Ep #147 – From High School Teacher to Real Estate Investor-
Rod Khleif and Todd Dexheimer

Here’s some of what you will learn:
• From high school teacher to real estate investor
• Wholesaling a mobile home park for a $70,000 profit
• The most important aspects of due diligence
• How Todd found all of his deals
• Why Todd called over 100 banks in order to continue this business
• How Todd saves money on showing agents
• Todd’s full due diligence
• How Todd maintains a broker relationship
• How Todd uses management companies on smaller multifamily properties
• Why small management companies are preferable
• How to get an onsite caretaker
• How to create a win-win with the seller
• Why it’s important to meet a broker face to face
• What’s important to communicate to your broker
• How to convince a seller to agree to seller financing
• How to get over the fear of this business
• How to invest in real estate full time
• Connect with me on Facebook at Rod Khleif.
You can contact Todd Dexheimer at:

Watch on YouTube

Do you want to learn more about Multifamily Real Estate Investing? Work with Rod in the Lifetime CashFlow Academy's Multifamily Course & Coaching Program

Full Transcript Below:

Ep 147- Todd Dexheimer – From High School Teacher to Real Estate Investor – Building 150 Units…

 Welcome. This is the Lifetime Cash Flow Through Real Estate Investing Podcast. This is where you’ll learn strategies to help you achieve lifetime financial freedom through real estate investment. Your host, Rod Khleif, has owned over 2,000 homes and apartments. And he brings experts in all aspects of real estate investment and management on to the show. Now, here’s your host, Rod Khleif.

 

Rod Khleif:               Welcome to another edition of How to Build Lifetime Cash Flow Through Real Estate Investing, I’m Rod Khleif, and I am thrilled you’re here. I know you’re gonna get tremendous value from the gentleman we’re interviewing today.

 

His name is Todd Dexheimer, and he has a portfolio that will probably appeal to many of you guys that are listening because it’s not 100-unit properties, it’s one to four of units, it’s an 11-unit, a 13 unit, a 20-unit. He’s got almost a 150-units, a $10 million portfolio, and very excited to get into how he’s built that portfolio.

 

He’s in multiple cities, and really some of his strategies. Todd, welcome to the show buddy.

 

Todd Dexheimer:   Yeah. Thanks for having me on, Rod. Appreciate it.

 

Rod Khleif:              Absolutely. I know you’ve got properties in the Twin Cities, Minneapolis.

 

Todd Dexheimer:   Yep.

 

Rod Khleif:               You’ve got properties in Milwaukee, properties in Cincinnati. Why in three markets?

 

Todd Dexheimer:   Opportunity. Choice A is my home base, and that’s where I focused on, up until just a few years ago. I still definitely will buy here, but the opportunity is elsewhere right now, is what I’m seeing.

 

There’s just not a lot of good cash flowing properties, especially, if you’re buying smaller property. But even on the bigger properties, there’s just not a lot of good cash flowing properties.

 

Rod Khleif:               I know that your larger properties, the 11, 13, 20 and 22 units are in Cincinnati.

 

Todd Dexheimer:   Yep.

 

Rod Khleif:               Tell me how you’re sourcing? And I consider those a sweet spot right now. Anything under 30 units I think is a sweet spot because it’s typically mom-and-pop sellers.

 

Todd Dexheimer:   Yep.

 

Rod Khleif:               Particularly if you can put together some sort of an off-market strategy to find those deals. How are you sourcing those deals now?

 

Todd Dexheimer:   Yeah, well, all of these deals that I’ve gotten, came from broker’s off-market deals, brokers that I’ve just built relationships with. I do some marketing I haven’t actually purchased anything from the marketing…

 

Rod Khleif:               Wow.

 

Todd Dexheimer:   But we send out letters, quite consistently. My mom actually does that for me.

 

Rod Khleif:               Super.

 

Todd Dexheimer:   She sends all the letters… And we’ve gotten some feedback; we haven’t closed on a deal. We’ve analyzed a few deals out of that.

