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Nick Huber Profile picture
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30 Dec 20, 4 tweets, 1 min read
I act like a know-it-all on here but let me make one thing very clear.

There are many people hanging out here who own one building worth more than my entire portfolio.

And many more who have built, bought and sold 8 figure businesses.

Take all this with a grain of salt!
I talk the talk and stir up the pot on here all the time.

But we're all just figuring it out as we go along!

And the truth is...
Learning in public, teaching through the podcast and on here, its really doing something special to me.

Its making me more confident and a better businessman.

More open-minded. And I'm learning a TON really quickly.

And our business is growing fast because of it.
But remember, I haven't accomplished nearly as much as you probably think I have by the show I put on here...

I'm just a guy! Run everything through your BS meter and throw out what doesn't pass!

Don't forget to call me out, too. I want to get bettter!

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More from @sweatystartup

Nick Huber Profile picture
29 Dec 20
My brother made $100k in profit this year as a 24 year old working 32 weeks (35 hrs a wk).

He does lawn care, weed control and landscaping.

No marketing. Has been profitable since day 1.

But the media overlooks this type of entrepreneurship so you wouldn’t even know it exists.
What he does differently?

He answers the phone to new clients or calls them back within a day or two.

All of his competitors get busy and stop answering around May 15 when their schedule fills up for the season.
He just sent me a Snapchat from his fishing boat in the Keys. I’d say he’s not doing too bad.

Read 4 tweets
Nick Huber Profile picture
27 Dec 20
90% of deals model an exit and have a plan to sell an asset at ~3-5 yrs.

Family offices chasing IRR for their clients love it. GPs who crave liquidity love it.

Most HNW individuals would prefer tax efficient cashflow forever.

Big opportunity for sponsors here IMO.
The problem:

As a sponsor if you are chasing fees and a 20% carry it’s impossible to make any money unless you exit.

The cashflow is a blip and not enough motivation.

That’s my beef with the preferred equity structure folks are most familiar with.

https://t.co/MDFRKx6ShR
So what happens is you have sponsors who need a market that allows for liquidity to make any cash.

Rates go up, prices go down, debt gets tough and sponsors starve for years.
Read 10 tweets
Nick Huber Profile picture
27 Dec 20
Choosing WHAT you work on is 10x as important as how hard you work.
Out of college I could have got a job in NYC like everyone else for (relatively) good money.

I never would have left corporate america.

Instead we bought a $1500 cargo van and traded our time for money doing work that was “below” most of our Ivy League buddies for a few years.
Not saying it’s always a good call to do manual labor vs join a growing company.

But we saw value where others didn’t, delayed the gratification and I paid off.
Read 5 tweets
Nick Huber Profile picture
26 Dec 20
The key to success:

Be able to cover A LOT of ground in the first 3 minutes of a conversation.

Simplify what you say. Cut out the not-necessary junk. Say it concisely.

Get your point across QUICKER.
Humans have short attention spans.

Say less. More clearly.

That’s the key to winning over LPs. Customers. Partners. Employees. You name it.
I follow someone here on twitter who is insanely good at copy and a phenomenal follow.

When he was interviewed on my favorite podcast I was pumped.

His “tell us a little about you” took 8 minutes.

I turned it off.
Read 8 tweets
Nick Huber Profile picture
26 Dec 20
Controversial take:

80% of the population isn’t very competent. Not good at decision making. Financially illiterate. Poor communication skills.

If the 20% who are competent, very few of those are willing to take the risk necessary to become an entrepreneur.
The folks in that 20% that do take a risk and start a biz are very likely to do very well.
I think far too many people think of successful entrepreneurs as genius folks who are of a rare breed.

I’m here to tell you that is bullshit.

Most of them did a lot of things wrong but put themselves in the game. And did a few key things well.
Read 4 tweets
Nick Huber Profile picture
25 Dec 20
The last week has been a whirlwind.

My biz partner sold our business yesterday.

The Tuesday before Thanksgiving we got a $9.05MM portfolio right in our wheelhouse under contract.

The next three weeks were spent on diligence, underwriting, document prep and bank meetings.
It’s the largest deal we’ve ever chased by 3x. Pre-twitter would never have had the courage to tie up.

We’re raising $2.675MM on an aggressive structure. I practiced what I preached and raised my price.

2.5% acq fee, management fee, 50% of the depreciation.
No capital return. Long term hold. 10% pref with 50% carry. $250k minimum investment.

I was nervous but I knew the deal was a good one for all parties.

Sent out the prospectus to 150+ folks last Friday at 2pm.

Spent the next 5 days in meeting after meeting.
Read 7 tweets

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