Turning Setbacks into Stepping Stones with Justin

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<v Speaker 1>Welcome to the Big Success podcast, cutting edge conversations on business and personal success, as well as how to level up.

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<v Speaker 1>Here's your host, number one business coach in the world, brad Shokers.

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<v Speaker 2>All right.

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<v Speaker 2>So how do you get massive success?

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<v Speaker 2>I know we're talking that we're the big success podcast.

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<v Speaker 2>Justin's going to take us through massive success from his background door to door.

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<v Speaker 2>Then sell them at the family bills business, building that to tens of millions during COVID.

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<v Speaker 2>Now, running his own capital fund, built the family into more than 1600 real estate investments.

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<v Speaker 2>So many amazing lessons coming.

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<v Speaker 2>I can't wait for you to listen through.

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<v Speaker 2>Take a lot of notes, okay, hit the show notes as well.

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<v Speaker 2>Go follow, go listen, go learn.

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<v Speaker 2>But this is going to be a podcast that you're going to love.

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<v Speaker 2>Justin.

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<v Speaker 2>Take it away, justin.

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<v Speaker 2>First question always the same on my podcast what's your definition of success?

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<v Speaker 3>I love that question and it's truly evolved over the years.

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<v Speaker 3>It used to be these benchmarks that I would put in place things.

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<v Speaker 3>I was chasing comparison.

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<v Speaker 3>I want to get to this level.

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<v Speaker 3>I see that guy doing this and that you realize at some point that that's just a perpetual cycle of actually being miserable Really.

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<v Speaker 2>There's always a guy with a bigger jet.

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<v Speaker 2>Yes, yes.

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<v Speaker 3>So you got to learn these things and you got to go through it and realize that success is not things you're taught to set goals and put the picture of the car you want.

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<v Speaker 3>You work 10 years, you get the car and then all of a sudden you're upset the next day.

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<v Speaker 3>To me, it's really just auditing all the areas of my life and making sure that I'm better today than I was yesterday.

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<v Speaker 3>That's really how I show up for other people.

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<v Speaker 3>It's how the business is progressing.

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<v Speaker 3>It's building the capacity and efficiency within everything that I'm doing.

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<v Speaker 3>If I can be just a little bit better than yesterday, that's truly what success is to me.

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<v Speaker 2>How did you shift?

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<v Speaker 2>Was it an immediate shift?

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<v Speaker 2>One day you just woke up and thought that doesn't work.

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<v Speaker 2>I got to go this way, or did it gradual?

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<v Speaker 3>Very gradual.

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<v Speaker 3>Usually.

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<v Speaker 3>You got to learn it through life experience and painful lessons and how you audit information.

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<v Speaker 3>You start to realize that everything you read isn't the Bible and you got to start sifting through things because for a long, long time all of the goals were things, it was destinations, and you end up in this loop of chasing things instead of really being in the process.

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<v Speaker 3>Then you look back and you're like, wow, I was so upset and now I'm upset.

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<v Speaker 3>Finding that happiness factor is very difficult when you're chasing things.

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<v Speaker 3>I think it's just being okay with where you are today and still striving for the future, but knowing that being in the process is really where the happiness is.

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<v Speaker 2>Now in your life, if you look back, where do you think you chose success?

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<v Speaker 2>Was it as a young man?

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<v Speaker 2>Was it as a boy?

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<v Speaker 2>What led to you choosing to be a successful person?

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<v Speaker 3>I think a lot of this is actually out of our control.

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<v Speaker 3>Everybody wants to say that anybody can be a billionaire, anybody can do this, anybody can do that.

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<v Speaker 3>I think it's really the self-awareness of knowing who you are, how you're wired, and then you can develop anything within that construct.

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<v Speaker 3>But it started just with sports when I was a kid.

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<v Speaker 3>I just had to be the best I could be in everything and I was upset if I didn't.

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<v Speaker 3>It wasn't about winning In sports and business most days you're going to lose it was just about.

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<v Speaker 3>I just couldn't live with myself if I didn't put everything into it and put everything I had into whatever I was doing.

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<v Speaker 3>It started with sports.

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<v Speaker 3>It was the first time I picked up a guitar and then I ended up being a music major All these things I've done in my life.

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<v Speaker 3>Whatever I'm doing, I only have one speed it's just all out the pursuit of just maximizing, squeezing absolute every last bit of juice out of everything that you're doing in life.

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<v Speaker 2>Now, where is that from?

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<v Speaker 2>Was that like?

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<v Speaker 2>Your parents instilled that in you?

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<v Speaker 2>Was it from a school?

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<v Speaker 2>Where did that show up for you?

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<v Speaker 2>It's always interesting.

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<v Speaker 2>It's always somewhere where it showed up.

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<v Speaker 3>Yeah, I think a lot of it is your parents.

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<v Speaker 3>You're definitely molded by what you see.

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<v Speaker 3>My dad was an entrepreneur.

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<v Speaker 3>Great successes, big setbacks I got to see all of that.

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<v Speaker 3>But then when I zoomed out, I look at, I'm the oldest of five kids.

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<v Speaker 3>We're all very different.

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<v Speaker 3>We were all exposed to the same thing Went in totally different paths.

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<v Speaker 3>Then I started learning more about the neuroscience and how our brains work.

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<v Speaker 3>Then I started to realize that you don't get to pick your dopamine system.

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<v Speaker 3>That's why I have this mentality now of a little bit more grace for people who aren't like me, Whereas I used to just be like why are you making excuses?

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<v Speaker 3>Why can't you go harder?