 

Rod Khleif:               How long have you been doing your own marketing?

 

Todd Dexheimer:   Yeah. My own marketing hasn’t been going on for very long.

 

Rod Khleif:               Right. That’s why I asked. Typically, you need some repetition, you need some consistency and there’s some strategies too to really hone your mailing list. If you just buy a list or just download a list directly from the assessor’s office sometimes it’s not as effective.

 

But you got really good luck with brokers. Tell me how… Well actually, let’s go back. Let’s talk about when you started. I usually do that, and I kind of jumped ahead here. I got excited about talking about some of these other areas that you’re in. Tell us how you got started in the business?

 

Todd Dexheimer:   In 2008, or previous to 2008, I was a high school teacher, and that just wasn’t my thing. I needed to find something else. Real estate seemed like a good fit, so I started studying the market and studying real estate. Reading every book I could possibly get my hands on.

 

By 2008, right when the market crashed, I just saw the opportunity; when you can buy a house for $60,000 put 20 into it and rent it out for $1,300, $1,400 just made way too much sense.

 

Rod Khleif:               Yep.

 

Todd Dexheimer:   In 2008, I started buying single-families but…

 

Rod Khleif:               At the top of the market or it was crashing by then?

 

Todd Dexheimer:   In Minnesota… and everywhere it was different but in Minnesota, it already was well on its way down. In the summer of 2008, I bought my first property, actually bought three of them, all at the same time, or within like a couple of weeks of each other. I bought one foreclosure to live in. One my wife and I fixed up while we were living there.

 

I bought a rental property, and then I bought a flipped. The flip was a flop. I did all the work and made like a 1,000 bucks. Made like a $1.50 an hour.

 

[chuckles]

 

Todd Dexheimer:   So I soar out of flipping, fast-forward, I ended up doing about 150 flips over the last… well since 2009.

 

Rod Khleif:               Wow.

 

Todd Dexheimer:   But yeah, I was just buying rental properties, picking one off at a time. And then ran into where I couldn’t buy anymore because, A, I didn’t have any money, and B, I couldn’t get loans on my personal name. At that time, you could only get four loans in your personal name.

 

I partnered up with a buddy, so we bought a couple, but then just ran out of capability and also money. So then I started flipping again, and as I would buy flips, and accumulate money for down payment, I put loans on commercial loans and I ended up calling… It was hard because at that time, it was 2009 so banks didn’t really wanna lend.

 

Rod Khleif:               Sure.

 

Todd Dexheimer:   So I had to call bank after bank after bank. I get, “You’re stupid and crazy”, thrown at me so many times by these bankers, but finally got enough banks to be able to land on the deals I want to do.

 

I called well over a hundred banks. I don’t know how many.

 

Rod Khleif:               No kidding. In your local market there in Minneapolis?

 

Todd Dexheimer:   Yeah, in my local market, I just called all the local banks and… Rod, I mean, knowing your show, you went through the crash and was affected by it. And most of these banks were as well.

 

Rod Khleif:               Oh, sure. A lot of them went out of business.

 

Todd Dexheimer:   Yeah…

 

Rod Khleif:               And it’s an unfortunate dynamic when the market contracts. We’re heading into a contraction here, in short order. When that that happens the banks will… They’re like ostriches. All the heads go in the ground, and they tighten up. They actually exasperate the problem. They make it worse.

 

And so that’s one of the dynamics. So you literally called over 100 banks so you could continue on your progress in acquiring and flipping properties.

 

Todd Dexheimer:   Yeah.

 

Rod Khleif:               Also noticed in your bio that you wholesaled a mobile home park, and it looks like you made a nice chunk of change on that too. Like, what is that, 70, $80,000 on it?

 

Todd Dexheimer:   Yeah, made a good chunk of money on that. That was a fun deal.

