Episode 135 - From First Triplex to 47-House Deal: Lessons From Justin Foster's Real Estate Career
In our latest episode of How to Invest in Commercial Real Estate, we had the privilege of hosting Justin Foster, a remarkable figure in the real estate industry. His journey, from an initial triplex to a staggering 47-house deal, is nothing short of inspiring. This blog post aims to encapsulate the essence of Episode 135, highlighting Justin’s insights and experiences that are invaluable for anyone looking to venture into commercial real estate.
The Beginnings: A Triplex and a Dream
Justin’s story begins in an unconventional way – not out of love for real estate, but as a search for financial independence. His background in the oil and gas industry, while lucrative, lacked the fulfillment he sought. This pursuit led him to real estate, where his first significant step was purchasing a triplex in Tulsa. This deal wasn’t just a financial transaction; it was the first building block of his future empire.
Key Takeaway: Start Small, Dream Big
What stands out from Justin’s early experience is the power of starting small. He emphasizes the importance of taking that first step, no matter how daunting it seems. This triplex deal was more than an investment; it was a learning curve, offering practical insights into the world of real estate. What started out as a journey riddled with questions, soon became a light at the end of the 9-5 rat race tunnel.
The Power of Networking and Seeking Advice
A recurrent theme in Justin’s journey is the importance of seeking guidance and building networks. He didn’t shy away from asking for opinions and advice, understanding that wisdom often comes from the experience of others. This approach not only validated his decisions but also opened doors to new opportunities. He gave props to Criterion’s Principle Strategic Partner Joel Thompson live on air, who he said inspired him to continue to pursue his dreams of financial independence through real estate.
Financing Strategies: A Game-Changer
A significant part of our discussion revolved around financing strategies in real estate. Justin shared his methods of raising private money, which included a mix of personal investment and outside funding. His approach to refinancing – pulling out most of the cash invested in his initial property – served as a catalyst for future investments. Everyone develops an investing strategy sooner or later, and this was a great chance to remind people of the wide variety of ways in which you can begin growing your nest egg.
Scaling Up: The 47-House Deal
Perhaps the most captivating part of the episode was Justin's narration of his 47-house deal. This wasn’t just a testament to his growth as an investor but also an illustration of the scalability in real estate. He explained how larger deals could be more manageable and profitable than smaller, individual transactions. This is a testimony to beginner investors that as you navigate your way through the real estate game and harness the power of repetition, there becomes a higher probability of lucrative deals coming across your desk.
Learning Through Action
Justin stressed the importance of learning through action. He believes that real education in real estate comes from getting your hands dirty – from making deals, encountering challenges, and finding solutions. It’s a proactive approach that values real-world experience over theoretical knowledge. This aligns with one of Criterion’s core messages: get comfortable with being uncomfortable!
Financial Independence and Time Freedom
The underlying theme of Justin’s story is his pursuit of financial independence and time freedom. Real estate, for him, is not just about wealth accumulation; it's about creating a lifestyle that allows time for family and personal interests. One of our favorite portions of the podcast was when he was talking about “reasons and seasons for the hustle”. He brings up the interesting point that there are times to grind, and times to enjoy the fruits of your labor. His story is a powerful reminder that in the end, real estate is a means to an end, not the end itself.
Conclusion: The Journey Continues
As we concluded the episode, it was clear that Justin’s journey is far from over. His experiences, from his first triplex to his latest large-scale deal, serve as both an inspiration and a blueprint for anyone looking to make their mark in the real estate world. If you want to hear more testimonies from guests we’ve had on our platform, please subscribe to “How to Invest in Commercial Real Estate” and join us on our commercial real estate adventures.