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<v Speaker 3>The reality is, I think a lot of it really is the inherited wiring that you have in your neuroscience yeah, I think a lot of it is finding that self-awareness of what you're great at, how you're wired, and then leaning into being the best version of what God gave you.

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<v Speaker 2>What's your formula now for how success happens, like?

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<v Speaker 2>What's your methodology that these things are all make up of, why success happens for someone?

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<v Speaker 3>I think it's the authenticity of being able to stick to something, not trying to be ahead of where you are, being 100% authentic and real about everything in your life.

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<v Speaker 3>All the biggest progress is leaps that I've had or when I am on that frequency of authenticity, and it goes both directions not complexing myself, thinking I can't do the next thing, but also being very honest about exactly where I am and that dynamic of when you're dealing with other people, because everything's people right.

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<v Speaker 3>Success is your ability to work with other people.

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<v Speaker 3>People that are ahead of you are going to want to pull you up when you're authentic with them and people beneath you are going to want to follow you when you're authentic with them.

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<v Speaker 3>So I think it's staying right where you are, being very clear about your vision forward, humble about where you come from All of that sauce of authenticity, I think, is where you're going to have those big leaps forward.

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<v Speaker 2>Talk more about that clarity of vision, because I think a lot of people struggle with finding that and even finding their authenticity.

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<v Speaker 2>So I'd love your thoughts on how to do that or how to get better at that.

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<v Speaker 3>Yeah, vision stuff that I struggled with early thinking too, small.

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<v Speaker 3>I think that your potential ends at the distance.

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<v Speaker 3>You can dream right.

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<v Speaker 2>Hang on, say that again, say that again, because that's real important.

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<v Speaker 3>Your potential ends at the distance.

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<v Speaker 3>You can dream.

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<v Speaker 3>Wow, that's cool.

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<v Speaker 2>That really right, that one down.

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<v Speaker 3>The goalpost moves right.

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<v Speaker 3>When you first get started you're like, man, if I could just make 30 grand a year and be able to support myself and move out of my parents' house.

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<v Speaker 3>Right, that's the goal.

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<v Speaker 3>Right, it's not millions, that's like it's not even close to your radar.

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<v Speaker 3>It's not billions, it's not any of this stuff.

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<v Speaker 3>And I think the sooner you realize that you don't have to know how, you're never going to know how until you've already done it.

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<v Speaker 3>So dream as far as you can and you're going to land further along.

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<v Speaker 3>But if your goal is I need to make 100 grand, which at one point it was for me that I was doing the things that would get me there Like, why wasn't it a million?

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<v Speaker 3>I would have got there faster.

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<v Speaker 3>Why not a billion?

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<v Speaker 3>So I think if you can move the vision further in the distance, to where you can't even see or make sense of it, you're going to get there faster.

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<v Speaker 2>So what's in your mind?

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<v Speaker 2>I hear a lot of people when they talk about success, they bring failure into the equation as well.

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<v Speaker 2>What's your mental construct of the relationship between failure and success?

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<v Speaker 3>Yeah, this is a big one, I think in the beginning, me included, we're doing everything we can to protect, to not fail, and especially in terms of money.

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<v Speaker 3>We're all very weird money and you know when I didn't have a lot of money.

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<v Speaker 2>I was going to say when you don't have a lot, you got to protect it, but the reality is it's the opposite.

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<v Speaker 3>What are you trying to protect if you don't have anything?

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<v Speaker 3>Yes, that was, that was a big click for me, and I think you have to go to a certain level of success lose it to understand that tomorrow you get up again, the world's not coming to an end and being able to survive, that I think if you haven't been through extreme failures, there's this thing in the back of your head where you can't go forward at the right pace and speed.

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<v Speaker 3>You can't really go for it because you're so terrified of what happens when I lose.

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<v Speaker 3>And when you take your first big loss, which is going to happen to everyone.

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<v Speaker 3>I used to think that I could prepare and do diligence to the moon and no one's ever going to scan me.

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<v Speaker 3>I'm never going to get hurt.

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<v Speaker 3>And then, once you go through the first big one and you really get tested, this is where you, number one, you get to find out who you are.

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<v Speaker 3>How do I perform when my back's really against the wall?

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<v Speaker 3>Right and you build out a whole new capacity within yourself, and that's what's going to really take you to the next level is being able to use that big failure as a spring to just shoot back better.

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<v Speaker 2>So how?

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<v Speaker 2>What was one of the two or three things you had to do to mentally get yourself from that one mistake failure, whatever you want to call it to jumping forward.

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<v Speaker 2>What was one of the two of the things you did?

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<v Speaker 3>The first thing I had to do was and I've done this at every level, I think this is very important is max out your capacity where you are first.

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<v Speaker 3>You know, before moving on to the next thing, a lot of people they want to play in the next space, but you know they're not ready for it and they kind of you know that's where you're off on your authenticity.

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<v Speaker 3>So first it was door to door sales.

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<v Speaker 3>You know I had to be the best in the industry before it was time to move on to the next thing.

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<v Speaker 3>So, and part of and it's a failure moment, when you realize I have built this thing out to its max capacity.

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<v Speaker 3>I can't.

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<v Speaker 3>I can't get any more out of this.

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<v Speaker 3>I have to leave this thing go back to zero, which is almost a planned failure, right?

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<v Speaker 3>In order to get to the next thing.

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<v Speaker 3>Most of us we max out and we go.

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<v Speaker 3>Okay, here I am, and that's it right.

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<v Speaker 3>But in order to get the next thing, something's got to go.

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<v Speaker 3>So very interesting transition from sales to in that product going to zero again, getting into a new industry where the potential was 1000x, having great success and then boom, we have a big failure and I'm back to zero overnight.

