125: How to Succeed Flipping Houses Out of State with Dominique Gunderson

Some real estate markets are known for being expensive, so what do you do to become an investor in a state where it can be cost-prohibitive? You look beyond its borders.

On this episode of Zen and the Art of Real Estate Investing, Dominique Gunderson shares how she began flipping homes and creating financial—and time—freedom in her 20s. Dominique is a 26-year-old house flipper based in Colorado Springs who focuses on investing in New Orleans. She is also a rental property owner who scaled her portfolio very quickly.

Jonathan kicks off his conversation with Dominique by exploring how she became interested in real estate at such an early age. Once she knew she was not going to college after high school, Dominique went to work for a real estate agent to learn the ropes. She moved on to wholesaling to build capital before she began flipping homes in New Orleans, where her dad lives. You’ll hear why Dominique chose New Orleans, how insurance rates impact the New Orleans market, and how price changes have affected her flipping business. Dominique outlines how she’s creating rapport and connectivity in New Orleans, how real estate has given her and her husband financial and time freedom, and the credibility she was able to create using social media.

Expensive markets don’t have to deter real estate investors, and Dominique Gunderson’s story is a masterclass in creating success as a home flipper in an out-of-state market.

In this episode, you will hear:

Dominique Gunderson’s introduction to real estate in high school when her mom bought a distressed property, and she participated in rehabbing it
Her unusual interest in real estate investing and researching it before she left high school
The reality of flipping homes versus what HGTV portrays
The personality traits that enabled Dominique to jump into real estate from her first exposure to it
Her experience as a 19-year-old female wholesaler and spending time building relationships
Dominique’s dislike of wholesaling in general and the aspects of it she found appealing
Ensuring safety during showings
Transitioning at 21 years old to purchasing out-of-state properties without assistance
Why she chose New Orleans as her target market and the advantages of having a trusted contact in that market
Deciding to start holding on to some of her flips and create income properties
The challenges of construction in New Orleans post-Katrina and other weather events
Insurance rates and how they’re impacting Dominique’s property decisions
Changes in price points over the past year for flips and why she now needs to have a resale value of at least $250,000 before buying it
Reselling her properties, which raises the comps in the area for her other properties
Dominique’s rapport and connectivity in New Orleans, which means deals come to her now and create a competitive advantage
Why real estate success gave Dominique and her husband the ability to go on the road full-time for the next year or longer
Finding financing and raising capital from private investors
Social media’s role in raising Dominique’s credibility as an investor and the books that made a difference in raising private capital
Dominique Gunderson’s advice for investors who want to scale or get into the business

Follow and Review:

We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.