In today’s show we delve into the world of commercial real estate investing with Sam Wilson, host of the How to Scale Commercial Real Estate Podcast and founder of Bricken Investment Group. Commercial real estate is an incredible compliment to your laundromat business portfolio and can be an incredible way to build wealth and diversify your investments.

Sam is an experienced commercial real estate investor and syndicator and brings a ton of wisdom and knowledge to help you grow your commercial real estate knowledge base. Whether you’re just getting started with commercial real estate investing or you’re a seasoned veteran, Sam brings something fo you!

In today’s show, Sam and Jordan talk about:

  • The appeal of commercial real estate investing
  • How to get started in commercial real estate investing
  • How commercial real estate is valued
  • What a cap rate is
  • What you need to know before you invest in commercial real estate
  • How to add value to your commercial real estate 
  • How to add value to your laundromat business
  • How to scale your commercial real estate portfolio
  • How to find good deals on investment property

And a whole lot more!

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By Laundromat Owners.
For Laundromat Owners.

Today's Sponsors

AtmosphereTV We’re brought to you today by my friends at AtmoshereTV! Now You may have heard my interview a few months back with Mike Kelly from AtmosphereTV where we talked about what a simple change in content on your TVs can do for your laundromat by getting depressing news stations OFF and something much more fun, entertaining, and family-friendly ON.  Since then, Atmosphere has grown to 50+ channels included in their service with everything from Surfing Dogs to Extreme sports, hilarious fails, and jaw-dropping videos from all over the world built specifically for business use. Atmosphere can be used to supplement your cable or you can completely cut your expensive cable bill and use Atmosphere 100% FREE saving thousands a year! Use my code RESOURCE when you check out or click the link or image to have your setup fee waived or contact [email protected]Atmosphere.tv for more information!

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Sam's Bio

Sam is an active investor in self storage,
parking, retail, multi-family apartments,
RV parks and single family homes. He
hosts the “How to Scale Commercial Real
Estate Podcast”, where he interviews real
estate experts to give listeners the tips,
tools, and tricks to scale their investment
portfolio.
Sam holds his bachelor’s degree in
business finance from the University of
Memphis and holds his real estate license
in Tennessee. In addition to his years of
real estate experience, he also has a
diverse background in business
ownership, building construction, and
management.