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<v Speaker 3>But as much as that hurts, I know how to get to a whole new level now.

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<v Speaker 3>So I get to go do it again.

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<v Speaker 3>So there's peace and failure.

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<v Speaker 3>When you're leaping forward, it takes you to a new level and it's like you read these books here.

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<v Speaker 3>All these people made a billion, lost a billion, did it again.

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<v Speaker 3>Like if you're not willing to lose it all, you're never gonna go further.

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<v Speaker 3>It's just the price you have to pay at some points.

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<v Speaker 2>You're on the big success podcast.

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<v Speaker 2>We're gonna come back in a moment.

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<v Speaker 2>We're gonna talk with Justin about going from million-dollar businesses right the way through to the billions.

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<v Speaker 2>Today.

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<v Speaker 4>Start living your life on purpose and with a plan.

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<v Speaker 4>As Brad Sugar's teaches, you only get 4,000 weeks, so learn the principles of success and make the most of your life.

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<v Speaker 4>Join Brad's Purpose Event now and create the life that you deserve.

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<v Speaker 4>Visit BradSugar'scom to attend this program as a standalone or as part of Brad Sugar's as entrepreneurial university.

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<v Speaker 2>All right, you're back.

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<v Speaker 2>Big success, justin hotland foods East Coast farm.

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<v Speaker 2>The table.

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<v Speaker 2>You took it to 87 million gross.

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<v Speaker 2>What were some of the secrets or your thoughts on what made you successful in that business?

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<v Speaker 3>The food business is a very difficult business.

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<v Speaker 3>It was the first business that I was involved in that was meaningful.

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<v Speaker 3>It was a family business that my dad had started and he had been through this before Several direct sales companies.

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<v Speaker 3>That was his bread and butter Food's a whole, nother animal.

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<v Speaker 3>I mean we're talking about cold storage, massive utility bills, thin margins to begin with, so really the success of that business over almost 20 years was just we wouldn't quit.

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<v Speaker 3>It was so hard at certain points we were selling bulk food in a freezer to your house.

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<v Speaker 3>Nobody wakes up in the morning and says I want six months of food in a freezer.

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<v Speaker 3>So we had to create the market.

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<v Speaker 3>That was the biggest lesson for me is that I never want to be in a business again where I have to create the market.

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<v Speaker 3>I want to go into a space where the market is there.

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<v Speaker 3>There are people who want this.

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<v Speaker 3>They hit Google and ask for it, and I want to be the best player in that space.

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<v Speaker 3>So that was one of the lessons that came out of it.

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<v Speaker 3>But the beautiful thing about that being my first business experience, was that I had to forge some skills to build that business because it was so incredibly difficult.

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<v Speaker 3>So I'm very grateful for those 15 years.

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<v Speaker 3>And a pandemic happened and the whole world was in the market for food delivery.

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<v Speaker 3>It was a gift for us and it was a tragedy for others, which was another big lesson in business that sometimes there are things that are out of your control.

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<v Speaker 3>Fortunately, we were on the right side of that, but that's how we built the valuation.

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<v Speaker 3>The company went parabolic at that point and we had to make massive pivots because we were growing so fast it was going to break the company.

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<v Speaker 3>So lots of lessons in there.

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<v Speaker 3>We were able to exit that company and move into a new space.

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<v Speaker 3>And, yeah, a lot Very, very difficult business I definitely don't recommend going into food.

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<v Speaker 2>Here, I am over here, I got a catering business, I got restaurants, I got a whole lot of different things.

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<v Speaker 2>But if you look at the key skills, what do you think is that early entrepreneur?

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<v Speaker 2>What are some of the skills that you had to learn and master that you think other young and early entrepreneurs should really focus in on?

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<v Speaker 3>I think the biggest competitive advantage really is being able to anticipate the customer their thoughts what they need customer service.

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<v Speaker 3>And it's the same thing in sales right being able to get in front of an objection before it happens, right.

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<v Speaker 3>So, having that futuristic mentality of thinking through the customer experience and then building out every piece of your company ahead of what that customer could potentially have.

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<v Speaker 3>A bottleneck, especially in a recurring revenue product like we had, customer retention was everything.

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<v Speaker 3>So it is so easy to lose a customer If you don't deliver correctly, if you don't answer the phone fast enough, if you can drop the ball at any point of your business supply chain and lose a customer.

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<v Speaker 3>And customer acquisition is expensive.

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<v Speaker 3>So I think that's really just what we were great at was delivering the best customer experience.

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<v Speaker 3>And even when you do that, you're gonna have people that, for whatever reason, they're just upset.

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<v Speaker 3>Nothing's ever enough.

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<v Speaker 3>You take care of them anyways.

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<v Speaker 3>No matter how angry you are, you keep a smile on your face and just preserve the reputation of the company at all times.

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<v Speaker 2>Nowadays, you're not just building, you're buying companies.

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<v Speaker 2>What are you looking for when you're investing?

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<v Speaker 2>How do you make great investment decisions?

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<v Speaker 2>Maybe that's two separate questions.

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<v Speaker 3>Yeah, I think it goes not only with what we do, but any type of purchase.

00:15:37.942 --> 00:15:42.361
<v Speaker 3>You need to have a competitive advantage when you think about what space am I gonna play in?

00:15:42.361 --> 00:15:45.000
<v Speaker 3>Let's say, oil and gas.

00:15:45.000 --> 00:15:48.741
<v Speaker 3>I'm not an oil and gas expert, so I shouldn't go into that business.

00:15:49.514 --> 00:15:51.722
<v Speaker 3>You have to find where is your competitive advantage?

