Attracting Passive Self-Storage Investors

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How do you scale your self-storage business without risking your investors' trust?

Scott dives into the art and science of raising private equity, sharing his proven strategies for crafting compelling investment offerings, building trust with equity partners, and creating systems that support sustainable growth.

Learn how to attract the right investors, structure deals effectively, and deliver returns that keep your business ahead of the pack.

WHAT TO LISTEN FOR
02:14 Crafting Compelling Offers: Storytelling with Data
09:37 The Key Metrics Investors Want to See
17:38 Networking 101: Finding Your Ideal Investors
26:20 Skin in the Game: Why It Matters to Investors

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Chapters

• 2:14 Crafting Compelling Offers: Storytelling with Data
• 9:37 The Key Metrics Investors Want to See
• 17:38 Networking 101: Finding Your Ideal Investors
• 26:20 Skin in the Game: Why It Matters to Investors

Transcript

Scott Meyers (00:00):

We've never lost a dime of our investors' money. We've never had a capital call, and our returns are higher than the industry average, the national average, and virtually all of our fellow competing syndicators in the self storage world that are doing things in a very similar fashion to we are. So that put ourselves, that puts us in a kind of rare air.

Announcer (00:19):

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

Scott Meyers (00:29):

Hello everyone and welcome back to the Self Storage Podcast. I'm your host at Scott Meyers and on this episode we're going to be focusing on as we head into 2025, for those of you that have a big, hairy, audacious goals, that comes with a lot of growth. So the fuel for that growth of any business obviously is the cashflow. That is what allows you to be able to grow. It is a cash that you layer on top of debt or the amount of money cash that you raise that allows you to be able to grow because eventually you're going to run out of your own retirement funds, your own investment funds, and in order to be involved in the game of commercial real estate, it takes lots more commas in zeroes in order to play this. And so I learned that very early on in my career as we did too, multifamily projects in the beginning of my commercial career and recognize that, okay, I need to get really good at raising capital if I'm going to do more.

(01:17):

And so I began to dig in and learn the things that I needed to do in order to raise a capital. And yes, I involved my attorneys and I involved others around me and that mentors that I leaned on, folks that have raised a lot of capital and really it boils down to this. So be successful syndicator and capital raising partner essentially has to master these three areas. One is that you have to have a compelling offer, a compelling offering memorandum that involves everything from the asset class, starting with that two, the market that it's in, and then also depending upon what route you're going, it has to be a strong deal that they can easily digest and understand. So it starts with a compelling offer. Second, it starts with then the story. And when I say story, I don't mean your story or anything that you're going to fabricate or anything that you're going to perhaps make look a little more fabulous than it truly is.

(02:14):

It just means that, hey, this on the surface may not look like the best opportunity, but we've got experience and we see this as a turnaround project and here's why. And walk 'em through the steps of how you're going to be able to create value in that facility, whether it's an existing facility that you are turning around the management and adding additional profit centers, or if it's a development opportunity in which you're starting with a piece of ground and then you're going to add an asset on it, you're going to add self storage, building or buildings, and then you're going to add an income stream on it that is the true value add. And then how you plan to exit along with the timeframes. So that entire story of how you're going to be able to create money with what you're starting with and what you're presenting to them, then obviously it has to be very clear and very simple for them to understand because yet again, a confused mind says no.

(03:00):

And then third is the data behind it. So it's one thing to have a nice, as we call it, a slick or a brochure, the shiny that you put into their hands, although these days that it's an electronic version of A PDF or if you're going to present a webinar and it is a nice shiny PowerPoint that you're going to present to these folks, that's well and good. However, when it comes time for them to invest to today's savvy passive investor now wants the data behind it. So if you show that the supply index is only three square feet of self-storage per capita and only two and a half and temperature controlled, well, then you need to have the feasibility study to show that the data behind it. If you are going to show how you're going to take this existing facility that is only renting up at 67 cents per square foot and you're going to take it up to a buck 20, well, you need to have the market data, the market statistics, or again, a feasibility study to show the proof behind it so that it's very easy for your investor to be able to say yes.

(03:57):

And so there's many then nuances to each one of these areas. And we're going to take just a few minutes to dive down deep into each one of those. And we're going to start with first of all a definition of how we raise private capital and really the two types out there essentially, I mean we could go off into a couple of different little subcategories, however, there's really two types of investors that are going to be investing with you or the types of capital that you're going to take in. And so there's going to be debt partners and then there's going to be equity partners. And so debt partners are folks in which they're going to invest with you and you're going to set up a debt fund. And so they're going to act as the bank, and so they're going to be bringing in the capital for the primary piece of the capital stack.

(04:38):

So what would normally be the 75, 80, 80 5% loan to value piece, the bigger chunk of the 85% of the capital stack of either the acquisition cost or the overall project. And then you would layer private equity or your own cash on top of that. And so these debt partners, because it's pretty, it's a little more safe and secure, they're going to lend you money for your deals in exchange for a specific interest rate. And so it's going to be tied to a certain return that they can bank on. Their investment is secured by a promissory note or a mortgage on the property and property insurance as well. So that gives 'em a nice safe investment to, again, stepping into the place of a bank interest rate. They charge is usually established upfront and the money is L for a specific period of time. And now that is opposed to equity partners who invest money into your property in exchange for an ownership percentage.

(05:27):

So they're bringing the equity piece, they're bringing the cash into that is layered on top of the debt. This allows them to participate in what we offer them and they expect and anticipate in today's market, they can participate in all aspects of the property ownership, meaning they receive a return on their investment that includes both cashflow, a percentage of cashflow appreciation of the property. So it's not like debt partners is tied to an interest rate. They participate in the loan pay down, and then any depreciation as well because they are owners, they own equity in a percentage of the project or the property, and therefore they are tied and entitled to the amount of appreciation as well as a depreciation in terms of a K one. It's at the end of the year. And so essentially simply put, they receive what the property generates. So if it makes money, the returns may be higher.

(06:16):

If it loses money in the beginning, they may have to feed it slightly bigger risk, which can result in a higher return over time. So that is what's called a capital call and their investment is not secured by a mortgage or a promissory note. So it's a little higher risk. It is at risk. So if we are layering our equity on top of a note and a mortgage by a bank, well, they're in first lien position. So if the deal should go sideways or south, the bank's always going to get paid. And if that things go really poorly or south, then the equity is wiped out and the bank would've foreclose just like they would in any other transaction. So for that, the risk is a little bit higher and therefore the returns of our equity partners is higher as well. So instead they are protected by the cashflow as well as the property insurance on the project.

(06:57):

Now, if I could put the investors by way of profile into two buckets or two categories, if you will, folks that are seeking capital preservation, well, they are lower risk investors. They're looking for longer term investments and end up making decisions over and over. They're looking at typically a lower return then because of lower risk little to no equity position in the project, and they are tied to those returns and they just have to if you will, write it out. Whereas capital growth folks, those types of investors are, their motivation is, well, it's a little higher risk. They're willing to take a little higher risk for shorter timeframes in exchange for a higher return. They also would like a preferred return or preferred equity, meaning they get paid at first and then they have equity in the property. They are tied to the returns of the property as well.

(07:45):

And so what you need to understand is whatever type of offering it is that you're putting out there, whether it's a debt to offering or an equity offering, your compelling offer first of all starts with, well, the good news is if you're listening to this podcast, my assumption is that you're going to be putting out offerings in self storage. And so we have the asset class that performs the best. We are investing in the asset class that performs the best. It outperforms all other asset classes. So by nature, we've already got a leg up because self storage does so well during good times and bad times and historically outperformed all other real estate asset classes, bar none. And so that's one piece, but then the next piece for them is they want to be able to see the most important things first. So in your offering memorandum, whether it's a two page executive summary to begin with, whether they're coming to your website and they're just seeing a tab to be able to click on with regards to that offering, you need to list the most important things first to them.

(08:43):

So what are those in order? Well, first of all, they're attracted by the returns, the internal rate of return, the equity, multiple cash on cash, annual cash return, average annual return on cash, however you want to state that. Typically what we are listing is the internal rate of return, the equity multiple if there's a preferred return that is offered as well. Those are the things that tick the boxes of passive investors. And so those are what should be listed first in any offering. Again, whether it's your slick, your brochure, your two pager or on the website. Second is the timeframe. So what is the timeframe in which their money is going to be tied up, if you will, or put to bed? They want to know when they're going to be able to roll back out because whether they're debt partners or whether they're equity partners, regardless, most of their returns are made on the backend when you sell the property, that's where the bigger bucket of money comes in play.

