Subscribe via:
Show Summary
In this episode of the Real Estate Pros podcast, host Q Edmonds interviews Todd Dexheimer, a multifamily property investor and entrepreneur. Todd shares his journey from being a high school teacher to becoming a successful real estate investor, discussing the importance of taking action, building relationships, and the lessons learned along the way. He emphasizes the significance of enduring through challenges and the value of collaboration in business. Todd also outlines his goals for Endurus Capital and offers insightful advice for aspiring entrepreneurs.
Resources and Links from this show:
-
Listen to the Audio Version of this Episode
Investor Fuel Show Transcript:
Todd Dexheimer (00:00)
I’ve went through many paradigm shifts and by paradigm shifts, I’m talking about just believing what is possible and then doing what is impossible or what you used to think was impossible. So perfect example, when I first started this business, my paradigm wasI am capable of flipping houses and buying one to four families. That’s who I am. came from humble beginnings. I’m not some rich guy that can buy a 200 unit apartment complex, right? So that was my paradigm, but I finally allowed my paradigm to shift where now I’m able to buy 200 unit apartment buildings.
Quentin Edmonds (02:10)
Hello everyone. Welcome to the Real Estate Pros podcast. I am your host, Q Edmonds, and I am super excited to be here today. And you know why I say that, and I always preface it, maybe for those, maybe your first time, but what excites me about doing thisis getting a chance to hear from different people because we all are on different parts of this journey of life. We’re all on different parts of our real estate journey, investing life, or however, you know, the real estate professional that you may be.
And no matter if we’re doing the exact same thing, there still are nuances that make our journeys different. And so I’m so excited just to hear from different people and to hear from this gentleman today about the nuances of his journey. And I tell you all this team, they, know, oftentimes before we press record, the guests got away getting me fired up because they’ll say something and today’s no different. This gentleman, once he started talking about some different things, he had me over here fired up. So I’m excited.
I’m excited about this episode. And so I want to introduce the song and present to others, Mr. Dexheimer. Mr. Todd Dexheimer, did I get it right? How you feeling,
Todd Dexheimer (03:17)
yeah,yeah, you got it right. Appreciate you having me on. By the way, I love the poster behind you, make your own luck. ⁓ The old Z are just listening and not seeing. I love that because that’s what it’s all about, right? mean, luck plays into a factor, but luck doesn’t play into a factor at all if you’re not willing to make your own luck, right? You gotta take the action, you gotta actually do things. One of the biggest things for me for success is when I talk to people, it’s like, dude,
Quentin Edmonds (03:20)
Yeah.Todd Dexheimer (03:45)
You’ve got to take action because there’s so many people that dream about it, think about it, want to do it, but then they just have fear and let that hold it back. So love it.Quentin Edmonds (03:56)
I think you’re spot on. I have a saying. I picked it up from somebody. I just can’t remember who it was. It might have been Jay-Z the rapper. I’m not sure. But luck is when opportunity meets preparation. Right? When opportunity meets preparation. And so you need to be preparing your A-S-S off because when the opportunity comes, just seize the moment. Just show up. And so I’m with you, man. I’m glad you like that. And I hear you, man. We got to seize the opportunity because they don’t come all the time.Todd Dexheimer (04:08)
Yeah.Quentin Edmonds (04:26)
And so, with that being said, brother, I want to dive in, man. I want you to tell the people what your main focus is these days. Give us a little bit of an origin story, if you don’t mind. Like, we love to hear about your journey. So like, how did you get to where you are now? And tell us what part of the world you’re in, man. We would love to know where you are geographically. so, Mr. Todd, you have the floor,Todd Dexheimer (05:35)
Yeah, sounds good. Appreciate you. ⁓ So I’ll try to, I’ll give you the real cliff notes version and you feel free to like dive into any little details you want. But, so I, I’m in Minnesota. Our, company is called Enduras Capital and we buy multifamily properties in the Midwest. So we’re in Minnesota. We own some stuff in Wisconsin, Kentucky, Ohio, Tennessee. So I guess a little bit of the South too, but ⁓Mostly multifamily. That’s our bread and butter. We’ve got us some assisted living a little bit of retail a little bit of industrial but ⁓ Like I said multifamilies are bread and butter my background. I started as a high school teacher So I used to teach a shop class, ⁓ know woods metals Architecture all that kind of stuff welding. I still got all ten fingers. Don’t worry I didn’t lose any of them and none of my students lost them either. So that was a that was a big win
I did that for about five years and also was started in the real estate stuff, 2008. So was great timing, but yet the world was on fire at that time. everybody said to run away from real estate. Don’t get into it. You’re stupid. You’re crazy. Never think about it. Right. I got, I had bankers. had, I remember one banker, I was talking to her about getting a loan. This was like 2010. And she’s like, look, man, you’re, this is the stupidest thing I’ve ever heard.
