Our guest today on the show is the founder and owner of Bakerson, Bruce B. Wuollet! We talk to Bruce about his history in the multifamily game, the founding of his company, and the family legacy that led to the naming of Bakerson. He explains their investment strategies and how these have evolved over the years, moving to larger, longer-term deals and the shifts that go along with this. Bruce tells us about finding a rough in the diamond — a bad property in a great area and how he can work this in his favor. The conversation also covers the issue of rent control and the damages that these measures can make to the market in the long run. Bruce shares some of the tougher lessons he has learned and how these informed his decision to steer completely clear of speculative buying. The philosophy at Bakerson is one of conservative purchases that make sense today! We also cover moving into new markets and what it takes to break into one of these in today's climate before Bruce shares some of the tools and strategies that are central to his work at the company. He is fully committed to staying abreast of the changing world, believing that education and reading, in particular, are the gateways to success. For all of this and then some, join us today!
Key Points From This Episode:
- Bruce's background, the story behind the name 'Bakerson' and the idea of 'togetherments'.
- The progression of Bruce's business, moving from wholesaling to ownership.
- Shifts that have occurred in the industry and how Bruce used these to build.
- Bruce's early forays into multifamily and what his first acquisition looked like!
- The types of properties that Bruce and Bakerson have typically targeted.
- Small pivots that Bakerson has made to remain profitable; geographic and unit expansion.
- The idea of moving into new markets and considering the pros and cons.
- Looking at the current real estate markets in Tucson and Albuquerque.
- The mental transition from short turnarounds to a longer-term, buy and hold model.
- Challenges posed to the real estate business by affordable housing and gaps in the market.
- The importance of spreadsheets in Bruce's work and crunching the numbers!
- One of the biggest mistakes Bruce and his team made with regards to land development.
- Embracing the new generation; Bruce's goal for learning about the changing world.
- How to get into contact with Bakerson and Bruce directly!
“We always look at whether it is a good deal today, we do not do speculative buying.” — Bruce B. Wuollet [0:08:43]
“I like Albuquerque since it is a similar size to Tucson but I think it's got a better infrastructure. It's more positioned for growth, long-term.” — Bruce B. Wuollet [0:11:57]
“In this information age that we live in, market shifts are going to be fast and they are going to be sudden.” — Bruce B. Wuollet [0:15:02]
Links Mentioned in Today’s Episode:
Bruce B. Wuollet Phone Number — 520 808 9111
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