My First Million: Nick Huber: How to Make Millions from Content Without Selling Ads

Yeah, my entire real estate private equity company was built on the back of

Nick welcome back Sean so me and Sean are going to Vancouver tonight he left already so that's why

You're the you're the guest host. I don't know. How do you like say who you are?

Just like I troll on Twitter. I don't know. What do you do?

Yeah, I piss people off on the internet and manage self-storage facilities and dabble in some other entrepreneurship and

Yeah, just generally having fun and try not to care what people think too much on the internet

Well, I don't really invest in anything other than like van like total index funds and but you're like one of the few

I think you're one of three things that I did. It's going great. I mean I I see the returns

But how much do you have in total self-storage now like a hundred million dollars or something?

I think last time I came on it was

15 properties or so and

20 million dollars for the storage and

we now have

61 properties 1.8 million square feet of storage. We've acquired it for

103 million dollars. We've raised

41 million dollars from people like you who invested in both storage. It's been a whirlwind the last two years have been crazy

Would you say a hundred million dollars with the that's how much you paid for it?

I don't know how much it's worth

We could try to guess but look the real estate market has no mark to market right because like elon musky can see how

Many shares of tessaly has in the value of those shares. I have no idea. I mean I can make educated guesses

But if we sold our portfolio today

I don't know six months ago. We might be able to sell it for 190 million or so

Oh, that'd be awesome. So you're you know, it's kind of a creepy story years ago. I dated this polish girl

And I remember seeing your picture on twitter and your this is so weird your face reminded me of hers

That's the best compliment. That's the best compliment. I could get you polish. I'm german. Yeah, huber

My my mom is a ghetto finger. So yeah, we're very german

I remember seeing your picture and I was like, oh my gosh, this guy looks polish almost and then

I was driving cross-country

And I did a twitter live or something like that

I forget what I did

And you like commented and I just called you on air or no, I called you on your phone

I just put it on speakerphone and we started talking and that and that's how we how we how we met I think, right? Yeah

Now we know each other quite well. I think we've punched each other in the face

We've guarded each other and fouled each other in basketball

We have hung out at a couple conferences and and we talk several times a week. So I appreciate your friendship, man

I appreciate you too. I I did for those for the like you went hard on twitter when like covid started

So there's like we have this text message group. It's me you Sean

Austin reef Nikita beer saw hill bloom gray geisenberg. I think that's everyone did I forget

Yeah, you were you were an addition that came on about six months or a year after the group started

But yeah, good. You've added some great banter to it

And like but the reason the group started was you guys all went hard on twitter around the same time and you like

Share each other stuff. You're the red boys

And then I remember you started doing that

But did of that hundred million dollars that you've raised or 80 million dollars that you raised I forget how much

40 has come from what 40 you've raised 40

Yeah, 90 96 of it has come from twitter. No way. Is that is that real?

Yeah, my entire real estate private equity company was built on the back of twitter

Yes, I had we'd bought and built our first self-storage facility. We raised 500 grand

My dad took a mortgage out on our house to do it

He didn't tell me that he did at the time because we're middle class and I went around to his friends

Basically and he helped me raise the money for that first deal

Everybody says, you know, you're not self-made and that's my not self-made stories that my dad was the first investor

in my first storage building

But no, then we ran out of money and we had to buy our second third fourth and fifth

Properties with that with our own cash from our store from our stored company our moving company. So then

You know fast forward to twitter. I'm tweeting about deals. I'm tweeting about some of our properties

and people are DMing me asking to get on our investor list and

Fast forward to today. We've raised 40 million bucks from 320 people and we have 2000 people on our distribution list and it's

changed my entire life

What's 40 million divided by 300? What's the average check?

Ben can help us out. Maybe I don't have a calculator on me. But yeah 50 grand people start

We have some investors up over a million bucks. That's crazy. I wish I would have done a million dollars when I saw like the checks

Yeah, that deal

That deal that you're in is going to be a really good deal

We refinanced it in a really crappy refi environment

But we're going to build some climate controlled storage on that property and that was a deal that was really big and was uncomfortable, man

I mean, we bought a nine million dollars the one I did. Yeah, it was a big deal for us

That was our biggest deal so far is like hard for us to like get the money together and

Raise the money for it nine million bucks and then we bought another small property after that another

You know portfolio after that included all in the same one our basis is about 15 million

Do you not even know what that means? What's basis mean? That's how much you're in for? Yeah, total cost

Total cost but but you're in for 20 of 15 right because you only put or 25 down

Yeah, exactly right. So we put about 30 down. We have you know 12 million in debt

Because we refied it refied out some cash, but now it's got a million dollars of net operating income and it's a

You know 20 20 million dollar plus property, which is great

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That's crazy. Yeah, I remember seeing that check. Well, what do you want to talk about today?

I want to talk about all all types of stuff dude

You we have can you talk about the shepherd thing that you're doing?

Yeah, so that company is a phenomenal company and and I kind of kick can kick off our discussion because my goal

Real estate's a little bit slow. The company's in a really good spot

I still spend a ton of time saying thumbs up thumbs down to deals and thinking strategy and working on it

But I have a lot of time and I also have 30 million impressions a month on twitter

And you know what that's like when you have a podcast like this and the distribution that you have

But yeah, my my goal right now is to is to build a portfolio of ownership chunks and great small companies

You know sweaty startups and austin our friend austin reef who founded morning brew

He was supposed to come on today and he had like a last minute board meeting

So axle springer. Thanks a lot the owner of morning brew. Thanks guys

But anyway, I was like awesome

Which we talk about and you and me and awesome were the thing and a group chat and he was like, let's talk about

Because he knows that I hate advertising and I like make fun of him

I used to make fun of him as like an enemy now. I make fun of him as a friend

And about how much he makes one of everybody sam not really do I?

I don't know. It's good. It you just you just make jokes that are at people's expense and it's hilarious

And sometimes they're funny and and I was like austin. What do you want to talk about?

