Transcription
What's up everybody, and welcome to Self Storage Income. And today, we're talking about money problems: how to invest in storage with little to no money. This is an actual common problem that I think, of course, people like, "Yeah, that's gone." But it's also non-ending. I mean, it never really ends. And we're going to get into talking about this and why it's part of investing. But there are actual strategies that we can use, how to get into this asset class, how to buy, and how to scale with little or no [Music] money.
This is actually one of the perfect times that we've seen to do this. So it's a perfect topic for today because the strategies that you can do this work really, really well in this economy and in this environment. Mhm. No, exactly right. I was going to mention that where, um, this really isn't just a, "Well, I don't have any money, I have to invest this way." I mean, this could be your investment strategy. I mean, there are firms out there that are doing this exact thing, and that's their strategy as a whole. They go out, they put together deals without putting any of their own money into it. There's so many ways to structure it. So I'm excited to dive in. It's obviously one of those big things we, we talk about in all of this process, right? And and we've had a few podcasts coming out on how to find the deals, how to analyze the markets, all of those different things, how to run them operationally. And now it's, "Okay, we've got a facility. You know, we want to get it done." Obviously, we've done our third-party reports, we've got all these things, we've got all the process from start to finish. How do we actually execute with the money piece? Because that's not going to go away. Nope.
And that's the key right there. Like, it's not going to go away. Also, it's not a simple strategy. We have been trained as consumers, though, that if you have something, you pay for it, and you receive it. Where outside straight consumerism, that's not how the economy works at all. At all. Um, money doesn't work like that. Businesses don't work like that. And what I mean is, there's never a point in almost all investors and commercial real estate, everything else, that they have enough money to do whatever they're doing. That's not how the economy works. Almost always. Almost always. Literally, yes. It, it, it, like I can't think of anyone that I know that that's not the case. Not one person. Not one person that has a portfolio. Not one person that even has a small portfolio. Um, there is this idea that it's, "I'll get started when I have the money." But the economy is actually built in a way that you get the money after you get started because you have to provide value. You have to do something. You have to give something to get. And this part is very confusing to a lot of people. But we're going to talk about in, uh, today's economy, uh, how you can go about this. But it's also important to understand there's not one way. So there are lots of ways to get into real estate, specifically storage, if you do not have your own money. And we utilize different tools, different, uh, strategies to go and do this. So we're going to kind of cover those. But it usually is dependent on the situation. When we go and find an acquisition target, first of all, we don't have the money to buy it. That's not how it works. I go out, we find a deal, we look at it, and then it's going to be a combination of a lot of things on how we're going to get that deal done. We're not not going and finding deals because we're like, "Oh, well, we don't have the cash to buy that." Right? That, of course, that's that's not how it works.
Um, so the, the, the money part is broken up into really two categories that we need to delineate. That is the equity and the debt. So capital allocation within any asset, right? But storage and real estate, we have the equity and the debt portion. Um, those are what we'll kind of be talking about. And those two sides, the equity portion is whatever the debt doesn't cover. We call that a down payment, right? That's where the people think of the cash that needs to go to the table to buy it. Then you can go to a bank, as you think, get debt, just like you would do if you were buying a house, right? If you're buying a house, the bank won't let you use other people's money, right? That's not allowed. You can't be like, "Oh, well, yeah, well, I got $100,000 here from Tom and Bill S, and so I'm going to buy my personal residence." They're going to go, "What was that? A gift? Is that yours? Like, how, what does that look like?" That's, yeah, what's the paper trail? What's the paper trail? Where's it come from? How does this work? Who's on title? Who has legal? Like, it, it's, that's not how it works. When you're dealing with, uh, investments in properties, it's almost always done as a group. So, uh, when you get into real estate on the small end, it's can be more transactional. You can use, "Oh, well, I'll use my income, my savings, and a bank and execute." Right? As you get even a little up from that, that model completely falls apart. And so when you look at the real estate world, commercial real estate is represented in the form of trillions of dollars. Um, out of that, it's not done by people that have cash and have income and they buy the properties, right? That, at all. None of it is. Uh, that is the big point here. You need to learn how to do it and stop applying simple strategies that work at this level, but it's not even meant for this.
