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I recently had the opportunity to interview Kris Bennett on the Wealth Strategy Secrets of the Ultra Wealthy Podcast!
In this episode, Kris shares his transition from ministry to real estate investments and private equity. He emphasizes the benefits of investing in self storage and real estate assets that can be non-correlated to the stock market and therefore provide recession resistance.
Kris also explains his wealth building journey and how to take practical steps to live a life of abundance and balance.
We also dive into why now is the time to invest in the self storage asset class and how the outlook for 2022 and beyond is extremely strong.
Hey everyone, welcome to the show. Today we have a special guest joining us, Kris Bennett. Kris is a self-storage managing partner at PassiveInvesting.com, where he leads deal sourcing, broker relations, and overall strategy for their self-storage investment fund. Kris co-hosts the Storage Investor Nation podcast and weekly webinars educating investors about the self-storage industry. He’s a graduate of UNC Chapel Hill, where he served as a fund manager for the university’s private equity real estate fund. Currently, Kris resides in Charlotte, North Carolina, with his wife and three sons. Kris, welcome to the show.
Dave, thanks for having me. Glad to be here.
Yeah, awesome. So Kris, maybe we can start off if you can tell us a little bit about your journey in private equity self-storage. What really led you down this path?
You know, usually nobody starts out trying to get into self-storage. They kind of stumble into it through some other means, right? So that’s kind of my story. Actually, if you rewind the clock a little bit, going back to 2007, I got my real estate broker’s license in the state of North Carolina at that time, hoping to be a broker and go out and make a bunch of money and all that kind of stuff. A lot of other people had the same plan because our real estate licensing class was packed, like 200 people or something like that. But none of us knew what was going to happen in 2008 and 2009. Some of your audience members might remember that time as being really rough in the real estate industry. We basically shot ourselves in the foot.
Fast forward, I realized, you know what, I actually don’t like working in foreclosures and evicting people, which is what I was doing at the time. I wanted to do something else, so I went to school. To make a long story short, I ended up transferring to UNC Chapel Hill. I found out they had a real estate program there at the business school. I applied to the business school, got in, and was part of the real estate program. They had a real estate private equity fund at the school, which piqued my interest, but I didn’t quite fully understand what it was. I worked as an intern my first summer there. Actually, to back up a little bit, I didn’t like real estate because of my experience during the recession. I wanted to do something else, something super nerdy and math-oriented. But just the way it worked out, the only summer job I could find was working for a private equity real estate firm that was buying multifamily assets pretty much in the Raleigh-Durham triangle area at the time.
My eyes were opened to the possibility of raising equity, raising capital from investors, and buying these large 200-300 unit apartment complexes. I was like, oh my gosh, you can do this; this is how it’s done. I had no idea. My experience was single-family homes up to that time. It was all numbers-oriented and rates of return. I loved this stuff; it made sense. So I applied to the private equity fund at the school, made it to the fund, and became a fund manager there. We invested a couple of million dollars into different asset classes: multifamily, office, hotel, some storage, etc.
I graduated and went to work for a private equity company. I call it a family office, but it was really a small office in Raleigh, North Carolina, at the time. I was their “director of acquisitions,” which is just a fancy way of saying you’re a bird dog, go find deals and let’s get them closed. We were looking for multifamily deals pretty much in the triangle area: Raleigh, Durham, Chapel Hill, and over in Charlotte. I realized that it was really tough to make numbers work, and we closed no deals in multifamily for the first year. We had a few under contract that didn’t work out, so we pivoted to self-storage.
The guys I worked for had built maybe three small ground-up facilities, about fifteen thousand square feet, using SBA loans. That was what they were doing on the side, in a sense. We got into that, pivoted to that, and raised a fund using CrowdStreet. I was able to compare the underwriting between multifamily and self-storage, look at the industry as a whole, and I was like, man, there’s such opportunity in storage. I loved the asset class, the numbers, and really the business model of storage.
That’s how it all started. I worked for them and was successful with them. I moved to Charlotte because my family is here, so we moved back in 2018 and have been here ever since. I partnered up with John about two years ago. John co-leads the storage side of Passive Investing with us. I’ve known Dan for a number of years. When he first started, I went to his very first meetup ever in Charlotte, and that’s where he and I met. We stayed in touch, and Dan called me up and said, hey, what are you up to? We want to get into storage, let’s talk. So we did, and John and I came on under the PassiveInvesting.com umbrella and have been rocking and rolling ever since. That was earlier in 2021. So that’s the whole story in a nutshell.
