802: Codie Sanchez: Passive Income is a Scam, Do This Instead

Publish Date: 2023/8/8

BiggerPockets Real Estate Podcast

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Shownotes Transcript

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!

In This Episode We Cover:

How to buy a “boring” business that will build wealth for you

The passive income scam and why the money you make comes with a cost

Hiring out your business so you can spend time doing what you want

The talent management “secret” and how to keep the best employees around for decades

The businesses that real estate investors should look at buying

Codie’s rules of thumb that she follows when buying ANY type of business

And So Much More!

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