Episode 249: The Five Steps That Make or Break a Storage Deal

Announcer (00:03):

This is the Self Storage Podcast with the original Self storage expert Scott Meyers.

Joe Downs (00:11):

What if I told you that right now somewhere in America, a first time investor is about to close on a self storage facility and they’re going to overpay maybe by $133,000 or more because of a single spreadsheet error they didn’t even know they were making. The seller knows it, the broker knows it, but the buyer, they’re celebrating a deal that’s already underwater. Today I am sitting down with the guy who’s prevented that mistake more times than he can count, and he’s going to show you exactly where to catch that mistake and negotiate the deal before your deposit goes hard, let alone close on the deal long past the time it’s too late. I’m Joe Downs, CEO and partner of the Belrose Group where we’ve acquired over 50 million in self storage facilities over the last seven years. More recently, we’ve also started to develop pro storage and industrial outdoor storage facilities, and I’ve also joined Scott Meyers at the self storage investing and the storage Mastermind where we coach and mentor students to buy self storage facilities.

(01:07):

With me is Jack Pezzino. Jack is our operations and acquisitions lead at Belrose. He runs due diligence asset managers our facilities and teaches our storage mastermind FMG course, which is our five week intensive course that takes someone from curious to confident. It’s not theoretical and neither is Jack. If due diligence was a battlefield, Jack’s the guy on the front lines and the guy he won in the foxhole with you some days I’m sure it actually feels like that. Together with Tim Kane, we lead the Belrose Group where we’re not just educators, we are actual owners and operators. When we teach something, we’ve done it. When we warn you about a mistake, it’s because we’ve either made it or watched someone bleed from it. Today we want to give you an inside look at what actually goes down during our intense five week course on not just getting started in this business but really learning the X’s and O’s, the blocking and tackling the three yards and a cloud of dust and a few trick plays along the way.

(01:59):

Sorry for all the football references folks. I was on a roll. Alright Jack, let’s jump into the nuts and bolts of the course. So Jack, we’ve got ourselves that we’ve put together here, five week pretty intense course. I’m going to give the headlines, the taglines, the weekly naming convention. So for week one we go into underwriting the market. Two we talk about, well, it’s two and three, our two part series of underwriting the deal part one and underwriting deal part two. Then we get into week four, structuring the offer and week five, putting it all together. Jack, that’s a lot and I understand why some students tell us, wow, this is intense and I need to watch it twice and before I really understand it, I shouldn’t say they have to watch it twice before they understand it, but a lot of folks like to watch it twice so they understand it even better. Jack, one of the things that I think is so critical in week one when we’re talking about market analysis is one of the things you teach in it is called the four stage filter system. Can you walk me through what you’re looking at before you even consider a facility?

Jack Pezzino (03:13):

Absolutely. So as we’re going through everything, it is intense to go through, but these typically are pretty big investments where you’re going to be investing anywhere between 500,000 and over 5 million into the facility. So essentially we want to make sure it’s cash flowing and you run a successful business. That’s essentially the ultimate goal here. So in the first step where you’re analyzing the market, we broke it down into four steps where you’re looking at the market as a whole, is it growing, what’s the poverty levels? Is there a bunch of houses being developed? What’s happening,

Joe Downs (03:47):

Jack, why’s the market so important? Why do you start there? I find a storage facility, I find a deal, I stumbled upon a deal, whatever. I want to jump right into the nuts and bolts of the deal. This is a good deal. You are starting your course with the market.

Jack Pezzino (04:01):

Walk me through that. So looking at the market, you have started the analysis because essentially that’s going to make or break your deal. So if you go into a declining market or a market that you’re not prepared to operate in, you’re going to be behind the eight ball before you start. So essentially you want to spend some time and have an understanding of is this a market that I want to be in that’s growing or is it a stable market? What’s the storage? What’s the competitors that I’m looking at? What’s the barrier to entry within that market? Who are my competitors and how are they occupied and how are they operating? And there’s a lot of things to kind of look at from start to finish within each of those categories.

Joe Downs (04:40):

So in our case, we deal with new students, but let’s say I’m not a student and I’m just listening to this podcast and I’m thinking about self-storage. You obviously you would point me to learn about self-storage through this self-storage academy. I would hope at least Jack, but before I made up that decision made up my mind to go to that website and register for a seat at the next academy, convince me why the market is so important to look at first because I feel like I’ve got a great deal and I don’t care what market it’s in.

