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20 Dec, 4 tweets, 1 min read
Wish me luck tomorrow.

Tis the season!
If there is a bright side of COVID it’s that the roadshows can happen from your home office nowadays.
To the folks who think this is crazy:

My wife is a registered dietician and did this 4x a week with 12 patients a day for 5 years at Tufts Medical Center
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More from @sweatystartup

Nick Huber Profile picture
21 Dec
Local club had a no-initiation fee special in August so I joined. Had played about 25 rounds in my life prior and had never broken 125.

I broke 95 today for the first time! (Typo 44 on front)

Loving the game. Image
Finally sprung for fitted irons and wedges ast week. Taylormade P790s were the only ones that fit me and I didn’t have to wait 8 weeks for!
For those who complain golf is boring:

I played this entire round in an hour 45!
Read 4 tweets
Nick Huber Profile picture
20 Dec
I would never want to do business in a market where people "love what they do"

Those same people won't allow the market to act freely. They'll charge too little for too long. They don't care about profit. They make irrational decisions.

I'll take the not-fun biz any day.
The act of building and growing a business is the fun part for me.

Far too many people start a biz because they love what they do.

Looking at markets unemotionally is a tremendous advantage.
Here’s a list of businesses that are prime targets for selfish entrepreneurs:

sweatystartup.com/businesses-i-h…
Read 5 tweets
Nick Huber Profile picture
20 Dec
Scarcity vs abundance.
Folks in small towns all over America who need a storage unit can't get anyone on the phone, their unit is out of stock, or they have to drive across town three days from now to get a key and sign a lease and sit in an office for 45 minutes.
I always have a unit and you can rent it in 2 minutes in the middle of the night from your cell phone. And move in right away. And pay your bill online.

To some, its worth the money. To others, it isn't. But they get to decide!
Read 5 tweets
Nick Huber Profile picture
20 Dec
Lol rule #1 about enthusiasts:

Don't argue with enthusiasts.
My main Q about bitcoin:

Who the heck is going to SPEND it if its in limited supply and getting more valuable every day?

And:

What biz is going to ACCEPT it if it could be worth 30% less the next week and your margins are 20%?
Oh so bitcoin is gold now! A lump of value that sits.

I thought it was a currency the world will run on!

My mistake.
Read 14 tweets
Nick Huber Profile picture
19 Dec
We're about to buy a deal in a small tertiary market with 100k people.

The mom-and-pop self storage operations in town charge $60-70 for a 10x10 unit. All 98%+ occupied.

The only REIT in town, UHaul, charges $120.

We have 140k sf under contract and couldn't be more excited.
We're going to $90 on day one and projecting 10% of our customers will move out.

I think much more realistically many more stay and we bump 10% every six months for a few years.

Portfolio doing $930k in revenue right now.
Only 3.8 SF / capita of storage on the market here. Compared to 7+ nationwide.

Our proforma numbers show $1.5MM in revenue 5 years from now.

We'll see how it shakes out!
Read 5 tweets
Nick Huber Profile picture
19 Dec
Not worth the effort for an out of state investor but if you live near this it could be a great buy, IMO.

loopnet.com/Listing/3820-L…
My thoughts:

You're buying it cheaper than you'd need to buy the land. Assuming the roof and foundation are acceptable you can't beat that.

Its in a decent area outside of Dayton. There is room for another building that size and a row of crates along the western line.
I'm sure its mismanaged, and all the units are the same size (Large) which will hurt. But fill it up and use the cashflow to pay the debt service as you build out the rest of the site.

Could end up with 18k rentable square feet and $10k a month in revenue. $3k in expenses.
Read 4 tweets

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