From W-2 to Private Lender: Josh Wollaston on Building Wealth Through Real Estate Lending
On a 2025 episode of The Revamp Podcast, host Drew Farnese sat down with Josh Wollaston, co-founder of SPG Capital. They talked about Josh’s move from a corporate career to real estate investing, and how SPG Capital almost stumbled into private lending.
Starting with one rental
Josh and his business partner Alex Martyn met in college, where they were soccer teammates and roommates. Before graduating in 2015, they read Rich Dad Poor Dad and decided real estate would be their path to financial freedom. Josh took a job at a major bank, and it took the pair a full year to buy their first property.
That first deal used the BRRRR method. They borrowed $50K from a family member and put about $25K into the rehab. The property appraised at just over $100K, so a 75% refinance paid everyone back and left them with a rental and none of their own money in it. From there the portfolio doubled year over year and has since grown to about 65 units.
Leaving the W-2
COVID-era remote work showed Josh that his corporate career was bringing progress but not fulfillment. Then he learned he and his wife were expecting twins. His father had been an entrepreneur who made it to every one of Josh’s games, and Josh wanted that same flexibility. He left the bank in early 2023.
How the lending business started
When deal flow slowed, SPG’s private investors kept asking where they could put their money next. At the same time, local fix-and-flip investors were paying hard money lenders much more than SPG was paying its own investors. So SPG began lending to proven operators. The first loan was a fix-and-flip of about $150K, and the business has since grown into a private real estate debt fund.
How the fund works today
- For investors: a 10% annualized return paid monthly with a two-year commitment, or 9% with a one-year commitment. Payments go out on the 15th of each month. The fund is open to accredited investors, including through self-directed IRAs.
- For borrowers: 12% interest, 3 points, and loans up to 70–75% of after-repair value. Experienced borrowers can get up to 100% of project costs. Loans run six months, with extensions available.
- Footprint: Pennsylvania, Delaware, and New Jersey only. The rule is to never lend on a deal SPG wouldn’t take over itself.
- Track record: 60 loans last year with zero defaults, according to Josh.
Advice for new investors
- Get in the room. Go to meetups and masterminds, because face-to-face relationships beat DMs.
- Find a partner. Josh says he’d have about six units today without Alex.
- Show effort. People who take initiative get help.
- Buy more, sooner. His biggest regret is not buying more when rates were low.
Integrity above all
Josh says his top value is integrity: “When I say I’m going to fund a deal, I’m funding that deal.” It sums up how SPG approves loans and how it treats its investors.
Key takeaways
- The BRRRR method can build a portfolio with little of your own capital.
- Private lending can be a hands-off way to earn monthly income backed by real estate.
- Choosing borrowers carefully and keeping a tight geographic footprint help reduce risk.
- Old 401(k)s can be rolled into a self-directed IRA and invested in real estate.
Want to learn more about investing with SPG Capital? Book a call with Josh