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    Episode Transcript

    hey what’s up guys it’s jordan with the
    laundromat resource podcast this is show
    number 68
    and i’m pumped you’re here today because
    today i want to expand our horizons just
    a tiny little bit in a very related way
    i want to talk about some of the well i
    mean one of the best ways to build
    wealth as a small business owner besides
    building your business which obviously
    is our number one priority as laundromat
    owners to increase our laundry map
    businesses um however
    i always say man
    there is probably no better cash flowing
    investment than uh than a laundromat uh
    i mean it’s you know the whole valuation
    is built on cash flow the the multiplier
    is great you know you can get great
    returns with a laundromat
    love love love that about laundromats
    however i think that they’re also a
    great compliment to real estate
    investing and in particular i get a lot
    of questions and there’s a lot of
    discussion about
    owning the real estate of a
    of your laundromat and specifically
    that’s commercial real estate so what i
    thought i would do is
    have this amazing connection you may
    have heard of her her name is elizabeth
    brick and wilson she was a guest on show
    39 incredible episode if you have not
    listened to that one you gotta go back
    laudamatresource.com
    show 39 and listen to her episode uh but
    her husband actually has
    i mean he’s he’s a a commercial real
    estate syndicator and he’s got a daily
    daily podcast on commercial real estate
    called how to scale your commercial real
    estate and i subscribe to it i cannot
    keep up with every single episode but i
    listen to
    the relevant ones you gotta go subscribe
    to that if you’re at all interested in
    commercial real estate it’s an awesome
    awesome resource shorter episodes than
    this so you can you know listen to this
    one and you know absorb
    all of the wisdom here and then go take
    some bite sides uh snacks out of the
    ones over there how to scale commercial
    real estate i’ll link to that in the
    show notes um and just speaking of which
    real quick the show notes for this
    episode all the links that we talk about
    uh here will be found on the show notes
    that’s laundromat resource dot com show
    68
    all right learn my resource dot com show
    68
    find a link to
    sam wilson who’s our guest today his
    podcast how to scale commercial real
    estate uh husband of elizabeth bricken
    wilson who needs her own podcast too so
    elizabeth if you’re listening to this
    let’s figure out how we can get you a
    podcast and uh
    if not i’m going to give you a call and
    and hunt you down um and let’s get a
    podcast going with you all right uh so
    anyways
    awesome episode where we just dig into
    commercial real estate
    um i asked sam all kinds of questions
    about you know some of the perks of
    owning commercial real estate to how do
    we do this as a business owner and all
    kinds of great stuff
    really super informative episode
    and so i’m looking forward to sharing
    this with you guys hopefully you guys
    will find some value in it too
    because man it’s a it’s a great way to
    uh to expand your portfolio and uh man
    build a lot of wealth doing it um so
    this episode is great cannot wait for
    you to check it out
    real quick just want to give you a quick
    reminder man there’s still a ton of
    awesome stuff going on in the forums a
    lot of my resource dot com forums so go
    join those discussions haven’t tried to
    brainwash you in a while go ask a
    question go answer a question do that
    every single week we need to be
    connecting with each other we need to be
    interacting with each other and i mean i
    just saw uh dave a lot of my millionaire
    men’s shout out to you who by the way
    just hit a thousand subscribers on
    youtube way to go dude uh but he just
    put out a video i think on facebook or
    youtube or maybe both um that networking
    is everything so man we got to be
    networking so get over on the forums and
    uh man start networking asking questions
    answering questions interacting with
    people go check out the new member
    introduction forums uh and introduce
    yourself over there let people know who
    you are where in the world you are what
    you’re up to uh when it comes to
    laundromats
    and go look for other people in your
    areas and welcome some people too pretty
    cool community we got going on over
    there so go be a part of it uh there you
    go there’s your your uh dose of
    brainwashing for the day um lot of my
    resource.com forums go check it out um
    and as always man i just i need to throw
    just a quick shout out for the last week
    the last week has been incredible over
    here at london my resource
    i got to was super privileged to host a
    webinar with sense
    talking about the gig economy if you
    missed that one and that’s at all
    interesting to you
    how to use the gig economy to
    essentially you know either start or
    supplement your pickup and delivery
    business
    super interesting conversation that’s on
    my youtube channel i’ll put the link
    down uh in the description if you’re on
    youtube or if you’re you know checking
    out the show notes i’ll put the link
    there too
    for that
    really really cool there’s a replay
    there so so check that out if you missed
    that um did a live q a our 10th one with
    dave laundrette millionaire men’s and
    not only was it i mean that was probably
    our best one there was a ton of people
    at that one a lot of really great
    interactions we could not get to every
    single question
    and a lot of really fun interaction in
    the comments between you know not just
    dave and i answering questions but also
    just a lot of participation in the in
    the q a over there with a lot of
    top-notch laundromat owners answering
    questions in the chat too super cool
    but not only was that happening but dave
    did hit his thousand subscribers live
    while we were in that q a so that was a
    lot of fun really exciting
    that one
    um also there’s a replay on youtube so
    if you’re interested in checking that
    out uh make sure that uh you know you do
    and i’ll link to that in the show notes
    and youtube down in the description
    below um so that was a lot of fun and
    then we had our weekly webinar which was
    awesome as always last week i think we
    were talking about how to buy your first
    laundromat um this week’s webinar just
    quick shout out for that if you’re
    interested how to analyze a laundromat
    deal you know sign up for that and uh
    we’ll be going through that it’s pretty
    in-depth uh you know a little webinar
    that we do over there
    and uh man a lot of super cool stuff
    happening all last week so very fun
    looking forward to doing more and more
    stuff for you guys that helps you out as
    laundromat owners or you that are trying
    to buy your first laundromat so more and
    more stuff coming and cannot wait to uh
    just see you at the next thing so all
    right without further ado make sure you
    check out the forums make sure you go
    check out the replays to either that
    webinar i did with since or the live q a
    uh webinar
    uh not really a webinar it’s just a live
    q a i guess uh laundromat owners live i
    think is what we call 10th one
    dave got a thousand subscribers live
    super fun all right
    all right now without further ado
    actually uh
    well maybe a little bit further ado
    let me hit you with this uh little ad to
    help pay the bills then we’re gonna jump
    into it with sam wilson husband of
    elizabeth brick and wilson super good
    episode you’re gonna love it cannot wait
    see you on the other side
    all right guys today’s episode is
    brought to you by atmosphere tv you may
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    it out it’s incredible ton of value
    there one of the things we talked about
    is just the importance of creating a
    good positive atmosphere in your
    laundromat and i was just rereading the
    book by simon sinek start with why
    and one of the things that really stands
    out to me is that people
    don’t make purchase decisions based on
    you know the logic of
    you know any
    decision that they’re making to spend
    their money it’s more based on a feeling
    and an association and so it’s really
    important to
    uh create a positive feeling a positive
    atmosphere no pun intended uh and you’re
    a laundromat to help people associate
    this chore that most people don’t like
    doing with something positive atmosphere
    tv is an incredible way to help improve
    the atmosphere of your laundromat and
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    atmosphere tv can be a great way to
    either supplement your cable or a lot of
    us laundromat owners are cutting our
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    atmosphere tv they’re designed to be
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    an audio option that way you can kind of
    design the atmosphere of your laundromat
    the way that you want it so get rid of
    cable get rid of those news channels
    that are bringing negativity into your
    laundromat and fill your laundromat with
    positive
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    atmosphere so
