The Norris Group's Legacy Series is interviews with I Survived Real Estate Rohny Award winners. Next up in the 2020 series is real estate mentor and educator Dyches Boddiford. The Rohny Award is given every year to a real estate educator or mentor that has impacted the real estate investment market and many careers along the way.
Dyches Boddiford (pronounced Dykes) grew up on a farm in rural South Georgia, 10 miles from the small town of Sylvania.
Dyches attended the Georgia Institute of Technology, graduating with a BS degree in Physics in 1971, an MS in Information & Computer Science in 1972, and post-graduate work in 1973. Though never having had an electrical engineering course, he accepted an offer from a small Atlanta company as an Electrical Engineer beginning in 1973.
In 1980 he began to learn about real estate and buy property on a part-time basis. His first property was his own home, but soon was picking up rental properties as well.
Then around 1984, because of his travel schedule, Dyches began studying and purchasing discount mortgages. He saw this as a way to invest in real estate without the need to deal with the property itself. But even then, he continued to add properties to his portfolio for the tax advantages and appreciation.
In 1991, a national company on the New York stock exchange purchased the company for which he worked. They reorganized the company and Dyches was let go. At that point, he was in the third year of a five-year plan to replace his salary with his real estate income. He began working full time in his real estate investments and in 1992 earned more than he had worked for his old employer. His regret is that he didn't go full-time 10 years earlier.
During 1991 Dyches was President of the Georgia Real Estate Investors Association (GaREIA). He was instrumental in securing the first permanent office space GaREIA enjoyed.
During the early 1990s, most banks and financial institutions were unwilling to finance manufactured homes. Dyches saw this as an opportunity to profit. He studied what others were doing and devised his own program to purchase used homes cheaply and sell them with owner financing at retail prices.
During the late 1980s, Dyches and another investor had researched the use of land trusts in Georgia. By 1992, they decided that because they were getting so many calls asking about trusts, they would teach a weekend class for GaREIA. Dyches also added a Corporation segment to the session to show how other entities could be used with the trusts.
Over the next couple of years, Dyches was approached by a national seminar promoter to teach Corporations for him. Thus the Corporate Fortress was born and has subsequently been licensed by an attorney to use with a presentation he makes nationally.
Dyches also developed his Mobile Home Money Machine course to teach others how to make money as he did in manufactured homes. When he began to develop subdivisions for mobile homes, he joined Newton Boykin in writing the book Deals in Dirt.
Even though he has added additional courses over the years and is a national speaker, Dyches has remained a full-time real estate investor. That is his main business and feels that only by being active in real estate investing can he bring real-world experience to his classes and materials.
Bruce and Dyches talk about strategies , how he began teaching and how his daughter is carving her own niche in real estate.
The Norris Group originates and services loans in California and Florida under California DRE License 01219911, Florida Mortgage Lender License 1577, and NMLS License 1623669. For more information on hard money lending, go www.thenorrisgroup.com and click the Hard Money tab.
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