Justin Sloan, CEO of Sloan Capital, discusses the importance of discipline and consistency in building successful businesses. His background in the cell phone industry taught him the value of commission-based pay and the drive to work hard and earn more. After scaling his cell phone business, he invested in real estate, eventually accumulating enough properties to retire at the age of 32. Sloan emphasizes the importance of building a team of individuals who are good at implementing systems and consistently executing tasks to achieve success.
Key Takeaways:
- Discipline and consistency are crucial to building successful businesses.
- Commission-based pay can be a strong motivator to work hard and achieve success.
- Building a team of individuals who are good at implementing systems and consistently executing tasks can lead to long-term success.
- Justin Sloan funded his early business ventures by working in his stores 80 hours a week and living below his means.
- He gradually expanded his business by hiring more people, taking out loans, and opening more stores.
- After seeing the writing on the wall about the future of the cell phone business, he started exploring other opportunities, including real estate.
- He scaled his real estate business quickly by hiring a property manager and using his profits to buy more properties.
- He has since sold much of his real estate in anticipation of rising interest rates and is now focused on building another chain of businesses, using private money to beat up landlords who have been greedy and raising rents without providing value.
- Justin is a data-driven investor who believes that data tells a story and that it’s up to us to interpret that story and make decisions accordingly.
- He predicts that there will be less properties trading in the next few years due to rising interest rates and that many investors who have overpaid for properties and raised rents without providing value will face challenges when it comes time to refinance.
- Justin believes that cash-in refinancing is the future and that he will be able to take advantage of the upcoming cycle to beat up landlords and get better leases for his businesses, paying investors when nobody else can.
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About Justin Sloan:
Pacesetter and innovator are two words that perfectly describe Justin Sloan. Justin is a business-oriented and highly driven entrepreneur who is passionate about investment and asset management. Justin ventured into the world of business at the age of 20 when he took every penny in his bank account and started his first cell phone retail store with himself as the only employee. After months of working every day open to close, the business was able to hire the first employee and eventually grow into a large chain.