 

Rod Khleif:               Yeah. That’s wholesaling. So guys, wholesaling can be a great way to make quick cash. So many people think that you just have to wholesale single-family… He wholesaled a mobile home park. I know somebody, a friend that wholesaled an apartment building, literally, three blocks from where I’m sitting here on Bee Ridge Road, made a 100,000 on an apartment building.

 

So incredible opportunity to make money, in fact, I’ve actually created a course on wholesaling, single or multi-family. That’s not available yet but … That for the very reason ‘cause I have a lot of people that listen that don’t have money, it’s just such a great way; wholesaling, flipping, is such a great way to make quick cash.

 

Todd Dexheimer:   Yeah.

 

Rod Khleif:               With the ultimate goal like you’ve done, to buy multi-family. Use that money to buy multi-family because that’s long-term lifetime cash flow, right?

 

Todd Dexheimer:   Yeah. This deal, the mobile home park, I bought it in South Carolina. One of my brothers lives in South Carolina. He actually was the one that found the deal, and it just kinda fell into me and I started getting a lot of calls from people that wanted to buy if from me before I did anything to the building, or to the buildings. It was a wreck. I bought it for… I can’t remember the exact number now. 55,000?

 

Rod Khleif:               You put 55,000 on the bayou. Yeah.

 

Todd Dexheimer:   Yeah, so 55,000 I bought it for. I ended up getting multiple people lined up. They bid this thing up.

 

Rod Khleif:               Wow.

 

Todd Dexheimer:   I sold it for a good chunk. I was planning on keeping it and were gonna fix it and I was gonna rent it out but sometimes, really with real estate, you just got to go with what makes the most amount of sense.

 

Sometimes, selling a building before you realize your full strategy makes more sense than keeping it.

 

Rod Khleif:               Well, hey listen, anytime you can take money off the table that easily, you can’t say anything wrong about that. So you started in Minneapolis and then, I know that you’re in Milwaukee, and Cincinnati now as well.

 

Todd Dexheimer:   Yeah.

 

Rod Khleif:               What’s your current focus?

 

Todd Dexheimer:   Mainly, Cincinnati right now.

 

Rod Khleif:               Okay.

 

Todd Dexheimer:   Cincinnati, and the area that I’m looking at. All the local market are near there are within a couple of hour drive. The last time I was in Cincinnati, I drove over to Indianapolis, and then I drove down to Lexington, Kentucky. I’ve been to Columbus, Ohio, as well as Cleveland, Ohio.

 

Just kind of trying to stay in that area. There’s a lot of good opportunity in those markets, all kind of around there.

 

Rod Khleif:               Sure. Sure. Especially, in that smaller size, in the 10 to 30-unit range, I really love that size property right now. Let me ask you this, is it just you and your mom doing the mailers, or do you have any other people on your team?

 

Todd Dexheimer:   Yeah. I have a bookkeeper that does more than just bookkeeping. She does a lot of the day-to-day minor tasks. And then yeah, my mom does some stuff. Then other than that, it’s just basically, I’ve got third-party management, I’ve contractors that subcontract.

 

Rod Khleif:               So you don’t do any of the management yourself. You use third party in all the markets that you’re in?

 

Todd Dexheimer:   In the Twin Cities, I’ve managed it myself, but as far as the day goes, I really don’t do much.

 

[00:10:00]

 

Todd Dexheimer:   I’ve got team members that help me out. None of them are employees though. So my maintenance guys, my showing agents, that type of stuff, so…

 

Rod Khleif:               They’re all subbed out.

 

Todd Dexheimer:   They’re all subbed out. Yep. But they all do a good amount of work and it kind of works. It’s pretty good synergy.

 

Rod Khleif:               Okay.

 

Todd Dexheimer:   So their work allow me not to spend all my time running around doing the day to day.

 

Rod Khleif:               Can we dig into that just a little bit? Tell me with more specificity. You’ve got a showing agent. Is that like a real estate agent or something that does this on the side? How do you actually structure how that person gets paid? And how did you develop that relationship?

 

Todd Dexheimer:   I’ve got several people that do showings for me, and none of them get paid, they all… Yeah.

 

Rod Khleif:               Okay.

 

Todd Dexheimer:   They all get value from me. Through just me coaching them, helping them out. They wanna learn about the industry, so it’s young people that wanna learn more about the industry so they do tasks for me like showing properties, getting maintenance lists together, just small tasks that really kinda get them involved in the industry. Then I help them out on the back end by doing cold calls with them, and helping them analyze deals. It’s just a win-win situation for both of us.

 

Rod Khleif:               Oh, good for you. That’s an awesome way to add value and receive value at the same time. Okay. Alright. Super. So you’re primarily with brokers, what sort of a due diligence model do you follow? When you find a property, how do you analyze it? Particularly like down in Cincinnati, when you’re talking about some larger properties you’re up in the million-dollar range in the 20-22 unit properties. What are you doing to protect yourself?

 

Todd Dexheimer:   Obviously, full due diligence on those. I mean, everything from auditing the rents, going through bank statements, auditing their leases, going through every single lease. Making sure leases line up with what they’re receiving. Reading through the lease in detail to understand what kind of terms are in the lease.

 

I require statements directly from the utility companies. That’s probably the biggest thing, is making sure their books are… Anybody can put numbers on a spreadsheet on a P&L, doesn’t mean those line up. So making sure those all line up.

 

Then of course, the physical inspection, going through every single unit, sending a contractor up on top of the roof, to inspect the outside, all that kind of stuff, so physical inspections as well. And then neighborhood inspections, a lot of the neighborhood stuff is done prior to me putting the property in contract.

 

Rod Khleif:               Sure.

 

Todd Dexheimer:   But making sure the demographics fit for where I want. Population’s increasing or at least, at least staying flat, and there’s potential of some increase. Checking out crime maps and crime reports and talking to police, and just being obviously careful of the asset that you’re buying. Because things can look great on paper, and that’s what I’ve learned through the year, things can look great on paper but if you’re buying in the wrong neighborhood, or buying the wrong asset type, poor management, whatever, things can go wrong and south really quick.

 

Rod Khleif:               Sure. Okay. Okay. How do you nurture those broker relationships? I mean, you said, one broker, in Cincinnati you have several, tell me what you do to maintain? We just interviewed a broker from Florida here. He was on the show, and he talked about this just a little bit. I just like to get your perspective, from the other side of the table.

 

Todd Dexheimer:   Yes. Coming from another state, I think it’s really important to meet with brokers, face-to-face. A Zoom conference or a Skype or something is helpful if you can’t be there first. But I think you need to meet them face-to-face.

 

I hear so many brokers talk about California buyers or New York buyers. They’re faceless and they don’t trust them. So I think you got to go and actually see the broker, make sure they understand who you are. That’s number one, is visiting them, and telling them exactly what you’re looking for, and making sure they know you’re real.

 

Rod Khleif:               Right.

 

Todd Dexheimer:   And then, always following up with them is really important. The other thing I like to do is make sure if they’re sending you a decent deal. Even if, let’s say, they’re giving you a list price and it’s off on your numbers by 15, 20%, every once in a while, you’ve got to at least put an offer in to make sure they understand you’re being serious.

 

I’m not just saying throw an offer in, and hope that you don’t get it. Throw an offer in, that you think if you got it, you would actually buy that building.

 

Rod Khleif:               Sure.

 

Todd Dexheimer:   ‘Cause if you don’t end up getting that building, at least, they know you’re serious, and they’d wanna find you something. If you do get the building, well then great, now you got a building that you get to buy.

 

Rod Khleif:               Right. Okay. That’s very good advice. That’s very good advice.

