Welcome to the Real Estate Investing School podcast. In this episode, host Joe Jensen interviews Wendell Butler, founder of Hammerhead Capital, Inc. At just 30 years old, Wendell has rapidly built a real estate investment business that spans single-family flips, multifamily rentals, and syndications, including being a general partner on a 32-unit multifamily deal.

Despite only going full-time into real estate within the last year, Wendell has accumulated over 40 rental units and is systemizing his fix-and-flip operation to scale up to 50 properties a year. His journey began somewhat unexpectedly, as he originally pursued a path toward becoming a physician assistant but took a one-year break from school that exposed him to entrepreneurship. That pivot led him to real estate, leveraging nine-to-five jobs like sales and lending to build valuable skills and insider knowledge before taking the full leap into investing.

Throughout the conversation, Wendell emphasizes the importance of strategic networking, due diligence, and conservative underwriting—advice he credits to both his lending background and personal experiences. His first "aha moment" came from a simple live-in flip of a condo, which netted him $70,000 tax-free after a year of ownership, proving to him the power of real estate. From there, he moved into house hacking with a duplex, using VA loan benefits and creative financing through family connections.

Wendell shares valuable insights on structuring partnerships, particularly how he and his partners tackled their first larger multifamily deal without the expensive and complex syndication route, instead opting for a joint LLC structure with active investor participation. He underscores the importance of not relying solely on assumptions like rezoning or subdividing when underwriting deals and focuses on building long-term relationships and reputation as the keys to continued success. Wendell's story is an inspiring example of how consistent action, leveraging existing skills, and maintaining a learner's mindset can accelerate growth in real estate investing.

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288. Fix & Flip 101