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Nick Huber Profile picture
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19 Oct, 4 tweets, 2 min read
Disagree.

You can be profitable from day one. I was. Bootstrapping is the way.

Everybody thinks entrepreneurship is super risky.

I think it’s more risky being an at-will employee.

Would you rather have a few hundred customers or one boss deciding your fate?
When I started I was going to school 20 hrs a week, studying another 10, D1 Track & Field another 30 AND I had just met my wife and was building a relationship with her.

You can make time for anything if it’s important enough to you.

You don’t need to quit your job.
And I had very little money and my parents didn’t invest a dollar in my company.

We were RESOURCEFUL and found a way to get started by trading our time for money.

Nobody is willing to do that part because it isn’t fun and it isn’t described in the entrepreneurship books.
We started by using our cars to pickup stuff and our apartments to store it.

We ran around for a weekend while our buddies were partying and made that first $5k.

storagesquad.com was born and now we do over $2MM a yr in sales in 12 states.

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More from @sweatystartup

Nick Huber Profile picture
21 Oct
A thread on how most real estate folks structure deals with outside investors.

Most GPs utilize the "preferred equity" structure when they raise money from outside investors. They "syndicate" deals.

Here's the basics:
The person (or team of people) putting the deal together is the "sponsor". Also called general parter. Referred to on twitter as the GP.

They find the property, do all the work, hire the management company and take fees. They often co-sign debt and always secure the financing.
The investor is generally passive, doing no work and putting in cash. This is the "limited partner". Referred to on twitter as the LP.

They don't co-sign debt. They simply read reports and ask the sponsors questions and cash checks every month (if the deal is going well).
Read 29 tweets
Nick Huber Profile picture
21 Oct
It takes a long time (and a lot of consistent work) to build a following.

I’ve put out two episodes a week for nearly two years on The Sweaty Startup podcast.

If you want to podcast to make money, do something else.

If you want to learn a ton about yourself, give it a shot. ImageImageImage
I make about $200 a month from a bluehost affiliate link on my site, $200 in YouTube ad revenue, $1000 or so from my LaunchKits sponsorship.

I spend about 2 hrs a week and pay $500 a mo to my producer.

The network has been amazing. I get 20+ emails a day from strangers.
But the real value is in what I’ve learned.

By teaching it and organizing my thoughts I am 5x as confident and much better at making decisions.

It has accelerated my own career, for sure.
Read 5 tweets
Nick Huber Profile picture
20 Oct
I It’s easy for me to tweet about how easy business is.

I started on 3rd base with a massive safety net.

This stuff is hard. And without the stuff in this thread it’s risky or damn near impossible.
My dad sat me down and taught me how to run my lawn biz at age 13. P&L, billing, etc.

He gave me my first 5 clients. And a mower. I went to college in 2008 with $40k in the bank.

No mortgage, bills, and was on my parents health insurance when we started Storage Squad in 2011.
I was a student. My parents paid my rent. No pressure to earn.

I had the cash to buy that first $1500 cargo van.

My partner and I lived for free in his family’s house for first 9 mo.

My girlfriend (now wife) paid the rent until 2014. She had our health insurance until 2017.
Read 6 tweets
Nick Huber Profile picture
19 Oct
Entrepreneurship culture in America is all messed up and it’s a shame.

TechCrunch. Product Hunt. Shark Tank.

It’s all about new ideas. Changing the world. Innovation. 0 to 1. Blue ocean. Venture capital and exits and scalability.

And ITS ALL A LIE.
You ask the average american who a real entrepreneur is they’ll say Jobs, Musk or Zuck.

We read their books and idolize them and hang on their every word.

So the brightest among us think they need a moat. A new idea. Something revolutionary.

Were setting them up for FAILURE.
I took an entrepreneurship course at Cornell in 2011. 24 kids with new ideas. Big plans. Pitch decks looking for series As.

I was #25 with a regular old-fashioned business.

When professors asked me what my differentiator was I didn’t have an answer.
Read 16 tweets
Nick Huber Profile picture
18 Oct
Everybody I know loves LEVERAGE when it comes to real estate.

It’s a beautiful and scary tool, kicking appreciation, depreciation, and cashflow into overdrive.

It amplifies everything. You can make a lot of money really fast and go broke in months.

Here’s how it works👇👇👇
Let’s say you’re buying a $1MM asset at a 7 cap. Meaning it generates $70k in net operating income (before debt service)

You put $300k down and borrow the rest ($700k) from a local bank.
At a 4% interest rate on a 20 yr amortization schedule you’re paying about $25k in interest and $25k in principle a year.

That’s 20k in cashflow on your $300k cash investment. A 6.6% CoC return.

You need better debt terms to buy 7 cap deals nowadays. But let’s continue.
Read 30 tweets
Nick Huber Profile picture
15 Oct
I strongly believe there’s one thing all entrepreneurs MUST understand:

THE TAX CODE

CPAs are humans and most take the path of least resistance and make mistakes.

Understand it so you can hire the right one, ask the right questions and help develop your own strategy.
A simple ex:

Everybody told us to lease or buy personal cars through the biz. Write off all of it.

Instead we bought cheap cars, paid for our own gas, and wrote of MILEAGE.

Our cost per mile was $.25. We wrote off $.55.

Huge advantage when you drive 30k miles a yr.
Buy this book. Read it. Take notes. Read it again.

I read it when I was 20. Has saved me tens of thousands since then.

amzn.to/38zQWKB
Read 4 tweets

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