Focus on ONE Skill Or Stay Broke Forever | Adam Sosnick (SoSTalks) & Justin Colby π΅ EP119
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What is the purpose of focusing on one skill?
Ladies and gentlemen, welcome to the Money Mondays. I am here with our guest, Mr. Justin Kolbe. He's lived over 3,000 homes, but he's doing real estate investing, podcasting, personal branding, speaking, and all the things in between, so we're gonna dive into all those different topics. But first, as you guys know, this podcast episode will be between 32 and 38 minutes. Why? Because the average workout is 45 minutes, the average commute to work is 45 minutes, so we're gonna keep this episode to under 38 minutes for your listening pleasure. how you can help us since I've been running this ad free for like 115 episodes in a row. It's because I want you to have an enjoyable listening experience.
So like comment, subscribe, share this forward to your friends from the past, present and future. These are the type of episodes where you have a real entrepreneur that's done real business. You're going to want to share these real podcast clips or the full podcast with your friends and people in your office and in your household. Now, We're going to cover three core topics, how to make money, how to invest money, how to give it away to charity. But first, we're going to have Justin Colby give a quick two-minute bio so we can get straight to the money.
Let's go. So I've been an entrepreneur since I got out of college. Graduated in 2003 and went straight to door-knocking sales. Turned that into a business-to-business door-knocking sales company. Caught pneumonia because I was doing it in Boston, Massachusetts. Then turned that into the real estate empire I have today, but it didn't come without a cost. Lost my home to foreclosure.
What are the common myths about making money in real estate?
RuPaul man took my car, sleeping on a couch, and just decided what I wanted, which is the life I have today and who I needed to be to get it. So the last 18 years, I've been grinding it out, working, hustling, putting together systems, operations, and built what I have today.
A lot to break down there.
Oh, yeah. That's it.
All right. So first on the make money side, what do you think holds people back from making money in real estate? Do they think they need to have too much money? They think they need a really good credit. They think they need to have all the experience. Walk us through what holds people back in real estate.
All that. I mean, at the end of the day, the biggest hurdle I think people think about, and it's a myth, is that you need to have money or you need to have credit. You can fix and flip homes today, right now, in Miami or Scottsdale or anywhere you want with no money and no credit. I do it still to this day. I have money. I have credit. I still don't utilize them on transactional real estate. That is different when I buy apartments. It's different when I buy storage, et cetera. But the biggest myth I do believe on the transactional side is people think they can't get in. They can't flip homes. They can't do whatever because they don't have the cash. Not true. I've proven it time and time again.
I've been coaching for 13 years exactly how to do it without any of your own cash and credit. Anyone can do it in any city sitting from the couch. I mean, this is an industry literally very similar to what we were talking about social media. Real estate you can do anywhere. You don't have to live in the city, which is another myth. Like, I don't know if my market's the best market. You don't have to live there. You could be on a beach in Fiji or Thailand living incredibly well and doing deals in, you know, Oklahoma. Doesn't matter. So that is another thing is people have to realize like this is as virtual of a business as you have ever wanted, especially if you're not fixing flipping. If you're transaction wholesaling, you could do it absolutely anywhere.
I wouldn't encourage fixing flipping virtually until you have some some resume behind you, to say the least.
So you just said something called transactionally wholesaling. What the heck is wholesaling? Explain to the audience.
Yeah, that is a very transactional. You don't need any money, period, anybody's money. You don't need any credit. There's no loans. You are essentially assigning your interest in the contract over to another buyer. So like this is very common in a lot of different industries. Most notably is the car industry. Assignments are very common there, right?
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Chapters
8 chapters
1
What is the purpose of focusing on one skill?
0:05β1:26
2
What are the common myths about making money in real estate?
1:26β4:37
3
What is wholesaling and how does it work?
4:37β8:43
4
How can someone choose the right real estate investment strategy?
8:43β13:59
5
What is investment syndication and how does it work?
13:59β18:35
6
What is the dummy tax in real estate investments?
18:35β23:00
7
How can you invest in storage units?
23:00β28:06
8
What should you consider before bringing people into your real estate deals?
28:06β1:04:29
Speakers
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