Growing up in the bakery business, he finds his passion in real estate. Generating a proven track record and acquiring thousands over units in just 16 years he shares what makes good deals and how you can serve the residents who live in your investments.
Key Points on Innovative Ways To Finding Spectacular Deals
- Bruce grew up in the bakery business in Minneapolis. He worked in his dad’s bakery, the Wuolett Bakery, on Saturdays since the age of 11.
- He tried many routes in his professional life. First, he wanted to be a baker, then worked in the headhunting business. He eventually got tired of the grind and moved to Arizona.
- Bruce read Rich Dad, Poor Dad, and got very interested in real estate investing.
- He developed a business plan and started investing in some single-family homes and rentals.
- In 2002, he partnered up with someone who’s family was also in the bakery business, so they named their company Bakerson (son of a baker).
- A couple of months into the business, he got introduced to wholesaling and soon became one of the largest wholesalers in Phoenix. At one point, they wholesaled 287 houses in one year.
- However, by the beginning of the 2010s, the market changed and what they were providing got replaced by technology. The margins were also not high enough anymore.
- Bruce wanted to find long-term investments instead of quick-money wholesaling. He got into multifamily investing in around 2014. Their largest apartment was a 120 unit.
- In 2016, he parted ways with his partner and partnered up with his brother and son.
- The market was tight in Phoenix so he went to Tucson and purchased a 32 unit for $860k. After the $500k repair, he was able to sell it for $1.96M.
- Bruce’s investing method is to fund his investments with 96% private hard money. The remaining amount is own capital, syndication, or joint venture partnerships.
- In the future, he’d like to stabilize their assets and buy more properties. He is also planning to go more into the B- / C+ neighborhoods instead of CC- that he was focusing on previously.
- Who is your success role model? Michael Jordan
- What is your biggest success? Picking himself up after his setbacks or failures.
- What does a typical day look like for you? He gets up early and goes mountain biking. He tries to do 60-80 miles a week. The first 90 minutes of his day is only for him, then he goes to the office between 7:30-9:00 AM. For 90 minutes he only focuses on the most important task for the day, then heads home for lunch at 12:00 PM. He has his appointments and meetings in the afternoon.
- What’s your favorite quote? “Failure is an event, not a person” – Zig Ziglar
- What are your hobbies? Mountain biking, traveling, and spending time with his family.
- What is the best business book you’ve read? Tim S. Grover – Relentless
- If there was one key piece of advice you could leave our listeners with about achieving success, what would it be? Be persistent and follow through.
About out Guest Bruce Wuollett
Bruce is the founder and the current owner of Bakerson. Growing up in the bakery business in the Twin Cities in Minnesota, Bruce wanted to pay homage to his now late father; hence the name “Bakerson”. After trying his hands in a few different ventures in Minnesota, Chicago, and Phoenix, he finally found his passion in real estate. He has a proven track record of success throughout Bakerson’s 16 years in business with thousands of individual units bought, repositioned and sold. Bruce has overseen all aspects of the business including operations, acquisition, project leadership, equity fund management, property-specific syndications, legal, finance, and more. His focus is on finding good deals while his passion is serving the residents by providing them with one of their basic human needs – shelter. Prior to launching Bakerson in 2002, he served on the acquisition team at a Phoenix-based real estate investment company.
His phone number: 520-808-9111