So the reframing of your mind is actually really hard because then it's like, "Okay, well, how do I do it? Those things seem scary. I've never thought of that." And of course, there's ideas of raising capital. "I can just go out and raise capital, right?" Well, how is that structured? What does that look like? The complexity. But there's also other ways to do it. What if you can't get a bank loan? Now, the great thing about commercial real estate, too, is because it's an asset class, not only do people, investors look at it differently, but so do banks. So the financial system that's in place, it, that is how this is treated. It is an asset. It is not a home. It is not a consumer thing. It is a business that produces returns and incomes. That's why people are buying it. That's why you're doing it, right? And there's lots of different layers within that to execute, to do it. Everybody plays a, a role in it. Now, as we go through cycles in the market, money tightens and loosens. And that tightening, that contraction of money, right, that affects pricing and how deals are made and done. A lot of people have a misnomer that in times like today, because they're a beginner, it is actually not possible for them to do deals. And because they don't have as much money or they can't get a bank loan, right? But then they think, for some reason, when the market's booming, that that is a possibility for them. Where I always think about it, it, what you're talking about is the difference of a money game. So when we have a lot of money in the economy, interest rates are low, deals are moving, the people with the money have the advantage. That's actually when they have the advantage, not you. Because now it's a money game, right? It's an allocation of capital game where going and we're getting debt lower than we can get a cap rate. We have the spread. We hire third-party people to do it. We're moving assets around, allocating capital, right? To people that are starting out. And, um, even smaller people, they, they can't win those games. So what happens is when everybody has money, then everybody's bidding on properties, and then that means the highest bidder wins. Well, if you're not the richest person in the room, you don't win, right? So that's, it's counterintuitive, but it's true. That actually when money's harder and more scarce, that's when beginners win. Because what happens is that's flipped. What that means now is people that have money, first of all, they're usually tied to the markets in other ways, meaning that they have assets in, uh, real estate, right? Money isn't sitting in cash. That's not how it works. Jeff Bezos doesn't have his money hanging out in cash and he's like, "Oh, I'm just going to go deploy my $300 billion because I just have it." Buy it. Yeah, rich people don't do that. Yeah, back to your initial, initial point at the beginning of the podcast. That's not how everything works. Nobody's really that liquid. And that's why you're going out and and putting people in pieces together and raising capital. Yeah.
And so when you get in a downside, those people that have all these assets, their assets are affected. Capital's affected. Their banks are affected. How the system that literally connects all their wealth and everything is affected. That means they pull back and they make different decisions, right? How they're handling it. Um, it also means that they go up market, meaning risk tolerance goes down, and they all go into first-tier markets, bigger assets, assets that you're not going to normally be buying and playing in, right? So that leaves a huge segment of the market to where there's not a lot of buyers anymore. Uh, what that does is that changes the sellers. Now have to work with people they don't have to work with when you're in a good market. And this is the fundamental reason why it is a beginner market when markets are bad. Because when markets are good, sellers have options. And that option isn't you. Mhm. So when markets are bad, all those people with money, they have options. And it's not the seller that you're talking to. They have other options. Their money's tied up. The seller has no options. So they have to deal with you. They're kind of forced to, right? And this is why we see prices go down, right? Cap rates go up, prices go down. Because sellers don't have options anymore. And this is why we see less deals trading. All of those things, right, counterintuitively are good for you. And this was something that when we first started buying, uh, real estate or or storage in our markets, and the assets we were buying, banks didn't want to lend really to storage. They would, but they didn't like it. And in our markets, they really didn't like it. Like it, you know, it was this teeny market, teeny asset, and it self-storage. Um, so the banking situation for us was never like, "Oh, yeah, this is a good, easy thing." It is far easier today to get a bank to give you debt than it was when times were good back then for us. Way easier. Um, so we learned in this in an environment where it money wasn't easy. It was not easy to get. So we had to figure out how to do things differently. That also meant, though, that owners