587: Full-Time Flipping (Out-of-State!) at 24 by Doing What Most Don’t Know w/Dominique Gunderson

Mar 24, 2022

Dominique Gunderson, a remarkable 24-year-old real estate investor, began her journey by wholesaling at 17. She shares how she completed 40 out-of-state deals within a year, managing everything remotely from California. Dominique emphasizes the significance of building trust with contractors and effective communication. She discusses the challenges she faced as a young woman in a male-dominated industry and highlights her innovative strategies for securing off-market deals. Tune in for actionable investment tips and her inspiring journey toward success!

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ADVICE

Build a Strong Buyer's List

Focus on building a solid buyers list before wholesaling deals.
Meet buyers in person to build strong relationships and understand their needs.

INSIGHT

Buyers List as a Deal Source

Building personal relationships with buyers can lead to unexpected deal opportunities.
Investors who know and trust you may pass on deals, creating a passive deal flow.

ANECDOTE

Overcoming Age and Gender Bias

Dominique's young age and gender presented initial challenges in being taken seriously.
She overcame this by demonstrating extensive knowledge and building relationships.

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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

BiggerPockets Forums

BiggerPockets Bookstore

The Real Estate InvestHER Show Episode 170: How this Full Time Nurse Manages Multifamily Syndications with Savannah Arroyo

Facebook

Airbnb

Lowe's Home Improvement

The Home Depot

MLS (Multiple Listing Service)

Connect with Dominique:

Dominique's BiggerPockets Profile

Dominique's Instagram

Check the full show notes here: https://www.biggerpockets.com/blog/real-estate-587

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