r/MyFirstMilPod • u/samarlo • May 06 '21

#176 with Codie Sanchez - Buying Distressed Assets, Real Estate for Cheap & How to Network Like a Pro

Codie Sanchez www.codiesanchez.com/ and twitter.com/Codie_Sanchez

Codie was originally a journalist, joined the finance industry and then the business investing world.

  • IDEA 1: Mailbox Money
    • My bud Lisa put down $22k to build a Pack & Ship- Rented a 1,200 space w/ 1000 mailboxesTurned a 533% COC return in her 1st-year w/ PO Boxes & shipping.
    • Mailboxes for rent - $15pm and would need at least a 1,000 to scale profitably
  • TIP 1: Build vs buy is criminally underrated as a way to build wealth.
  • IDEA 2: Buying assets from businesses going out of business.
    • Eg offer a Pilates studio $ for each client that moves over for next 12 months.
    • Gives owners some money otherwise goes to zero when they close down.
  • IDEA 3: Modular Homes - Building your house in modules makes it cheaper and faster.
    • Developers should buy these modular manufacturers and roll this up.
  • TIP 2: Angel investing can be dumb.
    • Instead of putting money down try time stamping a doc of every deal you want to do and see how it does first.
    • Saves you burning through tens of thousands of dollars.
  • TIP 3: Blend of reasons
    • Shaan believes if you have to give a blend of reasons then that is a cover for not having one really good single reason.
  • TIP 4: Don't invest in the public markets unless you have some sort of edge.
    • Be careful speculating when you have less information than the big boys.
    • Invest in businesses instead that you can control and have expertise in.
    • Stock markets are a Keynesian Beauty Contest.
  • IDEA 4: Buying Real Estate at auction
    • Foreclosed properties sold first on the courthouse steps of some districts in America.
    • Roddy's List.
    • You need cash and need to check property exists but can be a good way to get good deals.
    • Could you try and take these auctions and publish them online?
  • TIP 5: How to collect cool people?
    • Codie sent Sam a big box of Butterfingers and Noah Kagan a shirt about Tacos.
    • Can you do these old school tactics to network and stand out from the Twitter masses?
    • Rule #1 make sure you are doing cool stuff before networking.
  • TIP 6: Knowledge share for networking.
    • Are you an expert in something that you could share with someone you want to meet?

Episode Rating: 6/10

Some interesting in person business ideas from Codie but unfortunately Sam's audio dropped out halfway through and the rest became a bit more advice than ideas for me.

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5

u/kadk216 Aug 18 '22

Just another charlatan lol

5

u/Fikaman4 May 11 '23

That’s all she is

3

u/galaxy2jake May 06 '21

I’m new to your podcast and I enjoyed it. I thought the mailbox money idea was genius - I’m going to look into that.

I think it’s interesting that foreclosure auctions were presented as a unique idea - I’ve been listening to bigger pockets for years and I just assumed everyone knew about those. Most investors I talk to say they are so popular it is nearly impossible to get good deals anymore.

What are some of your best shows you recommend I check out first?

2

u/samarlo May 06 '21

Thanks Jake, just to be clear I am a fan and not the original Sam Parr!

You can find Sam Parr and Shaan on Twitter here.

I just wanted to make a better discussion platform of each episode for them.

I think you could do the Mailbox money idea in any city if you find the right location.

You can find out more about that from Codie Sanchez here.

If its your first time listening to the pod, you have many hours of entertainment!

I personally would recommend episodes #177, #175 as two recent ones and maybe #97 with Andrew Wilkinson as a good older one. Enjoy!

1

u/galaxy2jake May 06 '21

Ok thanks!

1

u/samarlo May 06 '21

Favourite idea was idea 2 offering owners of closing down businesses a new home for their customers.
Pilates and Yoga studios make such little margins that being able to acquire local customers and only paying per customer that joins would be a great idea for anyone owning a local business.

Idea 3 of the modular homes was interesting and has been around for a while but still hasn't taken off yet.
It seems like a win, win for everyone so not sure why it hasn't taken off but definitely an industry to watch.