It’s people like you that caused this and any bank that lends to you, they’re going to go belly up because of it. But that’s what people’s attitudes were at the time. You shake your head now because it’s like, geez, lady, that’s the most ridiculous thing you’ve ever said. But at the same time, everybody was saying that. So it was an interesting time in 2008, but it was the best time. was the best and the worst, which is definitely a big lesson I learned. ⁓
You know, just right away drinking from the fire hose. So, started flipping houses, buying one to four family houses, ⁓ as rentals, ⁓ built up my rental portfolio, to about a hundred, properties flipped well over a hundred, ⁓ deals as well. And then, you know, slowly evolved into kind of the multifamily. So now we really focus on a hundred plus unit buildings. However, we’re.
We’ve kind of recently started buying some, little bit smaller, like 50 unit, 40, 50, 60 unit, and we can dive into why if you want. So that’s, that’s my background in a nutshell.
Quentin Edmonds (08:10)
man, I love it. So I normally wait to access, but man, when you said Enderus Capital, I was like, man, that name for me is it, it reigned strength. ⁓ of course I think about endurance, but I would love to know the name, like what is the story behind the name Enderus Capital?Todd Dexheimer (08:32)
Yeah, I mean, it’s exactly what you just said. I mean, it’s about strength. It’s about sustaining power. It’s about enduring. We’re going to have good times and bad times. We might go through really tough times as a company, but we want to endure together. And so there’s three of us. It’s myself and two other partners. So yeah, it’s endurance, longstanding. It’s enduring in difficult times. ⁓ And it is kind of putting those together.That’s what we came up with.
Quentin Edmonds (09:07)
Yeah, yeah. No, I love it. And this may make, this probably makes sense to us. It may not make sense to everybody, but you know, the race is not given to the swift or the strong, just those that’s endure, that, that endures. Right. And so, man, I, it rings the bell because of course, if you endure your strength, your stamina is going to be increased. Your strength is going to be increased just by the fact that you’re just enduring. Right. And so I hear it, man. Like when you say it, just,For me, it clicks into my soul, And so, man, I was listening to you, what I call like your resume, know, I was listening to, started off as a teacher, you know, in Weldon. So you got all your fingers. Absolutely loved that. So glad you got all your fingers, You know, in 2008, that’s when you kind of started your real estate journey. Started your real estate journey. Over a hundred properties you flipped.
Todd Dexheimer (09:54)
Me too.Quentin Edmonds (10:03)
And so I have a saying, where I say destiny has no wasted moments, right? Meaning no matter what we go through in life, these moments throughout our journey, throughout our destinations of destiny, kind of fortify who we are now. And so I would love to know throughout your journey, man, what has destiny taught you about you? Has it taught you discipline? Has it taught you humility? Stick to it of this. Like what has destiny taught you about Utah?Todd Dexheimer (11:02)
Boy, I mean, that’s, yeah, that’s kind of all of those that you mentioned. I think a lot of it was taught to me just through my parents. You know, they were really good influences. I grew up in just a, you know, just a good middle-class house. My dad busted his butt, worked really hard every single day. He would, you know, go to work, get home.work on the house, work on the car, work on whatever, play with the kids, play with us. I was one of six. My mom, boss to her, but she either stay at home when we were young, but also ran a daycare to make some extra money. Then just always coming from that background and learned a lot of humility, learned a lot of ⁓ discipline. ⁓ My parents were very big on discipline.