Jack Pezzino (05:16):

Yeah. So starting with the market overview where if you were looking in a tertiary market and you wanted to put in all state-of-the-art websites and you saw that you were maybe 15 to 20% below market because you found a deal, but essentially you need to know what else kind of goes into that within who are those competitors around you? Are you operating a class C facility in a class A market? What’s at the facility within the physical presence? Are you looking at a no fence, no gate, no lights where it’s operationally worth 20% less than what you’re looking at compared to that facility that is fenced gate lights?

Joe Downs (05:56):

But I could do all that. Why does the market matter?

Jack Pezzino (05:59):

Because the market’s going to dictate whether or not you’re going to be profitable or not.

Joe Downs (06:03):

I feel like if I found a facility that’s 15 to 20 bucks, let’s say below the competition and I’m buying it right, I can reserve enough CapEx to make it look like every other facility, right, with cameras and gates and bollards and fencing and lighting. But what specifically, why might I be making a mistake if I don’t really understand the entire market?

Jack Pezzino (06:26):

So starting with a market you would need essentially are you buying into a market where there’s high poverty, a high crime rate where you may have a collections issue where you might have to necessarily focus more on your collections with folks where you may have to have a So

Joe Downs (06:43):

High poverty and high crime might lead to more collections? Correct. Okay. And that’s a bad thing because

Jack Pezzino (06:51):

If you’re not set up correctly for it where you don’t have the right software where you just use

Joe Downs (06:55):

It sounds like a bad thing. But yeah, so you’re saying software. Alright, what else might I miss if I don’t pay attention to other demographics?

Jack Pezzino (07:05):

So essentially, who are your competitors in the market? What’s their occupancy? Just because someone shows that they’re a hundred percent occupied and doesn’t necessarily mean that they’re a hundred percent occupied in the standpoint of are they collecting rent from all 100% of the people that are in there?

Joe Downs (07:22):

So I might have false market indicators correct from competitors that this is a healthy market. Are there any other market indicators, demographic indicators that it might want to pay attention to? Because the deal could look great and that’s what I think I would typically focus on if I was a new investor. But what would be some other market demographics I might want to pay attention to?

Jack Pezzino (07:46):

So I mean essentially we can use that same example and we’re going to say that this is a great market where the median income is very healthy, the poverty’s low population’s growing by one and a half to 2% a year where things look amazing. Essentially there’s something that you can find within the market analysis where you see developments that are coming in that could potentially hinder your ability to fulfill that 10 to 15% gap or 10 to $15 gap that you’re looking at. Because essentially storage, the number one competitor that storage has is itself. So typically when a market starts to overcome that 10% ratio of new supply coming in where you start to experience rates dropping and if essentially a lot of these markets over COVID where a lot of these developers didn’t necessarily do all their due diligence where they built and then built and then built, where all of a sudden you saw 20 to 30% increase in supply coming into these markets where there’s still a lot of markets out there that are still catching up to that new supply where the demand’s not necessarily there. Now some of these facilities that have a hundred percent occupancy and are still slightly below market appears that they have some opportunity, but some of those rates are starting to come back down as these new developments start to come back in because it’s a battle of occupancy.

Joe Downs (09:11):

Alright, so you went next level there for I thought you were going to go with some low hanging fruit like declining population or median household income, but you just gave that, you’re suggesting our listeners are so smart, they already knew that. So you went new development supply line, which is a mistake we have seen people make not a mistake that we once made, we got hurt by it, it wasn’t a mistake on our part, but we did miss some supply coming in not because of our mistake. And that does hurtful. So like I said in the opening, we’ve either seen people make these mistakes or we’ve made them, I’m going to hedge on whether or not we made it on that one, but we still suffered from it. We survived, but it certainly hurt. Alright, you were talking about occupancy there at the end and that is the perfect segue into what happens in second and third session, which are underwriting part one and underwriting part two. And I think one of the most interesting things we talk about during the second week underwriting part one is the occupancy paradox, Jack. So I think first of all, a lot of people just listen to what an OM says or what a broker says or a seller says when they talk about ao, my facilities 95% occupied and that might be on paper, that’s a green light. Like hey, this is a great looking facility here, but why might that be a red flag jack?

