Welcome back entrepreneurs! Today Justin Smith, Founder of Relequity tells us the amazing story of how construction has been a true, lifelong passion! From his days as a kid riding his bike around the neighborhood and noticing that one of the wooded areas the kids used to ride their bikes through was no longer open to bike traffic due to development, Justin began to ask questions like "who are these developers?". Soon he had embarked on his life's work. He studied everything from construction technology to finance to become a better builder. Needless to say, the effort has paid off in spades! Over the last 15 years, he has constructed over 1500 multifamily and student housing units in 4 states.
As a builder who weathered the Great Recession, Justin has a lot of sage advice that younger builders would do well to heed! He had to cut one promising project after funding dried up. The project was fully entitled at that point and so he was able to sell that project with some value-add. For a while during the Great Recession, he focused on distressed single-family housing, but was back on his feet in the world of commercial real estate development. Your real estate career *will* have its setbacks. It is how you deal with those setbacks that determines how successful you will ultimately be! He is also an expert in Public, Private Partnerships (P3 Partnerships).
Next, Justin turned his mind to the question "Is it better to build or to buy?". He began to partner with some amazing names in the business to acquire existing multifamily housing while continuing his ground up construction operations. He currently owns 360 units in Des Moines, Iowa and 227 units in Houston, Texas with more acquisitions on the horizon! Reach out to Justin if you have capital you would like to place in a passive investment!
He builds or has built strong markets in places like Boise Idaho, California, Colorado, Hawaii and Seattle, Washington. He buys light lift class B & C properties in Texas, Arizona, Ohio, and Iowa. His criteria for buying focus on the cash flow of the project whereas his criteria for new construction focus on appreciation.
Books that have Forged Justin Smith as an Entrepreneur and a Leader
Think and Grow Rich: A Black Choice by Dennis Kimbro and Napoleon Hill
His key Advice to Help You Forge Your Way as a Leader: "Live Live Learning!"
Contact Justin at info@relequity.com or call him on his cell phone (skip to the end of the interview to catch the number ;) )