    check out atmosphere.tv i’ll put a link
    down in the description on youtube or in
    the show notes check it out there make
    sure you use the keyword resource that
    we can get that thing for free and or if
    you’d like email mike mike.kelly
    atmosphere.tv all right sam how are you
    doing man thank you for coming on the
    show
    jordan i’m doing great man thanks so
    much for having me on ah it is my
    pleasure and for those of you guys who
    don’t know
    sam is the spouse of elizabeth rick and
    wilson who
    to this day is still one of my favorite
    guests on the show and that just leaves
    a whole lot for you to live up to right
    now man yeah good luck
    i i married way up
    so you’re getting the uh getting the
    lesser of the two interview uh
    interviewees here on the show today so
    uh uh it’s a good deal uh well you know
    what i mean in all honesty that really
    is one of my favorites if you have not
    listened to elizabeth’s show that’s show
    39 i’ll put a link to that in the
    description down below if you’re on
    youtube or if you’re on the podcast it’s
    in the show notes um you’ve got to go
    listen to that i’m pretty sure we rag on
    you a whole bunch in that show so
    and yeah
    it’s all good and as i think i’ve told
    you before like it’s uh it’s both true
    and um well deserved so
    i have i have no i have no defense
    well hey man i
    know that it’s probably you know
    undeserved but uh can you give us a
    little bit of background on you because
    i mean this is a this is kind of a
    unique episode for this podcast
    but something that i’m super interested
    in something i know a lot of people who
    are in the laundromat industry are super
    interested in and but tell us who you
    are and what it is that you do and and
    then we’ll jump into it from there yeah
    so my name’s sam wilson uh i live in
    memphis tennessee um and i’m in
    commercial real estate wasn’t i’ve been
    in real estate for about eight years it
    took me
    five of those years to figure out that i
    wanted to be in commercial and not in
    single family so i’ve monkeyed around a
    lot in the in the
    real estate space if there’s an asset
    class i’ve probably invested in it or
    touched it or been involved with it
    somewhere somehow except for industrial
    and office those are two that i’ve just
    never
    industrial of course is a great asset
    class right now but never really got
    into
    the rest of them yes i love them all you
    know for various reasons but yeah right
    now primarily investing in multi-family
    apartment complexes and self-storage and
    boat and rv storage which i put all
    under the umbrella of self storage
    um and yeah that’s uh that’s it man run
    a run a company here i stole my wife’s
    uh last name or your now middle name
    bricken because it spells the word big
    brick an investment group and i like
    that i like that my last name’s wilson
    and no one can find the wilson
    investment group wilson a second behind
    smith like oh you’re a wilson okay
    that’s nobody yeah uh so i wanted to be
    i want to be on the top of google um
    which it actually it is it works out
    really well uh yeah so that’s it man i’m
    here here in memphis we’re rocking and
    rolling buying apartment complexes
    across the southeast and um yeah just
    having a good time well hey man memphis
    is a great spot to be in multi-family
    and storage you know from what i
    understand that that’s a good place to
    be headquartered and everywhere kind of
    around there is is pretty awesome for
    that so yeah absolutely right there’s a
    lot there’s a lot within striking
    distance of here i don’t i don’t have
    any uh multi-family assets here in
    memphis for a variety of personal
    reasons um but it uh yeah there’s lots
    within striking distance up here that’s
    great so you’re absolutely right
    yeah well not only are you doing that
    and obviously you know if you’re on
    youtube here you can see he’s got brick
    and investment group that’s the big he
    was talking about there uh pretty
    awesome and i like the logo too it is
    it’s very big it’s very big um thank you
    not only are you doing that but you
    you’re i mean i mean this in the best
    way possible but you’re you’re insane
    man you’re crazy uh
    you host a daily
    podcast on commercial real estate am i
    right i do yeah it’s called it’s called
    how to scale commercial real estate so
    yeah the daily show we started that
    december 1st we were like episode
    on whatever it is december 1st until now
    270 268 i don’t know somewhere in that
    neighborhood yeah so yeah it goes out
    every single day and i have no intention
    of slowing down on that having a blast
    doing it
    meeting great people across the country
    and it’s uh it’s a hack a heck of as you
    well know from hosting a podcast it’s
    not that easy to do this yeah it’s a
    time block it is a
    not a distraction but it is in its own
    right a distraction from actually doing
    your work because when it hangs up all
    of a sudden and it’s five minutes late
    to this interview right because i’m
    going oh crud like i’ve got investors in
    the call we’re trying to talk about deal
    specs and
    oh yeah podcast
    it’s a complete year shift but it’s a
    ton of fun so yeah it’s a daily show and
    a little bit a little bit nutty but a
    good time yeah well elizabeth mentioned
    it on her show and since then i’ve been
    subscribed i cannot keep up daily but i
    pick them off when i can and i i kind of
    started cherry-picking the episodes that
    are most relevant to me
    um but awesome show manny i think you do
    a great great job with it and you were
    mentioning before we hopped on here and
    hit record that you’re an introvert and
    it takes you a lot of energy and you’re
    pretty much spent uh after doing all
    these podcast episodes but it does not
    come across that way at all well thanks
    thanks i i fake it well yeah absolutely
    man it’s um i could go days on end
    without talking to anybody and feel
    really good uh where elizabeth of course
    she’s the extrovert and she’s the one
    that stays home you know runs a
    laundromat but really has no interaction
    with the public in any capacity all day
    long i’m like how did this happen yeah
    yeah
    you’re the extrovert it gets quiet time
    and i’m the introvert on the phone
    talking to people all day this is a mess
    yeah exactly exactly well we we should
    probably just get her a podcast too how
    about that she would be
    she would be awesome you know i’m gonna
    i’m gonna contact her and i’m gonna put
    some in the works she does need to be
    hosting a podcast i think i’m gonna do
    this do do the commercial real estate
    podcast yeah
    let you go wander around the woods on
    your own yes yeah uh well hey awesome
    stuff man and again there’s a link to
    uh the podcast uh how to scale
    commercial real estate podcast
    in the description if you’re on youtube
    on the show notes go check it out go
    listen to it the reason i’m i asked sam
    to come on and the reason i’m super
    excited about this because i think
    there’s a lot of
    um connection between small business
    ownership and laundromat ownership in
    particular in commercial real estate
    obviously you know a lot of us are
    trying to accumulate our own commercial
    real estate and even if you don’t own
    the real estate you’re dealing with
    commercial real estate because you got
    to lease it right so one way or another
    you’re touched by commercial real estate
    so i thought it’d be awesome for us to
    maybe have a little bit better
    understanding of the commercial real
    estate space and uh man who better to
    have on to come
    chat with us about it than the
    sam wilson spouse of elizabeth rick and
    wilson
    so thanks that’s a tall order to live up
    to but
    yeah well tell us a little bit about you
    know what’s the appeal for you and maybe
    you know you talk to a ton of people
    obviously you’re talking to people all
    the time about commercial real estate
    what’s the what’s the appeal of
    commercial real estate investing
    well i mean you know for me going from
    single family that the appeal was uh was
    many fold one of which is
    you know you could own a hundred
    single-family houses right and you’ve
    got a hundred roofs and you’ve got a
    hundred ac units and 100 crawl spaces or
    you know foundations to deal with
    whatever
    you got a hundred and they could be
    dispersed across an unknown you know
    amount of space or you could buy a
    hundred units all on a nice little eight
    acre parcel
    your maintenance guy isn’t driving all
    over the country just to take care of
    the maintenance requests right he’s on
    site it takes him one minute to get from
    one unit to the next so there’s just
    simple economies of scale there uh other
    thing is that when you go bigger into an
    asset like that you can hire out
    management so you can have on-site
    management you can have on-site uh
    maintenance as i’ve already said your
    maintenance costs are typically lower
    because if you’re gonna buy one stove
    you’re gonna buy a hundred stoves if
    you’re gonna do a value add and they’re
    all going to be the same stove they’re
    going to come on one big giant truck not
