Making Dough: Bakers' Sons in Multifamily Investing - Bruce Wuollet Episode #74

GUEST BIO Bruce Wuollet grew up in a family bakery business in Minnesota. Over the next 16 years he worked in all areas of the business from baking to cake decorating to sales to deliveries which gave him a unique perspective of business. Early on he was able to identify and learn the importance of building systems along with relationships in everyday operations. Dating back to 2001, He gained his knowledge in real estate working in tax liens foreclosures. As an opportunist, he then pursued vacant homes that were not in tax lien foreclosures. He was able to have three investment homes, a duplex and a triplex by the summer of 2002. In the same year, he partnered with Jack Martin, another son of a baker and together they formed Bakerson, LLC. Today, Bruce specializes in multifamily apartments, which he refers to as the business of Togetherment, as opposed to “apart.” He values the communities that he brings together over everything and takes full pride in what he and his partner have built both—ironically—as sons of bakers. Together they are making more than just dough—their portfolio shows just that, under Bakerson, LLC. THE REAL ESTATE FOUNDATION 01:21  Guest Background 08:00  What strategy Bruce Wuollet focused? 12:21  How to deal with opportunities? 15:45  Evaluating the highs and lows of the business 20:30  Dealing uncertainties events that affects the economic - extended spring break 30:48  Finding a potential property 39:30  The gap between Class A and Class B KEEPING IT REAL 43:13 Keeping the lighthouse lit - always make an offer and talk to investors about opportunities 44:00 Onyx App - hunting app that tells who the owners are 45:24 Agile CRM - deals specific for raising capital ANSWERS TO THE RAPID FIRE QUESTIONS IN THE SHOW: 49:19 Favorite book - Relentless by Tim S. Grover 49:25 Best Habit - Listening to positive mind people with morning coffee 49:39 Best tool - standing desk 50:02 One 300 apartment vs 3 apartments of a 100 units - three 100 unit buildings 50:23 Class A or Class C - Class C 50:35 Cash flow vs Equity - Cash Flow 50:44 Self managed or Outsourced - Outsource 50:53 Superpower in Real Estate - getting other investors to treat the residents with dignity 51:12 Describe a successful investor - Intensity BOOKS MENTIONED IN THIS SHOW Rich Dad Poor Dad by Robert Kiyosaki Relentless by Tim S. Grover NOTABLE QUOTES (KEY LESSONS): “If you do what others won’t, you will get what others can’t.” “Keep the lighthouse lit so that people knows we’re out there” CONNECTING WITH THE GUEST Phone number : 520 808 9111 Website : Bakerson.com Email : [email protected] Facebook, LinkedIn #ExperimentMultifamily #Multifamily #RealEstate