Learning in public comes with its fair share of "discomfort."

But putting your strong opinions out there is a great way to learn a lot really fast. Just make sure to hold-on loosely.

A thread on 10 big thing's I've changed my mind on in the past 6 months:
#1. Being an entrepreneur isn't the best path for everyone

I've met more and more entrepreneurs who are stuck, tied down, desperate and devastated (if they fail)

Now I believe a rewarding career with work-life balance is often a way better life than most founders lead.
#2. Tech startups are just getting started

Talk to me 12 months ago and I thought tech was matured and the opportunities were few and far between.

Now I know software engineers are STILL in short supply and tech startups will continue to thrive.
#3. Sweaty startups come with serious risk

Not as much financial risk, but the risk a founder finds themselves 45 years old, with no wealth, working with their hands 70 hours a week.

Delegating isn't something everyone can do. And without it any business becomes a "job".
#4. Money isn't everything

Once you have enough its a very small part of it all.

But way too many entrepreneurs are stuck in a never ending cycle of chasing that next "level" because they meet richer friends and try to keep up.

Ego is a killer and leads to unhappiness.
#5. Entrepreneurs are addicts

Many of the most successful ones take it to an unhealthy level. No hobbies, no relationships, a broken family, unhealthy mind and body.

Are they really successful? Why do we idolize them?
#6: Not everyone has the "happiness" gene

I used to bang my head against walls trying to figure out how to make everyone happy.

Its not possible.

And their attitude is contagious.

Cut out the "crabs in the bucket" as soon as possible. Ignore them. Go chase happiness.
#7: Trends take hold really fast

The people who wait 6, 12, 24 months before acting miss the boat.

The people who second guess, doubt, or wait for certainty miss out almost every time.
#8: Twitter is powerful but dangerous

It has supercharged my career and opened a lot of doors for me.

But being a "mini influencer" doesn't make you feel good. Chasing the dopamine. Opening this app hundreds of times a day.
#9: Competence doesn't mean success

The most successful folks have energy and they aren't insecure.

They put themselves out there and don't mind being uncomfortable.

So much talent is wasted because of insecurity.
#10: I have a lot to learn

Its easy to have a bit of success and think you can't go wrong. That everyone else is an idiot.

Posting on here has made me realize how little I know and how many blindspots I have in so many areas of business and life.

I'm a work-in-progress.

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More from @sweatystartup

1 Jun
Over the last 10 months my partner and I have:

Sourced, financed, and acquired $21MM worth of self storage (439,557 square feet, 13 properties) and raised $6.3MM in investor capital.

And now we operate it with our team of 14.

A thread on what I've learned:
Real estate can be over-complicated to that point that its unapproachable.

When we built our first building back in 2017 we didn't know how cap rates were calculated or what a debt yield was.

We had a basic spreadsheet and a gut feeling we could out-operate the other players.
The lesson:

Get the big things right.

For us it was:

Operations
Asset class / market selection
Lease up / revenue projections

It turns out we were right and it worked.
Read 15 tweets
28 May
A THREAD that will allow you to fit right in around real estate Twitter.

With terms, definitions and the basics of the lingo you need to know:
NOI = net operating income

This is the profit a real estate asset makes BEFORE you consider the debt service payments.

We use this term as the ALMIGHTY measure because each investor may get different debt terms and thus debt payments.
Cap rate = NOI / Value

Divide the net operating income by the value of an asset (or what somebody paid for it) and you get a %.

That % is a cap rate. 7 cap means 7%.

If you pay $1MM for an asset at a 7 cap that asset generates 70k of NOI
Read 21 tweets
26 May
A few things the self-help books won't teach you about success.

A thread:
Life is too short to interact with folks who don’t make your life better or make you better at life.
The key to success is about lifting people up, not pulling them down.
Read 24 tweets
23 May
The shitty thing about real estate:

It's not very approachable from the outside. The people who do deals never talk about the deals they do. Sharing isn't common.

It's tough to learn unless you were born into a real estate family or got lucky with a mentor.
So to learn how to talk to a banker or what makes a good deal or how to structure a deal is damn near impossible.

The people who know it well (like crypto) talk about it in a complex way.

So newbies have no idea what the insiders are talking about.
I've learned more sharing how I think about real estate on Twitter in 12 months than I could have out just doing deals for 12 years.

I get feedback from a lot of smart people I respect.

My mistakes were pointed out. Great ideas were shared.

And I got a lot smarter.
Read 4 tweets
23 May
My grandpa has paid 2% of his NW yearly to a wealth manager to keep his portfolio "balanced" in the same 8 ETFs for 20 years.

My high-earning 30 yr old friend has his house paid off and is proud of it.

Every broke person I know has a car payment.

Ignorance is expensive.
To explain the second one:

He is a high earner. Not a retiree. He's in wealth GROWTH stage not wealth preservation.

He can borrow money at 2% and earn a 3.5% dividend on any number of stocks that also appreciate 8% per year.

He could buy Aapl and earn 20% a year for the next 5
Or an investment property. Or crypto. Or become an LP in private real estate deals.

He can work on a 20 year timeframe. A 40% market correction won't hurt him. He earns plenty of $$ daily through normal ways.

Its SILLY to have that cash tied up in a house.
Read 4 tweets
23 May
A good practice if you’re a service business owner.

Put your friend in front of your computer, on your website and ask them to sign-up for your services or get a quote.

If it takes more than 2 minutes for you to get their information you are failing.

Make it easier.
One owner I consulted changed one thing:

The signup form on his website.

It wasn’t intuitive and it wasn’t easy to get a quote.

We added some clarifying language and simplified it.

He now books 50% more biz every month.
The software is there.

The copywriting and “what you take and when” is what matters.

Don’t get the credit card right off the bat unless you’ve already secured the email and phone number!

Work hard on your email templates too!

Make them shorter and easier to read!
Read 4 tweets

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