    hey mr lowe’s man can you send a stove
    to this address oh there’s 80 buck
    delivery fee you that 100 times you
    spend 8 000
    on delivery fees like this is ridiculous
    i’m you know you’re not going to spend
    eight grand getting 100 stove delivered
    to one location
    so economies of scale i think on that
    front measurable it’s repeatable it’s um
    it is it is just stepping into a much
    better and more organized
    and well-trodden system so you can see
    where others have done it before you and
    it’s like okay this is this is the way
    that this is typically done so i think
    all of those things are excellent
    reasons to go bigger not just to mention
    go bigger but financing’s easier
    it’s way easier to get a 10 million
    dollar loan than it is to get a 100 000
    loan from a bank on a single family
    house same amount of paper just there’s
    more zeros attached to it
    uh
    and and in fact easier because they
    understand the business right they
    understand oh right cash flowing rent
    rolls okay you know projections here’s
    where you are is what value ad looks
    like if you you know increase the rents
    blah blah blah we can underwrite to that
    it’s just it’s just a more
    it’s just a more professional
    group of people to deal with and that
    just makes the it just it just creases
    skids so that’s uh many of the reasons i
    love it yeah i mean and that’s
    counterintuitive too right like you
    would expect a larger loan to be much
    more difficult to get and
    and but for the reasons that you
    mentioned it turns out not to be the
    case it’s you know it’s the same amount
    of work or even less sometimes and ease
    of getting those loans so that’s uh i
    mean i i love those reasons and i think
    they all are
    you know
    super compelling and it’s also why i
    think you know commercial real estate’s
    been blowing up lately especially
    multi-family you know i know you do
    self-storage stuff too uh that’s been
    blowing up mobile home park’s been
    blowing up all that stuff uh so yeah
    awesome asset class and
    uh
    love that okay well talk to me about
    getting started you know i hear a lot of
    laundromat owners who maybe want to you
    know diversify into commercial real
    estate or maybe they want to buy the
    real estate that their laundromat
    you know is on um how how does somebody
    get started investing in commercial real
    estate yeah i mean that’s a great
    question uh let’s go let’s let’s uh dive
    into buying the commercial real estate
    your laundromats on it’s a great move
    it’s an excellent move i mean because if
    you’re owning a laundromat which you
    know i do alongside elizabeth i’m not as
    actively involved in it as she is
    but obviously i have a very firm
    understanding of what it is that we’re
    doing with that laundry mat um i would
    and we don’t know we don’t this is a
    from the from the first day we went
    there and signed the lease i told the
    lady that owns it i want to buy this
    from you i want to buy this and i make
    sure she knows constantly i want to buy
    this from you because we’re doing you
    know laundromats are not cheap to build
    they’re not cheap to remodel they’re not
    cheap to fix plumbing they’re not i mean
    when something goes wrong it’s got it’s
    got a big dollar sign attached to it
    especially new equipment you know you’re
    putting in hundreds of thousands of
    dollars if not you know beyond that of
    new equipment of these facilities so why
    are you going to spend all this money
    and time upgrading boilers upgrading
    on-demand water heaters you know
    changing out all your hvac systems to
    where it can keep up with so much heat
    that’s being generated why spend all
    that improving someone else’s space to
    be at risk of a lease
    renewal right uh well you know they
    decided the new owners took over you’re
    nine years in and you got this nice
    little gold mine printing money but they
    don’t want to renew the lease except for
    now they’re going to charge you 50 more
    you’re screwed
    um you’re screwed so you know it’s uh
    those are the things that i think those
    are compelling reasons why you should
    own the own the real estate uh just
    because you want control and when you do
    do your major capex improvements then
    you’re the one that’s owning it and you
    might have a separate llc that owns it
    and your laundromat may still rent back
    space from that llc especially if
    there’s multi-tenants in the you know
    multiple tenants in the building
    but even so you’re still paying yourself
    and you control you control the
    the uh unknown variables in the deal so
    i don’t know if i answered your question
    or not but i just started rambling and
    there we are
    no yeah i mean i i think you’re right
    and i think you know i think a lot of
    laundromat owners aspire to own the real
    estate obviously it’s not always the
    cases and you know in your guys case too
    like you guys don’t own the real estate
    it’s not always possible or at least you
    know right away um but i love i love
    your strategy of just being at the
    forefront right because instead of you
    know when this when your landlord’s
    ready to sell instead of going to find a
    broker
    and facing 10
    fees to sell to a broker
    you know she’s going to come to you
    first of all and say hey i’m interested
    in selling you know
    what can we work out here and that’s
    going to work out better for her and
    that’s going to work out better for you
    and but being on the forefront there is
    is huge and continually reminding
    you know that landlord that you’re
    you’re interested in in selling
    yeah and i think one of the compelling
    reasons for for for looking if you’re
    looking at just a strictly real estate
    play i mean this is this this little
    shopping center it’s it’s it’s it’s not
    great you know there’s like there’s a
    liquor store in the corner there’s a
    mexican ice cream
    place there’s a
    hispanic hair salon and there’s a
    laundromat right there’s four units in
    this building this lady’s under for 40
    years
    she’s clipping i don’t know here in
    memphis rates you know you give any
    somebody in california is probably going
    to pass out when i saw what we paid for
    a 2700 square foot facility but it’s
    like i don’t know 20 500 bucks a month i
    mean it’s not outrageous um and you know
    she’s doing that times forces she’s
    clipping 10 grand a month in coupons
    because it’s all triple net leases off
    of this place and she’s been doing it
    for 40 years she’s half i mean very
    little exposure for her uh and so that’s
    another compelling reason where you can
    find nice little cash flowing assets
    like that that require very little work
    um you know why not why not be the
    landlord instead of even the the
    laundromat
    operator i mean yeah i’d much rather own
    that building and sell the laundry then
    own the laundry and not on the building
    yep just just so we don’t leave anybody
    behind can you briefly explain triple
    net lease and what that means oh yeah
    i’m sorry that’s correct
    we do this every day
    right absolutely
    we’re not on a real estate show yeah
    triple net lease would be of course
    taxes insurance and common area
    maintenance um so you know to a landlord
    you have a base net rent which is
    whatever that dollar amount is and then
    your pro rata share of taxes so
    depending on the square foot of the
    building i’m going to pay our pro radar
    share
    uh and then the same for building
    insurance the owner’s insurance of
    course i carry my own insurance as well
    but then i got to pay a cut of her you
    know overall building policy uh and then
    comedy maintenance so if it’s outside
    painting or this or that or restriping
    the parking lot basic stuff like that
    again get split up on a pro rata share
    and back billed to the tenants so those
    are your triple the net the three net
    expenses that you
    uh get paid or you have to have to then
    pay the landlord for so which obviously
    is a landlord that reduces your exposure
    considerably
    um
    you know so that’s that’s a great deal
    and again what other than like say major
    major failures like a roofing failure or
    a structural failure or you know if
    there’s a wall collapses you know i’m
    just i’m just making stuff up here at
    this point i mean that’s going to be on
    the owner effects like common area
    maintenance does not include failure of
    a roof
    but
    at least not typically
    so yeah that’s um that’s what that is
    yeah but that insurance you pay for
    should help cover it right
    my yeah my my introduction to triple net
    lease is when i bought my first
    laundromat and it had a triple net lease
    and i was like i’m on the wrong side of
    this equation over here i need to get
    that’s what piqued my interest in
    commercial real estate honestly is
    getting slapped with the triple net
    lease and and realizing man that’s a
    great deal for a landlord how do i get
    on that side of things right
    right and those typically when those
    when those buildings trade hands and
    there’s a triple net lease in place for
    all the tenants
    those sell at a much lower what they
    call cap rate and they sell for a much
    higher price relative to their income