 

Todd Dexheimer:   Taking action is really important. A lot of people don’t take action. A lot of people, now, a broker sent you something, it’s just not  gonna work. A lot of people don’t take action of telling that broker, “Look, that’s not what I’m looking for”, or, “Thanks for sending this to me the numbers aren’t quite aligned with what I need”, whatever the reason. Communicating with that broker and taking that action I think is really important stuff in building those relationships.

 

Rod Khleif:               Fantastic. No, that’s great advice. Now, let’s talk about management, specifically in Cincinnati. Since, again, those are 11, 13, 20 and 22, same management for all of those?

 

Todd Dexheimer:   Yeah.

 

Rod Khleif:   What was the first one you bought? What was the size of the first building you bought there?

 

Todd Dexheimer:   22-unit building.

 

Rod Khleif:               Okay, so the largest one.

 

Todd Dexheimer:   Yep.

 

Rod Khleif:               So you bought this 22-unit building, what was your plan? How do they manage that property effectively? Because obviously, you can’t have a full-time property manager that lives on site in the 22-unit building, so tell me how they, how your local management company handles that dynamic? I’m just curious. I mean, I know how I would do it. I’m just curious how they do it.

 

Todd Dexheimer:   Yeah, you’re right. 22-unit isn’t big enough to have an on-site, which is part of the problem with buying a 22-unit. It’s always nice to have an on-site, but you really need 100 units to do the on-site.

 

This property management company is located right in Cincinnati so they’re able to be able to get to the property fairly quickly. They’re this smaller local management company, they’re not one of the big boys. Which I think is helpful if you’re dealing with these 10 to 50-unit properties, just is you have to use a smaller company.

 

Rod Khleif:               Agree completely. Okay.

 

Todd Dexheimer:   Then we sat down, and I sat down with the owner and we hashed out a plan on what kind of management, what that would look like, how often do I expect them to be at the property, and our contract was based on that. Which is another nice thing with dealing with local small companies, that you can cater towards yourself a little bit more when you’re dealing with these local…

 

Rod Khleif:               You have some ability to negotiate, in other words.

 

Todd Dexheimer:   Yeah. Yeah. Absolutely.

 

Rod Khleif:               Right.

 

Todd Dexheimer:   And then of course, you’re paying a little higher fee, just because of that, and because of the scale. But with this company, when I sat down with them, I told them exactly my plan, and that they wouldn’t just be managing just one 22-unit building. That we’d be getting several buildings that they’ll be able to manage. And within a year, we should have over 100 units for them to manage.

 

Rod Khleif:               Okay. Okay. Now, let me ask you this, do they typically give one of the people in the building a discount on the rent to be the eyes and ears at the place?

 

Todd Dexheimer:   Yeah.

 

Rod Khleif:               And pick up the trash and things like that?

 

Todd Dexheimer:   Yep. Yeah. So we have our on-site caretaker.

 

Rod Khleif:               Okay.

 

Todd Dexheimer:   We actually have two different kind of on-site caretakers. One of them does the yard work, the landscaping, the mowing, trash pick up, stuff like that. They’re also the eyes and the ears.

 

Then we have the interior person that does the hallways, sweeping, cleaning, replacing light bulbs. Again, they’re also our contact. Both of them get a little discount on rent, but they do work on top of that as well.

 

Rod Khleif:               Do they get paid for that work or is it just a discount?

 

Todd Dexheimer:   Yeah, it’s just a discount.

 

Rod Khleif:               Uh-huh. Okay. Fantastic, and that’s exactly how I’d do it. Okay. Perfect. That’s what I wanted my listeners to hear. That it is possible to buy even an 11-unit, like you’ve got there, and hire a management company, if it’s out of state, and make it work. As long as you’ve got somebody there, keeping an eye on things, somebody that lives there.

 

Todd Dexheimer:   Yeah. I think you have to couple it with on-site and the third-party.

 

Rod Khleif:               Yep.

 

Todd Dexheimer:   If you just try to do the on-site, I think you’re gonna get burned. If you just try to do the third-party, I don’t think it’s gonna be as effective. So I suggest combination.