And I think, you know, then when you look at the journey that I went, that I’ve gone through, you know, look at a lot of it’s working on yourself when you’re going to become an entrepreneur, when you’re going to try to be successful. You have to always understand your own limiting factors. For me, I think a couple of the limiting factors that I really had to work on were my confidence and my courage a little bit. Those are things I prayed about a lot, quite frankly. And, you know, I just,
Yeah, yeah, I see. Right? I think a lot of us, right? you know, you come from a, you know, I don’t know your background, but I mean, if you come from a humble background like that, you don’t necessarily see other people that are super, super successful. Not, my parents were very successful, but in a different way, right? So, ⁓ you know, so, so yeah, I mean, that’s just, you know, you’re growing that, but.
I think I come from a place of just, me, you’re saying who you are in a nutshell, I mean, I’m just a fairly pretty humble, disciplined dude that wants to make an impact on the world, wants to spread the gospel, to be somebody who makes a difference.
Quentin Edmonds (13:20)
Mm.Mmm!
Todd Dexheimer (13:28)
When I’m six feet under people are like that was a good guy and he really made a change in this world So yeahQuentin Edmonds (13:41)
Todd, man, bro, thank you for sharing. Thank you for the gift of your transparency and even, I would say, gift of your vulnerability, man. And I was writing some things down as you was talking, and you was talking about you being one of six. I’m one of eight. And I hear you with that just humble beginning. My dad has been a pastor for over 40 years, past in a small church, so he wasn’t rich, and he was bi-vocational.He passed it, also went to church. worked at a laundry mats for high-end hotels. And so just watched my dad work, I mean, his butt. My dad had chronic back problems. When he finally got it checked out, the doctors were saying, we have no idea how you’re actually walking because your spine is fused together in such a way that you shouldn’t be walking. But I’ve watched him.
Like you said, he go to work and then come home and fixing wash machines or fixing the plumbing. Cause I didn’t understand then, we don’t have the money for that stuff. I don’t understand it then, but you he got to do what he got to do. Cutting my hair when I was young, I didn’t understand it then, but he didn’t have the money to send me to the barbershop. Like, and so like you talk about justice for caring cycle, just hard work and discipline coming from humble beginnings. And so I hear you man. And I share that goal with you.
with wanting to share the gospel, just wanting to be used. And when I’m gone, when it’s all said and done, I just want to make sure that I finished and died empty, right? I poured everything out and I was supposed to be able to pull out and then just leave it there. And so I hear you, man. I just said all that to say, not the hard time, but just the double noun on what you said. I hear you brother, loud and clear, man. And so I want to ask you this, man, what is the next real goal? And you can comment.
Todd Dexheimer (15:30)
Love it.Quentin Edmonds (15:35)
on anything I said, I also want to say, ask the question, what’s the next real goal with Endorse Capital, man? Like, what are y’all looking to solve at Scale Next?Todd Dexheimer (16:24)
So I think for us, it’s just to continue to do a lot of the good things we’re doing and improve upon those. So ⁓ we took all of our property management in-house over the last year and a half. It’s continuing to grow the property management side of the business, ⁓ gain efficiencies, really do a good job on that side. You know, it’s been great. We increased occupancy, our average occupancy.over our portfolio increased by 6 % since we took over property management, our NOI has grown by 44%. So, it’s been a fantastic journey and we’ve got work to continue to do. And then we wanna just continue to scale the multifamily properties, continue to buy well-located properties that we can execute our value-add business plan on every property. We try to add some sort of value to
to the asset, try to improve the community. And so we want to continue that journey. So we don’t have these big, huge, crazy goals that need to happen. We definitely want to continue to scale. We want to grow. We want to get to a company size that we can have, you know, actively at one point in time, you know, five to 8,000 units. You know, right now we’re at roughly 3,000. ⁓
You know, we want to continue to be better and continue to improve upon what we’ve already built. Bring more and more in-house as well. know, construction, we do some construction in-house, but we want to be able to bring that completely in-house and really control the whole process.
