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

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.

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

• Long distance rehab: hire project manager, or pass?
• Let’s get real about starting out

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

• Jeff’s BiggerPockets Profile
• Jeff’s Company
• Jeff’s Facebook Profile
• Jeff’s Twitter Profile

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