Laundromats, Carwashes & More W/ @CodieSanchezCT

"the real key there is that you have to have crazy systems and processes and once you have those systems and processes it's actually pretty easy but um I think getting the right stack of them is really useful and so they've they've crushed it with that I think if you have a laundromat that can do a couple hundred K in revenue and is and is big enough to support that kind of Revenue it's a really good model probably for wash and fold"

"I want to buy things at a massive discount during this maybe Market recession and do a turnaround"

"in the worst markets that have existed and whatever it is that I'm doing what happened to my asset class or my investment and in the case of options not only can you go to zero but you could be levered and you can go to more than zero you can owe more money than you even invested"

"do you actually understand contextual investing meaning like this thing could make X this thing could make y this thing could make Z and all these things made something else historically and most people don't like to talk about that because it's so much easier to say I made fifty thousand dollars with my Airbnb and you can too"

"and opportunity cost which means if I buy a vending machine for 10K is that the best utilization of that 10K possible and I think people should spend more time studying how do I become a good investor"

"restaurants have terrible margins they go out of the business pretty much constantly"

"laundromats pretty low failure rate actually really consistent business super simple not that expensive to get into"

"I had a couple e-commerce type businesses when I was a teenager um young adult and they absolutely failed"

"90 of your income coming from this laundromat comes from Wash and Fold I in the profit loss statement I see no money set aside for labor you need to find out now where is that labor cost"

"this guy was like look at this laundromat deal this is the greatest thing I've ever seen Brandon and he called me he signed up for a phone call with me two weeks before he was going to go into contract on this laundromat and I was like why do you want this job I said what do you mean this is a laundromat investment and I said 90 of your income coming from this laundromat comes from Wash and Fold I in the profit loss statement I see no money set aside for labor you need to find out now where is that labor cost he makes a phone call oh it's the owner the 70 year old owner and his 68 year old wife and I said how and he's like they work only eight hours a day I said eight hours a day for two people they work 16 hours a day for that it would they they were only making seven thousand dollars a month I wanna say eight thousand dollars a month and I said you're going to be making a job"

"you can't look at a profit and loss statement you can't look and say where's the labor cost like where where is where is the work for this business I see income over here and it's one of those things I think that's often really missed that's why I wanted to do a podcast and jump on live because in a YouTube video it's hard to get that kind of nuance there with this stuff it's doable but it's not easy I'm convinced that sixty seventy percent of the population in the United States can run a profitable business but I'm also realizing that there's a lot of work that has to go into it and if you don't put that that effort into it to starting a business that's fine if you don't want to earn a business that's cool but for those that do I want them to learn the basics I want to learn them to learn the process so they can be actually profitable as opposed to being like the guy that tried to get me to buy his his restaurant and it was bleeding 75 000 a year because they were buying and letting half of the food spoil"

"I really think businesses are like clothes like you have to try it on for yourself"

"I want to buy newsletter companies right I want to buy real estate for all of my boring businesses to get put into I want to buy things at a massive discount during this maybe Market recession and do a turnaround"

"maybe not the vending machines but something a little better like maybe a laundromat or a car wash or single family detached real estate or something along those lines that's relatively easy to get started if you have a little bit of capital lying around"

"the laundromat thing is repeatable the car wash thing is very repeatable"

"in the case of options not only can you go to zero but you could be levered and you can go to more than zero you can owe more money than you even invested"

"you can either scale you can scale your laundromat you can scale your car washes it's hard to scale vending machines"

"another guy owned a tractor and equipment rental company and he's about my favorite with him his name's Robert I won't say his last name but he was one of my First Investors and like kind of gave me a check back when I I was nervous if I would get that from people and um and he used to say to me well you know I'm just a I'm just a dumb kid from Texas you know I don't know anything about this and I was like total shark anytime anybody tells you that you have to know they're immediately lying and they're super smart um but yeah he made it all from renting out tractor equipment and building up a business and then he sold it"

"and I know multiple people in this area that are worth tens of millions of dollars 25 to 50 million dollars and they made it off Agriculture and Grain and farming know a guy they make millions of dollars a year by running tractors down the cornfields or soybean fields and they have a machine and they just put tile down in"

"I looked at a sewage company four or five years ago pre laundromat days and they charge 475 dollars per septic system they pump out in Southeastern Ohio how many of those do you do you do four of them a day four a day first seven you know sorry 475 that's like what that's like nineteen hundred dollars you make 1900 a day off a five fifty thousand dollar septic truck"

