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

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389: Foundr’s BEST of 2021

389: Foundr’s BEST of 2021

This year, we’ve conducted our best interviews EVER. In this epic roundup episode, we took our favorite moments from every interview this year and combined them to create: Foundr Best of 2021! That’s right, in this very special episode, you’ll hear valuable insights from:  Marc Randolph, Co-founder of Netflix, where he explains the surprising origins of the streaming giant. Tamara Mellon, Co-founder of Jimmy Choo reveals THE TRUTH around what it takes to build a global luxury label. Matt Pohlson, Co-founder of Omaze, on how his near death experience fuelled his outlook on life and business.   Joe Gebbia, Co-founder of Airbnb, on how they built one of the largest platforms in the world.    Ray Dalio, founder of Bridgewater Associates on how punching his boss in the face led to the creation of the world’s largest hedge fund. Prerna Gupta, Co-founder of Hooked, on how going to #1 on the App store led to some of their biggest challenges in business.   Ann McFerran and Kevin Gould, founders of Glamnetic, on their advice for early-stage founders on doing things that DON’T scale! Tim Draper, Founder of Draper University on how he’s shaping the next generation of leaders, and what it takes to become the next Elon Musk or Steve Jobs. Verne Harnish, Author of ‘Scaling Up’ tell us about his experience in throwing a party for Steve Jobs, and how it led to the creation of the Entrepreneur’s Organization! Alex Hormozi, Co-founder of ‘Acquisition.com’, on why providing value is the key to his success- and how he’s building his path to $1B. Dany Garcia, Founder of The Garcia Companies, on how she manages her entire empire. Want to build an empire? Then you might want to start studying Dany Garcia- she’s co-owner of the XFL , produces blockbuster films with longtime business partner Dwayne Johnson, and recently launched a new fashion brand, GSTQ. Thank you all for such an incredible year- and make sure to leave a review if you got ANY value out of the last 52 episodes. Can’t wait to see you all in the new year, for a whole new season of incredible stories, lessons and wins. Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode.   Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.    For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

22 Dec 20211h 9min

388: How Dany Garcia Operates Her Multi-Industry Empire

388: How Dany Garcia Operates Her Multi-Industry Empire

Want to build an empire? Then start studying Dany Garcia.    The founder of The Garcia Companies is living proof that it’s possible to run multiple businesses—successfully—all at once. Her portfolio includes brands in entertainment, sports, food, business, and fitness. She’s co-owner of the XFL (making her the first woman in the U.S. to own an equal or majority stake in a professional sports league) and recently launched a new fashion brand, GSTQ. She also produces blockbuster films with Dwayne “The Rock” Johnson.    How does the consummate multi-hyphenate manage her empire?    Find out in this in-depth conversation. Garcia sat down with Foundr’s Nathan Chan to discuss:  The two factors she considers before embarking on any creative project  Why obsession is key to successful client relationships  How to bond with your audience through immersive experiences  How to integrate disparate brands and products under one roof  Why she’s committed to “firing herself” regularly How she finds time for self-care amidst her outrageously busy schedule     Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode.   Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.    For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

16 Dec 202158min

387: Why You Should Sell Less and Build an Undeniable Offer with Author and Entrepreneur Alex Hormozi

387: Why You Should Sell Less and Build an Undeniable Offer with Author and Entrepreneur Alex Hormozi

Get ready for a crash course in bootstrapped sales, investing, and crafting an undeniable offer.    Alex Hormozi sold everything and left a consulting job to work in the fitness industry—that’s when his love of business began.     Alex now has a portfolio of 7 businesses valued at $85 million a year, including acquisition.com, which helps service-based businesses scale and multiply profits. In his new book, $100M Offers: How To Make Offers So Good People Feel Stupid Saying No, Alex shares his lessons on crafting an offer to scale a business.    In this episode, Nathan and Alex discuss: Alex’s goal to become a billionaire in 10 years How he went from losing money in his business to making $36 for every $1 spent Why he and his partner are giving away everything once they die His tiny market, big money process of finding niche markets Why you should sell less than your ability to sell Why rushing is the biggest mistake by young entrepreneurs And much more entrepreneurial advice...   Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode.   Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.    For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

