Managing Cashflow and Wellness in Today’s Tough Market w/Dusten Hendrickson
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Episode Description
Welcome to the Freedom Point Real Estate podcast! In today's episode, Dusten Hendrickson joins Jeremy Dyer to cover choosing the right syndicator and sponsors, the difficulty of acquiring assets, and parts of Desten's own personal and professional journey.
Dusten develops and invests in wellness-designed multifamily real estate, existing value-add real estate, and Dusten passively invests in other projects as an LP investor. Dusten enjoys giving others the help and encouragement that they may need in order to begin their own multifamily investment journey.
CONNECT WITH DUSTEN HENDRICKSON!
Website: https://mailboxmoneyre.com/
CONNECT WITH JEREMY DYER!
Website: https://startingpointcapital.com/
Instagram: https://www.instagram.com/startingpointcapital/
LinkedIn: https://www.linkedin.com/in/jeremydyer
Facebook: https://www.facebook.com/startingpointcapital
Book a Call! https://calendly.com/startingpointcapital/discuss-investing-with-jeremy-dyer?month=2023-12
Summary
Tip #1: The Power of Passive Investing
"I structure my job so that I'm not a day-to-day emergency guy. I'm just a monthly emergency guy, giving me the time to work through problems at my own pace."
Dustin highlights the importance of passive investing, allowing for a balanced approach to real estate that provides time freedom. The episode delves into strategies to structure investments for minimal day-to-day emergencies.
Tip #2: Navigating Market Challenges
"It's way harder to buy a deal now than it was five years ago, and even harder than ten years ago."
Addressing current market challenges, Dustin shares insights into the difficulties of acquiring deals in the present real estate landscape. The discussion emphasizes the need for patience and education, especially for those entering the market in 2024.
Tip #3: Wellness Design in Real Estate
"Wellness design makes you feel good, so we put in things that make tenants feel good, leading to higher retention and premium rents."
Dustin explains the concept of wellness design in real estate, emphasizing the importance of creating spaces that enhance tenants' well-being. Learn how incorporating thoughtful design elements can set your property apart and increase its value.
Tip #4: Evaluating Sponsors as a Limited Partner
"You have to do a deal with them to really know how they are. It's more relationship-based – is this a good guy who cares about protecting his investors?"
Delving into the world of limited partnerships, Dustin provides guidance on evaluating sponsors. Discover the importance of building relationships and understanding a sponsor's commitment to protecting investors' interests before making investment decisions.
Tip #5: Overcoming Cash Flow Challenges
"Cut your expenses first. I always go to expenses first – immediately, those chop off the block, and everything goes to the bottom line."
Addressing cash flow challenges, Dustin shares practical tips on managing DSCR (Debt Service Coverage Ratio). From cutting costs to exploring transparent communication with investors, learn strategies to navigate financial difficulties in real estate deals.
Tip #6: The Role of Faith in Real Estate
"Most of my job is just praying and manifesting things. I leave it more up to God than what I can do, and lots of my problems just solve themselves."
Dustin opens up about the role of faith in his real estate journey. Discover how faith and prayer can alleviate stress and provide clarity in navigating the challenges of the real estate industry.
Tip #7: Giving Back and Impactful Philanthropy
"I just probably want to give more money to different various things, although that's hard too because then everybody's asking you for money."
Reflecting on the shift from materialistic goals, Dustin shares his desire to give back. Gain insights into impactful philanthropy and the challenges of deciding where to make a meaningful impact with financial contributions.
Tip #8: Continuous Learning and Book Recommendations
"The main book that guided me to true Christianity was 'Meditations' by Marcus Aurelius. It has every philosophy on life you can possibly have."
Dustin emphasizes the importance of continuous learning and recommends insightful books like "Meditations" by Marcus Aurelius. Explore the role of philosophical wisdom in shaping one's mindset for success in real estate.
Tip #9: Impactful Podcasts for Wellness and Education
"I'm always thinking about work and brainstorming, but I'm not always distracted by work. I can be available at any time, so basically, I can be available for my job when needed."
Learn how Dustin balances his personal and professional life, creating a structure that allows him to be available when needed while maintaining flexibility. Discover the importance of finding a balance that aligns with personal values and professional responsibilities.
Tip #10: Personal and Professional Journey
"Andrew Huberman is amazing, and then there's this guy named Dr. Berg with the most awesome natural methods for losing weight and getting healthy."
Explore impactful podcasts for wellness and education recommended by Dustin. From enhancing your knowledge about real estate to prioritizing health, discover podcasts that can contribute to your overall well-being.
