Codie Sanchez doesn’t believe in passive income but still makes millions of dollars a year with businesses that don’t require her input. To her, building businesses isn’t the “set it and forget it” dream that most investors think it will be, but it sure beats having a job. Codie has built her wealth by buying “boring” businesses that most people overlook. Car washes, laundromats, and self-storage are some of her portfolio favorites, and they could make you a killing too.
So, what business should you buy? In today’s episode, Codie goes over the exact type of businesses real estate investors should be looking into, what to do before you even begin your search, and how to hire someone else to run the business so you don’t have to. But you might think, “I have no experience doing ANYTHING like this.” Thankfully, you don’t need to be a former CEO or investing expert to buy profitable boring businesses, but you need something almost everyone has.
From there, Codie dives deep into the secret of “talent management” and how to keep great employees around while making them rich, plus the one partnership tip that could stop you from getting scammed and losing hundreds of thousands of dollars (this happened to Codie). Want to buy a business and leave your nine-to-five behind? Tune in!
David:
This is the BiggerPockets Podcast show, 802.
Codie:
I hate the line passive income. I know that’s a real estatism. When people say they want passive income, what they’re really saying is, I don’t want to be tied to a business. I don’t want somebody else to own my time. I don’t want to have to work and stay away from my family. But there is no such thing as purely passive income. I think it is a complete and utter fallacy. The only way that you can get passive income is by doing upfront active work.
David:
What’s going on everyone? It’s David Greene, your host of the BiggerPockets Real Estate Podcast? The biggest, the best, the baddest real estate…