45 Real Estate Deals at Age 19 by Embracing Failure Fast

TL;DR

Dominique Gunderson shares her journey from starting in real estate at a young age to wholesaling over 40 deals in a year and a half, and successfully managing out-of-state fix and flip properties.

Transcript

this is the bigger pockets podcast show 5.87 when i would meet certain sellers or go on appointments even with the buyers that i was potentially bringing deals to there was always that kind of gut reaction of like oh this is who i'm meeting do i have the right person here so that was definitely a thing i had to overcome especially like you know if ... Read More

Key Insights

• 💪 Building a strong buyers list and cultivating relationships with buyers is crucial in the wholesaling business.
• 🤩 Taking action and learning by doing, rather than just consuming information, is key to success in real estate.
• 🤪 Focusing on providing value and going above and beyond the competition can lead to higher profits and quicker sales.
• ❓ Being adaptable and prepared for unexpected challenges is essential in the real estate industry.
• 😤 Building a reliable team on the ground and leveraging technology can help manage properties remotely.
• 🤝 Estimating rehab costs accurately is vital for successful fix and flip deals.
• 💗 Keeping a pulse on the market and adjusting strategies accordingly is crucial in a rapidly changing real estate market.

Questions & Answers

Q: How did Dominique overcome the challenges of being young and female in the real estate industry?

Dominique faced initial skepticism due to her age and gender, but she overcame it by showcasing her knowledge, professionalism, and ability to deliver results. She focused on building relationships and becoming an expert in her market, gaining the trust and respect of her peers and clients.

Q: How did Dominique find off-market deals for her wholesaling business?

Dominique utilized strategies such as networking with realtors, wholesalers, and other investors, sending email blasts to potential sellers, direct mail marketing, cold calling, and leveraging Facebook groups dedicated to real estate in her target market. She also attended local auctions to find off-market properties.

Q: How did Dominique manage her out-of-state fix and flip properties without being physically present?

Dominique built a strong team on the ground, including a reliable contractor and a dedicated project manager who handled day-to-day operations and provided regular updates through videos and pictures. She utilized technology, such as FaceTime, for virtual walkthroughs and utilized email and phone calls for effective communication.

Q: What were some unexpected obstacles Dominique encountered during her real estate journey?

One major obstacle Dominique faced was dealing with the aftermath of a hurricane that caused significant damage to one of her properties. She had to navigate unexpected repairs and delays caused by the natural disaster, highlighting the importance of being prepared for unexpected events and always having a contingency plan in place.

Key Insights:

• Building a strong buyers list and cultivating relationships with buyers is crucial in the wholesaling business.
• Taking action and learning by doing, rather than just consuming information, is key to success in real estate.
• Focusing on providing value and going above and beyond the competition can lead to higher profits and quicker sales.
• Being adaptable and prepared for unexpected challenges is essential in the real estate industry.
• Building a reliable team on the ground and leveraging technology can help manage properties remotely.
• Estimating rehab costs accurately is vital for successful fix and flip deals.
• Keeping a pulse on the market and adjusting strategies accordingly is crucial in a rapidly changing real estate market.
• Learning from failures and embracing continuous growth and improvement are important for long-term success in real estate.

Summary & Key Takeaways

• Dominique got interested in real estate when her mom purchased a short sale property during a market downturn, sparking her passion for adding value and building wealth through real estate.

• She started wholesaling at 19 and focused on building capital to fund her own fix and flip and rental properties.

• Dominique emphasizes the importance of building a strong buyers list and developing relationships with buyers, as well as finding a reliable team on the ground for successful out-of-state investing.