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

by | BiggerPockets.com

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

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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

About Author

Thanks for checking out the BiggerPockets Real Estate Investing & Wealth Building Podcast. Hosts Joshua Dorkin & Brandon Turner strive to bring top-notch educational content and interviews to our listeners -- without the non-stop pitch prevalent around the industry. With over 1500,000 listeners per show, the BiggerPockets Podcast has become the biggest real estate podcast in the world. But don’t take our word for it. We’re the top-rated and reviewed real estate show on iTunes — check it out, read the reviews on iTunes, and get busy listening and learning!

2 Comments

  1. Jake Sklanka

    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!

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