He's like, let's talk about non ways or non advertising ways to monetize media followings and

You did it so you did it

I don't know what your net worth would be or what like the the the value of your percentage of your thing would be

But you've done it to the tune of like a hundred million dollars of real estate

That's your non advertising way of monetizing your audience. Yeah, my equity in that is maybe you know, 10 to 20 million

Yeah, so and and so that and then like you operate this successful business

So it's not like it's just because of twitter

You know you make smart decisions beyond that but you are also doing it a few different ways

I'm actually

A customer of your other business, which is a cost sake business. I almost use shepherd

Which I don't know if you are a part owner or if you're just an affiliate for

But you're doing it in a bunch of different ways and I want to talk about the ways that you're monetizing in non ad ways of your audience

Yeah, so shepherd is the ideal story. I mean it was late 2020

November December

I wanted to hire somebody in the Philippines. I met marshal hasu on support shepherd and I was his customer

I made a deposit for them to hire somebody and my goal was to get somebody on the phone in my self-storage facility that could

You know press one

To make a payment you're going to go to this person and they're just going to process the payments for us

Just some extra help doing very simple things

I gave them actually they built the job description. They got me three candidates ready to interview

I got on and interviewed them all in the course of an hour

And I was absolutely blown away and hired all three of the people

I'm like this was the rate per hour

$5 an hour $800 a month to get these people to come and work for my service company and they're awesome

Yeah, they were they were incredible fast forward four hour, you know four months later

I had

15 of these people working inside of my company and not only were they doing the simple stuff, but they were

Answering sales calls. They were guiding the logistics of a customer in one of my facilities looking for a specific unit

they were just able to

Do exactly what our american reps do

Except instead of paying 60 or 70 grand a year. They pay we pay, you know

10 grand a year

So it was a game changer now we have our whole finance departments in columbia shepard has helped us find those folks in columbia

so the business blew my mind and I went to marshal in

2022 or 2021 may

Said hey, I want to be an affiliate of this company like give me a cut of what I can bring in and I'll do some tweeting at that time

They were doing about 50 grand a month and revenue shepherd was

That's their net. I got there. That's the net of the net of payouts to the workers

No, that's like total revenue total revenue for shepherd

Okay

As a company as that business the one that like does the headhunting and finds the employees for american companies

So they were doing, you know 50 placements a month or less and they were growing fast

It was good company and I started tweeting and pissing off the woke mob and recommending

Support shepherd for like a 15 cut of revenue that I would say what those tweets were they're hilarious

I would say like I'm gonna weather this recession for one main reason

My my employees all work for five dollars an hour in the philippines and they're absolutely incredible and then

It made me look like a complete idiot

But the woke mob would just blow these threads up totally blow them up

We're talking to the tune of three to five million impressions

And so that really accelerated the growth of shepherd. They're getting a ton of business as it was

They started growing like crazy fast forward a year later and shepherd had seven X the size of that company had had grown by seven

Seven X and how long one year one year

And it wasn't just because of me. It wasn't just because of me. It's because they started offering folks in columbia

They started doing a ton of work

And they had like 50 you're a part of the you're a part of the puzzle a big part of the puzzle to help it grow

So I went to marshal and I was like marshal this business is way too good

I'm not getting enough money. Like I want to own part of support shepherd and he's like no way like that's

That's ridiculous. You're just you're just an influencer. And I was like, well, man, I'm gonna go start another company

That does exactly this or I could be a partner of yours

and he was

And he's like he's like, okay, you're right like let's make a deal and we negotiated an eye on 15 percent of shepherd

And you fast forward to and what's the deal like you have to keep referring a certain amount of customers and you still get your payout

We pay out. No, the affiliate payout was canceled. I got 15 percent of profits and

He just trusted me that I was going to be motivated to continue to do what I do and now once a month

I just pissed off the woke mob on twitter

I sent some newsletter at you know ads and I

Kind of sit on the board and do a little bit ops things and recommend but I mostly just drive those guys

And that's when it comes to that

But I'm fast forward another year. So you fast forward to go ahead

Well, wait, I want I want I need you to redeem yourself really quick because you're like

You're like I'm pissing people off

But the reality is is that like what's the salary 10 grand a year is what to them?

Yeah, these people me and my one of my reps were talking the other day and it's like, yeah, I bought a house

Nick it's it's incredible. I bought a house in the Philippines and I'm like, what are you talking about?

He's like, yeah, this is my home. It's a three-bedroom house that I bought

And me and Dan talk all the time that our that our employees in columbia and the Philippines are

Just as wealthy as us. They have the same exact lifestyle as we do because yeah, they get on a bus

They commute two hours and they work for like two dollars an hour over there with with not the best conditions

And then they get to work for American companies and it changes their life

So the reality is that the woke mob has no idea what they're talking about

This is an incredible opportunity for them and for us and now a lot of people are, you know

Making that switch and getting employees over there, which is so alright

I interrupted you because I wanted you to redeem yourself. But what were you saying?

Thank you

So you fast forward a year now and another year of promoting and the business growing and I think 51 percent of their

Their businesses repeat customers who want to come back for get to get more, you know help, but

It's a multi seven figure

Profit business a year. I make 50 grand a month personally

From my 15 percent O ship and shepherd

God, that's so funny

Dude, you would not have wanted to go and start a competitor to them. Would you that would it sounds hard

It sounds like a hard business operate. It's really hard. They got 150 employees. I was mostly bluffing

I mean, it's a super hard business to start

They have a ton of really good talent and a ton of like sales reps and like the way that they do business is really difficult

They got to go and recruit and interview all these people

Over there and vet them and grade their English and like get all these people these employees put in front of these business owners

So, yeah, it was and Marshall's a pretty good entrepreneur. I like Marshall a lot

I mean, he's done like eight different companies and a few of them very have done really well

Very good entrepreneur

So, yeah, that's hilarious. I can't believe you you worked that out. I mean, I think that's a good deal

I've had so I've had a few people so I there's this guy who did this guy Diego

What's his website? Is it like short z? I think it's like like short clips. I'll have to find it

but anyway, he this dude DM'd me he I think he's

Is he Cuban or he's not from America? I forget what he is but he uh, he DMs me and I get these DMs all the time

Well, they're like, I'm gonna make videos for you. Yeah, you get those with like I want to I'm like, dude, shut up

Oh, I get three a day that people want to write my newsletter for me. Yeah, it's like stuff like that all the time

Nine out of ten of them. They're just like really bad. They're not good at what they do

And this guy just kept DMing me and I was like

Screw it. Fine

Like just make clips for me

Send me ten of them

Like I just said something stupid or something like that just to like get them off my back

Any like within before the night was over. He sent me like ten and they were pretty good

And uh, I was like, all right. Well, I don't want to post these. I'm gonna make you post it for me

