Young Entrepreneur Interviews Millionaire Justin Waller
Summary
TLDRIn this insightful interview, Justin Waller, founder of a leading construction company, shares his journey from humble beginnings in South Louisiana to becoming a multi-millionaire. Emphasizing the importance of industry expertise, Waller explains how staying focused and building systems with competent, intentional people helped scale his business. He also discusses leveraging capital, embracing failure, and the superpower of mastering a single trade. Waller's advice to the younger generation is to face challenges with a relentless spirit, as every setback is a brick in building one's success story.
Takeaways
- 👋 Introduction: Justin Waller is a renowned entrepreneur and owner of a large construction company in the United States.
- 💰 Earnings: Justin has made up to $5 million in a single year and his businesses have reached up to $35 million in revenue.
- 🏗️ Industry Focus: He started in the steel industry at the age of 24 and has been in construction for 15 years, emphasizing the importance of focus and expertise in one industry.
- 🚫 No Wealth Inheritance: Justin did not come from a wealthy background, growing up in South Louisiana with no money around.
- 🔄 Turning Point: His desire to escape his current situation and find something better led him to pursue financial freedom and wealth building.
- 💼 Business Growth: Scaling a business from seven to eight figures requires systems and competent people with intent, as well as giving them ownership and autonomy.
- 💡 Capital Leverage: Justin leveraged contracts to secure a line of credit and emphasized the importance of understanding the math of real estate to manage debt and risk.
- 🏦 Bank Interaction: Entrepreneurs should approach banks when they are solvent, but when not, they must find creative ways to secure funding.
- 🤝 Mentorship: Justin's advice is to embrace problems and failures as they build character and the story of one's success.
- 🔄 Consistency: Sticking to one thing repeatedly can give a person a 'superpower' and the ability to start over quickly if needed.
- 🔑 Key to Success: Having a relentless heart and facing challenges head-on is the key to becoming a multi-millionaire in today's world, according to Justin Waller.
Q & A
What is the name of the person being interviewed in the script?
-Justin Waller
What industry did Justin Waller start his career in?
-Justin Waller started his career in the steel industry, specifically in steel construction.
How long has Justin Waller been in the construction industry?
-Justin Waller has been in the construction industry for 15 years as of the time of the interview.
What is the significance of focusing on one industry according to Justin Waller?
-According to Justin Waller, focusing on one industry allows an individual to become an expert and master in that field, which can lead to substantial financial success and the creation of freedom.
What was the turning point for Justin Waller in his pursuit of financial freedom?
-The turning point for Justin Waller was his decision to not become a part of the atmosphere he was in and to find out what else was out there, leading him on a path to increase his consciousness and achieve his goals.
How did Justin Waller initially fund his business?
-Justin Waller initially funded his business by obtaining contracts and then using those contracts to secure a line of credit from the bank, starting with $155,000.
What is Justin Waller's advice on leveraging capital to turn debt into wealth?
-Justin Waller advises understanding the math of real estate, including net operating income, capitalization rates, and debt service, as well as being aware of the long-term and short-term debt cycles to manage risk effectively.
What was the most amount of money Justin Waller made in a single year?
-Justin Waller made $5 million in a single year as his personal take-home income.
How did Justin Waller scale his business to seven or eight figures?
-Justin Waller scaled his business by implementing systems and employing competent people with intent, ensuring they had ownership and autonomy within the company.
What is the best advice Justin Waller received from a mentor?
-The best advice Justin Waller received was to embrace the problems and failures in life as they are the bricks that build one's castle, and to be grateful for them as they shape the person you become.
What is Justin Waller's message to the younger generation about becoming a multi-millionaire?
-Justin Waller's message is to face challenges with a relentless heart, embrace problems as they define the size of a person, and to understand that persistence and resilience are key to achieving success.