didn't have a lot of options. And this is when you have things like seller financing that comes up. So you work with a seller now to get the deal done. You have to find the right price, which is going to be predicated largely on things that the seller can't control. And the seller needs to make up for things. So this negotiation process becomes way more about, "Can I get debt? Who's the buyer? Who's the seller?" Right? It's, "How much money can I put down? What the terms going to look like?" All of these things as opposed to the negotiations looking like, "Well, he's going to pay me X, and he's going to pay me X. Well, he's paying me more, so I pick him." That's what good markets are. Um, so if you can't win the money game, bad markets are your game. And it doesn't mean that it's easy, right? It wasn't. We had to sit down, we had to negotiate with owners. Even today, we're, we're buying facilities where we're doing seller financing deals, right? And then we will get much lower of a down payment needed. And then we get investors to come in. Now, we have low interest rates, 3%. We have non-recourse loans because we're not backing it. And then we only have to put 20% down. If I go to a bank, I have to put 40% down. Double that. MH. I have an interest rate of 6.5%. I have recourse debt terms. It costs a lot of money to even get it done, man. Yeah, the fees, the everything that goes into it. Um, it's definitely, and again, too, I mean, it really comes down to not only your strategy of execution on the front end, but also on the back end as well. Um, you know, what your plan is with that asset upon an exit or a refinance or any of that as well. So all important things to to mention.
When you guys are looking at property management software for your storage facilities, there's a ton of options out there, but no other option compares to Tenant Inc. Tenant Inc is going to be your one-stop shop solution that has an amazing amount of tools that you can deploy at your fingertips to maximize the value of your facility, to operate it more efficiently, more effectively. They have an open API where you can back in almost anything you want. You own your data, and it's just an incredible solution. I can't say enough good things about these guys. Link is in the show notes. Be sure to check out Tenant Inc.
I wanted to ask, though, like, you guys obviously when you first started, you, you lived this in the very beginning, you know, whether it was the difficulty of finding capital or it was getting to that point where you couldn't just use your own capital. How did, how did that look for you guys, um, when you reached that point where you couldn't just do your own deals anymore, and how did you overcome those struggles of actually, that that realization? Was it just a velocity of capital, or was it like, how did you guys determine, "Hey, we can't do that strategy anymore, we have to pivot?" You know, it, it was actually this that defined and created our strategy, and it turned out to be the best thing ever that we didn't like. We knew we didn't have more money. We couldn't keep going because what it meant was, in order to buy another deal, we said, "Well, how are we going to do this?" We can either raise capital, right? Um, we can save and then take all that time and then do it, or we can find another avenue. We didn't want to raise capital at time. We didn't understand it at all. Um, and scare and saving was like, "That's a long time. We're never going to grow this thing, right?" So then it became, "All right, the other way would be that this asset we can utilize to get another one." And that came, you could either sell it, or we could refinance it. We had to refinance it because the cash flow of that asset, we couldn't lose, 'cause that was also paying for the operations to do the assets. So then that defined, "Okay, we, if we're going to buy a property, we need to increase the value so we can refinance that to get our money out and then to go do it again." Well, that meant then our buy box became very specific, like we have to actually see it has to be able to do this, and then we have to be able to refinance this, and then we have to be able to continue it. So that actually started to define our entire strategy, what we bought, where we bought, how we bought it. It was very specific because we just couldn't buy it and then go get another one, right? Right. It was all about our ability to buy, increase, refinance, then we could continue the machine going. That then dictated how we build our companies, our operations, everything else. We had to improve that revenue so we could go do it again, right? So that strategy was defined around that. But then it also had the problem of, "What if we can't get bank loans? What if we can't do this, right?" So then we ended up doing small deals, seller finance deals, deals that we wouldn't even put like any money into or very little, uh, down, and we would try to refinance others and keep moving. So it was like just moving stuff around all the time. It was like, "Well, maybe we could negotiate with this seller and get this done, and then we could do it." Like the creativity was like, it just, everything was