(09:37):

So yes, they'll get a preferred return and some share of the cashflow along the way. But in order for us to produce the returns for our investors, it has to be value add, which means it has to be a piece of dirt that we add value by putting a building on by then putting an income stream on, or by buying a turnaround existing facility in which the rates are low, we're going to build more buildings, we're going to reposition it, we're going to add technology to replace a lot of manual procedures, lower the expenses, but we have to have a significant two x or more return in order for there to be a higher and high enough return for our equity partners to come in. And so we need to do that then in a short amount of time, which also boosts the IRR. So we need to make sure that as much as possible we're pushing and moving fast to be able to return their money to them in an existing facility in a turnaround maybe three years, sometimes less, sometimes a little bit more if it's a development project or a conversion.

(10:29):

Conversions may be less buildings already built. And so we're converting it, turning it into self storage, putting walls and doors in that may be four years, and then a development could be five years by the time we've got to permitting, it has been built and then that we are stabilized and all of our concessions have burned off. And then number three, they want the data behind it to be able to support this. So if you state that you're going to take the rental rates at this facility, which are currently at 67 cents per square foot and you're going to take 'em up to above 20, well, you need to have the feasibility study behind it. You need to have all the stats on the market. You need to show what it's going to cost to be able to do so. What the lease up reserves are, interest rate reserves, so a thorough underwriting, thorough due diligence documents and make it all available to your equity partners because investing just as if they were you on the active side.

(11:19):

So we set up a deal room and we have the data room that is set up for individual properties for our past investors to go in and they can see all the due diligence items that we look at in investing in the project as well, starting with the financial analysis and the underwriting, starting with the overall then supporting documentation to show what those costs are in terms of the past 12 months of insurance and history of utilities, property taxes, payroll, what are the other contracts, any other thing that is a part of the expense profile of this particular project along with income, where is it right now? What do we anticipate? Where do we anticipate taking it? And then tying that back to the feasibility study. So all of the data has to be in there and including the data on you because also what is very important to them, their due diligence on the property and the deal itself, the market, but also on the jockey, they're investing passively and so they're investing in more so in you as the jockey rather than the deal itself.

(12:21):

So yes, all of this information looks compelling. It is a fantastic offer. Timeframe meets everything that I'm seeing, but is this just a nice looking brochure? Is this a good looking PowerPoint that I just witnessed and heard? Does this investor truly know what they're doing and do they have a track record and a history of performance? And so that for many folks, maybe the tough part, especially for those of you that are starting out in self storage, fortunately for us, we've been at this for a little while and our time is on our side because we do have, well, we've got 20 years under our belt, we've been through three recessions and we have performed as self storage has and we have performed as well through all of those. We've never lost a dime of our investors' money. We've never had a capital call, and our returns are higher than the industry average, the national average and virtually and all of our fellow competing syndicators in the self-storage world that are doing things in a very similar fashion to we are.

(13:16):

So that puts us in kind of rare air, but when you're starting out, you have to point to your track records and either other real estate investments or in your professional career, whatever that looks like in order to display a track record of performance that puts the confidence in the minds of these investors that are going to be, they may look at it as taking a chance on you if you don't have 20, 30 years under your belt or civil law recessions. Okay, so now let's talk about how to tell your story and a compelling story. And so there's many ways of being able to do this, and it depends upon the time you're afforded the audience, the room that you're in, in the setting. But what you need to have at the ready at all times when you're beginning to raise a private equity is an elevator pitch.

(14:01):

And that means that, and many of you're familiar with this. That means if somebody asks you what they do and you've got a handful of floors, once you step into an elevator to let them know what it is that you do, then you need to perfect that pitch that lets them know that I am in the self storage business and we bring in private equity partners to come alongside of us in our projects, however smoothly, however, tactically you can do that when the question comes up so that anybody and everybody knows that you are in the business of self storage, which piques their interest typically, at least that's what I found. And that you have an opportunity for people to invest alongside of you and just make it conversational. Use deal stories. If you have brought private equity partners into other real estate projects, then you just talk about what that looks like and then give them an idea or a sense of what it is that you do and then ask them questions as they dig in, you begin to ask them questions, which is tell me a little bit about your investments or what do you know about self-storage?