Outlines
🏗️ Entrepreneurial Journey and Construction Success
In this segment, Justin Waller, a prominent entrepreneur in the construction industry, discusses his rags-to-riches story. Born in South Louisiana without a silver spoon, he shares his experience of building a massive construction company from scratch. Waller emphasizes the importance of staying focused in one industry to master it and create financial freedom. He also talks about leveraging contracts to secure his first line of credit, which was a pivotal move in his business growth. The discussion hints at the broader theme of perseverance and strategic financial management in entrepreneurship.
📈 Scaling Business and Leveraging Capital
This paragraph delves into the strategies Justin Waller used to scale his business from a small-scale operation to a multi-million dollar enterprise. He highlights the significance of establishing systems and surrounding himself with competent people who share his intent. Waller stresses the importance of creating a sense of ownership among his team, which in turn fuels their dedication to the business. He also touches on the concept of managing with a mindset of wanting to pay employees more, fostering a culture of performance and value alignment. The segment concludes with Waller's personal philosophy on embracing failure as a stepping stone to success and his unwavering confidence in his ability to rebuild his empire if he were to lose everything.
Mindmap
Keywords
💡Entrepreneur
💡Construction
💡Financial Freedom
💡Turnaround Point
💡Systems
💡Competent People
💡Intent
💡Ownership
💡Mentor
💡Wealth Creation
💡Real Estate
💡Risk Management
💡Relentless Heart
Highlights
Introduction to Justin Waller and his success in building one of the largest construction companies in the US.
Justin Waller started with no money and grew up in South Louisiana, highlighting his humble beginnings.
If Justin lost everything, he believes he could rebuild his success in any city in America within six weeks.
Justin emphasizes the importance of staying focused in one industry to achieve expertise and substantial financial success.
Persistence in the same industry is key, as changing directions can lead to starting over and taking 'beginner's licks' in a new field.
The turning point for Justin was recognizing what he did not want in life and pursuing financial freedom.
Financial freedom allows Justin to explore and invest in other business ventures.
Justin discusses leveraging capital, understanding real estate math, and navigating debt to build wealth.
Justin’s strategy includes securing contracts, using them to obtain bank loans, and growing his business step by step.
The importance of creating systems and hiring competent, intentional people to scale a business from seven to eight figures.
Justin's approach to managing employees involves fostering ownership, intention, and autonomy to drive company success.
Best advice from a mentor: Embrace failures and challenges as they build character and contribute to future success.
Justin believes that every failure is a part of a story that shapes a person into who they become.
If Justin lost everything, he would go back to working in steel, leveraging his expertise and industry knowledge.
Message to the younger generation: Persist through challenges with a relentless heart, and you can achieve anything.
Transcripts
what's going on man good good to see you
brother good to see you man good good
not you bad not you bad who am I here
with today Justin Waller what has been
the most amount of money that you've
ever made in a single year five in a
year do you come from money no hell
no man no not at all I grew up in south
Louisiana there was no money around if
you lost everything tomorrow could you
make it all back right you Dro
me butt necked in any city in America
I'd be hanging still in 6 weeks how can
somebody become a multi-millionaire like
yourself in today's
[Music]
world Hard Knock family we just landed
in Miami Florida and we're about to go
meet up with and interview the legend
Justin waller for those of you who don't
know Justin owns one of the largest
construction companies across the United
States and he's quickly became one of
the most renowned entrepreneurs in the
entire business world so we're going to
go meet up with Justin and ask him how
he was able to grow such a massive
company and his best advice to everyone
watching trying to become millionaires
in 2024 so with that being said let's go
see what Justin has to say all right you
guys so we're on the way now to meet up
with Justin we're pulling up shortly I
can't wait for the game that I know that
he's about to deliver this is going to a
million dollar worth of game from Justin
Waller pulling up here in a second I
can't wait for this one what's going on
man good good to see you brother good to
see you man good good not too bad not
too bad who am I here with today Justin
Waller what industry did you decide to
pursue a career in yeah so it started
off in steel I was 24 and started
hanging still locally in Louisiana now
we have over 200 men Coast to Coast
California to New York Caribbean we put
still up on the moon how long have you
been in construction for I've been in
