296: How Invitation Homes CEO Dallas Tanner Scaled a Multibillion-Dollar Home Rental Company at Breakneck Speed

296: How Invitation Homes CEO Dallas Tanner Scaled a Multibillion-Dollar Home Rental Company at Breakneck Speed

CEO Dallas Tanner on the breakneck creation and growth of multibillion-dollar home rental company Invitation Homes. Like a lot of successful businesses, Invitation Homes was a seemingly overnight hit that had been in the making for many years. “We bought the first 30,000 homes in the first 18 months,” says CEO Dallas Tanner, of the single-family home rental company. Based on that burst of early success, it might seem as though Tanner did the impossible—come up with a brilliant idea, instantly get buy-in from an investor, and reap immediate rewards. But long before Invitation Homes launched in 2012, Tanner had already cut his teeth in the home rental business. During college, he bought a couple of houses with his dad and managed them while going to class. He later founded the Treehouse Group Companies, which focused on workforce housing in the Southwest. So, when Tanner set out to start Invitation Homes, he did so with a large body of experience, knowledge, and accomplishments in his chosen field. That could have had something to do with the quick traction he got at Blackstone, his early capital partner and provider of funds for those 30,000 homes. “High speed, low drag,” Tanner says of their initial goal. There was an intense focus on getting out there, scaling up, and achieving meaningful gain in as short a time as possible. Were they worried, though, that the swift pace might blind them to any turbulence ahead? “If you’re building an airplane while flying it, there’s always a risk that you may miss a step. We were lucky to have no major issues and that’s because we were comfortable in the area we were building. We knew it and understood it.” That early work and knowledge of the industry paid off. In 2017, Invitation Homes went public with an initial share price of $20. Two years later, it hovers between $29-30 per share, a 48% increase. Blackstone sold its remaining shares (11%) of the company in November 2019 for $1.7 billion, bringing Blackstone’s total profit from IH to $7 billion. “As we think about our business, we’ve gotten more and more efficient here in year seven,” he says. “We’re focused on the kinds of things that deliver a really good customer experience but make us as optimized as possible.” For example, the inaugural days of the business found technicians switching out locks each time a home got a new resident. New tech eventually provided the option of electronic entry, which Invitation incorporated into its homes. Now, when a resident moves out and a new one moves in, only the code needs to be changed. This made the move-in experience that much smoother for new residents and saved time for the team. Remember, though, that the quest for good systems shouldn’t overwhelm everything. “You’ve got to spend your time being as efficient as possible, but driving growth at the same time,” Tanner says. “It’s always a balancing act.” He acknowledges that it also takes some luck and good timing. “But, the only way those things go your way is if you’re head down and going hard.” Interview by Nathan Chan, feature article reprinted from Foundr Magazine, by Rebeca Seitz

Episoder(574)

540: In Retrospect - They Made $1 BILLION Selling Toothpaste | HiSmile

540: In Retrospect - They Made $1 BILLION Selling Toothpaste | HiSmile

In just nine years, Nik Mirkovic and Alex Tomic built their smile care brand into a category disruptor on track to earn over a billion in annual revenue by next year. Mirkovic and Tomic don’t want shortcuts, so they’ve remained bootstrapped since they started Hismile at ages 19 and 20. Hismile’s teeth-whitening kit has become an internet sensation, making the brand a favorite among influencers and celebrities. But the co-founders aren’t resting on success. They want to make Hismile a category champion and take on businesses with an extra century of experience. Listen to Nathan, Nik, and Alex discuss: Why living on the Gold Coast keeps them focused Growing up together and having a passion for competition Narrowing in on teeth whitening as a problem to solve Formulating their first product and its overnight success Bringing R&D in-house and shifting their business model Why character matters more than experience Taking on category giants like Colgate and Crest Why they have no plans to sell And much more product development advice... Click here to start your business for $1. You’ll get all-access foundr+, where you’ll find more in-depth, proven strategies from founders like our guest today and support and advice from our global community of 30,000 founders. If you loved this conversation and learned something new, rate and review this episode. Stay in touch with us, follow foundr on your favorite platform: Foundr.com Instagram YouTube Facebook X LinkedIn Magazine

29 Nov 20241h 3min

539: How to Build a Million Dollar Beauty Brand | Alicia Scott [VIDEO]

539: How to Build a Million Dollar Beauty Brand | Alicia Scott [VIDEO]

