BiggerPockets Real Estate Podcast

BiggerPockets Podcast 241: From Local Flips to Raising Funds and Turnkey Investing Around the Country with Jeff Wallenius

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Is it possible to go from firefighter to real estate mogul? Just ask Jeff Wallenius, who started with a single flip, financed entirely with hard money. He was able to parlay that early success into a profitable flipping business and has been flipping 10-12 houses a year in the Portland market for the last five years. Now, he's set his sights even higher, has created a couple of funds, and is buying cash flowing turnkey real estate around the country.

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In This Episode We Cover:

  • Jeff’s transition from firefighting to real estate investing
  • His first flip
  • What exactly a “cash flow negative” spouse is
  • The numbers on that first deal
  • How he sold it
  • How to price your property
  • Why he went back in 2012 after the crash
  • The indicator of a good partner
  • How he scales his flipping business
  • What he thinks buying out-of-state
  • Tips for “riding along” with someone to learn more
  • How to build an investment fund
  • Why he sees safety and performance as his bull’s eye
  • What turnkey is and how someone can vet one
  • His next goal: acquiring 150 houses in his portfolio
  • And SO much more!

Links from the Show

Books Mentioned in this Show

Fire Round Questions

Tweetable Topics:

  • “You don’t want to be the cheapest property in the market.” (Tweet This!)
  • “I’d like to align myself with people that have good morals that are going to do the right thing when it’s hard.” (Tweet This!)
  • “Flipping is great, but when we stop flipping, the money ends.” (Tweet This!)

Connect with Jeff

Real strategies that work for real people seeking to build wealth through real estate investments. Co-hosted by Brandon Turner and David Greene, this podcast provides actionable advice from investo...
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    Jake Sklanka Real Estate Broker from Breckenridge, CO
    Replied about 3 years ago
    What a show! Bullseye! I forget which podcast it was, but they said ‘I saw firefighters buying million dollar houses and knew something was wrong,’ or something to that effect, predicting a downturn. Jeff’s story is the complete opposite. He is building his company and succeeding, knowing that he has to go to work with his fellow firefighters that are trusting him with their money. You feel his strong morals and integrity. Keep it up!
    Don Spafford Investor from Idaho Falls, ID
    Replied about 3 years ago
    Very possibly the FUNNEST podcast yet. Very entertaining full of laughs. I want to hang out with you Jeff.
    Alain Jean-Jacques Real Estate Broker from Miami Beach, FL
    Replied almost 2 years ago
    I just listened to this podcast and enjoyed it so much. It is by far the funniest one I have listened to. Jeff is a very funny guy but besides that, seems to be very knowledgeable in real estate investment.