Real Estate Rookie – Episode Summary Podcast: Real Estate Rookie
Hosts: Ashley Kehr & Tony J. Robinson (BiggerPockets)
Episode: How to Make Massive Returns from House Flipping in 2025
Date: September 10, 2025
Guests: Henry Washington & Dominique Gunderson

Episode Overview

This episode dives into the rapidly changing landscape of house flipping in 2025, with a focus on practical strategies for profitability amid high interest rates, rising days on market, and increased competition. Experienced investors Henry Washington and Dominique (Dom) Gunderson break down what’s working now—including market adaptation, conservative underwriting, relationship-based deal sourcing, and new listing and rehab strategies—while highlighting pitfalls for rookie flippers to avoid.

Key Discussion Points & Insights

1. Biggest Market Shocks Since 2021

Interest Rates & AI:
“They’re going to lose their crap at interest rates... But I think the thing that would shock them the most from a business perspective is AI and how people are getting leads through different AI systems.”
— Henry [01:01 & 01:19]
Regional Surprises:
Florida’s dramatic market reversal, from booming to declining values and shrinking demand, would surprise investors from just a few years ago.
— Henry [01:46]

2. Flipping in a Tougher Market

High Rates = Conservative Underwriting:
Both guests emphasize recalibrating offer and ARV calculations to factor in higher costs and slower sales.
“Everything comes down to your underwriting...That means I’m going to offer at lower price points and that may mean I get less deals.”
— Henry [02:36]
Buyer Activity Has Plummeted:
“The biggest shift I’ve seen... is actually the effect interest rates had on buyer activity and it’s just significantly dropped the buyer pool...”
— Dom [03:23]

Inventory levels are above pre-pandemic highs, price cuts are common, and days on market are up—drastically slowing profits.
— Dom [03:37]
Variant List to Sale Price Ratios:
These are significant for identifying market shifts:
“We were hovering between like 98 and 110%...and now we’re down somewhere around just under 90, which...is a significant drop.”
— Henry [05:05]

3. Adapting Underwriting to Market Conditions

On-the-Fly Analysis:
- Vital to have up-to-date, local market data via strong realtor relationships.
- Increased days on market:
  “I add two to three months...because of the longer days on market specifically. I assume it’s going to spend 90 days on the market and then another 30 to 45 days to close.”
  — Henry [07:20]
- Inexperience requires extra buffer—add more time and holding costs in your analysis, even if it means missing out on deals.
Key Metrics to Request from Realtors:
- Median and average days on market
- List-to-sale price ratios (month-over-month and year-over-year for trend/seasonality) — Henry [10:26]
Rehab and Resale Underwriting Tweaks:
- Both Dom and Henry now underwrite resale values toward the lower end of the comp range, not hoping for “top comp” pricing.
- Padding holding costs—Dom now buffers 9 months, not 5-6.

4. Deal Sourcing & Relationship Focus

Best Deals Come from Relationships:
“Most of my deals come from relationships...taking [wholesalers/agents] out to lunches and coffee meetings and...having those real relationships.”
— Dom [17:15]
- Even as experienced flippers’ lower offers don’t always win, their reputation for certainty and reliability lands them deals.
- MLS & REOs are Resurging:
  Price slashes on the MLS (including REOs) are generating viable flips again.
  — Dom [17:15]
Creative Offers & Fast Closings:
- Fast and reliable closings can beat higher offers.
- Example: Henry’s Sight-Unseen Deal
  “I offered 165 sight unseen, and we ended up at 171–170...I was okay taking that risk in order to get that deal.”
  — Henry [19:50]
Advice for New Investors:
- Be prepared to offer higher or accept lower margins at first—reputation is built over time.
- Streamline process to help wholesalers (secure assignment-friendly title companies, build relationships with fast lenders, minimize showings).
  — Henry & Dom [23:23-27:11]

5. Rehab & Listing Strategies in a Buyer’s Market

Do NOT Skimp on Rehab Quality:
“Buyers are going to pick it apart and they’re going to be very particular...So I’ve actually taken...the opposite approach...spending the extra money to make the house as good as it can possibly be.”
— Dom [27:53]
Strategic Listing:
- Priced below market comps to drive traffic, receive multiple offers, and close fast—even if it means slightly lower margins.
  “I priced my home lower than all of the homes that were in that competition. Now that cut down some of my profitability...but we got under contract fast and we closed 30 days later.”
  — Henry [29:47–33:17]
Importance of Presentation:
High-quality photos, live or (limited) digital staging, and beating other listings in both finishes and visuals bring more eyeballs.
— Dom & Henry [34:32–36:10]