construction 15 years next march how
important has that Focus been becoming
an expert as opposed to trying to
diversify jump from industry to Industry
how important has it become for you
becoming a master one of the best in the
world at one thing yeah I think if I
would give my young self credit for
anything it would be that I stayed in
the same fight a lot of people they go
into career they start getting banged up
a little bit and then they change
directions but what they don't
understand is they're going to take The
Beginner's licks of that new industry so
if I did anything right even though the
model might not have been the model that
I think ultimately I'll end up in I
stayed in the same thing long enough to
make substantial money to create Freedom
if you can create Freedom then you can
go start watering other plants you see
we only get so much energy in life and
so you have the you have this cup of
water let's call it your energy if you
pour it over too many plants you'll
never bear fruit on any of them so the
one thing I did right was stay in the
same industry for a very very long time
and now I can Branch out do other things
grow other businesses look at other
business models that might be better off
in the long run and do you come from
money no hell no man no not at all
I grew up in south Louisiana there was
no money around I can tell you so what
was that Turning Point like for you like
how did you know you wanted to get
really serious about becoming
financially free and building that
long-term generation of wealth what was
the Turning Point like for you well I
think what happens is when you're in a
situation any situation and this is not
uncommon you either become the situation
that you're in the atmosphere or you
decide that you want to do anything but
be in that atmosphere so for me it was a
pretty easy decision to make that I just
wanted to find out what else was out
there I knew what I didn't want and so
it put me on this path to finding more
and more Consciousness and as I come
across those things in my growth and
whatever I do as far as the level of
obtainment of my goals I hit every time
I get to the top of mountain I'm
constantly looking for the to the next
one and so I think there's two things
you run away or decide not to be what
you were a part of and then two on that
path you find more Consciousness which
kind of controls your direction you go
and once you identify those things and
you identify that you can do those
things and you get on that path
generally the happiness is on the
climbing part just make sure you're
looking for the next one to climb cuz
you can get in trouble if you get to the
top and you have nowhere to go hard
knock family we're about to get right
back to the interview but I have a very
special announcement to make we just
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the school of mentors today we can't
wait to see you on the inside and with
that being said let's get back to the
interview did you have a lot of money to
start this company or how did you get
the money to start this business no man
we didn't have any money so what I had
to do is go out and get contracts and
then go to the bank and show them I had
contracts and try to get lines of credit
my first line of credit was for $155,000
I'll never forget it because I my my
payrolls were like 2500 a week cuz I had
like two guys maybe and we were doing
backyard buildings and so I always say
about when it when it comes to dealing
with the banks always go to the banks
when you're solvent and you have a lot
of money but in the case that you don't
have a lot of money that's what an
entrepreneur does he figures it out so I
took my contracts that I had won and
then I went to the bank and showed them
that I had a contract and they gave me a
little loan against it to get me through
the first couple what is the secret to
being able to leverage Capital to
leverage you know that good debt and
turn that into wealth ultimately so if
you look at the real estate you know I
own over 400 doors now so you can
underwrite a deal understand the capital
stack whether you're raising somebody
else's money to get the down payment and
then you're going to take it to the
long-term debt with the bank you just
have to be able to understand the math
of real estate you know what's a net
operating income what's the cap rate
what's my debt service going to be where
are we at in the cycle on that property
so one thing I look at very hard right
now when we're buying properties is like
a lot of people don't want to buy
properties right now because the
interest rate is so high and the only
fear that I would have is that we get to
the end of a 5 to sevene arm and we're
in a 1980 situation where you go from
7.5% or 8% to 16 but if you're if you
understand the math of real estate it's
very simple in fact I'd even say it's
third grade math then you understand the
debt service and you understand where
you are in in the overall cycle like the
long-term short-term debt cycle and
you're paying attention to where rates
will go you should have enough time to
make decisions that will allow you to
reduce that risk you can't get away from
it completely but should massively be
able to reduce the risk and set your
