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
- BiggerPockets Forums
- BiggerPockets Forms
- BiggerPockets Conversations
- Farmers Only
- Lessons Learned from 40+ Years as a Real Estate Investor with Jay Hinrichs
Books Mentioned in this Show
- Rich Dad Poor Dad by Robert Kiyosaki
- Set for Life by Scott Trench
- Talent is Overrated by Geoffrey Colvin
Fire Round Questions
- “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!)