Car washes... business or real estate investment? Both?
If you have played Robert Kiyosaki's "Cashflow 101" board game, you may
remember that buying a car wash was one of the 'big deals' in the game.
In today's episode, we take a look at it in real life.
Today's guest, Steffany Boldrini has founded businesses, been part of a number of successful startups, and been an angel investor in Silicon Valley.
Nowadays she's focusing on building a portfolio of car washes.
In this episode, Steff shares the benefits of investing in car wash properties, and why this is such a little-known gem in the real estate market.
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What you'll learn in just 13 minutes from today's episode:
“It’s a lot of work. It’s a billion moving parts. I have probably 100 SKUs of products that could possibly be purchased throughout the year. Things break all the time. Employees can be not that great. It does take a lot of time. But obviously, everything can be delegated to the property manager. It’s just this is the first portfolio of car washes. I’m really making sure that I understand everything from top to bottom before handing it off to some local manager.” – Steff Boldrini
“If you start with a good cap rate and you add value in the multiple ways that you can, obviously, you can get a really good return at the end of the day.” – Steff Boldrini
“Biggest learning curve… really hands-on, it is, especially when I'm managing from afar. You really need to be on top of it. You need to put cameras on the property, alarms. People try to steal things all the time and people cut things off. Had a lot of employee issues. Just got up, powered through it, figured it out.” – Steff Boldrini
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