I'm gonna give you my Instagram password. Send me a picture of your driver's license your social security card

And he told me at one point he looked at this girlfriend. He goes send me your girlfriend's driver's license, too

And he sends me and he sends me a picture of all of them, but I go great

I know a lot about you, you know, we're gonna have an issue if you screw me. Here's my password to my Instagram

I make it work and he does and he kills it and I go from like a thousand followers to like 10,000 followers in a week

And then like up now to 50,000 he kills it and I go

So get this so I was like, all right, you're right. You're awesome

But here's the deal

You're gonna do this for me for free for a long time and in exchange

I'm gonna tell all of my friends about you and I'm eventually once you prove it to my friends

I'm gonna tweet out that I think you're great and he said great

And so within a month of him messaging me, we got him up to like 20 grand a month or something like that

I forget like a really good wage and he's like has this thriving business and then I tweet him out

And we send tons of customers to him

And so I also do the same thing where I take a small percentage of the profits

And I'm loving this but I would rather have the profits rather than equity in the business

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But really I think you mean like a cut a cut of revenue. You'd have a revenue rather have a revenue share than equity slice

That's the mistake. Yeah, I saw who saw who sent me a text yesterday and said nick

What's your three biggest regrets in life?

And one of them I did wait he asked you that question. What a weird question to ask you

He works on this dumbass content online. Who knows what he's gonna tweet about

Why is he asking you that? Okay, go ahead. One of them was not going to marshal

A year earlier and getting equity instead of freaking a cut of profits or a cut of revenue

Yeah, yeah, I just don't know if a clip agency is ever gonna sell. Yeah

And also I don't want to like I love agency businesses

And I don't want to like give advice to people all the time

Do you know what I mean? I think it's different when you're with marshal because marshal is like a very proven entrepreneur

Who has a couple exits under his under his belt, but like sometimes when he doesn't want to listen

Yeah, they don't need or want me to get involved in their operations. Yeah. Yeah, I'm like, dude

I don't want to like I don't want to guide you. I just want to send you customers and I like I

Sometimes I prefer transactional is what I so I love I love leaning in I love leaning into the ops

My business partner is an operational mastermind and you know, yeah

I have three other companies that I'm working on launching right now on on a very same

Very similar trajectory as support shepherd. By the way, Diego's company. It's called short

It's like a short clip and then z y dot co short z dot co so short and then z y dot co

I'm giving him a shot. I mean, you should own you should own 25 percent of his company

Yeah, I don't know. Maybe maybe I will end up regretting that but I'm I'm happy with the deal

But we and so what were the other two regrets?

Oh, I don't know. I think it was

Um, go ahead and get married a little earlier and have kids a little earlier

Even though I did it when I was almost 30 and then you you weren't married until you're 30 or first kid

I got married when I was 27 when I had my first kid at 29 and I kind of if that was three years earlier

I would have been just as happy so many people I talked to say they wish they would have had their kids earlier

By the way, and I'm shocked that people say that

Are you are you excited to be a dad at some point? I know you and Sarah have started to talk about it

Are you what do you what do you think about how do you think that's going to change your life?

I'm pumped. I'm so pumped. I I think that a I agree. I wish I would have done it earlier

And I am so pumped. I think it's going to be life changing. I think I was talking to Sarah about this last night

I was like so we've achieved a lot of like interesting things at a relatively young age

Like professionally like we're known in our field and like we have some respect among some peers

Financially like we've achieved some things and then we were like parents say like well, you're never ready and I was thinking last night

I'm like dude. I'm totally ready. Like what else do I need to do?

This is like it feels like the next step

So I'm incredibly ready and I don't really care about this, but I actually think it's going to turbo charge my career

I think that like it's going to make you feel like amped up like before it was I was earning

So I don't know why I was earning. I was trying to make money for ego

Egotistical reasons and then after that I was like now I'm in the place where I make money because I do shit

That's fun and because my fun hobbies often the outcome is income. I pick and choose different things now

I think it's going to feel like I want something for my children. I want to impress them. I want to show them how to work hard

I think that there's going to be like a little bit of that and it's also going to be like I don't want to spend all of my time

After like 6 p.m. Working and so I have to pick and choose my battles

And I think that's going to actually force focus and the outcome will be better financially. Am I wrong?

I think you are right on the money with your two things. There's two more

Number one is that you are going to get so much more emotionally mature

when you have kids

at least for me I was

High as lows or it just it just puts stress in relative form when you know you have a human that you have to care for

And the stress level of when that human is sick or when when they scream or when they cry or when they hurt themselves

Or when they suffer that that puts it all in perspective

So you just get like better at dealing with stress the second thing is like

I got more focused and I was able to get more work done when I couldn't travel the world

I couldn't go play golf all the time. I couldn't just get on a plane and go be spontaneous and go spend two weeks in Europe

So instead

I would spend really good quality time with my family in my house and then

Popped to my computer to

You know tinker inside of my business and make my business better. It's just more. I don't know. Does that make sense?

Yeah, it totally makes sense and I'm pumped. Well, you have three kids now. Yeah, five five three and nine months

Yeah, man, I'm I'm I'm pumped for it. And I think the I don't care about this

But I think the outcome will be a better career because of children. That's that's my prediction

I want to talk about the cost seg business because that thing that seems like it's going even better than

Support shepherd. So I'm a customer. I used it. I got it for free though

so cost seg is

We have engineers who go in and they

Break out the different parts of a commercial property or an income property a piece of real estate

And then they give you a schedule of which you can depreciate that to the irs meaning like because normally it's what 27 years

It's normally 27 years straight line depreciation

They take it so that oh the windows those are only a five-year life, you know the landscaping outside

That only has a five-year life

Then you got all these ground improvements that we're going to make and all these other things that can be accelerated a little faster

So and then there's something called bonus depreciation. We're going away in the weeds

You don't need to know that but basically our engineers come in the building they draw a picture of the property

They split it out into different values and they give you

Document that you can give to the irs to get way more depreciation and save money

You're one so I haven't gotten my I haven't gotten my report yet though

But let's just make believe on a million dollar property that what's a million divided by 27 is what?

Yeah, you're gonna get 27,000. Is it 27?

