From Wholesaling to 7 Companies | How Justin Colby Built a Real Estate Empire

17:22Justin Colby:in american history since 1930s so i to some extent like you had to change industry so i was realtor during the crash. I also lost my home to foreclosure. The repo man took my car and I ended up on a couch. So I wasn't married with any children. So I was a single guy on a couch, but I was destitute broke, right? Like it literally, the repo man took my car, the bank took back the home foreclosure, the whole thing. But I realized I no longer wanted to be a realtor. I wanted to be an investor because right about then is where, you know, flip this house started to hit TV, I believe. And I loved real estate and understood what real estate could do for the wealth accumulation.

18:02Justin Colby:And then I really kind of had this idea of real estate is the only industry at the time I understood that could create a high level of income and could attain a lot of wealth at the same time in the same industry. You can make a lot of money day trading. You can make a lot of money selling loans. You can't create wealth selling loans. So industry specific, real estate, I said, okay, I can make a lot of money flipping homes and I can acquire a lot of these same properties because I'm an investor and I make money and I put that money into a rental and then I have wealth. And so I did an industry change to some extent, very much in alignment, but I no longer worked as a realtor.

18:42Justin Colby:I worked as an investor. And because I was broke, the only thing I knew to do was cold call. I had no marketing budget. I had no presence. I had no name. I had nothing to lean on. I had a phone, which my friend had to pay my monthly bill, by the way. And I had coffee and I just called every day, six days a week. People think there's a five day a week work week. Absolutely not. Not for us hustlers. I mean, the reality is I still work on Sundays today. I'm 44 years old. Now it's not the same kind of work, right? But I'm still doing things, business. So that was it. And I went full into real estate.

19:17Justin Colby:So the benefit that I got is the market crashed. So my barrier of entry lowered drastically. I was living in San Francisco on a couch and Phoenix literally dropped in 50%. Homes that were selling for 150 grand are now selling for 50 grand. And so I just said, okay, well, that's going to be an investor marketplace. I'm going to start calling realtors at a business partner at the time. And we just went, we didn't know what the hell we were doing. Right. And, uh, that led into an incredible 20 year span and, uh, you know, ups and downs along that span. But, you know, I did wish I knew what I do now and bought more of these$50 ,000 homes because those same homes are selling for 500 grand now.

19:59Justin Colby:Yeah.

20:01Joe Shalaby:So what do you think was like, what was really driving you? you hit rock bottom living on a couch, you know, and a lot of people when they're in that position feel like they're screwed. There's no way out. What would you tell somebody in that position right now that was in that position that you were in? And then what really was the catalyst for you to crawl out, to kick your way out, to fight your way out of that destitute position you were in life at that point?

20:30Justin Colby:To some extent, the idea of like, you can't really get any worse. right i mean i literally have no income you know i walked away my credit's ruined so when you put a line in a corner what's their only option to fight their way out and so some of it is this kind of like well i can't get any lower than literally have knowing income no credit no nothing i got to do something right the other part of it it was innately in as a trait that I have is this kind of shoulder shrug mentality that not that bad, right? I'm at the lowest of lows. Not that bad. I can go create more. Now that's not teachable. I can't go out and podcast and teach that.

21:18Justin Colby:But what I did know is I had the ability to go create it again. I created it once. I could go create it again. I just needed to learn the vertical I was in, which was fixing flipping. And if someone's out there listening to this and is on destitute's doorstep, right? Like I was right. You've just lost it all. It all came crashing down. It's never as bad in your head as it is in real life. What you make it to be is worse than the reality it is played out on the field. And the reason why you're able to say that is because if you play the whole game, you'll look back and say it wasn't that bad. In a moment in time, it feels like death.

22:06Justin Colby:It feels like your life is over. But what you don't recognize is the same way you felt when you lost your high school sweetheart because you thought you were going to last forever. In that moment, it is catastrophic. Your life is over. You are embarrassed to go show your face on school again. Everyone is ridiculing you. You are done. And then you grow up and you look back at that fondly and say, God, what a cute kid I was. How adorable were we as a couple? I promise everyone listening, as Joe is laughing to himself, that is the same concept that happens in business. When you are going through it, when you're in, you feel like it's over and you give yourself enough runway on the field and you play enough of the game, you're able to look back at that and say, well, I made it through that too.

22:56Justin Colby:And it wasn't really that bad. And I, there's no way for someone to really believe me or Joe in this example until you go through it and you come out from it and you go, oh shit, they are right. But it's also why you hire coaches. It's why you're a part of masterminds. We talked about a mastermind, Joe, you and I, our friend Dan runs like, Like that's why is you want to get ahead of it and you want to learn from people who have gone through it so you can get a buddy to grab you around their neck and say, dude, you got this. Not that big of a deal. I'll give you some things and tools and resources and people to help you out, but you're going to get through it.

