{"version":"1.0.0","segments":[{"speaker":"brian","startTime":0.319,"endTime":0.98,"body":"All right."},{"speaker":"brian","startTime":1.23,"endTime":5.669,"body":"Nick Huber, the biggest fan of Sweat"},{"speaker":"brian","startTime":1.23,"endTime":5.669,"body":"and Startups that I've ever met."},{"speaker":"brian","startTime":5.97,"endTime":6.239,"body":"How are you"},{"speaker":"nick","startTime":6.239,"endTime":8.07,"body":"doing buddy Brian,"},{"speaker":"nick","startTime":6.239,"endTime":8.07,"body":"Thanks for having me."},{"speaker":"nick","startTime":8.07,"endTime":8.7,"body":"Doing great, man."},{"speaker":"brian","startTime":9.66,"endTime":10.35,"body":"Glad to hear."},{"speaker":"brian","startTime":10.59,"endTime":12.6,"body":"Got two Georgia boys here on the podcast."},{"speaker":"brian","startTime":12.6,"endTime":13.68,"body":"Followed the Twitter account."},{"speaker":"brian","startTime":13.68,"endTime":14.79,"body":"Huge fan of that."},{"speaker":"brian","startTime":14.87,"endTime":17.84,"body":"You have had multiple tweet"},{"speaker":"brian","startTime":14.87,"endTime":17.84,"body":"storms and threads and"},{"speaker":"brian","startTime":17.84,"endTime":19.19,"body":"different topics that you talk."},{"speaker":"brian","startTime":20.045,"endTime":22.085,"body":"A lot that I wanna bring"},{"speaker":"brian","startTime":20.045,"endTime":22.085,"body":"up in the show today."},{"speaker":"brian","startTime":22.085,"endTime":25.265,"body":"But I wanna start with"},{"speaker":"brian","startTime":22.085,"endTime":25.265,"body":"going back to August."},{"speaker":"brian","startTime":25.265,"endTime":28.835,"body":"You had a meetup with Sam Par, Sean, Mr."},{"speaker":"brian","startTime":28.835,"endTime":32.825,"body":"Beast, and a lot of high net worth"},{"speaker":"brian","startTime":28.835,"endTime":32.825,"body":"individuals over in North Carolina,"},{"speaker":"brian","startTime":33.155,"endTime":36.365,"body":"and you put out a newsletter about"},{"speaker":"brian","startTime":33.155,"endTime":36.365,"body":"it with some of your top takeaways,"},{"speaker":"brian","startTime":36.425,"endTime":40.325,"body":"including a text to your wife about"},{"speaker":"brian","startTime":36.425,"endTime":40.325,"body":"some realizations that you had about"},{"speaker":"brian","startTime":40.33,"endTime":41.555,"body":"changes that you needed to make."},{"speaker":"brian","startTime":41.915,"endTime":45.285,"body":"I'd love to start there and then dive"},{"speaker":"brian","startTime":41.915,"endTime":45.285,"body":"deep into that before we get into the"},{"speaker":"nick","startTime":45.485,"endTime":45.605,"body":"business."},{"speaker":"nick","startTime":45.965,"endTime":46.247,"body":"Yeah."},{"speaker":"nick","startTime":46.247,"endTime":50.497,"body":"I've been blessed and in a"},{"speaker":"nick","startTime":46.247,"endTime":50.497,"body":"unique situation to get access"},{"speaker":"nick","startTime":50.497,"endTime":51.847,"body":"to a lot of really neat people."},{"speaker":"nick","startTime":52.207,"endTime":58.456,"body":"And as I meet more and more people,"},{"speaker":"nick","startTime":52.207,"endTime":58.456,"body":"I think it's just so rare for a"},{"speaker":"nick","startTime":58.456,"endTime":60.766,"body":"human being to be what I consider to."},{"speaker":"nick","startTime":60.815,"endTime":63.455,"body":"Balanced, and maybe it's because my"},{"speaker":"nick","startTime":60.815,"endTime":63.455,"body":"interests are all over the place,"},{"speaker":"nick","startTime":63.455,"endTime":68.089,"body":"but I've, I always thought that,"},{"speaker":"nick","startTime":63.455,"endTime":68.089,"body":"as a kid looking up to back then it"},{"speaker":"nick","startTime":68.089,"endTime":71.299,"body":"was professional athletes or famous"},{"speaker":"nick","startTime":68.089,"endTime":71.299,"body":"people, I always thought, Man, they"},{"speaker":"nick","startTime":71.299,"endTime":73.039,"body":"must really just have it together."},{"speaker":"nick","startTime":73.039,"endTime":74.929,"body":"They must be spectacular"},{"speaker":"nick","startTime":73.039,"endTime":74.929,"body":"in all areas of life."},{"speaker":"nick","startTime":75.002,"endTime":76.622,"body":"They must be just on another level."},{"speaker":"nick","startTime":77.162,"endTime":81.242,"body":"And I think my rise, I don't feel like."},{"speaker":"nick","startTime":82.322,"endTime":88.23,"body":"Uniquely brilliant or smart or outgoing"},{"speaker":"nick","startTime":82.322,"endTime":88.23,"body":"or brilliant business mind by any means."},{"speaker":"nick","startTime":88.65,"endTime":91.17,"body":"I think it's just a testament to"},{"speaker":"nick","startTime":88.65,"endTime":91.17,"body":"the fact that you don't really"},{"speaker":"nick","startTime":91.17,"endTime":94.273,"body":"have to be spectacular to make"},{"speaker":"nick","startTime":91.17,"endTime":94.273,"body":"really incredible things happen."},{"speaker":"nick","startTime":94.324,"endTime":95.134,"body":"A lot of it's luck."},{"speaker":"nick","startTime":95.554,"endTime":97.744,"body":"A lot of it is just being in the"},{"speaker":"nick","startTime":95.554,"endTime":97.744,"body":"right place at the right time."},{"speaker":"nick","startTime":97.744,"endTime":101.622,"body":"And then being a 10 X Xer in one area"},{"speaker":"nick","startTime":97.744,"endTime":101.622,"body":"of life, which everybody at that, camp."},{"speaker":"nick","startTime":102.837,"endTime":104.877,"body":"Spectacular in one area or more."},{"speaker":"nick","startTime":105.147,"endTime":108.207,"body":"Very few of us were well"},{"speaker":"nick","startTime":105.147,"endTime":108.207,"body":"balanced and me included, right?"},{"speaker":"nick","startTime":108.237,"endTime":108.597,"body":"I don't know."},{"speaker":"nick","startTime":108.657,"endTime":111.827,"body":"I just think, business is part of it,"},{"speaker":"nick","startTime":108.657,"endTime":111.827,"body":"but once you make money and once you"},{"speaker":"nick","startTime":111.84,"endTime":115.465,"body":"get that part situated, you realize"},{"speaker":"nick","startTime":111.84,"endTime":115.465,"body":"that you wake up in the same body,"},{"speaker":"nick","startTime":115.525,"endTime":119.11,"body":"next to the same woman in the same"},{"speaker":"nick","startTime":115.525,"endTime":119.11,"body":"house with the same 12 hours, before"},{"speaker":"nick","startTime":119.11,"endTime":120.49,"body":"it gets dark as everybody else."},{"speaker":"nick","startTime":120.49,"endTime":123.648,"body":"And what you do with it and"},{"speaker":"nick","startTime":120.49,"endTime":123.648,"body":"how you enjoy it is open ended."},{"speaker":"brian","startTime":124.743,"endTime":127.413,"body":"So you had a few key points"},{"speaker":"brian","startTime":124.743,"endTime":127.413,"body":"there that I wanna dissect a little"},{"speaker":"brian","startTime":127.413,"endTime":130.413,"body":"bit with you because I thought"},{"speaker":"brian","startTime":127.413,"endTime":130.413,"body":"that they were very interesting."},{"speaker":"brian","startTime":130.48,"endTime":132.308,"body":"The first of which was Mr."},{"speaker":"brian","startTime":132.308,"endTime":136.358,"body":"B's obvious obsession with his one"},{"speaker":"brian","startTime":132.308,"endTime":136.358,"body":"thing with the YouTube channel."},{"speaker":"brian","startTime":136.658,"endTime":139.748,"body":"And then I noticed that was a"},{"speaker":"brian","startTime":136.658,"endTime":139.748,"body":"commonality around the group."},{"speaker":"brian","startTime":139.748,"endTime":142.833,"body":"Like you said, it's like  instead of being"},{"speaker":"brian","startTime":139.748,"endTime":142.833,"body":"good at a lot of things, everybody was."},{"speaker":"brian","startTime":143.578,"endTime":146.758,"body":"At one thing, and I know for"},{"speaker":"brian","startTime":143.578,"endTime":146.758,"body":"you that's storage and these"},{"speaker":"brian","startTime":146.758,"endTime":148.108,"body":"service based businesses."},{"speaker":"brian","startTime":148.176,"endTime":151.464,"body":", I'd love to hear your perspective on"},{"speaker":"brian","startTime":148.176,"endTime":151.464,"body":"that, and then maybe how you go about"},{"speaker":"brian","startTime":151.464,"endTime":153.372,"body":"finding your one thing to be great at."},{"speaker":"nick","startTime":153.401,"endTime":157.391,"body":"I wouldn't, That's where I think"},{"speaker":"nick","startTime":153.401,"endTime":157.391,"body":"from the outside looking in, you might."},{"speaker":"nick","startTime":158.176,"endTime":163.726,"body":"Be surprised to know that, okay, I don't,"},{"speaker":"nick","startTime":158.176,"endTime":163.726,"body":"I never have worked more than 60 hours a"},{"speaker":"nick","startTime":163.726,"endTime":169.936,"body":"week in my life, and most weeks I work 35"},{"speaker":"nick","startTime":163.726,"endTime":169.936,"body":"hours a week and I really enjoy exercising"},{"speaker":"nick","startTime":169.936,"endTime":172.726,"body":"and I really enjoy pissing people off on"},{"speaker":"nick","startTime":169.936,"endTime":172.726,"body":"the internet, and I really enjoy playing"},{"speaker":"nick","startTime":172.726,"endTime":177.166,"body":"with my kids, and I like going hiking and"},{"speaker":"nick","startTime":172.726,"endTime":177.166,"body":"playing golf and these other things that."},{"speaker":"nick","startTime":178.386,"endTime":182.64,"body":"Everybody, hustle, culture online"},{"speaker":"nick","startTime":178.386,"endTime":182.64,"body":"is , work 80 hours a week and nonstop,"},{"speaker":"nick","startTime":182.64,"endTime":184.77,"body":"high speed overload, outwork everybody."},{"speaker":"nick","startTime":185.49,"endTime":187.955,"body":"And I'm more of the fact of okay,"},{"speaker":"nick","startTime":185.49,"endTime":187.955,"body":"what's the easiest way that I can"},{"speaker":"nick","startTime":187.955,"endTime":190.325,"body":"make a lot of money so that I can"},{"speaker":"nick","startTime":187.955,"endTime":190.325,"body":"do whatever I want with my time?"},{"speaker":"nick","startTime":191.045,"endTime":194.501,"body":"And once you start making those decisions"},{"speaker":"nick","startTime":191.045,"endTime":194.501,"body":"and getting that leverage and separate"},{"speaker":"nick","startTime":194.501,"endTime":198.03,"body":"your time from your money, you can get"},{"speaker":"nick","startTime":194.501,"endTime":198.03,"body":"very wealthy, not working very much."},{"speaker":"nick","startTime":198.03,"endTime":201.18,"body":"I was really surprised to see that among"},{"speaker":"nick","startTime":198.03,"endTime":201.18,"body":"the group up there in North Carolina."},{"speaker":"nick","startTime":201.192,"endTime":205.789,"body":"I don't think the rich, famous,"},{"speaker":"nick","startTime":201.192,"endTime":205.789,"body":"successful entrepreneurs are that much"},{"speaker":"nick","startTime":205.789,"endTime":206.839,"body":"different than the people who aren't."},{"speaker":"nick","startTime":208.129,"endTime":208.399,"body":"Yeah."},{"speaker":"brian","startTime":208.399,"endTime":210.379,"body":"It's just, they're more"},{"speaker":"brian","startTime":208.399,"endTime":210.379,"body":"consistent with it and then they're"},{"speaker":"brian","startTime":210.379,"endTime":213.319,"body":"better delegators at their time and"},{"speaker":"brian","startTime":210.379,"endTime":213.319,"body":"high dollar productive activities."},{"speaker":"nick","startTime":213.469,"endTime":213.619,"body":"Yeah."},{"speaker":"nick","startTime":213.619,"endTime":216.019,"body":"People are like, Nick, what do you"},{"speaker":"nick","startTime":213.619,"endTime":216.019,"body":"do when you wake up in the morning?"},{"speaker":"nick","startTime":216.088,"endTime":217.048,"body":"To kick so much ass."},{"speaker":"nick","startTime":217.543,"endTime":219.703,"body":"And I do the same thing"},{"speaker":"nick","startTime":217.543,"endTime":219.703,"body":"everybody else does."},{"speaker":"nick","startTime":219.943,"endTime":222.313,"body":"I roll outta bed and get my"},{"speaker":"nick","startTime":219.943,"endTime":222.313,"body":"phone, and I lay in bed with my"},{"speaker":"nick","startTime":222.313,"endTime":224.863,"body":"phone and I check it and scroll"},{"speaker":"nick","startTime":222.313,"endTime":224.863,"body":"Twitter when I probably shouldn't."},{"speaker":"nick","startTime":225.193,"endTime":228.193,"body":"And then my kids start screaming and it's"},{"speaker":"nick","startTime":225.193,"endTime":228.193,"body":"a mad dash to get my kids outta the house."},{"speaker":"nick","startTime":228.193,"endTime":232.794,"body":"I take 'em to school and it's, then I take"},{"speaker":"nick","startTime":228.193,"endTime":232.794,"body":"a meeting and go about the day, right?"},{"speaker":"nick","startTime":234.054,"endTime":237.024,"body":","},{"speaker":"nick","startTime":234.054,"endTime":237.024,"body":"brian: I put my leg, I put my pants on one"},{"speaker":"nick","startTime":237.024,"endTime":237.864,"body":"That's what I do."},{"speaker":"nick","startTime":238.254,"endTime":239.731,"body":"Dude that's a perfect segue."},{"speaker":"nick","startTime":239.793,"endTime":241.825,"body":"I pulled up a picture"},{"speaker":"nick","startTime":239.793,"endTime":241.825,"body":"from one of your blog."},{"speaker":"nick","startTime":242.47,"endTime":245.16,"body":"I love that you put this and then"},{"speaker":"nick","startTime":242.47,"endTime":245.16,"body":"this actually segues perfectly"},{"speaker":"nick","startTime":245.16,"endTime":246.24,"body":"into what we're talking about."},{"speaker":"nick","startTime":246.257,"endTime":249.456,"body":"So you have 40 employees"},{"speaker":"nick","startTime":246.257,"endTime":249.456,"body":"currently, is that correct?"},{"speaker":"nick","startTime":249.456,"endTime":250.551,"body":"It's up to about 50."},{"speaker":"nick","startTime":250.551,"endTime":251.361,"body":"50 to 50."},{"speaker":"nick","startTime":251.481,"endTime":251.871,"body":"Yeah."},{"speaker":"nick","startTime":251.871,"endTime":254.211,"body":"So I actually lost counts 50 to 52."},{"speaker":"nick","startTime":254.836,"endTime":255.136,"body":"Okay,"},{"speaker":"brian","startTime":255.136,"endTime":255.376,"body":"cool."},{"speaker":"brian","startTime":255.376,"endTime":257.476,"body":"So this was, Yeah, this"},{"speaker":"brian","startTime":255.376,"endTime":257.476,"body":"was from a blog before."},{"speaker":"brian","startTime":257.746,"endTime":260.266,"body":"So you put in here mind blowing stuff."},{"speaker":"brian","startTime":260.266,"endTime":262.936,"body":"Can't believe how fast we've grown"},{"speaker":"brian","startTime":260.266,"endTime":262.936,"body":"and I'm the one writing this message."},{"speaker":"brian","startTime":262.936,"endTime":263.656,"body":"The struggles."},{"speaker":"brian","startTime":263.956,"endTime":265.696,"body":"I don't have a job at my company."},{"speaker":"brian","startTime":266.196,"endTime":267.046,"body":"Actually, I can't."},{"speaker":"brian","startTime":267.376,"endTime":270.656,"body":"If , if something is required of me,"},{"speaker":"brian","startTime":267.376,"endTime":270.656,"body":"that means it'll soon be a bottleneck"},{"speaker":"brian","startTime":270.656,"endTime":272.156,"body":"because I have a ton to worry about."},{"speaker":"brian","startTime":272.366,"endTime":275.756,"body":"Not just a small task, but the small"},{"speaker":"brian","startTime":272.366,"endTime":275.756,"body":"task 30 other people are doing."},{"speaker":"brian","startTime":275.936,"endTime":279.266,"body":"So I have to delegate everything I love."},{"speaker":"brian","startTime":279.836,"endTime":282.746,"body":", and that's such a huge struggle"},{"speaker":"brian","startTime":279.836,"endTime":282.746,"body":"for people, especially as they're"},{"speaker":"brian","startTime":282.746,"endTime":284.006,"body":"beginning their businesses."},{"speaker":"brian","startTime":284.246,"endTime":287.876,"body":"Can you talk about your process going"},{"speaker":"brian","startTime":284.246,"endTime":287.876,"body":"through that and figuring out what"},{"speaker":"brian","startTime":287.876,"endTime":289.616,"body":"to delegate and how to delegate?"},{"speaker":"brian","startTime":290.066,"endTime":290.306,"body":"Yeah."},{"speaker":"nick","startTime":290.306,"endTime":293.016,"body":"I think it's a shift that you have"},{"speaker":"nick","startTime":290.306,"endTime":293.016,"body":"to make as a business owner, because"},{"speaker":"nick","startTime":293.076,"endTime":296.046,"body":"early on, when you have no money and"},{"speaker":"nick","startTime":293.076,"endTime":296.046,"body":"you have no revenue and you have no"},{"speaker":"nick","startTime":296.046,"endTime":297.666,"body":"business, you have to do everything."},{"speaker":"nick","startTime":297.67,"endTime":301.19,"body":", I think more often than not, the"},{"speaker":"nick","startTime":297.67,"endTime":301.19,"body":"people who are too damn early in"},{"speaker":"nick","startTime":301.19,"endTime":305.12,"body":"their journey are trying to make"},{"speaker":"nick","startTime":301.19,"endTime":305.12,"body":"processes and delegate and think about"},{"speaker":"nick","startTime":305.12,"endTime":306.59,"body":"the systems and build the business."},{"speaker":"nick","startTime":307.25,"endTime":310.52,"body":"No, you go out and you sell and you"},{"speaker":"nick","startTime":307.25,"endTime":310.52,"body":"make money and you get after it."},{"speaker":"nick","startTime":310.64,"endTime":312.29,"body":"That's what we did for three years."},{"speaker":"nick","startTime":312.29,"endTime":313.49,"body":"I was driving the box trucks."},{"speaker":"nick","startTime":313.49,"endTime":315.417,"body":"I was a terrible delegator"},{"speaker":"nick","startTime":313.49,"endTime":315.417,"body":"at the beginning."},{"speaker":"nick","startTime":316.497,"endTime":319.641,"body":"Now, once you do that and so"},{"speaker":"nick","startTime":316.497,"endTime":319.641,"body":"half the people are not willing"},{"speaker":"nick","startTime":319.641,"endTime":321.081,"body":"to actually do the early work."},{"speaker":"nick","startTime":321.111,"endTime":321.891,"body":"They wanna delegate it."},{"speaker":"nick","startTime":321.891,"endTime":322.761,"body":"They wanna have no job."},{"speaker":"nick","startTime":322.766,"endTime":323.931,"body":"They wanna work three hours a week."},{"speaker":"nick","startTime":323.95,"endTime":326.44,"body":"They're not willing to do what it takes"},{"speaker":"nick","startTime":323.95,"endTime":326.44,"body":"to actually get a business off the ground."},{"speaker":"nick","startTime":327.04,"endTime":329.66,"body":"Then there comes a point where,"},{"speaker":"nick","startTime":327.04,"endTime":329.66,"body":"okay, I've got 10 employee."},{"speaker":"nick","startTime":330.415,"endTime":331.945,"body":"Three to 5 million in revenue."},{"speaker":"nick","startTime":332.275,"endTime":333.535,"body":"I've got a good business here."},{"speaker":"nick","startTime":333.595,"endTime":336.265,"body":"I got a business here that I know"},{"speaker":"nick","startTime":333.595,"endTime":336.265,"body":"the business model is really good."},{"speaker":"nick","startTime":336.265,"endTime":338.155,"body":"That's another big problem"},{"speaker":"nick","startTime":336.265,"endTime":338.155,"body":"most entrepreneurs go after."},{"speaker":"nick","startTime":338.16,"endTime":339.295,"body":"Shitty business models."},{"speaker":"nick","startTime":339.385,"endTime":342.625,"body":"A business model that one out"},{"speaker":"nick","startTime":339.385,"endTime":342.625,"body":"of a hundred people who try"},{"speaker":"nick","startTime":342.625,"endTime":344.335,"body":"that business model get rich."},{"speaker":"nick","startTime":345.145,"endTime":345.518,"body":"Okay?"