    because of the absence of exposure uh to
    the to the landlord so if you have a
    building like that that you’re in or
    that you own just know that if you can
    settle those as triple net leases it
    becomes far more valuable to the next
    buyer yeah absolutely i mean in and
    that’s that seems uh very intuitive like
    put yourself in those shoes as a buyer
    of that would you rather buy one where
    you’re responsible for the taxes and the
    insurance or would you rather in
    maintenance or would you rather buy one
    where somebody else is responsible for
    that for you and you benefit from it
    obviously
    yeah and it depends i mean the answer
    that question is it depends you know
    there may be a situation where you know
    because you can get a lot higher return
    on your money without a triple net lease
    in place you know because you’re you’re
    now assuming some exposure but of course
    your then return on your investment goes
    up because you’re picking up that
    exposure along the way so the the uh
    it’s just a it’s it’s that risk reward
    how much how much risk do you want to
    take on for how much reward you know
    kind of uh equation
    yeah
    awesome okay well talk to me a little
    bit about uh commercial real estate i
    know you know a lot of us are familiar
    at least you know to some degree about
    uh residential real estate how
    residential real estate’s valued how it
    works you know you have you know
    comparable sales and stuff like that but
    i know commercial real estate’s a little
    bit different so can you fill us in on
    how
    commercial real estate is valued and
    again that’s going to be and it depends
    on what asset class and i’m kind of
    lumping commercial real estate in you
    know it’s a whole bunch of stuff and if
    you want if you need to focus on
    something maybe focus on retail real
    estate because that’s what we deal with
    more often
    um but yeah can you give us a kind of an
    overview of how commercial real estate
    is valued
    to be very similar to a business
    in that it’s valued based on its net
    operating income right i mean if your
    business isn’t making money and has no
    projections of making money your
    business is practically worthless but
    you’re going to sell your business for a
    multiple of whatever it is it’s making
    depending on the industry depends on and
    again going back to the ease of
    ownership and
    operations it’s going to trade on a
    multiple of its net operating income and
    the same is going to hold true for
    almost all commercial real estate
    classes right again there’ll be some
    variance in what that multiple is based
    on market based on asset class based on
    lease types based on tenant you know
    demographics all those things
    um but again it’s just gonna be a
    multiple of what your income is
    so
    that’s i mean it’s the best way i can
    say it
    are you are you valuing
    estate based on on a multiple or you
    kind of flipping it around i mean cap
    rate is
    basically a multiple flipped around
    right it’s so i say a multiple because
    it’s easier people to probably grab than
    right yeah discussion of what a cap rate
    is i mean so
    but we can do it real quick so i mean
    let’s say we have a hundred thousand
    dollar year operating business or a
    hundred thousand dollar operating piece
    of commercial real estate that’s your
    noi and you sell it for a million bucks
    you’ve just sold it out of 10 cap right
    if you sell it for um
    so i guess 2 million bucks you’d have
    sold it for a five cap right
    so that’s called the cap rate so yeah
    i’m just flipping it around saying it’s
    multiple so if you make 100 000 bucks a
    year you’re selling a 10x 10x revenue or
    10x noi i should say not revenue but 10x
    noi right yeah yeah yeah and another way
    to put it as a cap rate is is
    the amount of return the percentage of
    return you can expect unleveraged if you
    invest so that’s that’s how we got that
    five percent at a you know a hundred
    thousand dollar net income if you buy it
    for two million dollars it’s a five
    percent
    you know uh net operating income
    on leverage so correct
    yeah just so we’re on the same page okay
    well
    thank you for explaining that uh to to
    us
    what
    can you talk to me about what are some
    things
    that and maybe a new real estate
    investor
    commercial real estate investor need to
    know before
    jumping into
    real commercial real estate investing
    yeah i mean you’re going to pick your
    asset class i think first of all find
    out why you want to invest in a
    particular asset class you’re going to
    educate the heck out of yourself you’re
    going to go to a podcast like mine
    you’re going to go to i can name off a
    dozen podcasts on you’re the the real
    estate syndication show you’re going to
    go to joe fairless’s podcast you know
    best ever real estate you’re going to
    you’re going to listen
    a lot and educate heavily
    then you’re going to find somebody in
    the space that knows what they’re
    talking about in that particular niche
    if it’s retail you’re going to focus on
    retail because there’s dynamics in
    retail they’re different than dynamics
    in office space they’re different than
    industrial than different than
    multi-family or self-storage
    so i interviewed a guy today uh that is
    a he is in the antenna lease space so if
    you have a building on top with an
    antenna on top of the building and
    someone else operates that he i mean
    that’s all he focuses on is antenna
    leases around the country so giant
    towers there’s somebody paying somebody
    else for the right to be on that land
    and stick that antenna in the air
    kind of crazy so you know you got to
    really just dial in deep on what it is
    that you the asset class you’re looking
    to invest in that’s the first thing so
    once you feel like you’ve educated
    yourself of course simultaneously you’re
    talking to brokers you’re talking to
    anybody in the space you’re getting on
    uh linkedin and finding people that
    specialize in it you’re watching what
    they’re posting reading their blog posts
    i mean the whole thing is just an
    education um you know
    just just just consume as much content
    as you can as it pertains to those asset
    classes and that’s the best place to
    start
    yeah i agree and you i mean you could
    probably just stop at your podcast i
    don’t think there’s anything else really
    that you need
    i assure you yeah lots of things we
    don’t govern so
    uh absolutely
    yeah well all right can you talk to me
    for a second about uh some you know so
    a lot of laundromat owners do own the
    real estate right are there things that
    you know those of us who own the real
    estate can be doing to
    increase the value of that real estate
    uh as as we own it as we kind of go
    along it depends on what it is you know
    is it is it a multi-tenant building yeah
    i mean we just talked about one of those
    see if you can over time convert those
    to triple net leases
    uh even even if it means selling let’s
    say let’s say you’re in that position
    and again i’m not an attorney i’m not a
    cpa so this is not advice it’s just an
    idea and ideas are free so you know
    throw it out if you don’t like it
    even if that means maybe selling the
    real estate to a different llc that then
    if especially multi-tenant building is
    not set up this way but now that llc is
    collecting triple net leases from your
    now operating laundromat from the other
    tenants in the building yeah you can
    increase the value considerably for that
    so i mean that’s a simple simple thing
    to do and it’s not not that
    administratively burdensome
    um so yeah i mean that of course i mean
    the basic stuff keeping your laundromats
    are notorious for just getting run down
    right like you can you can pick up some
    rundown laundromats just about
    everywhere unfortunately so keeping your
    stuff in tip top shape the guys that the
    guys that are are our equipment um
    distributors swap out their equipment
    they own 20-something stores they’re
    both distributors and on a bunch of
    their stores uh they swap out all their
    equipment every seven years it’s like
    every seven years all new equipment
    everything is changed out we found the
    main expenses are too high we’ve found
    that the resale value is still there for
    the existing equipment and then we still
    basically brand new store every seven
    years so keeping your stuff pretty
    keeping your outside your extra
    buildings well kept yeah you know just
    not deferring maintenance i mean that
    stuff
    that stuff is the stuff when you go to
    sell a building that um you know will
    fetch the highest price if you have to
    deal with a run-down building and buy it
    you’re going to you’re going to want to
    be
    paying a lot less for it and something’s
    kept in excellent shape so i don’t know
    things like that maybe that’s not too
    helpful it’s pretty pretty brain dead
    and pretty pretty uh you know
    basic but those are things i would think
    about
    well you know there’s a lot of rundown
    buildings out there that would beg to
    differ that it was it’s a brain dead i
    mean that that is it’s genuinely a
