was his first rental. It was a disaster, he lost money, but it set him up to start flipping, and he sees it as a great learning experience that eventually led him to success.
- Allan’s favorite thing about real estate investing is the time freedom.
- Allan’s favorite way to market is networking.
- Allan didn’t go to college or high school.
- Allan was making $40K per year as a tractor driver, one day his wife asked him if he was going to be a tractor driver for the rest of his life. He had never thought about that, but decided to try real estate. He became an agent and was successful for a year, and after a year he decided to become a wholesaler, and they used the profits to buy rental properties.
5:25 – Allan’s hard work ethic comes from being a tractor driver.
6:23 – Allan fell in love with the idea of rentals when he and his wife went on a vacation to the Bahama’s. He met an older man on that trip who became his mentor and helped him learn how to build a rental portfolio.
9:10 – Allan decided to wholesale instead of being an agent. Allan decided being a wholesaler was better because there was way less paperwork and he could make more money.
10:20 – Allan’s exit strategy is determined by his current life goals and situations. He will flip properties if he is going to make $30-$40K.
12:02 – Allan talks about his health issues when he had a heart attack. The day he had a heart attack he still went to an appointment and closed a deal. He didn’t know he had a heart attack, but his wife made him go to the hospital to get checked out. Allan’s mom was a drug attic as well.
14:45 – Allan says all you need to do to dominate this business is no some simple math and have a big work ethic.
16:10 – Allan says that if you build good relationships and do what you say you are going to do, you will be successful.
17:18 – Allan uses the BRRRR (Buy, rehab, rent, refinance, repeat) method a ton to acquire rentals. He loves it because he loves adding value to the property in order to increase rents and own properties without having a dollar in the deals.
18:45 – Allan’s new daughter is his biggest driving motivator right now.
19:12 – Allan’s number one piece of advice is to have a lot of activity; even if you don’t know what you are doing.
Ep 006: Buy, Rehab, Rent, Refinance,
Repeat your way to financial freedom | Allan Foglio
1:45 – Allan breaks down the BRRRR method. Allan never buys turnkey properties, he always looks for value add. They fell into the BRRRR method by accident because tenants had destroyed one of their first rental properties.
3:00 – One property Allan bought it for $65K, he put $20K into it and it appraised for $149K. When refinanced, they got $100K back.
4:20 – Another deal: Purchase price was $55K, put $10K into it, and appraised for $169K. Got $100K back and now cash flows $400-$500 per month
5:00 – Allan is also doing this with apartments. He looks for apartments that have low rents, add value to the units, and increase rents (usually turns over the tenants).
5:40 – Raising rents is more of a multifamily strategy
6:25 – Allan used to manage all 80+ units, but now is starting to hand them off to a property manager. He used to get tons of calls from mad tenants. If he turned back the clock, he would still manage the properties because it helped him learn the intricacies of the management.
8:20 – Allan attributes each project’s success to his contractors for helping add value.
9:00 – Allan believes anyone can start with this method. He started this method with no reserves. He focused on the positive only. He hit some hurdles, but he figured out
how to solve the problems.
10:35 – Allan talks about how he has trusted his gut and analyzed deals and didn’t overthink things.
11:20 – Allan says he stopped building a rental property because he didn’t want to deal with tenants anymore.
12:50 – Allan believes a crash is inevitable. But it doesn’t change his approach. He’s always going to buy close to the bottom of the market. He says he focuses on making
his money on the front end, and not on speculating appreciation.
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