Quentin Edmonds (17:53)
Gotcha.Mm-hmm, mm-hmm. I love how you keep saying we. You’ve been saying that from jump. We, and so you even talked about where your anchor is, and it seemed like you’re not a man that tends to go at it by himself. And so I want to ask you a little bit about relationships. Relationship within business and just your overall perspective when it comes to relationships. How important is it in business? How important is it to you?
Is it important to build quality relationships? Talk to me a little bit about relationship building,
Todd Dexheimer (18:49)
When I first started, I wanted to do everything by myself. That just was my mindset. I got to do everything myself, if I don’t do it, then it’s not going to get done right. And so I had that mentality. And in fact, I had that mentality even for quite a while. ⁓ I was doing a lot of the construction myself, so I finally started giving that up. But then I’m still doing a ton of the work myself.⁓ it was probably the biggest change in my paradigm shifted the one day I was, I had my car packed full of supplies from, ⁓ Home Depot and you know, it’s two by fours concrete bags, like all kinds of stuff. My car is like running at like a 45 degree angle, right? The back is just weighted down. It’s a Nissan Altima and I
I drive over a railroad track and the back end of my car completely got completely destroyed. The struts, shocks, everything. And it’s dry. It’s just, and I limp into the service station. That was luckily right after the railroad tracks. think they put it there because they knew that was going to happen to people. ⁓ so the service, I limp in there and you know, they tell me everything that’s wrong with my vehicle.
Quentin Edmonds (20:08)
Yeah.Todd Dexheimer (20:13)
whatever it was, $7,000 later, finally I got my vehicle back and I’m like, there’s gotta be a different way. And so that really changed my way of thinking and realizing that this is a relationship business. And every business by the way, is a relationship business. It’s not to be done alone. And you need people, you’re gonna need all kinds of different people. So some of the people that I have relationships with are my business partners. I have two business partners.partners, I mentioned that. But, you know, others are mentors. I’ve hired mentors. I have mentors that just, you know, have been around me. ⁓ I’ve certainly mentors from books and stuff like that. ⁓ You know, and then there’s relationships like I have a network of investors. They invest in our deals. ⁓ I’ve got, you know, brokers that I work with and lenders and
all kinds of people. it’s such a relationship business and every business is so relational. You’re not going to be able to do it alone. And if you try to do it alone, you’re only going to get so far. And you’re going to keep on doing stupid crap, like loading your Nissan Altima to the tilt and then slamming it over railroad tracks and slip it into a service station. That’s the results you’re going to get.
Quentin Edmonds (21:43)
Man, again, man, your authenticity and honesty and just to get to your transparency is so refreshing. And I too am learning, I had to learn not to do this by myself. And that’s just life and definitely with business. And I think one of my biggest hangups was I did not know how to ask for help. It wasn’t that I wasn’t willing to be helped. I just didn’t know how to ask for it. You get into this world where⁓ you just like isolation and solitude, man, and you really don’t know how to just speak up. And so that was like my issue. And so I love it, man. I love the fact that you talked about not doing this thing alone. Business is relational. And I always talk about, you know, community and culture and community is when you build something with people of common unity. And so I love it, man. It seemed like what you and your partners at Endor is that there is common unity, right? Y’all building something with the, with the end goal in mind together.