Jack Pezzino (10:40):

So we’ll start with physical occupancy. This is going to refer to the percentage of total rentable units that are currently occupied by tenants regardless of the rental rates or discounts applied. So an equation for that where you would take the occupied units divided by the total rentable units times a hundred to give you your physical occupancy, this is going to show you more of what’s the demand in that market. Second, you have economic occupancy. This refers to the potential rental income a self-storage facility is collecting compared to its maximum possible income that it’s currently advertising.

Joe Downs (11:17):

Alright, so let’s pump the brakes, pump the brakes there because the show’s not on anymore. And sometimes I was smarter than a fifth grader when I was on and sometimes I wasn’t. So let’s make sure I understand. So occupancy is just simply number of occupied units as the numerator divided by number of our total number of units as the denominator, which could be done as units or square feet, right?

Jack Pezzino (11:45):

Correct.

Joe Downs (11:46):

Okay. In this case, what are you using units or square feet?

Jack Pezzino (11:49):

Typically I’ll use units, but you can also use square feet.

Joe Downs (11:51):

Okay, great. I think I agree. Both are great metrics. So I passed, I’m smarter than a fifth grader on part one here. Economic occupancy started to get a little, it was a third dimension there we’re talking dollars now, right? Correct. Okay, so not percentage of units or percentage of square feet were dollars. So what’s my numerator?

Jack Pezzino (12:14):

Your numerator is going to be the actual collected revenue at the facility.

Joe Downs (12:19):

Okay, so gross rent, whatever I collected that month or that year?

Jack Pezzino (12:22):

Correct.

Joe Downs (12:23):

Okay. And then my denominator for the equation, which by the way is a very appropriate example with the fifth grader. I think that’s when they learn these. So the denominator, which is going to give me my percentage output is what

Jack Pezzino (12:40):

Your potential gross revenue based on your current rates that you’re advertising

Joe Downs (12:44):

Potential gross revenue based on my current or street rates, meaning

Jack Pezzino (12:49):

Your street rates,

Joe Downs (12:50):

Current rate that I have that I’m charging my customers or my advertised rate for the next new customer that wants to move in

Jack Pezzino (12:58):

The advertised rate of the next new customer that wants to come in.

Joe Downs (13:02):

I’m going to change the wording that you used. You said potential gross revenue. I’m going to say gross potential revenue because I think that’s how when we talk about acronyms, we say GPRI, right?

Jack Pezzino (13:13):

Correct.

Joe Downs (13:14):

So my gross potential rent, if I could charge everyone in the facility what the next customer was going to pay, is that fair? So numerator is what I’m collecting. Denominator is what I could be collecting. If all the moons aligned and everyone wanted to pay what the next customer is going to pay. You are smarter than a fifth grader.

Jack Pezzino (13:37):

That’s great.

Joe Downs (13:39):

We’re only halfway through this podcast, so let’s hold out judgment. Okay, so why is that so important, Jack?

Jack Pezzino (13:48):

Because right now there’s more and more layers that are added into the self-storage world that’s creating more technology and data driven things that can basically economic occupancy and physical occupancy are both very important physical occupancy to measure the demand, economic occupancy to understand what’s actually able to be collected and is it profitable. So economic occupancy is going to basically factor out all your discounts, concessions, any bad debt that you have or any other factors that can potentially reduce your revenue. And then physical occupancy is equally as important in the standpoint of are people there to rent? You want to basically have those two basically within 5% of one another to have a very well ran facility. However, when you’re looking for one of those value add opportunities, it’s nice to see the shift of a hundred percent occupied and potentially maybe 80% economically occupied. But you still want to understand how to bridge that gap of that 20% within your plan.

Joe Downs (14:54):

Okay. And in the FMG course, of course you go over all of this in depth.

Jack Pezzino (14:58):

Yes.

Joe Downs (15:00):

Talk to me about quickly, I kind of teased in the beginning that some folks who don’t go through our FMG course are out there and there’s definitely every day a mistake is made. I teased and I kind of made up a number, 133,000, you and I have seen 50 grand, we’ve seen 250 grand and everything in between. How does that happen? What’s a quick example of in the underwriting, what’s an example of what someone could miss that they wouldn’t miss if they went through FMG and they wouldn’t miss if they worked with us, but they’re probably missing when they’re not going through that.

Jack Pezzino (15:37):

One of the number one mistakes in self-storage is taxes. So taxes and reassessment of taxes, it’s intimidating because you got to call the local county and you got to talk to a government official and basically explain like, hey, I’m looking to buy this asset, can I get an understanding of how taxes are reassessed here? Skipping that one step. I mean I was working with a student I back in March where they were looking at a facility where they were going to purchase it for about 1.5 million. Taxes were about $10,000, but it changed based on the reassessment. When they did their homework, they found out that taxes were going to go from $10,000 to $27,000.

Joe Downs (16:22):

Whoa. So what does that do real quick? Do the math for me. What does that compute to in purchase price? So that’s a $17,000, you said 10 to 27, right?

Jack Pezzino (16:36):

Yes.

Joe Downs (16:36):

So it’s a $17,000 reduction in NOI because it’s just a straight expense, right?

Jack Pezzino (16:41):

Yep.

Joe Downs (16:42):

And then at a seven cap, what does that mean in purchase price?

Jack Pezzino (16:45):

So that’d be about like

Joe Downs (16:45):

$242,000. So just a wee bit more than the 1 33 I tease the show with. Yep. And that’s a very common mistake. Am I correct in saying

Jack Pezzino (16:55):

That that’s probably the number one mistake that people make when they’re going to analyze a deal and unfortunately no two states or no two counties are really the same, where that’s a step that you really need to pay attention to when you’re going through your analysis on any deal that you look at.

Joe Downs (17:11):

Yeah, we’ve lived it.

Jack Pezzino (17:15):

Yeah.

Joe Downs (17:16):

Alright, so Jack, we kind of bridged over into week three as well there a little bit, but I want to tease something out of week three. Well let me set it up this way week. Is it fair to say week two in the underwriting is a lot of the how to acquire the information we need to properly underwrite?

Jack Pezzino (17:34):

Yes.

Joe Downs (17:35):

Taxes being one of ’em, trailing twelves, that’s another place mistakes are made when we get the trailing three instead of the trailing 12 and we annualize the trailing three because they look better than the trailing 12. That’s another great way to overpay for a facility. But is it fair to say week two or part one of those two weeks is a lot of what is the information we need? Why do we need it, how is it important, why is it important? And then week three is actually the application of that information because we now have to step into the shoes of we have to become the buyer in week three, which is the owner operator. And we have to look at the facility now with the lens on of, alright, we just bought it even though we didn’t, we’re evaluating it, but we have to act like we did and just real quickly touch on what we do there and the lens we put on the glasses we wear, so to speak.

Jack Pezzino (18:31):

Yeah. So week two is essentially, you’re right, you’re going to go through and it’s going to be a lot of data entry where you’re really evaluating like, Hey, do I like this deal? What’s this story? Week three is more so the application of it, making sure you got all the right documents, the correct trailing numbers that you want to see the rent rolls to make sure everyone’s paying,

Joe Downs (18:51):

But also how you’re going to operate the facility. Am I wrong?

Jack Pezzino (18:53):

And that’s the more important aspect of it is it’s great. Let’s just say I’m buying the facility from you where it’s just you operated it in this way, which is fantastic. You ran a very successful business. That’s great.

Joe Downs (19:07):

So the owner is operating it themselves for instance maybe, and they have what computes to a 20% expense ratio. What do we do with that? What do we teach our students to do with that?

Jack Pezzino (19:20):

So it’s great that able to basically operate it to a 20% expense ratio because the industry norm is about 37.5% really creeping up closer to that 38% number. But if I’m going in there and I’m seeing there’s no payroll, there’s no website, there’s no marketing budget,

Joe Downs (19:39):

Believe it or not, a lot of people probably think we come in there, mom and pop run facilities and we go in there and we just slash expenses and we just run it so much more efficiently. But in reality we actually add expenses most of the time. Tell me why.

Jack Pezzino (19:53):

So essentially if you want to go into a market and you want to basically grow revenue, you’re going to need to make sure you have all the right systems in place. And a big misconception is with the payroll where it’s just kind of like if I was operating that facility and I was going to sell it a common question, I would just kind of be like, oh great, does that mean you’re going to stay on and operate the facility for me at the same price? It’s a very hard question to necessarily ask.

Joe Downs (20:19):

So it’s a negotiating tactic you just delivered for the listeners. But why is that though, right? It’s because your time’s worth money and I think that’s where you’re headed with this is because we can’t operate the same way you do. You live next door, I don’t live next door, so I have to hire a third party manager maybe or you don’t have a website, we need a website. You don’t spend money on marketing, we need to spend money on marketing. So anything you want to add to that?

Jack Pezzino (20:47):

Yeah, there’s a fine line to it where it’s just like you don’t want to add everything under the sun and max everything out. You want to make sure that it’s realistic and you’re vetting out everything that you’re inputting, but you want to have a plan in place on how you plan to operate the facility because you’re buying the business to operate it. So it is going to come down to how you’re going to operate it now because the seller’s deciding to sell it and move on, which is fantastic. They did a great job and they deserve to get every dime that they’re selling it for. It’s just you need to make sure that it’s fair for both parties.

Joe Downs (21:19):

Love it. Jack. Week four, we deep dive into financing. But before we get to that, if I’m listening to this podcast and I’m W2 job, I am only thinking about a side hustle and storage is there’s a reason I started listening to Scott Meyer self storage investing podcast. I’m interested in storage, but I’m probably, I might still be a disbeliever like I was once personally when I first sat, took a seat in the academy for the first time, that there’s someone that would lend me a million dollars or $2 million. Walk me through what my options are in self storage.

Jack Pezzino (22:02):

So let’s start with the most common option where you have the SBA to get a loan from. There’s a lot of SBA lenders out there that are more than willing to more so lend to you based on what information you’re able to give to them. So if you’re able to put together a sound business plan and you have a pretty good story behind you, your chances typically are going to go up a little bit depending on if you meet all the SBA thresholds that we go over high level within the FMG class, you then have conventional lending where you can also go to credit unions and other larger size institutions where you’re going to put a little bit more money down. But again, it’s going to come down to the business plan. So SBA, you’re going to look at 10 to 20% conventional. You’re going to look at probably 25 to about 40%, maybe a little bit more. Alright, this is all based on the purchase price. This is all theory.

Joe Downs (23:06):

You’re boring me, I’m just sorry, I’m representing the listener and you’re boring me. I want actionable. I want real life. All right? It’s a million dollar, the seller wants a million bucks, you taught me how to underwrite it. It all makes sense. How much do I need? How much cash do I need? What are my options?

Jack Pezzino (23:28):

You’ll need between 10 to 20% down depending on the deal, probably plus an additional 3% for closing

Joe Downs (23:35):

Costs. So multifamily, I’m a residential guy. I own 10 single families. I’m thinking about a multifamily property. I got side side a great deal with a multifamily, a 10 unit, 20 unit multifamily. And then I’ve got this, I don’t know, a hundred unit self-storage facility over here. Both are a million dollars. Both underwrite, they look like good deals. I’m passed all that Jack’s given it the stamp of approval. How much am I putting down on each? What do my closing costs look like? What do my CapEx typically look like? Site unseen? Just give me general.

Jack Pezzino (24:11):

So you’re looking for down payment probably between 10 and 20%.

Joe Downs (24:16):

I don’t want between numbers to get out of theory. Give me a real deal. Million dollar multifamily, million dollar self-storage deal. Walk me through what those two scenarios look like from a financing perspective.

Jack Pezzino (24:29):

So in a self-storage deal, one that I worked on this year, you needed about $150,000 down payment plus roughly 3% closing costs, maybe a little less. And then I want to say it was roughly about a $20,000 fee to close the SBA loan that they were working on to a multifamily deal. I believe you need about 25% down, which would be about 250,000 plus all the additional closing costs to it.

Joe Downs (24:59):

And then how about CapEx? Yeah, so 150 versus two 50. And by the way, that’s at 15% down. Many deals get done at 10% down, which would be a hundred versus two 50. Let’s assume closing costs are the same. What about CapEx?

Jack Pezzino (25:13):

So the facility I’m thinking of, I mean there is a little things that needed to do like a refresh of gravel,

Joe Downs (25:18):

Ballpark

Jack Pezzino (25:19):

And maybe adding a little bit of lighting where I think it costs maybe roughly about it was under 30 grand because there’s, yeah,

Joe Downs (25:26):

It’s always going to be a range depending on what’s going on. But what’s a good number? 20, 25. 30, 35. Okay.

Jack Pezzino (25:33):

Yeah.