6. Common Rookie Mistakes to Avoid

Don’t Over-Systematize Design:
“I think people make flipping too impersonal sometimes...We rehab every home for the person that wants to live in that neighborhood.”
— Henry [42:31]
Set Realistic Expectations:
“Expectations...that’s a big mistake that I see a lot of newer investors making...thinking it’s going to work out, thinking your flip is going to sell faster than everyone. You can design it better, you can cut costs, whatever. And it’s just not.”
— Dom [51:38]
Belly-to-Belly Value:
Strong relationships and willingness to help sellers beyond the price (e.g., helping them move, being flexible) can win deals.
— Henry [53:41]

7. If Dropped into a New Market with $50K and 30 Days…

Dom:
Would spend time networking before buying—meet local players, attend meetups, assemble team, learn market at street level.
— Dom [46:36]
Henry:
Would go after “low-hanging fruit” (MLS, wholesalers) with creative repositioning in mind, and if necessary would spend on marketing, targeting older “mom and pop” owners for off-market opportunities with a personalized touch.
— Henry [47:42]

8. Looking Ahead: How to Prepare

Stay Conservative:
Despite some positive activity, neither is expecting a fast bounce-back.
“I’m not changing the underwriting of my deals at all anywhere in the near future, expecting that we’re just going to see this huge jump or...that buyers are going to just flood the market…”
— Dom [51:38]

“When there’s uncertainty, then I get super conservative. And so that is what we’ve been doing is just super conservative underwriting and making offers.”
— Henry [53:41]
- Generate more leads and make more offers to compensate for tighter margins and fewer closes.

Notable Quotes & Memorable Moments

Henry:
“If you don’t have accurate data, you’re going to make inaccurate decisions. And the real estate agents are the gatekeepers to the most accurate data.”
[07:20]
Dom:
“I’ve bought more deals on the MLS in the last two years than the previous three or four, for sure. Just because there are opportunities that are popping up as prices come down.”
[17:15]
Ashley:
“When that offer goes in, that’s really when that property is being valued, not when they actually close on it. So looking at those dates can really help you make that comparison too.”
[05:56]
Henry:
“People are taught to have your spec...same tile and the same paint colors...And I think that’s silly because every neighborhood is different and your buyer for a property may be different in one neighborhood than the other.”
[42:31]

Timestamps for Major Segments

01:00 – Biggest post-2021 changes: rates & AI
03:23 – Inventory, buyer demand, and evidence of a buyer’s market
07:20 – Tracking real market metrics & updating underwriting
10:26 – Essential realtor-provided data points
13:34 – Adjusting ARVs: no longer banking on “top comp” prices
17:15 – Relationship-building and sourcing deals in today’s market
19:50 – Creative deal structuring & funding for speed
23:23 – Advice for rookie investors building connections
27:53 – Rehab approach shifts: making houses highly desirable
34:32 – The power of photos, presentation & staging
42:31 – Flipper mistakes: systematized designs vs. market fit
46:36 – What to do with $50k and 30 days in a new market
51:38 – Anticipating the year ahead: Conservative outlook

Actionable Takeaways for Listeners

Get obsessive about local data—work with agents for the freshest, most relevant stats.
Underwrite conservatively, add time and holding cost buffers, and aim for mid-low ARV comps.
Cultivate relationships—deals increasingly go to the trustworthy, not just the highest bidder.
Don’t compromise on quality or presentation—buyers are pickier, so your flip must stand out.
For rookies: Expect lower margins and a steeper grind at the start, but focus on process, speed, and reliability to win favor with wholesalers and agents.
Stay nimble, stay humble: Assume challenges are ahead and plan for them—don’t expect a 2021-style boom to bail you out.

Where to Find the Guests

Dominique Gunderson:
Instagram: @domflipsnola
Speech at BPCON: “Mastering Rehab Estimates”
Henry Washington:
Instagram: @thehenrywashington
BPCON Workshops: Finding Deals & Portfolio Evaluation

This episode blends realism with practical tips for today's house flippers, helping investors survive—and thrive—in a changed market by thinking more like operators, less like speculators, and always keeping an eye on local data and human relationships.

