Top 5 Key Takeaways from Justin Colby’s Zoom Call
Justin Colby, a veteran real estate investor and entrepreneur, joined a Zoom call to share invaluable insights on wholesaling, real estate investing, and achieving success in the industry. With 15+ years of experience and thousands of completed deals, Justin’s advice is rooted in practical, real-world strategies. Here are the top five takeaways from the session that can help you level up your real estate game.
1. Understand Buyer Criteria to Maximize Success
One of the most critical points Justin emphasized was the importance of understanding the criteria of your buyers. Whether you’re wholesaling to fix-and-flippers or landlords, knowing what they are looking for directly impacts your profitability. Flippers generally aim for a 10% profit margin based on the property’s sale price, while landlords prioritize cash flow, aiming for around $300 per month after expenses.
Justin advised tailoring your deals based on buyer needs. For example, properties under $300,000 tend to perform well as both flips and rentals, offering more flexibility and reducing risk. This knowledge allows you to structure deals more effectively and ensures you’re consistently delivering opportunities your buyers will jump on.
2. Leverage Your Real Estate License for Dual Benefits
Justin made a compelling case for why real estate agents should also act as investors or wholesalers. By leveraging their licenses, agents can present multiple options to sellers, such as selling directly to them as an investor, listing for a higher market price after repairs, or wholesaling to other buyers.
As an example, he explained how agents should approach sellers by saying, “I’m both a licensed realtor and an active investor. Here are your options.” This dual approach not only helps agents expand their income streams but also positions them as versatile problem solvers for clients.
Justin also highlighted that being a licensed agent legitimizes you in the eyes of sellers and potential buyers, while opening the door to making deals happen faster and in compliance with industry standards.
3. Scaling Your Business is About Priorities, Not Just Time
Managing multiple aspects of a real estate business can feel overwhelming—whether it’s running a real estate team, flipping homes, or wholesaling on the side. Justin’s solution? Prioritize effectively.
He debunked the myth of time management, suggesting instead that people should focus on “priority management.” He shared the concept of the “big six”: three non-negotiables and three most important tasks to complete each day. The non-negotiables must be completed no matter what, while the important tasks can roll over if necessary.
This simple, yet powerful, strategy helps streamline your day and ensures you’re always focused on what truly matters to your business growth.
4. Start Small Before Scaling Big
Justin cautioned against jumping into large-scale operations too quickly, especially for newer investors. He stressed the importance of creating consistent revenue and mastering the basics before attempting to grow your team or operations.
According to Justin, those starting out should aim to pocket $250,000 annually from their business before considering scaling. At this stage, you’re financially stable enough to begin hiring and delegating without compromising profitability. He also warned against operational bloat, as adding personnel too soon can increase expenses without guaranteeing results.
Building a strong foundation first ensures that you not only scale but scale sustainably.
5. The Power of Direct Mail and Building Relationships with Agents
For those entering wholesaling or struggling to find deals, Justin recommended focusing on underutilized marketing strategies, like direct mail. While many investors now rely on expensive digital ads, he argued that direct mail campaigns can offer a less competitive and highly effective way to reach motivated sellers who aren’t listed on the MLS.
Additionally, he highlighted the importance of building relationships with real estate agents. Agents often have access to deals on the MLS that can be converted into lucrative opportunities. By creating genuine connections and offering them value, you can turn agents into your long-term deal sources. “An agent who brings you a deal will continue feeding you for life,” Justin noted. This strategy allows you to build a pipeline of consistent deal flow without spending heavily on cold outreach.
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