$1,000 a year. Yeah, okay and depreciation

Uh 2.2. Maybe something like that

And then with this it would be what like 200 grand in year one

Yeah, and on a self storage facility is anywhere from 20 to 30 percent year one depreciation

An industrial property might be 10 to 20 percent and RV park might be 60 70 percent

It just depends on how many ground how much ground improvements you've done like work to the outside of the property

Landscaping, you know windows doors. You might then do you pay that?

Do I pay that tax back if I sell the property before 27 years? Yeah, it's called recapture

So if you don't plan to hold the property for a while then you need to keep some money because your basis drops basically

Your taxable basis drops by the amount that you'd appreciate

So that gap is called recapture and you pay that at the recapture rate stuff like that. So

Yeah, and where's your team doing this? My friend Mitchell Baldridge, who you know his wife Mel

They are my partners. My business partner Dan is minority owner as well. I own 45 percent of re cost seg

and

I mean Mitchell Mitchell had done

100 plus of these

Before we started this company and he'd never really thought about hey

We can we can find some engineers and do this stuff really well. We created a twitter account re cost seg

we

Got really competitive pricing because instead of me flying somebody to your property in texas

We did a facetime you facetimed with one of our guys and he walked around took some screenshots. What was that like?

My property manager did it and I was out there with her and I think

She was on her phone

I wish she was on her phone and she said the guy sounded italian. Are they in italy or something?

They're all over. Yeah, we have some people in miami. Florida is pretty popular. Colombia, philippines

We've hired seven people from support through support shepherd for this company. It's which is another funny part about it

But yeah, we have 23

23 employees Mitchell's wife Mel who spent eight years at kpmg are uh, yeah

One of the big one of the big consulting firm. She was a management consultant. She's the CEO of the company

And yeah, we're nine months old and we did $250,000 of revenue last month

Dude, that's crazy. And I remember like so Jen my p.m. It took her like 20 or 30 minutes

And so my property's big. It's like 20 acres

But there's like a 4,000 square foot house and then like a barn that has a gym

It's this is for an Airbnb. I have and she like spent maybe 20 minutes walking around and he was like

What's that thing and they're like, oh, that's like our water purifying system and he was like, all right, cool

Let me see that. All right, cool. Show me all the windows. What else did he was show me the car?

Yeah, they look at like, okay

What can we depreciate faster and they're like show me this show me that yeah

Yeah, and he was like, we have two garage doors here and he was like, all right, cool. Let me see that garage door

I forget what else it was

But like like she was just walking around and he like had a checklist

But then also he would see stuff and like ask like wait, let me see that

Water filtration system or like, you know, this my property is out in the country

So we have like a well or something and I think she he was like, let me see the well

Like I like you're like wanting to see all this stuff and I haven't gotten a report. Yeah

I think we just get it did it like 10 or seven days ago. But yeah, that's the business

And there's one other

Company in the space that's doing it that I almost went with it was called a Madison spec

Yep

Yeah, and they'll they'll fly somebody out to your property and they'll charge you twice as much to do a cost seg

Because they got to get somebody out there. So it's a it's a win-win scenario when I read about this

Mark Jenny, so we have this friend named Mark Jenny who we've talked about the pod. He's a badass

Yeah, he's badass. He has like, I don't know his portfolio is like mid eight figures of air b&b

The bar stool guys rented one of his houses for Super Bowl week

Dude, I saw the so the bar stool guys is are in Arizona. I think for yeah, and I saw like the

Mini put put course and basketball and I was like, I bet this is marks and then you or someone else told us that it was marks

He's inspired me to get into air b&b and I was like mark

What should I read and he like sent me some book and he told and that's what I learned about accelerated depreciation

And I started googling how to how to do it and I only found a couple firms doing it

So I thought this was going to be like a niche business. I didn't think it was going to be like a big business

What how big do you think this is going to get my prediction and again?

I try not to make predictions because then I just set expectations and end up getting you know

Stress because of expectations and stress and that stuff

But yeah, I think we'll do three to five million of revenue over the next 12 months

And I think it I think it'll become a it'll become a over the next five years a 10 to 15 million dollar a year revenue business

I don't I mean you don't have to set expectations, but I will but I feel like that is under

Shooting it. I think it could be potentially bigger. I don't know how big the market is

But I bet you there's just so many other services that you can begin to offer depending on how hard you want to work

Yeah, we're launching. So that's recostec.com. We're launching taxcredithunter.com as well to do ERC credits and employee retention credits

Same membership group Mitchell Mitchell and Mel

That's when you didn't if you didn't lay off employees during covet and you own a small business

You can get employee retention tax credits back from the IRS and you need Mitchell

You need Mitchell on to really talk about that stuff

I can't guide but basically if you didn't fire your employees when covet hit and you kept them on

The government is offering massive tax credits to your business and very few entrepreneurs know it they expire in 2025

and

Yeah, it's it's it's significant. We're talking the guys that we know who are running companies with 150 employees are looking at

100 to a million dollars in tax credits 100,000

There's a company called main street main street. I think the exact same thing

I think Sean either invested or knows the guy who founded it named Doug and they were an advertiser with the hustle

They're a good company. But what they did was how much money did they raise?

I think they raised they did the exact same thing

You're saying they probably had like a tech play to it. I don't remember exactly, but they're still around

but I think they raised

Like two or three hundred million dollars like a I forget the exact number

But like a huge amount and I think they just recently laid off a ton of people not because the business stinks

But I think they just like raised a ton of money and hired a ton of people. But I do think that that's proof that this

If I'm in your position and I'm like

Oh, well, you guys have just validated the idea and concept

We're not going to raise money because we don't want to screw up our cap table

But I bet we can do this because we already have a little bit of money. We already have an audience

Maybe we won't grow as fast, but we'll own the whole thing and do it our way and I think the audience is the key

I mean the the re cost take twitter account which I run and Mitchell runs

It's got 13 over 13,000 followers already. No shit. What are you tweeting on there to make people follow it?