"Business is hard to come it's hard to clone or copy because somebody else has to have that money they have to run Logistics the same way that you do and they have to have the desire to get into it"

"successful restaurant almost possible so restaurants that come and go are dime a dozen"

"I don't know how many people like you know offhand in your own personal Circle that I I would love to interview my friends yeah and I'm like you should go on my podcast and like never in a million years 100 why because you talk about money and you use actual numbers and profit margins and how much you're you know your 537 mortgage for the laundromat because you sell or Finance"

"I really believe that decentralization AKA lots of small businesses means more freedom it means that on a governmental basis and it means that on a capitalistic basis"

"when you get to this point in running businesses like there are more opportunities out there than I know I know what to do with"

"I want us to be the biggest media company when it comes to small businesses like that's my goal I want us to be synonymous with the idea of Financial Freedom and Main Street and if we can do that I think we can help a ton of people but also it's super fun to like democratize education to this"

"what if instead we treated business education and we try to create business education videos that were like a music video right they were like so entertaining like you couldn't help watching but you actually learned and digested and kept in your brain a bunch of the stuff"

"the next sort of Leverage trade in this world is what can you do with eyeballs"

"it's always going to take more than 59 second short form video the short format video is going to get motivated that'll be happy but it's going to take more than 59 seconds to fill out a loan application with FHA it's going to take more than 59 seconds to go look at a house"

"how much time did Brandon spend on his first the laundromat that I do my videos on and it was like it took me 10 hours as a established investor in real estate looking over deals on a regular basis to get that deal and another 50 100 hours to fix the laundromat up review my contractors make sure that was going on"

"start now the biggest regret I think of every person I've ever spoken to who's super wealthy is that they didn't start sooner"

"second best piece of advice is get around the people who have already done the thing that you want you will save yourself ten thousand hours and thousands of dollars if you first copy other people's homework and then iterate and then innovate not the other way around"

"I think if I was to look back there's so much I would have done differently I would have actually worked with a laundromat expert I would have gotten in the right Community I would have bought a bigger deal"

"when you're putting your own money on the line and you don't think it is a an F yes kind of deal like it's a no if it's not an FES it's a no"

"if you don't have money and you don't have expertise in something you can use your time AKA Sweat Equity to either deal source for people you can use your time to help people operate a business you can use your time to help people review investment deals"

"the easiest way to make money is to continue to do more of the thing you're already doing so let's say he's already maximized his return on his salary and his time then the second thing I would say is"

"he said you have to work hard and my grandpa's a great guy but he didn't die rich um he worked hard every day of his life but he got a job working at a power a coal-fired power plant that's all he did and it's like he never did anything to make more money at that job"

"just like the S P 500 ETFs because those are relatively low risk and you'll feel pretty good about it at some point"

"learning to run somebody's business learning to take the business over or you need to be learning to investing and as you do that you you'll start offloading that job that you're you might not like and you can offload that to something that's going to make you more money"

"I actually had a book stand out front of my parents house and I had subjects my little brother and my little cousin and they were they were not paid so they were you know surf labor and and I would get them to put all of the books outside into this book stand and we would sell this these books for whatever I thought was reasonable for a book at the age of like 10."

"we started off repairing people's paintball guns and at 15 16 years old I have no had no mechanical aptitude but it was we're so passionate about learning to fix things because we knew we could make money"

"my biggest investment mistake um even bigger than not buying more Bitcoin when I got into a 2011 because that's okay was probably when I had my first successful e-commerce business back in 2009 2010 I was doing affiliate ebook sales just made tons of money off of it six figures in o9 um I took all that money and invested it in somebody that was my friend at the time"

"the lesson learned there is one of my partners really wanted to do this deal and I think we were in for there's either 1.2 or 1.5 million dollars to buy out this I'll say a media company in cannabis and I didn't like the deal I didn't want to do the deal when I looked at the numbers I thought it wasn't sustainable what was happening then on a go forward basis and the lesson and we did the deal and you know because I kind of I went against what I thought my gut was I like let somebody else sway my positioning"

"I would need to understand that you're probably wise to pay back that debt but then you need to be getting experience in some sort of investment and could it be a boring business it might be could it be just just regular investing in the stock market could be I don't know about your personal skill set it's stupid for me to as a a guy sitting here in Ohio tell you what you have to be doing because I don't know anything about you guy that's listening to this but I do know that I think that people are more capable than they give themselves credit to so that spare time you need to be learning to run somebody's business learning to take the business over"