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Nick Huber Profile picture
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26 Nov, 5 tweets, 1 min read
If anybody really thinks this tech is less than 20 yrs away from taking more than 1% away from lawn care companies I have a bridge to sell you.
And when it gets there...

The lawn care cos will be the ones owning these things and making more $!!
Also mr machine...

Don’t forget to open my gate, trim my sidewalk, weed my flower bed and blow the clippings off my raised patio when you finish!
These won’t take jobs from the crew leaders at lawn cos.

These will simply be used by said crew leader to work faster and more efficiently.

We’re 30 years away from a fully automated lawn care rig with no humans being able to get everything done.
Also, my 2020 Roomba still humps my bar stool until it runs out of juice each night.

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More from @sweatystartup

Nick Huber Profile picture
27 Nov
I've analyzed 5+ self storage deals per week for years.

At this point I need two metrics and 3 mins on Google Maps:

Asking $
Revenue per month

If its >20k square feet and AP is less than 90x R/M its time to dig in and take it all the way through underwriting / market analysis
Another way:

Asking Price per rentable square foot of property
Rental rate for 10x10

You can use the rental rate per year and compare that to the asking price and get a VERY good idea of what your returns are going to be.
This is simply my smell test.

If it passes, I dig in and figure out:

-How much I can raise rents
-What my unlevered yield (CAP rate) will be first year
-What my expenses would be
-What the value will be at 18 mo when I get it stabilized
Read 8 tweets
Nick Huber Profile picture
18 Nov
I would put $300k aside for operating capital.

Raise $7MM from LPs.

With a $700k co-invest (my money).

And go buy $20MM worth of self storage at an 8 cap.

Increase NOI from $1.6MM to $2MM over 12 months.

Sell portfolio for $33MM at a 6 cap.

Take my $7MM and repeat.
Scale compresses cap rates and makes assets more valuable.

Because larger, less risky portfolios of assets are worth a lot more than smaller, more concentrated assets.

Institutional investors with access to cheaper debt, etc.
But the net operating income. How did it go up?

Because I would buy small $1-2MM properties from mom-and-pop operators.

They haven’t raised rents in 10 years. So that would be step one.

They also have a full time manager on site and a lot of labor. I would use software...
Read 5 tweets
Nick Huber Profile picture
16 Nov
How hard you work isn't correlated to how much money you make.

Its a frustrating thing for some (who are overworked and underpaid) and its a freeing thing for others (who chose the right things to work on).
The crazy thing is this applies to literally everything.

Study the right things -> ace the test.

Practice the right way -> get better at a sport.

Talk about (and do) the right things -> build a strong relationship.

Tweet the right stuff -> attract your desired following.
Lucky for the folks who really value their time, quality is far more important than quantity.

Reps are key, but what you chose to do and how you chose to do it is what really matters.
Read 9 tweets
Nick Huber Profile picture
28 Oct
If I could invest in a series of small businesses under the following structure I’d be PUMPED and would start doing a lot of it:

Founders: tell me if this is one-sided

Investors: tell me if this is stupid

Thinking out loud...

Here goes:
I (the fund) put up 90% of the cash needed to buy a service biz.

Owner co-invests 10%.

Owner PGs loan.

Owner is put on market salary ($50-100k).
Owner gets 20% of net profit.

I get 80% of net profit until I’ve returned 2x original invested capital.

50/50 on all profit after that.

New invested capital gets put on same terms.
Read 7 tweets
Nick Huber Profile picture
27 Oct
As entrepreneurs we made "the shift" in 2014 and it changed everything.

In 2013 did about $350k a yr in revenue and it was a STRESSFEST. Putting out fires everywhere 24/7. Understaffed. Not very profitable.

A thread on how we took it to a $2MM a yr biz with 1/5 the stress:
We pointed fingers at everything around us.

The real estate market was too hot. We couldn't find affordable space.

The labor market was too tough. Good employees were hard to find.

The customer service got too overwhelming when we got busy. Impossible to staff around.
"The Shift" was the moment we decided to take ownership of these "problems" as OUR OWN problems. Our own shortcomings. And things we COULD solve.

It was the same for everyone... How were some of our competitors able to scale while we were running around like chickens w/o heads?
Read 7 tweets
Nick Huber Profile picture
26 Oct
Time for a BOOK LIST.

I've read over 250 self-help and business books..

Heres a list of the ones that have had the largest influence on my life and career.

A thread:
Never Split the Difference - @VossNegotiation

It outlines and reinforces the fact that business, negotiation and any human interaction is inherently very emotional. Mirroring, tactical empathy, starting with no and labeling are all phenomenal.
The E-Myth Revisited - @MichaelEGerber

The first stop for any beginner. This is a great book about the importance of creating a business that can thrive without you. Preaches a lot of my favorite business principles like working on the things that are important but not urgent.
Read 19 tweets

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