8 Dec 202153min

386: Scaling and Exiting an Amazon Brand with Melisa Vong and Bryce Alderson

386: Scaling and Exiting an Amazon Brand with Melisa Vong and Bryce Alderson

Melisa Vong returns to the Foundr Podcast with her business partner Bryce Alderson to discuss Orphic Nutrition. Bryce is a former professional soccer player, and Melisa is a serial entrepreneur and cofounder of 2 multi-million dollar ecommerce brands.    Four years ago, a catch-up over coffee led to the idea of building a nutrition business together. Using Bryce’s knowledge in sports nutrition and Melisa’s Amazon experience with her first company, Namskara, they identified complementary skills that could be successful. Fast forward 3 years later, and they built Orphic Nutrition into a multi-million dollar supplement brand on Amazon and exited the company in December of 2020.    Listen to Nathan chat with Melisa and Bryce about:  Bryce’s transition from being a pro athlete to business owner The similarities of sport and business  How they reconnected and started Orphic Nutrition Using the location feature on Instagram to find microinfluencers  The importance of finding a cofounder you can rely on Mistakes and strategies navigating selling on Amazon The journey of exiting the company and finalizing the sale What’s next for the duo and much more... Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode.   Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.    For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

1 Dec 202153min

385: How to Build a Profitable Manufacturing Relationship with Sourcing Specialist Kian Golzari

385: How to Build a Profitable Manufacturing Relationship with Sourcing Specialist Kian Golzari

Your relationship with a supplier is one of the most important aspects of running a business. That’s why we’re chatting with Kian Golzari, a sourcing specialist who has designed, developed, sourced, and manufactured over 2,500 products. Kian has manufactured products for the NBA, United Nations, Olympic Games, Ministry of Defense, and top athletes like Neymar Jr.    Listen to Nathan and Kian discuss:  How he sourced products for the 2012 Olympic Games in London  How to source a supplier on Alibaba Using whiskey and WeChat to build a personal relationship with a supplier What you should look for when visiting a factory  Why you should disassemble your product  Canton Fair, China’s international import and export fair Why you should have a universal specification sheet for negotiating with suppliers  How to imitate and innovate products that manufacturers have already made  And much more supplier and manufacturing tips...   Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode.   Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.    For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

24 Nov 202147min

384: How Melisa Vong Earned $1 Million in Her First Year Selling on Amazon

384: How Melisa Vong Earned $1 Million in Her First Year Selling on Amazon

Melisa Vong believes that if you’re running an ecommerce business, you can’t ignore Amazon. Melisa started and sold 2 multi-million dollar brands using Amazon FBA’s infrastructure. Now she’s taking her successful strategies and sharing them on the Foundr platform with a new course on how to sell on Amazon.   Listen to Nathan and Melisa discuss:  How selling on Amazon changed her work/life balance Launching her first brand, Namskara, and earning $30,000 in the first month  Her PRIME Product Method for selecting products to sell on Amazon The importance of being adaptable as an Amazon seller  Why proper quality control can save you from expensive mistakes  And much more…  Sign up for Melisa's free training series to learn how to generate selling success on Amazon. Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode.   Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.    For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

17 Nov 202151min

383: Collaborating with Mr. Beast and Creating a Winning YouTube Formula with Derral Eves

383: Collaborating with Mr. Beast and Creating a Winning YouTube Formula with Derral Eves

If you’ve never heard of Derral Eves, you’ve probably watched one of his hundreds of viral videos on YouTube. Derral currently owns 19 YouTube channels with “Gold Play Buttons” and collaborates with record-breaking YouTubers like Mr. Beast.    Eves is a lifelong learner and created VidSummit 8 years ago as a conference specialized for YouTube professionals. He also has a book called The YouTube Formula, which reveals the proven strategies that have made his YouTube videos successful.    Listen to Nathan and Derral discuss:  Discovering YouTube on Craigslist in 2005 Breaking the all-time TV and film crowdfunding record with The Chosen  Meeting YouTuber Mr. Beast and becoming collaborators Hot takes on Star Wars and how it applies to nurturing an audience Understanding the ideal viewer and how to increase retention rate Tactfully growing an audience instead of just being “on” the platform And much more...     Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode.   Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.    For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

10 Nov 20211h

382: Building a Community of Knowledge with Quora Cofounder Adam D’Angelo

382: Building a Community of Knowledge with Quora Cofounder Adam D’Angelo

Adam D'Angelo was on the frontlines of the internet-startup boom. A passion for programming, which began in middle school, led him to work at Facebook in 2005 and launch Quora in 2009. Quora is a question and answer site that has 300 million visitors a month. He's experienced the highs and lows of the ever-evolving industry but is still motivated to use his skill set to give back to the world.   In this episode, Nathan Chan chats with Adam about:  Going to high school with Mark Zuckerberg and becoming Facebook’s Chief Technology Officer Why the day after Halloween was the most challenging day for engineers at Facebook The decision-making process to leave Facebook and eventually start Quora  Reorienting Quora on reuse of answers rather than just ask and answer Building momentum from a community of the early-adopters  Why it’s important to invest and think long term Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode.   Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.    For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

3 Nov 202146min

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