23:33Justin Colby:Just keep your head down. Keep focused. Keep going. Adapt, iterate, right? So I, listen, it is a privilege that we have to go through our problems, Joe. It's a privilege, which is counterintuitive to what most people would think. The reason why it's a privilege, because you know what's really fucking hard? Living in Haiti with no clean water and no food. That's really hard. Living in a hut that doesn't have a roof, basically just four brick walls. And I've been to the DR a lot. Like the DR in Haiti butt up against. Like I've been to the poorest parts of the world. That is really hard. having a bad business deal or a bad financial time or a bad economy doing what we do.

24:18Justin Colby:Not fun, but it's a privilege to overcome that because what that will do for you is it'll prove to you what you can do. And the person who crumbles will only go deeper in crumbling because now they've lost all sense of confidence to know that they can go do hard shit and overcome

24:37Joe Shalaby:hardship you know you talk about privilege like we are so privileged like i say this all the time on my podcasts like i get to sit with some of the most brilliant people who have suffered the most and i get this one-on-one coaching call with them and if nobody's listening and nobody benefits i benefit the most i get such incredible mentorship from these podcasts and the relationships i build and if people don't seek mentorship and they don't seek a what because if they're just sitting there dwelling. So we know that there's green pastures ahead. We know that we just got to make it through. We know that God never gives us more than we can handle.

25:14Joe Shalaby:But if no one's kind of instilling that in your mind, it's hard to overcome. Now, hopefully people are listening to podcasts or they're doing something that enables them to have that fortitude and that strength and that mental tenacity. But the average person is not thinking like that. The average person is suffering internally. They're not looking for mentorship. They're going, I'm screwed. This is my life. Look where I live. Look, I'm poor. My parents, this, that, the other million excuses. And they're just this, why me mentality. And to that person.

25:49Justin Colby:Yeah. And the other component of that is they think the answer is quick. And you and I both know, Joe, 2007 and eight happened. The rebound wasn't quick. The rebound has been great in the real estate space. If you really look at it, We are well beyond where we would have been if we just would have camped at the same trajectory of 2005 and six. But the reality is people want to go make this change and get the result quick. And so I use a lot of times this idea of, you know, the gym and fitness, like you got to play the long game and all of this. You can't go to the gym for a month and expect to have a six pack.

26:25Justin Colby:Right. And then there's all these bolt on or variables and nuances like, okay, well now you are being consistent at the gym. What are you eating? Right. Now you got to watch your diet and intake and calories and protein versus carbs. I just say all this, say if you're at that moment, but you're ready to make the change, you need to be ready to make change, but also don't expect the result to happen overnight. Don't expect for you to leave the couch. That's my story. I was sleeping on a couch. It took me nine months to get my very first deal, nine months. You know what I didn't do? I didn't quit.

26:58Justin Colby:I didn't give up because I saw people doing the very same thing I wanted to do. I knew because I saw it, it was real. I could do it. I didn't have to have some business degree to go do this flipping home thing. I saw them doing it. So as long as I didn't quit, I was going to get it done. And that would be the bigger highlight that I think people need to focus on is make sure you are someone who has the stamina to stay in the game. This is why I talk about purpose over passion. Passion can only take you so far. When the storm comes, and the storm always comes, I'll remind you, the storm always comes.

27:38Justin Colby:When the storm comes, your passion can waver. I use the example of I love ice cream. Love it. Do I want to go run an ice cream shop seven days a week, 15 hours a day? Absolutely not. But I love, I'm passionate about my, I love it. You got to purpose over passion. and you want to create purpose in alignment, hopefully with your passion. But if it's big enough, you'll keep going through the storm because your purpose of doing it will see your way through. You'll be convicted.

28:14Joe Shalaby:You know, you talked about like, you know, being committed to the gym and it brings up a point. I actually experienced this today. So I, I train with a personal trainer a couple of days a week and I only train two things, deadlift and squat Monday is Tuesdays. And today we were dead lifting 295 pounds. My trainer says this to me. He's like, once you get to the really heavy weights, your technique is everything. Like, so my technique, I've been training this for years and my technique still is off with the heavy weights. Like people don't understand the level of intensity and how hard you have to work and how precise and how, not only like consistent, but now to your point, like now you're, you're, you're eating.

