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
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Links from the show
- [REPLAY] Pick-up & Delivery: The Truth About the Gig Economy
- [REPLAY] Live Laundromat Q&A with Dave “Laundromat Millionaire” Menz
- Bricken Investment Group
- How to Scale Commercial Real Estate Podcast
- Laundromat Resource Forums
- Laundromat owners Facebook Group
- Elizabeth Bricken Wilson’s Podcast Episode
Get Connected
- Diligence Capital Investments
- Laundromat Investor Resources
- Join Laundromat Resource
- Laundromat Resource Forums
- Laundromat Resource Blog
- Be a guest on the podcast!
- Sell your laundromat
- Laundromat Resource Coaching
Connect with Sam
Website: Bricken Investment Group
LinkedIn: https://www.linkedin.com/in/brickeninvestmentgroup/
Instagram: https://www.instagram.com/howtoscalecre/
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.
Join The Laundromat Resource Community!
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
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remember back in episode 34 when
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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]
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