},{"speaker":"nick","startTime":345.563,"endTime":346.013,"body":"Period."},{"speaker":"nick","startTime":346.043,"endTime":347.453,"body":"There's just a"},{"speaker":"brian","startTime":347.453,"endTime":348.263,"body":"shiny object."},{"speaker":"brian","startTime":348.263,"endTime":348.533,"body":"Yep."},{"speaker":"brian","startTime":348.743,"endTime":348.953,"body":"Yeah."},{"speaker":"brian","startTime":348.953,"endTime":349.073,"body":"You"},{"speaker":"nick","startTime":349.073,"endTime":351.323,"body":"think, Oh my God, I"},{"speaker":"nick","startTime":349.073,"endTime":351.323,"body":"wanna do the next big thing."},{"speaker":"nick","startTime":351.323,"endTime":352.523,"body":"I go after the next big thing."},{"speaker":"nick","startTime":352.973,"endTime":355.081,"body":"I look at it and say, Okay"},{"speaker":"nick","startTime":352.973,"endTime":355.081,"body":"what business can I get in?"},{"speaker":"nick","startTime":355.081,"endTime":356.101,"body":"Where half the."},{"speaker":"nick","startTime":357.196,"endTime":357.826,"body":"Are rich."},{"speaker":"nick","startTime":359.776,"endTime":359.896,"body":"Okay?"},{"speaker":"nick","startTime":359.896,"endTime":360.586,"body":"What business?"},{"speaker":"nick","startTime":360.586,"endTime":361.576,"body":"Half the people are rich."},{"speaker":"nick","startTime":362.266,"endTime":363.016,"body":"It's real estate."},{"speaker":"nick","startTime":363.646,"endTime":364.396,"body":". What business?"},{"speaker":"nick","startTime":364.816,"endTime":366.166,"body":"Half the people are super wealthy."},{"speaker":"nick","startTime":366.166,"endTime":366.706,"body":"What business?"},{"speaker":"nick","startTime":366.706,"endTime":369.016,"body":"Where the top 10% are stupid Wealthy."},{"speaker":"nick","startTime":369.196,"endTime":369.676,"body":"It's real estate."},{"speaker":"nick","startTime":369.676,"endTime":371.206,"body":"Okay, that's probably"},{"speaker":"nick","startTime":369.676,"endTime":371.206,"body":"a darn good business."},{"speaker":"nick","startTime":371.206,"endTime":371.909,"body":"Let's go there."},{"speaker":"nick","startTime":371.997,"endTime":375.027,"body":"Now when I'm growing and when I learned,"},{"speaker":"nick","startTime":371.997,"endTime":375.027,"body":"when I was at a point where, okay,"},{"speaker":"nick","startTime":375.027,"endTime":378.027,"body":"we learned that this is a really good"},{"speaker":"nick","startTime":375.027,"endTime":378.027,"body":"business, we don't have to be brilliant"},{"speaker":"nick","startTime":378.027,"endTime":379.437,"body":"to make a lot of money doing real estate."},{"speaker":"nick","startTime":381.462,"endTime":382.212,"body":"Not saying it's not hard."},{"speaker":"nick","startTime":382.212,"endTime":384.252,"body":"I'm not saying I don't have to make"},{"speaker":"nick","startTime":382.212,"endTime":384.252,"body":"really hard decisions all the time."},{"speaker":"nick","startTime":384.252,"endTime":385.632,"body":"We'll talk about some of the"},{"speaker":"nick","startTime":384.252,"endTime":385.632,"body":"struggles that we're going through"},{"speaker":"nick","startTime":385.632,"endTime":386.892,"body":"now before this is over, I'm sure."},{"speaker":"nick","startTime":387.192,"endTime":390.612,"body":"But then I shifted and I said,"},{"speaker":"nick","startTime":387.192,"endTime":390.612,"body":"Okay, if I'm doing something"},{"speaker":"nick","startTime":390.612,"endTime":391.932,"body":"in my business, it's a problem."},{"speaker":"nick","startTime":392.202,"endTime":395.178,"body":"My job is to make sure all 50"},{"speaker":"nick","startTime":392.202,"endTime":395.178,"body":"employees are doing their jobs."},{"speaker":"nick","startTime":395.868,"endTime":399.194,"body":"And if emails came to me that required"},{"speaker":"nick","startTime":395.868,"endTime":399.194,"body":"my action I changed that and I"},{"speaker":"nick","startTime":399.194,"endTime":401.594,"body":"made that job somebody else's job."},{"speaker":"nick","startTime":401.673,"endTime":402.892,"body":"And it's been."},{"speaker":"nick","startTime":402.892,"endTime":406.98,"body":"The only way that we could really grow as"},{"speaker":"nick","startTime":402.892,"endTime":406.98,"body":"fast as we did, because if I had a task"},{"speaker":"nick","startTime":406.98,"endTime":411.09,"body":"in my job where I had to do it, I would"},{"speaker":"nick","startTime":406.98,"endTime":411.09,"body":"have no life a and a lot of stuff in my"},{"speaker":"nick","startTime":411.09,"endTime":412.32,"body":"business would start and stop with me."},{"speaker":"nick","startTime":412.5,"endTime":417.48,"body":"If every banker knew Nick Huber's"},{"speaker":"nick","startTime":412.5,"endTime":417.48,"body":"cell phone number, and we have loans"},{"speaker":"nick","startTime":417.48,"endTime":420.57,"body":"with 12 different banks now, I would"},{"speaker":"nick","startTime":417.48,"endTime":420.57,"body":"never be able to play around a golf"},{"speaker":"nick","startTime":420.57,"endTime":421.81,"body":"without getting a call from a banker."},{"speaker":"nick","startTime":421.81,"endTime":424.822,"body":"If every contractor who was doing work"},{"speaker":"nick","startTime":421.81,"endTime":424.822,"body":"at one of my properties had Nick Huber's"},{"speaker":"nick","startTime":424.822,"endTime":426.292,"body":"cell phone number, that'd be a problem."},{"speaker":"nick","startTime":426.292,"endTime":428.252,"body":"If any of my tenants had my cell"},{"speaker":"nick","startTime":426.292,"endTime":428.252,"body":"phone number, it'd be a problem."},{"speaker":"nick","startTime":428.281,"endTime":428.371,"body":"You."},{"speaker":"nick","startTime":429.451,"endTime":432.106,"body":"So many people are so hard to,"},{"speaker":"nick","startTime":429.451,"endTime":432.106,"body":"they struggle to let a couple"},{"speaker":"nick","startTime":432.106,"endTime":433.486,"body":"things go inside the company."},{"speaker":"nick","startTime":433.936,"endTime":434.146,"body":"So what"},{"speaker":"brian","startTime":434.146,"endTime":436.499,"body":"you're telling me is for"},{"speaker":"brian","startTime":434.146,"endTime":436.499,"body":"that advertisement where I put the"},{"speaker":"brian","startTime":436.499,"endTime":438.989,"body":"billboard with your cell phone number"},{"speaker":"brian","startTime":436.499,"endTime":438.989,"body":"for this podcast, I need to take that."},{"speaker":"nick","startTime":439.949,"endTime":441.899,"body":"I don't think anybody"},{"speaker":"nick","startTime":439.949,"endTime":441.899,"body":"have any clue who I was."},{"speaker":"nick","startTime":441.899,"endTime":444.239,"body":"Luckily they'd be like, Oh, that"},{"speaker":"nick","startTime":441.899,"endTime":444.239,"body":"guy on Twitter who's a real jerk"},{"speaker":"nick","startTime":446.489,"endTime":447.029,"body":"."},{"speaker":"nick","startTime":446.489,"endTime":447.029,"body":"brian: I love it, man."},{"speaker":"nick","startTime":447.029,"endTime":449.336,"body":"But yeah it's a point of conversation"},{"speaker":"nick","startTime":447.029,"endTime":449.336,"body":"that keeps getting brought up on"},{"speaker":"nick","startTime":449.336,"endTime":451.95,"body":"this show because a lot of people"},{"speaker":"nick","startTime":449.336,"endTime":451.95,"body":"that listen to this have, they've"},{"speaker":"nick","startTime":451.95,"endTime":453.0,"body":"grinded, they've done the work."},{"speaker":"nick","startTime":453.0,"endTime":456.09,"body":"We're the Action Academy podcast,"},{"speaker":"nick","startTime":453.0,"endTime":456.09,"body":"so people on here take action."},{"speaker":"nick","startTime":456.3,"endTime":459.48,"body":"But then what ends up happening"},{"speaker":"nick","startTime":456.3,"endTime":459.48,"body":"is they get so used to the"},{"speaker":"nick","startTime":459.48,"endTime":461.31,"body":"idea of, I work my ass off."},{"speaker":"nick","startTime":461.315,"endTime":462.72,"body":"That means I make money."},{"speaker":"nick","startTime":462.78,"endTime":465.6,"body":"Therefore, if I work"},{"speaker":"nick","startTime":462.78,"endTime":465.6,"body":"harder, I make more money."},{"speaker":"nick","startTime":465.92,"endTime":469.13,"body":"And then they build themselves into this"},{"speaker":"nick","startTime":465.92,"endTime":469.13,"body":"golden cage and they build themselves"},{"speaker":"nick","startTime":469.13,"endTime":471.71,"body":"into this freaking bottleneck that"},{"speaker":"nick","startTime":469.13,"endTime":471.71,"body":"they can't work themselves out of"},{"speaker":"nick","startTime":472.01,"endTime":475.13,"body":"because now they're wearing all these"},{"speaker":"nick","startTime":472.01,"endTime":475.13,"body":"hats and now they have zero time."},{"speaker":"nick","startTime":475.22,"endTime":476.42,"body":"Their marriage falls apart."},{"speaker":"nick","startTime":476.45,"endTime":478.72,"body":"They're an absent father,"},{"speaker":"nick","startTime":476.45,"endTime":478.72,"body":"and their health is failing."},{"speaker":"nick","startTime":479.57,"endTime":483.03,"body":"So that's why I love getting the"},{"speaker":"nick","startTime":479.57,"endTime":483.03,"body":"perspective like, like you had there"},{"speaker":"nick","startTime":483.03,"endTime":486.42,"body":"and like you have, and you offer and"},{"speaker":"nick","startTime":483.03,"endTime":486.42,"body":"you put on Twitter as well because"},{"speaker":"nick","startTime":486.51,"endTime":488.349,"body":"it gets ahead of the eight ball."},{"speaker":"nick","startTime":488.353,"endTime":491.693,"body":"And it helps people to avoid making"},{"speaker":"nick","startTime":488.353,"endTime":491.693,"body":"these problems like we all have before"},{"speaker":"nick","startTime":491.693,"endTime":492.923,"body":"in our businesses where you're working."},{"speaker":"nick","startTime":494.223,"endTime":495.544,"body":"Delegation is really hard."},{"speaker":"nick","startTime":495.844,"endTime":499.43,"body":"It's really uncomfortable, and"},{"speaker":"nick","startTime":495.844,"endTime":499.43,"body":"there's only one way you can become a"},{"speaker":"nick","startTime":499.43,"endTime":502.82,"body":"better delegator, and that's actually"},{"speaker":"nick","startTime":499.43,"endTime":502.82,"body":"do it and get practice doing it."},{"speaker":"nick","startTime":503.03,"endTime":504.86,"body":"So many people listen to podcasts."},{"speaker":"nick","startTime":504.86,"endTime":505.91,"body":"They read self-help."},{"speaker":"nick","startTime":506.18,"endTime":510.08,"body":"They take these courses, they do all"},{"speaker":"nick","startTime":506.18,"endTime":510.08,"body":"the things to learn about delegation."},{"speaker":"nick","startTime":510.38,"endTime":513.41,"body":"But until you put yourself out there"},{"speaker":"nick","startTime":510.38,"endTime":513.41,"body":"and make the hire and get somebody"},{"speaker":"nick","startTime":513.41,"endTime":516.08,"body":"working for you and go through the"},{"speaker":"nick","startTime":513.41,"endTime":516.08,"body":"stress of that person messing up and"},{"speaker":"nick","startTime":516.08,"endTime":518.42,"body":"go through the stress of that person"},{"speaker":"nick","startTime":516.08,"endTime":518.42,"body":"quitting and go through the stress of"},{"speaker":"nick","startTime":518.42,"endTime":519.921,"body":"that person costing you money you're not."},{"speaker":"brian","startTime":521.046,"endTime":521.206,"body":"Anywhere."},{"speaker":"brian","startTime":521.966,"endTime":522.236,"body":"Yeah."},{"speaker":"brian","startTime":522.236,"endTime":525.296,"body":"And there's a term that Sam and"},{"speaker":"brian","startTime":522.236,"endTime":525.296,"body":"Sean use, and Cody Sanchez too, who"},{"speaker":"brian","startTime":525.296,"endTime":528.212,"body":"I know you're friends with mental"},{"speaker":"brian","startTime":525.296,"endTime":528.212,"body":"masturbation where . It's and I know"},{"speaker":"brian","startTime":528.212,"endTime":531.752,"body":"people listening to this podcast, but"},{"speaker":"brian","startTime":528.212,"endTime":531.752,"body":"you guys take action for you listening."},{"speaker":"brian","startTime":531.752,"endTime":534.842,"body":"I know you're gonna take action on this,"},{"speaker":"brian","startTime":531.752,"endTime":534.842,"body":"but I wanna use that as a little bit"},{"speaker":"brian","startTime":534.842,"endTime":536.892,"body":"of a segue here as well, because you."},{"speaker":"brian","startTime":537.522,"endTime":542.282,"body":"Our famous slash infamous on Twitter"},{"speaker":"brian","startTime":537.522,"endTime":542.282,"body":"because you keep going viral accidentally"},{"speaker":"brian","startTime":542.287,"endTime":544.662,"body":"and getting in the wrong sides of"},{"speaker":"brian","startTime":542.287,"endTime":544.662,"body":"Twitter where everyone's gonna rip"},{"speaker":"brian","startTime":544.662,"endTime":547.452,"body":"you apart about your hiring processes."},{"speaker":"brian","startTime":547.907,"endTime":548.042,"body":". Yep."},{"speaker":"brian","startTime":548.202,"endTime":548.412,"body":"Yep."},{"speaker":"brian","startTime":548.442,"endTime":549.642,"body":"So you do things."},{"speaker":"brian","startTime":549.642,"endTime":553.242,"body":"The best way that I think people should"},{"speaker":"brian","startTime":549.642,"endTime":553.242,"body":"do, and that I recommend to entrepreneurs"},{"speaker":"brian","startTime":553.242,"endTime":555.342,"body":"is starting with the virtual assistant."},{"speaker":"brian","startTime":555.492,"endTime":557.472,"body":"That's a hell of a way"},{"speaker":"brian","startTime":555.492,"endTime":557.472,"body":"to learn delegation."},{"speaker":"brian","startTime":557.622,"endTime":562.575,"body":"Walk us through that process and"},{"speaker":"brian","startTime":557.622,"endTime":562.575,"body":"your whole battle with the society"},{"speaker":"brian","startTime":562.575,"endTime":564.225,"body":"at large with your hires here."},{"speaker":"nick","startTime":565.235,"endTime":567.905,"body":"Yeah, so we have 20"},{"speaker":"nick","startTime":565.235,"endTime":567.905,"body":"employees in the Philippines."},{"speaker":"nick","startTime":567.992,"endTime":572.492,"body":"They make anywhere from four to"},{"speaker":"nick","startTime":567.992,"endTime":572.492,"body":"$500 a pay period, which is eight"},{"speaker":"nick","startTime":572.492,"endTime":573.632,"body":"to a thousand dollars a month."},{"speaker":"nick","startTime":573.992,"endTime":576.702,"body":"And we hired 'em all"},{"speaker":"nick","startTime":573.992,"endTime":576.702,"body":"through support she.com."},{"speaker":"nick","startTime":576.702,"endTime":578.269,"body":"Marshall over there is a great guy."},{"speaker":"nick","startTime":578.307,"endTime":579.75,"body":"But yeah it's It's a no brainer."},{"speaker":"nick","startTime":579.808,"endTime":580.828,"body":"These folks are competent."},{"speaker":"nick","startTime":580.828,"endTime":583.971,"body":"They're eager, They want to, be there."},{"speaker":"nick","startTime":584.001,"endTime":585.081,"body":"They want to be at work."},{"speaker":"nick","startTime":585.141,"endTime":587.061,"body":"They're thankful for the job."},{"speaker":"nick","startTime":587.121,"endTime":588.831,"body":"They are kind to our customers."},{"speaker":"nick","startTime":588.831,"endTime":590.541,"body":"They're super competent when"},{"speaker":"nick","startTime":588.831,"endTime":590.541,"body":"it comes to decision making."},{"speaker":"nick","startTime":590.541,"endTime":592.541,"body":"So inside of our storage"},{"speaker":"nick","startTime":590.541,"endTime":592.541,"body":"business, we have a."},{"speaker":"nick","startTime":593.391,"endTime":594.321,"body":"Customer service."},{"speaker":"nick","startTime":594.741,"endTime":595.911,"body":"And this is not just customer service."},{"speaker":"nick","startTime":595.911,"endTime":599.362,"body":"This is renting units and guiding"},{"speaker":"nick","startTime":595.911,"endTime":599.362,"body":"customers around our properties telling"},{"speaker":"nick","startTime":599.362,"endTime":601.112,"body":"them how to solve problems on the ground."},{"speaker":"nick","startTime":601.112,"endTime":603.906,"body":"Arguably better than an American could,"},{"speaker":"nick","startTime":601.112,"endTime":603.906,"body":"giving them street directions on how"},{"speaker":"nick","startTime":603.911,"endTime":608.411,"body":"to get to a property to collections,"},{"speaker":"nick","startTime":603.911,"endTime":608.411,"body":"to underwriting, to backend data entry."},{"speaker":"nick","startTime":608.475,"endTime":611.555,"body":"And yeah when I made the"},{"speaker":"nick","startTime":608.475,"endTime":611.555,"body":"first hire over there about 18"},{"speaker":"nick","startTime":611.56,"endTime":613.125,"body":"months ago, it really opened."},{"speaker":"nick","startTime":614.34,"endTime":616.38,"body":"It unlocked a lot for us as a business."},{"speaker":"nick","startTime":616.38,"endTime":619.338,"body":"And we when you go on Support"},{"speaker":"nick","startTime":616.38,"endTime":619.338,"body":"Shepherd and you set up a ticket,"},{"speaker":"nick","startTime":619.338,"endTime":620.608,"body":"they give you three candidates."},{"speaker":"nick","startTime":620.608,"endTime":624.585,"body":"They, you make a job description, they"},{"speaker":"nick","startTime":620.608,"endTime":624.585,"body":"help you with the job description."},{"speaker":"nick","startTime":624.585,"endTime":626.415,"body":"They'll go out and vet candidates,"},{"speaker":"nick","startTime":624.585,"endTime":626.415,"body":"and they'll bring in people who"},{"speaker":"nick","startTime":626.415,"endTime":627.795,"body":"they think are perfect for the job."},{"speaker":"nick","startTime":628.125,"endTime":630.824,"body":"We hired all three of those"},{"speaker":"nick","startTime":628.125,"endTime":630.824,"body":"candidates just because we of blown"},{"speaker":"nick","startTime":630.829,"endTime":633.344,"body":"away by who and how they were,"},{"speaker":"nick","startTime":630.829,"endTime":633.344,"body":"and we were growing really fast."},{"speaker":"nick","startTime":633.734,"endTime":634.034,"body":"Wow."},{"speaker":"nick","startTime":634.244,"endTime":638.114,"body":"Then we just kept,  kept going from"},{"speaker":"nick","startTime":634.244,"endTime":638.114,"body":"there and it's been an amazing thing."},{"speaker":"nick","startTime":638.114,"endTime":638.984,"body":"But yeah, the, I think the."},{"speaker":"nick","startTime":640.034,"endTime":640.934,"body":"And things are changing now."},{"speaker":"nick","startTime":640.998,"endTime":644.256,"body":"The other way, like for the"},{"speaker":"nick","startTime":640.998,"endTime":644.256,"body":"last five years, the employee in"},{"speaker":"nick","startTime":644.256,"endTime":645.816,"body":"America has had all the leverage."},{"speaker":"nick","startTime":645.816,"endTime":647.406,"body":"And I think that's a great thing overall."},{"speaker":"nick","startTime":647.526,"endTime":650.106,"body":"I think it's great that an"},{"speaker":"nick","startTime":647.526,"endTime":650.106,"body":"American worker can call the"},{"speaker":"nick","startTime":650.111,"endTime":651.482,"body":"shots and they have the leverage."},{"speaker":"nick","startTime":651.482,"endTime":653.882,"body":"They're gonna change jobs, they're"},{"speaker":"nick","startTime":651.482,"endTime":653.882,"body":"gonna be able to ask for raises, they're"},{"speaker":"nick","startTime":653.887,"endTime":655.082,"body":"gonna be able to ask for more time off."},{"speaker":"nick","startTime":655.262,"endTime":658.262,"body":"They're gonna be able to ask for"},{"speaker":"nick","startTime":655.262,"endTime":658.262,"body":"things because they're in hide demand."},{"speaker":"nick","startTime":658.292,"endTime":659.582,"body":"I think that's an amazing thing."