properties up the way they need to be
you know they don't teach that in school
right I've heard they don't teach that
in school and and and why would they
because the system is built for us to
spit out employees and people that say
yes and they pay taxes they get married
they buy a three-bedroom house and they
die and so no I don't think they're
going to be teaching cap rates in school
anytime soon right Ben Franklin said
that most people die at 22 but they're
buried when they're 70 that's right
that's right I heard that exact quote
the other day I think I heard 30 and 80
but nonetheless yeah there's a bunch of
dead men walk in every day they don't
live free they can't say what they want
they want to say things they feel things
and I think that's why people resonate
with us so much is that we're getting to
speak on their behalf because we're free
enough to talk hard times right now but
we're going to turn it around America's
going to turn it around we're going to
get the right guy in the White House
absolutely and then uh when that happens
uh we got to be able to clean things up
a little bit what has been the most
amount of money that you've ever made in
a single year o single year five in a
year $5 million that's just for yourself
yeah just no that's take home take home
you know that's complete take-home yeah
how about for the businesses businesses
we've got up to$ 35 $35 million yeah
yeah how did you scale from seven to
eight figures two things it's systems
and then it's competent people with
intent so if you take intention and then
you take competency their ability to do
it that means they want to and they can
if you can put those two things together
and have them help you build the systems
out now I say help you very intent
because a lot of times if you make a
plan and you hand it to somebody they
have no ownership which means they're
sitting in the boat with their arms
crossed waiting for it to go wrong but
if they can help you build systems and
be a part of building something then
they can have ownership in it and when
they can have ownership in it they can
get behind it so intention competency
and the ability to be a part and have
autonomy in a company is going to take
you a long way when it comes to dealing
with employees and staff and then one
last thing make sure you manage from a
place of I should be paying you more
money not you should be making me richer
if I can jump somebody's ass because I
should be writing them a bigger bonus
check then we're in a very very healthy
place because in that way you've created
an entrepreneur inside the business and
you are grading them on performance
based off of things that should align
with something that is valuable to them
as well and that's making more money
having a better future for themselves
and being able to see a vision that can
fit inside yours what's the best advice
that you've ever got from a mentor my
favorite quote is that you can tell the
size of a man by the size of his
problems if you can learn to embrace the
things that are getting in your way
embrace the failures that are coming
those are just small bricks that are
going to build your Castle in life every
time you fail you must be grateful for
it and see it as a part of the story
that you're going to tell people one day
on a podcast on a yacht on a boat on a
plane or in a restaurant of how you
became the man that you are and if you
don't have any of those stories nobody
will be interested in your story at all
and it'll mean nothing so start to take
pride in the negative things that happen
to you because those are the things that
are going to make you the man that
you're going to become for every new
level there's a new Devil every King's
got scars Cowboy every that's crazy if
you lost everything tomorrow could you
make it all back right you Dro
me butt necked in any city in America
I'd be hanging Steel in 6 weeks so you
go right back into steel and that's
what's most important is if you stick to
the same thing again and again and again
and again you get a superpower that many
people don't understand understand and
it said nobody can ever take it away
from me I know for a fact I could go
anywhere be hanging still in 6 weeks
yeah how old are you now 38 how old were
you when you became a millionaire 31 32
last message to the younger generation
they want to get Justin Waller rich in
today's world how can somebody become a
multi-millionaire like yourself in
today's world you can tell the size of a
man by the size of his problems get up
every day every time you get hit in the
face have a Relentless heart and there's
nothing this world can't stop you from
doing thank you so much for your time
brother I appreciate you that was
phenomenal that's a wrap on today's
video guys Justin Waller just went crazy
but I want you to like And subscribe for
amazing content we've got coming very
very soon and as I mentioned earlier we
just launched our official Community for
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millionaires that we interview every
single week click the link down in the
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can't wait to have you we'll see you in
the next video
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