Are you ready to gain more skills in the development side of real estate? Then, be all ears to this episode with Dusten Hendrickson, presenting us with his incredible success in remodeling and developing single-family and multifamily properties.

Dusten highlights how he’d begun by building duplex and residential units to scaling bigger into multifamily syndications, financing strategies for ground-up projects, and the difficulties in the market that new developers need to know. 

Key Points & Relevant Topics

• Dusten’s journey from buying an empty land to building and building his first duplex 
• What Dusten considers when purchasing vacant land or lots for development projects
• Is it challenging to acquire vacant land?
• What are the R1 and R2 zones and their differences?
• The involvement of banks in acquiring vacant land
• Ways Dusten funds his development projects
• The positive impact of going to real estate investing conferences and meetups
• Developing duplexes and single-family homes vs. larger multifamily
• Overcoming roadblocks and challenges in ground-up development 
• Why long-term hold is a good idea for ground-up development projects
• Obstacles the real estate development industry is facing in today’s market

Resources & Links
Apartment Syndication Due Diligence Checklist for Passive Investor

About Dusten Hendrickson

Dusten is a syndicator and the founder of Mailbox Money. Professionally, he develops and invests in wellness-designed multifamily real estate, existing value-add real estate, and he passively invests in other projects as an LP investor. He enjoys giving others the help and encouragement that they may need in order to begin their own multifamily investment journey.  

Collectively, he owns and asset-manages 869 multifamily units, approximately 25,000 sq ft of commercial space and he passively invests in 2,034 units as an LP. He has been involved in real estate since 2002 (basically his entire career) and has practiced anything from owning a roofing company to building and acquiring single-family homes, multifamily apartment communities, mixed-use buildings, and commercial property. 

He has a passion for efficient buildings, great architecture, and wellness design. He collaborated with the South Dakota State University Department of Architecture to build the first Certified Passive House in South Dakota. He developed a skill set specific to value-add multifamily because of all the affordable design builds he has participated in – simply by living in a very frugal community. 

Personally, he loves to have fun in everything he does by being a positive influence through Christ. He also enjoys reading, playing basketball, cycling, cooking, and being involved with his wife, three children, family, and friends. Another passion of his is mentoring and assisting anyone who is seeking advice on real estate or, on a more personal level, the challenges of autistic children. 

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