    helpful comment because it seems super
    obvious but
    but people don’t do it right and when
    people don’t do it you you lose value in
    your
    in your real estate same thing with your
    business right when you let
    laundromats become a zombie mat well all
    of a sudden it’s not worth anything
    anymore and that’s it the map we bought
    i mean i really paid him for the
    location
    and not because of the way he kept it
    look i can pick up the lease
    i want your location it’s been here for
    60 years
    everybody knows it’s here it was a dump
    i mean it was a dump it it it we did we
    gutted the place just started over
    uh and you know i paid him
    a little bit more for it than maybe what
    it was worth just because it’s a good
    location but yeah he got nothing for it
    i can get
    30 times what i paid for him
    out of that store now
    just because of the improvements we’ve
    done to it so yeah absolutely
    yeah absolutely well there’s there’s uh
    you know a lot of laundromats obviously
    are in strip centers kind of
    multi-tenant
    centers but there’s a lot of standalone
    buildings too that have laundromats are
    there any is there anything unique about
    a standalone building that launderment
    owners should know like should they buy
    that real estate is there benefits to
    that are there disadvantages to that can
    you talk to me about stand-alone
    buildings i don’t own a stand-alone
    building i wish i did
    there’s a lot of things i think that are
    really attractive about having
    you know where you can have maybe two
    entrances where you can have sliding
    doors or you can have a larger parking
    lot where you control the whole asset i
    think i think that’s key um
    you know
    i’d love to at some point go out and
    just do ground up development on
    laundromats because one i think it’s a
    great it’s a great business to be in uh
    but from a real estate play it just
    makes all the sense in the world because
    then you’re not you’re not worried about
    what tenants are doing next door you’re
    not worried you can basically just build
    your own brand ground up the way you
    want i i love that model uh and i’d love
    to do that
    a lot more
    than i do you know seeing these in strip
    centers
    so
    compelling reasons why i don’t know
    maybe maybe i don’t have any other than
    just gut feeling i think it’s a really
    good move
    yeah yeah well especially when you got
    elizabeth running those things for you
    it’s like
    you crank them out she she gets them up
    and running it’s good to go right
    absolutely
    all right well
    yeah okay i mean this is the question
    right and this is the question that only
    you really can answer this question
    how do you say a lot well i am a ladder
    my owner and i do own uh a little bit of
    commercial real estate so talk to me or
    talk to the rest of us who who want to
    do this how do you scale your commercial
    real estate
    portfolio
    man however you want to do it you can do
    it through brokers you can do it through
    direct mail you can do it through cold
    calling i’ve done all of these
    um you can do it through handshakes and
    warm leads with people that are you know
    in real estate investing in clubs and
    things like that um there’s not a way uh
    yeah practically done it all i mean i
    built databases from the ground up of
    assets i want to buy
    and skip traced them found their phone
    numbers and just called them hey you
    entertain an offer on your property
    that’s how i bought this laundromat you
    know i just walked in one day because i
    had to wash something and i googled the
    laundromats because i’d never gone to a
    laundromat and like uh
    well there’s a laundromat over there so
    i went over to the laundromat i walked
    in i’m like this place is disgusting i’m
    like hey i’ll take it all this place
    yeah and the owner’s like or the lady
    was working there’s like i don’t know
    pass your number on to him don’t tell
    him i gave it to you all right and then
    three weeks later we were closing so you
    never know
    i mean you never know when those things
    yeah and so i just say be fearless it
    doesn’t matter you can you can you can
    get you’ll get told no a thousand times
    but whatever
    it uh yeah those are always always today
    that i still employ to find real estate
    deals
    yeah and i i mean i think that that’s
    crucial i mean it goes back to
    knowing what asset class that you’re
    looking for what you said earlier right
    and then once you know what it is i love
    that advice like just be fearless and go
    ask and and network and let people know
    what you’re looking for and you know get
    the word out and walk into places and
    send mailers and talk to brokers and you
    know it’s like casting that net wide is
    how you know real estate business this
    is all relational stuff right the best
    deals you find are going to come from
    you know
    doing all these things and people find
    stumbling on something you’re looking
    for and bringing it over to you where
    are you finding it yep and i would i
    would say your your best deals to even
    highlight that further is anything
    that’s off market so anything that’s not
    being currently marketed is typically
    going to trade at a at a lower price
    then maybe once a broker gets a hold of
    it uh and then decides they’re going to
    do a market study and then they decide
    that they want to tell the owner that
    the owner you know has to sell for x
    price and then they’re going to say well
    you know they’re going to they’re going
    to build their cut into that deal and
    everything else and suddenly a
    million dollar acquisition just turned
    into a million free acquisition you’re
    like oh it’s not as sweet so if you can
    find it before all that nonsense occurs
    and make it and i did i made it easy on
    this seller i just said hey man i’ll
    give you cash uh we’ll close any time
    he’s like okay
    and that was the end of it we had we had
    a we had a business broker he’s like
    look i’m not an attorney but here we’re
    going to sign papers okay done you know
    and we never we all it was great it’s
    easy so that that’s it man that’s that’s
    where i started
    yeah yeah i i mean i just think that
    that’s you know such great advice and
    and removing the friction too i mean you
    yeah that’s you know removing the
    friction and you know going back to your
    going back to your point i tell my
    coaching clients all the time like you
    know if you can if you can find it on
    the couch in your underwear then anybody
    else can find it too so a lot of people
    when they’re looking at laundromats they
    jump on to bisben biz by sell or
    whatever and i’m not saying you can’t
    find a good deal there or you can’t find
    a deal you can make and do a good deal
    there but it’s going to be a lot harder
    digging you’re going to have to be a lot
    more creative than everybody else
    because joe schmoe is you know sitting
    down the road on the couch watching tv
    in his underwear and browsing the
    internet just like you and so if you
    want a good deal you got to go find it
    off market one way or another either
    have a broker bring it to you or go find
    it yourself or or whatever yep it’s door
    knocking man that’s that’s the only
    that’s the only way that you’ll really
    find the sweet deals
    how are you finding your deals for your
    investment group
    yeah and that’s a great question because
    it’s a little bit different on these
    larger acquisitions because i’m i’m in a
    unique position in in a unique phase in
    our business
    uh in that i have developed
    relationships over the years that are
    one excellent they’re people i know like
    and trust right and so because because
    buying multi-family assets buying you
    know large self-storage portfolios is a
    team sport you have two options right i
    can go out and i can build out the
    entire team myself and then the bricket
    investment groups takes down that whole
    deal itself we run everything we’ve got
    an acquisitions guy marketing you know
    marketing guy or marketing guy whatever
    it is you got all the all the seats in
    the bus filled or i can say all right
    look i’m gonna i’m gonna take just a
    couple of these seats that are gonna be
    mine and then i’m gonna partner with
    other investment groups just like me
    that have other seats on the bus filled
    out and so that’s what we’ve done which
    is great because i’ve i’m investing
    alongside other groups right now that
    i’ve known for four or five years we’ve
    worked alongside each other for a while
    uh and so they built out that
    acquisitions arm right so then i can go
    out to my investors and say hey guys you
    know the homework is done the you know
    deals have been vetted so it’s a team
    and sponsorship team i love i love
    working alongside them i’m excited to
    bring this deal to you and my role in
    the deal is going to be one capital
    raising investor relations helping asset
    manage things like that but i’m not out
    having to go you know and again on the
    multi-family side it’s just but i say
    there’s so many lines in the water right
    now in these asset classes that it makes
    no sense for me just to put one more
    line out there right
    why not partner with some of the other