28:55Joe Shalaby:Now your technique has to be perfect. Now it's like you want to get to the big leagues, now master your technique. And that relates to everything in your profession. That relates to everything in your health. That relates to everything in your fitness protocol, your goals. Your technique has to be precise, consistent. And that level of dedication and commitment is another level. And people have to understand that once you get to the big leagues, your technique has to get even better. It's not like I made it to the big leagues. I'm here. I made it. I'm deadlifting 300 pounds. No, no. You're deadlifting.

29:31Joe Shalaby:Now the real work starts.

29:33Justin Colby:Yeah. That's why, again, use the sports analogy, every major player had coaches through their whole career because to level up, you've never been to that level. You would need a coach that can support you at that level. Otherwise, you're going to be lost again, right? The challenge is you're at a new level. It's all new, different challenges. If you don't have someone guiding you at that level, the same way they guided you at a lower level, you're going to end up with some big problems.

30:02Joe Shalaby:So I'm going to talk about some of the things you're doing now. So you want to pivot right now from real estate and you want to have a greater purpose. Yeah.

30:14Justin Colby:Real estate's going to always be there but i you and i've been given the gift right not a lot of people get a platform like we have podcasting a lot of people start podcasts but they don't go anywhere and i think it is my real you know do you believe in like being in a state of flow and energetic passion and like you're just

30:32Joe Shalaby:in alignment is the word most commonly used when i'm podcasting when i am hosting when i am being

30:39Justin Colby:featured on that I am in true alignment. Like I am, there could be fires going on all around this room right now. I wouldn't even notice it because I'm just so dialed in and that is unique. And in the last 20 years, I don't think I've really ever felt it in the way I'm feeling it in this last two years because this, the entrepreneur DNA podcast launched two years ago, right? And it has just been on a rocket ship the whole time and so i just i'm not willing to ignore that calling and that feeling anymore so while i'll always do now bigger you know apartment type deals um i'm not willing to to ignore this energetic alignment and flow that i'm in and i'm going all in on it because i have a great rolodex i know a lot of people who can make a lot of impact and we just talked about legacy that that ultimately could be the legacy that i leave is I brought all these brilliant experts in their field of expertise to the marketplace to help other entrepreneurs win the game of entrepreneurship.

31:44Joe Shalaby:We have the same vision, the same goal, and another exact thing we both started two years ago.

31:51Justin Colby:No kidding.

31:53Joe Shalaby:Yeah, and it's been on a rocket ship the whole time too. Yeah. So it's like, talk about alignment. You know, like, yeah, we're in a state of flow. This is where I find my passion. I just, you know, again, I'm the CEO, the founder of the company. My partner runs the whole company, having a big department meeting, all the departments are there. I'm like, I don't want to go there. I'm going to do this. Like I'm in alignment here. Like I don't, you know, this is what I do. I grow the company. I grow the brand. I'm in alignment here. This is my purpose. You know, I don't need the minutia of operations.

32:25Joe Shalaby:That's like my drag. You know, like that's like, yeah, I'm not that guy.

32:30Justin Colby:i had to take a you know we talked about a bad real estate deal that i did it's because operationally i'm not that guy you know i took my eye off the ball and that's okay but i was able to recognize where my strengths and weaknesses are and i just said i don't i don't want to do that anymore i was basically working against my natural ability if that made any sense right so if i was always meant to be a quarterback i was playing running back and it's kind of like that's not my highest use of of expertise this is yeah it's not it's not your talent

33:03Joe Shalaby:so that's uh there there are people who are just they are operators totally that's what they do you know and uh that's the yin and yang of running any big business i'm fortunate enough to have found that yang for me um best friend from high school and he's always been that way since we kids. Yeah, it's great. And I've always been this way.

33:22Justin Colby:Lucky you.

33:23Joe Shalaby:Yeah. God is always good, man. He's watching out. I know you're very, very busy and I want to wind this down. I got a couple very, very serious questions for you as we wind down here. What is a personal goal, Justin, that you have for yourself? A business goal that you have for your business?

33:41Justin Colby:So my personal goal for my business is I want to get my community, the Entrepreneur DNA community on school up to 100 ,000 entrepreneur members because I will continue to do a podcast today with experts in their industry to pour into the members so that instead of being the Justin Colby lost on a couch, you can learn from the person who's going to be able to teach you and engage with that same person and talk to that same person. And they're not untouchable because I'm asking them to engage with you and I can make a bigger impact on the entrepreneur space. So 100 ,000 members in my group. I'm not going to say when because my fifth principle of success is you never put a timeframe on the result you're trying to achieve.

34:21Justin Colby:So as fast as I can get there, I'm going to get 100 ,000 people in this group.

34:27Joe Shalaby:And the group is live?

