The Capital Raiser Show Solving the affordable housing issue - Dusten Hendrickson
Mar 27, 2025
Dusten Hendrickson, CEO of Mailbox Money Real Estate, reveals his journey from roofing to multifamily syndication. He discusses the importance of modern workforce housing and shares insights on his market strategies, focusing on stability over volatility. Dusten emphasizes the need for off-market deals and his method for selecting operating partners. He also dives into raising capital from various sources and the significance of investor education. With a vision for affordable housing, he outlines strategic growth plans across Midwestern cities.
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Humble Hands-On Start
- Dusten started in roofing, built a duplex with his mom, and learned through screwing up and redoing the project.
- That hands-on beginning led him to scale into larger multifamily projects and syndication by 2018.
Renovations Can't Beat New Construction
- Dusten realized renovated older units were often 'lipstick on a pig' and renters prefer new construction.
- He pivoted to developing modern workforce housing with A-class interiors in safe suburban locations.
Choose Stability Over Boom Risks
- He favors stable, steady markets like Sioux Falls over boom-and-bust metros to avoid equity loss.
- He prefers ~5-year loans with low prepayment penalties to maintain flexibility without short-term bridge risk.