    other teams already fishing in the pond
    and then there’s one last line out there
    we’re not competing with each other and
    at the same time i can keep streamlined
    operations here and do what i enjoy
    which is really talking about real
    estate taking down deals talking to
    investors and then paying everybody
    money that’s fun for me doing
    acquisitions yeah not so much
    underwriting hate it so
    um
    why life’s too short to do the stuff you
    don’t like so yeah that’s where we are
    in the current phase of business and
    that may change
    um that may change in the future but uh
    that’s where we are right now and it’s
    and it’s working really well yeah that’s
    awesome and you know i i think you make
    a good point and it’s also part of the
    reason why
    you know partnering with somebody like
    you as an investor is so appealing
    because maybe somebody has the capital
    but doesn’t like doing the acquisitions
    doing the underwriting going out and
    throwing another line in the pond
    themselves and there’s you know
    well i guess they’re not a small fish in
    a big pond because they’re the ones
    fishing but you know what i mean they
    have one line in the water whereas some
    of these bigger groups have you know 50
    lines or 100 lines in the water and so
    your chances of finding a good deal
    you know especially if you’re working
    another job and
    i mean yeah they’re slimmer yeah and
    people like me have have long standing
    relationships that have taken years to
    build you know it’s one thing if you
    want to go out and invest 100 grand in
    real estate as a passive investor it’s
    it’s tough and i get that question a lot
    well how do i how do i vet deal sponsors
    you can you’re going to go to a lot of
    conferences you’re going to shake a lot
    of hands you’re going to want to watch a
    lot of transactions take place it’s
    gonna take a long time to build that
    track record right uh and then even then
    you’re going okay i hope this i hope
    this works out and even then you’re
    still vetting a lot of these
    opportunities as they get presented to
    you or you can come to somebody like me
    and say look man i throw out 99 out of
    100 deals to come across my desk it’s
    just like nah that doesn’t fit doesn’t
    fit doesn’t fit and then then there’s
    that one that go home run that’s it guys
    we’re moving forward on this and here’s
    why uh and it brings a lot of vote of
    confidence to my investor base because
    they say oh sam you’re putting your
    money in i want to get in alongside you
    because i invest right alongside my
    investors and it’s like these are just
    it’s just a great a great way for people
    that want to be involved in real estate
    to jump in without having to do all the
    back end research and work and you know
    midnight fretting over wait should i is
    it the right and we still you still
    should you still you should still do due
    diligence but it just takes a lot of
    that kind of
    burden off
    so it i mean i had a conversation with
    somebody today that’s you know
    multi-time investor and they just called
    it oh you’re doing it okay great uh how
    much can i get in for okay and that’s
    that’s just a that’s a good place for
    them to be
    yeah absolutely and i think there’s i
    mean you said something there that i
    think has a really great parallel for
    anybody looking to buy
    laundromat deals is you know you said
    you vet
    you know 100 deals and a lot of them go
    by but you can spot the one home run
    deal because you’ve gone through the 99
    and you understand the market you
    understand the asset class you
    understand what a good deal is and what
    a good deal is not so when one comes
    across your desk
    you’re going to recognize it because
    it’s going to stand out from all the
    other ones and you know i tell coaching
    clients all the time hey it’s super
    important get on biz ben and biz by sell
    and analyze those deals look at those
    deals not because they’re probably going
    to be a good deal because they’re
    probably not going to be a good deal but
    they’re going to give you a baseline so
    that when that good deal comes your way
    you’re going to recognize it because
    it’s going to look different from
    everything else you’ve seen online
    that’s sage advice man and that’s
    absolutely true there is extreme value
    in the practice of just reviewing the
    deals
    um yeah absolutely absolutely yeah and i
    would say you know going right back to
    your whole theme here that’s a great way
    to scale
    too because you know when you’re hitting
    you know doubles triples home runs you
    know every deal things compound pretty
    quickly and you can you know not only
    are you gonna grow and you’re
    understanding your wisdom with each and
    every deal but your capital position is
    going to grow every deal too so right
    yeah absolutely absolutely yeah and on
    that i mean on that i i haven’t seen
    this model yet employed in the laundry
    business which i think it should i’ve
    thought a lot about this it’s like man
    there’s actually an opportunity there so
    here i’m sharing with all your listeners
    one of the churnings in my head of like
    in the laundry business there’s no
    syndication model right there’s nobody
    that i know of
    that’s out there raising capital you are
    we just started diligence capital
    investments and we’re syndicating
    laundromats commercial real estate deals
    dude good for you okay got our paperwork
    through home run man that’s awesome i’m
    excited for you i don’t know anybody
    else doing it right now so
    it is interesting i think there’s a lot
    of opportunity there huge opportunity
    there and there’s huge opportunity in um
    you know i think in the consolidation of
    the laundry space so you know say i’m
    not i’m taking a tangent here i can’t
    remember what we were talking about but
    whatever we’re having fun um but yeah so
    i see that so i think if you’re doing it
    man that’s awesome
    that’s that’s that’s what passive
    investors need is a way to get into the
    laundry business
    without having to be an owner operator
    man i wanna i
    in laundry are exceptional
    they’re exceptional yep i mean
    yeah it’s i mean compared to
    multi-family which i mean you can you
    can do really well but i’ve found your
    cash on cash returns in the laundry
    business to be you know far superior to
    what you’re getting in a in anything in
    commercial real estate i mean unless
    we’ve had some deals that have just been
    stupid deals where we had a five-year
    plan and we executed three months and
    all of a sudden you’re like oh my gosh
    oops we just made a pile of money yeah
    that’s not the norm right that’s not
    that much and i like to study eddie of
    of uh laundromats it’s fairly
    predictable yeah it’s rhythmic yep yeah
    very rhythmic uh so anyway i don’t know
    where we went but there we are yeah no i
    mean i i tell people all the time the
    average laundromat deal
    the average real estate deal cannot hold
    a torch to the average laundromat deal
    in terms of cash flow and but what i
    love about real estate and laundromats
    together in particular is
    you know
    there’s also a lot of opportunity to do
    value ads and your equity position could
    grow a lot quicker in real estate
    because of how it’s valued and the
    multiples or cap rates that it’s valued
    at right you get much
    more lucrative in terms of building that
    equity but it’s awesome to have the cash
    flow of laundromats and then be able to
    play around with that equity
    and and have kind of both and both have
    pretty good tax advantages at the same
    time
    yep you hit that on the head yeah you’re
    absolutely right and yeah you said that
    very well that’s uh that’s absolutely
    true on both of those fronts because
    you’re not going to get you’re not going
    to get the same return you know if you
    obviously find a simple example here if
    you raise rents 100 bucks
    uh a unit and there’s 10 units so you’re
    making an extra thousand bucks a month
    12 000 is your annual you know that
    that’s been your rent increase and
    you’re selling it on 10 cap yeah you
    just made 120 000 in increased value
    yeah but if you it’s awesome right which
    is crazy right which is crazy but if you
    do the same thing in laundry you’re not
    going to get that same
    000 back for a simple 12 000 increase in
    annual revenue it’s just not going to
    happen right yeah yeah you’re going to
    get
    maybe 40 or 50 back if you’re lucky i
    know yeah yeah if you’re lucky right
    yeah yeah that’s that’d be 40 be three
    and three and a third times return which
    is i think probably standard standard
    you know three or four x revenue is
    probably about right yeah so yeah but
    that’s um so you’re right you went on
    both ends but the cash on cash returns
    in the laundry business is insane yeah
    yeah i don’t know there’s pros to both
    yeah and
    i mean i think there’s opportunities
    with both too so
    well man this has been awesome you have
    any uh any final tips for laundromat
    owners in terms of getting towards uh
    commercial real estate or just just do
    it nike
    you know yeah
    probably not nothing that’s uh going to
