N. 001An Offering for Accredited Investors

Earn 20%+ IRR
on Midwest workforce
housing.

$50,000 minimum. Quarterly checks beginning year 3. Mailbox Money has been building new apartment communities across the steady Midwest for 23 years.

Book the call↗ See the current deal

Figure I.Now Open

Overland Reserve

Rochester, Minnesota · 94 units

A new 94-unit workforce community currently under construction in the Mayo Clinic corridor.

21.5%

Projected IRR

Units

$50K

Minimum

Figure II. · Video Brief 6-min investor brief

How we’re earning accredited investors a 20%+ IRR in the Midwest.

Dusten Hendrickson · Founder · 6 min

Mailbox Money Real Estate

506(c) · Accredited Only

Asset class New-build multifamily Geography SD · MN · IA Cadence Quarterly, from Year 3 Open to Accredited investors only

Most operators are still paying full price for tired old buildings. We’d rather buy land in a quiet Midwest market, put up something new, and plan for year-three cash flow, not pitch-deck returns.

Dusten Hendrickson — Founder, 25 years in real estate.

III.The Offering

Currently Open

Overland Reserve — a 94-unit workforce community in the Mayo Clinic corridor.

Asset classNew-build multifamily

LocationRochester, MN

Units94

StatusUnder construction

Minimum$50,000

First checkYear 3, quarterly

Open toAccredited only

21.5%

Projected Internal Rate of Return

Plate III.aMailbox Money Real Estate

Overland Reserve · Rochester, MN

Architectural detail of the three-story exterior facing the residential parkway. Construction commenced in 2025; lease-up projected through the second year.

A 15-minute call with Dusten covers the underwriting, the K-1 treatment, and the timing of your first distribution. Plain English.

Request the offering↗

IV.The Record

23 Years

$500M raised. 1,500+ units built.

A working ledger of every Mailbox Money development since 2003. New construction only, secondary Midwest cities, no value-add acquisitions.

No.	Property	Location	Units	Status
01	Reserve Flats	Brookings, SD	48	Completed
02	Sioux Village Phase I	Brookings, SD	56	Completed
03	Bluestem Reserve	Yankton, SD	70	Completed
04	The Blu on Lorraine	Sioux Falls, SD	128	Completed
05	The Velthuis	Sioux Falls, SD	144	Completed
06	Aspen Ridge Reserve	Brandon, SD	145	Completed
07	Briarwood Reserve	Sioux Falls, SD	154	Completed
08	Maple Rock Reserve	Sioux Falls, SD	164	Completed
09	Crooks Reserve	Crooks, SD	94	Construction
10	Overland Reserve	Rochester, MN	94	Construction
11	Foss Fields Phase I	Sioux Falls, SD	100	Construction
12	Jefferson Reserve	Sioux Falls, SD	179	Lease-up
13	Windsor Reserve	Hartford, SD	94	In development
14	Deer Creek Reserve	Ankeny, IA	258	In development

Total raised

$500M+

Units developed

1,570

Avg target IRR

+20%

Years operating

V.The Thesis

Why The Midwest

The coasts over-paid. The Midwest built quietly.

Coastal apartments traded at peak prices three years ago and are now selling for less. The Midwest never went through that boom — and it isn’t going through the correction. The renters here are nurses, teachers, manufacturing workers, and logistics workers, and demand for the apartments they need is not going away.

Mailbox Money has been building in these cities since 2003. We know the local market. We control our own construction crew and supply.

We plan for steady year-three cash flow instead of promising big day-one returns. We develop. We don’t bid against ten other groups for an aging asset at the top of a cycle. We pour the foundation ourselves.

Plate V.aThe Velthuis · Sioux Falls

One of 15+ completed projects across South Dakota, Minnesota, and Iowa. Built ground-up. Operated in-house.

Sioux FallsSD

BrookingsSD

BrandonSD

YanktonSD

HartfordSD

CrooksSD

RochesterMN

AnkenyIA

VI.The Process

From Call To First Check

Four steps. One company. Plain English the whole way.

A quick call 15 minutes · with Dusten or the team

A short call to understand your goals and walk through the open Overland Reserve underwriting. We’ll answer how the K-1, the timing, and the structure work in plain language.

Step One

ii.

Review the deal at your pace, with your advisors

We send the full offering documents, the financial model, and the build plan. Take it to your CPA, your attorney, anyone you trust. We’re available for follow-up.

Step Two

iii.

Invest $50,000 minimum · accredited only

Sign the paperwork, verify your accredited status, and wire your subscription. You receive confirmation and the full investor portal access the same day.

Step Three

iv.

Get paid quarterly, beginning year three

Once the building is rented up, quarterly checks begin. Tax forms arrive on time. You stay completely passive while we run the building.

Step Four

VII.The Call

15 Minutes With Dusten

A short call. Plain English. No follow-up unless you want it.

Mailbox Money · Investor Call

15-minute discovery call.

Dusten Hendrickson · Founder

Walk through Overland Reserve and the underwriting.
Review the expected returns and the build timeline.
Answer how you get paid and how the tax forms work.
Confirm accreditation and the $50,000 minimum.

Select a DateMay 2026

9:00 AM

10:30 AM

11:30 AM

1:00 PM

2:00 PM

3:30 PM

Times shown in Central Time · Confirmation sent immediately.

VIII.Questions

If You’re Curious

The questions we get most often.

Q.01Who can invest?+

Accredited investors only. You’ll need to verify your accredited status before you invest. We walk through the verification process with you on the discovery call.

Q.02What is the minimum?+

$50,000 per investor across our open deals. There is no upper limit, but each project has a fixed raise and is typically filled within a few weeks.

Q.03When do the checks start?+

Quarterly checks begin in year three of each project, once the building has been built and rented up. We plan for year-three cash flow rather than promising day-one yield.

Q.04What return should I expect?+

Across the portfolio we target a +20% average IRR. Our current open project, Overland Reserve in Rochester, MN, projects a 21.5% IRR. Projections are not guarantees.

Q.05What about taxes?+

Affordable-housing developments come with real tax deductions and credits passed through to you as a limited partner. We’ll walk through how those apply to your situation on the call.

Q.06Can I exit early?+

These are long-term builds. Cash-out points are tied to refinancing or selling the property, not on demand. We’ll cover the full timeline on the call.