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David Ordonez’s Journey from A Setback During the 2008 Recession To Completing Over 100 Real Estate Transactions

David Ordonez’s Journey from A Setback During the 2008 Recession To Completing Over 100 Real Estate Transactions

Please introduce yourself.

My name is David Ordoñez and for the last twelve years since 2010, I have been investing in Real Estate. I started out as a part-time, passive investor by acquiring single-family rental properties. As I scaled the business, I moved into fix and flip opportunities and value-added multifamily investments.

I began investing in Las Vegas, NV, and moved to other markets after I felt more confident, including Memphis, Cincinnati, Dayton, Indianapolis, and Florida. Our office has a team of four people, as well as teams in every market we invest in. Our teams consist of a project manager, contractor, real estate broker/agent, inspector, and insurance broker. To date, we have completed over 100 transactions.

How did you get started in the real estate business?

I have always been fascinated by real estate and how it has the potential to create generational wealth. The famous book “Rich Dad, Poor Dad” sparked my interest in real estate. I think it has touched the lives of many people.

What are some hot markets for real estate that you are excited about?

I am really excited about growing markets such as Jacksonville, Memphis, Orlando. In the midwest, I really like strong rental markets such as Dayton and Cincinnati.

How do you source your real estate deals?

We have developed great relationships with wholesalers and realtors. Recently, we began developing an internal marketing strategy to generate leads and reach motivated sellers.

What are some checks and balances you have put in place to protect your real estate transactions?

A strong team and especially a good partner/lender are crucial to the success of any renovation project. Lenders act as your “third party” eyes on the project since they audit the progress of the project in order to advance funds. This acts as your best check and balance. Regarding rental purchases, the property needs to have positive cash flow and the numbers need to make sense.

What is one piece of advice you would give someone starting their real estate career?

Learn, learn, and keep learning. You can never stop learning about the real estate game. Keep an open mind and build relationships. Real estate is a team sport.

What is one software you use for your business and recommend to others?

There are a few software like the app Dealcheck that we use to analyze deals for fix and flips or rentals. We use Podio as our CRM to manage all our projects and rentals. For accounting purposes, we use QuickBooks.

What is your superpower in life?

This is a great question. If I had to choose one superpower, it would be the ability to see and assess challenges and turn them into opportunities. In other words, having a positive attitude. My second superpower would be networking and building relationships.

What is a failure you have had in life that sets you up for eventual success?

It is inevitable that we will make mistakes throughout our lives, that is part of life and learning. I try to avoid the word “failure” and instead think of them as “setbacks” that are usually “setups” for great “comebacks”.

Back in 2006-2008, we purchased some properties that we ended up losing because of the 2008 great recession and crisis. At the time, I was not sufficiently educated on real estate and I made very costly mistakes. I worked hard to improve my skills. I would never have become a real estate investor if it weren’t for that big setback.

What is one book that has influenced your life the most? Why?

Rich Dad, Poor Dad” has changed my perspective on life as well as helped me gain valuable knowledge about real estate.

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  • April 25, 2022
  • 4 min read
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