34:28Justin Colby:The group is live. You guys are the first to really even hear about it. So if you go to school and you go to the entrepreneur DNA, it is live. It's$25 a month. I'm keeping it affordable because the same Justin Colby that was sleeping on a couch would love to have learned from these experts. And I could have found$25 a month to pay for that, where all the other gurus and coaches and everyone's charging 10, 15,$20 ,000. I'm not going that route. I want to lead with value first.

34:58Joe Shalaby:And let me ask you that that school program you've launched, you're basically doing kind of like a podcast or interviews with experts every single day? No.

35:08Justin Colby:So we'll do two to four of those a week. Like tonight in 15 minutes, we will be doing one. This tonight's call is about a LinkedIn expert because social media is a must have. And this individual understands how to build yourself and frame yourself so that you can make more sales and grow your business specific to link in. Thursday will be about your habits and priorities that you do each and every day are the reason why you're successful or not. So what are your habits looking like? So all these experts will be coming in, but they'll be teaching. It will not be an interview. It'll be genuine teaching their expertise and an open Q &A.

35:48Justin Colby:So they'll be able to talk to Greg Cardone or Dean Graciosi or Ryan Serhant or Russell Brunson or all these people that I have on my podcast. they'll be able to actually be able to engage with them without having to pay them a ton of money to ask them the questions they want to know about their expertise

36:06Joe Shalaby:what great value what a great resource to all the listeners now make sure you sign up for his school it's going to bring you a ton of value change your life make you a better person uh what's a family goal that you have family belief is that what you said so oh family goal i have one priority

36:24Justin Colby:to spend as much time with these little kids as I possibly can to raise them into the best people. And I know that doesn't sound unique, but I'm old enough to realize the value of young children and how short lived that very young age is and how cute it is. So my biggest goal is to make sure that they're well taught, they're well mannered, they understand good and what is right and what is wrong. It's all I really care about. And to be a loyal, loving, supportive husband, because my wife, listen, I fight business dragons all day. They're business dragons and I fight them every day. My wife has these two kids all day, all day long.

36:59Justin Colby:And I promise you this, I could never trade jobs with her ever. A, I have no desire to. I'm not built that way. But what she does, she's the real hero in the family. She's the one that makes it go around. She's the glue. She's the rock. I try to applaud her every chance I possibly can because I could never do what she does.

37:19Joe Shalaby:God bless, man. that's amazing i i did forget to ask you one question before i finish my last question is how are you instilling that same level of grit tenacity work ethic in your children now because they're growing up in a life of abundance and that's how i grow up yeah it's challenging

37:37Justin Colby:sure roller skates for example this weekend is my daughter's birthday she got a pair of her first roller skate she's five years old so how i'm teaching this is to not give up right is she obviously it was very hard for hours but i just stayed with her it was intentional and kept looking her in the eye and kept picking her up and say you don't you want to ride these things then you're gonna have to learn how to ride them and you don't quit and complain want to take them off no you want to ride them so we will learn how to ride them it just takes time so i'm teaching them through the mindset that it takes uh because the world is tough well so is learning how to roller skate at five years old right and so as long as she can overcome that and learn to keep going i this morning was a another brilliant moment i would when i drop her off at school i say make it a great day why and then she has to say because i can choose to make it a great day she has to say that back to me every single morning and then uh this morning she's leaving the house and she tells her two-year-old brother who barely is talking hey jace make it a great day because why and he can't say the end of it but because i've said this to her every single day she's trying to embed that into my two-year-old son and those are the moments that you go i'm doing something right i don't know at all when it comes to parenting but i'm doing something right i like that i'm gonna steal that

39:02Joe Shalaby:that's why i love this show because i get to take so many great tidbits from these brilliant people like yourself last question yeah when you're in front of the pearly gates what do you think god's

39:14Justin Colby:going to tell you well done well done and play you left it all on the field you did what i asked you led with your heart well done justin you've been a pleasure to have on the show if people want to connect with you how can they find you instagram's my best platform please let me know you heard me here so the justin colby that's it the justin colby say you heard me on coffees for closers, Joe's show, whatever. I will say, what's up? I don't have bots in there. I don't have all that jazz. It is really me communicating with you. And then I would tell you, go check out the school program. The entrepreneur DNA on school is 25 bucks a month.

39:56Justin Colby:If you are an entrepreneur, if you're aspiring entrepreneur, if you're a veteran, grizzly veteran entrepreneur, I'm bringing the best in the space to, to help guide you in each vertical.

40:05Joe Shalaby:Let's go. Justin, God bless you. Hope you crush every single one of your goals. you've been an absolute pleasure to have on the show

40:12Justin Colby:appreciate you Joe