(14:57):

And just questions that kind of point back to you that you can answer to say, well, oh man, how did that work out for you? I understand that that sector of real estate or those particular investments aren't doing so well or they are doing well. What do you like best about that? Getting the incremental yes is what you're looking for. And then as you continue to in your circle, the people that you talk to, your sphere of influence if you will, you'll find a common theme or some common themes in terms of what people are looking for. And then that allows you to be able to go hunting and or tailor your message and or your pitch to those folks and finding those projects that fit the box. And so this is your plan for your business. And so as you make your business plan, you need to go up and find value, add up properties, turnaround projects.

(15:44):

The only way that you're going to be able to build enough value to provide the returns for your investors in the beginning when you're starting out, you're going to have a lot of third party partners to ensure compliance and to mitigate both the perceived risk by your investment partners and the real risk. And that means doing the feasibility studies, bringing consultants in, doing engineering studies for ending and all conversion and construction projects, obviously having attorneys review your documents and then SEC attorneys that are preparing the documents for raising private equity as well. And so all of that, it may sound expensive, this may sound like a lot of work, but these are all the pieces that then lead to your compelling story because then your equity partners, your future equity partners know that you have dotted all your i's and crossed your T's because you have a team of professionals, consultants, and experts that don't have skin in the game, that don't have a dog in the hunt that are just a third party, meaning they are at an arms length and that they are providing assurance to you as the passive investor as well as the active investor that this is a good project.

(16:48):

Okay, so let's now talk about where you find these investors. So where do you go hunting for if you will, or how do you get into the same room with passive investors? Well, the circle letter around you right now, it's your friends, your family, your CPAs, your attorneys, real estate brokers, business associates, really anybody who either deals with folks that are looking to or are currently passively investing or those that are doing very well in business and may have some money on the sidelines or really don't have a plan for their investment dollars and ways that they can invest additional cashflow from other businesses, other investments that they're cashing out of. Maybe they've got a 401k that they now have control of because they're no longer working for their employer. And they can convert that with your help if they don't know how to. They can convert that to a self-directed into IRA or a real estate 401k to invest with you.

(17:38):

These are all folks that in your elevator pitch as you're talking to will talk about if they have the ability to or an interest in investing passively, you should be at the ready to be able to provide a way for them and an on-ramp into the projects that you are doing or at least a way to look at them when the time comes. And this means any and all groups that you are a part of and you should be seeking out and networking with other real estate investors and going to, yes, the RIA groups and real estate investor associations or commercial RIA groups. I know an awful lot of folks that they do go out seeking folks that are private equity partners and there are various forums, there are various ads. People will advertise in a classified by a way of Facebook marketplace. They used to on Craigslist, even some of the local newspapers now folks that are actively looking to partner with active investors as a passive investor, those are the folks that I'm not too interested in because they realize that people that are finding them maybe not desperate but wanting or in need of having a larger sphere of folks in a larger pool of people to invest from because their own investment to network is not large enough, and so they get to charge a little higher fees, they want to have a little more control.

(18:56):

And so I can't say that that is the best avenue, but it is an avenue in which people have found investors. Yes, believe it or not, sitting in a first class, making friends with folks that have means going to charity auctions and other events and striking up conversations with high net worth individuals. So with the tools and the skills and the resources in hand, another resource that is very helpful is to buy a list of high net worth individuals. And so we've used a number of different list brokers. I can't say one is better than the other, and I don't want to turn you on to one versus another because every time we turn around, the list gets longer and folks are finding that they get better and better in terms of the data sources. So I believe that to you to do your own research rather than confirming or promoting one versus the other because I wouldn't want you to miss out on a number of a high net worth individuals that may be on a better list that is coming out.

(19:47):

Now, I do know that some folks will then take those lists and they'll host a luncheon again, we've done that once. I know some folks that are still doing that. That's not my style. I'd rather not do that. It does prove to be effective. And again, I don't mean this in any other way other than we're at the place right now where we don't have to do that. But I do know a number of folks that are starting out that are seeing and having success at hosting a free luncheon to be able to talk about them, their business and then their offerings. And then you need to make sure that you have the equivalent of what we used to call a credibility kit. And back in the day, remember I've been investing in real estate for 30 years and when we started raising a private equity, I literally had a kit that I would hand to a prospect.

(20:28):

It was a binder that it had a brochure on us, our business, our successes, everything that we had done up to the point so they could see once again what the jockey has done, but then also information on our business and how we're going to approach all of these projects going forward as well as then an individual project in which we may be working on. Now, all of that is done obviously in the data room and is done online, but that doesn't mean that you don't need to do the heavy lifting in the work. And that means that you do need to have a presence online. You do need to have a credibility site, if you will, and if it's a one in the same, which I recommend you want to drive all traffic to one site, but if you are an investor and you're raising private equity, yeah, it does have to be you and your team.

(21:08):

And so you're going to brag a little bit and that may go against your nature, but all pride aside, all the ego aside that just needs to show your history of execution and performance and why they should invest with you and give them the confidence once they get to your site that they should see that is very professional, very well done. And they should see that this is an individual or a team that knows what they're talking about by everything that I'm seeing here. And then everything that goes into that site needs to be promoted then on the various social media channels. So having a YouTube page where you're doing educational shorts, showing once again that you are an expert in the field so that they can feel confident in you and they can see that you've got, wow, you've got 10 videos, you've got 300 videos on how to invest in various aspects of real estate and or in self storage, your LinkedIn profile.

(21:58):

It needs to be strong, it needs to be very compelling, and it has to list all of your, and it has to list all your accolades and your accomplishments as well. And then a strong SEO strategy that points back to, and it includes even a podcast if you would like to start a podcast, which is what we do, that all points back to your website to the mothership that once again a lens and adds a credibility to you. And that is where your offerings are going to be listed as well. And don't wait on this and don't stress the details. You can have your VA or a VA create a strong WordPress site that is SEO friendly and then hire or consult with a social media strategist that then points all traffic and searches back to your website. So do not hesitate on this. The most important thing that you do is something and do it now so that the Google algorithms find you and find out your site.

(22:51):

When people are looking for passive investments in self storage in your particular market, that site should then have those compelling pieces of information talking about the industry, why self storage is great, it should talk about your plan about you, and then the ability to contact you and then any active offerings if you have any available. And just keep it simple. Keep it simple. It should take you no longer than three weeks to get this website set up tops. Okay, so now let's talk about the supporting documentation that goes along with that compelling offer that they want to be able to see so that they can perform their own due diligence. And so this is provided as we call it in our data room. And so we use an investor portal that has all this information starting out from scratch. You may may not want to invest or have the ability to invest in one.

(23:33):

And so a shared file folder, whether that's on a Dropbox or any of the others out there is fine with the folders on it. They're very specific as to what they can see and what they'll be able to find when they begin to look at the deal that you're offering. And so it starts with your website. First of all, they have to have a way to be able to see most of that information. Then a way to contact you or contact somebody in your office to talk about the actual deal, a brochure that they can pull down, a two pager, an executive summary, and these are the things that they need to be able to see right away what they're going to want to see. Then eventually, and some folks maybe a little bit sooner than others, they're going to want to see your business plan.

(24:12):

So if you haven't already created your business plan, it is something you need to do right away because they want to know that you know what you're talking about and that every deal that comes into your pipeline that you're going to treat it this way according to your business plan and that you're not just flying by the seat of your pants. Now, this is something that we work with our students on in our mentoring program that very early on it is so important that you have a business plan spelled out for you to know how you're going to operate to keep yourself accountable, but then for your private equity partners, for brokers broker, for the mortgage brokers and lenders ultimately to see this is how you plan to conduct business and here's how you plan to go about it and execute and what the framework is going to look like.

(24:51):

And then it has to once again, have the breakdown and show them the financials and they have to see the actual underwriting to understand what this project looks like financially in years 1, 2, 3, 4, and five. If there is no cashflow in year one because it is a turnaround, if it's a development or conversion project, how much money you look to feed it out of the capital you raise and out of the money you're going to get from your lender, when does it break even? Are they offered a preferred return? At what point are you going to begin to send out those distributions when it cash flows? Are you going to do it right off a bat? When are they going to be able to see the profits from the sale? Do they get regular communications? Are you sending out monthly financials? To what level are you auditing your financials?

(25:32):

Are they going to get monthly webinars? Are they going to get quarterly webinars and be able to communicate with you not just one way you communicating with them? That is also very important. All of this needs to be spelled out and the offer to, once again, to make it compelling. And most of these now are expectations that they're really not the above and the beyond. These are the things that investors are expecting these days. They also want to be able to see in your documentation, what's your skin in the game? Are you matching the minimum investment? In other words, is it $50,000 as a minimum to invest in your syndication? Well, then they would like to see for the most part that you also are putting at least $50,000 of a skin in the game, if not more. If you are going into a project in which you have a zero cash and you're getting paid fees at closing and you haven't lifted a finger or a shovel yet, you may have some challenges.

(26:20):

And also to that point, we had the ability as syndicators to add in fees for the work that we do, and that is customary and you should do that. But there are some instances in which I've seen syndicators of where they really fee these things up and none of it is based on performance. It's just based upon activity. And so it's very challenging for them to raise capital because there are passive investors that look at these syndicators to say, wow, you're getting an awful lot of money before we get to any or very little of ours. And it really shouldn't be that way, especially in a preferred return environment. So be certain that you show and don't be too egregious with the amount of fees that you take. And then of course, in that data room, as they look through the underwriting model, they want to be able to see the dollars that are tied to each one of those categories to the physical inspection.

(27:06):

If it shows you're going to raise this amount of equity, and here's the amount of money that needs to go into the project upfront, well, those dollars should match the dollars that were shown from the inspection, the physical inspection. If there's a deferred maintenance, it should show the lease up reserve and how much money is set aside for that. You need to have the insurance documents included in there. You need to have the property tax and bills. And so they can tie everything back to the underwriting and they can plot the path to profitability and the underwriting from all the documentation that you submit. And again, for any of you that are just starting out thinking that your passive investors will not go to that level of detail, I'm here to tell you they do. I'm thankful and have been thankful over the years that many of our folks have put their faith and their trust in us without doing that level of due diligence.

(27:50):

Annette, is because of the place where we are in terms of the industry, how long we've been around our performance, our reputation, and the integrity to which we hold ourselves and our team that allows us to raise capital a little bit easier. Well quite a bit easier. But for those that are starting out, remember you're into the microscope and you don't have a history, you may not have a long history of performance to lean on, so you have to have all this third party documentation to show that, wow, everything checks out here, and I believe that this is going to be a strong project because they're prepared and they have a team of people around them. So those are the things that you need to make sure that you have in place regardless of your level of experience if you're going to be successful at raising private equity.

(28:30):

So certainly there is an art and a science to raising private equity to fuel the growth of your business. And this is the area in which this is my superpower. This is where I love to spend most of my time, and I do recognize that this is where I bring value because nobody could tell the story of our organization and everything that we do and everything that we have done better than myself to be able to recall what this looks like and to talk about my team and to talk about our philosophy and our strategy, and to speak our business plan to someone across the table from us or from a group of 5,000 people in front of us that are looking to perhaps invest in our projects that is an art and a science to that to know what these folks are looking for.

(29:08):

But more importantly, how to answer the questions. I love raising private equity just by answering the questions that the investors have that are already interested in self-storage and then perhaps interested in the projects that we do. And that is probably the most important aspect to all of this because the private equity partner wants to know that you are confident and that your business and in your abilities to be able to produce returns for them with their investor capital. Because if they begin to ask you questions on a webinar or if you're in the front of a room of a whole lot of investors and the first three questions, your answer is, let me get back to you. Let me get back to you. I'm not quite a hundred percent sure. Lemme get back to you. You've lost confidence and you've lost the ability to raise capital from that person or from those individuals.

(29:52):

And so you need to understand your business, you need to understand the industry, and you need to understand the project that you're working on. And you need to understand the investor mindset and their fears and what drives them, what repels them from an investment, and also what attracts them to an investment. So that is truly the keys to the kingdom. And again, that is what we spend so much of our time on in our three day private money summit. And so we would love to be able to come alongside of you and help you to grow your business. I hope that this has been helpful. Certainly this is no less than a 30,000 foot view as to ways to begin and think about and how to prepare for raising private equity, but we didn't even touch on that, the legal side. So stay tuned for a further episode, which we will do a deeper dive into all the aspects of raising private equity to grow your business, especially as we head into 2025 with all the opportunities that are coming down the pike, which we couldn't be more excited about. So with that, you've been listening to Scott Meyers with the Self-Storage Podcast. With that, just a few ways to begin to launch your private equity or take your private equity raising abilities to the next level. So with that, take care everyone. We'll see you in the next episode.

Announcer (31:03):

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