Yeah, that’s awesome, Kris. It’s interesting you got really exposed to private equity very early on and probably saw some of the potential benefits there. But personally, right from kind of a wealth strategy perspective, I’m sure with a family of three and everything, you were interested in creating wealth for yourself and your family. So, in addition to having an affinity towards the asset class, being kind of exposed to it and things, did you have any contrarian views to Wall Street and how you wanted to build your wealth? Was there some kind of pivotal moment or anything that said, “Wow, I can really do something much different than what financial planners are talking about in this space?”
You know, I have a different background. What happened to me was, just to get personal here, I actually worked in ministry for about six years full-time. Some people understand that, some people don’t—basically working in a church. I worked for a Bible school, but full-time ministry for about six years. We were flat dead broke, and so it was a rough time. Transitioning from that to real estate, where you’re actually running your own business essentially, you are your own boss, was a major transition. It’s like, you know, you’re going to go be an astronaut, go to the moon. It’s like, what do I need to do here? I had no clue.
So, I read “Rich Dad Poor Dad” and I read a few of Gary Keller’s books about building a business, a real estate business, and that really opened my eyes. I think for a lot of folks, that affected a lot of people when it came out. This is 10 plus years ago. Then I realized, oh my gosh, I want to be in that quadrant. If you’re familiar with Kiyosaki and his books, I want to be my own boss, own my own business, and then have other people run it for me. I had been striving for that for a number of years. I didn’t buy into—I had no finance background in other words.
Coming from ministry, I had no finance background until I got to Chapel Hill and I became an economics major. I took several classes that had to do with investing in the markets and all of those things, which were fantastic experiences. I don’t necessarily knock the idea. I won’t use a financial planner for myself. I have a couple of friends who are financial planners, and I respect them and what they do, but it’s just not for me because I want to build my wealth through real estate. Now, do I own some stock? Yes, and made some bets during the pandemic that turned out well. Some didn’t turn out so well, but that’s fine. I dabble a little bit in that. But I look to real estate because, number one, I know it, and number two, it’s something that I see as a better opportunity to make money.
I have never ever said that nobody should make money in stocks or do these other things because there’s plenty of people that build wealth that way. There are a lot of people who are fans of Dave Ramsey. Now, I don’t subscribe to every single thing that he does or teaches, but there are good pros and cons to all that stuff. So, can you make money investing in the market? Yes. Can you make money investing in real estate? Yes. What are the pros and cons of each, and what do you like as an individual? I tend to like real estate. It’s a hard asset. You can see it, touch it, and do whatever—well, I guess you can taste it. But you can see and touch it. It’s a physical hard asset, and it’s a way to really build wealth and obviously take advantage of the tax breaks that you get as well through real estate investing.
Most people don’t know, but you go to a financial planner, and they tell you, here’s your mix of stocks and bonds based on your retirement goals, how old you are, how much risk you like, how risk-averse you are, etc. They don’t really recommend real estate, number one, because they don’t get paid that way. They don’t make any money from suggesting real estate investments to folks. They’re incentivized to do other things where they get paid, and that’s fine. That’s their incentive, and people know, like, and trust some financial planners and they go that direction, which is fine. But I think real estate is something where, if you look into it, there are a lot of benefits to it and a lot of upside for the risk involved in investing in real estate.
Yeah, no, absolutely, Kris. Totally with you there. So, how would you define—it’s interesting you come from a ministry background as well—how would you personally define wealth and what does wealth really mean to you?
That’s a wonderful question. I love talking about this stuff. The Book of Proverbs talks about wealth as a kind of double-edged sword. If you’re poor, you can’t take care of your family. Proverbs talks about that where you have no friends, can’t take care of your health. There’s a lot of downsides to being poor, and I lived that. I remember getting sick in 2001 with a life-changing condition where we didn’t have health insurance and had to rely on other folks’ help and charity to pay bills. That was a really hard place to be in. I’d never ever want to be there, and I never want anybody else to be there.
The other side of the coin is wealth also leads to or could lead to a lot of pride. The Bible’s very important when it talks about this stuff, and you ask the question along these lines. It can lead to somebody saying, you know what, I rely on my wealth, not on God, for my life, wellness, and well-being. So, it’s a double-edged sword. But it’s better to have the wealth you need to meet your needs and help others at the same time than it is to be poor and not be able to do all of those things.
Some people might say, well, look at Jesus, look at all these other things. We won’t go down that rabbit hole. But the point is Proverbs gives you general wisdom for your life, and overall, it is better to have what you need to help others as well—to help yourself, obviously, and to help others—than it is to be on the other side of that coin. I’ve lived both, and I would never recommend living with either a poverty mentality or a poverty lifestyle. Do everything you can to get out of that situation.
Yeah, absolutely. Living a life of abundance is key. Wealth, I would align with that as well. We see wealth overall as a holistic vision. You can make a lot of money, but we know plenty of people who make a lot of money but might not have healthy family lives. They may not be healthy themselves and have different issues. They may not be having an impact or even having a purpose, having a freedom of purpose. Wealth to me encompasses a lot of different things. It’s very holistic in what you can achieve. Just because you’re a high income earner doesn’t truly mean you’re wealthy.
That’s exactly right. There’s a story in the Bible about that where a farmer has a big crop and says, what am I going to do? I’ll build a big barn, store up all my stuff, and then live life easy until I die. The Bible says, you fool, you’re going to die tonight, then who’s going to get what you’ve earned? We have to keep in mind that we build wealth, be a millionaire, be a billionaire, build the company, employ people, give to charity, fund good works—all those things are wonderful. But remember, we’re all going to die, and we can’t take it with us. We have to live for the hereafter. That’s how I look at it. It helps bring balance to all that. You can be really wealthy and have a bad family life, a bad marriage, kids that hate you. What’s that worth? You can be really wealthy and then suddenly lose your health. All the money in the world isn’t going to give that back to you. So, there are other things more important than building wealth, although building wealth is important.
Yeah, absolutely. So, Kris, tell us a little bit about—maybe some folks are not necessarily familiar with the asset class of self-storage, right? They might come at it from real estate or something. What would you tell someone who is new about investing in self-storage? What are some of the attributes about it and the things you like about it?
There’s a lot, actually. It comes down to a couple of things. One is the opportunity within the space. If somebody’s coming from multifamily, for example, you look around, you’re driving around in your car, and you see all these big, nice multifamily properties. You start to realize that these are actually owned by very large corporations or sophisticated owners or private equity groups. The majority of them—around 75%—are owned by those types of folks. Whereas in storage, it’s the opposite. Only about 25% are owned by larger, sophisticated private equity groups. The remaining 75% are owned by what they would call mom-and-pop owners who own maybe one or two locations or less than ten locations. So, there is a tremendous opportunity within storage to compile a portfolio of nice, cash-flowing properties in different metro areas in good, growing markets.
The second thing I like personally is you’re dealing with folks who are storing stuff. If they don’t pay, you auction their stuff. You don’t foreclose on them, which is the industry I was in in the past. I can tell you some really bad stories about those situations. When somebody doesn’t pay, you auction their goods. People think of “Storage Wars” on TV, but that’s all staged. The idea and concept are still the same. You just auction off goods, so there’s no sob story, you’re not the bad guy, and you don’t have to go to court. It’s a whole different process.
Another great thing about it is the cash flow. The break-even point is usually around 30%, so your margin is roughly 65% to 70% profit, depending on the size of the facility. For every dollar of revenue that comes in, about 30 to 35 cents goes to cover the expenses. Beyond that, everything else, 65% to 70%, is your net operating income. So, your break-even points are much lower, your risk is much lower, and the foreclosure rate in self-storage is near zero because of that. If you think about risk-adjusted returns, storage is right up there with anything else you might think of—industrial or multifamily—and in fact, exceeds those in some ways. So, those are some of the pros I love about self-storage.
Yeah, absolutely. Certainly, being very late in the cycle right now, just at the beginning of 2022, there’s a lot going on with inflation happening in the economy. What would you say in terms of getting into this asset class now as potentially a recession-resistant asset class to have as a mix in your portfolio?
You mentioned the recession resistance and where we’re at in the cycle right now. I take a little bit of a contrarian view. I don’t think in storage, per se, we’re late in the cycle. I think in some sense, we’re just getting started. I wrote an article for the PassiveInvesting.com club that goes out to all the folks on our mailing list where I talked about why now is the time to get into self-storage investing. It’s kind of like asking a barber if you need a haircut—they’re always gonna say yes. So, I understand that for your listeners, you want to get your own objective information and do some research for yourself. Don’t just take my word for it that now is the time to jump in.
