Getting to know entrepreneur Eli Huhem

How did you start your business?

I had the opportunity to help on a fix and flip, and while doing so i saw the beauty of realestate. One could simply find a old abandoned house, purchase it, fix it, then sell it for a profit… endless opportunities, and therefore i began to look more and more into it. I was only 20 years old, and with the help of my father I was able to get one property, and then from there ive been adding and adding.

What are some mistakes you wish you could have avoided?

One of the biggest mistakes people can male in real estate is over estimating the worth of a property or how much rent it can pull in, and overestimating how much it costs to rehab. And by making those mistakes I have been cheated out of a lot of money. However thankfully i have been able to learn from these mistakes, and become better and better and making these decisions.

What advice would you give to starting entrepreneurs? The biggest advice and the most important is that theres really no such thing as fast money. Everything takes time. There is no magic formula or anything. Find out what you want to do, make a game plan, and the stick to it.

How can I come up with a great name for my company? I personally like to have my name attached to it. But really whatever makes you feel like this name could help your brand grow and be easily recognized.

How do you come up with business ideas? Really it all comes down to watching other people, having role models or mentors, and then branching off from what you’ve seen them do, and make your own ideas.

How can I protect my idea so others don’t steal it? At the end of the day you have to turn your idea into reality. Theres no point of protecting a idea. But once the business or product is real, then there are multiple ways to protect it.

What are the biggest mistakes first-time entrepreneurs can make? Not following or creating a long term plan. Without a plan, everything is open to be moved around by the wind, and therefore a lot mor dificult to bring in success

What kind of entity should I set up if I’m only starting my business journey? Be simple at first. Open up a LLC. Its easy and fast to do and then from there you can focus on the important parts which is the actual business.

What are you most excited about at work right now? Right now we have multiple plans going on to increase or property portfolio.

What are your tips for building a great team? You need to find people that are invested into the business in some way.. not necessarily ownership, but in some way as to have them motivated to get to the same outcomes as you yourself want.

How do you market your business?nowadays there are so many ways online, social media etc. But in your local area, you can use flyers posters, billboards etc.

What online marketing techniques do you use? I primarily use facebook marketplace to advertise rentals or properties that we have for sale

How should I decide where to set up my business? In the beginning it should he where you live. No need to make it complicated

How did you push through your biggest business doubts? Having a mentor is crucial. I personally always consult with my father.

How did you handle fast growth and scale your business? Having a team is crucial. You need to be able to have people you trust to delegate important matters and duties etc.

What are the most common mistakes that new business owners make? Spending too much money id say, on things that dont result in the advancement of said business.

How do you plan for the future of your business? Just growth growth growth growth and no stoping

How do you evaluate the past ups/downs of your business? I take both the ups and downs as learning material. Take everything in to learn. Learn from your successes and your failures.

What advice would you give to a new business owner? Find a mentor first, dont jump into open waters without learning to swim first.

What’s non-negotiable when you start a business? People may say otherwise but you should have income. That way you have money coming in to help feed not only the new business but also yourself.

How do you craft a great mission statement? Simply find out what you truly want your business to achieve

How did you raise funding for your business? I personally was able to achieve funding through family. But there are other ways. From your own income fundraisers etc. But if you have family that believes in you, i would look there first.

How has your business shifted over time? Grown day by fay

What are you working on now?

Im a real estate agent as well, so at the moment im just working on honing in on my craft to find deals, purchase then and then rent or sell them.