Self-Storage Real Estate for Beginners with Kris Bennett

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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

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

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

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

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

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

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[kris_bennett]: was about three really small deals that
they owned or were developing at the time

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

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

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

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

219
00:07:31,404 --> 00:07:33,648
[kris_bennett]: at that time this is about twenty
sixteen twenty seventeen

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

221
00:07:34,068 --> 00:07:38,977
[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
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[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
00:07:59,471 --> 00:08:00,653
[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
00:08:34,080 --> 00:08:34,344
[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
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[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
00:09:02,064 --> 00:09:02,266
[kris_bennett]: you mean

259
00:09:02,325 --> 00:09:05,390
[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
00:09:05,891 --> 00:09:06,171
[casey_]: where

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

263
00:09:06,472 --> 00:09:11,701
[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
00:09:36,010 --> 00:09:37,472
[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