With enough effort and the right amount of education you can transition from an unfulfilling job into real estate, but don’t expect it to be easy! Our guest for today is Todd Dexheimer and he joins us to talk about his amazing success in the business after quitting his high school teaching job a few years earlier. Todd didn't love teaching and it was at this point that he started looking around for something that fit him a little better. He sniffed out entrepreneurship and real estate investing by reading a few books and the next thing he was obsessed. A few years and some very thorough preparations later, Todd had finally bought his first property! In our conversation with Todd today we talk about how to get into real estate, what it was like starting out in 2008, and some best practices for raising capital and keeping investor relations secure. We hear about Todd’s dedication and smart use of partnerships taking him from fix and flips to multifamily despite the 2008 recession and ample naysayers. Todd then weighs in on the value of very clear communication and other key steps for ensuring you have the right lenders and that everybody is on the same page.
Key Points From This Episode:
- Background on Todd and his projects from fix and flip to multifamily.
- Why Todd didn’t enjoy being a school teacher and began educating himself about real estate.
- The timeline toward Todd buying his first property in 2008 after sticking teaching out.
- Extensively researching before engaging; real estate can’t be learned fast.
- What to do before getting into real estate: have patience and educate yourself.
- How easy it is to think real estate is simple thanks to social media.
- Getting into the game in 2008 and succeeding in projects despite naysayers.
- How Todd managed to raise money and buy deals through different partnerships near 2008.
- Investor relation best practices, from educating and raising early to good communication.
- How to handle communicating with investors without coming across as desperate or pushy.
- Quarterly updates Todd uses to keep in touch with investors outside of deals.
- How Todd originally found his investors and finds new ones.
- Which investor relations types tend to create consistent investors.
- Todd’s number one tool and how valuable brokers are to his process.
“Through a lot of research and just reading books and digging into things, entrepreneurship made sense, then real estate started making sense. I started really diving into it and got interested in it.” — @Pillarswealth [0:03:37]
“I was looking for properties for six months before I found my first property. It's not it just happened overnight.” — @Pillarswealth [0:06:27]
Links Mentioned in Today’s Episode: