By now, you?ve probably heard it many times?this isn?t an economy in which you can be successful in real estate. You will not make money selling properties, and you?re likely to go broke.
Yet despite all of these warnings that have become so common for potential real estate investors, one young Georgia Tech alumnus set out after college to make her own path in real estate and prove that with the right drive and attitude, anything is possible.
Dorsie Boddiford, Building Construction ?11, watched many of her fellow graduates head into nine-to-five jobs, but she knew that world wasn?t for her. She decided to take a different route, test her luck and make it on her own as a real estate investor. Over the past 10 months, Boddiford has purchased different foreclosed properties and renovated them to sell at a much higher value. She also partners with financial investors who provide the capital for the purchase and renovation process, while she purchases, renovates and manages the project.
Many people would have warned Boddiford against starting her own real estate investing in the current economy. However, she knew from her past experiences in corporate environments that she would never be happy in a large firm. Therefore, she eagerly took on the challenge and finds herself extremely happy with her choice.
?Not only do I enjoy leading and managing all aspects of a real estate deal, but I also enjoy the freedom that being self-employed has given me,? she said. ?I am not confined to my office or to one particular project at a time, and I wear lots of hats on a typical business day: investor, property analyst, project manager, contractor and more. Every day is a new learning experience.?
Of course, this isn?t to say that Boddiford hasn?t had her fair share of challenges to overcome. One of these is typical for all entrepreneurs?the challenge of starting and running your own business by yourself. The biggest challenge for Boddiford, however, has been her age.
?I have had to step away from the stereotypes of being a 23-year-old woman, and demand respect from my partners, contractors and other investors,? she said. ?I have not been in the career field long, and my accomplishments are few, but my strong start has left me optimistic about my future as a real estate investor.?
The financial aspects of her work have also caused difficulties at times. While employees at large firms receive regular paychecks, Boddiford says that it can sometimes be months before she ever gets paid from a deal. She credits the lessons she learned from Tech for giving her the mindset she needs to succeed.
?The persistence and self-discipline I learned from my years at Georgia Tech have helped me get through the hard times and given me the determination to never give up,? she said. ?I always told myself that one day I wanted to start my own company, but I never really considered that I could accomplish this right out of college.?
For being so young, these experiences as an entrepreneur have already given Boddiford wisdom far beyond her years. It hasn?t always been easy, but it certainly has been fulfilling. She offers this advice to any Tech alums looking for the same:
?It is never too early to take on your life goals. I have sought out wonderful mentors and business partners who have advised me through the past months as I began my career. I was tired of hearing so much negativity about the economy and how I?d never be able to make it in the residential world, but I am thankful that I took the risk, and so far, I have no regrets.?
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