#65 — Going From 0 to 18 Rental Units At 24 Years Old – Grace Gudenkauf

The Next Generation

Grace Gudenkauf is a 24-year-old who originally worked as a mechanical engineer then switched careers and founded Good Morning Investments, a real estate business in Eastern Iowa. In an amazing feat, Grace was able to acquire 18 rental properties, and she shares how this career change and founding a business happened accidentally, which she explains more about in this episode.

Grace talks about creative financing and what it means, the huge impact getting a mentor had on her business, mistakes she’s committed that you should avoid, and so much more. She also offers great advice for anyone who’s starting out or interested in the real estate industry such as how to find your first house and tips on negotiation and community engagement. You won’t want to miss this episode.

Quotes from this episode:

● “Do you want to do a little bit more work and hopefully get a better deal? Or do you want to take maybe a little bit of an easier way, maybe pay a little bit more, but somebody is doing a lot of that work for you? So, there's no right answer.” 8:37)

● “When I was only three months into real estate, I decided to enroll in a mentorship that was $5,000, which is a lot of money, and that exponentially grew my business.” (12:12)

● “Under promise and over deliver to yourself, to your investors, to your team.” (22:44)

● “If you're a newbie, start with a cosmetic rehab. Look for that orange shag carpet and the pink painted kitchen and the oak cabinets… That can be a great first deal to start out with.” (40:59)

-Grace Gudenkauf

Don’t miss:

● How Grace got into real estate (2:24)

● Lessons learned from her first sale (9:15)

● Creative financing (14:14)

● What you need to know before getting into real estate in Iowa (26:22)

● Streamlining operations through apps and tools (36:46)

Find out more about Good Morning Investments here:

Facebook

Connect with Grace here:

LinkedIn

Want to hear about new episodes? Subscribe via email and check us out on Twitter: @TheNextGenPod