    be a giant pearl of wisdom but you know
    just do it as it uh if you’re looking to
    buy laundromats i mean go door knocking
    that’s the fastest way to do it go door
    knocking go make your mistakes go start
    making offers go see what people are
    selling stuff for go just start asking
    you’ll be surprised at what legacy
    owners i think are willing to sell
    you know older mats for when they’re
    just tired because they never figured
    out the systems and processes i think
    that’s the other thing too is that they
    belong to the laundromat group and i
    don’t i don’t frequent it often uh on
    facebook though there’s that laundromat
    owners group and how many owner
    operators i see you know out there still
    sticking their their arms in the in the
    pvc pipes and cleaning out traps and
    everything else it’s like you find a way
    to scale that where you can remove
    yourself from the business uh and then
    you can really scale your business the
    same thing with true in real estate
    which goes back to the very beginning of
    our conversation where we said hey why
    do you like you know larger commercial
    real estate acts or deals because we can
    scale it and so and the sooner you can
    put in systems and people and processes
    i spend i mean our little laundromats a
    nice little gold mine uh and i don’t
    spend any time there and elizabeth
    spends very little there now either uh
    it’s just great because you have the
    right people you have the right
    processes in place and i think both of
    those are parallel parallel truths that
    many of us deal with which is the sooner
    you can get yourself out of the business
    the sooner you can work get yourself
    working on the business
    and the sooner it can grow and scale
    both in real estate and in your uh
    laundry business so that’s uh that’s it
    man get out get out of your own way if
    you can yeah well and i think that’s
    huge because i think that
    to get out of you know sticking your
    hands in the pvc pipes and cleaning out
    lint traps and stuff it it takes a
    different mindset right you have to have
    a different mindset
    in the way that you approach the
    business the way you approach the real
    estate whatever the case may be
    and and for a lot of people it’s
    difficult to shift that mindset um but
    you know i would say that
    you know educating yourself you know all
    the things that sam was mentioning
    earlier listen to his podcast you know
    listen to this podcast we’ve had a lot
    of owners who have you know made it
    beyond
    the you know doing their own maintenance
    and repairs and now you know they scale
    to a point where they can have people
    doing that and um
    you know
    listening to the way that people think
    reading books about you know business
    and how what that mindset looks like
    with the
    the approach to business looks like can
    be huge in terms of you know shaping
    your own mindset i’ve said this before
    but i i like brainwashed myself
    a lot just by you know filling my head
    with you know
    people who are doing the things that i
    want to do and how they’re doing it the
    way they approach business the way they
    approach investing the way they approach
    real estate um i’m constantly filling my
    head that way because it’s easy for me
    to drift back into i think i have that
    just blue collar mentality like i’ll
    just drift back i can do a lot of stuff
    and so i drift back into doing it if i’m
    not constantly trying to think bigger
    and think outside of that right you know
    this is gonna be funny because it one
    one thing that yeah and i’m with you man
    i could i could easily drift back into
    the diy mode uh but one thing i do every
    day is dress up right i always put on a
    collared shirt i got a belt i got nice
    shorts on uh because it’s here at the
    blazing hot in memphis uh or in the
    winter i have on nice pants and nice
    shoes and i say you know what if i can’t
    do that task dressed up i shouldn’t be
    doing it
    it’s like it’s just like that it’s
    mentality shift where you just go you
    know what if i can’t do it in dress
    clothes i can’t do it so
    i
    i love that i love that mentality
    because
    i mean think about like changing uh
    changing a belt on a top load washer or
    something if you’re in your nice pants
    you got to get down on the floor you got
    to be reaching under there yeah i love
    the underpants and you’re mad you put a
    hole in your dress pants you’re like
    this
    no you know what my time is better
    served finding a laundromat to buy
    and paying the maintenance guy 50 bucks
    an hour to come out here and take this
    apart
    it really is my time is worth more than
    that as well as your mental space your
    mental skill like when you’re done
    changing a belt on a washing machine
    you’re not out there thinking gosh how
    do i grow my business you’re thinking
    dang man i want to go home and drink a
    beer because that sucked so
    you know i don’t know anyway we’re
    probably beating a dead horse but that’s
    no i love that though i mean i think
    that’s great i was just writing down
    writing that down because i think that
    that is
    you know it’s like little hacks like
    that it’s not like a big deal that’s not
    like a big mind you know shift thing
    necessarily but but it is because
    you know if you if you dress up you’re
    not going to do some of those diy things
    and so you have to think about your
    business differently right like okay
    that machine does need to be fixed how
    am i going to get it fixed because i
    can’t do it in my dress clothes right so
    you have to start thinking differently
    and using your mind in different ways
    and that’s huge that’s huge so i love
    that hack good good glad it provided
    value hey man thanks so much for having
    me on this was a ton of fun appreciate
    you coming on and uh man looking forward
    to uh you know continuing on if anybody
    is interested in investing with you and
    wants to learn more about commercial
    real estate where’s the best place they
    can they can find you yeah go to the
    brick and not the go to brickin
    investmentgroup.com brickin
    b-r-i-c-k-e-n
    investment group dot com uh there you
    can sign up for our brick and investor
    club where you get notified of deals
    that we participate in you can sign up
    for a weekly newsletter where we always
    dive in to
    some new topic and some new nuance of
    commercial real estate uh you can also
    go and listen to the how to scale
    commercial real estate podcast show
    that’s at qriket investment group
    forward slash podcast if you’re vetting
    real estate deals actively i have a free
    download for you go to brickin
    investmentgroup.com forward slash
    checklist it is a guide it’s called how
    to vet a deal in 10 minutes you can
    spend an inordinate amount of time
    trying to vet a real estate deal and say
    does this fit for me is this the right
    one should should i shouldn’t i actually
    got an email from an investor today that
    said thank you for this guide it has cut
    down my time considerably so it’s a
    guide you can download to help you
    really build your funnel for what it is
    that you should be spending your time
    focusing on as you vet deals so again
    breaking investmentgroup.com forward
    slash checklist
    awesome and i’ll have links to all that
    stuff in the show notes down in the
    description on youtube thank you again
    sam that was incredible i would say that
    rival’s elizabeth so you definitely
    stepped it up appreciate it i don’t know
    not even close thanks again jordan i do
    appreciate it all right talk to you
    again soon
    all right really cool episode i have to
    just confess to you guys it was a little
    bit selfishly motivated because i love
    commercial real estate and i love
    elizabeth brick and wilson and so you
    know this is my first time getting to
    hang out with sam super fun really cool
    guy knows his stuff and helped out a lot
    i think so hope you guys enjoyed that
    episode just as much as i did maybe even
    more and if you’re interested in
    commercial real estate make sure you go
    check out his podcast again that’s a
    daily podcast i have no idea how he does
    that but incredible that he’s doing it
    and uh you know go check that out
    support him go check out his website and
    if you’re interested from you know with
    more there’s ways to get in touch with
    them there on the website
    and uh hey man we got a lot of stuff
    going on so make sure you’re not missing
    out on any of that stuff go join the
    free membership
    access to a ton of tools and resources
    over there come check out a webinar that
    we’re doing uh all kinds of stuff going
    on so all right guys hope you loved that
    one as much as i did and i will see you
    next week on the laundromat resource
    podcast peace
    [Music]

    1 Comment

    Portfolio Diversification At Its Finest: Why I Own a Laundromat | Bricken Investment Group · September 16, 2021 at 6:38 am

    […] the closest one to my house and I needed to wash a comforter, and the next thing you know, I was chatting with the owner about buying the place. Why? I saw potential where the current owner did not. I had the experience and patience to run the […]

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