From Door-to-Door Sales to Multi-Million Deals: Justin Colby’s Brutal Entrepreneur Truths
Timestamps are as accurate as they can be but may be slightly off. We encourage you to listen to the full context.
Podcast Summary
This episode features Justin Colby, a seasoned real estate entrepreneur with nearly 20 years of experience who started his journey with door-to-door sales after graduating from UCLA. (01:26) Colby shares his path from a difficult childhood with alcoholic parents to building a multi-million-dollar real estate empire, including the painful lessons learned from market crashes and business setbacks. (05:17) The conversation dives deep into the mental battles entrepreneurs face, the importance of building authentic personal brands, and practical strategies for finding real estate deals in today's challenging market. (39:39) Colby emphasizes the upcoming opportunities in real estate as hedge funds return to the market and provides actionable advice for beginners looking to enter the space with as little as 1-2 hours of daily effort.
- Main Theme: Building authentic entrepreneurial success through vulnerability, consistent action, and strategic relationship-building while navigating market challenges and personal growth
Speakers
Paul Alex
Host of the Level Up Podcast, currently ranked #1 in business on Apple Podcasts and top 3 in all categories. Paul is a successful entrepreneur with experience across multiple industries including ATMs, credit card processing, and digital marketing. He's known for his authentic approach to business and helping ambitious professionals level up in their careers and entrepreneurship journeys.
Justin Colby
A 44-year-old real estate entrepreneur with nearly 20 years of experience in the industry, having completed thousands of real estate transactions. Justin graduated from UCLA and has been teaching real estate strategies for over a decade while running multiple companies including a tech venture. He hosts "The Science of Flipping" and "The Entrepreneur DNA" podcasts, and recently launched REI Live, a community for real estate investors focused on deal-finding strategies.
Key Takeaways
Transform Your "Chip on Your Shoulder" Into Fuel for Success
Justin reveals how his difficult childhood with alcoholic parents and moving out at 14 created an internal drive to prove himself worthy. (05:05) Rather than playing victim, he channeled this pain into entrepreneurial motivation, using it as fuel to achieve more than what his circumstances suggested was possible. This demonstrates how personal adversity, when properly channeled, can become one of your greatest assets in business and life.
Focus on Deal-Finding Before Everything Else in Real Estate
With hedge funds returning to the market and limited inventory available, Justin emphasizes that the person who controls the deal has all the power. (39:35) His REI Live community teaches people to become "personal shoppers" for institutional buyers, requiring just 1-2 hours daily of consistent effort. This approach allows beginners to enter real estate without needing significant capital, focusing instead on developing deal-sourcing skills that hedge funds desperately need.
Build Your Brand Through Radical Transparency
Justin advocates for showing your scars and being vulnerable about business failures rather than presenting a perfect image. (30:30) He shares how he plans to expose his mistakes and setbacks because "your mess is your message" and people connect with authenticity. This approach builds deeper trust with your audience than polished marketing ever could, especially in an era where people are tired of fake online personas.
Implement "Trust But Verify" and "Inspect What You Expect"
After losing significant money due to a contractor's negligence, Justin emphasizes two core business principles that he failed to follow. (31:59) Even after 20 years in business, he trusted without verifying and expected results without proper inspection systems. These principles apply to every business relationship and can prevent costly mistakes that can take months or years to repair.
Leverage Content to Communicate Who You Are, What You Do, and What You Need
Justin's framework for building a personal brand centers on consistently communicating three key elements through content creation. (48:53) When people understand your identity, expertise, and current needs, they can connect you with opportunities and partnerships. This approach turns every piece of content into a networking tool that works for you 24/7, creating compound returns on your time investment.
Statistics & Facts
- Justin came to a $550,000 condo closing with only $3 during the 100% financing era before the 2008 market crash. (16:41) This illustrates how dramatically lending standards have changed and the wild financing options that were available before the housing crisis.
- A $400,000 house today costs approximately $1.2-1.5 million over 30 years due to current interest rates. (17:48) This statistic demonstrates how interest rates are effectively tripling the total cost of homeownership compared to the actual purchase price.
- Ryan Serhant's monthly payroll exceeds $2 million, all self-financed without external investment. (47:07) This showcases the scale that successful entrepreneurs can achieve through bootstrapping and reinvestment rather than venture capital.