},{"speaker":"nick","startTime":659.912,"endTime":661.322,"body":"We still hire a lot of Americans."},{"speaker":"nick","startTime":661.562,"endTime":663.95,"body":"We support a ton of, internal employees."},{"speaker":"nick","startTime":663.95,"endTime":665.45,"body":"But when."},{"speaker":"nick","startTime":666.845,"endTime":668.525,"body":"That is the dynamic for so long."},{"speaker":"nick","startTime":668.525,"endTime":669.755,"body":"It's really hard on a business owner."},{"speaker":"nick","startTime":669.935,"endTime":670.925,"body":"It's really hard on a business owner."},{"speaker":"nick","startTime":670.925,"endTime":676.799,"body":"So to find and unlock a labor force that"},{"speaker":"nick","startTime":670.925,"endTime":676.799,"body":"was eager and excited and not necessarily"},{"speaker":"nick","startTime":676.804,"endTime":678.557,"body":"as quite as entitled it was great for us."},{"speaker":"nick","startTime":679.712,"endTime":680.402,"body":"It's a cheat code,"},{"speaker":"brian","startTime":680.402,"endTime":681.992,"body":"especially in a"},{"speaker":"brian","startTime":680.402,"endTime":681.992,"body":"service based business."},{"speaker":"brian","startTime":682.0,"endTime":683.843,"body":"Because you don't see that often."},{"speaker":"brian","startTime":683.874,"endTime":685.945,"body":", that being a MA major"},{"speaker":"brian","startTime":683.874,"endTime":685.945,"body":"bottleneck and that's why I"},{"speaker":"brian","startTime":685.945,"endTime":687.235,"body":"was interested in what you did."},{"speaker":"brian","startTime":687.565,"endTime":689.965,"body":"I have multiple virtual assistants myself."},{"speaker":"brian","startTime":689.965,"endTime":693.033,"body":"I went through like Upwork and"},{"speaker":"brian","startTime":689.965,"endTime":693.033,"body":"doing 'em myself and having to"},{"speaker":"brian","startTime":693.038,"endTime":696.333,"body":"figure out how to tailor the"},{"speaker":"brian","startTime":693.038,"endTime":696.333,"body":"titles and the job descriptions."},{"speaker":"brian","startTime":696.603,"endTime":700.008,"body":"So for you, Are there any differences"},{"speaker":"brian","startTime":696.603,"endTime":700.008,"body":"between when you first started"},{"speaker":"brian","startTime":700.008,"endTime":703.497,"body":"hiring and the hiring virtual"},{"speaker":"brian","startTime":700.008,"endTime":703.497,"body":"assistants versus or remote workers"},{"speaker":"brian","startTime":703.497,"endTime":706.947,"body":"versus now that improvements that"},{"speaker":"brian","startTime":703.497,"endTime":706.947,"body":"you've made throughout the process?"},{"speaker":"nick","startTime":707.397,"endTime":707.637,"body":"Yeah."},{"speaker":"nick","startTime":707.637,"endTime":710.727,"body":"We've done Upwork and we've tried pH"},{"speaker":"nick","startTime":707.637,"endTime":710.727,"body":"jobs, but you just get overwhelmed"},{"speaker":"nick","startTime":710.727,"endTime":711.837,"body":"with the number of people."},{"speaker":"nick","startTime":711.842,"endTime":715.047,"body":"I think the Upwork is tough because"},{"speaker":"nick","startTime":711.842,"endTime":715.047,"body":"those folks are kind of freelancers."},{"speaker":"nick","startTime":715.047,"endTime":717.597,"body":"They know what they can do,"},{"speaker":"nick","startTime":715.047,"endTime":717.597,"body":"they know how to find more work."},{"speaker":"nick","startTime":718.107,"endTime":721.759,"body":"If you go through the pH jobs, you'll"},{"speaker":"nick","startTime":718.107,"endTime":721.759,"body":"get overload with 150 resumes that"},{"speaker":"nick","startTime":721.759,"endTime":724.489,"body":"you gotta sort through and you're not"},{"speaker":"nick","startTime":721.759,"endTime":724.489,"body":"necessarily sure how to interact with"},{"speaker":"nick","startTime":724.489,"endTime":727.554,"body":"them, how to grade their English, to do"},{"speaker":"nick","startTime":724.489,"endTime":727.554,"body":"a lot of work to get the person right."},{"speaker":"nick","startTime":727.554,"endTime":728.752,"body":"So yeah, that's why we use Shepherd."},{"speaker":"nick","startTime":728.752,"endTime":733.156,"body":"But I think the main takeaway is just,"},{"speaker":"nick","startTime":728.752,"endTime":733.156,"body":"you can afford to overhire a little bit"},{"speaker":"nick","startTime":733.156,"endTime":734.446,"body":"and make yourself less stressed out."},{"speaker":"nick","startTime":734.446,"endTime":738.256,"body":"We've gotten virtual assistance for a lot"},{"speaker":"nick","startTime":734.446,"endTime":738.256,"body":"of our people on the ground in the States,"},{"speaker":"nick","startTime":738.256,"endTime":741.406,"body":"which is an unlock, like our construction"},{"speaker":"nick","startTime":738.256,"endTime":741.406,"body":"manager, he's traveling a lot."},{"speaker":"nick","startTime":741.411,"endTime":742.996,"body":"He doesn't have time to be"},{"speaker":"nick","startTime":741.411,"endTime":742.996,"body":"in his email all the time."},{"speaker":"nick","startTime":742.996,"endTime":744.226,"body":"He's meeting with contractors."},{"speaker":"nick","startTime":744.526,"endTime":748.366,"body":"He's got a super competent,"},{"speaker":"nick","startTime":744.526,"endTime":748.366,"body":"basically administrative assistant"},{"speaker":"nick","startTime":748.846,"endTime":750.286,"body":"in the background at all times."},{"speaker":"nick","startTime":750.286,"endTime":752.596,"body":"So if he needs something, he's"},{"speaker":"nick","startTime":750.286,"endTime":752.596,"body":"sending messages on Slack."},{"speaker":"nick","startTime":752.926,"endTime":755.578,"body":"It's been just like if you have a"},{"speaker":"nick","startTime":752.926,"endTime":755.578,"body":"really competent employee in your."},{"speaker":"nick","startTime":756.793,"endTime":759.57,"body":"Tack on an $800 a month"},{"speaker":"nick","startTime":756.793,"endTime":759.57,"body":"employee and watch it get even."},{"speaker":"brian","startTime":760.95,"endTime":761.64,"body":"That's amazing."},{"speaker":"brian","startTime":761.64,"endTime":764.37,"body":"And I had another guest on that"},{"speaker":"brian","startTime":761.64,"endTime":764.37,"body":"was talking about different grades"},{"speaker":"brian","startTime":764.37,"endTime":767.502,"body":"of activities and he was like, You"},{"speaker":"brian","startTime":764.37,"endTime":767.502,"body":"have A grade, B grade or C grade."},{"speaker":"brian","startTime":767.502,"endTime":771.462,"body":"A grade was like revenue producing B grade"},{"speaker":"brian","startTime":767.502,"endTime":771.462,"body":"was, it's gonna yield revenue production."},{"speaker":"brian","startTime":771.462,"endTime":773.592,"body":"And then C Grade was just"},{"speaker":"brian","startTime":771.462,"endTime":773.592,"body":"like, What the hell am I doing?"},{"speaker":"brian","startTime":773.922,"endTime":776.832,"body":"And so he hired that admin assistant"},{"speaker":"brian","startTime":773.922,"endTime":776.832,"body":"like you're talking about, and he"},{"speaker":"brian","startTime":776.837,"endTime":778.302,"body":"was like, I will give you a bonus."},{"speaker":"brian","startTime":778.542,"endTime":780.432,"body":"You can get 50% of my schedule."},{"speaker":"brian","startTime":780.502,"endTime":783.382,"body":"More just the revenue"},{"speaker":"brian","startTime":780.502,"endTime":783.382,"body":"producing activities."},{"speaker":"brian","startTime":783.382,"endTime":786.128,"body":"And if you could take away everything"},{"speaker":"brian","startTime":783.382,"endTime":786.128,"body":"else, I will pay you even more money."},{"speaker":"brian","startTime":786.128,"endTime":788.207,"body":". So I love the concept and"},{"speaker":"brian","startTime":786.128,"endTime":788.207,"body":"I love what you're doing."},{"speaker":"brian","startTime":788.597,"endTime":791.357,"body":"So let's go into, let's go into"},{"speaker":"brian","startTime":788.597,"endTime":791.357,"body":"your wealth building journey here."},{"speaker":"brian","startTime":791.357,"endTime":795.738,"body":"So you started with Storage Squad and"},{"speaker":"brian","startTime":791.357,"endTime":795.738,"body":"your entire brand and everything that"},{"speaker":"brian","startTime":795.738,"endTime":798.798,"body":"you preach is your sweaty startup"},{"speaker":"brian","startTime":795.738,"endTime":798.798,"body":"on Twitter, and that's your brand."},{"speaker":"brian","startTime":798.798,"endTime":799.308,"body":"So yeah."},{"speaker":"brian","startTime":799.368,"endTime":801.428,"body":"Talk about all about"},{"speaker":"brian","startTime":799.368,"endTime":801.428,"body":"service based businesses."},{"speaker":"brian","startTime":801.433,"endTime":804.318,"body":"Walk us back through your"},{"speaker":"brian","startTime":801.433,"endTime":804.318,"body":"beginnings there and what got you"},{"speaker":"brian","startTime":804.318,"endTime":805.488,"body":"into service based businesses to."},{"speaker":"brian","startTime":806.303,"endTime":806.543,"body":"Yeah, I"},{"speaker":"nick","startTime":806.543,"endTime":810.053,"body":"think the ask you go on"},{"speaker":"nick","startTime":806.543,"endTime":810.053,"body":"the street of any city in America"},{"speaker":"nick","startTime":810.053,"endTime":812.753,"body":"and you start asking people, what"},{"speaker":"nick","startTime":810.053,"endTime":812.753,"body":"does entrepreneurship mean to you?"},{"speaker":"nick","startTime":812.753,"endTime":814.464,"body":"Or what's the first thing"},{"speaker":"nick","startTime":812.753,"endTime":814.464,"body":"that comes to your head?"},{"speaker":"nick","startTime":814.524,"endTime":819.236,"body":"When I say the word entrepreneur"},{"speaker":"nick","startTime":814.524,"endTime":819.236,"body":"they'll say things like, Shark Tank."},{"speaker":"nick","startTime":819.279,"endTime":823.449,"body":"They'll say things like Steve"},{"speaker":"nick","startTime":819.279,"endTime":823.449,"body":"Jobs, Mark Zuckerberg Bill Gates."},{"speaker":"nick","startTime":823.854,"endTime":828.699,"body":"They'll talk about these kind of unicorn"},{"speaker":"nick","startTime":823.854,"endTime":828.699,"body":"events where somebody has a story"},{"speaker":"nick","startTime":828.699,"endTime":833.685,"body":"that's inspiring enough to draw media"},{"speaker":"nick","startTime":828.699,"endTime":833.685,"body":"attention and draw like the allure of"},{"speaker":"nick","startTime":833.685,"endTime":835.036,"body":"the dream the entrepreneurship journey."},{"speaker":"nick","startTime":835.036,"endTime":835.906,"body":"Like a lottery ticket."},{"speaker":"nick","startTime":836.386,"endTime":836.866,"body":"That's right."},{"speaker":"nick","startTime":836.866,"endTime":840.556,"body":"And, but when you go in your town,"},{"speaker":"nick","startTime":836.866,"endTime":840.556,"body":"and I don't live in necessarily a"},{"speaker":"nick","startTime":840.556,"endTime":843.976,"body":"super wealthy neighborhood, but you"},{"speaker":"nick","startTime":840.556,"endTime":843.976,"body":"go across town to the really wealthy"},{"speaker":"nick","startTime":843.976,"endTime":846.616,"body":"neighborhood in my town, or you go"},{"speaker":"nick","startTime":843.976,"endTime":846.616,"body":"to the country club in my town and"},{"speaker":"nick","startTime":846.621,"endTime":847.756,"body":"you start asking people what they."},{"speaker":"nick","startTime":849.046,"endTime":850.096,"body":"They'll say one of two things."},{"speaker":"nick","startTime":850.096,"endTime":851.627,"body":"They'll either say, I started a company."},{"speaker":"nick","startTime":852.802,"endTime":855.592,"body":"Or they'll say, Somebody in my"},{"speaker":"nick","startTime":852.802,"endTime":855.592,"body":"family started a company that I"},{"speaker":"nick","startTime":855.592,"endTime":858.172,"body":"work for that's the super wealthy"},{"speaker":"nick","startTime":855.592,"endTime":858.172,"body":"people in every single town."},{"speaker":"nick","startTime":858.172,"endTime":860.012,"body":"And then you start asking"},{"speaker":"nick","startTime":858.172,"endTime":860.012,"body":"them, Okay, what company is it?"},{"speaker":"nick","startTime":860.066,"endTime":861.446,"body":"It's not really anything special."},{"speaker":"nick","startTime":861.446,"endTime":865.256,"body":"We just started buying shopping centers"},{"speaker":"nick","startTime":861.446,"endTime":865.256,"body":"and releasing them out and fixing them up."},{"speaker":"nick","startTime":865.261,"endTime":869.448,"body":"And we had a unique way to do the business"},{"speaker":"nick","startTime":865.261,"endTime":869.448,"body":"model, or we started an H V A C company,"},{"speaker":"nick","startTime":869.448,"endTime":872.508,"body":"or we started a plumbing company, or we"},{"speaker":"nick","startTime":869.448,"endTime":872.508,"body":"start an electrical company, or we start"},{"speaker":"nick","startTime":872.508,"endTime":876.879,"body":"a lawn care landscaping company, or we own"},{"speaker":"nick","startTime":872.508,"endTime":876.879,"body":"a dis distribution building around town."},{"speaker":"nick","startTime":877.854,"endTime":882.624,"body":"Any number of things that these"},{"speaker":"nick","startTime":877.854,"endTime":882.624,"body":"people do to make massive wealth and"},{"speaker":"nick","startTime":882.624,"endTime":884.874,"body":"absolutely none of them are new ideas."},{"speaker":"nick","startTime":884.874,"endTime":886.314,"body":"Absolutely none of them"},{"speaker":"nick","startTime":884.874,"endTime":886.314,"body":"are groundbreaking."},{"speaker":"nick","startTime":886.644,"endTime":889.884,"body":"And I, my story's the same When we"},{"speaker":"nick","startTime":886.644,"endTime":889.884,"body":"started our comp, when we started our"},{"speaker":"nick","startTime":889.884,"endTime":892.614,"body":"company, there were 20 other companies"},{"speaker":"nick","startTime":889.884,"endTime":892.614,"body":"doing exactly what we were doing."},{"speaker":"nick","startTime":892.764,"endTime":895.687,"body":"We just did 'em all, took the way they"},{"speaker":"nick","startTime":892.764,"endTime":895.687,"body":"did it and did it a little bit better"},{"speaker":"nick","startTime":895.687,"endTime":896.797,"body":"and carved out a piece of the pie."},{"speaker":"nick","startTime":896.857,"endTime":899.927,"body":"People think, Oh, if I'm gonna start"},{"speaker":"nick","startTime":896.857,"endTime":899.927,"body":"a company, I need to have no competi."},{"speaker":"nick","startTime":900.322,"endTime":904.508,"body":"I need to have the Blue Ocean Book"},{"speaker":"nick","startTime":900.322,"endTime":904.508,"body":"is the biggest scam that ever hit"},{"speaker":"nick","startTime":905.198,"endTime":907.388,"body":"entrepreneurship in America that made"},{"speaker":"nick","startTime":905.198,"endTime":907.388,"body":"you think, Oh, I need to go into an"},{"speaker":"nick","startTime":907.388,"endTime":909.398,"body":"area where there's no competition."},{"speaker":"nick","startTime":909.398,"endTime":913.298,"body":"It's a blue ocean instead of a red ocean,"},{"speaker":"nick","startTime":909.398,"endTime":913.298,"body":"which is a lot of competition, people"},{"speaker":"nick","startTime":913.298,"endTime":914.688,"body":"eating each other, whatever it might be."},{"speaker":"nick","startTime":914.688,"endTime":917.492,"body":"There's a lot of really good businesses"},{"speaker":"nick","startTime":914.688,"endTime":917.492,"body":"that make really good money that"},{"speaker":"nick","startTime":917.492,"endTime":920.942,"body":"operate with fax machines and don't know"},{"speaker":"nick","startTime":917.492,"endTime":920.942,"body":"how to do business very well at all."},{"speaker":"nick","startTime":921.392,"endTime":924.259,"body":"And that's much, that's where I"},{"speaker":"nick","startTime":921.392,"endTime":924.259,"body":"would prefer to compete person."},{"speaker":"nick","startTime":924.327,"endTime":929.607,"body":"If I can choose to compete against the"},{"speaker":"nick","startTime":924.327,"endTime":929.607,"body":"Stanford graduate or the venture backed"},{"speaker":"nick","startTime":929.637,"endTime":934.437,"body":"company in New York City, or I can"},{"speaker":"nick","startTime":929.637,"endTime":934.437,"body":"choose to compete against the person"},{"speaker":"nick","startTime":934.442,"endTime":939.357,"body":"down the street in Athens, Georgia, who"},{"speaker":"nick","startTime":934.442,"endTime":939.357,"body":"uses a fax machine, has a ninth grade"},{"speaker":"nick","startTime":939.357,"endTime":943.859,"body":"education, and doesn't have anything"},{"speaker":"nick","startTime":939.357,"endTime":943.859,"body":"special, who I, which one of those"},{"speaker":"nick","startTime":943.859,"endTime":944.939,"body":"two people am I gonna compete with?"},{"speaker":"nick","startTime":944.939,"endTime":946.959,"body":"It's like saying, Nick, would"},{"speaker":"nick","startTime":944.939,"endTime":946.959,"body":"you rather play basketball?"},{"speaker":"nick","startTime":946.987,"endTime":950.27,"body":"Football against the Georgia"},{"speaker":"nick","startTime":946.987,"endTime":950.27,"body":"Bulldogs or the local high school."},{"speaker":"nick","startTime":951.11,"endTime":951.38,"body":"Yeah,"},{"speaker":"brian","startTime":951.56,"endTime":952.19,"body":"exactly."},{"speaker":"brian","startTime":952.49,"endTime":955.759,"body":"Now, you did start for your company"},{"speaker":"brian","startTime":952.49,"endTime":955.759,"body":"storage squad, did you guys start"},{"speaker":"brian","startTime":955.759,"endTime":959.179,"body":"that from scratch or did you buy an"},{"speaker":"brian","startTime":955.759,"endTime":959.179,"body":"existing business and then fix it up?"},{"speaker":"nick","startTime":959.509,"endTime":960.649,"body":"Yeah, we started from scratch."},{"speaker":"nick","startTime":960.654,"endTime":961.729,"body":"We learned a ton about."},{"speaker":"nick","startTime":962.479,"endTime":965.419,"body":"Logistics and hiring and delegation"},{"speaker":"nick","startTime":962.479,"endTime":965.419,"body":"because we did student storage that"},{"speaker":"nick","startTime":965.419,"endTime":967.564,"body":"did pickups all in, one time a year."},{"speaker":"nick","startTime":967.564,"endTime":968.764,"body":"And we had a lot going on."},{"speaker":"nick","startTime":968.801,"endTime":971.116,"body":"And then we just of grew that"},{"speaker":"nick","startTime":968.801,"endTime":971.116,"body":"and went from school to school."},{"speaker":"nick","startTime":971.116,"endTime":975.076,"body":"And before you know it, three to five"},{"speaker":"nick","startTime":971.116,"endTime":975.076,"body":"years later, we were doing 2.5 million"},{"speaker":"nick","startTime":975.076,"endTime":979.584,"body":"a year in revenue and clearing, three"},{"speaker":"nick","startTime":975.076,"endTime":979.584,"body":"to $500,000 and not spending any money."},{"speaker":"nick","startTime":979.584,"endTime":981.204,"body":"So we stayed very lean and."},{"speaker":"nick","startTime":981.579,"endTime":985.029,"body":"By 2017, we had the cash set aside"},{"speaker":"nick","startTime":981.579,"endTime":985.029,"body":"to build a self storage facility."},{"speaker":"nick","startTime":985.029,"endTime":987.689,"body":"Actually, this was about 2015, 2017."},{"speaker":"nick","startTime":987.689,"endTime":991.359,"body":"We got that storage facility built"},{"speaker":"nick","startTime":987.689,"endTime":991.359,"body":"and opened and it became clear"},{"speaker":"nick","startTime":991.359,"endTime":994.569,"body":"very quickly that we could make"},{"speaker":"nick","startTime":991.359,"endTime":994.569,"body":"a lot more money in real estate."