Just all about cost seg all about real estate investors

Client examples anonymous client examples about how much money we save clients. It blows people's mind when they realize that

Real estate investors you can make

I mean, I'm an example of this you can make two three million dollars a year from operating companies

And if you're a real estate professional and you buy property each year and you cost seg them and appreciate them

You can have zero

Tax liability zero

Yeah, but becoming a real estate professional is a pain in the butt

I try to do it. I try to do it and I I was like there's no way I can justify like basically to if I remember correctly

To become a real estate professional you have to uh, I forget exactly 700 hours

You have to spend you have to be the person who spends the most time in the business. Yeah, there's

You need a good cpa to really like log your time and create a rock solid case

And then you also have to I think a certain I think the majority of your income has to come from real estate if I remember correctly or you can't

Is there something where like the the

Whereas it like you're out. You're all your revenue streams can't add up to be more than your than your real estate income

Is it something like that? I thought that there was something where like you can't make too much money

Well, maybe I'm wrong, but I remember the 700 hours thing. I was like, there's no way I can qualify

I think you can get some advanced. I think you can get some. I don't want to talk out of my ass here

I don't remember exactly, but I think if you do 360 hours, you can you can get some

Short-term rentals short-term rentals. There's a loophole in it right now

We're doing a ton of cost things on people who have short-term rentals because

they

Don't have to be a real estate professional

They just have to spend more time on that rental property than anybody else

And there's some threads that Mitchell Baldrige has and if you search it if you search short-term rental on the already cost tag account

You could read the thread

But yeah, it's uh, there's a loophole around short-term rentals. Well, that's sick dude

I think that potentially those businesses can be bigger than like your storage thing

But that's just because that's what I know is like internet businesses

But I think that actually could be pretty massive, right? I think I I'm very bullish on what could happen

I'm excited. Yeah, and then the I'm also buying a I'm buying and rebranding a

property and casualty insurance company they

they provide

Property insurance like if you have a commercial piece of property a self-storage facility or a multifamily unit

You need to get property insurance on that in case there's a tornado or a fire or somebody slips and falls outside

Yeah, I mean I have it at my Airbnb. I think I think it's expensive

I'm pretty sure I pay five or six thousand a year. Does that sound right? Yeah, that sounds right

We pay over 400,000 or over 350,000 dollars annually to ensure our self-storage portfolio

But it's also a pain to work with these insurance companies like the brokerages operate like it's 1950

You have to do like him and like law. I don't have like a login

I think I just have like a pdf that like they sent me and then they sent me more questions that said like

Hey, did you ever fix this handrail or something like that?

Yeah, and anyway, like it's pretty antiquated. It's my business partner

We were working with a top 10 firm in the country brokerage firm top 10

This is one of the biggest companies and my business partner Dan had to go into that business

And build a system for them to quickly get us quotes on properties and to bind our coverage

We can't pay online

Things move slow as hell. Nobody responds to us. So yeah, we're buying an insurance company in kansas city

We're rebranding it as titanrisk titanrisk.com is the shout out and we're gonna

Spin up a property and casualty insurance company on the back of again the

The following your website's down. So you got a titanrisk.com. You said yeah, what did you pay for that?

The guy was doing

He we found a guy who had a really good contract base with carriers because that's the key like

Everybody goes the same carriers, but you have to have contracts with those really good carriers

We found a guy in kansas city who had that and he was I think he's doing

A million million and a half of revenue inside of his shop. He's the producer. He has four back office

We're going to hire folks through shepherd and some americans as well

Account admins and we're going to lean on his shop at the beginning and kind of spin up a secondary brand

So so if I come on if I come on in six months

I'd give you I'd be able to share a ton because this is in its infancy

But i'm more excited about this business than I am about re cost seg and and a tight tax tax credit hunter

I want to ask you about the fourth one, but for the first three. Did you put up any capital for any of them?

Yeah, we funded a checking account

For re cost that we put 50 grand in there and then the two months later, you know, we were making distributions

That's nothing. Right. Yeah, that's nothing. Yeah, and

Dude, that's crazy to me. The great thing about hiring an employee even if you hire a really good engineer for $100,000

You're only paying them $8,300 a month. Do you have engineers for these companies?

Yeah, you need we have civil engineers inside of re cost seg. So yeah, it's this is this stuff's not easy, right?

Mel Baldridge is a badass like she's managing 23 people. We're doing a ton of volume of sales

Doing all these CAD drawings breaking down these properties Marshall's team is really badass

Like none of these companies are easy by any means who's building the system. So like and then not civil engineers, but I mean like web

Yeah, we're using air table as a crm. We have a lot of out-of-the-pocket tech

but yeah, we're getting some web work done as well and I'm starting a

A web a web landing page front and development company as well called web run comm but that's with another guy

That's going to be spun up in the next month. So yeah, I mean

It's getting it's getting fun

I want to ask you about this last one and then I want to ask you more questions about all this stuff

I'm going to write my questions down because I don't want to interrupt you. What's this pest thing?

Oh, the pest control business

I have an LP a good friend of mine who owns six branches of a pest control company and

And he needs to he needs capital to go buy additional properties and he's got some capital but not

You know five or ten million dollars and I said properties

I meant additional companies to latch on to his to his business

But I might do a deal with him where I sit on the board and I advise operationally

I help them hire overseas talent through support shepherd and implement them inside the company

And then raise the money from my real estate investors to buy the business

But that's in its infancy as well. I need more time to really talk on that

So between two and six months ago Sean and I on this pod talked about a few things. I told him

I was like basically like on Instagram you have like Rihanna and the Kardashians

And then there's like thousands and thousands of more

But those two those the the Kardashians and Rihanna are like two

prominent examples of people who have built hundreds of millions or billions of dollars worth of net worth via Instagram

On youtube, we have mr. Bees. He's like the common

He's the one everyone talks about and then, you know, there's way more of people who have built like there's the lady

Who started ipsy. I think it's called the makeup brand

There's just tons of them on facebook

You could say that like Buzzfeed and like a bunch of other people like, you know built multi-billion-dollar businesses on the backs of facebook

Now

There hasn't really been one who's done it on twitter

The and snapchat same thing we can think of a few more examples

The reason twitter maybe it hasn't worked is because I think people haven't taken it seriously

And also there's only like 350 million people on it as opposed to Instagram. There's like what billions

But I think that's changing and what we haven't seen yet is someone who has built like the the equivalent of the Kardashians

On twitter except instead of selling makeup. I think they're going to be selling

B2B or professional

Whatever that is considered, you know B2B services or something where it's like a higher-end person

not a young woman buying like $12 makeup and

We haven't seen that yet and then chum is like yeah, and then we have like the guy mafia

So you've have people like the strip mall. It's like these anonymous accounts

Like the strip mall guy who I know who he is

I'm friends with him and he is a large business and I don't know what it what has come from twitter

But he has a large business and then there's like five or six other guys

There's like the used car salesperson guy and he's like potentially going to build a large business and like it's very

Predictable watch guys is selling shitloads of watches on twitter. Yeah

I almost bought a Rolex from him. He like had these Datejust that I wanted

No one has done this to the extent of like hundreds of millions

I guess you kind of almost have already but no one has done this to the extent that I think possible

You might be one of the first or at least one of the people that I know closely

Who might be one of these early people to build a multi hundred million or even a billion dollar fortune

Mostly because of your audience on twitter. Do you think that's that's accurate?

