Episode #802

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 selfstorage 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 ninetofive behind? Tune in!

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Hear Past Interviews with Codie:
Real Estate: https://www.biggerpockets.com/blog/re...
Money: https://www.biggerpockets.com/blog/mo...
Business: https://www.biggerpockets.com/blog/bi...
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Buying and Growing a Small Business With Little to No Risk:
https://www.biggerpockets.com/blog/bi...
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Connect with Codie:
Contrarian Thinking: https://contrarianthinking.co/
Instagram: @codiesanchez or   / codiesanchez  
LinkedIn:   / codiesanchez  
Twitter:   / codie_sanchez  
YouTube:    / @codiesanchezct  
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Connect with David and Rob on BiggerPockets:
David: https://www.biggerpockets.com/users/d...
Rob: https://www.biggerpockets.com/users/r...
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Connect with Rob (Robuilt):
Instagram:   / robuilt  
TikTok:   / robuilto  
Twitter:   / robuiltchannel  
YouTube:    / robuilt  
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Follow David and BiggerPockets on Instagram:
@davidgreene24 or   / davidgreene24  
@biggerpockets or   / biggerpockets  

Show notes at: https://www.biggerpockets.com/blog/re...


00:00 Intro

02:57 Quick Tip

03:16 Ditching Wall Street to Buy Businesses

09:55 Passive Income is A Lie

25:00 Buying Businesses

32:35 How (and Who) to Hire

43:08 The Best Businesses to Buy

48:37 More People, More Problems

50:56 Connect with Codie!