Episode 250: The 6-Figure Mistakes Self-Storage Investors Keep Making

Announcer (00:03):

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

Joe Downs (00:12):

Every investor I know has a story they don’t tell at cocktail parties. The deal that looked perfect, the number they didn’t check, the phone call they didn’t make. Reality is they just paid six figures for an education they could have gotten in five weeks. Today, Jack Pezzino and I are going to walk you through some common mistakes that separate the investors who build wealth from the ones who become cautionary tales, and if you’re smart, you’ll learn from their pain instead of experiencing your own. I’m Joe Downs, CEO and partner at 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 Self Storage Investing and the Self storage Mastermind where we coach and mentor students to buy self storage facilities.

(00:56):

With me is Jack Pino. Jack is our operations and acquisition lead. He runs our due diligence asset, manages our facilities, and teaches our self storage students, the student 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’d want 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’re actual owner operators. When we teach something, we’ve done it. When we warn you about a mistake, we’ve made it or we’ve watched someone bleed from it. Today we want to walk you through some of the common mistakes, new investors making this business and how you can avoid them.

(01:37):

Jack, and I see a lot of these mistakes with our new students that they try to make or almost try to make. Some of them are pretty obvious. Others might surprise you. All right, Jack, let’s jump into it, and I’m sure you are. I’m often approached by people who know I’m in self storage and they try to hit me with those national headlines like those gotcha moments. You, and I know self storage is a local business, but when you’re new and you don’t know that, what are some examples of how some folks ignore the local intel in favor of the national hot take clickbait headlines?

Jack Pezzino (02:14):

Well, one of my favorite ones there comes with expenses, which we’re going to talk about a little bit later I believe as well. But essentially you’re always told that the industry average is around 35% or 37.5% or 38.5%, whatever it may be. That’s one that I always kind of chuckle at because essentially that’s an average, meaning you can have those expense ratios that are at 10%. You can also have those expense ratios that are over 50%. There’s a lot more that kind of goes into it based on how you’re operating the facility, how large the facility is, how often taxes are getting reassessed if you have the proper insurance coverage, if you plan on marketing what your occupancy level is. The list goes on and on. But essentially whenever I see somebody that is looking at a facility in the southeast where it’s like, oh yeah, they were operating at 50%, but I’m going to take this facility and knock it down to 35%.

Joe Downs (03:14):

So it sounds like you’re getting geographical there. So you said Southeast, let me point you in a different direction. What if I went up to extreme Northern New York up by the lakes? What’s an example of an expense that might not be captured if I just took a 35% expense ratio, for instance?

Jack Pezzino (03:36):

It’s a great time to bring that up because essentially we’re in December right now, and you might see people that might put a trailing six number into their expenses where you’re looking at this and it’s like, oh yeah, this is great. The repairs and maintenance budget is $4,000.

Joe Downs (03:55):

So trailing six would be July to December. Well, we’re in December now, so June through November let’s say.

Jack Pezzino (04:02):

Yeah,

Joe Downs (04:03):

Okay. And what might be missing on that trailing six from an expense standpoint, Jack?

Jack Pezzino (04:09):

So up in the Great Lakes, I mean essentially in upstate New York, it snows a little bit where in a lot of those areas you’ll typically get about five plus feet of snow, where if you don’t have that budget in there, it can be a pretty big hit on your facility. I mean, one thing that I’ve noticed looking at a lot of those facilities up there is the owners typically have plows in the front of their trucks and live pretty close by to basically take that expense themselves. But we own a two property portfolio out there, and I think it’s just under $20,000 to have those two facilities plowed and properly serviced throughout the entire year.

Joe Downs (04:50):

So if I’m reading between the lines, that was a second level expense line, I mean you just picked up there or an expense you might miss. So on the first hand, the trailing six I think we were trying to demonstrate is the snowplow expenses aren’t even on it, right? Because it wasn’t snowing. Correct. But the reason I say that sounded like a second level, second layer deep analysis was even if the snow, if I get a trailing 12, and I would then assume, well, certainly this has the snow expenses covered in it, that’s making the assumption that I’m also going to get on the plow and do the plowing myself as the owner. Is it not?

Jack Pezzino (05:38):

Yeah.