In this episode, Alicia Scott, founder of Range Beauty, shares her journey from fashion professional to beauty entrepreneur. Alicia reveals how her own skin struggles led to the creation of a brand focused on inclusivity and clean beauty. Discover how Alicia bootstrapped her business with just $150, overcame challenges like a cease-and-desist, and navigated pivotal moments such as appearing on Shark Tank and landing a deal with Emma Grede. Listen to Nathan and Alicia discuss: - Starting Range Beauty with minimal capital and scaling to a multi million-dollar brand - Alicia’s strategy for developing inclusive and clean beauty products - Navigating setbacks like trademark issues and rebranding - The impact of social media and influencer marketing in driving early sales - Insights into retail partnerships with Target and Sephora and the importance of accelerators And much more beauty brand advice… Click here to start your business for $1. You’ll get all-access foundr+, where you’ll find more in-depth, proven strategies from founders like our guest today and support and advice from our global community of 30,000 founders. If you loved this conversation and learned something new, rate and review this episode. Stay in touch with us, follow foundr on your favorite platform: Foundr.com Instagram YouTube Facebook X LinkedIn Magazine

22 Nov 202454min

538: He Built a $2.9B Home Fitness Empire | Carl Daikeler [VIDEO]

538: He Built a $2.9B Home Fitness Empire | Carl Daikeler [VIDEO]

In this episode, Carl Daikeler, founder of Bodi, shares his journey from creating fitness infomercials to building a brand synonymous with home workouts. Carl reveals his path to success, from collaborating with fitness experts like Tony Horton to launching iconic programs like P90X and Insanity. He discusses the power of understanding consumer psychology, evolving with the digital age, and fostering a community of fitness enthusiasts. Entrepreneurs will gain insights into Carl’s approach to creating and marketing products that truly resonate, and the importance of resilience and adapting business models for long-term growth.. Listen to Nathan & Carl discuss: - How Carl’s initial struggles with fitness shaped his understanding of customer needs - The story behind the creation of P90X and its groundbreaking “muscle confusion” technique - Navigating challenges in a crowded fitness market and making bold business decisions - Insights on shifting from traditional media to digital platforms and subscription models - Carl’s take on the role of community in building long-term brand loyalty Click here to start your business for $1. You’ll get all-access foundr+, where you’ll find more in-depth, proven strategies from founders like our guest today and support and advice from our global community of 30,000 founders. If you loved this conversation and learned something new, rate and review this episode. Stay in touch with us, follow foundr on your favorite platform: Foundr.com Instagram YouTube Facebook X LinkedIn Magazine

15 Nov 20241h 1min

537: He Made $3.6B Selling Fitness Trackers | WHOOP founder Will Ahmed [VIDEO]

537: He Made $3.6B Selling Fitness Trackers | WHOOP founder Will Ahmed [VIDEO]

In this episode, Will Ahmed, founder and CEO of WHOOP, takes us through his journey from a collegiate athlete struggling with overtraining to building one of the most advanced wearable brands in the world. Will shares how he identified gaps in health monitoring, developed early prototypes of WHOOP, and secured partnerships with sports icons like LeBron James and Cristiano Ronaldo. Listen to Nathan & Will discuss: - Will’s journey from athlete to entrepreneur and the origins of WHOOP - How WHOOP evolved from a research project to a leading wearable brand - The role of data and physiological metrics in enhancing health and performance - Insights into raising capital and securing partnerships with top athletes - Lessons on resilience, stress management, and maintaining founder well-being And much more entreprenurial advice... Click here to start your business for $1. You’ll get all-access foundr+, where you’ll find more in-depth, proven strategies from founders like our guest today and support and advice from our global community of 30,000 founders. If you loved this conversation and learned something new, rate and review this episode. Stay in touch with us, follow foundr on your favorite platform: Foundr.com Instagram YouTube Facebook X LinkedIn Magazine

8 Nov 202455min

536: He Made $450M Selling TV's for $0.01 | Ruslan Kogan [VIDEO]

536: He Made $450M Selling TV's for $0.01 | Ruslan Kogan [VIDEO]

In this episode, Ruslan Kogan, founder and CEO of Kogan.com, dives into his journey from selling electronics out of his parents’ garage to building one of Australia’s most successful e-commerce brands. Ruslan shares key insights on identifying market gaps, the importance of customer focus, and how he scaled Kogan.com by challenging traditional retail norms. He also discusses the power of data-driven decision-making, his early struggles with capital, and the lessons learned from rapidly scaling a business. Listen to Nathan & Ruslan discuss: - The early days of Kogan.com and starting a business from scratch - Identifying market gaps and leveraging customer insights - The role of data in guiding business decisions and scaling - Strategies for building a customer-first brand in e-commerce - Lessons on resilience and navigating challenges as an entrepreneur - Strategic growth and Kogan.com’s approach to expanding product offerings And much more entreprenurial advice... Click here to start your business for $1. You’ll get all-access foundr+, where you’ll find more in-depth, proven strategies from founders like our guest today and support and advice from our global community of 30,000 founders. If you loved this conversation and learned something new, rate and review this episode. Stay in touch with us, follow foundr on your favorite platform: Foundr.com Instagram YouTube Facebook X LinkedIn Magazine

