BiggerPockets Real Estate Podcast

BiggerPockets Podcast 104: How to Build a Scalable Real Estate Business and Design an Incredible Lifestyle with Todd Whiddon

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Real estate investing has the power to change your life. Today on the BiggerPockets Podcast, we chat with an investor who’s tried his hand at everything from house flipping to new construction — and much more! Our guest Todd Whiddon shares with us how he is building a massively successful business while still making big plans to achieve the life of his dreams. Listen for tips on how Todd has handled failure and come out the other side stronger for it, as well as his input on successfully building a solid team and managing a business.

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Whatever avenue of real estate investing you’re focusing on, don’t miss out on this episode! It’s sure to leave you inspired and motivated to take your investing to exciting new places.

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Sponsor

logo_c04f5f61-f5d8-4333-a2b7-a12a07d8bfd3_mediumWe just wanted to give a shout out to our podcast sponsor on today’s show: YellowLetters.com. YellowLetters is a full service marketing company that helps hundreds of BiggerPockets members find more deals and make more money.

Learn more by visiting YellowLetters.com.

In This Show We Cover:

  • How Todd got started in real estate after the collapse of this multimillion dollar company.
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  • The story of his “two starts” in real estate
  • Flipping property after the crash
  • The ins and outs of Todd’s “live and flip” strategy
  • Why you might want to run a real estate business like a cabinet business
  • Tips for building a top notch team
  • How to successfully manage a business
  • Problems Todd has faced in his real estate career
  • The huge flooring mistake Todd made when he started flipping houses
  • The details of how tax sales work
  • Lessons on performing due diligence on a property
  • How to transact a business the right way
  • Plus MUCH more!

Links From the Show:

Books Mentioned in the Show

Connect with Todd

Real strategies that work for real people seeking to build wealth through real estate investments. Co-hosted by Brandon Turner and David Greene, this podcast provides actionable advice from investo...
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    Jessica H. Flipper/Rehabber from Easton, PA
    Replied about 5 years ago
    Thanks for the podcast, I enjoyed it and learned some also!
    Todd Whiddon Residential Real Estate Agent from Atlanta, Georgia
    Replied about 5 years ago
    Hey Jessica! Thanks for reaching out! Seems like you guys have a GREAT thing going in Pennsylvania! Glad you found something useful amongst my mumbling!
    Jonna Weber Real Estate Agent from Boise, ID
    Replied about 5 years ago
    Todd -Thank you for sharing your wealth of experience with us. I especially appreciate how you were candid about things that can and actually did go wrong on your projects…and how you pushed through!
    Brandon Sturgill Real Estate Broker from Columbus, OH
    Replied about 5 years ago
    Todd, really enjoyed the show…and thanks for answering my forum question in the Fire Round!
    Todd Whiddon Residential Real Estate Agent from Atlanta, Georgia
    Replied about 5 years ago
    Jonna- LOL, That was just a SMALL sampling of things that can and have gone wrong on our projects! It would be the LONGEST podcast EVER if I went into more detail about the “Lessons Learned” from our Bajillion mistakes! It’s really beneficial for me to hear about others mistakes and misfortunes, and if I can spare someone else some of the “dumb tax” I have paid over the years, I’m happy to do so!
    Todd Whiddon Residential Real Estate Agent from Atlanta, Georgia
    Replied about 5 years ago
    Brandon- Thanks! Did you move forward with the Hobbit Basement House? If so how did you decide to handle the basement?
    Account Closed
    Replied about 5 years ago
    If it helps at all, we did a live-in flip of a house with a 6.5′ foot basement and keep the cost of converting the basement reasonable. There are really only 2 options that most people think of – lift the house to raise the basement ceiling or dig down. We did a version of the second. I had a 6.5′ basement, and we needed to get to 8′ for live-able space by code. So, instead of doing a huge dig project with foundation reinforcement work, we tore up the existing floor, dug down 2 feet in the middle of the basement, but left a cone of undisturbed earth under the existing foundation walls. Then, we laid in forms that came out from the existing foundation wall footing 18″, down 9″, out 18″ more, and down 9″ more. As you can imagine, after the concrete was poured into these forms, we were left with ” a ring of stairs” around the basement with 8′ ceilings in the middle. So, now you are probably wondering what we did with “the ring of stairs”. Well, we incorporated them into the final build-out be constructing closets, cabinets, and built in benches over “the stairs”. The end result was that you didn’t even know “the stairs” were there unless you opened a closet or cabinet and you could see where they were. This approach effectively DOUBLED the live-able space of the house. Here are the approximate numbers: Before – 1,000 sf, $505K purchase price in 2002 Remodel – $140K – not all in the basement After – 2,000 sf, $925K sales price in 2005 Not too shabby, but some of it was market timing and location Rockridge area of Oakland, CA
    Stephanie Dobbs Real Estate Broker from Bowie, Maryland
    Replied over 4 years ago
    Mr. Whiddon, This was a great podcast! Tons of awesome information and incredible motivation to encourage newbies (like myself) to get started in investing. I’ll be in Atlanta around July 4th, and would love to shadow you for an aspect of a deal. Please let me know if you are willing! Either way, congratulations on your continual success and what a phenomenal business you’ve built!
    Todd Whiddon Residential Real Estate Agent from Atlanta, Georgia
    Replied over 4 years ago
    Thanks Stephanie! I’ll see what I can do to show you some stuff here in the ATL! If nothing else you should stop by our Cul-De-Sac Fireworks party…EPIC!
    Angel Rosado from Bronx, New York
    Replied over 4 years ago
    Great Podcast and tons of info. I did have a question, do you think that if you wouldn’t have had the 50K from your parent and a partner having another 50K do you think that you would’ve entered the investing side? What other ways would you raise money? I also know that you have experiencing in both buy and hold and obvously flipping. Do you think that as a beginner, an individual should solely focus on the goal of buy and hold or should I also learn flipping to see potential in MF?
    Chris T. Investor from Downers Grove, Illinois
    Replied almost 4 years ago
    Great podcast!! I would love to get into this niche market eventually.