Joe Downs (05:39):

Okay. So often our students might miss that, or in the case of we bought a facility up in upstate New York, that’s something that we had to think through as well. Check me if I’m wrong, but didn’t the owner want to sell us the plow too?

Jack Pezzino (05:57):

It was pretty old. And when they went to go replace it, I think that to replace a piece of equipment was going to be to get the right piece of equipment would’ve been over $150,000 to get that right piece of equipment, the one that we found for,

Joe Downs (06:10):

But even if it came with the facility, that assumes that we’re going to need someone that works for us get on that thing and plow the snow and that just the way we were going to operate the facility,

Jack Pezzino (06:20):

And you need to have the right insurance policy for it too.

Joe Downs (06:22):

Yeah, the way we were going to operate the facility, that just wasn’t going to make sense. So we had to, what? We had to go out and find a third party snow removal service, so that was a two for there. On the one hand, you might be trying to be snookered by not realizing, hey, that trailing six represents the whole year. Of course it does. Well, in this case it might not have from an expense standpoint. Then in addition to that, even if it did, we have to then make sure we’re understanding how that facility is operated from a snow removal standpoint. In this case, the owner himself was actually jumping in the plow or the truck with the plow or whatever it was,

Jack Pezzino (07:01):

And shoveling out the doors, the

Joe Downs (07:02):

Plow, no, it wasn’t even a truck with a plow. It was actually a tobacco right or something, whatever it was,

(07:08):

He was doing it himself, whereas we had to actually add that expense line up. So that’s just another a great example of looking a layer too deep or like we talked about, or we definitely talk about in the FMG courses, how do apply the expenses. So not only understand what they are, but how do they apply to us in terms of how we’re managing that facility from a national standpoint. What’s another example of the headline was this. I’m often people, like I said, when I led into this segment with those, people are always hitting me with, oh, I heard storage. Is this from a national perspective or storage? Is that from a national perspective? And I just kind of look at ’em and say, yeah, but unfortunately for your gotcha moment, what you don’t realize is that storage is local, so it doesn’t really matter. It’s a 1 3, 5 mile business, 10, 15 minute drive time. What’s another common misconception from a national versus a local standpoint?

Jack Pezzino (08:14):

So a fun stat that was thrown out there, I don’t know when, so I’ll have to look it up, but was the supply index, which essentially is what is the square feet per person in a market? And somewhere along the lines it was if the supply index is under 10 square feet per person, it’s a properly supplied or slightly under supplied market. Most states average right around that eight square square feet per person threshold. However, there’s a lot more that goes into it where essentially there’s plenty of markets out there that can have a supply index of about six or seven square feet per person. To that logic would be a lower undersupplied market that could actually be oversupplied.

Joe Downs (09:02):

So Jack, so a supply index of 12, if I was talking to someone who’s spouting national statistics at me, a supply index of 12, let’s say pick any market in Florida would mean what to me To them it would say that market O saturated. So it’s oversaturated, it’s 12. I read that the numbers should be between eight and 10, and this one’s a 12, you idiot. What would you say to that at almost any market in Florida and why

Jack Pezzino (09:38):

That’s 20% above the average. So it’s one of those, it is scary, but you got to look at where you are. I mean, essentially what’s used two examples here where you go down to Florida where essentially you have no basements, you have attics, you might have, but you’re not really going to use it.

Joe Downs (09:57):

It’s 400 degrees up at the attic check. We’re not using it,

Jack Pezzino (09:59):

Right? You’re not going to use it. So essentially you don’t have that additional space that you would in the Pacific Northwest where if you’re in Idaho, you’re going to have the attic, the basement, possibly the garage in there where essentially what you’re storing is going to be slightly different out there. You might be looking to store more of your RVs and boats and toys that you might have, like ATVs, dirt bikes, or the units might be a little bit larger, whereas in Florida, you might have either more multifamily or those houses built on slabs where you’re looking at more 10 by tens in that market,

Joe Downs (10:38):

But more importantly, no attics and no basements, right? So just naturally you’re going to have a higher equilibrium of a supply index than let’s say you would in the suburbs of Philadelphia where we are.

Jack Pezzino (10:56):

Yeah,

Joe Downs (10:57):

That fair to say right now, do you know exactly what that number is in Florida?

