Although registered as a painter, he had little success in selling his own canvases and, apparently, supported himself through his activities as an art dealer in addition to sales of his drawings and prints.

Oil paintings by Waterloo are relatively scarce, but his many drawings of forest scenes and other topographical views are found in collections in Berlin, Munich, Hamburg, Vienna, Amsterdam, and London.

While many of Waterloo's larger etchings and drawings (some almost the size of his paintings) are careful in their depiction of the smallest, individual detail, his smaller drawings of mountain valley views often feature an impressionistic group of forms as atmospheric perspective leads the eye into the hilly distance along a characteristically Baroque zig-zag course.

[4] Such drawings may have been known to the English landscape etcher John Robert Cozens and, in turn, may have had a stylistic impact upon the young J. M. W. Turner.

Judging from the locales depicted in his drawings, he traveled widely and his trips to Germany, Switzerland, France, Poland.