open. Complexity. Yeah, it was just like, "We just have to figure it out." M. So we would just find deals that were like, "Hey, this fits our buy box. Maybe we can get seller finance." We'd negotiate with that. We'd start talking to financial institutions. It was figuring it out. We couldn't just go get it from investors and turn on and buy it. Um, that was a good thing, but also a bad thing, you know? Uh, but it, too, that really defines success in real estate: figuring it out. Um, there's never been a point where we had enough money to do what we wanted to do. I, we were starting running other businesses to try to sell them to put money into it. We were doing everything that we could. And there's at the end of the day, there's never enough money because you're buying something. The whole point of buying it is that it, it, it, it is worth certain amount to make a certain amount. Well, if you don't have the money to make it right. So as you grow, you have, you're buying more, and you're buying bigger. So it never goes away. The problem never goes away. We just got really good at doing what we did, figuring out solutions, solving problems, finding those things, and then getting investors, putting them in, and then that just all compounded so we could grow even faster. And when you're starting out, the market doesn't care what you want. This is really important for people to realize. So stop waiting for the market to give you what you want because it never will happen. So instead, work within what the market's giving you. We didn't go to big markets. We went to small markets because the sellers didn't have choices. Then we could negotiate with them, right? And we could find deals that we could get done. Once again, we're doing that now on $8 million deals. Like, it, we're still doing these things, and we can do these things today. We're in the middle of them. We've just closed on some, and we're doing it. Uh, so even if we have the money, it's an opportunity cost. We don't want to use it there. So we're going to negotiate something so we can use money to buy something else. Um, this is just part of it, right? This is how it works. We have seller finance deals from there. We have our, uh, investors, right? And then we have banks. Between some of these options, these are three main ones. These are three tools that we use. Uh, we are putting together how can each work and fit in here to do a deal with the least amount of money, the least amount of risk, and how do we get our money out and keep that velocity of money going? That is a game that virtually all people that have lots of money will not play because it's not worth their time. They have money, they just want to buy it, right? Uh, this is a huge advantage starting out because you can go negotiate with the owners. You can go do those things that other people aren't willing to do. Doesn't mean it's easy, right? But it's totally possible. The important thing is that you figure out, if you're going to seller financing, you got to figure out what the owner wants. A lot of people think it is just simply a high price. That's not true. Real sellers are selling for reasons. So we would find out what the reasons were, right? We, one that we bought, she wanted to move to Arizona, she wanted to retire. She had debt on her house and needed, uh, it was, I think, $4,000 a month to live and go to Arizona. So we, we came up with seller financing terms predicated on what she needed. All right, we'll give you whatever it was, $150,000 to pay off your house, and then we'll pay you $5,000 a month. That was the debt payment so you could live and go down to Arizona. It wasn't predicated on interest rates. It wasn't predicated on how much down. It was just predicated on what the owner needed and wanted. The price was set. We set the terms that way. And then whenever we wanted, we could refinance and pay her the whole price. That's backwards to most people, right? Uh, but we're solving her problem. We're helping her. Therefore, we put very little money down. We had no risk because the asset backed it. So we didn't, we weren't guaranteeing anything, right? Not no risk, but we weren't guaranteeing the loan. And then we actually had a minimal debt payment. Uh, the same thing happened with one that we're doing in today's market. They set a schedule up based upon what they wanted. And that turned into to be after year two, 3% interest rates for the foreseeable future. They, that was fine. And so we put 20% down at 3% interest rates moving forward. That was three, four months ago when interest rates were 8%. Right? At the end of last year. That's in our fund, too. That deal is. And so when you, when you look at that, it's always interesting to me when people are like, "I can't find it." If you have a deal like that, go try to find investors to give you the 20% down. The value-add opportunity was awesome on it. Very bomb pop. Right? Investors like, "This is an amazing deal. We want to give you money." So now all of a sudden, we went out and then we got investors to go into that deal. So we're making the deal. We're not finding it. That's the key. When you don't have money, you don't just go find it and pay for it. You make it.