I think these companies are so in so in their infancy and it's really easy to get the 250 grand of revenue

But ask guys like Andrew Wilkinson how hard it is to go from 250 thousand dollars a month to

You know 250 million dollars a year in revenue like those types of jumps is on another level

Right, I don't know if I have what it takes to do things like that. You're saying you don't think you you have what it takes

How can you how can you say that I'm going to try? Oh, yeah, I'm going to try

But like how much harder can it be than what you're doing now, but you give it 10 or 15 years to mature

I don't know. I think what austin reef does at morning brew like managing these bigger companies is just a different skill set

It's different like you're not doing it, but I'd have to become a billionaire. Wouldn't I?

I don't know because dude. It's kind of like you're like the ryan reynolds of twitter a little bit

You know what I mean? Like he's got mitt mobile. He has the soccer team that he partakes in he's got

I don't the the alcohol drink that he has. I think he has a few more

I mean that guy's not operating those companies kind of a greggers not operating the whiskey thing

But like and I can't operate frankly. I can't operate my companies either. I'm focused on my real estate and everything else

Yeah, and so my point being is if you're just if you have 10 to 20 or 30 percent of a handful of things

One of them could hit there's this guy named felix denis. Have you ever read this awesome book called how to get rich?

I love that book. Yeah, I love that book. I recommend that book to everyone

It's horribly titled, but it's the best book of everybody. You should have equity in that. You should have equity in that book, sam

Dude, I whenever we mentioned in the pod will notice the next day it goes up the charts like a ton

And well, he's dead now, but he he built like a publishing empire

That was like it made him a lot of money

But the bulk of his wealth was he owned 10 or 20 percent of this thing called micro warehouse

Which went public for multi billions and he made many many hundreds of millions from it

And he had the same thing where he was like look

I own the magazines that I'm going to promote you guys in there for free

And I'm also going to be like an advisor, but I'm going to be considered a co-founder and this was my idea

And I hired you guys but he didn't manage the company

He met with the with the other founders a lot and he gave his opinion, but he wasn't like running the data anything

I don't see why you you couldn't do that with a few more things

I think the the power of blowing up a brand is one thing

The power of spotting and reading and hiring and delegating to really good operators

Is something is another thing as well that's underrated and something that I think that I'm good at finding people who

really think about business the right way

And to build these companies, I can't operate them. I'm an investor

I'm an advisor and I pump their stuff on Twitter and I'm a customer

And I you know help but you got to find somebody who really is really good at running a company

And that's where I wish I I made a joke on Twitter that offended a couple of my good friends

A couple days ago that said like I need to do more angel investing so that I can

Invest in these companies

I can see how these founders think about business and how they make decisions and how they write their updates and how

they fight through and I can

Get a look into their brain and I can spot the killers, right?

I can find those those guys that are just really good at business and then I can pull them aside when they give up and I made a

A statement like the hell, you know when they want to leave the hell scape that is venture capital

And that's not true. It was it was it was just not

Not cool for me to say that about my buddies who had so much value to the world in that space

But anyway, and you're joking. I was I was half joking half being serious because I want to pull these people away and

Basically found and start and buy

Businesses that I think that they could come in and run

Great businesses that are ran like crap and just accelerate their growth and make them better

dude Austin reef is an amazing operator and I remember when I first met him

I was probably 28 or 29 or 30 and he's younger than me. He's four years younger than me

And I was like, you're the first person you're one of the very few people who's like my peer but younger than me who

I'm a little intimidated by I'm like you you

I I remember telling him I was like dude. I'm a lot better than you at a few things

You are so much better than me at a few other things and I wish I would have met you earlier

listening to the way that he thinks about business problems and the way that he talks through them and the way that he

Paints a story in a clear and concise way when you're asking him about his business is

That's what I'm talking about. That's the 10 Xer Austin is the 10 Xer. He's a hundred X

He's on another level

But like when you're around a lot of these people and you talk to them and you start asking questions and hearing the way they think

About business

You can do it too. Like you can just tell you can tell when somebody's different when somebody's really got it

You know, dude, he's the best but I would also say like Andrew Wilkinson is a great friend of mine. I don't know what his

Empire is worth but in the 500 to a billion range depending on public markets when I talk to him

I don't feel like

I'm like, Andrew, I don't feel you're out of my league

You just been doing it for longer and you are really creative and you were the first person

You were you were bolder and smarter than than me to like

Believe that this could actually become a thing and you did the thing and then you did it for years and years

And you didn't give up and you never bowed down and you always did it your way

But in terms of like your vision and my vision, you know, my vision now that I see you could do it

I'm like, I don't think you're ball

I think we're in the same ballpark of like intellect and so that's why when I see him

I'm like, dude, you're inspiring to me because I kind of feel like we're almost the same

Although the results are not the same and I find it to be very inspirational and that's kind of the same for you

Maybe like you look at a guy like him and be like, oh man, Andrew Andrew is my idol. Yeah

I mean that man understands leverage and delegation unlike anybody that I've ever met right

He can find somebody he can he can his his brain is so good at analyzing

The pros and the cons of making a bet he he does business like a poker player right when the odds are in his favor

He's gonna go big and he's just proven that he can make those bets better than anybody else

You'd find those excellent operators and I think he's a undercover killer too

I mean, I know that he comes off really humble, but the dude is I think he's a killer too

He's a killer and anyone who's that successful is not not a killer

Yeah, you're right

He and he does a good job because he's like is a I always tease them. I'm like dude

You're always dressed so nice when you have slick back hair

Like you like have this like designer like look to you

But like you're like quit acting like you're like not a killer because you definitely are he's got it

Why what do you what do you do with your bunny? Do you what are you investing? Well real estate? I'm not that liquid

Right. I haven't sold a company. I haven't sold any properties

so

I personally guarantee, you know 50 million dollars plus of debt and I only have 3.6 million dollars liquid

So I'd be foolish to start spending that on houses cars and boats, right?