Jack Pezzino (11:01):

Unfortunately, no. The best way to kind of find out is to make it into a little bit of a game for yourself where you’re making yourself a list.

Joe Downs (11:10):

Oh, you’re going to gamify it. That’s all the rage these days. All right. How do you gamify your supply index in Florida?

Jack Pezzino (11:17):

So what you’re going to do is you’re going to make a list of all your competitors and you’re going to try and run a unit, whether you’re going to have to have, you’re going to really have to try to run a unit where you’re going to call and be an actual customer.

Joe Downs (11:30):

What am I going to learn by calling my customers and trying to run a unit? Sorry, I said customers, I mean competitors,

Jack Pezzino (11:35):

But calling your competitors. You’re going to find out is it the owner answering the phone? Is it the manager opening the answering the phone, or is it a call center answering the phone and breaking that down further? Is it a US-based call center or is it overseas? You’re going to be able to hear all those things when you make those phone calls, which are great notes to take to have an understanding of how that market operates to,

Joe Downs (12:00):

But what am I going to learn about the supply when I do that?

Jack Pezzino (12:02):

So essentially, if you have somebody, we purchased one in Georgia where when we were looking and we did all of our competition analysis and the almost 10 mile radius there up until, I want to say about eight miles, everyone that we called pretty much laughed at us and was just like, yeah, we have no availability. When something becomes available, it’s pretty much gone in the week.

Joe Downs (12:26):

So I’m in a market with a supply index that’s 12, and I called all my competitors, and what I just found out was everyone’s full with a wait list. Would you say that the equilibrium of that market is 12 as a supply index or greater?

Jack Pezzino (12:41):

Probably greater. If everyone’s full with a wait list, get the developer out there. We should be building. That’s exciting.

Joe Downs (12:51):

Yeah, exactly. So folks, the national headlines, the clickbait, the hot takes, that is what they are. Storage is a local business, so whether it’s supply index or from expense standpoint, we have to maintain a local understanding of what we’re doing. Jack, I want to switch gears here, and I love this topic because it’s something I think we do very well when we are in due diligence and we’re looking at a facility. By the way, this does not get talked about enough, so I want you to shed some light on the digital due diligence that we do when we talk about due diligence, when we talk about we want p and ls and management reports and we do a site inspection and appraisal and a survey and a phase one, we often, I mean, I know we do in our FMG course and in our mastermind and in our pods and our office hour, we talk about this all the time, but you never hear it out on the street. You never hear it from a national perspective. Talk to me about the pro, not the pros and cons, but what’s skipping digital due diligence. I guess what I want to ask is the opportunities that you can find from digital due diligence, but also the pitfalls in skipping your due diligence when it comes from a digital perspective and what that means.

Jack Pezzino (14:29):

So essentially, we’re in an age now where we all carry these computers in our pockets. It’s crazy where we have these phones that you can do a lot of things on. So essentially you got to think of it as if I were renting a unit, what am I going to do? And my wife and I, we have rented storage in the past, and my wife each time literally goes in her phone, types in storage near me and let’s see what pops up. However, that’s a very simplistic way of looking at it, and I mean there’s literally marketing companies out there. I can name a dozen of them that are in cell storage that are exclusively for self storage, that focus on search engine optimization, which is also called SEO. So there’s a lot of factors that go into that search engine optimization to basically who can show where.

(15:16):

So if you’re in a market with a lot of the real estate investment trusts or also called REITs or the large operators out there that own over 30 facilities, they know how to do it. So you want to make sure if you’re buying a facility, that’s something that you’re paying attention to. So you can basically position yourself in a way where you are found easily, where I’m just going on my phone and I’m literally just typing in storage near me to basically find out how I come up, and that’s only a part of the equation. The second part of that is how easy is your website? One thing you want to look at as you’re kind of going through as well is try to go through and run a unit, create a name, emails, bring it to almost to the payment method to kind of see

Joe Downs (16:03):

Such a good point. It’s so important.

Jack Pezzino (16:05):

Yeah, because essentially

Joe Downs (16:08):

Is the chef eating his own cooking?