1 Nov 20241h 13min

535: How a Former Lawyer Built a $450M Global Travel Brand | Adam Schwab [VIDEO]

535: How a Former Lawyer Built a $450M Global Travel Brand | Adam Schwab [VIDEO]

In this episode, Adam Schwab, founder and CEO of Luxury Escapes, shares his entrepreneurial journey from humble beginnings to creating one of the leading travel brands in the world. Adam reflects on the strategic decisions that helped him scale the business, including early challenges, pivotal business shifts, and successful acquisitions. He provides insights into how he built Luxury Escapes into a trusted brand known for premium travel experiences and shares advice on maintaining long-term growth in a competitive industry. Listen to Nathan and Adam discuss: - Adam’s journey from lawyer to entrepreneur - Critical pivots that led to Luxury Escapes’ success - Strategic acquisitions that helped scale the business - Navigating the travel industry during the Covid-19 crisis - Building a brand and maintaining customer loyalty in a competitive market - Key lessons on resilience and adapting to changes as an entrepreneur And much more business advice… Click here to start your business for $1. You’ll get all-access foundr+, where you’ll find more in-depth, proven strategies from founders like our guest today and support and advice from our global community of 30,000 founders. If you loved this conversation and learned something new, rate and review this episode. Stay in touch with us, follow foundr on your favorite platform: Foundr.com Instagram YouTube Facebook X LinkedIn Magazine

25 Okt 20241h 29min

534: In Retrospect - The Netflix Story With Marc Randolph

534: In Retrospect - The Netflix Story With Marc Randolph

We're diving back into another episode from the Foundr Archives to revisit my interview with Marc Randolph, co-founder of Netflix. It’s every entrepreneur’s dream: create a product that is so disruptive to an industry, that it forces a shift in how we do business. Be so good, that they can’t ignore you, and they have to completely reimagine the way they do things in order to compete with you. That’s what Netflix did. Randolph has been an entrepreneur for over 40 years before the word “entrepreneur” was even a thing. With an insight into the business game like no other, Randolph knows the importance of action and acceleration colliding with ideas. Listen in as Randolph reveals his journey, from failed business ideas and last-minute pivots, to being laughed at during a $50m pitch with Blockbuster. Find out why he believes that the most important step in having an idea is to start. Click here to start your business for $1. You’ll get all-access foundr+, where you’ll find more in-depth, proven strategies from founders like our guest today and support and advice from our global community of 30,000 founders. If you loved this conversation and learned something new, rate and review this episode. Stay in touch with us, follow foundr on your favorite platform: Foundr.com Instagram YouTube Facebook X LinkedIn Magazine

18 Okt 202455min

533: How Hyperice Went From $0 to $700M Revolutionising Sports Recovery [VIDEO]

533: How Hyperice Went From $0 to $700M Revolutionising Sports Recovery [VIDEO]

In this episode, Anthony Katz, founder of Hyperice, shares his incredible journey from being a high school teacher with a passion for sports to building a global recovery brand used by some of the world’s top athletes. Anthony talks about the inspiration behind Hyperice, his early struggles in product development, and the pivotal moment when Kobe Bryant agreed to test his product. He reveals how he leveraged athlete partnerships to build credibility for Hyperice and how the company’s innovations in recovery technology have set them apart in the industry. Listeners will gain insights into the power of networking, the importance of resilience, and the strategies Anthony used to build a nine-figure company from scratch. In this episode, listen to Anthony & Nathan discuss: - The inspiration and initial development of Hyperice products - Working with top athletes like Kobe Bryant and leveraging partnerships for growth - The challenges of building a hardware startup from scratch - The role of innovation in creating market-leading products - Strategies for building credibility and brand recognition in a competitive market - The importance of storytelling in building a successful brand - Many more valuable insights for entrepreneurs Click here to start your business for $1. You’ll get all-access foundr+, where you’ll find more in-depth, proven strategies from founders like our guest today and support and advice from our global community of 30,000 founders. If you loved this conversation and learned something new, rate and review this episode. Stay in touch with us, follow foundr on your favorite platform: Foundr.com Instagram YouTube Facebook X LinkedIn Magazine

11 Okt 202449min

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