Lansing Is An Underrated Real Estate Market? – Dominic Lee
On this episode of The Closing Table, we sat down with Dominic Lee!
To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…
Here’s what you missed from Dominic Lee…
The conversation began with a this or that icebreaker on new construction, curb appeal, and more. Dominic then shares details about his life outside of real estate. He’s a committed family man who is enjoying the adventure of fatherhood with his one-year-old son. The encounter has been both an amazing learning experience and a source of deep joy. While his involvement in real estate goes beyond that of a realtor, it is his passion for real estate investment that genuinely motivates him. This devotion manifests itself in thorough study, active property acquisition, and major investment initiatives.
Dominic’s philanthropic spirit shines through outside of the professional sphere. He volunteers his free time to non-profit groups, particularly those that advocate for poor children. This humanitarian endeavor is very important to him. During his free time, he finds consolation and contentment in the company of his loved ones, placing a high value on time spent with family and friends. Exploring the tranquil vistas of Lake Michigan and the northern areas is a favorite pastime, providing a welcome respite from his hectic schedule. Dominic’s lifelong obsession with automobiles, which began in his formative years, would have undoubtedly led him to collecting vehicles if he hadn’t been involved with real estate.
Dominic’s professional endeavors are centered around the Lansing area, where he adeptly facilitates property transactions. Lansing, although the state capital, retains an intimate small-town ambiance due to its moderate dimensions and population. The city’s allure extends to its surrounding suburbs, which contribute to its unique character. Positioned as a burgeoning market, Lansing holds Dominic’s attention with its latent potential awaiting exploration. A significant shift has occurred over time, as investors and developers have rekindled their interest in Lansing, injecting revitalizing funds into its landscape. This resurgence after a period of stagnation resonates deeply with Dominic.
Examining the residential real estate sector, affordability emerges as a defining trait. The current average home sale price, hovering around $230,000, exemplifies this aspect. Notably, this figure has experienced a substantial uptick of nearly $70,000 within a relatively brief span – a testament to Lansing’s ascending status. Dominic’s affinity for Lansing runs deep; being a native, he possesses an innate pride in his hometown. His aspirations are directed towards catalyzing the city’s progress through strategic development and investment endeavors, aiming to enhance the various neighborhoods that compose Lansing’s fabric.
In Lansing, where unique homes dot the landscape, Dominic often encounters properties that defy expectations, making for an interesting challenge in the sales process. Some homes seem oddly out of place, presenting both a source of amusement and a hurdle for sellers. A notable case that comes to mind is a recent one. This particular property wasn’t hindered by its physical appearance; it was, in fact, a splendid house. However, its sizable dimensions posed an issue. The house, a sprawling ranch with high ceilings, was heated using costly propane. This unconventional heating source, paired with the house’s spacious layout, rendered heating expenses a major concern.
The property’s sale became an uphill battle, entailing a grueling 3 1/2 months of negotiations. The looming topic during these discussions was none other than the expensive propane heating. Ultimately, a breakthrough came when Dominic and his team managed to shift the focus. They demonstrated how the prospective buyers could offset the exorbitant heating costs through strategic measures like incorporating solar power and geothermal heating. By offering a vision that alleviated the propane expense, they steered the negotiations towards a successful conclusion.
In the realm of off-market sales, Dominic recently navigated a compelling case that showcased the advantages of this less conventional approach. Just a month ago, they engaged with a homeowner who had not sold a property in years. The seller’s apprehensions were manifold, centered around the prospect of showings, open houses, and the overall sales process. Her unease resonated with Dominic, prompting him to consider the off-market route as a viable option.
Engaging in a candid conversation, Dominic discussed the pros and cons of off-market sales. He transparently addressed the fact that an off-market sale might not fetch as high a price compared to a hot property inciting bidding wars. However, the upside of off-market selling was undeniable. It relieved the seller of the burdensome cycle of constant showings and house upkeep, streamlining the process significantly.
When Dominic initially entered the real estate industry, he found himself in an environment characterized by experienced but tradition-bound agents. In this backdrop, the prevailing practice was to rely on amateur photos taken from phones and basic cameras, an approach that perplexed him. Recognizing the power of compelling imagery, Dominic quickly grasped the need for professional photography. He observed that companies using high-quality photos presented their properties impeccably, akin to HGTV-worthy aesthetics. With the realization that investing in professional photography could elevate his listings, Dominic embraced the change and began utilizing professional photos for his listings. Alongside his business partner, he wholeheartedly embraced the strategy, especially as the pandemic hit, leading them to exclusively incorporate professional videos, walkthroughs, and photos. This shift proved instrumental during the pandemic, enabling property sales to proceed effectively without physical presence.
Navigating the intricacies of legal and zoning challenges is a common occurrence in both residential and commercial real estate, and Dominic has encountered his fair share. One illustrative instance harks back to a few years ago, when a thorny legal issue emerged in the context of a property transaction. The issue centered around property lines that had been inaccurately established by the homeowner of the property being sold. Notably, a neighbor’s shed encroached upon this disputed property line.
Navigating this situation demanded deft handling. Dominic’s approach involved open communication and collaboration. Recognizing the importance of amicably resolving the issue, he reached out to the neighbor to address the encroachment predicament. By leveraging diplomacy and demonstrating a willingness to find a mutually agreeable solution, they were able to facilitate the repositioning of the shed, aligning it within the proper boundaries. This collaborative effort ensured that the transaction proceeded smoothly, culminating in a successful property sale.
Inspections are critical in real estate purchases, but their thoroughness can vary. Dominic, now an experienced agent, thinks on the tricky balance between advice and client decisions. While he accepts that consumers can decline further inspections, he emphasizes the significance of recommending full examinations such as sewer scopes and attic inspections. The motivation derives from previous situations in which consumers skipped these checks only to suffer nightmare scenarios later on. Clogged sewers, compromised attic areas, and unreported fire damage serve as vivid reminders of the potential consequences. These experiences have reinforced the importance of inspecting both sewers and attics.
The conversation wraps up with Kevin asking Dominic about his approach to owning a home given the current market conditions and available resources. Drawing from his accumulated insights and leveraging contemporary resources, Dominic contemplates his ideal approach to home ownership. For a first-time homebuyer, he espouses the concept of starter homes, driven by a desire to avoid complacency. Embracing properties in appreciating areas that offer scope for renovation and sweat equity, Dominic sees these homes as stepping stones. He perceives the journey of homeownership as a dynamic progression, urging against a static outlook. By gradually upgrading and adding value to properties, homeowners can build capital and ultimately attain their dream home.
For those inclined towards real estate investment, Dominic champions the strategy of “house hacking.” This ingenious approach involves purchasing duplexes, triplexes, or quadplexes, residing in one unit, and renting out the others. Through this financial arrangement, individuals can significantly reduce their living expenses while concurrently building their real estate portfolios. This calculated approach maximizes property ownership’s potential as both a practical and strategic endeavor.
Check out Dominic Lee:
Facebook: https://www.facebook.com/dominic.lee.9250
Facebook Business Page: https://www.facebook.com/DominicLeeRealtor
Instagram: https://www.instagram.com/_dominiclee_/
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