With that said, in that article, I talked about the last two recessions. During the pandemic, from 2020 to 2021, there was a brief recession. I looked at how storage performed during that time and also during the last recession in 2008 and 2009. We won’t get into the weeds on it right now, but in both recessions, storage returns were at the top, if not the top, outperforming a lot of other asset classes besides maybe mobile home parks or data centers. This is according to REIT.com data, so not just opinion or somebody writing an article. This is actually looking at hard data.
Storage weathered two storms there. Rents have been on the rise according to Yardi data, and they’re not showing any signs of retreating at this point in time in all the top MSAs they target. The other point is where are we at in the cycle right now? In the article, I talk about other groups jumping into the space. It seems like nearly every week, I read another article about another larger private equity firm or group getting into the self-storage business because of the data that backs up all the things that myself and others are saying about the asset class.
For example, Sequoia and Bill Gates’ private equity family office jumped in. They bought an ownership share of StorageMart, which is one of the top ten operators out there. They bought into that along with the Singapore Sovereign Wealth Fund. Blackstone has jumped in. KKR has been in the news. If you look up KKR self-storage on Google, you’ll see they jumped into the space last year, initially buying five facilities and more since then. They just closed on one here in the Charlotte market in a good area for like $20 million. They are now jumping into the space.
So, where we’re at in the cycle, I think we’re in the very beginning. If you’re looking at buying and getting into the business and acquiring a portfolio of properties, there is going to be an exit for you and for us in three to five to seven years. All these groups getting into the business now and others that will get in over 2022—mark my words, there’ll be other groups that jump in—those are your potential exits. If they’re getting in, it doesn’t mean it’s overheated. Remember, 75% of facilities are owned by mom-and-pops or folks who just own one or two locations. They aren’t always poorly located; they’re nice locations. They could be coming from the construction world or something else. They own another business, built self-storage, ran it for five or six years or 10 years, and now they want to sell it.
We just closed one in December, about a hundred thousand square feet, single-story, drive-up, in a good market, owned and run by the same family for the last 20 plus years, 30 years or so. They were true mom-and-pop. We bought it from them. That is an example of the opportunity within this space.
Yeah, and I think what I was referring to is really just the overall economic cycle.
Got it, yeah.
The sense that storage is a great asset class to get into now, right before we take that next dip. If you’re heavily concentrated in the stock market right now, this is an excellent asset class to diversify, which has a lot of stability to it for all the reasons you’ve been pointing out. I was going to also ask, Kris, especially if people might have invested in real estate before—multifamily or some other asset class—and they come into storage. What is your typical business model? In multifamily, a lot of people talk about value-add as the business model where you can do improvements and everything. Does that hold true to self-storage, or what is the typical business model or the types of assets that you’re looking to acquire?
Yeah, so just generally speaking, a good business model you might see in the storage acquisitions world is to buy a facility with some extra land where you can then add more units provided there’s demand for more storage units in that market. That’s a very typical business model that people try to use to kind of “add value.”
Some really simple ways to add value include what I talked about with the mom-and-pop we just purchased—taking that and actually adding on some technology, good property management best practices, and the ability to rent online. Some folks don’t have a good website; you can’t rent online, and you have to call or stop by the office. So, there are a couple of ways you can do it there with online marketing, having a good website where you can rent a unit online, the customer can sign a lease online and move in without actually having to talk to a manager. We can talk more about that as well because we have a specific way that we do all that in our facilities.
Then there’s obviously the construction, adding on. For some of these facilities, like the one we just bought, they’re all gravel. So, you want to go in there and add pavement, pave the drive aisles, freshen up the paint, freshen up the landscaping, make it look like somebody actually cares about the facility. Those are ways to add value.
Beyond that, some simple things you can do is raise rents. A lot of these mom-and-pops are under market right now with their rents. Maybe they’re at 100 bucks for a 10 by 10, and the market is at 125. Some of your current customers who’ve been there for 10 years or five years or whatever, they’ve never gotten a rental rate increase. That is extremely common in the storage world to have folks who are there who have never gotten a rental rate increase in two, five, or ten years. We see that all the time.
The value-add is a little bit different compared to maybe multifamily or retail, where you go in and make the surface nice like you had countertops, put in carpet, make it look visually appealing to the tenant. In storage, you’re just renting a garage. You open the door, you see a concrete floor, it’s just a garage. How do you add value there? You implement best business practices, and if you can add in more units or more parking, those are other ways to add value as well.
Yeah, no, absolutely. I think it’s amazing too that the cost ratio is just so low in self-storage. The fact that you can go in nowadays and rent a unit with your app is fantastic. So, tell us, typically, from a management perspective of one of these properties, how many people do you really need to manage that in terms of employees and everything?
