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Nick Huber Profile picture
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6 Jun, 4 tweets, 1 min read
Next time entrepreneurship doesnt seem attainable remember how many successful business owners aren’t really that smart at all.
The problem:

A certain subset of entrepreneurs are brilliant. Money behind them. Top of the top.

And everybody makes the choice to compete with them.
The solution:

Look at all the companies in your town doing business like it’s 1985 who make a shit load of money.

Go compete with them.
Here’s a list:

sweatystartup.com/businesses-I-l…

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More from @sweatystartup

Nick Huber Profile picture
6 Jun
How to get rich without getting lucky:

Find a way to make $100 an hour doing something simple IN YOUR TOWN.

Do it until you have $10k+ in the bank and you’re too busy to sell new customers.

Hire employee for $25 / hr to do what you do so you can sell new customers.

Repeat.
Be willing to work and sweat and even maybe scrub toilets for 3-6 months.

Look at the market unemotionally. It’s not about you and what you love doing.

Don’t try to reinvent the wheel. Look at competition as a sign there is money to be made.
Compete with folks who run their business like its 1985 with secretaries, yellow pages, and cash.

Wrap in technology. Never take cash. Outsource accounting and get software for all other admin.

Turn quotes in 10 mins or less without site visits.

Book in 30 secs or less.
Read 13 tweets
Nick Huber Profile picture
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 16 tweets
Nick Huber Profile picture
31 May
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.
Read 11 tweets
Nick Huber Profile picture
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
Nick Huber Profile picture
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
Nick Huber Profile picture
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

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