 

Rod Khleif:               No, I agree. If it’s out of state, it’s very difficult to self-manage a small property like that.

 

Todd Dexheimer:   Yeah.

 

Rod Khleif:               You need somebody to go by there that’s keeping an eye on the on-site person, in properties of that size. But you absolutely can buy them out of state like you’ve proven, and make it work. As long as the numbers make sense.

 

Todd Dexheimer:   And that’s one of the advantages too, when you’re buying these small properties. A lot of times you can get better deals. I think you alluded to that earlier, that there’s good deals still on that smaller realm between that 10 and 40-50 unit… there’s still deals to be had.

 

Rod Khleif:               Yeah. That’s under the radar of the big players, and it’s typically not institutional sellers, typically a mom and a pop. So there’s opportunity there; opportunity for seller financing, sometimes, and definitely opportunities to negotiate and be creative.

 

Todd Dexheimer:   Yeah. Two of the buildings I purchased I did seller financing.

 

Rod Khleif:               There you go. Fantastic. And these were broker properties too?

 

Todd Dexheimer:   Yes. They were…The first one, the 22-unit, it was actually not listed.

 

Rod Khleif:               Okay.

 

Todd Dexheimer:   The broker brought me to a different property that was listed, and I said I was interested in it. Numbers didn’t quite aligned.

 

[00:20:00]

 

Todd Dexheimer:   He said, “Well let me see if I can get you in on this other building that this owner has. He might wanna sell it.” I looked at the 22-unit that the same owner had, and I said, “Okay, I’m gonna make an offer.” I made an offer and the guy said, “Okay, I’ll sell her.”

 

We negotiated quite a bit, and then ended up selling… He liked seller… He didn’t want my offer price until I gave him the option of seller financing. Then he said, “Okay, now I like it.”

 

Rod Khleif:               Yeah, he was savvy. Most mom-and-pop sellers are not savvy. They don’t realize that seller financing, particularly if they’re retirees. Was he an older person?

 

Todd Dexheimer:   Yeah. Yep.

 

Rod Khleif:               See.

 

Todd Dexheimer:   He just retired. Yes.

 

Rod Khleif:               See. I talk about this sometimes. With an elderly person, they’re not gonna take that money and put it in another high-risk investment.

 

Todd Dexheimer:   Yeah.

 

Rod Khleif:               They’re fully depreciated, so when they sell they’re only gonna end up with 65, 70 cents on the dollar anyway. They put that in the bank at 1%, and they’re going to get X. Well, if they work with you, and give you seller financing, they’ll only pay taxes on the amount they collect every year, and you’re gonna pay him three, four, five, 6% interest.

 

Todd Dexheimer:   Yeah.

 

Rod Khleif:               They get three times the amount of cash flow. I mean it’s totally a win-win. You got an educated seller there, most the time you have to sell them on this and explain it to them.

 

Todd Dexheimer:   Well, and I kinda did. I asked the broker if I could call the seller, and he said, “Yeah, that’s fine.” So I called the seller and just asked him what he wanted.

 

Rod Khleif:               Perfect.

 

Todd Dexheimer:   What do you want? Why are you selling? He’s retiring. He wants to go to Florida. He wants to spend more time with his grand kids.

 

Rod Khleif:               Right.

 

Todd Dexheimer:   So I said, “Well look, I can only pay for… “ I can’t remember what the prices were… 40 or something like that, ”But I can offer you seller financing.” I said, “Give me your email, and I’ll send you a spreadsheet that tells you exactly how much money you’ll make with seller financing.”

 

So I did that. I gave him the amortization schedule and I said, “This is what you’ll make in five years.” Then I called them back the next day, we talk more about it. And he said, “Well, can you guarantee me I’m gonna get paid that interest?” I said, “Well, I can’t guarantee it because if I sell the property. But what we can do is, if I do sell the property in the first three years, we can put a penalty on that and I can pre-payment that.”…

 

Rod Khleif:               Oh, good.

 

Todd Dexheimer:   And so that’s what we did, and I have no intentions of selling the property in the next three years, but it works for both of us.

 

Rod Khleif:               Yeah. He doesn’t even want the money. He wants the payments, and that… I mean…

 

Todd Dexheimer:   He wants the payments.

 

Rod Khleif:               You can’t do a better deal than that. That’s fantastic.

 

Todd Dexheimer:   And he’s got a 23-unit building that once he’s ready to sell he’ll sell it to me first.

 

Rod Khleif:               Perfect. Perfect. Perfect. So let me ask you this, a lot of my listeners are brand new, they may own a couple of houses, maybe a duplex, something like that.

 

Todd Dexheimer:   Yeah.

 

Rod Khleif:               But they wanna get into these larger properties. What advice would you give them, buddy?

 

Todd Dexheimer:   I would say go for it, first of all.

 

Rod Khleif:               Yeah.

 

Todd Dexheimer:   It took me a long time… I was buying a lot of smaller properties, one to four family properties. There’s nothing wrong with that but if you really wanna scale and you really wanna make it happen, you got to go to the bigger units.

 

My goals, this is a stepping stone for me, these 20 unit deals and up. Once this market kind of corrects and actually even now, if the deal’s right, the goal is to be buying 100 plus units. Yeah, I mean, if you wanna get to that next level, you got to take action.

 

Rod Khleif:               Right.

 

Todd Dexheimer:   People just underestimate themselves.

 

Rod Khleif:               Right.

 

Todd Dexheimer:   And the possibilities of what they can do. That’s really what I did. I just got done looking at the one to fours and going, “Well the numbers work… The numbers work.” And I kept on buying them. Not saying that was bad because I built a decent portfolio and a decent network doing that.

 

But looking back, if I started buying larger multi-families in 2010, 2012, I would be way ahead of where I’m at right now.

 

Rod Khleif:               Yeah, no question. You probably be in the…

 

Todd Dexheimer:   Take action.

 

Rod Khleif:               70 to $100 million range instead of 10 million.

 

Todd Dexheimer:   Yeah.

 

Rod Khleif:               And again, 10 million is better than a sharp stick in the eye, let me just say that.

 

Todd Dexheimer:   [chuckles]

 

Rod Khleif:               But you’re absolutely right. That’s what I wanted my listeners to hear, and that is just take action, guys. Push through the fear. And do that first deal. Once you do the first deal, a lot of that fear dissipates.

 

Obviously, study this business a little bit. Don’t go off half-cocked.

 

Todd Dexheimer:   Yeah. Oh, for sure.

 

Rod Khleif:               Particularly if you’re buying a 20-unit or something. But take action. Alright, well listen Todd, let me ask you this. Part of my show is really about the psychology of success, ‘cause really, 80% of your success in anything is your mindset and your psychology.

 

Todd Dexheimer:   Yeah. Absolutely.

 

Rod Khleif:               What motivates you? What gets you to jump out of bed in the morning?

 

Todd Dexheimer:   Oh, boy. Really, this business does it by itself. I love it. To me, every single day for me is a Saturday. I mean I just love it.

 

Rod Khleif:               Yeah.

 

Todd Dexheimer:   That’s a big part of it. Just that I just love the business. I love the game. I love analyzing properties, negotiating them properties and doing really anything to do with real estate.

 

I love that but my real passion is to be able to, obviously, to generate income for my family and be able to have financial freedom. That’s really important. I’ve got two little kids who you might hear in the background. I’m sure you might… We’ve got a nanny. That takes care of them. I’m in my home office right now, which is great. I mean be able to afford to do that. It’s phenomenal.

 

Rod Khleif:               I hope you guys are listening, okay. Because I take calls from so many of you that have jobs that want what Todd has here. To be able to be at home, be with the kids, do what he loves.