So I love it, man. I love how you talk about community. I love how you surround your people, surrounding yourself with community and stuff. ⁓ That’s excellent, man. That’s an excellent point that you brought out. I do want to ask, man, is there anything that any topic that I have not brought up that you would like to talk about? Or is there any other words of maybe education, inspiration, motivation that you want to leave? So I just kind of want to open it up for you instead of me just kind of asking you a specific question.
Is there anything that you want to bring up that we have not talked
Todd Dexheimer (23:14)
Look, I think, you know, for your listeners, ⁓ there’s a lot, there’s a lot you can, you can do in business and you have to, there’s a couple of things you have to think about is, is first of all, what are you, think what I see a lot of people struggle with are, is everybody wants to do what somebody heard on a podcast or somebody was told was super valuable. And there’s so many different ways to succeed in business and you have to figure out the right path for you.⁓ I’m good at specific things. I’m not good at everything. And it’s easy to think you have to do everything. You just don’t. Like for instance, know a couple, thinking about one person in particular, he thought he had to, in order to get into a multifamily, he thought he had to raise millions of dollars. And he’s just not good at raising money. Like he never will. Like he’ll raise a couple bucks here and there from a few people that end up, you know, jiving with them, but he’s just not good at it.
Like he’s not a salesperson, he’s not good at it. That should not be that person’s focus. And that’s okay. Like it’s okay not to be good at everything. So I think number one is try to figure out what your jam is, what you’re good at, what you can solve. You’ve got gifts, figure out what those are and how you can best utilize those gifts. And then surround yourself with people that have the gifts that maybe you’re lacking, right? And so for that person in particular,
Hey, you’re not good at raising money. You probably should figure out a partner or other people that can raise money to help you if that’s what’s needed in your business. So that’s number one. Number two is, I already mentioned it, but I think the most important thing to do is to take action. And action can start with just reading a book, ⁓ but you have to take action. And eventually it’s beyond reading a book, right? Because I do know plenty of people that have gone through every course.
They know everything they need to know about
real estate, multifamily, raising money, whatever it is. And they’ve gone through every course. They’ve spent hundreds of thousands of dollars on mentors, but they never take action. And so you have to actually do the things to make you successful. If you’re not willing to take the risks, if you’re afraid to take those risks and take action, you’re going to get that for results.
The last thing I’ll say is I’ll always have an open mind to be able to shift your paradigm.
I’ve went through many paradigm shifts and by paradigm shifts, I’m talking about just believing what is possible and then doing what is impossible or what you used to think was impossible. So perfect example, when I first started this business, my paradigm was
I am capable of flipping houses and buying one to four families. That’s who I am. came from humble beginnings. I’m not some rich guy that can buy a 200 unit apartment complex, right? So that was my paradigm, but I finally allowed my paradigm to shift where now I’m able to buy 200 unit apartment buildings.
And that’s not out of the question, right? And so allow your paradigms to shift. Always be open to that and always be challenging.
your current paradigm and what is going on. So if somebody else has done it, you can do it as well. It just might be different steps. might be, you you need different people in place, whatever it might be, but you can also get there.
Quentin Edmonds (26:48)
Man, such wise words, man. We talk about that paradigm shifting. There’s a book I’m finishing up. It’s called Gradually Then Suddenly by Mark Batterson. ⁓ Just a phenomenal book. And it talks about how success happens in ways, gradually, then suddenly, right? know, it’s sometimes it’s a slow turn and you’re putting in the work and then suddenly everything just sparks. And when you talked about that impossible, yes, in a book.where he says, it goes from, when you attempt to do something, it goes from impossible to hard to done. It starts off like, ⁓ this is impossible. Once you start moving towards it, you’re like, woo, this is hard. And then once you get past hard, you’re like, man, I’m done. And so I think that’s a powerful message that you sent, man, about being able to and willing to allow your paradigm to shift. I love that, Love
Todd Dexheimer (27:44)
So I want to say one thing on that and I agree with you or that book is that that’s what it starts with. By the way, like that’s the social media world that we live in where you think that everybody just got it done right away. You know, we don’t see the impossible hard and sometimes, and those, by the way, those take different amount of times for different people, for different market cycles, for all kinds of different reasons that could take, like that impossible and that hard.might be many years. Read the book Shoe Dog, like Phil Knight. Man, his impossible and then hard, his hard lasted for decades, decades before it became easy. All of a sudden he was an overnight success after 20 years of slogging it out and barely, barely making it through, right? Pretending to be successful. So.
