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

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 8 August 2023

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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

Transcript

Click on a timestamp to play from that location

0:00.0	This is The Bigger Pockets Podcast.
0:02.0	Show 802.
0:04.0	I hate the line passive income.
0:06.0	I know that's a real estateism.
0:08.0	When people say they want passive income, what they're really saying is,
0:10.0	I don't want to be tied to a business.
0:12.0	I don't want somebody else to own my time.
0:14.0	I don't want to have to work and stay away from my family.
0:16.0	But there is no such thing as purely passive income.
0:18.0	I think it is a complete and utter fallacy.
0:20.0	The only way that you can get passive income is by doing upfront active work.
0:30.0	What's going on, everyone, is David Green your host of The Bigger Pockets Real
0:40.0	State Podcast, the biggest, the best, the baddest real estate podcast in the planet
0:44.0	here today with Rob Abasolo from one of his former hometowns,
0:48.0	Los Angeles, we're here at the Spotify studios.
0:50.0	We're partying in person.
0:52.0	Live from the Spotify studios.
0:54.0	You and I are live right now.
0:56.0	It's not going to be live.
0:58.0	We've recorded from Los Angeles at the Spotify studios.
1:01.0	Where Rob and I are going to be interviewing Cody Sanchez.
1:04.0	We've had Cody on previously on The Bigger Pockets Podcast, episode 614.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.