 

Todd Dexheimer:   Yeah.

 

Rod Khleif:               And you must associate pleasure with this. You have to. If you don’t love it, learn to love it. I always say equate it to hunting for treasure, ‘cause that’s really how I look at it in my mind. When you’re out there hunting for deals, your hunting for buried treasure.

 

Todd Dexheimer:   Yeah. It’s fun. It’s fun.

 

Rod Khleif:               Oh, it is. It is a frigging blast. I absolutely love it. I get Goosebumps when I think about it. I love, just like you said, negotiating, hunting, closing…

 

Todd Dexheimer:   It’s the whole process. I mean for me, how I operate in my business, it’s finding that kind of that hidden gem, like you said, and then taking that turd [chuckles]…

 

Rod Khleif:               Right.

 

Todd Dexheimer:   For lack of better words, and bringing it to this nice property that people wanna live in, and have pride of and then be able to, eventually down the road, sell that and see everything that you’ve done. That’s just is awesome in itself.

 

Rod Khleif:               Sure.

 

Todd Dexheimer:   My other kind of goal passion is to be able to give back. I want to have an education type platform, where we’re teaching underserved people how to be financially free.

 

Rod Khleif:               Love it.

 

Todd Dexheimer:   Not necessarily financially but to actually understand and be able to work their finances. Just so they can pay the bills because there’s so many people out there that just don’t know how to handle their money.

 

They get it, and they lose it immediately. It goes back to my very first tenant that I ever had, who is on Section 8. I truly believe she wanted to get off Section 8. She just got it and didn’t want to be there. Her mom had had her, her whole life. She wanted to do it, but she didn’t know how. She ended up failing and never getting to that. I’m sure, I don’t know where she’s at right now but my guess is she’s still on Section 8 because she’s in that cycle. And it’s hard for her to get out of it.

 

So that’s what I wanna try to…

 

Rod Khleif:               And there’s people there that have minimum wage jobs, or they’re there and they are on the same cycle.

 

Todd Dexheimer:   Yeah.

 

Rod Khleif:               It’s the same thing. They may not even be on assistance. They may be just struggling.

 

Todd Dexheimer:   Struggling. Yeah.

 

Rod Khleif:               I love it. And they don’t teach this stuff in school.

 

Todd Dexheimer:   And right there with what you just said, is another thing that I want to do. I want to be able to build this thing into a powerful tool and then be able to affect the schools, and try to get into the public schools.

 

I used to be a public school teacher. I taught industrial tech but you didn’t see it in the schools at all, very little financial education. And even in college, quite frankly. So I wanna be able to get that into the schools a lot more, so kids can hear it and understand it, and know how to, at the very least, know how to deal with their finances. So when they make money, they can keep some of it and they can actually pay their bills.

 

Rod Khleif:               Wow. I love where you’re heart’s at man and I’m in the same place, that drives me as well. Good luck with that. I’m certain you’ll be a success…

 

Todd Dexheimer:   Yes, thank you.

 

Rod Khleif:              If you apply the same focus and energy to that, as you’ve done to your portfolio. I’m sure you’re gonna do a lot of good for a lot of people. I salute you for that my friend.

 

Okay, well Todd, thank you so much for being on the show, buddy. You’ve added a lot of value. Hopefully, I’m sure you’ve inspired some of my listeners to what’s possible. Let’s stay in touch my friend.

 

Todd Dexheimer:   Alright. Thanks for having me on.

 

Rod Khleif:               Alright. Absolutely. Take care.

 

Todd Dexheimer:   You too.

 

 

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Thank you for listening to the Lifetime Cash Flow Through Real Estate Investing Podcast. If you’ve enjoyed the show, please subscribe, and then take a moment to visit iTunes and leave a five star rating and review. For more resources to connect with us further, please visit our website at lifetimecashflowpodcast.com. Tune in next week for our next show.

 

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