Joe Downs (25:33):

How about a multifamily? I know that’s not our business, but

Jack Pezzino (25:36):

Yeah, you got to make sure you have all your

Joe Downs (25:39):

Carpet, paint, granite, toilets, bathrooms, plumbing, toilets, kitchen appliances. I mean, I don’t think we’re talking 25, 35 grand. So it’s a big number. It’s a big delta. And there’s lenders available, right? SBA is the single biggest greatest difference between self-storage and most other asset

Jack Pezzino (26:02):

Classes. And they understand

Joe Downs (26:03):

It. SBA, we are a business on real estate, a business operating on commercial real estate. That’s the B for business, which also happens to be the same B in sb, a small business administration. And we get to take advantage of that. Our students do. If you’re listening, you get to take advantage of that. Whereas if you’re in a multifamily scenario, a retail, an office scenario, you do not, they are not businesses. Alright, week five, that’s where we put it all together. What do we talk about week five, Jack? What? Just highlight a couple of quick highlights and then I want to tell our listeners where they can learn more.

Jack Pezzino (26:40):

Yeah, we recap the entire thing from looking at the market, making sure that you dot all your i’s, cross all your T’s. You go through, you looked at the offer, you looked at the offering memorandum, you got the supporting docs, you did everything. You sent your offer. And now when you go back and refresh and you start looking at some industry norms to try and make things a little quicker as some quick rules of thumb where expenses, for example, like the industry average, you’re looking at about 37.5 to about 38.5%. However, that’s going to include your 10 percenters in there and your 50 percenters in there and you want to make sure you’re checking the taxes, all that other stuff. But essentially it’s doing the reps and having fun with it.

Joe Downs (27:26):

All right. So it’s fair to say it’s a lot of information, but it’s really important information. If we walk through the market, the underwriting nuts and bolts behind the underwriting. So the logic and the reasoning and then the application of it, the financial aspect of how you get the deal done. And then we wrap it all together. And is it in there or is there more, Jack,

Jack Pezzino (27:49):

There’s always going to be more.

Joe Downs (27:50):

There’s always more. There’s open office hours, there’s mastery calls, there’s pods on deal sourcing. It’s a lot of good fun. Jack, before we sign off here, if someone’s listening to this podcasts and they think you’re smart and they, they’re thinking about this business and what would you say to them? But if they, let’s just say they’re apprehensive or scared. I don’t like to say the word scared. I don’t like the word scared. I think people are hesitant because of unknowns. Not necessarily because of fear. It’s just unknowns. Because it’s amazing when you learn something how just the fear goes away. So I don’t even think fear is the appropriate word to use there. It’s just unknown, uncomfortable with the unknown. So if there’s someone listening is uncomfortable with the unknowns, what would you say then? What’s one piece of advice?

Jack Pezzino (28:46):

Yeah, I mean, I empathize with them because essentially whether you’re looking at a $500,000 deal or $5 million deal, it’s a lot of money that you’re looking to put down. Essentially the biggest piece of advice I would give is get someone to help get a mentor. Essentially, if you’re looking to climb Mount Everest, you’re not going to fly solo. You’re, you’re going to go with a guide.

Joe Downs (29:09):

I saw a stat recently, 95% of people who climbed Mount Everest had a guide. There’s no stat on what happened to the 5% that didn’t,

Jack Pezzino (29:18):

I don’t want to know.

Joe Downs (29:19):

I’m assuming it wasn’t good and I don’t have to worry about it because that’s not something that is on my bucket list.

Jack Pezzino (29:26):

Yeah.

Joe Downs (29:26):

Alright. By the way, they can find a guide by going to this self storage academy.com and registering for a seat at the next academy. Or we also have a storage summit and we got one coming up. We’re going to do ’em from time to time, is something we’ve added as a way to reach out to folks and meet you where you are. So we’ve got one coming up. It’s a two and a half hour deep dive on what Jack and I just talked about, the five week session of what we call F mg, which is the absolutely all encompassing, some have called it intense, I call it complete and thorough five week course, two hour sessions each where we dive into and we go deeper. We’ll go deeper at the storage summit into those five weeks. What happens there? We’ll peel back layers of the onion, I guess a little bit more. Where can you find out more information about that? Of course, at the storage summit.com. The storage summit.com. Feel free to register for the next one. We do have one coming up soon. Folks, thanks for joining us and we will see you next time on the Self-Storage Investing podcast.

Announcer (30:35):

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