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 investingHis first flipWhat exactly a “cash flow negative” spouse isThe numbers on that first dealHow he sold itHow to price your propertyWhy he went back in 2012 after the crashThe indicator of a good partnerHow he scales his flipping businessWhat he thinks buying out-of-stateTips for “riding along” with someone to learn moreHow to build an investment fundWhy he sees safety and performance as his bull’s eyeWhat turnkey is and how someone can vet oneHis next goal: acquiring 150 houses in his portfolioAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets FormsBiggerPockets ConversationsFarmers OnlyLessons Learned from 40+ Years as a Real Estate Investor with Jay HinrichsBooks Mentioned in this ShowRich Dad Poor Dad by Robert KiyosakiSet for Life by Scott TrenchTalent is Overrated by Geoffrey ColvinFire Round QuestionsLong distance rehab: hire project manager, or pass?Let’s get real about starting outTweetable 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 JeffJeff’s BiggerPockets ProfileJeff’s CompanyJeff’s Facebook ProfileJeff’s Twitter Profile