776: $42K/Month in Cash Flow By Buying a…High School? w/Jesse Wig

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 8 June 2023

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

You’ve heard cash flow stories before, but NOTHING like this. We’ve talked to hundreds of investors that have flipped houses, bought apartment complexes, storage facilities, and more. But a high school? A high school rental property? Surely this has to be a first. If you want to know the pioneer behind this absolutely insane passive income project, look no further than Jesse Wig, who turned a dilapidated high school into a thirty-one-unit apartment building. But before Jesse went on a literal wild ride through this high school, he faced defeats that would stop most investors in their tracks. After making just ten dollars per hour working under a flipper, Jesse tried to do his first deal himself, but things didn’t go to plan. He walked away from his first real estate deal in debt with a massive loss but decided to try again. Jesse learned quickly from his mistakes and started buying rentals in an up-and-coming area right outside of Pittsburgh, Pennsylvania. Through a brilliant investing tactic that we’ve never heard of before, Jesse was able to catapult and control his rental properties’ values, skyrocketing his personal wealth while bringing up an entire neighborhood with him. Soon after that, he found his off-market high school and, through some savvy partnerships and serious work, turned it into a cash cow unlike anything we’ve ever seen on the show. Jesse is about to school us on the right way to do real estate! In This Episode We Cover Turning a $100K high school into a $42K/month apartment complex What to do when your first flip or real estate deal becomes a huge flop The smartest way to shoot up your property’s value and boost your neighborhood’s desirability Unbelievable real estate conversion projects and why creative investing often has the most cash flow Raising private capital when doing large deals and why you NEED partners with skills you don’t possess Signs that your real estate agent might be the love of your life And So Much More! Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-776 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the bigger pockets podcast show seven seventy six. I think it's important to say when you buy a high school
0:07.7	The very first thing that you need to do is go buy some go cards in a mini bike and rip around the school
0:13.2	On the go cards and mini bikes with your friends perhaps the best advice ever give it on bigger pockets
0:18.3	Yeah, yeah, yeah, if there's anything you take away from the day, it's that
0:21.9	What's going on everyone? This is David Green your host of the bigger pockets real estate podcast here today
0:27.4	With Rob Bill to rob a solo my co-host and a very cool episode for you today
0:33.4	Rob and I interview Jesse Wigg an investor in the Pittsburgh Pennsylvania area
0:38.3	Who's also a real estate broker and salesperson who does a lot of different things in real estate and has put together one of the most unique
0:45.6	Deals I've ever heard of which I'm sure Rob must have had you pretty gassed up you you like a good unique
0:52.2	Deal tell me what you liked about today's show
0:53.9	Well, first of all I agree that was it wasn't a very cool show and when you said that I thought you were gonna say Rob joining me here in a cool shirt
1:00.5	Because I am rockin rockin
1:02.7	I think a shirt that I could see you wearing yourself. What do you think?
1:06.8	You know, I don't know if my personal
1:11.0	Evolutionary journey I'm at the point where I can wear a John Mayer shirt. Oh, it's this whole body to even worse
1:16.1	I thought I was just his head and a guitar
1:18.5	This is the equivalent of one of like what a 13 year old girl would have put on her bedroom wall of Leonardo DiCaprio
1:24.7	Or Jonathan Taylor Thomas and you're wearing it on your person on purpose. That's right. Well, you know for me
1:31.8	I am I'm a mayor head if you will and speaking of
1:36.2	Being a mayor head. We're talking today. We're talking actually to the unofficial mayor of
1:40.6	Munhole. Yes, we are that is Jesse's nickname and if you have been trying to figure out ways to creatively find deals and
1:48.3	today's market you stumbled across the perfect
	...

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