Jack Pezzino (16:10):

If you get pulled to a second page where it’s a popup, are you going to continue to do it or are you going to be spooked out where you’re just like, oh, no, am I on the same site? This says X and now this says Y. What’s going on? You want to see how seamless that process is and if you would go through that process. Yeah, I was just going to say, is it

Joe Downs (16:29):

Easy? Is it difficult? If it’s difficult, are you only continuing because it’s your facility or are you being honest with yourself and saying, well, I wouldn’t, if it was me, I wouldn’t click, click on this next one. I’m not jumping through these hoops unless I really desperately need this unit and it’s the only one available I might give up. And that’s you and I, although you’re a little younger than me. Let’s think about anyone older in their, I was going to say fifties and sixties, but I’m in my fifties, even older, in their sixties or seventies. God, that was such a wow, what a realization moment I just had. I’m going to have my own private podcast here in a second with a therapist. Think about, seriously though, think about people in their sixties or seventies renting a unit. They’re not jumping through those extra steps. First of all, I’m glad. Kudos to them for even being on their phone trying to rent a unit, but if you didn’t make it easy,

Jack Pezzino (17:33):

Oh, it’s not easy. They’re out. I mean,

Joe Downs (17:36):

They’re not closing. They’re going to go somewhere else. They’re going to make a phone call and they’re going to drive probably further out of the way to whoever answered the phone and go rent that unit. What else? From a digital standpoint, what are the opportunities? What are some of the things that we love to find, meaning love to find or missing? Not there.

Jack Pezzino (17:55):

Broken websites, no website in a fairly market where you have a lot of mid-size operators where it’s under 30 competitors where essentially you’re down in the bottom because you don’t have the right search engine optimization like that SEO presence that’s there where you can capitalize on it. But I mean essentially that’s where you really need to focus on your marketing budget. So one thing, kind of going back to the expense, the expense game a little bit for a second is one of the mistakes I always see as well with a lot of people that I’m working with right now as well as when I first started is marketing. It’s a catchall who understands it. It’s one of those marketing. Yeah, it’s everything. So one thing I like to kind of do is separate it out. So you’re going to have your software slash website as one category as well as your digital advertising in another, or I should say advertising, because you really want to kind of do that market research to see if you should sponsor the little league team if they get a good turnout.

(18:58):

But you want to make sure that you have a separate budget between the two. Because one of the biggest things that I see happening here as well is, which is important to digital due diligence, is you max out your marketing budget with just your website. So you want to know what website you’re going to be using and if it fits that market and you’re not spending all your marketing dollars just on your website. So a way to alleviate that is to kind of separate the two out and have a marketing budget for advertising and then a software and website budget to make sure that you have both accounted for, especially today, because your biggest renters are going to be your millennials, which is my generation, and then the Gen Z is right behind it and Gen X and baby boomers closely behind them. So I mean, it is still being used by everybody. It’s just the two leading categories right now are the millennials and Gen Z, because we’re moving a lot. We are fine going into apartments, we’re taking smaller footprints, but it’s easier for us to just spend the extra couple hundred bucks for a unit than getting that 2000 square foot house or 1500 square foot house, whatever it may be.

Joe Downs (20:12):

Those are great points. If I understood you correctly there, what you’re saying is in really in due diligence and in your underwriting, you’re breaking out, you’re separating your marketing budgets. One sounded more like a startup budget. Is that fair to say?

Jack Pezzino (20:27):

I would say you want to have your software and website here in this bucket, and then you want to have your advertising here in a separate bucket. You want to have two separate line items

Joe Downs (20:38):

From an operational standpoint. Gotcha. From a monthly standpoint. But then in addition to that, then since you didn’t make the point, I’ll look smart and make it, you also need probably a startup budget, especially if you’re taking over a value add facility that may not have a website. So not just my monthly maintenance, we’ll call it, of hosting a website. And I understand what you’re saying. You’re separating your ad spend from your Yes, I guess tech package. I don’t know if that’s the right way to say it, but I think hopefully you understand what I mean when I say that. But there might also be the startup to launch a website design, create a website if the facility doesn’t have it. I think that’s often overlooked and missed and is a common mistake by first time investors. And I know we see it, and when folks are coming through the FMG and mentorship program is obviously we’re teaching it, but at their first pass at it, they’re missing it because let’s be honest, it’s not something we think about.