00:15:51.722 --> 00:16:06.279
<v Speaker 3>For us it's getting discounts on privately held shares of unicorn companies from other either distressed funds, early investors, vc firms that just wanna exit because they hit a home run early.

00:16:06.279 --> 00:16:18.562
<v Speaker 3>So I think being able to purchase anything at a discount it's what real estate guys do with wholesaling building in your profit when you purchase and then upside is just a bonus from there.

00:16:18.562 --> 00:16:23.469
<v Speaker 3>That's how you really lock in good deals is really just wholesaling.

00:16:23.469 --> 00:16:41.011
<v Speaker 3>Buying at a discount, whatever you're doing, and having a competitive advantage in a specific niche where you know how to duplicate success on a regular basis, that's the only way to raise capital, to have investors to build out a basis to perform for them at a predictable clip.

00:16:41.011 --> 00:16:43.255
<v Speaker 3>That's better than the rest of the marketplace.

00:16:43.636 --> 00:16:53.212
<v Speaker 2>Yeah, let's talk about that just for a second, because when people invest in the fund, when people are investing, they're not just investing in the fund, they're investing in you.

00:16:53.212 --> 00:16:57.072
<v Speaker 2>How do you build that trust with people?

00:16:57.072 --> 00:17:00.615
<v Speaker 2>What's your keys to building that successful relationship?

00:17:01.706 --> 00:17:04.815
<v Speaker 3>Yeah, this is a huge part of the capital raising process.

00:17:04.815 --> 00:17:11.448
<v Speaker 3>My approach when I talk to investors or potential investors is not whether you're going to invest with us.

00:17:11.448 --> 00:17:14.932
<v Speaker 3>It's not even which one of our funds is the best fit for you.

00:17:14.932 --> 00:17:17.592
<v Speaker 3>I want to talk to you about this space.

00:17:17.592 --> 00:17:21.954
<v Speaker 3>You're obviously interested in the private placement space or we wouldn't be on this call.

00:17:22.605 --> 00:17:30.974
<v Speaker 3>I want to teach you the things that you need to know, that you don't know, so that you can vet us, you can vet other funds and you can go make the best decision for you.

00:17:30.974 --> 00:17:42.751
<v Speaker 3>I want to protect people from having to go through what I went through in the early days of my private placement investing, making some very bad decisions, learning some very difficult lessons, losing a lot of money.

00:17:42.751 --> 00:17:50.910
<v Speaker 3>My whole goal is just I want to give you the tools so you know what to look for If you decide to do a deal with us.

00:17:50.910 --> 00:17:53.635
<v Speaker 3>If you like our funds, that's great.

00:17:53.635 --> 00:17:59.127
<v Speaker 3>You need to come out of this call knowing how to play in this space, because most LPs are coming on these calls.

00:18:00.404 --> 00:18:02.191
<v Speaker 3>I saw that you're raising for SpaceX.

00:18:02.191 --> 00:18:02.813
<v Speaker 3>I'm interested.

00:18:02.813 --> 00:18:04.490
<v Speaker 3>Well, things you need to know.

00:18:04.490 --> 00:18:07.290
<v Speaker 3>One little thing I'll give you is the third party reporting.

00:18:07.290 --> 00:18:17.170
<v Speaker 3>Every scam, ponzi scheme of all time has one common denominator, from FTX to Bernie Madoff they did internal reporting.

00:18:17.170 --> 00:18:18.690
<v Speaker 3>They falsified reports.

00:18:18.690 --> 00:18:21.092
<v Speaker 3>There was no checks and balances of accountability.

00:18:21.092 --> 00:18:26.890
<v Speaker 3>The first thing I look for when I'm doing business with another fund is how did you structure your fund from day one?

00:18:26.890 --> 00:18:32.675
<v Speaker 3>Did you put third party reporting in place to protect the LP investors from something like that?

00:18:32.675 --> 00:18:34.867
<v Speaker 3>Yeah, that's what we did.

00:18:34.867 --> 00:18:37.589
<v Speaker 3>Your statements in any of our funds.

00:18:37.589 --> 00:18:42.855
<v Speaker 3>They don't come from Kern's Capital, they come from our third party administrator that sends you monthly statements.

00:18:42.855 --> 00:18:48.133
<v Speaker 3>We can't even move money without the bank and the administrator signing off on money movement.

00:18:48.133 --> 00:18:52.195
<v Speaker 3>It's little things like that that the average LP investor has no idea to ask.

00:18:52.195 --> 00:18:53.229
<v Speaker 3>They don't know what to look for.

00:18:53.229 --> 00:18:56.672
<v Speaker 3>It's very important so that someone doesn't steal your money.

00:18:57.644 --> 00:19:04.057
<v Speaker 2>When did you think you moved to a real education-based strategy, rather than just a market and sell?

00:19:06.362 --> 00:19:06.684
<v Speaker 3>strategy.

00:19:06.684 --> 00:19:09.153
<v Speaker 3>You're going through these things and learning those lessons.

00:19:09.153 --> 00:19:11.832
<v Speaker 3>I just want to save people time.

00:19:11.832 --> 00:19:14.086
<v Speaker 3>Same thing now If I give a presentation.

00:19:14.086 --> 00:19:17.816
<v Speaker 3>If you see me speak on a stage or a podcast, I'm saying the same thing.

00:19:17.816 --> 00:19:18.726
<v Speaker 3>It's just.

00:19:18.726 --> 00:19:21.974
<v Speaker 3>These are the things you need to know if you're going to go play in the private placement space.

00:19:21.974 --> 00:19:27.016
<v Speaker 3>Even though you're going to learn these things, ethical people can lose money too.

