587: Full-Time Flipping (Out-of-State!) at 24 by Doing What Most Don’t Know w/Dominique Gunderson
BiggerPockets Real Estate Podcast
BiggerPockets
4.8 • 16.5K Ratings
🗓️ 24 March 2022
⏱️ 70 minutes
🧾️ Download transcript
Summary
Forty real estate deals is a lot, especially for an experienced investor. How many people do you know that have done forty flips, wholesale deals, or own over forty rentals? Odds are, probably not many. So how does a nineteen-year-old do that many deals in only a year? Even better, how do they then take that experience and build a successful flipping business thousands of miles away from where they live? The answer might surprise you.
Dominique Gunderson is an anomaly in the best of ways. At fifteen years old she became privy to short sales, then at age seventeen, she left high school to start wholesaling full-time. Now, at age twenty-four, she runs a full-time flipping business based in New Orleans while she resides in her home state of California. She’s managing this entire out-of-state real estate investing venture strictly through her phone, laptop, and conversations with her contractors. Impressive, right?
But this level of speed and growth didn’t come without its tradeoffs. Dominique failed many, many times in her pursuit of passive income and real estate profits. She’s the first to admit that she wouldn’t trade a single failure for anything she has now, as they’ve been the stepping stones to her success. So if you want to stop sitting on the sidelines and start succeeding at record speed, you better prepare to fail, just like Dominique did.
In This Episode We Cover:
How to quickly screen for potential hidden gems in the multifamily space
The eight steps that lead to perfect multifamily underwriting so you can make the best offer possible
“Loss to lease” and using it as a value-add opportunity that most investors miss
Getting debt quotes, insurance quotes, and accurately calculating future property taxes
Who’s opinion you need to ask for before going through on a multifamily deal
Looking for the opportunities and traps within a seller’s finances
Writing an LOI (letter of intent) and getting bigger deals under contract
And So Much More!
Links from the Show
MLS (Multiple Listing Service)
Connect with Dominique:
Dominique's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/real-estate-587
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Transcript
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| 0:00.0 | This is the bigger pockets podcast show, 587. |
| 0:05.3 | When I would meet certain sellers or go on appointments, |
| 0:07.9 | even with the buyers that I was potentially bringing deals to, |
| 0:11.3 | there was always that kind of gut reaction of like, |
| 0:13.9 | oh, this is who I'm meeting? |
| 0:15.4 | Do I have the right person here? |
| 0:17.2 | So that was definitely a thing I had to overcome, |
| 0:19.9 | especially like if I was going to check a property |
| 0:22.2 | and walking around a job site or construction site, |
| 0:25.0 | like I just don't look like the person |
| 0:26.7 | that would be showing up there. |
| 0:34.7 | Let's go. |
| 0:35.6 | When I'm not everyone is David Green, |
| 0:36.6 | your host of the bigger pockets podcast, |
| 0:38.4 | the best dang real estate podcast on the planet. |
| 0:42.5 | Here today with my co-host Rob Abasolo, |
| 0:44.9 | look, if you're trying to figure out how to build |
| 0:47.5 | well through real estate, |
| 0:48.5 | or maybe you want to find a better life |
| 0:50.3 | and you know that real estate can help you get there, |
| 0:52.2 | you, my friend, are in the right place. |
| 0:54.6 | Bigger pockets is a community of over 2 million members, |
... |
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