You know, as far as an actual personal manager on-site, zero. As far as a boots-on-the-ground person going by to check on things, one person, maybe two, one to two times a week, and that’s it. That’s how we operate. Some people might be kind of having a brain fart for a quick second and thinking, what are you talking about?
I remember going to one facility that we closed on a couple of years ago where the manager on-site was managing 400 units. In multifamily, you might have for 400 units or 400 doors, you’d probably have at least three people. You’d have a full-time manager, a leasing person, a part-time leasing person, and probably three maintenance personnel as well. So, maybe six people total on the payroll. In storage, you just need one. If a door breaks or something happens with the hinge, the manager doesn’t go out there and change those things; they call a third-party maintenance company that comes out and fixes all that stuff. The manager handles that.
Nowadays, go to any website of the REITs—Public Storage, Extra Space, CubeSmart—and look at their contact-free, contactless, or no-contact move-ins. What that means is you can rent online, make your payment online, get your unit number online, go to the facility, and never actually stop by the office to talk to the manager. COVID pushed everybody into that. Even other operators out there, not just the REITs, are advertising that on their websites. It’s almost like a new thing, but it really isn’t new. The concept of unmanned self-storage—COVID pushed everybody in that direction.
Public Storage, at the last Self Storage Association (SSA) conference, which is usually twice a year but the biggest one is in Vegas around September every year—this last September, the CEO of Public Storage was the keynote speaker. I have photos of his presentation where he describes their strategy going forward. They said they rented hundreds of thousands of units during the pandemic in 2020 going into 2021. Over half of those were no-contact, no manager on-site, nobody talked to anybody. That’s how many folks they moved in. They found out the data shows those people stay longer, generally pay more, and the collections are down because they use a credit card to pay online, so it’s auto-drafted every month. They also take tenant insurance. That’s another way you can add value by bringing tenant insurance to folks who don’t have it.
Long story short, they outlined their entire strategy of going contact-free at their sites. My partner John and I, we were secret shopping at a facility in a particular market. It was a Public Storage facility. The manager did not know the building was for sale. We stopped in, talked for about 10 minutes, just to ask about rents and whatnot. On the way out, he said, “By the way, when you want to rent, you don’t need to come see me. Just go online, you can rent there, go straight to your unit, and there’ll be a little welcome bag in there with a lock and all that stuff.” You don’t need to talk to me at all? “No, not at all.” So, I’m thinking, then why are you here? What’s the point of having you here? He’s more like a caretaker, not really a traditional manager.
Public Storage has outlined their strategy that they’re going in this direction in a lot of their facilities in a lot of their markets. There are other folks out there doing the same thing using a hub-and-spoke model, buying one facility with one manager, and then buying more in a market and using that one manager to roam between the facilities. That’s the way we manage—no one on-site. We have a boots-on-the-ground person that goes by once or twice a week, sometimes three times a week, depending on the size of the facility, to check locks, check the rent roll, overlock people, and handle all those tasks.
They take calls, and people go to our website or call our call center. The phones get answered, they can rent a unit, get all their questions answered over the phone, and then get to the facility and move right in without ever having to talk to anybody or even sign an actual physical piece of paper. We think that’s where the industry is going, led by Public Storage and others. It sounds new, but it isn’t new. The pandemic pushed everybody into this, and we think it’s going to stick around for the future of self-storage.
It’s the future, yeah, 100%. It’s just so incredibly efficient, right? If you’ve ever run a business and you think about the simplicity of this business, the profitability, the gross margins on that, and the stability as well, like you said, just having that asymmetric risk-return profile is really huge in self-storage. So, that’s really great background, I appreciate that, Kris.
So, now back to you for a second. Clearly, there’s a lot of real high performers in the space of private equity and these types of assets and running businesses. Can you tell us any habits that you’ve developed from kind of a personal development standpoint, or what is the one biggest practice that you think has yielded success for you?
I think a couple of things. One is I have a morning routine that I follow every morning. I read the book “The One Thing” by Gary Keller, and I read that years ago, but I’ve listened to it numerous times as a refresher. It’s a wonderful book. “Essentialism” is kind of the same idea, just packaged a little bit differently. So, anyone should check out those two books. He talks about a routine that you have in the morning, and I adopted what he talked about in that book, so I follow that routine. Obviously, some days you get busy or whatever, and you don’t always follow it, and I don’t beat myself up over that. But the point is I know what I’m doing in the morning: I do this, this, and this, and I follow that routine. That helps keep me on track for what we need to do to build our pipeline.
The second thing is finding good partners. If you’ve ever read or heard the book “Rocket Fuel,” I think that book really crystallized and said a lot of the things that people in the business world and people who want to run their own business needed to hear and that I personally needed to hear. It’s really good to have a partner or somebody who offsets the things that you’re not quite as good at. There’s no way that we could have launched a successful fund, found the deals we found, and closed on—I forgot what the number is now, but by the end of February, if everything closes that we have in the pipeline, we’ll have closed on some $80 million or something like that in storage, which is fantastic. That’s phenomenal growth in about eight months, six to eight months, something like that. That is tremendous growth, and there’s no way I could do it on my own. There’s no way my partner could have done it on his own. It’s John and I working together to lead the storage team, and obviously the guys at PassiveInvesting.com providing all the partnership benefits that come along with it, with guidance, etc. So, the five of us are building this arm of the company.
Then my partner and I, John, him being the finance accounting guy, and me being the guy who likes to talk a lot—me being the broker relations person, keeping the pipeline going, sourcing the deals, being that point person—I think we make a good combination. So, that teamwork and the consistent, or at least very consistent, routine that I have in the morning of knowing what needs to get done in order for us to find success.
That’s great. So, if you could give just one piece of advice to our listeners about your personal wealth trajectory over the years, what would it be?
One piece of advice? I think education really, really helped me. Coming from the ministry background, not having gone to college, not understanding anything about finance or business, and then jumping into it and kind of stumbling around a little bit, but then obviously being hit by a recession—something you can’t control. Then going to school, getting an education, and learning about all these things that go along with investing, I think it really transformed my life and my thinking. I’m not saying everybody needs to go to school, and I know some listeners may not like the idea of going to school, but for me, that’s a contrarian view that I hold. I think if you utilize and take advantage of the opportunities you have in school, it can actually change your life for the better.
Beyond that, I think generally speaking, you can get educated by just reading a lot of books, going and meeting a lot of folks at masterminds, paying for coaching or mentoring, leveling up yourself and your education, and your understanding of whatever it is you’re trying to learn about, whether it be real estate investing, how to start a YouTube channel, fishing, or whatever it might be. Getting that education you need to get to that level. If someone comes to you or me or anybody else and says, “Hey, I’ve got a great opportunity for an investment,” but they can’t speak the language or define certain rates of return, I’m losing all my trust at that point. This is not the partnership for me. But if you can understand what you’re talking about when it comes to vocabulary, the words, the verbiage, etc., and you’re out there hustling and educating yourself and growing in that respect, I think it’s going to help a ton. Wherever you see yourself now, you want to grow wealth. Okay, how do I get there? I need to be around like-minded people. I need to educate myself, grow my knowledge base to get there, and be like these folks who I want to emulate. Hopefully, that makes a lot of sense.
Yeah, it makes a ton of sense, Kris, and it definitely resonates. As part of our overall wealth strategy framework, we talk about education and increasing your financial IQ, your mindset IQ, your health IQ, all of these things. What’s interesting is you had the opportunity to learn about some of these things around the asset class and private equity early on, but a lot of us are not necessarily exposed to that. We’re hearing things from Wall Street and what our parents taught us about how to save, put money into 401(k)s, and do 529s for your kids. A lot of this education really comes from—you have to look for it. You have to look for things like different podcasts, alternative sources of educational materials. You talked about some great books that are out there. Some of the best ideas—you think about if someone writes their life story in a book and you’re able to read that in a couple of weeks, think about how much information you just downloaded. It’s really phenomenal. 100% with you there in terms of education. I think that’s fantastic.
Kris, it’s really been a pleasure to have you on the show. I think you’ve provided a lot of value to the listeners and really helped educate folks on the self-storage asset class as well as your personal journey and what that could be for others. Do you have any place that people can follow you or any resources that you’d like to share? Where can folks reach out and get in touch with you?
Sure, yeah. Three places: one, LinkedIn; two, Facebook; and three, our website, PassiveInvesting.com. I’m always happy to connect there. Again, we put out a newsletter every month, both an email version and a physical hard copy version. I write articles in there pretty regularly about self-storage and the asset class, etc. Always happy to connect online and socially via our website.
Awesome, Kris. Thanks again for being on the show today.
Appreciate it, Dave. Thank you.
All right, take care.