},{"speaker":"nick","startTime":994.569,"endTime":997.419,"body":"So we began pouring all of"},{"speaker":"nick","startTime":994.569,"endTime":997.419,"body":"our proceeds from our service"},{"speaker":"nick","startTime":997.424,"endTime":998.491,"body":"business into real estate."},{"speaker":"nick","startTime":998.497,"endTime":1001.917,"body":"I moved out of the student"},{"speaker":"nick","startTime":998.497,"endTime":1001.917,"body":"storage business in 2017, full"},{"speaker":"nick","startTime":1001.917,"endTime":1002.727,"body":"time into the real estate."},{"speaker":"nick","startTime":1002.727,"endTime":1004.197,"body":"We bought another property 2018."},{"speaker":"nick","startTime":1004.197,"endTime":1008.127,"body":"We bought three more,"},{"speaker":"nick","startTime":1004.197,"endTime":1008.127,"body":"2019, and then we sold our."},{"speaker":"nick","startTime":1009.837,"endTime":1012.837,"body":"Student Storage, Business"},{"speaker":"nick","startTime":1009.837,"endTime":1012.837,"body":"storage squad in January, 2021."},{"speaker":"nick","startTime":1013.797,"endTime":1015.837,"body":"And now me and my partner"},{"speaker":"nick","startTime":1013.797,"endTime":1015.837,"body":"are full-time real estate."},{"speaker":"brian","startTime":1016.707,"endTime":1017.637,"body":"So Walkers."},{"speaker":"brian","startTime":1017.757,"endTime":1019.977,"body":"So I want to get into the self"},{"speaker":"brian","startTime":1017.757,"endTime":1019.977,"body":"storage because we have a lot"},{"speaker":"brian","startTime":1019.977,"endTime":1021.057,"body":"of self storage guys on here."},{"speaker":"brian","startTime":1021.057,"endTime":1023.534,"body":"So I wanna really dive into the"},{"speaker":"brian","startTime":1021.057,"endTime":1023.534,"body":"numbers, what you're seeing in the"},{"speaker":"brian","startTime":1023.534,"endTime":1025.064,"body":"market, what struggles you're having."},{"speaker":"brian","startTime":1025.064,"endTime":1026.684,"body":"Cause I know some of"},{"speaker":"brian","startTime":1025.064,"endTime":1026.684,"body":"them that you've listed."},{"speaker":"brian","startTime":1027.044,"endTime":1031.155,"body":"But I'm curious, going back to"},{"speaker":"brian","startTime":1027.044,"endTime":1031.155,"body":"Nick in college and your friend."},{"speaker":"brian","startTime":1032.805,"endTime":1033.745,"body":"What the hell?"},{"speaker":"brian","startTime":1033.745,"endTime":1037.932,"body":"What what switch was flipped to"},{"speaker":"brian","startTime":1033.745,"endTime":1037.932,"body":"where you guys were like, Oh, hey,"},{"speaker":"brian","startTime":1037.932,"endTime":1040.212,"body":"we feel like doing storage here."},{"speaker":"brian","startTime":1040.227,"endTime":1042.987,"body":", walk me through that thought process"},{"speaker":"brian","startTime":1040.227,"endTime":1042.987,"body":"and getting this thing off the ground,"},{"speaker":"brian","startTime":1042.987,"endTime":1046.287,"body":"especially as a college student, cuz"},{"speaker":"brian","startTime":1042.987,"endTime":1046.287,"body":"you guys expanded to what, 25 locations?"},{"speaker":"brian","startTime":1046.292,"endTime":1046.647,"body":"25"},{"speaker":"nick","startTime":1046.647,"endTime":1046.977,"body":"schools?"},{"speaker":"nick","startTime":1047.007,"endTime":1047.277,"body":"Yeah."},{"speaker":"nick","startTime":1047.282,"endTime":1051.247,"body":"I think the difference is that I"},{"speaker":"nick","startTime":1047.282,"endTime":1051.247,"body":"was an energetic, excitable person."},{"speaker":"nick","startTime":1051.255,"endTime":1054.915,"body":"I try to like, okay, what is the"},{"speaker":"nick","startTime":1051.255,"endTime":1054.915,"body":"difference between an entrepreneur"},{"speaker":"nick","startTime":1054.915,"endTime":1057.675,"body":"that does it and gets a business"},{"speaker":"nick","startTime":1054.915,"endTime":1057.675,"body":"going and one that does."},{"speaker":"nick","startTime":1058.47,"endTime":1062.49,"body":"And 99 out of a hundred people would"},{"speaker":"nick","startTime":1058.47,"endTime":1062.49,"body":"not have been excited about the"},{"speaker":"nick","startTime":1062.49,"endTime":1065.46,"body":"fact that somebody reached out to me"},{"speaker":"nick","startTime":1062.49,"endTime":1065.46,"body":"after my Craigslist post, said, Nick,"},{"speaker":"nick","startTime":1065.46,"endTime":1067.11,"body":"can I store my stuff in your house?"},{"speaker":"nick","startTime":1067.77,"endTime":1069.93,"body":"Most people would've taken that"},{"speaker":"nick","startTime":1067.77,"endTime":1069.93,"body":"stuff, put it in their house,"},{"speaker":"nick","startTime":1070.17,"endTime":1073.111,"body":"got the $300, went out and bought"},{"speaker":"nick","startTime":1070.17,"endTime":1073.111,"body":"some beer and forgot all about it."},{"speaker":"nick","startTime":1074.115,"endTime":1077.895,"body":"I was excited and eager to"},{"speaker":"nick","startTime":1074.115,"endTime":1077.895,"body":"go scrap and make some money."},{"speaker":"nick","startTime":1077.895,"endTime":1080.985,"body":"So we got after it and we got"},{"speaker":"nick","startTime":1077.895,"endTime":1080.985,"body":"excited about it and we were"},{"speaker":"nick","startTime":1080.985,"endTime":1084.272,"body":"gonna build it and have a ton"},{"speaker":"nick","startTime":1080.985,"endTime":1084.272,"body":"of fun and it was a ton of work."},{"speaker":"nick","startTime":1084.272,"endTime":1086.385,"body":"And looking back I would never"},{"speaker":"nick","startTime":1084.272,"endTime":1086.385,"body":"be excited about starting that"},{"speaker":"nick","startTime":1086.385,"endTime":1087.615,"body":"company cause it was freaking hard."},{"speaker":"brian","startTime":1089.025,"endTime":1090.465,"body":"But you're glad you did, man."},{"speaker":"brian","startTime":1090.765,"endTime":1090.975,"body":"Yeah."},{"speaker":"brian","startTime":1091.035,"endTime":1091.935,"body":"But you're glad you did."},{"speaker":"brian","startTime":1092.385,"endTime":1095.143,"body":"All right, so let's walk"},{"speaker":"brian","startTime":1092.385,"endTime":1095.143,"body":"from the storage squad."},{"speaker":"brian","startTime":1095.143,"endTime":1097.693,"body":"And then you got sold for seven"},{"speaker":"brian","startTime":1095.143,"endTime":1097.693,"body":"figures and then you started"},{"speaker":"brian","startTime":1097.693,"endTime":1098.893,"body":"doing the real estate full-time."},{"speaker":"brian","startTime":1098.898,"endTime":1101.77,"body":"So walk us through where you"},{"speaker":"brian","startTime":1098.898,"endTime":1101.77,"body":"are today and then let's of"},{"speaker":"brian","startTime":1101.77,"endTime":1104.32,"body":"break through the acquisition of"},{"speaker":"brian","startTime":1101.77,"endTime":1104.32,"body":"these units that you have right"},{"speaker":"nick","startTime":1104.32,"endTime":1104.62,"body":"now."},{"speaker":"nick","startTime":1105.19,"endTime":1106.18,"body":"Yeah, so we bought."},{"speaker":"nick","startTime":1106.57,"endTime":1110.62,"body":"We now own 59 self storage facilities,"},{"speaker":"nick","startTime":1106.57,"endTime":1110.62,"body":"1.7 million square feet of storage."},{"speaker":"nick","startTime":1110.62,"endTime":1114.34,"body":"We've deployed over a hundred"},{"speaker":"nick","startTime":1110.62,"endTime":1114.34,"body":"million to acquire all those assets."},{"speaker":"nick","startTime":1114.374,"endTime":1116.414,"body":"We've raised net operating"},{"speaker":"nick","startTime":1114.374,"endTime":1116.414,"body":"income significantly."},{"speaker":"nick","startTime":1116.414,"endTime":1120.014,"body":"The portfolio before the recent crash"},{"speaker":"nick","startTime":1116.414,"endTime":1120.014,"body":"was we probably could have sold our"},{"speaker":"nick","startTime":1120.019,"endTime":1124.614,"body":"entire portfolio and put 10 or 20 million"},{"speaker":"nick","startTime":1120.019,"endTime":1124.614,"body":"each in my partner and i's pocket."},{"speaker":"nick","startTime":1124.614,"endTime":1127.344,"body":"That's all changing quickly now,"},{"speaker":"nick","startTime":1124.614,"endTime":1127.344,"body":"but yeah, our plan is generally"},{"speaker":"nick","startTime":1127.464,"endTime":1128.974,"body":"buy a self storage, so that's mis."},{"speaker":"nick","startTime":1130.029,"endTime":1133.299,"body":"Raise rents to wherever"},{"speaker":"nick","startTime":1130.029,"endTime":1133.299,"body":"the market takes rents."},{"speaker":"nick","startTime":1133.406,"endTime":1134.246,"body":"Lease more units."},{"speaker":"nick","startTime":1134.246,"endTime":1136.946,"body":"Have a Google My business location,"},{"speaker":"nick","startTime":1134.246,"endTime":1136.946,"body":"answer the phone, run a decent"},{"speaker":"nick","startTime":1136.946,"endTime":1139.886,"body":"pair set of software, buy it for"},{"speaker":"nick","startTime":1136.946,"endTime":1139.886,"body":"a million bucks, increase net"},{"speaker":"nick","startTime":1139.891,"endTime":1143.366,"body":"operating income, and then it's worth"},{"speaker":"nick","startTime":1139.891,"endTime":1143.366,"body":"2 million bucks or it's worth 1.5."},{"speaker":"nick","startTime":1143.366,"endTime":1145.016,"body":"You refinance it or you"},{"speaker":"nick","startTime":1143.366,"endTime":1145.016,"body":"sell it and you hold it."},{"speaker":"nick","startTime":1145.016,"endTime":1146.516,"body":"And that's how you make"},{"speaker":"nick","startTime":1145.016,"endTime":1146.516,"body":"money in my business."},{"speaker":"nick","startTime":1146.531,"endTime":1147.818,"body":"Yeah, we started raising money."},{"speaker":"nick","startTime":1147.818,"endTime":1150.608,"body":"I got on Twitter, started tweeting about"},{"speaker":"nick","startTime":1147.818,"endTime":1150.608,"body":"my deals, met a lot of people with cash."},{"speaker":"nick","startTime":1150.908,"endTime":1152.828,"body":"Ended up raising a lot"},{"speaker":"nick","startTime":1150.908,"endTime":1152.828,"body":"of investor capital."},{"speaker":"nick","startTime":1152.828,"endTime":1157.088,"body":"We syndicate, so that means we kinda"},{"speaker":"nick","startTime":1152.828,"endTime":1157.088,"body":"raise a limited partner capital,"},{"speaker":"nick","startTime":1157.093,"endTime":1159.518,"body":"a silent partner, and then we"},{"speaker":"nick","startTime":1157.093,"endTime":1159.518,"body":"get a chunk of the upside and we"},{"speaker":"nick","startTime":1159.578,"endTime":1160.968,"body":"co-invest some of our money as well."},{"speaker":"nick","startTime":1160.968,"endTime":1162.191,"body":"And we started going really well."},{"speaker":"nick","startTime":1162.191,"endTime":1164.291,"body":"And they, and I think real"},{"speaker":"nick","startTime":1162.191,"endTime":1164.291,"body":"estate's really cyclical and"},{"speaker":"nick","startTime":1164.291,"endTime":1165.437,"body":"there's small windows in time."},{"speaker":"nick","startTime":1165.508,"endTime":1168.651,"body":"I, I say that real estate's kinda"},{"speaker":"nick","startTime":1165.508,"endTime":1168.651,"body":"like hunting and imagine you're a lion"},{"speaker":"nick","startTime":1168.861,"endTime":1172.844,"body":"and you're out in the desert or the,"},{"speaker":"nick","startTime":1168.861,"endTime":1172.844,"body":"jungle, wherever you're hunting and most"},{"speaker":"nick","startTime":1172.849,"endTime":1174.284,"body":"of the time you're laying on a rock."},{"speaker":"nick","startTime":1174.584,"endTime":1175.234,"body":"You're just laying."},{"speaker":"nick","startTime":1175.919,"endTime":1179.549,"body":"But sometimes you see a gazelle out in"},{"speaker":"nick","startTime":1175.919,"endTime":1179.549,"body":"the field and you gotta go get off your"},{"speaker":"nick","startTime":1179.549,"endTime":1182.049,"body":"rock and you gotta sprint and you gotta"},{"speaker":"nick","startTime":1179.549,"endTime":1182.049,"body":"chase it down and you gotta get it."},{"speaker":"nick","startTime":1182.049,"endTime":1185.766,"body":"We saw window in time from 2019"},{"speaker":"nick","startTime":1182.049,"endTime":1185.766,"body":"to 2021 where it was a really good"},{"speaker":"nick","startTime":1185.766,"endTime":1187.386,"body":"opportunity to buy a lot of storage."},{"speaker":"nick","startTime":1187.386,"endTime":1188.406,"body":"So we stressed ourselves out."},{"speaker":"nick","startTime":1188.406,"endTime":1192.336,"body":"We worked like crazy and we bought a"},{"speaker":"nick","startTime":1188.406,"endTime":1192.336,"body":"ton of properties and they were great"},{"speaker":"nick","startTime":1192.336,"endTime":1194.136,"body":"assets and they're doing really well now."},{"speaker":"nick","startTime":1194.646,"endTime":1197.604,"body":"And frankly we made a lot of money"},{"speaker":"nick","startTime":1194.646,"endTime":1197.604,"body":"doing that over the last two years."},{"speaker":"nick","startTime":1197.706,"endTime":1199.806,"body":"Now, Everything's changing."},{"speaker":"nick","startTime":1199.806,"endTime":1201.126,"body":"Interest rates have went way up."},{"speaker":"nick","startTime":1201.171,"endTime":1205.581,"body":"The economy is changing drastically and"},{"speaker":"nick","startTime":1201.171,"endTime":1205.581,"body":"we're seeing less people move into units."},{"speaker":"nick","startTime":1205.581,"endTime":1207.081,"body":"Our occupancy is decreasing."},{"speaker":"nick","startTime":1207.123,"endTime":1210.003,"body":"Street rates are dropping and frankly, if."},{"speaker":"nick","startTime":1210.067,"endTime":1214.018,"body":"Weren't good operators or, we didn't"},{"speaker":"nick","startTime":1210.067,"endTime":1214.018,"body":"go in low leverage with low debt"},{"speaker":"nick","startTime":1214.018,"endTime":1215.758,"body":"on our buildings that we bought."},{"speaker":"nick","startTime":1215.758,"endTime":1218.161,"body":"We'd be really nervous right now"},{"speaker":"nick","startTime":1215.758,"endTime":1218.161,"body":"because it's pretty crazy time."},{"speaker":"brian","startTime":1218.189,"endTime":1221.15,"body":"Taught me through your debt"},{"speaker":"brian","startTime":1218.189,"endTime":1221.15,"body":"strategies here, because it's great"},{"speaker":"brian","startTime":1221.155,"endTime":1224.412,"body":"that you did what you did, but I know"},{"speaker":"brian","startTime":1221.155,"endTime":1224.412,"body":"that's not normally the status quo when"},{"speaker":"brian","startTime":1224.412,"endTime":1226.332,"body":"it comes to self storage acquisition."},{"speaker":"brian","startTime":1226.362,"endTime":1229.664,"body":"You see a lot of seller finance"},{"speaker":"brian","startTime":1226.362,"endTime":1229.664,"body":"low to no money down, kind"},{"speaker":"brian","startTime":1229.664,"endTime":1230.864,"body":"of interest only payments."},{"speaker":"brian","startTime":1230.864,"endTime":1233.021,"body":"How did you structure your"},{"speaker":"brian","startTime":1230.864,"endTime":1233.021,"body":"debt terms and what was your"},{"speaker":"brian","startTime":1233.021,"endTime":1234.631,"body":"debt strategy going into this?"},{"speaker":"nick","startTime":1234.744,"endTime":1239.844,"body":"We knew that we had made"},{"speaker":"nick","startTime":1234.744,"endTime":1239.844,"body":"enough money in our lives that we"},{"speaker":"nick","startTime":1239.844,"endTime":1243.204,"body":"didn't want to keep pushing it all"},{"speaker":"nick","startTime":1239.844,"endTime":1243.204,"body":"back on the table and risk it all."},{"speaker":"nick","startTime":1243.204,"endTime":1246.482,"body":"And I think this is another thing about"},{"speaker":"nick","startTime":1243.204,"endTime":1246.482,"body":"real estate is it's an addictive game."},{"speaker":"nick","startTime":1246.487,"endTime":1247.502,"body":"Doing a deal is addictive."},{"speaker":"nick","startTime":1247.502,"endTime":1250.775,"body":"It feels like you're at the casino and"},{"speaker":"nick","startTime":1247.502,"endTime":1250.775,"body":"you can buy it for X and then it's worth"},{"speaker":"nick","startTime":1250.775,"endTime":1253.955,"body":"y and you can make shitloads of money"},{"speaker":"nick","startTime":1250.775,"endTime":1253.955,"body":"and you just get addicted to that thrill"},{"speaker":"nick","startTime":1254.007,"endTime":1256.407,"body":"of the chase and so many investors."},{"speaker":"nick","startTime":1257.247,"endTime":1260.577,"body":"Were worth hundreds of millions of"},{"speaker":"nick","startTime":1257.247,"endTime":1260.577,"body":"dollars before they went totally broke"},{"speaker":"nick","startTime":1260.577,"endTime":1262.047,"body":"in 2008 during the last recession."},{"speaker":"nick","startTime":1262.047,"endTime":1263.997,"body":"How can you explain that, Brian?"},{"speaker":"nick","startTime":1263.997,"endTime":1267.408,"body":"How can we explain that somebody had"},{"speaker":"nick","startTime":1263.997,"endTime":1267.408,"body":"more money than them and their kids"},{"speaker":"nick","startTime":1267.408,"endTime":1269.058,"body":"could ever spend living reasonable."},{"speaker":"nick","startTime":1269.883,"endTime":1273.423,"body":"And they still found a way to put"},{"speaker":"nick","startTime":1269.883,"endTime":1273.423,"body":"enough risk on the table to go broke"},{"speaker":"nick","startTime":1273.423,"endTime":1274.593,"body":"during the last real estate recession."},{"speaker":"nick","startTime":1274.863,"endTime":1275.953,"body":"How does that make any sense?"},{"speaker":"nick","startTime":1275.953,"endTime":1280.342,"body":"It's pretty darn easy when you, when"},{"speaker":"nick","startTime":1275.953,"endTime":1280.342,"body":"times are good to just keep going"},{"speaker":"nick","startTime":1280.342,"endTime":1282.592,"body":"and going and going, and assume"},{"speaker":"nick","startTime":1280.342,"endTime":1282.592,"body":"that they're gonna keep being good."},{"speaker":"nick","startTime":1283.642,"endTime":1286.277,"body":"So we raised a lot of, more equity"},{"speaker":"nick","startTime":1283.642,"endTime":1286.277,"body":"than we were comfortable with."},{"speaker":"nick","startTime":1286.607,"endTime":1288.761,"body":"We took just de-risk, frankly."},{"speaker":"nick","startTime":1288.761,"endTime":1290.895,"body":"We had made a lot of money and"},{"speaker":"nick","startTime":1288.761,"endTime":1290.895,"body":"we were ready to not risk it."},{"speaker":"nick","startTime":1290.912,"endTime":1291.752,"body":"Really lucky we did that."},{"speaker":"nick","startTime":1292.532,"endTime":1292.862,"body":"So when"},{"speaker":"brian","startTime":1292.862,"endTime":1295.549,"body":"you're positioning, like what"},{"speaker":"brian","startTime":1292.862,"endTime":1295.549,"body":"percent equity are you looking for"},{"speaker":"brian","startTime":1295.549,"endTime":1296.789,"body":"whenever you're taking down a deal?"},{"speaker":"nick","startTime":1296.818,"endTime":1300.054,"body":"It kept dropping early when"},{"speaker":"nick","startTime":1296.818,"endTime":1300.054,"body":"the deals were really good in 2018,"},{"speaker":"nick","startTime":1300.059,"endTime":1303.834,"body":"1920, we were fine to use 70, 80%"},{"speaker":"nick","startTime":1300.059,"endTime":1303.834,"body":"leverage because we knew that they"},{"speaker":"nick","startTime":1303.839,"endTime":1306.384,"body":"were really underpriced and frankly,"},{"speaker":"nick","startTime":1303.839,"endTime":1306.384,"body":"we didn't have as much to lose."},{"speaker":"nick","startTime":1306.384,"endTime":1310.595,"body":"Then now beginning of last year,"},{"speaker":"nick","startTime":1306.384,"endTime":1310.595,"body":"we were, we went down to 60%."},{"speaker":"nick","startTime":1311.825,"endTime":1316.565,"body":"Now for the past nine months, we've bought"},{"speaker":"nick","startTime":1311.825,"endTime":1316.565,"body":"everything with 50% leverage and 50% cash."},{"speaker":"nick","startTime":1316.624,"endTime":1319.564,"body":"Partly because we were really good"},{"speaker":"nick","startTime":1316.624,"endTime":1319.564,"body":"at raising equity through Twitter"},{"speaker":"nick","startTime":1319.564,"endTime":1320.434,"body":"and through all of our network."},{"speaker":"nick","startTime":1320.434,"endTime":1323.314,"body":"We have 300 LPs and"},{"speaker":"nick","startTime":1320.434,"endTime":1323.314,"body":"1200 on our email list."},{"speaker":"nick","startTime":1324.844,"endTime":1326.082,"body":"But yeah, we're lucky."},{"speaker":"brian","startTime":1327.417,"endTime":1327.807,"body":"All right."},{"speaker":"brian","startTime":1327.807,"endTime":1330.378,"body":"So I love your strategy now"},{"speaker":"brian","startTime":1327.807,"endTime":1330.378,"body":"and how you're going about it."},{"speaker":"brian","startTime":1330.378,"endTime":1331.998,"body":"Because I see that in multifamily as well."},{"speaker":"brian","startTime":1331.998,"endTime":1334.008,"body":"With a lot of the guests that are"},{"speaker":"brian","startTime":1331.998,"endTime":1334.008,"body":"coming on here, they're doing like"},{"speaker":"brian","startTime":1334.008,"endTime":1338.298,"body":"a 40% equity, a 40% cash down when"},{"speaker":"brian","startTime":1334.008,"endTime":1338.298,"body":"it comes to their properties to"},{"speaker":"brian","startTime":1338.303,"endTime":1341.778,"body":"even make the rates work because"},{"speaker":"brian","startTime":1338.303,"endTime":1341.778,"body":"of how high the interest rates are."},{"speaker":"brian","startTime":1342.078,"endTime":1345.828,"body":"So I want to, I would be remiss"},{"speaker":"brian","startTime":1342.078,"endTime":1345.828,"body":"if I didn't take you on a pivot to"},{"speaker":"brian","startTime":1345.828,"endTime":1348.976,"body":"Twitter because Is Twitter the one"},{"speaker":"brian","startTime":1345.828,"endTime":1348.976,"body":"that you're most successful on?"},{"speaker":"brian","startTime":1348.981,"endTime":1350.506,"body":"Cuz I know you've got"},{"speaker":"brian","startTime":1348.981,"endTime":1350.506,"body":"YouTube and everything."},{"speaker":"nick","startTime":1351.431,"endTime":1355.001,"body":"Let's say Twitter's top of funnel,"},{"speaker":"nick","startTime":1351.431,"endTime":1355.001,"body":"like Twitter is where I get the most"},{"speaker":"nick","startTime":1355.001,"endTime":1359.261,"body":"eyeballs, and then people watch my YouTube"},{"speaker":"nick","startTime":1355.001,"endTime":1359.261,"body":"video or listen to me on a podcast and"},{"speaker":"nick","startTime":1359.261,"endTime":1361.421,"body":"they get to know me a little bit more"},{"speaker":"nick","startTime":1359.261,"endTime":1361.421,"body":"than they get on my email newsletter"},{"speaker":"nick","startTime":1361.421,"endTime":1362.471,"body":"and they really see how I think."},{"speaker":"nick","startTime":1362.471,"endTime":1365.337,"body":"And then, it's a, But Twitter,"},{"speaker":"nick","startTime":1362.471,"endTime":1365.337,"body":"yeah, is definitely the most"},{"speaker":"nick","startTime":1365.337,"endTime":1366.897,"body":"successful as far as eyeballs go."},{"speaker":"nick","startTime":1366.897,"endTime":1368.967,"body":"It's 20 million impressions a month."},{"speaker":"nick","startTime":1369.842,"endTime":1370.622,"body":"Okay, perfect."},{"speaker":"brian","startTime":1370.659,"endTime":1373.299,"body":"Walk us through your content"},{"speaker":"brian","startTime":1370.659,"endTime":1373.299,"body":"strategy because what I've tried to"},{"speaker":"brian","startTime":1373.299,"endTime":1377.859,"body":"tell people is that there is such a"},{"speaker":"brian","startTime":1373.299,"endTime":1377.859,"body":"missed opportunity, especially for"},{"speaker":"brian","startTime":1378.379,"endTime":1381.379,"body":"operators just like yourself, where"},{"speaker":"brian","startTime":1378.379,"endTime":1381.379,"body":"they're operating with these businesses"},{"speaker":"brian","startTime":1381.379,"endTime":1385.209,"body":"that aren't necessarily sexy, but"},{"speaker":"brian","startTime":1381.379,"endTime":1385.209,"body":"there's a place for them online and"},{"speaker":"brian","startTime":1385.209,"endTime":1387.399,"body":"they can use that to leverage and scale."},{"speaker":"brian","startTime":1387.404,"endTime":1389.409,"body":"And that's one of the"},{"speaker":"brian","startTime":1387.404,"endTime":1389.409,"body":"reasons I do this podcast."},{"speaker":"brian","startTime":1389.559,"endTime":1391.749,"body":"And the reason I'm on"},{"speaker":"brian","startTime":1389.559,"endTime":1391.749,"body":"Twitter, I we're having this"},{"speaker":"brian","startTime":1391.749,"endTime":1393.099,"body":"conversation because of Twitter."},{"speaker":"brian","startTime":1393.389,"endTime":1396.684,"body":"So walk us through the creation of"},{"speaker":"brian","startTime":1393.389,"endTime":1396.684,"body":"that account and how you maneuver and"},{"speaker":"brian","startTime":1396.684,"endTime":1400.764,"body":"think about what you put up and how you"},{"speaker":"brian","startTime":1396.684,"endTime":1400.764,"body":"format it before we get into the rest of"},{"speaker":"brian","startTime":1400.764,"endTime":1405.264,"body":"the numbers here, because now a lot of"},{"speaker":"brian","startTime":1400.764,"endTime":1405.264,"body":"your LPs are directly a result of your"},{"speaker":"brian","startTime":1405.264,"endTime":1406.854,"body":"Twitter, so it's a productive activity."},{"speaker":"brian","startTime":1407.464,"endTime":1407.674,"body":"Yeah,"},{"speaker":"nick","startTime":1407.674,"endTime":1409.984,"body":"my life changed when"},{"speaker":"nick","startTime":1407.674,"endTime":1409.984,"body":"I got about 5,000 followers."},{"speaker":"nick","startTime":1410.134,"endTime":1411.664,"body":"The rest was just icing on the cake."},{"speaker":"nick","startTime":1411.784,"endTime":1415.414,"body":"So it really didn't take much at the"},{"speaker":"nick","startTime":1411.784,"endTime":1415.414,"body":"very beginning to get the initial"},{"speaker":"nick","startTime":1415.419,"endTime":1420.004,"body":"follower slug or to get like a"},{"speaker":"nick","startTime":1415.419,"endTime":1420.004,"body":"life changing influence within the"},{"speaker":"nick","startTime":1420.004,"endTime":1421.474,"body":"real estate community on Twitter."},{"speaker":"nick","startTime":1421.894,"endTime":1426.514,"body":"And I think the main difference between"},{"speaker":"nick","startTime":1421.894,"endTime":1426.514,"body":"me and every other content creator is"},{"speaker":"nick","startTime":1426.774,"endTime":1430.354,"body":"that when you talk about real estate,"},{"speaker":"nick","startTime":1426.774,"endTime":1430.354,"body":"aside from the bigger pockets crowd"},{"speaker":"nick","startTime":1430.354,"endTime":1432.844,"body":"and some of the other stuff, like"},{"speaker":"nick","startTime":1430.354,"endTime":1432.844,"body":"for the most part, the people who"},{"speaker":"nick","startTime":1432.844,"endTime":1435.394,"body":"make real money in commercial real"},{"speaker":"nick","startTime":1432.844,"endTime":1435.394,"body":"estate, they don't talk about it."},{"speaker":"nick","startTime":1436.174,"endTime":1436.264,"body":"They."},{"speaker":"nick","startTime":1437.329,"endTime":1439.579,"body":"Post pictures of their profit and"},{"speaker":"nick","startTime":1437.329,"endTime":1439.579,"body":"loss statement on social media."},{"speaker":"nick","startTime":1439.579,"endTime":1442.219,"body":"They don't talk about how they're"},{"speaker":"nick","startTime":1439.579,"endTime":1442.219,"body":"making millions of dollars."},{"speaker":"nick","startTime":1442.219,"endTime":1447.265,"body":"And I came on Twitter slinging and posting"},{"speaker":"nick","startTime":1442.219,"endTime":1447.265,"body":"profit and loss statements and just"},{"speaker":"nick","startTime":1447.265,"endTime":1452.755,"body":"showing people how or what we were doing"},{"speaker":"nick","startTime":1447.265,"endTime":1452.755,"body":"to make millions of dollars in real time."},{"speaker":"nick","startTime":1453.265,"endTime":1455.095,"body":"And anybody who's followed"},{"speaker":"nick","startTime":1453.265,"endTime":1455.095,"body":"me for two years on Twitter"},{"speaker":"nick","startTime":1455.095,"endTime":1456.357,"body":"has seen all that happened."},{"speaker":"nick","startTime":1457.257,"endTime":1460.101,"body":"And when you're out doing something"},{"speaker":"nick","startTime":1457.257,"endTime":1460.101,"body":"interesting, it's really easy"},{"speaker":"nick","startTime":1460.101,"endTime":1461.151,"body":"to get followers on social."},{"speaker":"nick","startTime":1461.976,"endTime":1464.406,"body":"Everybody wants to get the followers"},{"speaker":"nick","startTime":1461.976,"endTime":1464.406,"body":"before they do something interesting."},{"speaker":"nick","startTime":1464.447,"endTime":1465.137,"body":"Nobody gives a shit."},{"speaker":"nick","startTime":1465.647,"endTime":1468.287,"body":"Nobody gives a shit about you if"},{"speaker":"nick","startTime":1465.647,"endTime":1468.287,"body":"you're not doing something interesting."},{"speaker":"nick","startTime":1468.377,"endTime":1470.157,"body":"It's like social media's"},{"speaker":"nick","startTime":1468.377,"endTime":1470.157,"body":"a very selfish place."},{"speaker":"nick","startTime":1470.186,"endTime":1472.946,"body":"I'm gonna follow somebody, I'm gonna"},{"speaker":"nick","startTime":1470.186,"endTime":1472.946,"body":"follow somebody because they're gonna"},{"speaker":"nick","startTime":1472.946,"endTime":1475.356,"body":"make me better, or they're gonna show"},{"speaker":"nick","startTime":1472.946,"endTime":1475.356,"body":"me something, teach me something."},{"speaker":"nick","startTime":1475.378,"endTime":1477.884,"body":"So yeah, we were out building a"},{"speaker":"nick","startTime":1475.378,"endTime":1477.884,"body":"real estate private equity company."},{"speaker":"nick","startTime":1477.954,"endTime":1481.494,"body":"We were hiring a ton of employees and"},{"speaker":"nick","startTime":1477.954,"endTime":1481.494,"body":"we were buying 50 million worth of"},{"speaker":"nick","startTime":1481.494,"endTime":1483.097,"body":"self storage over 12 month period."},{"speaker":"nick","startTime":1483.108,"endTime":1485.418,"body":"And I was just tweeting all about"},{"speaker":"nick","startTime":1483.108,"endTime":1485.418,"body":"it and that made me an interesting."},{"speaker":"brian","startTime":1487.143,"endTime":1490.563,"body":"I think, I love that you said"},{"speaker":"brian","startTime":1487.143,"endTime":1490.563,"body":"that because I think people have"},{"speaker":"brian","startTime":1490.563,"endTime":1493.751,"body":"everything backwards to where they're"},{"speaker":"brian","startTime":1490.563,"endTime":1493.751,"body":"trying to pull everything outta thin air."},{"speaker":"brian","startTime":1493.751,"endTime":1496.901,"body":"They're like, Oh, here's 10"},{"speaker":"brian","startTime":1493.751,"endTime":1496.901,"body":"takeaways from this person."},{"speaker":"brian","startTime":1496.901,"endTime":1498.401,"body":"Here's 10 takeaways from that person."},{"speaker":"brian","startTime":1498.401,"endTime":1499.571,"body":"But they're not actually doing anything."},{"speaker":"brian","startTime":1499.571,"endTime":1502.151,"body":"They're just trying to build an"},{"speaker":"brian","startTime":1499.571,"endTime":1502.151,"body":"audience, but they're not doing anything."},{"speaker":"brian","startTime":1502.451,"endTime":1505.049,"body":"So it's like Sam has this quote"},{"speaker":"brian","startTime":1502.451,"endTime":1505.049,"body":"where he is Do interesting shit."},{"speaker":"brian","startTime":1505.058,"endTime":1506.318,"body":". . It goes and document it."},{"speaker":"brian","startTime":1506.588,"endTime":1509.738,"body":"Just document what you're building,"},{"speaker":"brian","startTime":1506.588,"endTime":1509.738,"body":"document what you're doing, and then"},{"speaker":"brian","startTime":1509.738,"endTime":1511.478,"body":"that's what builds the audience."},{"speaker":"brian","startTime":1511.718,"endTime":1514.106,"body":"And it's I just went and traveled"},{"speaker":"brian","startTime":1511.718,"endTime":1514.106,"body":"around the world for five months,"},{"speaker":"brian","startTime":1514.106,"endTime":1516.866,"body":"quit corporate America, and now"},{"speaker":"brian","startTime":1514.106,"endTime":1516.866,"body":"I'm traveling and I documented it."},{"speaker":"brian","startTime":1517.166,"endTime":1518.736,"body":"So that's why I was able to grow mine."},{"speaker":"brian","startTime":1518.741,"endTime":1523.256,"body":"So it's, I just love reinforcing"},{"speaker":"brian","startTime":1518.741,"endTime":1523.256,"body":"this idea over and over again about."},{"speaker":"brian","startTime":1523.386,"endTime":1524.766,"body":"This for people that are listening."},{"speaker":"brian","startTime":1524.771,"endTime":1526.926,"body":"Cause there's so many entrepreneurs"},{"speaker":"brian","startTime":1524.771,"endTime":1526.926,"body":"listening to this that are"},{"speaker":"brian","startTime":1526.926,"endTime":1528.096,"body":"at that seven figure mark."},{"speaker":"brian","startTime":1528.096,"endTime":1531.846,"body":"Maybe they're at like 6 million, 7"},{"speaker":"brian","startTime":1528.096,"endTime":1531.846,"body":"million, $8 million net worth and"},{"speaker":"brian","startTime":1531.846,"endTime":1535.356,"body":"just simply documenting what the"},{"speaker":"brian","startTime":1531.846,"endTime":1535.356,"body":"hell you guys are doing will get"},{"speaker":"brian","startTime":1535.361,"endTime":1536.943,"body":"you into that eight figure mark."},{"speaker":"brian","startTime":1537.012,"endTime":1539.262,"body":"Walk me through that funnel"},{"speaker":"brian","startTime":1537.012,"endTime":1539.262,"body":"that you just talked about."},{"speaker":"brian","startTime":1539.322,"endTime":1542.052,"body":"So you said Twitter is essentially"},{"speaker":"brian","startTime":1539.322,"endTime":1542.052,"body":"the top of your funnel, and then"},{"speaker":"brian","startTime":1542.052,"endTime":1543.372,"body":"what's the rest of your funnel?"},{"speaker":"brian","startTime":1543.582,"endTime":1543.822,"body":"Yeah."},{"speaker":"nick","startTime":1543.822,"endTime":1545.722,"body":"So let's even look"},{"speaker":"nick","startTime":1543.822,"endTime":1545.722,"body":"at Twitter as a funnel."},{"speaker":"nick","startTime":1545.722,"endTime":1546.002,"body":"Sure."},{"speaker":"nick","startTime":1546.007,"endTime":1546.732,"body":"Let's look at Twitter."},{"speaker":"nick","startTime":1546.732,"endTime":1547.332,"body":"Let's just start."},{"speaker":"nick","startTime":1547.332,"endTime":1547.842,"body":"Let's only."},{"speaker":"nick","startTime":1549.747,"endTime":1554.007,"body":"60, 50% of my posts are not"},{"speaker":"nick","startTime":1549.747,"endTime":1554.007,"body":"about self storage or not about"},{"speaker":"nick","startTime":1554.417,"endTime":1555.297,"body":"entrepreneurship, not about business."},{"speaker":"nick","startTime":1555.302,"endTime":1561.267,"body":"They are life self-help, money"},{"speaker":"nick","startTime":1555.302,"endTime":1561.267,"body":"making thoughts and philosophies."},{"speaker":"nick","startTime":1561.627,"endTime":1564.656,"body":"That's the, everybody's Nick, you"},{"speaker":"nick","startTime":1561.627,"endTime":1564.656,"body":"got 250,000 followers on Twitter"},{"speaker":"nick","startTime":1564.656,"endTime":1565.766,"body":"by tweeting about self storage."},{"speaker":"nick","startTime":1566.576,"endTime":1567.206,"body":"Give me a break."},{"speaker":"nick","startTime":1567.416,"endTime":1570.806,"body":"I, no, I did not get all those followers"},{"speaker":"nick","startTime":1567.416,"endTime":1570.806,"body":"just by tweeting about self storage."},{"speaker":"nick","startTime":1571.046,"endTime":1574.226,"body":"My goal on Twitter is always to do,"},{"speaker":"nick","startTime":1571.046,"endTime":1574.226,"body":"to tweet something that will make"},{"speaker":"nick","startTime":1574.706,"endTime":1577.106,"body":"interesting people or smart people"},{"speaker":"nick","startTime":1574.706,"endTime":1577.106,"body":"think about something a little bit."},{"speaker":"nick","startTime":1577.751,"endTime":1581.621,"body":"Every tweet, think, make smart people"},{"speaker":"nick","startTime":1577.751,"endTime":1581.621,"body":"think a little bit harder about something."},{"speaker":"nick","startTime":1581.64,"endTime":1584.593,"body":"Whether it's business making money"},{"speaker":"nick","startTime":1581.64,"endTime":1584.593,"body":"self storage, whatever it might be."},{"speaker":"nick","startTime":1584.593,"endTime":1588.643,"body":"So the top of my funnel is"},{"speaker":"nick","startTime":1584.593,"endTime":1588.643,"body":"the self-help business tweets."},{"speaker":"nick","startTime":1588.853,"endTime":1592.307,"body":"Then you go a little bit deeper"},{"speaker":"nick","startTime":1588.853,"endTime":1592.307,"body":"and you talk about threads like the"},{"speaker":"nick","startTime":1592.307,"endTime":1595.108,"body":"deeper threads on okay, how you think"},{"speaker":"nick","startTime":1592.307,"endTime":1595.108,"body":"about making money, how you think"},{"speaker":"nick","startTime":1595.108,"endTime":1596.368,"body":"about risk, how you think about life."},{"speaker":"nick","startTime":1596.818,"endTime":1599.488,"body":"Then below that there's the self"},{"speaker":"nick","startTime":1596.818,"endTime":1599.488,"body":"storage tweets that are talking about"},{"speaker":"nick","startTime":1599.488,"endTime":1602.938,"body":"our portfolio, self storage in general,"},{"speaker":"nick","startTime":1599.488,"endTime":1602.938,"body":"simplifying concepts around real estate."},{"speaker":"nick","startTime":1603.298,"endTime":1606.748,"body":"And then at the very bottom,"},{"speaker":"nick","startTime":1603.298,"endTime":1606.748,"body":"there's the complex shit that 99% of"},{"speaker":"nick","startTime":1606.748,"endTime":1608.218,"body":"people on Twitter don't understand."},{"speaker":"nick","startTime":1608.218,"endTime":1612.298,"body":"That is me posting how a cash out"},{"speaker":"nick","startTime":1608.218,"endTime":1612.298,"body":"refinance worked on one of our deals"},{"speaker":"nick","startTime":1612.298,"endTime":1615.988,"body":"with pictures of our profit loss"},{"speaker":"nick","startTime":1612.298,"endTime":1615.988,"body":"statements like, so Twitter itself is a"},{"speaker":"nick","startTime":1615.988,"endTime":1617.828,"body":"bigger funnel where I'm gonna get the."},{"speaker":"nick","startTime":1618.568,"endTime":1622.648,"body":"I might only get 150 likes on that thread"},{"speaker":"nick","startTime":1618.568,"endTime":1622.648,"body":"that I do about my Erie, Pennsylvania"},{"speaker":"nick","startTime":1622.648,"endTime":1626.548,"body":"self storage portfolio that I bought and"},{"speaker":"nick","startTime":1622.648,"endTime":1626.548,"body":"how we raised rents and made the property"},{"speaker":"nick","startTime":1626.553,"endTime":1630.388,"body":"better and improved it and made occupancy"},{"speaker":"nick","startTime":1626.553,"endTime":1630.388,"body":"better and ended up making $900,000."},{"speaker":"nick","startTime":1630.388,"endTime":1633.538,"body":"And you can't even really tell that I"},{"speaker":"nick","startTime":1630.388,"endTime":1633.538,"body":"made $900,000 unless you know what a"},{"speaker":"nick","startTime":1633.538,"endTime":1635.668,"body":"cap rate is and how we refinanced it."},{"speaker":"nick","startTime":1636.388,"endTime":1640.528,"body":"But those hundred likes on that"},{"speaker":"nick","startTime":1636.388,"endTime":1640.528,"body":"one tweet are from the people"},{"speaker":"nick","startTime":1640.528,"endTime":1641.788,"body":"that I'm after on Twitter."},{"speaker":"nick","startTime":1642.478,"endTime":1643.138,"body":"Does that make sense?"},{"speaker":"nick","startTime":1643.528,"endTime":1647.608,"body":"Like I don't care about, I don't care"},{"speaker":"nick","startTime":1643.528,"endTime":1647.608,"body":"about the 5,000 people that like my."},{"speaker":"nick","startTime":1648.403,"endTime":1651.283,"body":"Tweeting some engagement thing about"},{"speaker":"nick","startTime":1648.403,"endTime":1651.283,"body":"hiring people in the Philippines."},{"speaker":"nick","startTime":1651.313,"endTime":1652.153,"body":"I don't really care."},{"speaker":"nick","startTime":1652.213,"endTime":1653.563,"body":"Those people are not high value."},{"speaker":"nick","startTime":1653.563,"endTime":1657.343,"body":"They don't care about Nick Huber,"},{"speaker":"nick","startTime":1653.563,"endTime":1657.343,"body":"the people that read my thread with"},{"speaker":"nick","startTime":1657.343,"endTime":1661.103,"body":"only a hundred likes on, what we"},{"speaker":"nick","startTime":1657.343,"endTime":1661.103,"body":"did on one property and something we"},{"speaker":"nick","startTime":1661.103,"endTime":1663.833,"body":"struggled with, or something we built"},{"speaker":"nick","startTime":1661.103,"endTime":1663.833,"body":"or something very interesting or unique."},{"speaker":"nick","startTime":1664.343,"endTime":1669.563,"body":"Those are the really valuable people"},{"speaker":"nick","startTime":1664.343,"endTime":1669.563,"body":"on Twitter that end up building"},{"speaker":"nick","startTime":1669.563,"endTime":1670.823,"body":"relationships with me in the dms."},{"speaker":"brian","startTime":1672.203,"endTime":1674.753,"body":"So it, it's almost"},{"speaker":"brian","startTime":1672.203,"endTime":1674.753,"body":"like a two-pronged approach."},{"speaker":"brian","startTime":1674.873,"endTime":1678.413,"body":"Like you wanna get the eyeballs and"},{"speaker":"brian","startTime":1674.873,"endTime":1678.413,"body":"then you wanna provide substance for"},{"speaker":"brian","startTime":1678.833,"endTime":1682.623,"body":"whenever one of those eyeballs happens"},{"speaker":"brian","startTime":1678.833,"endTime":1682.623,"body":"to be a high a value set of eyeballs."},{"speaker":"brian","startTime":1682.631,"endTime":1682.836,"body":"A hundred"},{"speaker":"nick","startTime":1682.841,"endTime":1683.166,"body":"percent."},{"speaker":"nick","startTime":1683.256,"endTime":1684.396,"body":"And you got it right on money."},{"speaker":"nick","startTime":1685.011,"endTime":1685.791,"body":"Okay, perfect."},{"speaker":"brian","startTime":1686.001,"endTime":1686.271,"body":"Yeah."},{"speaker":"brian","startTime":1686.271,"endTime":1689.722,"body":"And that's a mistake that I've made"},{"speaker":"brian","startTime":1686.271,"endTime":1689.722,"body":"sometimes because I go too general"},{"speaker":"brian","startTime":1689.727,"endTime":1692.232,"body":"and then all of a sudden I spit"},{"speaker":"brian","startTime":1689.727,"endTime":1692.232,"body":"out something like super specific"},{"speaker":"brian","startTime":1692.237,"endTime":1693.352,"body":"and then it gets like nothing."},{"speaker":"brian","startTime":1693.47,"endTime":1694.73,"body":"It's like we don't give up"},{"speaker":"nick","startTime":1694.73,"endTime":1695.84,"body":"on the specific stuff."},{"speaker":"nick","startTime":1695.93,"endTime":1696.67,"body":"Don't give up on"},{"speaker":"brian","startTime":1696.67,"endTime":1696.75,"body":"it."},{"speaker":"brian","startTime":1696.75,"endTime":1696.87,"body":"Yeah."},{"speaker":"brian","startTime":1696.92,"endTime":1700.64,"body":"Cause you, you almost get frustrated cuz"},{"speaker":"brian","startTime":1696.92,"endTime":1700.64,"body":"then you'll make this thread and then it's"},{"speaker":"brian","startTime":1700.64,"endTime":1704.685,"body":"just Oh, okay, let me go super in depth,"},{"speaker":"brian","startTime":1700.64,"endTime":1704.685,"body":"into detail about how I did all of this."},{"speaker":"brian","startTime":1704.985,"endTime":1707.145,"body":"But then what I'm also"},{"speaker":"brian","startTime":1704.985,"endTime":1707.145,"body":"learning is like the art of it."},{"speaker":"brian","startTime":1707.595,"endTime":1709.725,"body":"There's the science of it, and"},{"speaker":"brian","startTime":1707.595,"endTime":1709.725,"body":"then there's the art of it where"},{"speaker":"brian","startTime":1709.725,"endTime":1711.681,"body":"it's just hey, like your hook is."},{"speaker":"brian","startTime":1711.743,"endTime":1714.383,"body":"That's why people aren't listening"},{"speaker":"brian","startTime":1711.743,"endTime":1714.383,"body":"and just too much information."},{"speaker":"brian","startTime":1714.383,"endTime":1715.673,"body":"You need to format it like this."},{"speaker":"nick","startTime":1715.943,"endTime":1717.803,"body":"Yeah, you gotta be"},{"speaker":"nick","startTime":1715.943,"endTime":1717.803,"body":"really good at writing copy."},{"speaker":"nick","startTime":1718.223,"endTime":1718.493,"body":"Yeah."},{"speaker":"nick","startTime":1718.643,"endTime":1719.303,"body":"All the time."},{"speaker":"nick","startTime":1719.333,"endTime":1720.203,"body":"No matter what you write."},{"speaker":"nick","startTime":1720.263,"endTime":1722.483,"body":"And most people suck at writing good copy."},{"speaker":"nick","startTime":1722.483,"endTime":1723.263,"body":"That's engaging."},{"speaker":"nick","startTime":1723.773,"endTime":1725.513,"body":"And then you also have to"},{"speaker":"nick","startTime":1723.773,"endTime":1725.513,"body":"be doing interesting shit."},{"speaker":"nick","startTime":1726.323,"endTime":1726.563,"body":"There"},{"speaker":"brian","startTime":1726.563,"endTime":1726.953,"body":"you go."},{"speaker":"brian","startTime":1727.073,"endTime":1727.763,"body":"There's the formula."},{"speaker":"brian","startTime":1727.763,"endTime":1731.303,"body":"Everybody right there follow"},{"speaker":"brian","startTime":1727.763,"endTime":1731.303,"body":"that formula and go get to work."},{"speaker":"brian","startTime":1731.363,"endTime":1732.083,"body":"And it's about the"},{"speaker":"nick","startTime":1732.083,"endTime":1732.803,"body":"consistency."},{"speaker":"nick","startTime":1732.803,"endTime":1732.953,"body":"I think."},{"speaker":"nick","startTime":1732.953,"endTime":1735.534,"body":"Just a general one last"},{"speaker":"nick","startTime":1732.953,"endTime":1735.534,"body":"comment on Twitter."},{"speaker":"nick","startTime":1735.534,"endTime":1736.644,"body":"I think there's a lot."},{"speaker":"nick","startTime":1738.009,"endTime":1740.049,"body":"Twitter is candy for your brain, period."},{"speaker":"nick","startTime":1740.049,"endTime":1741.459,"body":"Instagram is candy for your eyes."},{"speaker":"nick","startTime":1742.449,"endTime":1743.919,"body":"Twitter is candy for your brain."},{"speaker":"nick","startTime":1744.189,"endTime":1747.249,"body":"So the business people"},{"speaker":"nick","startTime":1744.189,"endTime":1747.249,"body":"hang out on Twitter."},{"speaker":"nick","startTime":1747.249,"endTime":1750.309,"body":"They get news there, they follow financial"},{"speaker":"nick","startTime":1747.249,"endTime":1750.309,"body":"accounts, they follow smart people."},{"speaker":"nick","startTime":1750.314,"endTime":1752.649,"body":"They know they can get smarter on"},{"speaker":"nick","startTime":1750.314,"endTime":1752.649,"body":"Twitter if they follow the right people."},{"speaker":"nick","startTime":1752.889,"endTime":1758.019,"body":"So there's tons of people with NFT"},{"speaker":"nick","startTime":1752.889,"endTime":1758.019,"body":"profile pictures and six followers that"},{"speaker":"nick","startTime":1758.019,"endTime":1759.459,"body":"are worth tens of millions of dollars."},{"speaker":"nick","startTime":1759.489,"endTime":1760.599,"body":"And they do deals on Twitter."},{"speaker":"nick","startTime":1760.599,"endTime":1762.709,"body":"They meet people on Twitter,"},{"speaker":"nick","startTime":1760.599,"endTime":1762.709,"body":"they lurk on Twitter."},{"speaker":"nick","startTime":1762.779,"endTime":1766.319,"body":"Just understand that Twitter's where"},{"speaker":"nick","startTime":1762.779,"endTime":1766.319,"body":"deal makers hang out, there's a lot of"},{"speaker":"nick","startTime":1766.379,"endTime":1770.429,"body":"really valuable people there, whereas"},{"speaker":"nick","startTime":1766.379,"endTime":1770.429,"body":"I did work on Reddit for a year and a"},{"speaker":"nick","startTime":1770.429,"endTime":1774.989,"body":"half, and I met exactly zero people who"},{"speaker":"nick","startTime":1770.429,"endTime":1774.989,"body":"did anything with their lives on Reddit."},{"speaker":"brian","startTime":1778.154,"endTime":1779.894,"body":"That make the math checks out."},{"speaker":"brian","startTime":1779.927,"endTime":1781.44,"body":"I have to ask, I have to ask."},{"speaker":"brian","startTime":1781.44,"endTime":1783.99,"body":"I was gonna move on, but I gotta"},{"speaker":"brian","startTime":1781.44,"endTime":1783.99,"body":"ask, what are your opinions"},{"speaker":"brian","startTime":1783.995,"endTime":1785.88,"body":"on Elon and Twitter right now?"},{"speaker":"brian","startTime":1785.88,"endTime":1787.41,"body":"Because he's just going off."},{"speaker":"nick","startTime":1787.68,"endTime":1788.08,"body":"I love it."},{"speaker":"nick","startTime":1788.098,"endTime":1791.358,"body":"The  idiots are so mad at him"},{"speaker":"nick","startTime":1788.098,"endTime":1791.358,"body":"because he's gonna do a masterclass"},{"speaker":"nick","startTime":1791.363,"endTime":1794.448,"body":"on how to make a business that"},{"speaker":"nick","startTime":1791.363,"endTime":1794.448,"body":"has been worthless for 20 years."},{"speaker":"nick","startTime":1794.508,"endTime":1795.528,"body":"Twitter has been a losing money."},{"speaker":"nick","startTime":1795.918,"endTime":1799.038,"body":"Twitter has been worthless from a"},{"speaker":"nick","startTime":1795.918,"endTime":1799.038,"body":"business standpoint for so long, and"},{"speaker":"nick","startTime":1799.038,"endTime":1801.798,"body":"he is about to make a shitload of"},{"speaker":"nick","startTime":1799.038,"endTime":1801.798,"body":"money, and it's gonna be awesome."},{"speaker":"nick","startTime":1801.798,"endTime":1803.898,"body":"He'll go public again and"},{"speaker":"nick","startTime":1801.798,"endTime":1803.898,"body":"make billions of dollars."},{"speaker":"nick","startTime":1803.957,"endTime":1806.971,"body":"And the  employees who don't actually"},{"speaker":"nick","startTime":1803.957,"endTime":1806.971,"body":"do anything at the office going on the"},{"speaker":"nick","startTime":1806.971,"endTime":1810.051,"body":"news and talking about how they were"},{"speaker":"nick","startTime":1806.971,"endTime":1810.051,"body":"mistreated unfairly, Get the hell outta."},{"speaker":"brian","startTime":1810.901,"endTime":1811.321,"body":"Love it."},{"speaker":"brian","startTime":1811.381,"endTime":1811.825,"body":"I love it."},{"speaker":"brian","startTime":1811.825,"endTime":1814.21,"body":"So now we are getting into the business."},{"speaker":"brian","startTime":1814.215,"endTime":1816.942,"body":"So you'd put another thread out there"},{"speaker":"brian","startTime":1814.215,"endTime":1816.942,"body":"that I really liked about how you"},{"speaker":"brian","startTime":1816.942,"endTime":1818.712,"body":"started and operated your first business."},{"speaker":"brian","startTime":1818.712,"endTime":1819.672,"body":"You did a bunch of stuff wrong."},{"speaker":"brian","startTime":1819.672,"endTime":1823.452,"body":"Like you said it was super hard, super"},{"speaker":"brian","startTime":1819.672,"endTime":1823.452,"body":"difficult, but the three things that you"},{"speaker":"brian","startTime":1823.452,"endTime":1826.302,"body":"got right, and you said these are the"},{"speaker":"brian","startTime":1823.452,"endTime":1826.302,"body":"three things that you need to get right in"},{"speaker":"brian","startTime":1826.302,"endTime":1830.832,"body":"business and that's operations, the asset"},{"speaker":"brian","startTime":1826.302,"endTime":1830.832,"body":"class, and getting your projections right."},{"speaker":"brian","startTime":1831.042,"endTime":1832.182,"body":"Can you dive a little bit deeper into."},{"speaker":"nick","startTime":1832.238,"endTime":1835.586,"body":"I'll say that our projections were"},{"speaker":"nick","startTime":1832.238,"endTime":1835.586,"body":"way off on that first one, but we were,"},{"speaker":"brian","startTime":1836.006,"endTime":1836.754,"body":"All right, hang it up."},{"speaker":"brian","startTime":1836.754,"endTime":1837.174,"body":"Everybody."},{"speaker":"brian","startTime":1837.624,"endTime":1838.284,"body":". No, I think"},{"speaker":"nick","startTime":1839.754,"endTime":1842.792,"body":"in real estate there's, This is"},{"speaker":"nick","startTime":1839.754,"endTime":1842.792,"body":"the thing about real estate and the folks"},{"speaker":"nick","startTime":1842.797,"endTime":1847.592,"body":"need to understand like there's a thousand"},{"speaker":"nick","startTime":1842.797,"endTime":1847.592,"body":"variables and any real estate deal."},{"speaker":"nick","startTime":1847.772,"endTime":1850.082,"body":"No real estate deals the same and there's."},{"speaker":"nick","startTime":1850.787,"endTime":1852.942,"body":"Everybody's Nick, how do you know"},{"speaker":"nick","startTime":1850.787,"endTime":1852.942,"body":"if you have a good real estate deal?"},{"speaker":"nick","startTime":1852.942,"endTime":1854.412,"body":"Is it square foot per capita?"},{"speaker":"nick","startTime":1854.412,"endTime":1855.642,"body":"Is it the amount of renters?"},{"speaker":"nick","startTime":1855.642,"endTime":1856.752,"body":"Is it average income?"},{"speaker":"nick","startTime":1856.752,"endTime":1859.152,"body":"Is it the amount, the"},{"speaker":"nick","startTime":1856.752,"endTime":1859.152,"body":"population in five miles?"},{"speaker":"nick","startTime":1859.152,"endTime":1860.232,"body":"Is it traffic count?"},{"speaker":"nick","startTime":1860.232,"endTime":1861.972,"body":"Is it the quality of the asset?"},{"speaker":"nick","startTime":1861.972,"endTime":1865.242,"body":"Is it all these different things that"},{"speaker":"nick","startTime":1861.972,"endTime":1865.242,"body":"you gotta look at to try to predict"},{"speaker":"nick","startTime":1865.242,"endTime":1867.312,"body":"how well a property's gonna do?"},{"speaker":"nick","startTime":1867.742,"endTime":1868.162,"body":"And."},{"speaker":"nick","startTime":1869.472,"endTime":1871.256,"body":"It's really hard to guess"},{"speaker":"nick","startTime":1869.472,"endTime":1871.256,"body":"which ones are gonna matter."},{"speaker":"nick","startTime":1871.286,"endTime":1873.656,"body":"But if you get a couple of the ones,"},{"speaker":"nick","startTime":1871.286,"endTime":1873.656,"body":"if you get a couple of them right,"},{"speaker":"nick","startTime":1873.836,"endTime":1874.926,"body":"and you get the big ones, right?"},{"speaker":"nick","startTime":1874.926,"endTime":1876.164,"body":"Hey, where can I take revenue?"},{"speaker":"nick","startTime":1876.21,"endTime":1877.322,"body":"Is revenue a month right here?"},{"speaker":"nick","startTime":1877.322,"endTime":1878.072,"body":"And where can I take it?"},{"speaker":"nick","startTime":1878.072,"endTime":1879.605,"body":"If you can get that you're"},{"speaker":"nick","startTime":1878.072,"endTime":1879.605,"body":"gonna, you're gonna be fine."},{"speaker":"nick","startTime":1880.355,"endTime":1883.685,"body":"So yeah, you can, it's very"},{"speaker":"nick","startTime":1880.355,"endTime":1883.685,"body":"easy to get in the weeds."},{"speaker":"nick","startTime":1883.805,"endTime":1885.635,"body":"And I know this is probably"},{"speaker":"nick","startTime":1883.805,"endTime":1885.635,"body":"just confusing the hell out of"},{"speaker":"nick","startTime":1885.635,"endTime":1887.216,"body":"people, but there's a ton of."},{"speaker":"nick","startTime":1887.216,"endTime":1890.252,"body":"There's a ton of nuance around"},{"speaker":"nick","startTime":1887.216,"endTime":1890.252,"body":"this stuff, and there's no real"},{"speaker":"nick","startTime":1890.252,"endTime":1891.272,"body":"way to have all the answers."},{"speaker":"nick","startTime":1891.482,"endTime":1894.242,"body":"There's no way to have all the answers"},{"speaker":"nick","startTime":1891.482,"endTime":1894.242,"body":"when you do a real estate deal."},{"speaker":"nick","startTime":1894.662,"endTime":1897.668,"body":"People are asking me all the time"},{"speaker":"nick","startTime":1894.662,"endTime":1897.668,"body":"Nick what's, I'm about to buy a"},{"speaker":"nick","startTime":1897.668,"endTime":1899.719,"body":"storages facility, and they'll"},{"speaker":"nick","startTime":1897.668,"endTime":1899.719,"body":"write, a paragraph on their"},{"speaker":"nick","startTime":1899.719,"endTime":1901.069,"body":"property that they're about to buy."},{"speaker":"nick","startTime":1901.339,"endTime":1902.509,"body":"Do you think it's a good deal?"},{"speaker":"nick","startTime":1903.259,"endTime":1905.029,"body":"And I'm always like, Holy shit man."},{"speaker":"nick","startTime":1905.058,"endTime":1907.963,"body":"We need to talk for half an hour for"},{"speaker":"nick","startTime":1905.058,"endTime":1907.963,"body":"me to know if it's truly a good deal."},{"speaker":"nick","startTime":1908.233,"endTime":1910.183,"body":"But if you tell me the revenue"},{"speaker":"nick","startTime":1908.233,"endTime":1910.183,"body":"per month and what you're paying"},{"speaker":"nick","startTime":1910.183,"endTime":1911.533,"body":"for it, I can get pretty darn."},{"speaker":"brian","startTime":1912.823,"endTime":1915.403,"body":"Yeah, there was a, One"},{"speaker":"brian","startTime":1912.823,"endTime":1915.403,"body":"of my buddies is a massive"},{"speaker":"brian","startTime":1915.423,"endTime":1916.435,"body":"do you know Chris Benson?"},{"speaker":"brian","startTime":1916.436,"endTime":1916.616,"body":"I've"},{"speaker":"nick","startTime":1916.616,"endTime":1917.216,"body":"recognized the name."},{"speaker":"nick","startTime":1917.216,"endTime":1917.646,"body":"Is he on Twitter?"},{"speaker":"brian","startTime":1917.655,"endTime":1920.277,"body":"He's not on Twitter,"},{"speaker":"brian","startTime":1917.655,"endTime":1920.277,"body":"but he's reliant self storage."},{"speaker":"brian","startTime":1920.577,"endTime":1920.937,"body":"Okay."},{"speaker":"brian","startTime":1921.297,"endTime":1921.537,"body":"Yeah."},{"speaker":"brian","startTime":1921.537,"endTime":1922.467,"body":"So he does self storage."},{"speaker":"brian","startTime":1922.467,"endTime":1924.877,"body":"He's a, he's another self"},{"speaker":"brian","startTime":1922.467,"endTime":1924.877,"body":"storage syndicated in Georgia."},{"speaker":"brian","startTime":1924.905,"endTime":1926.578,"body":"So he's in one of my mastermind groups."},{"speaker":"brian","startTime":1926.578,"endTime":1930.318,"body":"And so he was talking about how when he"},{"speaker":"brian","startTime":1926.578,"endTime":1930.318,"body":"was like presenting to a group and he"},{"speaker":"brian","startTime":1930.318,"endTime":1932.628,"body":"was, had this like concept like swag."},{"speaker":"brian","startTime":1932.658,"endTime":1936.738,"body":"He like wrote swag and we're like,"},{"speaker":"brian","startTime":1932.658,"endTime":1936.738,"body":"Chris what's swag in your projections?"},{"speaker":"brian","startTime":1936.738,"endTime":1938.028,"body":"And he was like, Oh, that's scientific."},{"speaker":"brian","startTime":1938.028,"endTime":1938.928,"body":"Wild ass guess."},{"speaker":"brian","startTime":1939.198,"endTime":1943.078,"body":"He's We can't be able to tell"},{"speaker":"brian","startTime":1939.198,"endTime":1943.078,"body":"because he like you is like all."},{"speaker":"brian","startTime":1943.513,"endTime":1946.993,"body":"So we can forecast and predict to"},{"speaker":"brian","startTime":1943.513,"endTime":1946.993,"body":"the best of our ability through"},{"speaker":"brian","startTime":1946.993,"endTime":1948.613,"body":"our decades of market knowledge."},{"speaker":"brian","startTime":1948.613,"endTime":1951.845,"body":"He's But we can't forecast everything."},{"speaker":"brian","startTime":1952.745,"endTime":1952.905,"body":"You can't"},{"speaker":"nick","startTime":1952.945,"endTime":1953.765,"body":"forecast interest rates."},{"speaker":"nick","startTime":1953.765,"endTime":1957.905,"body":"You can't forecast interest rates"},{"speaker":"nick","startTime":1953.765,"endTime":1957.905,"body":"from three and percent, and you can't"},{"speaker":"nick","startTime":1957.91,"endTime":1961.355,"body":"forecast twice as many people up."},{"speaker":"nick","startTime":1961.391,"endTime":1964.031,"body":"Half as many people renting"},{"speaker":"nick","startTime":1961.391,"endTime":1964.031,"body":"storage units month over month"},{"speaker":"nick","startTime":1964.031,"endTime":1965.441,"body":"because no houses are selling."},{"speaker":"nick","startTime":1965.469,"endTime":1969.819,"body":"You can't forecast the REITs now"},{"speaker":"nick","startTime":1965.469,"endTime":1969.819,"body":"dropping street rates significantly"},{"speaker":"nick","startTime":1969.819,"endTime":1971.209,"body":"for the first time in five years."},{"speaker":"nick","startTime":1971.253,"endTime":1974.253,"body":"Delinquency doubling, you"},{"speaker":"nick","startTime":1971.253,"endTime":1974.253,"body":"can't forecast that stuff."},{"speaker":"nick","startTime":1974.703,"endTime":1976.063,"body":"This is all happening right now."},{"speaker":"nick","startTime":1976.076,"endTime":1979.946,"body":"You're asking me six months ago is"},{"speaker":"nick","startTime":1976.076,"endTime":1979.946,"body":"self storage and asset class where we"},{"speaker":"nick","startTime":1979.946,"endTime":1983.786,"body":"could see distressed sales, meaning"},{"speaker":"nick","startTime":1979.946,"endTime":1983.786,"body":"like foreclosures and bankruptcies?"},{"speaker":"nick","startTime":1983.786,"endTime":1985.226,"body":"I'd say no, I don't think so."},{"speaker":"nick","startTime":1985.266,"endTime":1988.476,"body":"I think it's too good of an asset"},{"speaker":"nick","startTime":1985.266,"endTime":1988.476,"body":"class for people to go wrong."},{"speaker":"nick","startTime":1989.651,"endTime":1991.601,"body":"I've totally flip flopped on that opinion."},{"speaker":"nick","startTime":1991.631,"endTime":1994.631,"body":"And I think that some people who"},{"speaker":"nick","startTime":1991.631,"endTime":1994.631,"body":"bought real estate bought self"},{"speaker":"nick","startTime":1994.631,"endTime":1997.781,"body":"storage, especially people who bought"},{"speaker":"nick","startTime":1994.631,"endTime":1997.781,"body":"it on 90% leverage with an SBA loan."},{"speaker":"nick","startTime":1997.826,"endTime":1998.656,"body":"Think Me in Big Trouble."},{"speaker":"nick","startTime":1999.776,"endTime":2000.106,"body":"So"},{"speaker":"brian","startTime":2000.134,"endTime":2003.228,"body":"You put another one of your"},{"speaker":"brian","startTime":2000.134,"endTime":2003.228,"body":"quotes that I really liked is how you"},{"speaker":"brian","startTime":2003.228,"endTime":2006.498,"body":"think about investor capital and how"},{"speaker":"brian","startTime":2003.228,"endTime":2006.498,"body":"you think about managing your deals."},{"speaker":"brian","startTime":2006.498,"endTime":2009.468,"body":"You're not trying to give people"},{"speaker":"brian","startTime":2006.498,"endTime":2009.468,"body":"this insane irr and you're not"},{"speaker":"brian","startTime":2009.468,"endTime":2012.288,"body":"talking about, Oh, here's all the"},{"speaker":"brian","startTime":2009.468,"endTime":2012.288,"body":"upside that I'm gonna give you."},{"speaker":"brian","startTime":2012.288,"endTime":2013.788,"body":"It's gonna be the sexiest thing ever."},{"speaker":"brian","startTime":2013.968,"endTime":2017.148,"body":"What you care about is, hey, here's"},{"speaker":"brian","startTime":2013.968,"endTime":2017.148,"body":"every possible way that this deal"},{"speaker":"brian","startTime":2017.153,"endTime":2018.958,"body":"can go wrong and go sideways."},{"speaker":"brian","startTime":2019.005,"endTime":2022.305,"body":"Here's how I'm going to mitigate"},{"speaker":"brian","startTime":2019.005,"endTime":2022.305,"body":"your risk through my operational pro."},{"speaker":"brian","startTime":2022.8,"endTime":2023.82,"body":"And I love that."},{"speaker":"brian","startTime":2024.03,"endTime":2026.304,"body":"Can you talk about some ways that"},{"speaker":"brian","startTime":2024.03,"endTime":2026.304,"body":"you're some leverage that you're"},{"speaker":"brian","startTime":2026.304,"endTime":2029.604,"body":"pulling to stabilize these properties"},{"speaker":"brian","startTime":2026.304,"endTime":2029.604,"body":"and mitigate the downside risk"},{"speaker":"brian","startTime":2029.604,"endTime":2030.954,"body":"going into this next environment?"},{"speaker":"nick","startTime":2031.974,"endTime":2032.274,"body":"Yeah."},{"speaker":"nick","startTime":2032.276,"endTime":2036.808,"body":"I'm of the opinion that the old sales"},{"speaker":"nick","startTime":2032.276,"endTime":2036.808,"body":"method of, Hey, this is, these are all"},{"speaker":"nick","startTime":2036.813,"endTime":2038.248,"body":"the reasons why we should do this deal."},{"speaker":"nick","startTime":2038.248,"endTime":2039.538,"body":"These are the things you're gonna love."},{"speaker":"nick","startTime":2039.543,"endTime":2040.618,"body":"This is why I'm so great."},{"speaker":"nick","startTime":2040.618,"endTime":2041.458,"body":"This is amazing."},{"speaker":"nick","startTime":2041.638,"endTime":2046.078,"body":"When I get on a call with an investor, my"},{"speaker":"nick","startTime":2041.638,"endTime":2046.078,"body":"instinct is to do that, to sell myself."},{"speaker":"nick","startTime":2046.083,"endTime":2046.738,"body":"I'm a good salesman."},{"speaker":"nick","startTime":2046.738,"endTime":2048.798,"body":"I wanna tell 'em all the"},{"speaker":"nick","startTime":2046.738,"endTime":2048.798,"body":"ways that were phenomenal."},{"speaker":"nick","startTime":2049.933,"endTime":2052.603,"body":"Why we've been able to have success"},{"speaker":"nick","startTime":2049.933,"endTime":2052.603,"body":"is because I get on an investor call"},{"speaker":"nick","startTime":2052.603,"endTime":2056.803,"body":"with a high net worth individual"},{"speaker":"nick","startTime":2052.603,"endTime":2056.803,"body":"and I say, Hey, how would you feel"},{"speaker":"nick","startTime":2056.923,"endTime":2058.633,"body":"if interest rates went to the moon?"},{"speaker":"nick","startTime":2058.993,"endTime":2061.963,"body":"How would you feel if we missed all"},{"speaker":"nick","startTime":2058.993,"endTime":2061.963,"body":"these projections for five years?"},{"speaker":"nick","startTime":2061.963,"endTime":2065.953,"body":"How would you feel if we went through"},{"speaker":"nick","startTime":2061.963,"endTime":2065.953,"body":"a severe real estate recession and"},{"speaker":"nick","startTime":2065.953,"endTime":2068.683,"body":"instead of a three year time frame"},{"speaker":"nick","startTime":2065.953,"endTime":2068.683,"body":"or a five year time frame, this turns"},{"speaker":"nick","startTime":2068.683,"endTime":2071.833,"body":"into a 10 year deal and you can't get"},{"speaker":"nick","startTime":2068.683,"endTime":2071.833,"body":"your money out and it's stuck with me."},{"speaker":"nick","startTime":2071.893,"endTime":2072.913,"body":"How would you feel about that?"},{"speaker":"nick","startTime":2072.991,"endTime":2073.711,"body":"And then I say, Okay."},{"speaker":"nick","startTime":2074.341,"endTime":2077.043,"body":"And then I say, Okay, they wanna"},{"speaker":"nick","startTime":2074.341,"endTime":2077.043,"body":"talk about, and then they start"},{"speaker":"nick","startTime":2077.043,"endTime":2079.219,"body":"selling themselves on the deal and"},{"speaker":"nick","startTime":2077.043,"endTime":2079.219,"body":"saying, Okay, don't need the cash."},{"speaker":"nick","startTime":2079.219,"endTime":2080.629,"body":"They start resetting expectations."},{"speaker":"nick","startTime":2080.629,"endTime":2082.129,"body":"They're resetting their expectations."},{"speaker":"nick","startTime":2082.489,"endTime":2086.629,"body":"And in my opinion, stress in the real"},{"speaker":"nick","startTime":2082.489,"endTime":2086.629,"body":"estate business, stress in anywhere"},{"speaker":"nick","startTime":2086.629,"endTime":2089.179,"body":"area of life is misaligned expectations."},{"speaker":"nick","startTime":2089.479,"endTime":2091.759,"body":"If you tell somebody you're gonna"},{"speaker":"nick","startTime":2089.479,"endTime":2091.759,"body":"be here and you actually are"},{"speaker":"nick","startTime":2091.759,"endTime":2092.689,"body":"here, you're gonna be stressed."},{"speaker":"nick","startTime":2093.019,"endTime":2095.539,"body":"If you tell somebody you're gonna be"},{"speaker":"nick","startTime":2093.019,"endTime":2095.539,"body":"here and you're right here, guess what?"},{"speaker":"nick","startTime":2095.599,"endTime":2095.869,"body":"You're not."},{"speaker":"nick","startTime":2097.429,"endTime":2104.207,"body":"So the bottom line is that investors don't"},{"speaker":"nick","startTime":2097.429,"endTime":2104.207,"body":"pay me the big bucks and my fees are high"},{"speaker":"nick","startTime":2104.207,"endTime":2106.007,"body":"and we take a good chunk of the upside."},{"speaker":"nick","startTime":2106.007,"endTime":2109.879,"body":"They don't pay me the big bucks to be a"},{"speaker":"nick","startTime":2106.007,"endTime":2109.879,"body":"bull and buy everything and just let the"},{"speaker":"nick","startTime":2109.884,"endTime":2114.529,"body":"tailwinds of self storage carry, They pay"},{"speaker":"nick","startTime":2109.884,"endTime":2114.529,"body":"me the big bucks to protect the risk and"},{"speaker":"nick","startTime":2114.534,"endTime":2115.669,"body":"make sure I don't lose any properties."},{"speaker":"brian","startTime":2116.719,"endTime":2117.229,"body":"I love it."},{"speaker":"brian","startTime":2117.379,"endTime":2118.099,"body":"And you, Yeah."},{"speaker":"brian","startTime":2118.099,"endTime":2119.849,"body":"And you make sure that they"},{"speaker":"brian","startTime":2118.099,"endTime":2119.849,"body":"don't lose any freaking money."},{"speaker":"brian","startTime":2119.849,"endTime":2121.478,"body":"So what are you doing"},{"speaker":"brian","startTime":2119.849,"endTime":2121.478,"body":"with your operations?"},{"speaker":"brian","startTime":2121.492,"endTime":2124.863,"body":"Obviously besides how you're acquiring the"},{"speaker":"brian","startTime":2121.492,"endTime":2124.863,"body":"properties and how you're structuring your"},{"speaker":"brian","startTime":2124.868,"endTime":2128.482,"body":"debt, is there anything in particular that"},{"speaker":"brian","startTime":2124.868,"endTime":2128.482,"body":"you're doing to make sure that this is"},{"speaker":"brian","startTime":2128.482,"endTime":2130.402,"body":"mitigated from an operational standpoint?"},{"speaker":"brian","startTime":2130.402,"endTime":2133.072,"body":"Because a lot of people that are"},{"speaker":"brian","startTime":2130.402,"endTime":2133.072,"body":"listening to this own self storage."},{"speaker":"brian","startTime":2133.522,"endTime":2133.732,"body":"Yeah."},{"speaker":"brian","startTime":2133.732,"endTime":2133.822,"body":"I"},{"speaker":"nick","startTime":2133.822,"endTime":2136.912,"body":"think if you just own one"},{"speaker":"nick","startTime":2133.822,"endTime":2136.912,"body":"self storage facility and you're"},{"speaker":"nick","startTime":2136.912,"endTime":2139.522,"body":"the one managing it, if you care"},{"speaker":"nick","startTime":2136.912,"endTime":2139.522,"body":"about the property and you answer"},{"speaker":"nick","startTime":2139.522,"endTime":2140.572,"body":"the phone, you're gonna be fine."},{"speaker":"nick","startTime":2141.562,"endTime":2144.232,"body":"At my level, when you're syndicating"},{"speaker":"nick","startTime":2141.562,"endTime":2144.232,"body":"deals and you're raising a lot of outside"},{"speaker":"nick","startTime":2144.232,"endTime":2149.692,"body":"capital, we made sure that we had a fee"},{"speaker":"nick","startTime":2144.232,"endTime":2149.692,"body":"structure so that I could support my"},{"speaker":"nick","startTime":2149.692,"endTime":2153.472,"body":"employees and we could pay good people to"},{"speaker":"nick","startTime":2149.692,"endTime":2153.472,"body":"run our company, even if deals dried up."},{"speaker":"nick","startTime":2153.802,"endTime":2158.842,"body":"And that's gonna be something that's very"},{"speaker":"nick","startTime":2153.802,"endTime":2158.842,"body":"surprising in this cycle, is that even"},{"speaker":"nick","startTime":2158.842,"endTime":2163.192,"body":"if you don't lose any buildings, and even"},{"speaker":"nick","startTime":2158.842,"endTime":2163.192,"body":"if your loans aren't expiring, if you"},{"speaker":"nick","startTime":2163.192,"endTime":2166.582,"body":"are running a real estate private equity"},{"speaker":"nick","startTime":2163.192,"endTime":2166.582,"body":"shop with 12 employees and you only have"},{"speaker":"nick","startTime":2166.582,"endTime":2171.802,"body":"$300,000 of management fees coming, Tell"},{"speaker":"nick","startTime":2166.582,"endTime":2171.802,"body":"me how that's sustainable for five years."},{"speaker":"nick","startTime":2172.672,"endTime":2173.032,"body":"It's not."},{"speaker":"nick","startTime":2173.572,"endTime":2176.692,"body":"Yeah, so people are undercharging,"},{"speaker":"nick","startTime":2173.572,"endTime":2176.692,"body":"drastically undercharging for"},{"speaker":"nick","startTime":2176.692,"endTime":2179.392,"body":"management fees, especially of self"},{"speaker":"nick","startTime":2176.692,"endTime":2179.392,"body":"storages because it's really involved."},{"speaker":"nick","startTime":2179.392,"endTime":2181.222,"body":"There's a lot of work to"},{"speaker":"nick","startTime":2179.392,"endTime":2181.222,"body":"manage self storage facilities."},{"speaker":"nick","startTime":2181.222,"endTime":2185.662,"body":"The REITs, you're gonna pay Cube Smart"},{"speaker":"nick","startTime":2181.222,"endTime":2185.662,"body":"direction space towards 12, 13, 15%"},{"speaker":"nick","startTime":2185.667,"endTime":2187.222,"body":"of revenue to manage an asset for you."},{"speaker":"nick","startTime":2188.092,"endTime":2191.782,"body":"You're gonna pay me 10, 12, 13%"},{"speaker":"nick","startTime":2188.092,"endTime":2191.782,"body":"of revenue to manage the self"},{"speaker":"nick","startTime":2191.787,"endTime":2193.942,"body":"storage asset for me or for you."},{"speaker":"nick","startTime":2194.482,"endTime":2197.782,"body":"A lot of these people who are buying self"},{"speaker":"nick","startTime":2194.482,"endTime":2197.782,"body":"storage with investors are charging 5%."},{"speaker":"nick","startTime":2198.382,"endTime":2201.412,"body":"It's not nearly enough to pay good"},{"speaker":"nick","startTime":2198.382,"endTime":2201.412,"body":"people to manage the properties."},{"speaker":"nick","startTime":2201.742,"endTime":2205.552,"body":"And so when you stop doing deals and you"},{"speaker":"nick","startTime":2201.742,"endTime":2205.552,"body":"stop getting acquisition fees and you"},{"speaker":"nick","startTime":2205.552,"endTime":2209.242,"body":"stop getting refinance fees and you stop"},{"speaker":"nick","startTime":2205.552,"endTime":2209.242,"body":"getting liquidations of selling an asset"},{"speaker":"nick","startTime":2209.242,"endTime":2213.322,"body":"or cash out refis or these big liquidity"},{"speaker":"nick","startTime":2209.242,"endTime":2213.322,"body":"slugs, when those stop coming in a really"},{"speaker":"nick","startTime":2213.322,"endTime":2217.282,"body":"hard period and we gotta go, Let's say"},{"speaker":"nick","startTime":2213.322,"endTime":2217.282,"body":"the next time rates drop down to where"},{"speaker":"nick","startTime":2217.282,"endTime":2218.392,"body":"we can have some liquidity advances."},{"speaker":"nick","startTime":2218.392,"endTime":2220.642,"body":"2024, 2025, 2026."},{"speaker":"nick","startTime":2221.997,"endTime":2224.643,"body":"Real estate shops go hungry and"},{"speaker":"nick","startTime":2221.997,"endTime":2224.643,"body":"it gets really hard if you don't"},{"speaker":"nick","startTime":2224.733,"endTime":2227.022,"body":"have the correct amount of fees"},{"speaker":"nick","startTime":2224.733,"endTime":2227.022,"body":"to, to manage your property."},{"speaker":"nick","startTime":2227.022,"endTime":2228.972,"body":"So that's one thing I"},{"speaker":"nick","startTime":2227.022,"endTime":2228.972,"body":"would say as a takeaway."},{"speaker":"brian","startTime":2229.962,"endTime":2230.532,"body":"I love that."},{"speaker":"brian","startTime":2230.832,"endTime":2233.622,"body":"And for people listening, that's"},{"speaker":"brian","startTime":2230.832,"endTime":2233.622,"body":"something that you can apply right now."},{"speaker":"brian","startTime":2233.802,"endTime":2234.312,"body":"Go back."},{"speaker":"brian","startTime":2234.312,"endTime":2236.622,"body":"Go back, look at your business,"},{"speaker":"brian","startTime":2234.312,"endTime":2236.622,"body":"look at what you can cut,"},{"speaker":"brian","startTime":2236.622,"endTime":2237.792,"body":"look at what you can increase."},{"speaker":"brian","startTime":2237.992,"endTime":2241.502,"body":"And you can do that right now, because"},{"speaker":"brian","startTime":2237.992,"endTime":2241.502,"body":"right now is the time to do it before"},{"speaker":"brian","startTime":2241.502,"endTime":2243.002,"body":"everything starts getting even wild."},{"speaker":"brian","startTime":2243.152,"endTime":2245.612,"body":"Because right now we're in the very"},{"speaker":"brian","startTime":2243.152,"endTime":2245.612,"body":"beginning stages of this, and I"},{"speaker":"brian","startTime":2245.612,"endTime":2249.572,"body":"think that this could go over into"},{"speaker":"brian","startTime":2245.612,"endTime":2249.572,"body":"the next 24 months and ongoing."},{"speaker":"brian","startTime":2249.572,"endTime":2252.962,"body":"So on that point, what is your strategy?"},{"speaker":"brian","startTime":2252.962,"endTime":2256.352,"body":"What's your plan and vision moving"},{"speaker":"brian","startTime":2252.962,"endTime":2256.352,"body":"forward over these next couple of"},{"speaker":"brian","startTime":2256.352,"endTime":2257.762,"body":"years to the best of your ability?"},{"speaker":"brian","startTime":2257.762,"endTime":2260.264,"body":"Obviously you don't have a freaking"},{"speaker":"brian","startTime":2257.762,"endTime":2260.264,"body":"crystal ball, but what's your plan?"},{"speaker":"brian","startTime":2260.414,"endTime":2262.266,"body":"What's the sweaty startup prediction"},{"speaker":"nick","startTime":2262.266,"endTime":2262.896,"body":"and plan?"},{"speaker":"nick","startTime":2263.346,"endTime":2263.496,"body":"Yeah."},{"speaker":"nick","startTime":2263.496,"endTime":2265.576,"body":"I think when times are good."},{"speaker":"nick","startTime":2266.066,"endTime":2270.956,"body":"We make money when times are"},{"speaker":"nick","startTime":2266.066,"endTime":2270.956,"body":"bad, we acquire great properties."},{"speaker":"nick","startTime":2271.826,"endTime":2275.049,"body":"I am so I've I have come to the"},{"speaker":"nick","startTime":2271.826,"endTime":2275.049,"body":"conclusion that, okay, we're not"},{"speaker":"nick","startTime":2275.049,"endTime":2278.179,"body":"gonna make big chunks of money when"},{"speaker":"nick","startTime":2275.049,"endTime":2278.179,"body":"we can't refinance or sell properties."},{"speaker":"nick","startTime":2278.179,"endTime":2279.109,"body":"That's just not gonna happen."