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

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! Links from the Show Find an Agent Find a Lender BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast BiggerPockets Merch Listen to All Your Favorite BiggerPockets Podcasts in One Place Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts Get More Deals Done with The BiggerPockets Investing Tools Find a BiggerPockets Real Estate Meetup in Your Area David's BiggerPockets Profile David's Instagram David’s YouTube Channel Work with David Rob's BiggerPockets Profile Rob's Instagram Rob's TikTok Rob's Twitter Rob's YouTube BiggerPockets Real Estate Podcast 614 BiggerPockets Money Podcast 416 BiggerPockets Business Podcast 105 Buying and Growing a Small Business With Little to No Risk Books Mentioned in the Show: Winning by Tim Grover Connect with Codie: Contrarian Thinking Codie's Instagram Codie's LinkedIn Codie's Twitter Codie's YouTube Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-802 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices