YOUR DAILY REAL ESTATE INVESTMENT SHOW
Sept. 22, 2022

Self-Storage Real Estate for Beginners with Kris Bennett

Self-Storage Real Estate for Beginners with Kris Bennett

The “Netflix” of real estate   In the 135th episode of Cash Flow Pro, we talk with Kris Bennett of PassiveInvesting.com. Kris first tapped into real estate in 2007 when he got his license as a residential broker. By 2008/2009, he...


The “Netflix” of real estate

 

In the 135th episode of Cash Flow Pro, we talk with Kris Bennett of PassiveInvesting.com. Kris first tapped into real estate in 2007 when he got his license as a residential broker. By 2008/2009, he worked in foreclosure, anticipating the impending recession. Cash was king, and loans were hard to get. These hard times left a bad taste in his mouth, so he decided to return to school. 

 

He began to take real estate classes at UNC’s business school. After school, he took an internship working for a guy who specialized in buying apartments, making him aware of the possibilities in real estate. Instead of buying one door at a time, he could fundraise and buy 150!

 

After the internship, he became Director of Acquisitions, which meant he found deals to buy. As the economy prepared to change, the whole company pivoted into self-storage. Today we will cover how self-storage could arguably be the most stable real estate asset.

 

 

In this episode, we discuss:

  • What is self-storage and why do people need it 
  • The flexibility and adaptability of self-storage as a real estate asset
  • Self-storage deals, markets, and operations  
  • Raising capital for self-storage 

 

Make sure to tune in to this episode to find out more!

 

Find your flow, 

Casey Brown

 

Resources mentioned in this podcast:

  1. PassiveInvesting.com
  2. www.linkedin.com/in/bennettkris

 

Transcript

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[casey_]: hey there and welcome to today's episode

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[kris_bennett]: oh

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[casey_]: of cash flow pro your

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[kris_bennett]: my

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[casey_]: daily real

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[kris_bennett]: oh

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[casey_]: estate investing podcast and youtube channel i'm
here today with chris bennett from and he

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[casey_]: with my friends over at passive investing
dot com over in charlotte north carolina which

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[casey_]: i had

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[kris_bennett]: oh

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[casey_]: the pleasure of

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[kris_bennett]: h

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[casey_]: meeting basically the whole team here a
couple of months back and is welcome to

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[casey_]: the show how are you today

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[kris_bennett]: case i am doing well thank you
appreciate it

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[casey_]: absolutely man we're glad to have you
here and glad you could take time to

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[casey_]: share with the listeners a little bit
about you all and your business and and

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[casey_]: where things are headed and what the
outlook looks like now

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[kris_bennett]: m

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[casey_]: for those that don't

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[kris_bennett]: my

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[casey_]: know past investing dot com has

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[kris_bennett]: oh

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[casey_]: has really kind of staked a claim
in this in the passive

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[kris_bennett]: oh

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[casey_]: investing indication war l of

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[kris_bennett]: oh

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[casey_]: just a bunch of different

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[kris_bennett]: yeah

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[casey_]: things really for forgetting a conference that's
basically going on every year that's pretty much

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[casey_]: started from nothing i mean i think
it's

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[kris_bennett]: yeah

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[casey_]: basically just just been like hey i
think you all were like hey let's let's

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[casey_]: do a conference and now it's just
kind of grown every year of course with

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[casey_]: shikilonil and barbara working on at the
at the show this past year

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[kris_bennett]: yeah dan dan is the one who
kind of heads that up so dan one

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[kris_bennett]: of the managing partners and founders of
past investing dot com he started the multi

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[kris_bennett]: family investor nation just to give people
a background here so he started multi family

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[kris_bennett]: investor nation i don't know like three
years ago as as at the time of

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[kris_bennett]: this recording

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[casey_]: sure

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[kris_bennett]: something like that and i think it
started as kind of like meat ups if

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[kris_bennett]: i'm not mistaken but that's how he
and i first met was at his very

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[kris_bennett]: first meet up in charlotte like three
years ago three years

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[casey_]: yeah

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[kris_bennett]: ago something like that before he actly
actually had bought anything with any partners or

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[kris_bennett]: whatever in multi family or in real
estate at all so he and i kept

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[kris_bennett]: in tel and that's how there's more
details to it than that but eventually he

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[kris_bennett]: wanted to add on a storage team
to passive investing dot com so he called

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[kris_bennett]: me up and we talked and i
had a partner at the time we had

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[kris_bennett]: our own l l c john allen
and i we were doing our own smaller

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[kris_bennett]: deals looking for deals and charlotte and
what not so he called me up and

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[kris_bennett]: we formed a partnership and went from
there so he and i john and i

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[kris_bennett]: lead the co lead the storage team
of past investing dot com but dan is

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[kris_bennett]: the one so your listeners and viewers
and all that excuse me might be more

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[kris_bennett]: familiar with the multi family investigation than
we do a smaller one for storage investigation

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[kris_bennett]: but that's

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[casey_]: got

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[kris_bennett]: the in person thing that you're event
that you're referring to it used

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[casey_]: awesome

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[kris_bennett]: to be mine in this last year
last this past when was it it was

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[kris_bennett]: june or may june was

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[casey_]: ah

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[kris_bennett]: june

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[casey_]: mayor you're not trying to think my
son

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[kris_bennett]: some

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[casey_]: was out of school because we came
to

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[kris_bennett]: yeah

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[casey_]: it to

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[kris_bennett]: it was june so anyway this past
june i guess was the first in person

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[kris_bennett]: event for

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[casey_]: sure

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[kris_bennett]: multi

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[casey_]: it

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[kris_bennett]: family

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[casey_]: was

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[kris_bennett]: investernation

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[casey_]: yeah dan

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[kris_bennett]: oh

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[casey_]: dan really outdid himself and that

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[kris_bennett]: yeah it was good

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[casey_]: it was nice and so i told
you earlier

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[kris_bennett]: my

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[casey_]: before the show before we record that
you know our listener base is not

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[kris_bennett]: yeah

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[casey_]: we don't get a lot of self

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[kris_bennett]: oh

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[casey_]: storage discussion on here so

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[kris_bennett]: yeah

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[casey_]: it's going to be a little bit
of a newer topic not necessarily a newer

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[casey_]: top beaus i think everybody knows what
it is some of the ins and outs

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[casey_]: and the intricacies

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[kris_bennett]: yeah

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[casey_]: of self storage investing or really from
the g p side more so than just

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[casey_]: the investing side of it but

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[kris_bennett]: hm

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[casey_]: there's a lot of questions that surround
like what makes a good spot for self

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[casey_]: storage facility

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[kris_bennett]: yeah

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[casey_]: what's the difference in in you know
what classes are there because i know

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[kris_bennett]: hm

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[casey_]: we've seen some that are h that
have h vac some that don't

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[kris_bennett]: hm

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[casey_]: some that are multi level some that
aren't a

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[kris_bennett]: hm

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[casey_]: lot of them you know see some
that used to be old garages and now

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[casey_]: people have some for some reason they
split it in half and put a sign

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[casey_]: in the yard and said self storage
so you know there's a lot of different

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[casey_]: a lot of different elements this but
i'd like for you just to kind of

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[casey_]: give us maybe a little back story

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[kris_bennett]: yeah

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[casey_]: a little kind of idea of where
you came from and how how you got

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[kris_bennett]: sure

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[casey_]: started in self storage

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[kris_bennett]: yeah that sounds good man so i
just to give the quick background summary i

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[kris_bennett]: started in real estate two thousand and
seven got my license two thousand seven august

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[kris_bennett]: twentieth was my first day on the
job as a resident broker we didn't know

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[kris_bennett]: what was going to happen with recession
right that was coming up in oo nine

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[casey_]: yep

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[kris_bennett]: so i was doing for close work
working with banks and asset managers to list

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[kris_bennett]: and sell

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[casey_]: yeah

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[kris_bennett]: four closed properties and had a lot
of war from that time but actually as

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[kris_bennett]: a result of that i didn't realize
that you can go out and buy all

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[kris_bennett]: that real estate right and at the
time cash was king it was really hard

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[kris_bennett]: to get alone um so yeah it
it was just tough for everybody to kind

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[kris_bennett]: of see that hey things going to
get better it was a really hard time

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[kris_bennett]: if nobody was if your listeners weren't
around during that time doing real estate so

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[kris_bennett]: anyway actually had a bad taste in
my mouth from real estate so i decided

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[kris_bennett]: to go school and get a job
and go do something else and that's what

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[kris_bennett]: i did ended up long story short
ended up at ou and chapel hill in

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[kris_bennett]: north carolina here and i didn't realize
that they had a fantastic business school are

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[kris_bennett]: you a duke fan why you wearing

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[casey_]: so

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[kris_bennett]: that

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[casey_]: lutely not i live in kentucky

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[kris_bennett]: h my

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[casey_]: man

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[kris_bennett]: gosh oh you kay okay got it
all right you're a right if

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[casey_]: so

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[kris_bennett]: you were a duke

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[casey_]: for the

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[kris_bennett]: fan

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[casey_]: listeners who couldn't

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[kris_bennett]: i was about

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[casey_]: see me

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[kris_bennett]: to leave

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[casey_]: i was giving him a thumbs down
as he was as he was

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[kris_bennett]: yeah

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[casey_]: proclaiming his his

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[kris_bennett]: sorry

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[casey_]: connections

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[kris_bennett]: about last

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[casey_]: to

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[kris_bennett]: year

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[casey_]: a

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[kris_bennett]: uh

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[casey_]: man

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[kris_bennett]: yeah anyway we

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[casey_]: it's

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[kris_bennett]: won't

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[casey_]: all

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[kris_bennett]: get into all that

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[casey_]: well

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[kris_bennett]: yeah

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[casey_]: let's just be friends we'll call it

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[kris_bennett]: that's right man

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[casey_]: what it is we we'll disagree and
agree

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[kris_bennett]: that

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[casey_]: to this

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[kris_bennett]: is

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[casey_]: agree

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[kris_bennett]: that's

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[casey_]: just

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[kris_bennett]: it

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[casey_]: kidding

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[kris_bennett]: man there you go

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[casey_]: oh

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[kris_bennett]: so and by the way for your
viewers i'm dressed casual so usually have like

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[kris_bennett]: a polo at says pass investing t
got my work out clothes on so

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[casey_]: sure sure

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[kris_bennett]: working

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[casey_]: an now

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[kris_bennett]: from home

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[casey_]: it's

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[kris_bennett]: it's all good

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[casey_]: it's right

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[kris_bennett]: um anyway so what i was saying
was the best i was at the best

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[kris_bennett]: university in the entire us u n
c chapel

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[casey_]: oh

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[kris_bennett]: to have a fantastic

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[casey_]: snooze

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[kris_bennett]: real estate program at the business school
and a little behold the only job i

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[kris_bennett]: could find in the summer was as
an intern for a guy who was raising

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[kris_bennett]: capital to go out and buy apartment
complexes and he was raising at the time

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[kris_bennett]: like for a sixteen prier portfolio i
don't know millions of dollars and i had

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[kris_bennett]: never seen so many zeros in my
life

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[casey_]: yes

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[kris_bennett]: you know on the purchase price and
all that and i was just

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[casey_]: sure

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[kris_bennett]: stunned at what he was doing that
process opened up my eyes to the fact

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[kris_bennett]: you can raise capital and go out
and buy apartment complexes in by a hundred

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[kris_bennett]: and fifty doors at one time versus
a bunch of single family homes

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[casey_]: yep

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[kris_bennett]: so that i was like my mind
was blown to be honest with you so

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[kris_bennett]: i had no idea you could do
that or how that worked nobody ever taught

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[kris_bennett]: me or talked to me about that
or whatever so just to fast forward here

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[kris_bennett]: i worked for a company after graduating
work for a company that was doing multi

209
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[kris_bennett]: family acquisitions i was their fancy title
here a director of acquisitions which just means

210
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[kris_bennett]: go out and buy deals fine deals
to buy so calling apartment complex owners that

211
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[kris_bennett]: was calling brokers and trying to find
deals couldn't make the numbers work for our

212
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[kris_bennett]: strategy won't get backed down in details
of all the stuff we decided to pivot

213
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[kris_bennett]: to self storage because the guys i
worked for had two three i'm sorry it

214
00:07:12,513 --> 00:07:15,918
[kris_bennett]: was about three really small deals that
they owned or were developing at the time

215
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[kris_bennett]: small meaning like fifteen thousand square feet
about a hundred and fifty units that's small

216
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[kris_bennett]: and storage and we i had to
go out and raise a fund and kind

217
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[kris_bennett]: of build a story around it and
so that's what we did it was successful

218
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[kris_bennett]: on crowd street dot com crow street
was a lot smaller in the early stages

219
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[kris_bennett]: at that time this is about twenty
sixteen twenty seventeen

220
00:07:33,734 --> 00:07:33,877
[casey_]: yep

221
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[kris_bennett]: so i was able to compare the
underwriting the operations the the market in the

222
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[kris_bennett]: opportunity between multifamy and self storage and
i just fell in love with storage i

223
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[kris_bennett]: am not the person if anybody s
looking for the person to say storage is

224
00:07:47,571 --> 00:07:50,456
[kris_bennett]: the only way multi family is the
only way that you can make money like

225
00:07:50,516 --> 00:07:52,960
[kris_bennett]: that's not me i'm not one of
the gores trying to sell you a course

226
00:07:53,801 --> 00:07:56,205
[kris_bennett]: so i can make you can make
money in the stock market you can make

227
00:07:56,265 --> 00:07:59,391
[kris_bennett]: money doing real estate you can make
money working a full time job it's not

228
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[kris_bennett]: going to have money in your four
o one k

229
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[casey_]: yep

230
00:08:01,434 --> 00:08:04,760
[kris_bennett]: that's how i look at it so
anybody can do it that way i like

231
00:08:04,840 --> 00:08:08,346
[kris_bennett]: storage for the operations and just the
opportunity and that's the way i look at

232
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[kris_bennett]: it so

233
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[casey_]: yes

234
00:08:09,608 --> 00:08:12,574
[kris_bennett]: that's a long story short how i
got into it and then if you want

235
00:08:12,594 --> 00:08:15,421
[kris_bennett]: to talk about you know hey how
the heck doesn't work like all that kind

236
00:08:15,461 --> 00:08:17,587
[kris_bennett]: of stuff happy to talk about that
side

237
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[casey_]: well

238
00:08:17,627 --> 00:08:18,108
[kris_bennett]: of things too

239
00:08:18,145 --> 00:08:22,769
[casey_]: i guess the first the first thing
that kind of jumps out to me is

240
00:08:23,109 --> 00:08:29,845
[casey_]: so a lot of times and it's
really kind of just happen it's just kind

241
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[casey_]: of accidentally happened this way we don't
we don't necessarily focused on getting people who

242
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[casey_]: are

243
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[kris_bennett]: oh

244
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[casey_]: past engineers and stuff on the show
but like

245
00:08:36,830 --> 00:08:36,974
[kris_bennett]: yeah

246
00:08:37,017 --> 00:08:40,824
[casey_]: we've had probably like i'd say six
out of ten people that have been on

247
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[casey_]: show well let's say eight out of
ten people have been these two things military

248
00:08:44,389 --> 00:08:45,311
[casey_]: or engineers right

249
00:08:45,680 --> 00:08:46,348
[kris_bennett]: yeah that's funny

250
00:08:46,192 --> 00:08:52,803
[casey_]: so the engineering element of people that
come into this business are into it because

251
00:08:53,224 --> 00:08:55,670
[casey_]: it's very systematic it's very

252
00:08:55,495 --> 00:08:56,190
[kris_bennett]: hm

253
00:08:56,352 --> 00:08:57,895
[casey_]: replicatable it's very

254
00:08:59,911 --> 00:09:00,474
[kris_bennett]: do you mean just

255
00:09:00,361 --> 00:09:00,501
[casey_]: like

256
00:09:00,535 --> 00:09:02,044
[kris_bennett]: acquiring real estate is that what

257
00:09:01,964 --> 00:09:02,165
[casey_]: just

258
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[kris_bennett]: you mean

259
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[casey_]: just yea any type of the sindication
kind of stuff it's

260
00:09:05,491 --> 00:09:05,854
[kris_bennett]: oh got

261
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[casey_]: where

262
00:09:05,894 --> 00:09:05,955
[kris_bennett]: it

263
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[casey_]: it's duplicatable like like you do the
same thing and it's a very system oriented

264
00:09:11,921 --> 00:09:18,478
[casey_]: process which then leads me to the
self storage part of the whole puzzle and

265
00:09:18,879 --> 00:09:24,951
[casey_]: that almost in a way at least
from the outside looking in seems to take

266
00:09:25,071 --> 00:09:28,978
[casey_]: a lot of the human element out
now obviously

267
00:09:28,580 --> 00:09:28,724
[kris_bennett]: yeah

268
00:09:29,539 --> 00:09:34,928
[casey_]: you have to still collect payment in
sta deal with stuff and still deal with

269
00:09:34,936 --> 00:09:35,550
[kris_bennett]: hm

270
00:09:35,529 --> 00:09:35,789
[casey_]: i guess

271
00:09:35,700 --> 00:09:35,720
[kris_bennett]: m

272
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[casey_]: dead bodies and self storage

273
00:09:38,040 --> 00:09:39,545
[kris_bennett]: uh

274
00:09:38,233 --> 00:09:40,798
[casey_]: i mean i don't know this kidding
but but i mean you got

275
00:09:40,789 --> 00:09:40,830
[kris_bennett]: uh

276
00:09:40,858 --> 00:09:44,163
[casey_]: to deal with that stuff but it
seems like it's a lot

277
00:09:44,040 --> 00:09:44,622
[kris_bennett]: oh

278
00:09:44,608 --> 00:09:48,197
[casey_]: s hustle a lot less pressure and

279
00:09:48,690 --> 00:09:48,852
[kris_bennett]: yeah

280
00:09:49,500 --> 00:09:54,828
[casey_]: but what's the give their cash flow
i r increase in rents i mean because

281
00:09:54,889 --> 00:09:55,209
[casey_]: obviously

282
00:09:54,912 --> 00:09:55,034
[kris_bennett]: no

283
00:09:55,269 --> 00:09:58,759
[casey_]: you can't can you increase rents three
per cent a year on self

284
00:09:58,801 --> 00:09:58,965
[kris_bennett]: yeah

285
00:09:58,839 --> 00:09:59,745
[casey_]: storage like you do

286
00:09:59,700 --> 00:10:03,695
[kris_bennett]: yeah yeah so if there's a lot
that you just said in there so you

287
00:10:03,775 --> 00:10:07,180
[kris_bennett]: talked about the o perations of the
business how that works earlier on you talked

288
00:10:07,241 --> 00:10:09,645
[kris_bennett]: about you were asking you know how
does it how do you even know a

289
00:10:09,725 --> 00:10:13,551
[kris_bennett]: good location there was all different types
as well three store though three story five

290
00:10:13,631 --> 00:10:18,820
[kris_bennett]: story climate control versus single story so
there's like what we look for which we

291
00:10:18,860 --> 00:10:22,646
[kris_bennett]: can talk about that but you just
now brought up kind of the operations and

292
00:10:22,686 --> 00:10:26,793
[kris_bennett]: how it works and then the return
so looking at how all that affects everything

293
00:10:26,893 --> 00:10:30,519
[kris_bennett]: so if you look at it from
just an operational standpoint what is self storage

294
00:10:30,700 --> 00:10:33,925
[kris_bennett]: it's a space a garage you want
to think of it that way with a

295
00:10:33,965 --> 00:10:38,453
[kris_bennett]: roll up metal door typically that people
just put ther stuff in and in my

296
00:10:38,533 --> 00:10:43,361
[kris_bennett]: mind if i was looking from the
outside looking in i am a person who

297
00:10:43,441 --> 00:10:45,204
[kris_bennett]: throws away things i don't like to
keep stuff

298
00:10:45,484 --> 00:10:45,832
[casey_]: correct

299
00:10:45,885 --> 00:10:48,189
[kris_bennett]: and so i will never have a
storage unit personally

300
00:10:48,234 --> 00:10:48,497
[casey_]: oh

301
00:10:48,930 --> 00:10:51,013
[kris_bennett]: and there's a lot of people that
can relate to me out there n the

302
00:10:51,094 --> 00:10:55,801
[kris_bennett]: like i understand it they understand the
multi family like story everybody needs a place

303
00:10:55,862 --> 00:10:56,543
[kris_bennett]: to live right

304
00:10:56,594 --> 00:10:56,717
[casey_]: yep

305
00:10:56,603 --> 00:10:59,868
[kris_bennett]: at some point the multi family they
live an apartment they go buy a house

306
00:11:00,028 --> 00:11:04,015
[kris_bennett]: if they can you know like everybody
gets that even mobile home parks they understand

307
00:11:04,075 --> 00:11:08,342
[kris_bennett]: that kind of like lower income generally
speaking they need a place to live have

308
00:11:08,443 --> 00:11:12,229
[kris_bennett]: lot rent you know whatever like they
understand that story as well but story just

309
00:11:12,269 --> 00:11:14,733
[kris_bennett]: like god if i had stuff i
just throw it away i don't i don't

310
00:11:14,753 --> 00:11:15,214
[kris_bennett]: want to keep it

311
00:11:15,674 --> 00:11:15,817
[casey_]: yep

312
00:11:15,855 --> 00:11:22,967
[kris_bennett]: yes but not everybody is like that
and people utilize storage for different reasons one

313
00:11:23,147 --> 00:11:27,494
[kris_bennett]: is usually they're moving or they're down
dicing or something like that when they need

314
00:11:27,534 --> 00:11:30,640
[kris_bennett]: it for a temporary period of time
maybe one month two months something like that

315
00:11:31,074 --> 00:11:31,196
[casey_]: yep

316
00:11:31,261 --> 00:11:34,826
[kris_bennett]: then they think i'm going to get
it for two months some people stick to

317
00:11:34,867 --> 00:11:38,312
[kris_bennett]: that plan a lot of people don't
and they end up staying longer six months

318
00:11:38,392 --> 00:11:42,359
[kris_bennett]: nine months a year because it becomes
part of their life and they realize oh

319
00:11:42,419 --> 00:11:43,361
[kris_bennett]: actually i need this space

320
00:11:43,754 --> 00:11:43,876
[casey_]: yep

321
00:11:43,902 --> 00:11:48,289
[kris_bennett]: another reason people utilize it which is
a more recent reason is i'm sorry de

322
00:11:48,349 --> 00:11:52,356
[kris_bennett]: clattering making room for home offices and
that sort of thing working from home et

323
00:11:52,416 --> 00:11:52,676
[kris_bennett]: cetera

324
00:11:53,085 --> 00:11:53,226
[casey_]: sure

325
00:11:53,518 --> 00:11:56,743
[kris_bennett]: so people needed the space during the
pandemic and they still need the space even

326
00:11:56,763 --> 00:11:59,968
[kris_bennett]: though there's that kind of tension right
now between going back to work for some

327
00:12:00,028 --> 00:12:02,813
[kris_bennett]: days of the week work at the
home for the rest if you're working from

328
00:12:02,853 --> 00:12:06,179
[kris_bennett]: home at all you need space you
need to clear out some areas and people

329
00:12:06,219 --> 00:12:10,766
[kris_bennett]: are utilizing storage for that business is
also utilized storage when people have changed in

330
00:12:10,806 --> 00:12:14,833
[kris_bennett]: their life like death or divorce you
know kind of the downside of storage the

331
00:12:14,913 --> 00:12:16,456
[kris_bennett]: dark side of storage i guess

332
00:12:16,704 --> 00:12:16,825
[casey_]: yep

333
00:12:17,297 --> 00:12:22,306
[kris_bennett]: they have to they need space to
put stuff and storage is obviously where they

334
00:12:22,366 --> 00:12:25,791
[kris_bennett]: go to do that and then then
they end up staying long then they expect

335
00:12:25,932 --> 00:12:30,519
[kris_bennett]: so that any given facility roughly roughly
half of the people there are long term

336
00:12:30,660 --> 00:12:33,725
[kris_bennett]: users so anywhere from nine months to
a year or

337
00:12:33,737 --> 00:12:34,224
[casey_]: hm

338
00:12:33,825 --> 00:12:38,473
[kris_bennett]: longer they've been attendant there everybody else
is ittle more transitory there

339
00:12:38,724 --> 00:12:39,006
[casey_]: yeah

340
00:12:38,773 --> 00:12:42,119
[kris_bennett]: and so on the operation side yes
you can remove like you can have one

341
00:12:42,199 --> 00:12:46,806
[kris_bennett]: manager managing four hundred units i've seen
it before we had literally like an elderly

342
00:12:46,887 --> 00:12:51,254
[kris_bennett]: lady managing four hundred units for or
in multi family you can't do that right

343
00:12:51,314 --> 00:12:55,261
[kris_bennett]: if you got for units you're one
person you're gonna have problems right you need

344
00:12:55,361 --> 00:13:00,429
[kris_bennett]: like six roughly to manage that on
the maintenance and leasing side and then in

345
00:13:00,730 --> 00:13:05,898
[kris_bennett]: storage world too because you're dealing with
short term leases right that's a rental agreement

346
00:13:05,918 --> 00:13:08,603
[kris_bennett]: not rally a lease it's a short
term rental agreement is almost like the netflix

347
00:13:08,723 --> 00:13:09,204
[kris_bennett]: of storage

348
00:13:09,564 --> 00:13:09,705
[casey_]: yep

349
00:13:09,685 --> 00:13:12,830
[kris_bennett]: you can cancel it right and so
i'm starting the netflix of real estat where

350
00:13:12,850 --> 00:13:15,074
[kris_bennett]: you can cancel it when you don't
need it and move out

351
00:13:15,515 --> 00:13:15,761
[casey_]: yes

352
00:13:15,554 --> 00:13:20,002
[kris_bennett]: so that enables us to raise rents
quickly if we need to in an interest

353
00:13:20,062 --> 00:13:24,349
[kris_bennett]: rate environment like we're in right now
an inflationary environment we can raise rents faster

354
00:13:24,489 --> 00:13:28,756
[kris_bennett]: so the rats actually reported this week
and last week as at the time this

355
00:13:28,857 --> 00:13:34,426
[kris_bennett]: recording in august twenty twenty two year
over year rent growth on average from fifteen

356
00:13:34,526 --> 00:13:38,165
[kris_bennett]: to up to twenty five per cent
no growth i'm sorry no growth

357
00:13:38,585 --> 00:13:38,806
[casey_]: wow

358
00:13:38,890 --> 00:13:43,337
[kris_bennett]: fifteen to twenty five per cent in
a growth yeah so imagine that that's that's

359
00:13:43,397 --> 00:13:44,880
[kris_bennett]: incredible growth

360
00:13:45,014 --> 00:13:45,155
[casey_]: yeah

361
00:13:45,300 --> 00:13:48,606
[kris_bennett]: no not everybody is going to realize
that growth we're talking about publicly traded reads

362
00:13:48,646 --> 00:13:50,449
[kris_bennett]: who have their systems dialed in right

363
00:13:51,014 --> 00:13:51,136
[casey_]: yep

364
00:13:51,951 --> 00:13:54,776
[kris_bennett]: so that's a little bit different but
the point is is that you can see

365
00:13:55,457 --> 00:14:02,228
[kris_bennett]: yeh based upon public data storage obviously
can't perform very very well during an inflationary

366
00:14:02,309 --> 00:14:07,016
[kris_bennett]: period and based upon data not just
me or anybody else saying it you can

367
00:14:07,057 --> 00:14:10,622
[kris_bennett]: go back and look at the returns
on self storage publicly traded reads for self

368
00:14:10,663 --> 00:14:15,691
[kris_bennett]: storage and compared against all the other
asset classes multi family data centers whatever manufactured

369
00:14:15,731 --> 00:14:19,658
[kris_bennett]: housing and you can see that stores
just performed one of the best performers out

370
00:14:19,718 --> 00:14:25,207
[kris_bennett]: there top three always if not number
one when it comes to the public publicly

371
00:14:25,267 --> 00:14:28,673
[kris_bennett]: traded rats and the data that you
can do load on red dot com so

372
00:14:28,693 --> 00:14:28,873
[kris_bennett]: there's

373
00:14:28,746 --> 00:14:28,889
[casey_]: sure

374
00:14:28,913 --> 00:14:33,080
[kris_bennett]: a couple of things there like yes
returns are great the operations are very simple

375
00:14:33,440 --> 00:14:35,784
[kris_bennett]: i will rent a unit from time
to time just to kind of check the

376
00:14:35,824 --> 00:14:38,850
[kris_bennett]: comps and i'll rent units from our
own places just to make sure operations are

377
00:14:38,870 --> 00:14:43,678
[kris_bennett]: smooth i never talked to anybody literally
just go on you rent online i make

378
00:14:43,738 --> 00:14:46,903
[kris_bennett]: my payments online via text or email
or whatever i just made the payment the

379
00:14:46,923 --> 00:14:50,008
[kris_bennett]: other day you can set it up
for auto pay and never even think about

380
00:14:50,028 --> 00:14:52,973
[kris_bennett]: it which is what we try to
e people to do so m yeah so

381
00:14:53,013 --> 00:14:53,454
[kris_bennett]: it's a very

382
00:14:53,364 --> 00:14:54,624
[casey_]: yeah

383
00:14:54,195 --> 00:14:54,636
[kris_bennett]: uh

384
00:14:54,984 --> 00:14:55,287
[casey_]: yes

385
00:14:55,017 --> 00:14:55,678
[kris_bennett]: technologically

386
00:14:56,544 --> 00:14:58,284
[casey_]: yeah

387
00:14:56,720 --> 00:14:58,728
[kris_bennett]: up to date process really smooth

388
00:14:58,644 --> 00:14:58,786
[casey_]: yeah

389
00:14:58,828 --> 00:15:00,355
[kris_bennett]: process typically

390
00:15:00,295 --> 00:15:00,355
[casey_]: and

391
00:15:00,415 --> 00:15:00,736
[kris_bennett]: speaking

392
00:15:00,815 --> 00:15:00,855
[casey_]: i

393
00:15:00,857 --> 00:15:00,957
[kris_bennett]: so

394
00:15:00,976 --> 00:15:03,419
[casey_]: have to admit i've said it on
the show before

395
00:15:03,492 --> 00:15:03,512
[kris_bennett]: m

396
00:15:03,600 --> 00:15:05,363
[casey_]: and probably it might

397
00:15:05,349 --> 00:15:06,052
[kris_bennett]: m oh

398
00:15:07,045 --> 00:15:09,088
[casey_]: it definitely um

399
00:15:08,908 --> 00:15:09,049
[kris_bennett]: yeah

400
00:15:09,409 --> 00:15:13,596
[casey_]: doesn't speak to my intelligence level to
some degrees

401
00:15:13,500 --> 00:15:13,903
[kris_bennett]: yeah

402
00:15:13,736 --> 00:15:15,760
[casey_]: but we actually have

403
00:15:15,798 --> 00:15:15,979
[kris_bennett]: right

404
00:15:16,120 --> 00:15:18,805
[casey_]: a self storage unit and its seventy

405
00:15:18,615 --> 00:15:18,736
[kris_bennett]: yep

406
00:15:18,845 --> 00:15:21,669
[casey_]: five books a month like a tax
right um

407
00:15:21,415 --> 00:15:22,050
[kris_bennett]: hm

408
00:15:22,050 --> 00:15:27,179
[casey_]: and it becomes this and literally like
and i'll be let me let me back

409
00:15:27,299 --> 00:15:30,985
[casey_]: up so i don't have a self
storing my wife has a self

410
00:15:30,920 --> 00:15:31,041
[kris_bennett]: there

411
00:15:31,045 --> 00:15:31,286
[casey_]: store

412
00:15:31,082 --> 00:15:31,788
[kris_bennett]: you go yep

413
00:15:32,508 --> 00:15:37,025
[casey_]: and it literally seventy five bucks a
month right is nine hundred

414
00:15:36,872 --> 00:15:37,500
[kris_bennett]: hm

415
00:15:37,085 --> 00:15:38,216
[casey_]: dollars a year ye

416
00:15:38,665 --> 00:15:39,300
[kris_bennett]: hm

417
00:15:39,315 --> 00:15:44,137
[casey_]: it might have three hundred dollars worth
of stuff in it

418
00:15:44,691 --> 00:15:44,832
[kris_bennett]: yep

419
00:15:44,719 --> 00:15:46,623
[casey_]: may be for if i'm stretching

420
00:15:47,614 --> 00:15:47,634
[kris_bennett]: h

421
00:15:47,746 --> 00:15:53,637
[casey_]: and the point of the matter is
is not the financial part of that which

422
00:15:53,717 --> 00:15:59,587
[casey_]: is just almost embarrassing to discuss but
the point of the matter is s americans

423
00:16:00,288 --> 00:16:04,198
[casey_]: or people in general don't want to
get rid of their stuff like it's

424
00:16:04,333 --> 00:16:04,920
[kris_bennett]: hm

425
00:16:04,359 --> 00:16:11,704
[casey_]: just it's stuff and it's like you
know we we just have this marriage with

426
00:16:12,365 --> 00:16:16,331
[casey_]: with like our things and then and
then we just go we go buy more

427
00:16:16,411 --> 00:16:18,455
[casey_]: things and then we what do we
do with old things well

428
00:16:18,480 --> 00:16:18,743
[kris_bennett]: oh

429
00:16:18,735 --> 00:16:20,799
[casey_]: no we don't throw them away we
keep those and then

430
00:16:20,910 --> 00:16:21,194
[kris_bennett]: oh

431
00:16:20,959 --> 00:16:22,021
[casey_]: we go buy more and then once

432
00:16:22,048 --> 00:16:22,170
[kris_bennett]: yeah

433
00:16:22,081 --> 00:16:25,627
[casey_]: we've bought enough it keeps going so
it almost to a certain degree has a

434
00:16:25,747 --> 00:16:28,191
[casey_]: field of a recession proof or even

435
00:16:28,813 --> 00:16:28,976
[kris_bennett]: yeah

436
00:16:28,952 --> 00:16:30,759
[casey_]: an econo cal pre

437
00:16:31,590 --> 00:16:31,712
[kris_bennett]: yeah

438
00:16:31,924 --> 00:16:39,152
[casey_]: economy proof scenario because what is seventy
five bucks a month for and that's more

439
00:16:39,212 --> 00:16:43,920
[casey_]: probably on the low end because our
our average income here is not very extremely

440
00:16:43,980 --> 00:16:44,982
[casey_]: high we've got

441
00:16:45,032 --> 00:16:45,660
[kris_bennett]: hm

442
00:16:45,042 --> 00:16:48,588
[casey_]: a military it's close so they keep
they keep the sword

443
00:16:48,360 --> 00:16:49,680
[kris_bennett]: yeah

444
00:16:48,728 --> 00:16:50,431
[casey_]: storage kind of balanced but

445
00:16:50,591 --> 00:16:50,632
[kris_bennett]: hm

446
00:16:50,892 --> 00:16:55,619
[casey_]: seventy five bucks a month um and
you're really it's like a gym membership you

447
00:16:55,680 --> 00:16:57,222
[casey_]: hardly recognize that it's gone

448
00:16:57,230 --> 00:16:58,275
[kris_bennett]: yeah you only think

449
00:16:58,205 --> 00:16:58,408
[casey_]: ito

450
00:16:58,335 --> 00:16:59,382
[kris_bennett]: about it yeah

451
00:16:59,684 --> 00:17:03,871
[casey_]: correct so with that being said i'd
like to transition this discussion a little bit

452
00:17:04,031 --> 00:17:09,921
[casey_]: towards the what we were talking about
like specifically the asset like like there has

453
00:17:10,001 --> 00:17:15,430
[casey_]: to be buy box for you all
and i don't want to get into proprietary

454
00:17:15,550 --> 00:17:18,716
[casey_]: stuff that maybe you're like hey man
we've been really finding these deals the

455
00:17:19,080 --> 00:17:19,181
[kris_bennett]: no

456
00:17:19,116 --> 00:17:19,837
[casey_]: down by river

457
00:17:19,684 --> 00:17:19,825
[kris_bennett]: yeah

458
00:17:20,418 --> 00:17:20,539
[casey_]: but

459
00:17:20,550 --> 00:17:20,711
[kris_bennett]: that's

460
00:17:20,679 --> 00:17:20,819
[casey_]: i'd

461
00:17:20,771 --> 00:17:20,972
[kris_bennett]: fine

462
00:17:20,879 --> 00:17:26,407
[casey_]: like to know i'd like to know
a little bit about what you all specifically

463
00:17:26,447 --> 00:17:29,372
[casey_]: look for if there has to be
a minimum unit count i'm sure there has

464
00:17:29,412 --> 00:17:35,963
[casey_]: to be because and then also transition
into the the automation like you said you

465
00:17:36,003 --> 00:17:37,807
[casey_]: just go on and a lot of
these places

466
00:17:37,795 --> 00:17:38,430
[kris_bennett]: hm

467
00:17:37,867 --> 00:17:41,677
[casey_]: are finally getting to that where you
can literally go get a twelve or twelve

468
00:17:41,737 --> 00:17:44,584
[casey_]: storage unit and never even see another
human like

469
00:17:44,651 --> 00:17:44,774
[kris_bennett]: yeah

470
00:17:45,086 --> 00:17:45,828
[casey_]: period so

471
00:17:46,100 --> 00:17:46,223
[kris_bennett]: yeah

472
00:17:46,249 --> 00:17:47,914
[casey_]: talk a little bit of about the
buying

473
00:17:47,913 --> 00:17:47,954
[kris_bennett]: m

474
00:17:47,995 --> 00:17:50,241
[casey_]: strategy the finding strategy or what

475
00:17:50,220 --> 00:17:50,500
[kris_bennett]: yeah

476
00:17:50,322 --> 00:17:50,502
[casey_]: not

477
00:17:51,602 --> 00:17:56,730
[kris_bennett]: yeah so we look for for our
group we look for deals very roughly i'd

478
00:17:56,790 --> 00:18:02,420
[kris_bennett]: say forty thousand square feet and larger
fifty thousand is really kind of a the

479
00:18:02,500 --> 00:18:06,687
[kris_bennett]: cut off but depending on the market
et cetera so that's roughly depend on the

480
00:18:06,747 --> 00:18:10,173
[kris_bennett]: unit count and how there how the
big the units are small they are et

481
00:18:10,213 --> 00:18:15,021
[kris_bennett]: cetera but roughly call it three hunder
fifty to former units minimum something like that

482
00:18:15,522 --> 00:18:15,782
[kris_bennett]: um

483
00:18:15,545 --> 00:18:15,565
[casey_]: a

484
00:18:16,163 --> 00:18:20,390
[kris_bennett]: and then you go larger from there
so um that's really what we look for

485
00:18:20,550 --> 00:18:24,437
[kris_bennett]: in good growing markets so that's the
type of facility that could be single story

486
00:18:24,977 --> 00:18:30,106
[kris_bennett]: all non climate drive up units that's
completely fine it could be multi story we

487
00:18:30,146 --> 00:18:34,053
[kris_bennett]: have those three story deals right in
all climate control is really nice class a

488
00:18:34,173 --> 00:18:40,430
[kris_bennett]: type facilities so we'll look for anything
within that range because it's just it's you

489
00:18:40,470 --> 00:18:44,276
[kris_bennett]: don't get a so there's trade off
stairs so with the with the non climate

490
00:18:44,316 --> 00:18:49,124
[kris_bennett]: let's say it's all single story drive
up that's really easy access for customers and

491
00:18:49,164 --> 00:18:50,146
[kris_bennett]: a lot of people like that

492
00:18:50,544 --> 00:18:51,414
[casey_]: mhm

493
00:18:50,687 --> 00:18:53,952
[kris_bennett]: your venders think about your painters other
folks they like to use that type of

494
00:18:54,012 --> 00:18:56,637
[kris_bennett]: storage because they get in there in
the morning they open the door they get

495
00:18:56,657 --> 00:18:59,582
[kris_bennett]: their stuff out they close the door
they don't they leave they don't come back

496
00:18:59,622 --> 00:19:01,966
[kris_bennett]: to the end of the day and
it's really easy to get their stuff in

497
00:19:02,006 --> 00:19:05,872
[kris_bennett]: and out a lot of other customers
like that kind of storage because that's frankly

498
00:19:06,032 --> 00:19:08,877
[kris_bennett]: that's all they need they're storing you
know whatever it is and it can stay

499
00:19:08,917 --> 00:19:12,683
[kris_bennett]: in the non climate controlled unit and
they're fine with that some of the customers

500
00:19:12,723 --> 00:19:16,790
[kris_bennett]: they want maybe the climate controlled units
you can do single story climate old units

501
00:19:16,810 --> 00:19:18,253
[kris_bennett]: where you just open a door and
it takes you

502
00:19:18,204 --> 00:19:18,224
[casey_]: m

503
00:19:18,293 --> 00:19:21,578
[kris_bennett]: into a hallway and you walk in
there and actually on a contract on a

504
00:19:21,618 --> 00:19:24,603
[kris_bennett]: deal that has a bunch of those
kinds of units are all a single story

505
00:19:25,004 --> 00:19:29,411
[kris_bennett]: clime controlled first floor really the only
ground floor access um when you get into

506
00:19:29,451 --> 00:19:33,478
[kris_bennett]: the three story deals they look really
pretty really nice but from an operations perspective

507
00:19:33,939 --> 00:19:37,485
[kris_bennett]: and an n y perspective the more
the higher you go up the more of

508
00:19:37,545 --> 00:19:41,071
[kris_bennett]: a discount that the customer use gets
because it's a pain but to go up

509
00:19:41,111 --> 00:19:42,874
[kris_bennett]: and down the elevator

510
00:19:43,404 --> 00:19:43,609
[casey_]: okay

511
00:19:43,515 --> 00:19:47,401
[kris_bennett]: excuse me so you tend to put
these larger units on the first floor because

512
00:19:47,441 --> 00:19:51,548
[kris_bennett]: that's obviously convenience rights easy to unload
and unload our get a large ten by

513
00:19:51,648 --> 00:19:55,234
[kris_bennett]: twenty when we go up to the
third floor for that so generally speaking you

514
00:19:55,294 --> 00:19:58,780
[kris_bennett]: try to put more large units on
the first floor or the second floor and

515
00:19:58,820 --> 00:20:01,745
[kris_bennett]: then the smaller ones on the top
on the third floor and they use to

516
00:20:01,785 --> 00:20:03,208
[kris_bennett]: get a discount the higher they go

517
00:20:03,694 --> 00:20:03,797
[casey_]: got

518
00:20:03,708 --> 00:20:03,809
[kris_bennett]: so

519
00:20:03,899 --> 00:20:04,002
[casey_]: you

520
00:20:04,410 --> 00:20:09,198
[kris_bennett]: really depends on the customer and the
area and the h when i say area

521
00:20:09,258 --> 00:20:12,203
[kris_bennett]: i mean like the local market and
then just the state you're located in so

522
00:20:12,243 --> 00:20:15,127
[kris_bennett]: if you look at colorado for example
we own three deals and call it in

523
00:20:15,168 --> 00:20:23,361
[kris_bennett]: the denver m a in colorado typically
climate controlled gets a discount to non climate

524
00:20:23,401 --> 00:20:27,087
[kris_bennett]: controlled units so in other words if
i had two units that were ground floor

525
00:20:27,228 --> 00:20:31,034
[kris_bennett]: access and one was kind of one
of those hallways and its climate controlled usually

526
00:20:31,054 --> 00:20:34,760
[kris_bennett]: that's like a five maybe ten percent
discount to a non climate unit because the

527
00:20:34,860 --> 00:20:39,969
[kris_bennett]: weather in colorado is dry and pretty
comfortable most of most of the time right

528
00:20:40,510 --> 00:20:40,590
[kris_bennett]: and

529
00:20:40,544 --> 00:20:40,668
[casey_]: yep

530
00:20:40,610 --> 00:20:43,976
[kris_bennett]: you don't really need to preserve your
stuff like you would like in a human

531
00:20:44,096 --> 00:20:48,223
[kris_bennett]: area like in florida so that's kind
of well look at everything you know forty

532
00:20:48,263 --> 00:20:51,989
[kris_bennett]: thousand fifty thousand square feet and above
it's great if it has some land to

533
00:20:52,049 --> 00:20:56,396
[kris_bennett]: expand don it's really good if it's
been run by our own by someone who's

534
00:20:56,496 --> 00:21:00,423
[kris_bennett]: not keen on the self shores business
sometimes in that range your looking at institutional

535
00:21:00,483 --> 00:21:04,790
[kris_bennett]: type deals when they're that size but
they could be built by like a veloper

536
00:21:05,071 --> 00:21:05,171
[kris_bennett]: or

537
00:21:05,865 --> 00:21:06,050
[casey_]: sure

538
00:21:06,153 --> 00:21:09,638
[kris_bennett]: somebody else who doesn't they don't like
do stories they built this deal one off

539
00:21:09,658 --> 00:21:12,623
[kris_bennett]: they had some extra land they built
this deal one off and they're just you

540
00:21:12,663 --> 00:21:15,127
[kris_bennett]: know they're going to just sell it
because thats what they want to do and

541
00:21:15,147 --> 00:21:19,294
[kris_bennett]: they want to go build other things
um so we see that pretty often um

542
00:21:19,435 --> 00:21:21,959
[kris_bennett]: and then for your listeners you might
want to jump in the business on like

543
00:21:21,999 --> 00:21:25,184
[kris_bennett]: a g p side heck you can
make you can make good money i used

544
00:21:25,284 --> 00:21:29,291
[kris_bennett]: the deals i've done in the past
for like that first company worked for out

545
00:21:29,331 --> 00:21:34,840
[kris_bennett]: of school we did only small deals
thirty thousand square feet or less like in

546
00:21:34,940 --> 00:21:38,486
[kris_bennett]: growing markets right but thirty thousand square
feet or less you might pay a million

547
00:21:38,567 --> 00:21:41,912
[kris_bennett]: two million three million dollars from one
of those uh but those deals can make

548
00:21:41,992 --> 00:21:45,017
[kris_bennett]: money it's a little bit tighter because
depends on how you're gonna run it if

549
00:21:45,057 --> 00:21:48,363
[kris_bennett]: you run it manned or unman you
know with a call center and all that

550
00:21:48,523 --> 00:21:51,829
[kris_bennett]: there's different ways to do it but
the point is is you can take those

551
00:21:51,949 --> 00:21:56,777
[kris_bennett]: mom real mom and pop operations and
improve them and by adding in some tack

552
00:21:57,318 --> 00:22:02,607
[kris_bennett]: et cetera and really really make good
amount of money on those as a percentage

553
00:22:02,647 --> 00:22:06,653
[kris_bennett]: of the purchase price so yeah there's
operate ity across the spectrum i think but

554
00:22:06,994 --> 00:22:12,163
[kris_bennett]: we avoid deals people have made money
on deals and very turshary markets that i

555
00:22:12,203 --> 00:22:16,890
[kris_bennett]: know people who do those kinds of
deals just fine and they work but we

556
00:22:17,111 --> 00:22:20,917
[kris_bennett]: personally don't buy those kinds of deals
we want to buy in places where population

557
00:22:20,957 --> 00:22:27,168
[kris_bennett]: is growing ad there's an economic diverse
economic market there and base there that's

558
00:22:27,135 --> 00:22:27,277
[casey_]: yeah

559
00:22:27,188 --> 00:22:27,909
[kris_bennett]: where we look for deals

560
00:22:28,194 --> 00:22:30,522
[casey_]: how many markets are you in right
now specifically

561
00:22:31,472 --> 00:22:36,832
[kris_bennett]: as far as deals that we own
wearing like one two three four four right

562
00:22:36,892 --> 00:22:39,236
[kris_bennett]: now if i remember off the top
of my head and

563
00:22:39,204 --> 00:22:39,386
[casey_]: okay

564
00:22:39,296 --> 00:22:42,882
[kris_bennett]: we started last year in twenty twenty
one we raised our funds in the first

565
00:22:42,982 --> 00:22:47,289
[kris_bennett]: fourteen twelve fourteen months we closed or
put call it i don't know the number

566
00:22:47,530 --> 00:22:51,804
[kris_bennett]: actly but call a little over hundred
million dollars closed on and under contract something

567
00:22:51,734 --> 00:22:51,935
[casey_]: got

568
00:22:51,824 --> 00:22:52,065
[kris_bennett]: like that

569
00:22:51,975 --> 00:22:52,095
[casey_]: you

570
00:22:52,406 --> 00:22:52,808
[kris_bennett]: in storage

571
00:22:52,597 --> 00:22:53,581
[casey_]: okay now

572
00:22:53,430 --> 00:22:53,450
[kris_bennett]: m

573
00:22:54,704 --> 00:22:58,750
[casey_]: how involved i know we've we've heard
basically everything so i want to kind of

574
00:22:59,672 --> 00:23:01,735
[casey_]: cut the operations talk and

575
00:23:02,205 --> 00:23:02,820
[kris_bennett]: hm

576
00:23:02,477 --> 00:23:05,642
[casey_]: physical asset talk and talk a little
bit about the capital side

577
00:23:06,370 --> 00:23:06,534
[kris_bennett]: sure

578
00:23:07,409 --> 00:23:14,885
[casey_]: and and and again i know that
you became the part of the arm of

579
00:23:15,246 --> 00:23:19,253
[casey_]: passive investing dot com are you vere
of the self storage arm of passive

580
00:23:19,220 --> 00:23:19,364
[kris_bennett]: yeah

581
00:23:19,293 --> 00:23:24,081
[casey_]: investing dot com but how involved are
you in the on the capital raising side

582
00:23:24,181 --> 00:23:28,769
[casey_]: the because used the word fund a
time or two which obviously proves to me

583
00:23:28,829 --> 00:23:32,054
[casey_]: and my listeners that there's there's a
fund of some kind there which

584
00:23:32,510 --> 00:23:32,652
[kris_bennett]: yeah

585
00:23:32,875 --> 00:23:37,623
[casey_]: i like to get into some of
the maybe some of the high level overview

586
00:23:37,924 --> 00:23:42,952
[casey_]: some of the workings of that because
raising capital is a very important part of

587
00:23:42,992 --> 00:23:47,159
[casey_]: this business so i'd like to know
a little bit more about what your involvement

588
00:23:47,199 --> 00:23:50,666
[casey_]: is there or maybe that's why the
partnership exists was you were really good at

589
00:23:50,806 --> 00:23:52,750
[casey_]: the self storage part and dan maybe

590
00:23:52,601 --> 00:23:52,744
[kris_bennett]: yeah

591
00:23:52,851 --> 00:23:57,321
[casey_]: or whoever was really good at the
capital rising but whatever whatever kind of insight

592
00:23:57,341 --> 00:23:58,122
[casey_]: you can give us on that

593
00:23:58,190 --> 00:24:01,996
[kris_bennett]: yeah that's the way you describe it
just there is the way it was the

594
00:24:02,056 --> 00:24:06,183
[kris_bennett]: way it is i'm sorry so we'll
get involved a little bit on i have

595
00:24:06,203 --> 00:24:08,888
[kris_bennett]: an investor call coming up here pretty
soon some folks reached out and said hey

596
00:24:08,948 --> 00:24:11,612
[kris_bennett]: we want to learn more i did
a webinar the other day and that's why

597
00:24:11,652 --> 00:24:15,258
[kris_bennett]: they reached out and for a storage
investor nation so they sat in on the

598
00:24:15,299 --> 00:24:18,464
[kris_bennett]: webinar and they wanted to learn how
to invest with us so great no problem

599
00:24:18,544 --> 00:24:21,549
[kris_bennett]: happy to talk to them and answer
questions directly because they sometimes wouldn't talk to

600
00:24:21,609 --> 00:24:23,176
[kris_bennett]: us l and you know ask

601
00:24:23,107 --> 00:24:23,291
[casey_]: sure

602
00:24:23,216 --> 00:24:24,403
[kris_bennett]: their questions it's no problem

603
00:24:24,254 --> 00:24:24,999
[casey_]: ask their questions

604
00:24:24,825 --> 00:24:25,106
[kris_bennett]: in then

605
00:24:25,059 --> 00:24:26,609
[casey_]: maybe about operations and stuff

606
00:24:26,710 --> 00:24:30,316
[kris_bennett]: exactly yeah you know whatever it might
be which is completely fine so we do

607
00:24:30,396 --> 00:24:33,701
[kris_bennett]: get involved with some of the investor
q and a from time to time but

608
00:24:33,882 --> 00:24:38,589
[kris_bennett]: generally speaking on the capital rays like
the specific with the email list in black

609
00:24:38,790 --> 00:24:41,054
[kris_bennett]: at that kind of stuff like i
don't have anything to do with that i'm

610
00:24:41,314 --> 00:24:46,883
[kris_bennett]: the deal hunter the broker relations the
the guy who's making relationships with other owners

611
00:24:47,484 --> 00:24:50,049
[kris_bennett]: institutional owners to see if they want
to sell in the future if they want

612
00:24:50,109 --> 00:24:51,391
[kris_bennett]: ever do a deal off market so

613
00:24:51,444 --> 00:24:51,645
[casey_]: yeah

614
00:24:51,791 --> 00:24:56,039
[kris_bennett]: that's my specialty and john my business
partner he's on the corporate finance side so

615
00:24:56,139 --> 00:24:58,603
[kris_bennett]: he used to do all of our
underwriting we've hired an analyst to do that

616
00:24:58,663 --> 00:25:01,828
[kris_bennett]: for us now but he's on the
corporate side looking at hey should we sell

617
00:25:01,928 --> 00:25:06,236
[kris_bennett]: should we not and closing our deals
and that sort of thing so so yeah

618
00:25:06,316 --> 00:25:09,962
[kris_bennett]: that's why we formed a partnership but
we do have a fund we're on our

619
00:25:10,022 --> 00:25:14,750
[kris_bennett]: second fund right now our very first
deal we syndicated that one that was as

620
00:25:14,850 --> 00:25:18,496
[kris_bennett]: in like march or some ike that
of twenty twenty one we'reactually getingready to list

621
00:25:18,576 --> 00:25:21,902
[kris_bennett]: that one for sale now it's then
super well we added on another twenty two

622
00:25:21,942 --> 00:25:24,827
[kris_bennett]: thousand square foot building to it we're
going to put that on the market here

623
00:25:24,867 --> 00:25:29,494
[kris_bennett]: pretty soon but that one sold here
by the end of this year hopefully and

624
00:25:29,534 --> 00:25:31,758
[kris_bennett]: then the rest of the deals that
we did so call it eighty or ninety

625
00:25:31,818 --> 00:25:37,247
[kris_bennett]: million dollars we've closed on and that
was our fund one so we raised i

626
00:25:37,287 --> 00:25:40,713
[kris_bennett]: think it was roughly thirty million litte
ver thirty thirty million almost forty million dollars

627
00:25:40,773 --> 00:25:44,700
[kris_bennett]: in equity from limited partners to put
into self stored so if they came in

628
00:25:45,040 --> 00:25:48,346
[kris_bennett]: and they invested in our fund they're
invested in i forgot the number of eight

629
00:25:48,406 --> 00:25:52,933
[kris_bennett]: deals or eight or nine deals across
markets and so their money is diversified that

630
00:25:52,993 --> 00:25:58,523
[kris_bennett]: way we're on fund to now a
bit smaller fund because of these economic times

631
00:25:59,104 --> 00:26:02,249
[kris_bennett]: we wanted to be able to move
quicker if we needed to so and raise

632
00:26:02,309 --> 00:26:05,374
[kris_bennett]: capita quicker et cetera in deployed faster
so we did our fun we're doing our

633
00:26:05,434 --> 00:26:08,439
[kris_bennett]: fund to which we're goin to close
as of the time of this recording we

634
00:26:08,459 --> 00:26:12,546
[kris_bennett]: should close that next week here in
the middle of august fund two is a

635
00:26:12,867 --> 00:26:17,715
[kris_bennett]: thirty million dollar total acquisition rice and
roughly call it fifteen seventeen million dollar raise

636
00:26:17,755 --> 00:26:21,962
[kris_bennett]: on that where we going more conservative
on the l t c h just because

637
00:26:22,042 --> 00:26:23,524
[kris_bennett]: of interest rates et cetera so

638
00:26:24,075 --> 00:26:24,216
[casey_]: sure

639
00:26:24,266 --> 00:26:28,372
[kris_bennett]: but yeah that's that's what we're at
so we we a fund model with it

640
00:26:28,533 --> 00:26:33,761
[kris_bennett]: and allow investors to diversify cost across
a couple of assets and yeah that's how

641
00:26:33,801 --> 00:26:37,988
[kris_bennett]: we do it i've done indications in
the past but personally i prefer a fund

642
00:26:38,049 --> 00:26:41,474
[kris_bennett]: model where it's large a fund a
large fund or a small one either way

643
00:26:41,514 --> 00:26:45,140
[kris_bennett]: because it makes it easier when you
talk to sellers and brokers and to say

644
00:26:45,241 --> 00:26:48,987
[kris_bennett]: we have a fund so they understand
that we have the capital commitments in hand

645
00:26:49,067 --> 00:26:52,479
[kris_bennett]: were able to close the deal that's
kind of important so anyway

646
00:26:52,347 --> 00:26:52,531
[casey_]: yeah

647
00:26:52,540 --> 00:26:53,907
[kris_bennett]: that's that's how we have it structure

648
00:26:54,634 --> 00:26:59,662
[casey_]: awesome that's great well then you know
the fund so walk us through so so

649
00:26:59,742 --> 00:27:05,111
[casey_]: you find so you you've got broker
relationships broker collogyand says chris i got this

650
00:27:05,192 --> 00:27:09,479
[casey_]: deal it uh whatever whatever you underrated
it's great

651
00:27:09,183 --> 00:27:09,750
[kris_bennett]: hm

652
00:27:10,240 --> 00:27:10,621
[casey_]: then

653
00:27:10,420 --> 00:27:10,542
[kris_bennett]: yep

654
00:27:11,382 --> 00:27:14,667
[casey_]: so i want you i'd like for
you to maybe explain a little bit about

655
00:27:14,707 --> 00:27:19,955
[casey_]: how this works then do you all
have the cash and the fund to just

656
00:27:20,015 --> 00:27:23,938
[casey_]: close the deal and then re finance
it do you say hey we just go

657
00:27:23,978 --> 00:27:27,281
[casey_]: to the fund and get our down
payment and we borrow the balance what does

658
00:27:27,321 --> 00:27:27,502
[casey_]: that

659
00:27:27,450 --> 00:27:27,630
[kris_bennett]: yeah

660
00:27:27,542 --> 00:27:29,003
[casey_]: look like when that comes about

661
00:27:28,832 --> 00:27:33,640
[kris_bennett]: if we've closed one i know one
maybe two deals i can't remember now but

662
00:27:33,720 --> 00:27:35,683
[kris_bennett]: at least one deal all cash and

663
00:27:35,604 --> 00:27:35,788
[casey_]: okay

664
00:27:35,723 --> 00:27:40,572
[kris_bennett]: then put the financing on it later
so we always underrate two financing the property

665
00:27:40,972 --> 00:27:44,298
[kris_bennett]: and most everybody outside know if they're
going to pay cash for a property that's

666
00:27:44,358 --> 00:27:48,144
[kris_bennett]: fine they're able to close he quicker
and give some confidence to the broker or

667
00:27:48,184 --> 00:27:53,072
[kris_bennett]: the seller that the cash is there
take that's not a problem but they will

668
00:27:53,133 --> 00:27:58,702
[kris_bennett]: usually they it makes sense to underrate
to a refy whether that be a month

669
00:27:58,782 --> 00:28:02,789
[kris_bennett]: after closing or whatever the case may
be but they got to replace that capital

670
00:28:02,849 --> 00:28:06,034
[kris_bennett]: so sometimes some people will have a
line of credit that they drawn which is

671
00:28:06,114 --> 00:28:08,218
[kris_bennett]: great like a credit card to go
out and buy real estate

672
00:28:08,624 --> 00:28:08,768
[casey_]: yep

673
00:28:08,698 --> 00:28:12,064
[kris_bennett]: you got to pay that back right
at some point and so you're either raising

674
00:28:12,124 --> 00:28:12,725
[kris_bennett]: capital you have

675
00:28:12,714 --> 00:28:13,374
[casey_]: yeah

676
00:28:12,805 --> 00:28:16,311
[kris_bennett]: institutional partners going to pay that back
in some some fashion or you're gonna have

677
00:28:16,371 --> 00:28:19,557
[kris_bennett]: like a loan placed on it to
pay back part of that capital that that

678
00:28:19,617 --> 00:28:24,004
[kris_bennett]: draw down that you credit car that
you've used so there's some some way shape

679
00:28:24,064 --> 00:28:27,169
[kris_bennett]: or form you're going to end up
putting debt on the property not just keeping

680
00:28:27,229 --> 00:28:27,850
[kris_bennett]: all equity there

681
00:28:28,434 --> 00:28:28,640
[casey_]: oh

682
00:28:28,451 --> 00:28:32,635
[kris_bennett]: um so yeah that's usually how we
do it so we'll always underrate to having

683
00:28:32,716 --> 00:28:35,739
[kris_bennett]: debt in place but we have closed
deals all cash in the past

684
00:28:36,754 --> 00:28:40,618
[casey_]: um as of recording mid august twenty
twenty two what

685
00:28:40,833 --> 00:28:40,874
[kris_bennett]: h

686
00:28:40,899 --> 00:28:41,239
[casey_]: is

687
00:28:41,709 --> 00:28:41,730
[kris_bennett]: m

688
00:28:42,000 --> 00:28:44,623
[casey_]: what are cap rates looking like right

689
00:28:44,650 --> 00:28:44,790
[kris_bennett]: right

690
00:28:44,683 --> 00:28:44,783
[casey_]: now

691
00:28:44,830 --> 00:28:50,299
[kris_bennett]: now they've expanded so most people are
underwriting right now if it's stabilized right so

692
00:28:50,359 --> 00:28:55,808
[kris_bennett]: let's call it in story that's roughly
eighty five percent economic occupancy ninety percent physical

693
00:28:55,969 --> 00:29:01,939
[kris_bennett]: occupants um so if it's a stabilized
property with those types of metrics uh your

694
00:29:02,019 --> 00:29:05,525
[kris_bennett]: cap rates ough it depends again in
the market the asset et cetera but call

695
00:29:05,545 --> 00:29:09,792
[kris_bennett]: it a six somewhere around there whereas
if we asked me six months ago

696
00:29:10,404 --> 00:29:10,567
[casey_]: uh

697
00:29:10,954 --> 00:29:12,777
[kris_bennett]: let's say let's say charlotte let's say

698
00:29:12,704 --> 00:29:12,826
[casey_]: yep

699
00:29:12,877 --> 00:29:16,202
[kris_bennett]: charlot for example so maybe it's six
now if you'd asked me six months ago

700
00:29:16,283 --> 00:29:17,384
[kris_bennett]: it literal would ave been like a
four

701
00:29:17,894 --> 00:29:18,016
[casey_]: yep

702
00:29:18,446 --> 00:29:22,553
[kris_bennett]: so there has been many deals that
have come ack to us and like when

703
00:29:22,614 --> 00:29:27,967
[kris_bennett]: we just under wrote yesterday nothing is
changed for us that came out to market

704
00:29:28,107 --> 00:29:34,042
[kris_bennett]: like nearly close to twenty million dollars
and they at thirty sixty days ago they're

705
00:29:34,062 --> 00:29:38,570
[kris_bennett]: bringing it back to market with a
roughly thirty percent price reduction on that

706
00:29:38,837 --> 00:29:39,021
[casey_]: ah

707
00:29:38,990 --> 00:29:43,037
[kris_bennett]: and the deal for us still doesn't
pencil now that's a drastic example we have

708
00:29:43,077 --> 00:29:46,402
[kris_bennett]: seen others whether you know king off
half a million or a million dollars or

709
00:29:46,442 --> 00:29:51,308
[kris_bennett]: two million dollars off the purchase price
but still the deal doesn't pencil because while

710
00:29:51,368 --> 00:29:57,087
[kris_bennett]: that that might make sense you know
three or sixty days ago it still doesn't

711
00:29:57,128 --> 00:30:00,653
[kris_bennett]: make sense today because they just raise
rates you know three days ago so

712
00:30:00,725 --> 00:30:00,848
[casey_]: yeah

713
00:30:01,114 --> 00:30:03,999
[kris_bennett]: how do we make the numbers work
with that so there's a disconnect we ran

714
00:30:04,059 --> 00:30:06,002
[kris_bennett]: through our numbers on offers and all
that and

715
00:30:06,534 --> 00:30:06,739
[casey_]: oh

716
00:30:06,844 --> 00:30:10,209
[kris_bennett]: i keep track of how far we
are off you know on guidance or other

717
00:30:10,269 --> 00:30:14,677
[kris_bennett]: purchase price based upon our offer and
were usually about ninety eight called ninety ninety

718
00:30:14,737 --> 00:30:19,204
[kris_bennett]: five percent off ninety ight percent um
you know as far as how far we

719
00:30:19,284 --> 00:30:20,366
[kris_bennett]: are apart from the seller

720
00:30:21,084 --> 00:30:21,266
[casey_]: sure

721
00:30:21,087 --> 00:30:25,735
[kris_bennett]: asking price m this last month in
july we were about seventy called seventy five

722
00:30:25,775 --> 00:30:31,587
[kris_bennett]: percent off so that that spread widen
between what sellers expect and buyers what

723
00:30:31,604 --> 00:30:31,747
[casey_]: yeah

724
00:30:31,647 --> 00:30:33,873
[kris_bennett]: we expect to pay for something so
it's

725
00:30:33,839 --> 00:30:34,021
[casey_]: yeah

726
00:30:33,913 --> 00:30:35,537
[kris_bennett]: slow down and we've seen that so

727
00:30:35,874 --> 00:30:44,336
[casey_]: and that's and it's it's always interesting
to me when you have sellers who even

728
00:30:44,497 --> 00:30:48,844
[casey_]: i guess maybe they're approaching the idea
of selling because if they can find somebody

729
00:30:48,924 --> 00:30:52,710
[casey_]: that's maybe looking to place some ten
thirty one money or looking to do something

730
00:30:52,570 --> 00:30:52,711
[kris_bennett]: yeah

731
00:30:52,750 --> 00:30:58,059
[casey_]: but it's almost like why even present
this deal to a company such as yourself

732
00:30:58,179 --> 00:31:03,488
[casey_]: knowing what the underwriting has to look
like in order to like like that's what

733
00:31:03,548 --> 00:31:07,014
[casey_]: i guess is always kind of i'm
like hey you make money when people proachyou

734
00:31:07,054 --> 00:31:10,740
[casey_]: with deals that work they're able to
sell when the deal works and everybody knows

735
00:31:10,901 --> 00:31:14,166
[casey_]: what's going to make that deal work
especially in self storage and it seems like

736
00:31:14,226 --> 00:31:19,555
[casey_]: multi family and some other asset classes
you can have some really outline factors that

737
00:31:19,595 --> 00:31:22,881
[casey_]: could could just drastically change a lot
of stuff but

738
00:31:23,244 --> 00:31:23,407
[kris_bennett]: yeah

739
00:31:23,702 --> 00:31:26,066
[casey_]: up stores just seems like it seems
like

740
00:31:26,040 --> 00:31:26,286
[kris_bennett]: yeah

741
00:31:26,106 --> 00:31:30,233
[casey_]: it would be an easier asset class
to just pair one pair one and then

742
00:31:30,734 --> 00:31:33,739
[casey_]: everybody figures out what makes it work
either they want to sell or they don't

743
00:31:34,219 --> 00:31:37,845
[casey_]: but i guess they're possibly out looking
for ten thirty one money or looking for

744
00:31:37,946 --> 00:31:42,493
[casey_]: a cash buyer that needs to place
something immediately or something like that so you

745
00:31:42,480 --> 00:31:42,640
[kris_bennett]: yeah

746
00:31:42,533 --> 00:31:42,633
[casey_]: know

747
00:31:42,720 --> 00:31:42,800
[kris_bennett]: it

748
00:31:42,775 --> 00:31:42,795
[casey_]: i

749
00:31:42,861 --> 00:31:46,967
[kris_bennett]: just depends yeah like it depends on
how if it's a broker deal sometimes the

750
00:31:47,007 --> 00:31:50,633
[kris_bennett]: broker it's just like selling your house
you know somebody on a sell their house

751
00:31:50,674 --> 00:31:54,560
[kris_bennett]: they call up one two or three
agents haven't come over and do their their

752
00:31:54,861 --> 00:31:58,126
[kris_bennett]: agent presentation and tell them what they
think the house is going to sell for

753
00:31:58,186 --> 00:32:02,674
[kris_bennett]: and all that in today's market sometimes
one agent oftentimes there's one agent who's like

754
00:32:02,854 --> 00:32:05,398
[kris_bennett]: way above everybody else because they want
the listing and

755
00:32:05,384 --> 00:32:05,528
[casey_]: yeah

756
00:32:05,418 --> 00:32:07,722
[kris_bennett]: they'll get the listing they'll take it
to market and the they'll get all the

757
00:32:07,782 --> 00:32:08,804
[kris_bennett]: offers in and all

758
00:32:08,806 --> 00:32:08,867
[casey_]: it

759
00:32:08,844 --> 00:32:08,924
[kris_bennett]: the

760
00:32:08,928 --> 00:32:09,214
[casey_]: down

761
00:32:08,964 --> 00:32:12,129
[kris_bennett]: offers will be ten per cent less
than that but they'll say look boy this

762
00:32:12,169 --> 00:32:14,934
[kris_bennett]: is where the price is you know
well why don't you tell me where you

763
00:32:14,994 --> 00:32:15,655
[kris_bennett]: knew that you just

764
00:32:15,665 --> 00:32:15,829
[casey_]: yep

765
00:32:15,695 --> 00:32:19,220
[kris_bennett]: won't get the listing so in some
cases you have brokers who just want the

766
00:32:19,260 --> 00:32:23,044
[kris_bennett]: listing and they're willing to kind of
inflate the price a little bit to try

767
00:32:23,104 --> 00:32:26,567
[kris_bennett]: and get that listing and then the
prices the office coming later on their their

768
00:32:26,607 --> 00:32:27,028
[kris_bennett]: way below

769
00:32:27,514 --> 00:32:27,754
[casey_]: try to

770
00:32:27,769 --> 00:32:27,909
[kris_bennett]: that

771
00:32:27,815 --> 00:32:28,055
[casey_]: mash

772
00:32:27,989 --> 00:32:28,209
[kris_bennett]: number

773
00:32:28,115 --> 00:32:29,118
[casey_]: them together get them

774
00:32:29,090 --> 00:32:29,310
[kris_bennett]: yeah

775
00:32:29,218 --> 00:32:29,860
[casey_]: to agree at

776
00:32:29,871 --> 00:32:30,011
[kris_bennett]: yeah

777
00:32:29,900 --> 00:32:30,402
[casey_]: some point

778
00:32:30,252 --> 00:32:33,397
[kris_bennett]: and they say okay well the market
quote and quote the market has spoken and

779
00:32:33,417 --> 00:32:36,502
[kris_bennett]: therefore this is the price and then
the seller is like well if i go

780
00:32:36,542 --> 00:32:39,387
[kris_bennett]: through this whole process again when somebody
else you know you don't want to do

781
00:32:39,447 --> 00:32:42,632
[kris_bennett]: that because then it looks like something
that's wrong with the deal and then it's

782
00:32:42,672 --> 00:32:44,656
[kris_bennett]: going back to market with another broker
like you just

783
00:32:44,624 --> 00:32:44,789
[casey_]: yep

784
00:32:44,736 --> 00:32:49,383
[kris_bennett]: never know how people perceive that so
so that happens and then other times you're

785
00:32:49,403 --> 00:32:53,210
[kris_bennett]: right like if you're in the institutional
like the larger type deals there are anthy

786
00:32:53,330 --> 00:32:56,716
[kris_bennett]: groups out there who do have ten
thirty one money or they have a lower

787
00:32:56,816 --> 00:33:00,823
[kris_bennett]: cost of capital and they're able to
pay more for deal than somebody else and

788
00:33:01,263 --> 00:33:03,367
[kris_bennett]: and here able to get that price
or get close to the price that they

789
00:33:03,467 --> 00:33:07,153
[kris_bennett]: want so there's usually a couple of
factors on why people why it's kind of

790
00:33:07,213 --> 00:33:11,040
[kris_bennett]: hard to get the price you know
to be where it needs to be to

791
00:33:11,120 --> 00:33:15,186
[kris_bennett]: trade also sometimes sell our expectations because
they've put in a ton of work or

792
00:33:15,227 --> 00:33:18,712
[kris_bennett]: they've done this and that or whatever
everybody sees it differently right if i had

793
00:33:18,752 --> 00:33:22,959
[kris_bennett]: a pen here and that pen was
given to me my by my grandfather you

794
00:33:22,999 --> 00:33:25,724
[kris_bennett]: know who died in world war two
you know some crazy story

795
00:33:26,058 --> 00:33:26,178
[casey_]: more

796
00:33:26,165 --> 00:33:26,245
[kris_bennett]: may

797
00:33:26,219 --> 00:33:26,279
[casey_]: to

798
00:33:26,325 --> 00:33:26,365
[kris_bennett]: be

799
00:33:26,339 --> 00:33:26,480
[casey_]: you

800
00:33:26,425 --> 00:33:29,230
[kris_bennett]: mirth like whoa this is like this
is worth a lot o know and you

801
00:33:29,310 --> 00:33:32,377
[kris_bennett]: like that's an ugly panama throw it
away you know like

802
00:33:32,364 --> 00:33:32,549
[casey_]: yeah

803
00:33:32,457 --> 00:33:34,401
[kris_bennett]: it's so stupid i won't even offer
you a dollar for it

804
00:33:34,814 --> 00:33:34,976
[casey_]: yep

805
00:33:34,882 --> 00:33:37,648
[kris_bennett]: so yeah there's there's that emotional aspect
of things too

806
00:33:38,614 --> 00:33:41,900
[casey_]: well awesome all right well listen chris
so we have a couple of questions we

807
00:33:41,980 --> 00:33:46,347
[casey_]: ask every guest that comes on the
show and the first of those questions is

808
00:33:46,548 --> 00:33:51,813
[casey_]: what is the best book that you
have recently read or our current lager kay

809
00:33:51,791 --> 00:33:55,217
[kris_bennett]: well there's a couple i do like
the one thing that's when i haven't read

810
00:33:55,257 --> 00:33:58,182
[kris_bennett]: it recently but i've listened to it
and read it you know numerous times audio

811
00:33:58,422 --> 00:34:01,788
[kris_bennett]: book version of that numerous times in
the past and i think it always applies

812
00:34:01,808 --> 00:34:04,312
[kris_bennett]: that's kind of how i tried to
set it my day is getting the most

813
00:34:04,372 --> 00:34:06,055
[kris_bennett]: important things done first and when i
do that

814
00:34:05,994 --> 00:34:06,117
[casey_]: yep

815
00:34:06,115 --> 00:34:09,240
[kris_bennett]: i feel good and when i don't
do that sometimes i feel like i missed

816
00:34:09,340 --> 00:34:13,527
[kris_bennett]: on something today you know because you
get so distracted by answering emails and doing

817
00:34:13,567 --> 00:34:17,594
[kris_bennett]: all this kind of other stuff that
doesn't really move the ball forward so that

818
00:34:17,654 --> 00:34:21,761
[kris_bennett]: book is really good i recommend that
to anybody and then another one actually garry

819
00:34:21,821 --> 00:34:22,963
[kris_bennett]: keller's books i haven't sitting

820
00:34:22,874 --> 00:34:23,018
[casey_]: yep

821
00:34:22,983 --> 00:34:25,547
[kris_bennett]: over here the millionnaire real estate investor

822
00:34:26,326 --> 00:34:26,568
[casey_]: man

823
00:34:26,429 --> 00:34:26,709
[kris_bennett]: that does

824
00:34:26,688 --> 00:34:26,708
[casey_]: i

825
00:34:26,769 --> 00:34:26,869
[kris_bennett]: not

826
00:34:26,889 --> 00:34:27,131
[casey_]: just

827
00:34:26,950 --> 00:34:30,856
[kris_bennett]: plied like really to commercial but like
yeah just throw his thought process on going

828
00:34:30,896 --> 00:34:33,480
[kris_bennett]: for units and you know all the
things in there that are like nuggets

829
00:34:33,504 --> 00:34:33,666
[casey_]: yeah

830
00:34:33,521 --> 00:34:36,205
[kris_bennett]: that you can take away it's a
great book i think and it can be

831
00:34:36,225 --> 00:34:39,555
[kris_bennett]: applied to commercial real estate just as
well as as well inancials so

832
00:34:39,714 --> 00:34:42,657
[casey_]: that book actually just came across my
pad i didn't even

833
00:34:42,632 --> 00:34:42,775
[kris_bennett]: yeah

834
00:34:42,717 --> 00:34:44,559
[casey_]: know he wrote that i didn't en
know he wrote that

835
00:34:44,450 --> 00:34:44,591
[kris_bennett]: yeah

836
00:34:44,619 --> 00:34:45,380
[casey_]: book i've always

837
00:34:45,395 --> 00:34:45,556
[kris_bennett]: yeah

838
00:34:45,740 --> 00:34:49,535
[casey_]: the one thing or not the one
that what's the is that

839
00:34:49,560 --> 00:34:49,620
[kris_bennett]: he

840
00:34:49,575 --> 00:34:49,655
[casey_]: what

841
00:34:49,680 --> 00:34:49,820
[kris_bennett]: wrote

842
00:34:49,696 --> 00:34:49,917
[casey_]: you just

843
00:34:49,840 --> 00:34:50,020
[kris_bennett]: another

844
00:34:49,977 --> 00:34:50,098
[casey_]: said

845
00:34:50,040 --> 00:34:50,341
[kris_bennett]: one called

846
00:34:50,158 --> 00:34:50,400
[casey_]: the one

847
00:34:50,441 --> 00:34:55,706
[kris_bennett]: shift and then he wrote another one
called the millionaire real estate agent and then

848
00:34:55,827 --> 00:34:57,949
[kris_bennett]: garry keller he wrote the one thing
also

849
00:34:57,754 --> 00:34:58,817
[casey_]: that's right and that's

850
00:34:58,830 --> 00:34:58,952
[kris_bennett]: yeah

851
00:34:58,897 --> 00:35:01,405
[casey_]: the one that i always kind of
but i didn't realize he wrote that one

852
00:35:01,445 --> 00:35:03,451
[casey_]: but the villionaire but anyway yeah

853
00:35:03,440 --> 00:35:03,921
[kris_bennett]: the millionaire

854
00:35:03,571 --> 00:35:03,832
[casey_]: it was

855
00:35:03,962 --> 00:35:05,005
[kris_bennett]: real estate investor yeah

856
00:35:04,934 --> 00:35:05,615
[casey_]: i just saw it come

857
00:35:05,527 --> 00:35:05,667
[kris_bennett]: yeah

858
00:35:05,675 --> 00:35:09,301
[casey_]: across the other day so all right
what is a dream vacation that you have

859
00:35:09,321 --> 00:35:10,563
[casey_]: either taken or hoped to take

860
00:35:11,580 --> 00:35:15,767
[kris_bennett]: oh you know what i like to
travel and what not we went to disney

861
00:35:15,827 --> 00:35:18,572
[kris_bennett]: world a little while ago that wasn't
a dream because that was a lot of

862
00:35:18,652 --> 00:35:19,894
[kris_bennett]: work actually with the kids

863
00:35:19,944 --> 00:35:20,625
[casey_]: a nightmare

864
00:35:20,435 --> 00:35:20,655
[kris_bennett]: uh

865
00:35:20,705 --> 00:35:21,246
[casey_]: i've been there with

866
00:35:21,276 --> 00:35:21,457
[kris_bennett]: yeah

867
00:35:21,286 --> 00:35:23,469
[casey_]: my kids who man

868
00:35:23,382 --> 00:35:23,524
[kris_bennett]: not

869
00:35:23,509 --> 00:35:23,589
[casey_]: i'd

870
00:35:23,626 --> 00:35:23,889
[kris_bennett]: fine

871
00:35:23,649 --> 00:35:26,153
[casey_]: rather be in hell with my back
broke i swear

872
00:35:26,822 --> 00:35:31,069
[kris_bennett]: yeah yeah so i guess probably getting
away to like greece or something like that

873
00:35:31,109 --> 00:35:31,570
[kris_bennett]: ease you see all

874
00:35:31,535 --> 00:35:31,678
[casey_]: yeah

875
00:35:31,590 --> 00:35:35,096
[kris_bennett]: the pictures like the pretty water and
like the mountain side stuff or something like

876
00:35:35,136 --> 00:35:38,421
[kris_bennett]: that would just me and my wife
and just hang it out honestly sometimes we

877
00:35:38,521 --> 00:35:42,989
[kris_bennett]: just like when when it's funny because
i got three kids eleven eight and two

878
00:35:43,670 --> 00:35:43,810
[kris_bennett]: and

879
00:35:43,704 --> 00:35:43,846
[casey_]: yep

880
00:35:44,551 --> 00:35:48,979
[kris_bennett]: when my grandma my grandma when my
mom comes with grandma comes and she watches

881
00:35:49,019 --> 00:35:52,223
[kris_bennett]: and retakes out of whatever it's like
do you want to go anywhere nope let's

882
00:35:52,263 --> 00:35:53,424
[kris_bennett]: just sit on the couch and

883
00:35:53,455 --> 00:35:53,636
[casey_]: let's

884
00:35:53,505 --> 00:35:54,105
[kris_bennett]: do nothing

885
00:35:53,716 --> 00:35:58,070
[casey_]: just stay here ye still you'd be
like yeah let's go burn and

886
00:35:58,270 --> 00:35:58,753
[kris_bennett]: exactly

887
00:35:58,331 --> 00:35:58,812
[casey_]: now it

888
00:35:58,794 --> 00:36:00,182
[kris_bennett]: let's go party it's

889
00:36:00,084 --> 00:36:00,304
[casey_]: it's like

890
00:36:00,222 --> 00:36:00,343
[kris_bennett]: like

891
00:36:00,344 --> 00:36:00,504
[casey_]: it's an

892
00:36:00,484 --> 00:36:00,685
[kris_bennett]: now

893
00:36:00,625 --> 00:36:01,606
[casey_]: ap time yea

894
00:36:01,761 --> 00:36:02,587
[kris_bennett]: yeah exactly

895
00:36:02,608 --> 00:36:02,929
[casey_]: awesome

896
00:36:02,869 --> 00:36:02,970
[kris_bennett]: so

897
00:36:03,229 --> 00:36:08,037
[casey_]: well listen chris how can the listeners
if they've heard something that resonated with them

898
00:36:08,057 --> 00:36:08,979
[casey_]: and they want to get in touch

899
00:36:08,900 --> 00:36:09,062
[kris_bennett]: sure

900
00:36:09,380 --> 00:36:09,981
[casey_]: what's the best

901
00:36:09,891 --> 00:36:10,033
[kris_bennett]: yeah

902
00:36:10,061 --> 00:36:11,203
[casey_]: way for them to get in touch
with you

903
00:36:12,240 --> 00:36:15,303
[kris_bennett]: typically leaked in so i'm out there
and linked in just search you know chris

904
00:36:15,363 --> 00:36:18,766
[kris_bennett]: k r s chris bennett and you'll
see me up there and then you can

905
00:36:18,806 --> 00:36:22,869
[kris_bennett]: always shoot me an email chris k
r is a passive investing dot com

906
00:36:23,624 --> 00:36:28,131
[casey_]: awesome awesome and i can vouch for
the pass of investing dot com guys they

907
00:36:28,392 --> 00:36:34,442
[casey_]: are great bunch who have always it
seems like to the investment world you all

908
00:36:34,582 --> 00:36:38,869
[casey_]: give far more than you take from
from all of us as far as just

909
00:36:38,989 --> 00:36:43,377
[casey_]: wanting to assist and help and talk
and and offer advice and what not so

910
00:36:44,038 --> 00:36:44,238
[casey_]: i will

911
00:36:44,221 --> 00:36:44,644
[kris_bennett]: absolutely

912
00:36:44,298 --> 00:36:48,345
[casey_]: personally vouch for that so anyway listen
i want to think chris i know you're

913
00:36:48,365 --> 00:36:51,691
[casey_]: a busy man and i want to
thank you first of all for being on

914
00:36:51,731 --> 00:36:56,418
[casey_]: the show today and taking the time
to explain to us what the self storage

915
00:36:56,479 --> 00:36:58,282
[casey_]: arm of pass investing dot com looks
like so

916
00:36:58,691 --> 00:36:59,582
[kris_bennett]: absolutely yeah

917
00:36:59,824 --> 00:37:04,712
[casey_]: and listeners as always please head down
and leave us a review leave us a

918
00:37:04,792 --> 00:37:08,338
[casey_]: five star review we will be very
appreciative of that

919
00:37:08,570 --> 00:37:08,853
[kris_bennett]: do it

920
00:37:08,899 --> 00:37:09,019
[casey_]: and

921
00:37:09,510 --> 00:37:09,952
[kris_bennett]: oh

922
00:37:09,620 --> 00:37:15,170
[casey_]: while you're there that subscribe button so
that you can be notified of new episodes

923
00:37:15,230 --> 00:37:19,637
[casey_]: and new content as we release it
and again i want to thank you chris

924
00:37:19,697 --> 00:37:20,959
[casey_]: i want o thank you listeners for

925
00:37:20,850 --> 00:37:21,233
[kris_bennett]: oh

926
00:37:21,040 --> 00:37:22,843
[casey_]: spending the last

927
00:37:23,280 --> 00:37:23,300
[kris_bennett]: m

928
00:37:23,504 --> 00:37:27,111
[casey_]: you're forty five minutes with us and
we really appreciate and hope everybody is wonderful

929
00:37:27,191 --> 00:37:27,752
[casey_]: rest of the day

930
00:37:28,502 --> 00:37:29,299
[kris_bennett]: awesome thanks casey