Ep 112: Caring for the Three Legs of Real Estate with Bruce B. Wuollet
As Bakerson Founder Bruce B. Wuollet explains in this episode, your residents, investors, and your properties are the three legs that support your real estate business. Today we speak with Bruce about what he does to care for these three legs of real estate. We open our conversation by exploring Bruce’s start in the industry and why he transitioned from single to multi-family investing. After reflecting on why residents are so important to your business, Bruce gives listeners his tips on what you can do to foster community and safety for residents. We then touch on how Bruce appeals to repeat buyers and investors through adding value and conservative underwriting, where he looks for deals, and why you need to know the ‘why’ behind each of your investments. Bruce also shares his take on partnerships, the value of building relationships with the right people, and how you can survive a downturn by creating a robust investing model. Later, Bruce unpacks the best ways to break through bureaucracy when dealing with city officials. Throughout our discussion, Bruce presents hard-won insights that come from two decades of experience in the industry. Tune in to hear his real estate secrets.
Key Points From This Episode:
Bruce shares details about his career in real estate.
How and why Bruce transitioned from single to multi-family investing.
Bruce discusses his view on residents why you should never neglect them.
Taking care of the three legs of real estate; residents, investors, and property.
Tips for creating a sense of community and safety for your multi-family residents.
Hear what Bruce does to guarantee repeat buyers and investors.
Insights into the areas that Bruce looks for deals in.
The link between choosing your deals with intentionality and achieving success.
Advice on dealing with risk and surviving downturns.
Building the confidence to go for large multi-family construction projects.
Exploring common and costly mistakes that multi-family beginners often make.
Bruce talks about the routes he has taken to land redevelopment projects.
Breaking through bureaucracy by talking directly to the city.
Bruce’s experience with legacy investors and how they’ve dealt with Bruce shifting his model.
“It’s vitally important to take care of investors. But don’t neglect your residents because they’re your customers.” — Bruce B. Wuollet [0:08:00]
“If you have a vision and all your steps go towards fulfilling it, then your momentum will carry you through the hiccups along the way.” — Bruce B. Wuollet [0:19:30]
“For every redevelopment project I’ve done, I’ve asked the city what they want it to be when it’s done. That’s how you get through the hassles of city bureaucracy.” — Bruce B. Wuollet [0:32:19]
Links Mentioned in Today’s Episode:
Bruce B. Wuollet Phone — 520-808-9111
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