00:19:28.405 --> 00:19:29.190
<v Speaker 4>Deals won't go bad.

00:19:30.684 --> 00:19:31.153
<v Speaker 3>Start of the game.

00:19:33.070 --> 00:19:37.229
<v Speaker 2>So one other area I want to talk about on that, and then I want to flip over to real estate for a little bit.

00:19:37.229 --> 00:19:43.133
<v Speaker 2>One of the things that you're very clear on is investing where managers have skin in the game.

00:19:43.133 --> 00:19:46.574
<v Speaker 2>Tell me more about that and why that's a big rule for you guys.

00:19:47.846 --> 00:19:53.845
<v Speaker 3>Yeah, so you want your GPs to have the same interests aligned as the LPs there's.

00:19:53.845 --> 00:19:55.329
<v Speaker 3>I can give some examples.

00:19:55.329 --> 00:19:59.835
<v Speaker 3>Right, yeah, there's a lot of people who raise a ton of money and just deploy other people's money.

00:19:59.835 --> 00:20:05.114
<v Speaker 3>They take an acquisition fee, right, so they're getting paid, no matter whether the deal does well or not.

00:20:05.114 --> 00:20:08.234
<v Speaker 3>Right, yeah, if they don't have their own capital going into the deal.

00:20:08.234 --> 00:20:15.825
<v Speaker 3>I'm not saying that they're not ethical, but the odds of unethical activity go up, right this is a game of odds and percentages.

00:20:16.066 --> 00:20:19.955
<v Speaker 3>If someone's putting their own money in the deal, they're not going to cannibalize themselves.

00:20:19.955 --> 00:20:24.275
<v Speaker 3>So to me the deal is strong if they put their money on the line.

00:20:24.275 --> 00:20:42.471
<v Speaker 3>And I think good people sometimes end up in situations, like right now, where there's a lot of capital that's been raised and all the deals suck and they either place the capital or they lose it and they might take a little bit of a gamble on a bad deal because they need to place the money right, yeah.

00:20:43.204 --> 00:20:45.050
<v Speaker 3>And those LPs are the people and funds that are getting hurt.

00:20:45.050 --> 00:20:46.214
<v Speaker 3>Right now it's starting to happen.

00:20:46.214 --> 00:20:48.893
<v Speaker 3>You're seeing this across the whole real estate space.

00:20:48.893 --> 00:20:50.708
<v Speaker 3>So yeah, that's just.

00:20:50.708 --> 00:20:53.894
<v Speaker 3>Another simple thing is how much money are the GPs putting in the deal?

00:20:54.635 --> 00:20:56.784
<v Speaker 2>Yeah, what's the percentage, all of that sort of stuff.

00:20:56.784 --> 00:21:04.287
<v Speaker 2>If they're on a two and 20, it's like, yep, congratulations, you're on your two and 20 and they just keep putting money in Real estate.

00:21:04.287 --> 00:21:10.910
<v Speaker 2>This is more for you in your family, business, massive real estate portfolio.

00:21:10.910 --> 00:21:14.595
<v Speaker 2>What's your top three or four lessons for a newbie?

00:21:14.595 --> 00:21:17.212
<v Speaker 2>Then we'll get to the more senior guys and gals.

00:21:17.212 --> 00:21:19.351
<v Speaker 2>What's the top beginnings lessons?

00:21:20.535 --> 00:21:23.484
<v Speaker 3>Yeah, the beginning is just, I think, understanding.

00:21:23.484 --> 00:21:25.031
<v Speaker 3>Again, we've all done this.

00:21:25.031 --> 00:21:33.453
<v Speaker 3>I was like this when I got my first five grand, I just wanted to be an investor and didn't realize that you can't play in this space until you have a hundred grand to deploy as an LP right.

00:21:33.453 --> 00:21:41.252
<v Speaker 3>So I think it's making sure you invest in yourself first, so that you have big capital and big income to then go into the investment space.

00:21:41.944 --> 00:21:45.015
<v Speaker 3>That's number one for the newbies is you know, you save your first 20 grand.

00:21:45.015 --> 00:21:46.891
<v Speaker 3>I don't think it's time to go be an investor.

00:21:46.891 --> 00:21:53.510
<v Speaker 3>It's time to take 20 grand, put it back into yourself to get your skills, your income up, or maybe it's marketing in your business.

00:21:53.510 --> 00:21:58.308
<v Speaker 3>Whatever you do to create more wealth and income, first there's no better investment in the beginning than yourself.

00:21:58.308 --> 00:22:05.989
<v Speaker 3>And then, once you have all this money piling up six-figure increments, then it's time to go be an LP somewhere.

00:22:07.464 --> 00:22:10.088
<v Speaker 2>Love it More senior people.

00:22:10.088 --> 00:22:14.333
<v Speaker 2>You guys are at 1600-something separate doors.

00:22:14.333 --> 00:22:18.490
<v Speaker 2>What is it that you hunt for now?

00:22:18.490 --> 00:22:20.191
<v Speaker 2>What is it that you're on the look for now?

00:22:20.191 --> 00:22:24.415
<v Speaker 2>What makes you guys successful in this stuff across multiple states?

00:22:25.425 --> 00:22:30.136
<v Speaker 3>Well, I'll talk about it from the LP perspective, because on real estate I am an LP.

00:22:30.136 --> 00:22:33.994
<v Speaker 3>It's not my primary core business, but I want it to be the foundation of my wealth.

00:22:33.994 --> 00:22:41.077
<v Speaker 3>So I learned I was thinking about going into being a GP in real estate and operating on that stuff.

00:22:41.077 --> 00:22:48.234
<v Speaker 3>And as I learned more and more about it, I realized how difficult it is and it's a full-time job and it was going to cannibalize the other things I was doing.

00:22:48.234 --> 00:22:51.795
<v Speaker 3>So I decided that being an LP on real estate made a lot more sense.

00:22:51.904 --> 00:22:56.587
<v Speaker 3>So if you're a high-income earner or you have a business somewhere else and you want to be involved in real estate.

00:22:56.587 --> 00:22:58.394
<v Speaker 3>I think being an LP is great.

00:22:58.394 --> 00:23:05.130
<v Speaker 3>So the strategy for me was I want to spread out the risk, unless you use a million dollars.

00:23:05.130 --> 00:23:14.414
<v Speaker 3>If you got a million dollars to invest, I would prefer to put a hundred grand in 10 different deals than be like I love this one, I'm putting 500 and this one and 500 and that one.

00:23:14.414 --> 00:23:23.913
<v Speaker 3>So that's how I built that LP portfolio out was saying I don't want too much exposure to one part of the country, one single market.

00:23:23.913 --> 00:23:27.113
<v Speaker 3>So that's why I started placing investments in different parts.

00:23:27.113 --> 00:23:31.013
<v Speaker 3>Didn't want too much exposure to one single asset class.

00:23:31.013 --> 00:23:36.557
<v Speaker 3>So some of it's in A class, some of it's in B, some of it's in C, and that's kind of how I spread it out.

00:23:37.045 --> 00:23:39.453
<v Speaker 3>Some of them are high cash flow deals.

00:23:39.453 --> 00:23:41.873
<v Speaker 3>Some of them are going to have bigger equity multiples.

00:23:41.873 --> 00:23:49.348
<v Speaker 3>Some of them are value add, where I'm getting capital out and I got a refinance coming this month, and that's another thing.

00:23:49.348 --> 00:23:51.250
<v Speaker 3>Good deals are still working right now.

00:23:51.250 --> 00:23:53.553
<v Speaker 3>So real estate is dead.

00:23:53.553 --> 00:23:57.435
<v Speaker 3>I've got a cash out refinance coming this month when rates are at the worst.

00:23:57.435 --> 00:24:01.035
<v Speaker 3>So I think that's a big lesson.

00:24:01.035 --> 00:24:02.832
<v Speaker 3>I do have some deals that are under stress.

00:24:02.832 --> 00:24:04.730
<v Speaker 3>What if I had been all in on one of those?

00:24:05.987 --> 00:24:06.790
<v Speaker 2>Yeah, very true.

00:24:06.790 --> 00:24:10.148
<v Speaker 2>You're on the Big Success podcast here with Justin.

00:24:10.148 --> 00:24:15.090
<v Speaker 2>He's going to take us through the difference between millions to billions thinking when we get back.

00:24:15.724 --> 00:24:20.115
<v Speaker 5>Justin Freistat is managing partner and president of sales at Kerns Capital.

00:24:20.115 --> 00:24:33.452
<v Speaker 5>This hedge fund is growing rapidly with several funds that use multiple strategies, including swing trading, inequities, joint ventures in aerospace and three billion plus in unicorn companies in late stage private equity.

00:24:33.452 --> 00:24:38.195
<v Speaker 5>To learn more about Justin Freistat, please visit toptierhumancom.

00:24:38.984 --> 00:24:48.069
<v Speaker 2>Back on the Big Success podcast, justin, I have to ask nowadays you're in the billions, but back in the early days you were shooting and you even mentioned earlier shooting for your first 100 grand.

00:24:48.069 --> 00:24:52.107
<v Speaker 2>Let's jump past that, Going for your first million.

00:24:52.107 --> 00:24:54.815
<v Speaker 2>What was your mindset back then, do you think?

00:24:56.186 --> 00:25:09.655
<v Speaker 3>Yeah, it was scaling what I was good at when I realized that I needed to stay with my core skill sets and then find a better product to do the same thing, but something that had more exponential potential.

00:25:09.655 --> 00:25:17.553
<v Speaker 3>That's really the only difference between making 50 grand, 100 grand, 500 grand, a million or a billion.

00:25:17.553 --> 00:25:18.295
<v Speaker 3>That's what it was.

00:25:18.295 --> 00:25:25.269
<v Speaker 3>It was leaving a product where the most I could make selling it running around door to door was 300 grand to.

00:25:25.269 --> 00:25:27.957
<v Speaker 3>Okay, let's build bigger relationships.

00:25:27.957 --> 00:25:35.794
<v Speaker 3>The ticket's not five to 10 grand Now it's 100 grand, with no limit People investing their capital and we can scale up faster.

00:25:35.794 --> 00:25:37.869
<v Speaker 3>That's how you hit the seven figure mark.

00:25:37.869 --> 00:25:42.776
<v Speaker 3>That's where the quotes.

00:25:42.836 --> 00:25:44.721
<v Speaker 3>90% of millionaires come from real estate.

00:25:44.721 --> 00:25:46.907
<v Speaker 3>100% of billionaires come from private equity.

00:25:46.907 --> 00:25:54.689
<v Speaker 3>That's why moving into the private equity space was the big goal for us, being a young hedge fund.

00:25:54.689 --> 00:25:56.273
<v Speaker 3>We started in July of 22.

00:25:56.273 --> 00:25:59.030
<v Speaker 3>It's only been about almost a year and a half.

00:25:59.030 --> 00:26:01.086
<v Speaker 3>Throughout the gate.

00:26:01.086 --> 00:26:03.192
<v Speaker 3>We went zero to 20 million in the first year.

00:26:03.192 --> 00:26:09.013
<v Speaker 3>Smaller strategies, but looking for the relationships where we could go, start playing in that billion dollar space.

00:26:09.013 --> 00:26:19.929
<v Speaker 3>Landing the fund to fund connection with Forte Capital Group and Innovation X is how we're part of these billion dollar deals.

00:26:19.929 --> 00:26:22.535
<v Speaker 3>Now Relationships right.

00:26:22.535 --> 00:26:26.153
<v Speaker 3>We're a relationship away from playing in a completely different space.

00:26:27.477 --> 00:26:36.002
<v Speaker 2>So when you look at going from that million to then the family business, up to tens of millions, was there a mindset shift?

00:26:36.002 --> 00:26:37.078
<v Speaker 2>Was there a working shift?

00:26:37.078 --> 00:26:39.843
<v Speaker 2>What was the shift in going from millions to tens of?

00:26:41.900 --> 00:26:43.487
<v Speaker 3>Really, I mean to be perfectly honest.

00:26:43.487 --> 00:26:46.179
<v Speaker 3>In the food business, it was just the market shifting in our favor.

00:26:46.179 --> 00:26:58.606
<v Speaker 3>I mean we couldn't have worked any harder, we couldn't have tried more things, we pounded it, and that was another lesson of just hard work is not always the answer.

00:26:58.606 --> 00:27:09.247
<v Speaker 3>I mean, if you were honest with yourself, looking back, I would work 80, 90, 120 days in a row, no days off sunrise or sunset, and not really getting that far.

00:27:09.247 --> 00:27:13.284
<v Speaker 3>I felt like I should be making millions of dollars and I was.

00:27:15.538 --> 00:27:18.601
<v Speaker 3>So it's a balance right Because it eventually did work.

00:27:18.601 --> 00:27:24.442
<v Speaker 3>So not quitting is a good thing, but how long can you try something that isn't working?

00:27:24.442 --> 00:27:31.867
<v Speaker 3>That's just a very nuanced thing that I think we're coaching and getting into these masterminds.

00:27:31.867 --> 00:27:33.380
<v Speaker 3>That's what really made the shift for me.

00:27:33.380 --> 00:27:39.877
<v Speaker 3>Just getting around people that had done the things that I wanted to do is really what made some changes.

00:27:41.335 --> 00:27:53.582
<v Speaker 2>So when you leapfrog into doing the $20 million of the fund and doing that thing and then going talking the bigger deals, how did you have to change your approach or your mindset from back in those days to now?

00:27:54.756 --> 00:27:58.398
<v Speaker 3>Yeah, this is the biggest thing, right, Because it is intimidating.

00:27:58.398 --> 00:28:01.363
<v Speaker 3>You are not going to feel worthy of the next level.

00:28:01.363 --> 00:28:04.383
<v Speaker 3>It's just not there.

00:28:04.383 --> 00:28:09.306
<v Speaker 3>You're going to until you realize it's the same amount of work to do 100,000.

00:28:09.306 --> 00:28:18.482
<v Speaker 3>Like the first time you meet a billionaire, I think that really helps, especially if you don't know they're a billionaire until after the conversation and you guys are just talking about the weather or something.

00:28:18.934 --> 00:28:43.288
<v Speaker 3>And then you realize that guy's a billionaire and then you realize, well, he's not that different than me and so having that ability to feel like you deserve it and you can actually play and then, even though you're terrified to get in that room to go do those things, is go do it anyways, and I think that was a huge lesson is yeah, I was on a call this morning with two individuals.

00:28:43.288 --> 00:28:48.586
<v Speaker 3>One is representing a firm under $5 billion under management, $112 billion under management.

00:28:48.586 --> 00:28:53.185
<v Speaker 3>And here I am, a year ago running a small food business with my dad.

00:28:53.185 --> 00:28:54.217
<v Speaker 3>It's like how did?

00:28:54.257 --> 00:28:59.001
<v Speaker 3>I shift to this and it's still like you know, mentally, like I'm really.

00:28:59.001 --> 00:29:00.424
<v Speaker 3>Am I actually really here doing this?

00:29:00.424 --> 00:29:03.963
<v Speaker 3>And it's just your belief switch.

00:29:03.983 --> 00:29:05.076
<v Speaker 2>Yeah, yeah, I still am shifting into that.

00:29:05.076 --> 00:29:06.462
<v Speaker 2>Space is always the thing.

00:29:06.462 --> 00:29:08.060
<v Speaker 2>I think we're always growing into it.

00:29:08.060 --> 00:29:19.201
<v Speaker 2>If you were looking at the way that you approach things today to back when it was the start, how do you think you approach things differently?

00:29:21.978 --> 00:29:34.522
<v Speaker 3>Yeah, I think it's just this internal dialogue of how you talk to yourself, relabeling all of the thoughts and emotions, because that's really the only difference.

00:29:34.522 --> 00:29:38.469
<v Speaker 3>You know this ladder of moving up.

00:29:38.469 --> 00:29:39.994
<v Speaker 3>We all have these different curves.

00:29:39.994 --> 00:29:46.598
<v Speaker 3>I mean some people on a very slow curve because it's difficult to adjust to something new, that discomfort Now it's.

00:29:46.598 --> 00:29:48.126
<v Speaker 3>The feeling is the same.

00:29:48.126 --> 00:29:52.468
<v Speaker 3>This is uncomfortable, I'm a little bit of fish out of water, but now it's.

00:29:52.468 --> 00:29:54.498
<v Speaker 3>I'm labeling that as like oh, I'm not scared.

