The FORT Podcast: Nick Huber (Part 2)
On this episode, Nick Huber joins Chris for his second appearance on The FORT podcast. Nick is the founder of The Sweaty Startup whose mission is to help people do common things uncommonly well.
Nick and Chris discuss his massive growth on Twitter over the last 6 months and what kind of value that’s brought him. They talk self-storage and Nick’s 12 properties under contract as well as how he was able to raise the money for those deals. They touch on the importance of providing value and content online, the steps Chris took in his business career to get where he is now, Nick’s Real Estate course, and much more.
(You can listen to Part 1 with Nick, here.)
(02:43) – Walk Us Through Selling Your Self-Storage Business and What Y’all Went Through in 2020
(03:54) – Was there a moment when you realized that it was time to sell?
(04:32) – How long did it take you all to sell?
(05:32) – How much has your growth on Twitter changed your world?
(06:25) – How were you able to earn $100k in consulting?
(07:39) – How Chris and Nick Engage with Potential Investors
(10:52) – Nick’s Thread that Was Published on Morning Brew that Led to 30-40k Followers on Twitter
(11:52) – Nick and Chris’ Thoughts on Giving Information Away on Twitter and Handling Trolls
(14:38) – How do you meet the really big people on Twitter?
(15:07) – Chris’ Twitter & Podcast Goals
(17:32) – Nick’s Business Goals and The Steps Chris Took to Get to Where He is Now
(22:27) – Thinking of Hiring as an Asset and Not an Expense
(25:40) – Clubhouse
(27:17) – Twitter Q: What would you be doing if you weren’t doing real estate?
(31:56) – Nick’s Real Estate Course (The Non-Sales Pitch)
(33:58) – Podia
(35:35) – What asset class would you jump into if you couldn’t do self-storage?
(37:04) – How are you underwriting your expected churn?
(38:40) – Why do you continue to focus on the NorthEast?
(40:42) – What’s the most common thing you do to increase value when you take over a property?
(42:44) – Nick’s Advertising Process
(43:09) – Twitter Q: How are you sourcing and getting things under contract so quickly?
(44:37) – Working with Brokers
(49:41) – Cash-Out Refinancing
(51:05) – Demographic Differences Between Rural NE and The Big Cities
(51:50) – Customers Taking Advantage of Customer Service Reps
(54:50) – What type of person are you hiring?
(56:14) – What do the first 2 weeks look like after closing 12 properties?
(58:12) – Twitter Q: Buy and Hold forever vs. Buy and Sell in 5-7 years?
(1:01:28) – Being an LP
(1:05:36) – Wrap Up
Nick, revered for his strategic approach towards real estate investment and management, brings forth a wealth of insights, enriched by his hands-on experiences and tactical strategies in navigating the multi-faceted world of real estate and investment.
Initiating the dialogue, the podcast elucidates the vital perspective of perceiving real estate as a small business, accentuating aspects such as efficiency, meticulous cost management, and strategic marketing. Nick, albeit candid about his initial unfamiliarity with the mechanisms of real estate, leveraging, and professional engagements with bankers and brokers, unfolds his journey from initial sales endeavors to mastering the nuanced intricacies of the sector. This narrative not only embarks listeners on a journey through Nick’s professional pathway but also underpins the pivotal learning phases that have shaped his strategies and approaches in real estate investment and management.
As the conversation progresses, Nick emphasizes the importance of establishing robust relationships within the financial sector, particularly focusing on local banks that harbor a nuanced understanding of the chosen market. The dialogue underscores the pivotal role that these relationships play in facilitating loans for new investors, offering a nuanced look at the challenges and strategies related to navigating financial pathways in real estate investment. The reflections provide a pragmatic guide on the financial navigations and relationship management that is integral to successful and sustainable real estate investment.
The podcast gracefully transitions into discussing the conceptual depth and strategic applications in understanding sub-markets. Nick’s insights articulate the intrinsic value that lies in recognizing and capitalizing on investment opportunities through a profound understanding of local businesses and properties, and market dynamics. His narrative, steeped in personal experiences and strategic maneuvers, provides listeners with not only a conceptual understanding but also practical strategies and considerations for understanding and leveraging market dynamics in real estate investment.
Offering a glimpse into his own experiences, Nick illustrates how discerning elements that influence property values and effectively leveraging this knowledge can lead to identifying and capitalizing on viable investment opportunities. His dialogue intertwines personal narratives with strategic insights, providing listeners with a rich understanding of the considerations and strategies imperative in real estate investment.
A salient part of the discussion pivots towards handling maintenance issues and establishing networks with contractors. Nick shares pragmatic strategies for connecting with contractors, such as visiting ongoing projects and engaging with crews at hardware stores, demonstrating a pragmatic approach to handling the operational aspects of real estate management. His insights reveal not only the operational challenges but also offer tangible strategies for managing and navigating these aspects effectively.
Navigating towards the latter part of the conversation, Nick discusses the financial strategies and equity aspects of handling real estate deals. The discussion unveils insights into financial planning, equity management, and leveraging in real estate, providing listeners with a conceptual and strategic understanding of managing the financial aspects of real estate deals.
The FORT is produced by Straight Up Podcasts