(21:38):

A lot of times we’re in a W2 job. We might be an accountant, we might be a doctor, we might be a dentist, and we’ve never had to launch a business and we’re learning how to manage. We’re learning how to underwrite and find it source, evaluate, underwrite, buy it. But it’s very common and I’m, I’m not chastising anyone. It is very common to miss the fact that we’re also a lot of times launching a business, even though it’s already established, we’re relaunching it when we buy it. So I think that actually seems to be a common mistake that I’ve seen a lot of people make and not for nothing. I noticed that you made sure to let people know that you were also not 50 by claiming millennial status.

Jack Pezzino (22:27):

I just had to claim it. Yeah, I mean, you were up your age. I figured I had to bring up mine. I mean,

Joe Downs (22:31):

I will let that slide.

Jack Pezzino (22:33):

It only felt fair.

Joe Downs (22:34):

I was having a moment and you just took advantage of it, but I’ll let that slide. Alright. What are some bad underwriting assumptions that we often see? Again, we see them attempted from our students. We don’t let anybody make it, but we also see folks join our mastermind and we’re out there in the street, we’re at conferences and we talk to folks, or we’re even talking to folks who bought facilities and they’re trying to get out of ’em because they made these mistakes. What are some of the bad underwriting assumptions, Jack?

Jack Pezzino (23:10):

So an easy one to knock out is essentially if you’re looking at a 10 by 10 that’s being advertised for $130, but the achieved rate is a hundred dollars, you’re taking on a 30% gap. But we’ve talked about that one quite a bit between the economic occupancy and the physical occupancy. But something else is looking at the trade areas where if you’re looking in, we were looking at a market recently in the Midwest where essentially we were looking at competition within five miles, but in the three to five mile radius on the west side, there was this river that basically was splitting, oh, I remember this deal.

Joe Downs (23:52):

I know exactly what deal you’re talking

Jack Pezzino (23:54):

About. It was crazy. It was splitting the demographics and everything where it was really almost a 30 minute drive time to get to those locations.

Joe Downs (24:02):

And the bridge was north of, there was only one way over the river to get from where the population, I remember this exactly where the population was. This is a student deal. We helped ’em with the population was across the river. What 90% of the population that was being included in our supply index was maybe it was 80. It was a healthy number.

Jack Pezzino (24:23):

It was a strong part of the number. But the bigger thing there was, it was showing higher comps on that side where the rates were a lot higher over there than they were. Well, that too locally.

Joe Downs (24:34):

That too for sure. But for me, the bigger kicker was the fact that most of that population, which again, if it was a lazy underwrite and you didn’t really pay attention to what you were doing, you would’ve included that population. And unfortunately, look, I think we all know, I’ve said it, I believe in this episode, we’re local 1 3 5 miles. Well, that fit in the 1 3 5 miles, but you know what? It didn’t fit in the 10 to 15 minute drive time because for that population to reach this facility, they had to go north over a bridge and then come back south. And by the time they did that, it was a 20 minute commute from this kind of the epicenter of where that population was. And there was plenty of facilities on the other side of the river. Nobody was driving that way. So we had to help this student understand, correct me if I’m wrong, but this is how I’m remembering it, that we weren’t pulling from that population and I think even pushed back, and I believe we said, go get the rent roll and let’s map it. And sure enough, 80%, or it was the standard 80 20 role, 80% of the customers were on the side of the river that he was on. So we had to redo that supply index and it went from under supplied or right around equilibrium, give or take to slightly oversupply, but not so concerning

(26:04):

That we talked him out of it, but is something that we had to pay attention to. And this is where this is, I love this example because it’s Cascades, the due diligence cascades downward. So now with that new information, we had to take a look at, well, what are our growth rate assumptions? Because if we don’t have the supply we thought we had, we can’t raise rates as much as we thought we would want to in year one, which we’re not huge fans of getting aggressive in year one anyway. But in this underwriting that was brought to us, it was aggressive in year one. Am I wrong?

Jack Pezzino (26:38):

Yeah, no, I mean I think they were going about 10% right off the bat with dynamic pricing facility, meaning you had people that were paying, again, to keep numbers simple, it was people paying anywhere between 90 and $110. So you were going to get either a $9 or an $11 raise. It was eye opening.

Joe Downs (26:59):

And we modeled that out. If you looked at you raise those rates, you lose X amount of customers and likely more there. And then the population is on the other side of the river. It’s not there to backfill it even at your new rate. And I think we modeled that out like you’re out of business in 12 to 18 months, this won’t be sustainable. And then on top of that, folks be careful about your third party management because he was getting artificially low third party management quotes to make the deal work. It was just a whole disaster that we helped him understand how to re-underwrite it, re-approach all the assumptions to the deal, et cetera. And a lot of that credit actually goes to you, Jack, but that’s just some of the stuff that we teach our students and we’re there as guides and mentors to help ’em along the way.

(27:56):

I got too excited about that one because I remember it so vividly. And I do want to cover this one last topic before we run out of time. And it’s so boring, but it’s so important, Jack, how important is a good self storage attorney, not just a real estate attorney, but a really good self storage specific attorney in this equation? And I am asking you that, which is putting the ball in the tee for you, because I already know this morning we had a whole conversation, which was total vindication for you and I with a student who complained about how expensive the attorney we referred to him was. And then today told us what lay out the story and the mea culpa,

Jack Pezzino (28:47):

Essentially it went from this attorney’s super expensive to, oh my God, I love them. Where essentially, and I believe

Joe Downs (28:55):

He said, turns out not that expensive at all.

Jack Pezzino (28:59):

It was insinuated. But it is one of those things where you’re not going to get a tax attorney to defend you in court unless you’re committing tax fraud, which you want to make sure you’re lined up with the proper tools to do the job. Same reason why I won’t hire a self storage attorney to buy a house. It’s not going to match. So

Joe Downs (29:24):

In the interest of time, what did the student buyer want to do? What was missing from the advice they got? And how did the experienced attorney save the day?

Jack Pezzino (29:37):

So it came with a bank term sheet where they just put a bunch crazy different terms into the term sheet in the 11th hour, basically getting into the excitement of closing. They waited till a couple days before closing and then boom, there it was. They put in all these very aggressive terms that were fully in favor of the bank and would’ve put the student at risk where the attorney flagged it and was just like, whoa, whoa. Hold on a minute. Do you want to agree to these things here? Because this is the liability it puts you in. And essentially the reason why we always say you always want to use a self-storage savvy attorney is because they’ve seen it and they do a multitude of different real estate transactions where they know what they’re looking for. They do this every day. We might not see this as exciting, but they do.

(30:32):

And they can go into these documents that are 50 to a hundred pages or even 15 pages, read through it all, and they know exactly what they’re looking for. They know exactly where it is. They know the comma that can change the entire paragraph, and they’re there to protect you. So essentially at times when people tell me, Hey, the attorney was expensive. There’s mistakes that we’ve been prevented by with our attorney that the five grand that we pay, it hurts, but at the same time, the 50 to a hundred to millions of dollars they’ve saved us. It’s just like

Joe Downs (31:10):

Doesn’t hurt quite as much as it could if you don’t spend that money and taking a guide up Everest, this is your guide through the legal process and closing process. And folks, you’re just, I dunno, unless you’re an attorney yourself, you’re playing with fire.

Jack Pezzino (31:29):

It was actually one of the lessons I learned right when I first started, because I came from a background where I’d tried to mark up letters of intent and I marked one up and I remember bringing it to you, Joe, and was just like, Hey, is this okay? And I still remember it where it was just like Joe asked me where I went to law school and I didn’t have a great answer.

Joe Downs (31:49):

Hard. Now we all think we’re real estate agents. We all think we’re attorneys, and the truth is we’re none. And we should respect both of those professions a lot more than we do.

Jack Pezzino (32:01):

Full transparency. I missed a bunch of things on that too.

Joe Downs (32:04):

Great stuff, great stuff. Listen folks, if you’d like to learn more about self storage investing, please join us at our next academy, and you can register right over at the self-storage academy.com. Or we also host Storage Summits, which are on Saturdays. They’re two and a half hour deep dives into a lot of what Jack and I just talked about. We go over our FMG course, which is really our starter course, and how we start folks out in the business, understanding how to source, evaluate, underwrite, and close self storage deals, avoid all the pitfalls. You name it, you can register there as well@thestoragesummit.com. So it’s the self storage academy.com or the storage summit.com. Register for both. Why not? Thanks for joining us. We’ll see you next time in the Self Storage Investing podcast.

Announcer (32:58):

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