00:29:54.498 --> 00:29:59.539
<v Speaker 3>That's the excitement I'm looking for, that's the sign I'm actually progressing.

00:29:59.539 --> 00:30:00.578
<v Speaker 3>This is what I'm looking for.

00:30:00.578 --> 00:30:11.222
<v Speaker 3>So, when you those those traditional feelings and emotions that we try to run from, if you can find a way to trick yourself into running towards that, that's, that's all the difference.

00:30:12.105 --> 00:30:12.806
<v Speaker 2>Love it, love it.

00:30:12.806 --> 00:30:14.027
<v Speaker 2>Fear into excitement.

00:30:14.027 --> 00:30:15.409
<v Speaker 2>Short, fast answers.

00:30:15.409 --> 00:30:18.001
<v Speaker 2>I'm going to give you one word.

00:30:18.001 --> 00:30:21.884
<v Speaker 2>I want to know what's your one word key to being successful at this.

00:30:21.884 --> 00:30:25.738
<v Speaker 2>So, success at relationships, what's the one key thing?

00:30:27.775 --> 00:30:30.663
<v Speaker 3>Relationship in front of everything especially in the moment.

00:30:32.095 --> 00:30:33.157
<v Speaker 2>Success at health.

00:30:36.775 --> 00:30:40.545
<v Speaker 3>Cook your food at home and work out every day and just walk 45 minutes.

00:30:41.714 --> 00:30:42.305
<v Speaker 2>Love it.

00:30:42.305 --> 00:30:44.318
<v Speaker 2>Success at self development.

00:30:46.384 --> 00:30:50.301
<v Speaker 3>Frequency Books, podcasts, masterminds.

00:30:52.075 --> 00:30:53.500
<v Speaker 2>Success at goal achievement.

00:30:55.214 --> 00:30:58.423
<v Speaker 3>Moving the goals further, to where you can't even understand them.

00:31:00.055 --> 00:31:01.499
<v Speaker 2>And success at enjoying life.

00:31:03.494 --> 00:31:04.961
<v Speaker 3>Just live for the next 24 hours.

00:31:04.961 --> 00:31:06.479
<v Speaker 3>Just focus on your next 24.

00:31:08.115 --> 00:31:10.039
<v Speaker 2>Dang Fast answers.

00:31:10.039 --> 00:31:10.500
<v Speaker 2>Good, all right.

00:31:10.500 --> 00:31:18.478
<v Speaker 2>So the number one piece of advice you ever got, or the number one quote you ever read on the subject of success?

00:31:22.255 --> 00:31:26.877
<v Speaker 3>Money is a byproduct of excellence, and that's wow.

00:31:26.877 --> 00:31:27.920
<v Speaker 3>Who said that?

00:31:27.920 --> 00:31:28.342
<v Speaker 3>Do we?

00:31:28.843 --> 00:31:29.042
<v Speaker 2>read.

00:31:29.042 --> 00:31:29.463
<v Speaker 2>I have to.

00:31:30.394 --> 00:31:37.165
<v Speaker 3>And I love his story because when he was 33 years old, his hedge fund went bankrupt right.

00:31:37.205 --> 00:31:37.546
<v Speaker 2>Yeah.

00:31:38.587 --> 00:31:41.883
<v Speaker 3>Bankrupt and he's the most successful hedge fund manager of all time.

00:31:41.883 --> 00:31:45.444
<v Speaker 3>So when we go through setbacks, I just I think about that.

00:31:45.444 --> 00:31:52.924
<v Speaker 3>It's like we didn't go bankrupt, you know I love it that means I can be Ray Dalio too, yeah, yeah.

00:31:53.346 --> 00:31:53.948
<v Speaker 2>I can beat him.

00:31:53.948 --> 00:31:55.271
<v Speaker 2>I didn't go bankrupt.

00:31:55.271 --> 00:31:56.315
<v Speaker 2>I'm on track.

00:31:56.315 --> 00:31:57.420
<v Speaker 2>That's the great thing.

00:31:57.420 --> 00:31:59.506
<v Speaker 2>Justin, thank you so much for your time today.

00:31:59.506 --> 00:32:00.855
<v Speaker 2>This is the Big Success podcast.

00:32:00.855 --> 00:32:03.884
<v Speaker 2>We're going to be back next week with more for your success.

00:32:03.884 --> 00:32:06.741
<v Speaker 2>And that's the Big Success podcast for today.

00:32:06.741 --> 00:32:13.281
<v Speaker 2>Hopefully you took a lot of notes and hopefully you learned a bunch and hopefully you're going to take action on it and refer people.

00:32:13.281 --> 00:32:16.403
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00:32:16.403 --> 00:32:21.641
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00:32:21.641 --> 00:32:22.744
<v Speaker 2>Take action.

00:32:22.744 --> 00:32:24.279
<v Speaker 2>Check the show notes for all the links.

00:32:24.279 --> 00:32:27.183
<v Speaker 2>I'll give you all the links for everything that you speak ahead.

00:32:27.183 --> 00:32:30.755
<v Speaker 2>Make sure you follow through and keep the learning going.

00:32:30.755 --> 00:32:32.501
<v Speaker 2>Remember you got to grow into your goals.

00:32:32.501 --> 00:32:35.382
<v Speaker 2>I'll speak to you next time on the Big Success podcast.

00:32:36.815 --> 00:32:42.346
<v Speaker 1>You've been listening to the Big Success podcast with the number one business coach in the world, Brad sugar's.

00:32:42.346 --> 00:32:51.922
<v Speaker 1>To learn more about how to achieve business and personal success, as well as how to level up or listen to past episodes, visit wwwbrad sugarscom.