},{"speaker":"nick","startTime":2280.159,"endTime":2284.539,"body":"But we can go in and we can do the work,"},{"speaker":"nick","startTime":2280.159,"endTime":2284.539,"body":"and we can buy properties that five years"},{"speaker":"nick","startTime":2284.539,"endTime":2285.979,"body":"later we'll provide that opportunity."},{"speaker":"nick","startTime":2285.979,"endTime":2288.479,"body":"Yeah I think the plan I don't"},{"speaker":"nick","startTime":2285.979,"endTime":2288.479,"body":"know what's gonna happen."},{"speaker":"nick","startTime":2288.479,"endTime":2292.109,"body":"And again, if you're just getting started"},{"speaker":"nick","startTime":2288.479,"endTime":2292.109,"body":"in your real estate journey, The problem"},{"speaker":"nick","startTime":2292.109,"endTime":2297.119,"body":"with getting a lot of advice from guys"},{"speaker":"nick","startTime":2292.109,"endTime":2297.119,"body":"like me is that when you make your"},{"speaker":"nick","startTime":2297.119,"endTime":2301.092,"body":"money and you put your net worth in and"},{"speaker":"nick","startTime":2297.119,"endTime":2301.092,"body":"you all of a sudden have a portfolio"},{"speaker":"nick","startTime":2301.092,"endTime":2304.692,"body":"of self storage worth almost $200"},{"speaker":"nick","startTime":2301.092,"endTime":2304.692,"body":"million, your risk tolerance changes."},{"speaker":"nick","startTime":2305.952,"endTime":2311.922,"body":"You shift from, Okay, I need to make"},{"speaker":"nick","startTime":2305.952,"endTime":2311.922,"body":"money to, okay, I need to not lose money."},{"speaker":"nick","startTime":2313.182,"endTime":2316.422,"body":"The problem is a lot of folks who"},{"speaker":"nick","startTime":2313.182,"endTime":2316.422,"body":"are very early on in their journey go"},{"speaker":"nick","startTime":2316.422,"endTime":2318.882,"body":"around to really rich people and get."},{"speaker":"nick","startTime":2321.057,"endTime":2322.053,"body":"Hey I'm just starting out."},{"speaker":"nick","startTime":2322.053,"endTime":2322.923,"body":"I don't have any money."},{"speaker":"nick","startTime":2322.983,"endTime":2323.493,"body":"What would you."},{"speaker":"nick","startTime":2325.218,"endTime":2325.788,"body":"I don't know."},{"speaker":"nick","startTime":2325.788,"endTime":2328.248,"body":"I've had money for a really fricking"},{"speaker":"nick","startTime":2325.788,"endTime":2328.248,"body":"long time, so what I'm about to"},{"speaker":"nick","startTime":2328.248,"endTime":2330.858,"body":"tell you is not at all applicable"},{"speaker":"nick","startTime":2328.248,"endTime":2330.858,"body":"to what you should actually do."},{"speaker":"brian","startTime":2333.048,"endTime":2335.568,"body":"Yeah, I've had that problem"},{"speaker":"brian","startTime":2333.048,"endTime":2335.568,"body":"on the podcast sometimes where I was"},{"speaker":"brian","startTime":2335.568,"endTime":2338.336,"body":"like, Okay, I've had too many hundred"},{"speaker":"brian","startTime":2335.568,"endTime":2338.336,"body":"million dollar guys back to back."},{"speaker":"brian","startTime":2338.336,"endTime":2340.256,"body":"I'm like, Alright, let me"},{"speaker":"brian","startTime":2338.336,"endTime":2340.256,"body":"bring it back down to the"},{"speaker":"nick","startTime":2340.256,"endTime":2340.526,"body":"choice."},{"speaker":"nick","startTime":2340.531,"endTime":2343.537,"body":"Oh, if I was just getting outta college,"},{"speaker":"nick","startTime":2340.531,"endTime":2343.537,"body":"if I was just getting outta college and"},{"speaker":"nick","startTime":2343.537,"endTime":2348.787,"body":"I didn't have two kids and a mortgage"},{"speaker":"nick","startTime":2343.537,"endTime":2348.787,"body":"and a big net worth to protect, I would"},{"speaker":"nick","startTime":2348.967,"endTime":2353.362,"body":"be very, Bullish and I'd be out mixing"},{"speaker":"nick","startTime":2348.967,"endTime":2353.362,"body":"it up and I'd be getting after it."},{"speaker":"nick","startTime":2353.362,"endTime":2354.982,"body":"And we wouldn't be"},{"speaker":"nick","startTime":2353.362,"endTime":2354.982,"body":"afraid to buy properties."},{"speaker":"nick","startTime":2355.582,"endTime":2358.642,"body":"And I hope this comes off as, I"},{"speaker":"nick","startTime":2355.582,"endTime":2358.642,"body":"hope I don't, I'm not coming off as"},{"speaker":"nick","startTime":2358.642,"endTime":2360.352,"body":"a complete arrogant asshole here."},{"speaker":"nick","startTime":2360.502,"endTime":2365.891,"body":"I'm just saying it's very hard to"},{"speaker":"nick","startTime":2360.502,"endTime":2365.891,"body":"be what do you say, laissez fair."},{"speaker":"nick","startTime":2365.891,"endTime":2366.941,"body":"Like cavalier?"},{"speaker":"nick","startTime":2366.941,"endTime":2367.001,"body":"Yeah."},{"speaker":"nick","startTime":2367.031,"endTime":2367.953,"body":"When you have something to."},{"speaker":"brian","startTime":2367.953,"endTime":2371.736,"body":"No there, it's a great point to"},{"speaker":"brian","startTime":2367.953,"endTime":2371.736,"body":"make because there was a quote somewhere"},{"speaker":"brian","startTime":2371.736,"endTime":2376.914,"body":"where it was like, why would I risk what"},{"speaker":"brian","startTime":2371.736,"endTime":2376.914,"body":"I do have for something that I do do have"},{"speaker":"brian","startTime":2376.919,"endTime":2379.104,"body":"a need for something that I don't need?"},{"speaker":"brian","startTime":2379.434,"endTime":2380.604,"body":"Like I'm already good."},{"speaker":"brian","startTime":2380.814,"endTime":2383.964,"body":"So why would I risk a good thing for"},{"speaker":"brian","startTime":2380.814,"endTime":2383.964,"body":"the possibility of something that"},{"speaker":"brian","startTime":2384.204,"endTime":2387.234,"body":"isn't even gonna marginally increase"},{"speaker":"brian","startTime":2384.204,"endTime":2387.234,"body":"the quality of my life anymore?"},{"speaker":"nick","startTime":2387.714,"endTime":2387.894,"body":"Yep."},{"speaker":"nick","startTime":2387.894,"endTime":2392.372,"body":"So if I had to predict what's gonna"},{"speaker":"nick","startTime":2387.894,"endTime":2392.372,"body":"happen realistically, I think maybe"},{"speaker":"nick","startTime":2392.462,"endTime":2395.432,"body":"three or four months ago, I'd say"},{"speaker":"nick","startTime":2392.462,"endTime":2395.432,"body":"a 20% chance the real estate market"},{"speaker":"nick","startTime":2395.437,"endTime":2397.397,"body":"melts down to really bad recession."},{"speaker":"nick","startTime":2397.757,"endTime":2401.417,"body":"Now, I think maybe it's 35% that"},{"speaker":"nick","startTime":2397.757,"endTime":2401.417,"body":"the real estate market melts"},{"speaker":"nick","startTime":2401.417,"endTime":2402.647,"body":"down to a really bad recession."},{"speaker":"nick","startTime":2402.647,"endTime":2405.437,"body":"If I was a gambling man and I had to"},{"speaker":"nick","startTime":2402.647,"endTime":2405.437,"body":"say, What would Vegas odds be on this?"},{"speaker":"nick","startTime":2405.517,"endTime":2410.192,"body":"But I'm focused on not letting"},{"speaker":"nick","startTime":2405.517,"endTime":2410.192,"body":"that 35% tail event ruin."},{"speaker":"nick","startTime":2410.792,"endTime":2414.602,"body":"Whereas there's a 65% chance that"},{"speaker":"nick","startTime":2410.792,"endTime":2414.602,"body":"things just keep rocking and rolling."},{"speaker":"nick","startTime":2414.632,"endTime":2419.102,"body":"And if we don't see a recession that's"},{"speaker":"nick","startTime":2414.632,"endTime":2419.102,"body":"real estate led and the Fed does reduce,"},{"speaker":"nick","startTime":2419.102,"endTime":2422.073,"body":"and interest rates go back to 5% and we"},{"speaker":"nick","startTime":2419.102,"endTime":2422.073,"body":"can all make money for a while and it just"},{"speaker":"nick","startTime":2422.073,"endTime":2424.053,"body":"goes back a little bit closer to normal."},{"speaker":"nick","startTime":2424.173,"endTime":2427.683,"body":"But if interest rates stay right"},{"speaker":"nick","startTime":2424.173,"endTime":2427.683,"body":"here up near seven to seven, 5%, if"},{"speaker":"nick","startTime":2427.683,"endTime":2431.376,"body":"it stays here for two or three years"},{"speaker":"nick","startTime":2427.683,"endTime":2431.376,"body":"we will have carnage in the real"},{"speaker":"nick","startTime":2431.376,"endTime":2433.056,"body":"estate market, complete carnage."},{"speaker":"nick","startTime":2433.446,"endTime":2436.172,"body":"And that's why frankly, we"},{"speaker":"nick","startTime":2433.446,"endTime":2436.172,"body":"are not buying anything right."},{"speaker":"nick","startTime":2437.357,"endTime":2445.537,"body":"I I, over the past 18 months, from late"},{"speaker":"nick","startTime":2437.357,"endTime":2445.537,"body":"2020 to April of this year, that 18"},{"speaker":"nick","startTime":2445.537,"endTime":2451.297,"body":"month period, we bought 75 million worth"},{"speaker":"nick","startTime":2445.537,"endTime":2451.297,"body":"of storage and the four month period."},{"speaker":"nick","startTime":2451.297,"endTime":2454.897,"body":"This time last year, the end of"},{"speaker":"nick","startTime":2451.297,"endTime":2454.897,"body":"2021 to the beginning of 2022, we"},{"speaker":"nick","startTime":2454.897,"endTime":2457.867,"body":"bought about 40 million worth of"},{"speaker":"nick","startTime":2454.897,"endTime":2457.867,"body":"storage over four month period."},{"speaker":"nick","startTime":2457.957,"endTime":2463.777,"body":"That same timeframe this year, we're gonna"},{"speaker":"nick","startTime":2457.957,"endTime":2463.777,"body":"do one deal worth, 1.65 million, one deal."},{"speaker":"nick","startTime":2463.777,"endTime":2463.837,"body":"Wow."},{"speaker":"nick","startTime":2465.457,"endTime":2469.108,"body":"So we're doing 90% less volume"},{"speaker":"nick","startTime":2465.457,"endTime":2469.108,"body":"right now than we were last year."},{"speaker":"nick","startTime":2469.648,"endTime":2472.601,"body":"Every developer that I'm talking"},{"speaker":"nick","startTime":2469.648,"endTime":2472.601,"body":"to, and let's put it in context."},{"speaker":"nick","startTime":2472.601,"endTime":2473.621,"body":"It's November 8th."},{"speaker":"nick","startTime":2473.951,"endTime":2476.921,"body":"It's election day 2022 right now, if"},{"speaker":"nick","startTime":2473.951,"endTime":2476.921,"body":"you're listening to this in the future,"},{"speaker":"nick","startTime":2477.191,"endTime":2480.641,"body":"so you'll get to see whether or not I was"},{"speaker":"nick","startTime":2477.191,"endTime":2480.641,"body":"an idiot or whether or not we were smart."},{"speaker":"nick","startTime":2480.641,"endTime":2484.001,"body":"We don't know, but we are not doing any"},{"speaker":"nick","startTime":2480.641,"endTime":2484.001,"body":"deals right now because I don't think."},{"speaker":"nick","startTime":2485.366,"endTime":2489.176,"body":"Of the pricing, the sellers are"},{"speaker":"nick","startTime":2485.366,"endTime":2489.176,"body":"not aligned with the buyers in"},{"speaker":"nick","startTime":2489.176,"endTime":2490.376,"body":"what market price is right now."},{"speaker":"nick","startTime":2491.996,"endTime":2492.356,"body":"Got it."},{"speaker":"brian","startTime":2492.766,"endTime":2494.036,"body":"No, it makes a lot of sense."},{"speaker":"brian","startTime":2494.426,"endTime":2497.029,"body":"But I like what you're doing"},{"speaker":"brian","startTime":2494.426,"endTime":2497.029,"body":"where you're operationally,"},{"speaker":"brian","startTime":2497.029,"endTime":2498.079,"body":"like your boots on the ground."},{"speaker":"brian","startTime":2498.079,"endTime":2499.249,"body":"You're like, Okay, cool."},{"speaker":"brian","startTime":2499.29,"endTime":2500.485,"body":"Let's mitigate here."},{"speaker":"brian","startTime":2500.485,"endTime":2502.735,"body":"And that's what a lot of people that are"},{"speaker":"brian","startTime":2500.485,"endTime":2502.735,"body":"coming on this show, and they're talking"},{"speaker":"brian","startTime":2502.735,"endTime":2505.705,"body":"about, especially with their multi-family"},{"speaker":"brian","startTime":2502.735,"endTime":2505.705,"body":"and with all the different asset"},{"speaker":"brian","startTime":2505.705,"endTime":2508.883,"body":"classes, like they're hunkering down,"},{"speaker":"brian","startTime":2505.705,"endTime":2508.883,"body":"they're cutting down the like they're."},{"speaker":"brian","startTime":2509.168,"endTime":2509.708,"body":"Cut and loose."},{"speaker":"brian","startTime":2509.708,"endTime":2513.398,"body":"The dogs of their portfolio, their"},{"speaker":"brian","startTime":2509.708,"endTime":2513.398,"body":"C-class stuff, they're selling it."},{"speaker":"brian","startTime":2513.398,"endTime":2515.798,"body":"They're 10 30 wanting it"},{"speaker":"brian","startTime":2513.398,"endTime":2515.798,"body":"into diff something else."},{"speaker":"brian","startTime":2515.83,"endTime":2519.91,"body":". And so they're, everyone's taking like"},{"speaker":"brian","startTime":2515.83,"endTime":2519.91,"body":"defensive measures, but it also goes back"},{"speaker":"brian","startTime":2519.91,"endTime":2521.71,"body":"to like your particular activating system."},{"speaker":"brian","startTime":2521.715,"endTime":2524.56,"body":"Like you're always gonna see what you"},{"speaker":"brian","startTime":2521.715,"endTime":2524.56,"body":"want to see and what you're focused on."},{"speaker":"nick","startTime":2524.565,"endTime":2527.83,"body":"So six months ago, you were, six"},{"speaker":"nick","startTime":2524.565,"endTime":2527.83,"body":"months ago, those assets were trading?"},{"speaker":"nick","startTime":2527.83,"endTime":2528.61,"body":"They're not trading now."},{"speaker":"nick","startTime":2529.03,"endTime":2529.33,"body":"Yeah."},{"speaker":"nick","startTime":2529.69,"endTime":2531.07,"body":"Today, Tuesday, November 8th."},{"speaker":"nick","startTime":2531.07,"endTime":2533.65,"body":"We're still closing a couple deals that"},{"speaker":"nick","startTime":2531.07,"endTime":2533.65,"body":"went under contract three or four months"},{"speaker":"nick","startTime":2533.65,"endTime":2534.85,"body":"ago and somebody had locked debt on."},{"speaker":"nick","startTime":2535.24,"endTime":2537.95,"body":"But I'd say over the"},{"speaker":"nick","startTime":2535.24,"endTime":2537.95,"body":"last month, we've seen."},{"speaker":"nick","startTime":2539.17,"endTime":2543.55,"body":"Five 20 million plus portfolios go"},{"speaker":"nick","startTime":2539.17,"endTime":2543.55,"body":"out to the market that did not sell."},{"speaker":"nick","startTime":2543.88,"endTime":2544.48,"body":"Did not sell."},{"speaker":"nick","startTime":2544.48,"endTime":2544.69,"body":"Wow."},{"speaker":"nick","startTime":2545.32,"endTime":2548.569,"body":"We've seen, transaction volume and"},{"speaker":"nick","startTime":2545.32,"endTime":2548.569,"body":"self storage is probably 10% what"},{"speaker":"nick","startTime":2548.569,"endTime":2549.859,"body":"it was last year, this quarter."},{"speaker":"nick","startTime":2550.519,"endTime":2550.609,"body":"Wow."},{"speaker":"nick","startTime":2550.614,"endTime":2552.469,"body":"Nothing selling like"},{"speaker":"nick","startTime":2550.614,"endTime":2552.469,"body":"brokers are listing shit."},{"speaker":"nick","startTime":2552.469,"endTime":2555.046,"body":"They're calling me saying, Nick"},{"speaker":"nick","startTime":2552.469,"endTime":2555.046,"body":"this is probably not gonna sell."},{"speaker":"nick","startTime":2555.046,"endTime":2556.396,"body":"We told the guy 5 million."},{"speaker":"nick","startTime":2556.696,"endTime":2557.476,"body":"Can you get anywhere near that?"},{"speaker":"nick","startTime":2557.476,"endTime":2558.046,"body":"I'll say, Nope."},{"speaker":"nick","startTime":2558.046,"endTime":2558.916,"body":"And he'll be like, All right,"},{"speaker":"nick","startTime":2564.211,"endTime":2566.7,"body":"If you're not distressed if the"},{"speaker":"nick","startTime":2564.211,"endTime":2566.7,"body":"asset's not distressed and you're"},{"speaker":"nick","startTime":2566.7,"endTime":2569.34,"body":"not ready to take a big loss,"},{"speaker":"nick","startTime":2566.7,"endTime":2569.34,"body":"you are not selling right now."},{"speaker":"nick","startTime":2570.93,"endTime":2571.32,"body":"Got it."},{"speaker":"nick","startTime":2571.83,"endTime":2573.511,"body":"So it's getting it's getting"},{"speaker":"nick","startTime":2571.83,"endTime":2573.511,"body":"a little dicey out there."},{"speaker":"nick","startTime":2573.609,"endTime":2574.059,"body":"We just gotta"},{"speaker":"brian","startTime":2574.299,"endTime":2574.719,"body":"navigate"},{"speaker":"nick","startTime":2574.719,"endTime":2574.869,"body":"still."},{"speaker":"nick","startTime":2575.049,"endTime":2576.489,"body":"I'm still bullish though over time."},{"speaker":"nick","startTime":2576.494,"endTime":2577.674,"body":"I We're ready to start buying soon."},{"speaker":"nick","startTime":2577.674,"endTime":2580.555,"body":"I know the opportunities will start to"},{"speaker":"nick","startTime":2577.674,"endTime":2580.555,"body":"come and I would guess if I had to predict"},{"speaker":"nick","startTime":2580.555,"endTime":2584.455,"body":"that 2023 will hopefully be another 50"},{"speaker":"nick","startTime":2580.555,"endTime":2584.455,"body":"million year of acquisitions for us."},{"speaker":"nick","startTime":2585.295,"endTime":2585.785,"body":"There we go."},{"speaker":"nick","startTime":2585.785,"endTime":2587.702,"body":"We're just gonna be at we're just gonna"},{"speaker":"nick","startTime":2585.785,"endTime":2587.702,"body":"buy a lot more square footage for that."},{"speaker":"nick","startTime":2588.677,"endTime":2589.317,"body":"Love it, brother."},{"speaker":"brian","startTime":2589.33,"endTime":2590.53,"body":"I appreciate you coming on, man."},{"speaker":"brian","startTime":2590.53,"endTime":2591.716,"body":"Where can people find you?"},{"speaker":"nick","startTime":2591.717,"endTime":2594.904,"body":"Following me on Twitter at Sweaty"},{"speaker":"nick","startTime":2591.717,"endTime":2594.904,"body":"Startup, I release a weekly newsletter"},{"speaker":"nick","startTime":2594.964,"endTime":2598.88,"body":"where you get a lot of in depth thoughts"},{"speaker":"nick","startTime":2594.964,"endTime":2598.88,"body":"on my life, my business our self"},{"speaker":"nick","startTime":2598.88,"endTime":2601.19,"body":"storage, and how I think about real"},{"speaker":"nick","startTime":2598.88,"endTime":2601.19,"body":"estate and that you can sign up for"},{"speaker":"nick","startTime":2601.19,"endTime":2603.453,"body":"that at Sweaty startup dot ck do page."},{"speaker":"nick","startTime":2604.233,"endTime":2604.833,"body":"So love it."},{"speaker":"nick","startTime":2604.923,"endTime":2606.483,"body":"Actually, it's just sweat startup.com too."},{"speaker":"nick","startTime":2607.233,"endTime":2607.503,"body":"There we"},{"speaker":"brian","startTime":2607.508,"endTime":2607.803,"body":"go."},{"speaker":"brian","startTime":2607.893,"endTime":2609.153,"body":"Sweaty startup.com."},{"speaker":"brian","startTime":2609.153,"endTime":2610.293,"body":"Sweaty startup on."},{"speaker":"brian","startTime":2611.358,"endTime":2612.888,"body":"Nick, appreciate you coming on Brother"},{"speaker":"nick","startTime":2613.068,"endTime":2613.428,"body":"Brian."},{"speaker":"nick","startTime":2613.488,"endTime":2614.328,"body":"Thanks for having me, buddy."},{"speaker":"nick","startTime":2614.328,"endTime":2614.928,"body":"I really appreciate it."},{"speaker":"brian","startTime":2615.708,"endTime":2616.398,"body":"Anytime, man."},{"speaker":"brian","startTime":2616.548,"endTime":2619.398,"body":"And with that, that has been Nick"},{"speaker":"brian","startTime":2616.548,"endTime":2619.398,"body":"Cuber and Brian Lube with the"},{"speaker":"brian","startTime":2619.788,"endTime":2621.918,"body":"Action Academy Podcast signing off."}]}