Episode Overview

Key Discussion Points & Insights

1. Biggest Market Shocks Since 2021

Interest Rates & AI:
“They’re going to lose their crap at interest rates... But I think the thing that would shock them the most from a business perspective is AI and how people are getting leads through different AI systems.”
— Henry [01:01 & 01:19]
Regional Surprises:
Florida’s dramatic market reversal, from booming to declining values and shrinking demand, would surprise investors from just a few years ago.
— Henry [01:46]

2. Flipping in a Tougher Market

High Rates = Conservative Underwriting:
Both guests emphasize recalibrating offer and ARV calculations to factor in higher costs and slower sales.
“Everything comes down to your underwriting...That means I’m going to offer at lower price points and that may mean I get less deals.”
— Henry [02:36]
Buyer Activity Has Plummeted:
“The biggest shift I’ve seen... is actually the effect interest rates had on buyer activity and it’s just significantly dropped the buyer pool...”
— Dom [03:23]

Inventory levels are above pre-pandemic highs, price cuts are common, and days on market are up—drastically slowing profits.
— Dom [03:37]
Variant List to Sale Price Ratios:
These are significant for identifying market shifts:
“We were hovering between like 98 and 110%...and now we’re down somewhere around just under 90, which...is a significant drop.”
— Henry [05:05]

3. Adapting Underwriting to Market Conditions

On-the-Fly Analysis:
- Vital to have up-to-date, local market data via strong realtor relationships.
- Increased days on market:
  “I add two to three months...because of the longer days on market specifically. I assume it’s going to spend 90 days on the market and then another 30 to 45 days to close.”
  — Henry [07:20]
- Inexperience requires extra buffer—add more time and holding costs in your analysis, even if it means missing out on deals.
Key Metrics to Request from Realtors:
- Median and average days on market
- List-to-sale price ratios (month-over-month and year-over-year for trend/seasonality) — Henry [10:26]
Rehab and Resale Underwriting Tweaks:
- Both Dom and Henry now underwrite resale values toward the lower end of the comp range, not hoping for “top comp” pricing.
- Padding holding costs—Dom now buffers 9 months, not 5-6.

4. Deal Sourcing & Relationship Focus

Best Deals Come from Relationships:
“Most of my deals come from relationships...taking [wholesalers/agents] out to lunches and coffee meetings and...having those real relationships.”
— Dom [17:15]
- Even as experienced flippers’ lower offers don’t always win, their reputation for certainty and reliability lands them deals.
- MLS & REOs are Resurging:
  Price slashes on the MLS (including REOs) are generating viable flips again.
  — Dom [17:15]
Creative Offers & Fast Closings:
- Fast and reliable closings can beat higher offers.
- Example: Henry’s Sight-Unseen Deal
  “I offered 165 sight unseen, and we ended up at 171–170...I was okay taking that risk in order to get that deal.”
  — Henry [19:50]
Advice for New Investors:
- Be prepared to offer higher or accept lower margins at first—reputation is built over time.
- Streamline process to help wholesalers (secure assignment-friendly title companies, build relationships with fast lenders, minimize showings).
  — Henry & Dom [23:23-27:11]

5. Rehab & Listing Strategies in a Buyer’s Market

Do NOT Skimp on Rehab Quality:
“Buyers are going to pick it apart and they’re going to be very particular...So I’ve actually taken...the opposite approach...spending the extra money to make the house as good as it can possibly be.”
— Dom [27:53]
Strategic Listing:
- Priced below market comps to drive traffic, receive multiple offers, and close fast—even if it means slightly lower margins.
  “I priced my home lower than all of the homes that were in that competition. Now that cut down some of my profitability...but we got under contract fast and we closed 30 days later.”
  — Henry [29:47–33:17]
Importance of Presentation:
High-quality photos, live or (limited) digital staging, and beating other listings in both finishes and visuals bring more eyeballs.
— Dom & Henry [34:32–36:10]

6. Common Rookie Mistakes to Avoid

Don’t Over-Systematize Design:
“I think people make flipping too impersonal sometimes...We rehab every home for the person that wants to live in that neighborhood.”
— Henry [42:31]
Set Realistic Expectations:
“Expectations...that’s a big mistake that I see a lot of newer investors making...thinking it’s going to work out, thinking your flip is going to sell faster than everyone. You can design it better, you can cut costs, whatever. And it’s just not.”
— Dom [51:38]
Belly-to-Belly Value:
Strong relationships and willingness to help sellers beyond the price (e.g., helping them move, being flexible) can win deals.
— Henry [53:41]