So I keep a lot of cash about a million in cash

I keep another another two and a half million and public equities that I can create cash pretty quickly

Are you trading? No, I buy stocks and hold them for a long time

I'm way too dumb to try to guess what's going to happen inside of them

But you didn't used to be that way I bought some dumb you talk about our friend Austin reef. I bought some dumb stocks

That I then sold six months later for a big loss. Absolutely, but I'm not trying to day trading time markets

Austin told us all that that Zilla was like the buy

He was like

But I it was a fair argument

Oh, we bought it at 150 bucks. It went up to 200 and I was getting texts from Austin that the that you know

Let's let's go. It is incredible. Now. It's 30 bucks or something

But no, I mean google and facebook and microsoft and apple all the best companies in the world all got 50 cheaper

So I bought a lot of those and I'm going to hold them for five years and I'm sure that I'll do fine

What's motivating you right now? I just think it's fun. I mean the building the building is really fun

Is that what you I mean? I want to talk about you now too sam because you're you earn outs over here

How many years post exit are you four years out?

No, dude two two two years. Okay, never mind. Yeah, I mean you build something you sell something you have that event

And then when it's over you're like, oh shit. I kind of I love I love building. I love tinkering. I love entrepreneurship and business

So I gave myself one year to I basically wrote the rules where I was like

I'm going to read anything that interests me whether that's so I read a lot of fiction and I read

I don't read business books anymore. And then I also said I'm just going to search

I'm just going to search so I'm just going to plot and search and just whatever

Interests me. I'm just going to pursue it. You know, I was like I was like

I'm just going to a dog on a walk following my nose

And I'm not going to like feel guilty about that and I noticed that after about six months. I was ready to roll again

I made some mistake. I made some irreversible decisions at my company like some culture decisions

Basically when I started the company I was 25 and then when I about sold it

I was about 30 and like I was a different person

And I'm more solid on who I am now

So I would have different values when I start my next things

But anyway, I made some mistakes

So I basically kind of had to sell the company or

In order to like get out and so I was pumped about it

But at the same time I was like I wish I was wealth

I wish I was I wasn't wealthy when I started the business

I had nothing I was like I wish I was wealthy

So I didn't have to sell this to get liquidity

Because I would have liked to have owned it forever

But I was very very very happy to get that time to relax and to seek and then after about six months

I was like dude. I need action. I need to gamble

I felt I remember watching a James Bond movie and I'm like should I become a cop?

Like I need to go out and like get into trouble like I need to experience like

It's the uncertainty. I think it's like it's the it's making a decision where you don't know what the answer is going to be

And then waiting and seeing what happens that is just incredibly addicting about entrepreneurship and business

Dude, I just like like being a shithead with my friends. I love our group chat like when it gets spicy

I like think about it all the time like it's so funny and I'm like I got to go do something now to one up the the guys here

And that's how I feel. So like my my best

The time I have that I love the best when it comes to work is when I'm with like my partner Joe or someone like that

And we're like we can't pull this off. Can we? Let's go try it like that that

Adrenaline that's like my version of like James Bond when I'm watching him like having like a car chase

I'm like, dude, let's this is our this is our nerdy version of a car chase

I need that thrill and it just so happens that the outcome typically is money

And so that's what I'm motivated by is like the thrill. I don't give a shit about legacy when people talk about legacy

I'm like, I don't give a shit, dude

I'm gonna I'm like imagine the feeling that you had when you before you were born. That's what I think

I'm gonna have when I'm dead. Why do I care what people think about me?

You know, I want to like leave something to my children because I love them

But like I don't give a fuck about what everyone else thinks. I don't care about legacy

I just want to have fun and like have excitement in the moment and that's what I'm motivated by

Yeah, I'm making these making these business deals and these business decisions and these and these

Calculated bets will call them like with you and and all these things I'm working on. They're just calculated bets

And when you when you put the money in you just never know

What's gonna happen?

You never know what's gonna happen when you try to sell it when you start to get customers when you start to solve problems

And it's it's addicting for sure

By the way, well, we can keep this on but producer ben

We have to bleep out the name of what he just said. I haven't announced that yet. Ah, but can we talk about it?

Can we yeah? Yeah, we can we can't say what it is, but we can we can we can we can mention

I have a thing that I'm gonna be announcing in a month. I'm gonna make it one. Nick just said the name of it

We got to bleep that out. I'll be announcing it in one month

I've been doing that low key for two reasons one

I wanted to prove that I can do it without my audience and two

I wanted to make sure that it worked and was life changing. It's a wonderful product before

I like get like an influx, but I'm gonna announce that in a month. What else do we want to talk about anything else?

I mean, I've been thinking a little bit about like what holds people back

and

anxiety and the decision-making that

Like do you have anxiety? No, I just mean like the uncertainty like the the fear failure like it's it's in everybody not not that

I guess anxiety is a bad term more like insecurity, right?

I have insecurity

And the and it holds me back from making big decisions

And the problem with it is is the more insecure you are the less decisions you make and

Decision-making is like something that you have to practice to get really good at if you don't make sure decisions with a lot on the line

You have to you're never going to get better at it ever going to get better at it

So then you have on on made decisions and that equals stress because stress is a decision that hasn't yet been made

And then it just cycles and snowballs

So people who are they have insecurity they have anxiety around making decisions

Then they get stressed out because they have these decisions

And it's just a big compounding snowball of of like it just holds people back from kicking so much ass

Like every high performer that I know

They they make a ton of decisions

They make some of them wrong they lose some money like there's downside of course

But they just make them and make them and make them and they make them quick

And they get better at it and better at it and better at it

And that's when the leverage kicks in and they can just build and grow and build and grow

My parents when I was a younger kid

I would like sell CDs or like sell use stuff on ebay

And I remember making mistakes and they're like, oh, that's all right

You can't get a hit unless you're in the game

And they're like you're swinging your miss

But you know you got it you got to swing to get the hit and you can't get a hit unless you're in the game

I remember hearing that and that like changed my life

And so now whenever I screw up, I'm like whatever like, you know a 300 batting average in baseball is great

So I'm like, that's all I need like that and business is fine

In fact in business, you do you actually need less if you try 100 times in one thing works

It makes up for all the 99 things but and that's what I always tell people

I'm like, dude, you got to see you got it. You can't get a hit unless you're in the game

