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Nick Huber Profile picture
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8 Jun, 7 tweets, 2 min read
Closed on our first self storage property in the great state of Connecticut today!

A nice 26,845 square foot property in a market with strong rents and low supply.

That makes 11 properties and 340,000 square feet so far in 2021!
Also today - clear to close on a $4.2MM acquisition in western PA scheduled for 2 weeks.

Off market. 3 propertied. 90k SF.

$500k in seller financing in second position.

Released deal docs to our current LPs and oversubscribed $920k in 2 hours with backup offers.
The best part - my CFO (hired 2 mo ago) completed the raise from start to finish without my help.

And he didn’t have to take a meeting because of our software Juniper Square.
Also today - had an employment offer accepted for a new acquisitions guy who I think can secure a TON of deals with us.

The pieces are falling into place.
Here’s the update email I got an hour ago from our ops manager (was a high school teacher 6 months ago) regarding closing:

Our operations are DIALED.
It’s an amazing feeling as a business owner when innovations happen without you even having any input and you see them show up in real time.

There are good days and bad days, but this is a good day!
Shoutout to my partner (who focused on the ops) @dan_hagberg who is also a great follow here on twitter!

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More from @sweatystartup

Nick Huber Profile picture
9 Jun
A thread on how real estate investors, developers and operators can make millions a year and pay almost nothing in TAXES by using depreciation, bonus depreciation, and 1031 exchanges.

A thread on how it works:
Depreciation is the act of slowly, over time, deducting the initial expense of an asset against your taxable income. Generally over a 27.5 (residential) or 39 (commercial) yr time frame. So each year you can write off 2-3.6% of the purchase price against your income.
Thats a big deal. We're buying a new property, a $3MM self storage facility. Thats a $60k a year write off against about $260k in NOI and 200k in cashflow on a $3MM deal.

It makes 30% of our cashflow tax free.

Very powerful but there is much more to it...
Read 20 tweets
Nick Huber Profile picture
7 Jun
Friendly reminder:

I do consulting if you’re looking at a self storage deal.

Just got a note today from a guy who has purchased 4 properties and quit his job since our consulting call.

Said he spent 3 hours this morning on a mountain bike.

Love to see it.
Don’t hire me until you have a live deal you want to put an offer in on.

If you’re an individual looking to get started I recommend:

Looking for a facility under 15-20k square feet. Big players don’t even look at them so it’s where the deals are.

Use google maps to measure.
Make sure you have at least 40% of the purchase price in cash (or partners who can help you fund it) - banks will finance 65-70% of your all-in costs.
Read 8 tweets
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 14 tweets
Nick Huber Profile picture
6 Jun
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.
Read 4 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

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