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

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

2 min read
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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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Fire Round Sponsor

patchoflandWe just wanted to give a shout out to our podcast sponsor on today’s show: Patch of Land. Patch of Land is a Peer-to-Real-Estate (“P2RE”) lending marketplace that matches accredited and institutional investors seeking high-yield, short-term, asset-collateralized investments to borrowers seeking more timely and consistent sources of funding for rehabbing properties across America.

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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