That’s the key. that, then what I would say is once it becomes, once it becomes easy, once you get there, then you got to re-challenge yourself and you got to figure out what’s impossible next. And so you can work on the what’s impossible and then the really, really freaking hard and then get there again.
Quentin Edmonds (29:00)
Look, this is the mic. That’s the drop, bro. Listen, man, if someone wanted to reach out to you, connect with you, learn more about what you’re doing, man, how can they get in contact with you,Todd Dexheimer (29:04)
HahahaYeah, I appreciate that. ⁓ our website’s EndurusCapital.com. So it’s E-N-D-U-R-U-S, EndurusCapital.com. I’ve also got a podcast. So after you’re done, listen to this. ⁓ know, Pillars of Wealth Creation is another podcast you check out. ⁓ It’s on every channel. Wherever you listen to this, you can find Pillars of Wealth Creation. We’ve got nearly 900 episodes. So it’s, you got a couple episodes to look through. ⁓
Those are probably the best two places, but I’m also pretty active on LinkedIn. post, you know, kind of what our projects are doing, happenings of those. ⁓ Try to make educational posts for people that are wanting to get into business or real estate that maybe they can learn some stuff from as well. So feel free to connect with me on LinkedIn. Let me know where you found me, of course, so that I make sure I actually connect and we can chat too.
Quentin Edmonds (30:13)
Oh man, so let me say three things to you. I, well, this is not one of the three things, but lately I have been listening to my body and emotions just seem to come out of nowhere lately. And I know why I didn’t have to coming out of nowhere. I’m being very intentional of working on me, working on my soul, working on my heart to not have offense. I’m being intentional about being the same person. I am in private as I am in public. I’m being very intentional. And so it requires just a lot of digging. And so.I feel things in my body. feel just the emotions. And as I’m about to say this to you, I just started to feel the emotions because I appreciate you, man. I appreciate your soul, your authenticity, how genuine you are. And I am picking up on that genuineness just through this podcast, man. And so there’s three things I want to say to you. One, I want to thank you for your time. Yeah, absolutely, man. I want to thank you for your time because you could have been anywhere in the world.
Todd Dexheimer (31:03)
Thank you.Quentin Edmonds (31:11)
you’re here and I appreciate that. Two, thank you for your story, for your narrative. Since we’re both Jesus lovers, Jesus taught in parables, like the story of our lives and sharing our journey, has a way to plant a seed in people. We may never see the growth, but it plants the seed and later on that seed may take root just because it’s something that we said. So thank you for your story. Lastly, man, thank you for your perspective. Thank you for your mindset, bro, the way you think.and bringing that perspective to this podcast. Sincerely, man, I appreciate you being here today. Thank you so much for coming.
Todd Dexheimer (31:48)
Yeah, well, I appreciate you. Appreciate you having a podcast like this platform. I think it’s great. Your audience gets a ton of value out of what you bring. it’s always fun to see other good podcasts around that have a ton of good value. So I really appreciate you bringing that every time too.Quentin Edmonds (32:09)
I really do, So listen, y’all heard Mr. Todd. Y’all got the nuggets. Y’all got the value. Look in his show notes, connect with him. Definitely check out the Pillar of Wealth creation podcast. Get in contact with him, collaborate with him. Definitely, though, make sure you are subscribed here, because I keep telling you, we’re going to bring up amazing people. We’re going to continue to do it. And I keep telling you, call me out when I’m wrong.Call me out and say, yeah, that one was a dud. Because it’s just not going to happen.
