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

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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