7. If Dropped into a New Market with $50K and 30 Days…

Dom:
Would spend time networking before buying—meet local players, attend meetups, assemble team, learn market at street level.
— Dom [46:36]
Henry:
Would go after “low-hanging fruit” (MLS, wholesalers) with creative repositioning in mind, and if necessary would spend on marketing, targeting older “mom and pop” owners for off-market opportunities with a personalized touch.
— Henry [47:42]

8. Looking Ahead: How to Prepare

Stay Conservative:
Despite some positive activity, neither is expecting a fast bounce-back.
“I’m not changing the underwriting of my deals at all anywhere in the near future, expecting that we’re just going to see this huge jump or...that buyers are going to just flood the market…”
— Dom [51:38]

“When there’s uncertainty, then I get super conservative. And so that is what we’ve been doing is just super conservative underwriting and making offers.”
— Henry [53:41]
- Generate more leads and make more offers to compensate for tighter margins and fewer closes.

Notable Quotes & Memorable Moments

Henry:
“If you don’t have accurate data, you’re going to make inaccurate decisions. And the real estate agents are the gatekeepers to the most accurate data.”
[07:20]
Dom:
“I’ve bought more deals on the MLS in the last two years than the previous three or four, for sure. Just because there are opportunities that are popping up as prices come down.”
[17:15]
Ashley:
“When that offer goes in, that’s really when that property is being valued, not when they actually close on it. So looking at those dates can really help you make that comparison too.”
[05:56]
Henry:
“People are taught to have your spec...same tile and the same paint colors...And I think that’s silly because every neighborhood is different and your buyer for a property may be different in one neighborhood than the other.”
[42:31]

Timestamps for Major Segments

01:00 – Biggest post-2021 changes: rates & AI
03:23 – Inventory, buyer demand, and evidence of a buyer’s market
07:20 – Tracking real market metrics & updating underwriting
10:26 – Essential realtor-provided data points
13:34 – Adjusting ARVs: no longer banking on “top comp” prices
17:15 – Relationship-building and sourcing deals in today’s market
19:50 – Creative deal structuring & funding for speed
23:23 – Advice for rookie investors building connections
27:53 – Rehab approach shifts: making houses highly desirable
34:32 – The power of photos, presentation & staging
42:31 – Flipper mistakes: systematized designs vs. market fit
46:36 – What to do with $50k and 30 days in a new market
51:38 – Anticipating the year ahead: Conservative outlook

Actionable Takeaways for Listeners

Get obsessive about local data—work with agents for the freshest, most relevant stats.
Underwrite conservatively, add time and holding cost buffers, and aim for mid-low ARV comps.
Cultivate relationships—deals increasingly go to the trustworthy, not just the highest bidder.
Don’t compromise on quality or presentation—buyers are pickier, so your flip must stand out.
For rookies: Expect lower margins and a steeper grind at the start, but focus on process, speed, and reliability to win favor with wholesalers and agents.
Stay nimble, stay humble: Assume challenges are ahead and plan for them—don’t expect a 2021-style boom to bail you out.

Where to Find the Guests

Dominique Gunderson:
Instagram: @domflipsnola
Speech at BPCON: “Mastering Rehab Estimates”
Henry Washington:
Instagram: @thehenrywashington
BPCON Workshops: Finding Deals & Portfolio Evaluation

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How to Make Massive Returns from House Flipping in 2025

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Summary

Episode Overview

Key Discussion Points & Insights

1. Biggest Market Shocks Since 2021

2. Flipping in a Tougher Market

3. Adapting Underwriting to Market Conditions

4. Deal Sourcing & Relationship Focus

5. Rehab & Listing Strategies in a Buyer’s Market

6. Common Rookie Mistakes to Avoid

7. If Dropped into a New Market with $50K and 30 Days…

8. Looking Ahead: How to Prepare

Notable Quotes & Memorable Moments

Timestamps for Major Segments

Actionable Takeaways for Listeners

Where to Find the Guests

Summary

Episode Overview

Key Discussion Points & Insights

1. Biggest Market Shocks Since 2021

2. Flipping in a Tougher Market

3. Adapting Underwriting to Market Conditions

4. Deal Sourcing & Relationship Focus

5. Rehab & Listing Strategies in a Buyer’s Market

6. Common Rookie Mistakes to Avoid

7. If Dropped into a New Market with $50K and 30 Days…

8. Looking Ahead: How to Prepare

Notable Quotes & Memorable Moments

Timestamps for Major Segments

Actionable Takeaways for Listeners

Where to Find the Guests