I've been asking high performers this because now I have a five year old

I'm thinking about what I can do for my kids to help them just get better at making decisions and get you know more

A more solid foundation in the event of insecurity. Did your parents just like

Let you struggle a little bit like that's something that I found is very common among

Entrepreneurs and successful people because so many parents nowadays they really mess up because they like

Shelter their kids from all decision making they like make the decisions for the kids

They like they they keep them from getting in any pain at all

They're going to keep them from having to deal with the uncomfort of pain

They're going to put them in a bubble

And I look back on my parents and my my parents would like

They would make me make the little decisions when I was a kid so that I got better at making the decisions

And then when they they were bigger I wasn't overwhelmed with fear and insecurity

I was always skateboarding and rollerblading and going to skate parks

And I remember I had a unicycle

I would and I would try to ride it downstairs and they were like I was crazy. I was like do all this crazy stuff

I remember when I was in fourth grade

I could ride a unicycle and juggle and I would do all this crazy like skateboarding shit

And they would be like, hey, let's go to the skate park

But the only rules they had was you have to wear a helmet

They go as long as you wear a helmet, we don't care. And so I was in and out of the hospital broken broken

Broken fingers stitches on my eye broke my arm broke my collarbone. I've had a lot of broken bones

And they were I always say my parents

They once I left school. I wasn't financially like they didn't they've never like helped me with the business or anything

but they supported me up until then and

So I had that but they were emotionally supportive

So I remember when I left school and moved out to san francisco and told them I was going to join this

This thing called air bnb

They were like this sounds like a multi-level marketing thing like is this like you're gonna

And I was like no guys like this like I think it's legit like at the time

I was like two or three hundred people worked there. It's legit

And they're like you're gonna leave school to go do this and I was like

Yeah, it's legit and and they were like this sounds horrible

But you know, we'll see you saturday. We'll come down there and help you move out

And so like they did things like that that were like very emotionally supportive

And so and that was like huge and so a lot of my friends who don't take risks

Oftentimes their parents were quite neurotic and they instead of saying why

Instead of saying like of course this can work

They would default to saying like well, this will never work because of this this and this or like you can't go study abroad

Like Mexico is dangerous. Haven't you seen that there's like shootings or you know

Like people get sick when they do this and that like I remember like that was usually the default versus like

Screw it. We'll handle it when we get there

Yeah, putting your kids in a bubble and now that I have a five-year-old like it sucks to watch him struggle

And now and I have a bunch of employees and it sucks to watch

I don't know. There's there's a lot of similarities between like raising good kids

Do you let your kid get hurt though?

Like let's say your kid's riding a bike and he's wearing a helmet and you're like dude

He's 100% about to knock his teeth out

But if he's about to hurt himself bad and I'm gonna go the emergency room

I'm gonna run and try to catch him but if he's over on the other side of the cul-de-sac and he it's a curb and he falls

Down and he starts screaming. I'm not gonna sprint over there and pick him up and coddle him. Does that make sense?

Like I'm gonna yeah, I'm gonna let him I'm gonna let him figure that crap out

But I just think it bleeds over into everything like if you if an employee walks into your office

And they have a problem and you just say get out of my way. I'm gonna solve that problem

Then that enables that enables them to a it doesn't let them learn how to solve problems on their own and be it

It enables them to

Bring you more and more problems and just be completely

Enable to like get shit done without you as a boss

You have all three boys, right? I have a five-year-old boy three-year-old boy

Two all right ten month old girl. Are you gonna raise her the same way? I would imagine yes, right? Oh, man

I don't know

You got to dude. I if I have a daughter. I mean, this is my I'm hypothetical you're living it

But I think I would definitely you got to do it the same way, right? Yeah. Oh, yeah

I'm gonna I'm gonna raise strong secure

Daughter for sure like a I'm gonna show her that I'm gonna treat her mother with a ton of respect

And that her mother should never take shit from me just because I'm a man, right?

That's that's something like you cripple women in the long run if you like enable or like lead them to be insecure

I'm gonna try to raise like a really strong confident

Secure girl who can yeah knows how to struggle with grace. Absolutely. So when she falls down on her bike

I'm not gonna run over there either. I guess well good dude. I'm happy you came on. I like talking to you by the way

We do this thing on on on our youtube channel. I'm gonna do it now

I supposed to do it earlier on we talked about the gentleman's agreement. Have you heard me say this?

I have not damn. You're catching me. I'm totally blind

So we've been growing our youtube subscribers

I think last month we grew by 20,000 and the pitch was this which I stole it from this guy named Jesse on fire

So I'm not gonna act like I came up with it. We guilted people a little bit

We said hey, hold on unlike everything else on youtube. Our content is not for free

We actually work for you and the way that you pay us back

It's kind of like when you go up and buy you up to 711 and you see like a jar for the muscle dystrophy

And you take a piece of candy and you leave a quarter or you leave a dollar

That's what this youtube channel is except instead of the dollar

All you got to do is click like and subscribe on on our little channel and we work for you

And so our content's not free you have to subscribe if you watch more than one video and it's called the gentleman's agreement

Because we're not there. It's a handshake. So anyway, that is the gentleman's agreement

So you do have to subscribe to our channel, but dude that pitch

Changed everything immediately. We started close seeing close to a thousand people a day clicking subscribe

So it's working out. So you got to have like a unique way of asking for it and it's worked

And so now we have all types of people coming up to us. I had I was riding my I was on a walk yesterday

The guy drove by and goes hey, I honored the gentleman's agreement

I swear to god it Austin. I had two people last week say that to me. So anyway, that's our gentleman's agreement

So if you're listening if you've ever listened to more than one episode, this is the gentleman's agreement

It's an honor system. You have to do it and we can't check this on you

But please do it. Everyone's doing it apparently if we're growing almost a thousand a day, but nick. I appreciate you

What's the promote? It's a so support shepherds the shepherd thing

Yeah, we're shepherds.com sweaty startup.com boltstorage.com

support shepherd.com re costec.com taxcredit hundred.com webrun.com tighten risk.com and sweaty startup on

hand twitter

No, I mean, I really appreciate this. I mean you bring me on here

I hope your audience got something from this because the value that this will add to me

He is freaking awesome. All right. I appreciate you. Thank you very much. That's it. That's the pot. I feel like I can rule the world. I know I could be what I want to put my all in it like no days off on the road. Let's travel never looking back.

Machine-generated transcript that may contain inaccuracies.