Lower Costs And Increase Revenue With The BRRRR Strategy Through Vertical Integration
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Lower Costs And Increase Revenue With The BRRRR Strategy Through Vertical Integration
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Don't Forget To Reach Out To Joshua Wilson
Brrrrbootcamp.com
Quotes
Imagine every time you buy a house you are creating a new customer for a variety of different businesses. Landscape, pest control, rehab, property management, real estate brokerage, insurance brokerage. Trying to buy all the income streams that come with a rental property.
Every property we buy provides income to multiple entities.
I can then be the visionary so I can focus on creating ideas.
I remember being on the beach and I was taking vendor calls, property management calls and other things. I am sitting at the beach with my family but I am not present at the beach where I am working so I needed to find some balance.
I want to have something in place that runs 24/7 so I don’t have to be reactive 24/7..
If you don’t have a good leader nobody knows where they are going and everybody has their heads in the sand. Eventually you are going to turnover. So it is important to put quality people in the right seats.
There is no magic formula for hiring people. You just know there is a gut instinct you have to rely on.
Grow and scale like a true entrepreneur.
Buy real estate and build a foundation and then buy ancillary businesses.
Concepts
Didn’t graduate college. Didn’t get good grades, he just always had the entrepreneur spirit. When he was a kid he was on a cruise with his grandparents. They gave him the card they give you so you can buy things on the ship. So he let his friends use his card but he would charge them $1-$2 more. At the end of the cruise he had a $700 bill on the card and his grandparents were pissed. He pulled out his wad of cash and he ended up making over $100 in profit. He hasn’t looked back since then.
We add our own little touch to the BRRR method which is called vertical integration. Lots of people are doing this process and they are not vertically integrating.
The first thing they did was start a property management company out of necessity. I would create a company it would start thriving and than as an entrepreneur I would get bored so I would look into what is next
I look at the P&L to see where we are spending the most money and then identify where we are allocating the most costs. Than you can decide which opportunities are available
When we are paying a vendor over 150k a year I feel we have enough there to ramp up that entity.
When you remove yourself from a business before you can pass it off. You need somebody to fill the integrator role that can implement the vision.
Goal is to hit 50 million in the next 5 years.
It is easier to acquire established businesses than it is to start a business.
Looking back up to 3 years for comps due to market volatility. If you are buying properties based on the last 6 months you are gonna get hurt.
Time Stamps
0:00 Introduction
0:30 Crazy Story
2:10 Vertical integration
5 Why vertically integrate rather than to get more deals.
7 How to use P&L to identify where to vertically integrate.
8:30 How do you identify when it is time to get out of a new venture
10:30 how do you know when a business has arrived.
12:55 Walk us through step by step how you find these people etc.
18 Operator vs overseas COO for business.
18:40 Interview process
20 Covid story
22:45 Easier to buy established businesses than new ones
24 Entrepreneur story with cruise ship story.
27:30 Why BRRR ?
29:50 Now that rate environment is different how are you still buying 5 million dollars in assets
33:30 He is going after data. He is not an economist.
34:35 Does the bootcamp teach vertical integration
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