Well, like you've said, it's that's the key, no matter if you have the money or not, or any point in time. Like you're making the deal always, always, no matter what market it is. I mean, if you've got the money and the market has the money, it doesn't, like it doesn't matter. You always still have to figure it out. Competition, if it's high, if it's low, if it's anything, like again, you're just looking at the problems that you're solving for that seller. And solving them. Do they need the money? Do they need the capital to exit, to go on and buy something else, or the 1031, or what do they like, what goals do they have? What do they need? Figure out a way to get it to them. I mean, all said and done, you have like the end goal of a sale price, and then 1,400 different ways you could literally structure to get the same exact outcome. Yep.
And that's the same thing with investors. Now, we have like our four quadrants of deal making. Um, it's on a YouTube video. You guys can look at that. How to structure deals in the four quadrants. To keep it really simple, you have the deal, um, you have the capital, you have the risk, and then you have the know-how or execution, right? At the end of the day, someone has to do one of all four of those. So somebody has an opportunity or a deal. Somebody else has capital. That could be a bank, right? Or investors. Uh, somebody has to take risks. And then somebody has to execute. And what I mean by take risks is I mean literally, they have to sign on the bank. They, they have to, you know, take those risks. So when you look at all four of those quadrants that come together, you don't need all four of them, right? At all. So if you're missing one, figure out the other one and then put it together. Other people have one, they don't have the other ones. There are so many people in this world that have excess cash and savings. They don't have time and have no desire to go buy a small storage facility whatsoever. They don't want to do it. They don't want to run it. They don't want to operate it, right? At all. And that's, and that's too, because they have money, they shouldn't. They don't need to. So this is abundant. Absolutely abundant. When you start looking at investors, sellers that don't have options, when you start looking at the marketplace where it comes to all sorts of debt products, whether that's insurance companies, CMBS loans, whether that's localized banks, whether that's credit unions, whether that's hard money, right? There are lots of options to get deals done. Um, it is more, it is harder than just, "I wish I had the money, I could just pay for it." Of course, everybody does, right? You know, I wish I had the money so I could go buy a hundred million in assets a year, too. That would just be easy. I'd swipe a check for a hundred million. It's the same thing as when I got started. I wish I had $10 million. I wish I had this, right? I wish I had that. So like you're saying, it doesn't end. I'm always structuring deals. We're always figuring it out. And we're always building it.
Well, then your ROI is is totally different as well. Totally. You're going to go in and just pay all cash on something as opposed to, I, I, I don't like using the term free money, but it's, it's like when you're using debt and those different tools and pulling those levers. I mean, that's really essentially what it is. Like, it's not your money, right? And it's tax-free, you know, when you're doing the refinances and all those other aspects. It's just, there's a lot of benefits, um, to a lot of the different structures that you can put in place, whether it's the debt, whether it's the seller financing. Again, it's really just what goals do you need to achieve and what problems do you need to solve for the seller? Does it work? Yes. Does it not? No. And that's, this is a really good point because I think a lot of people think that takes away from my return. And not only does it not, it increases it. So if you use investors and bank because you're not getting 100% of the pie, you didn't have the money anyways, so who cares? But like, you think that that means that your return on your time and money is lower? It's not. It's actually higher because you're putting up less. MH. Yet you're still getting a return, and you can buy bigger pies. Exactly. Exactly. There's so many better ways to do that. We, we use investors. We will always structure deals the way we do. Use investors. It's a much better way to structure our business. It makes it fluid. It makes it work. We get to partner with people. Our opportunities are abundant. We get to take advantage of more. Um, it just makes more sense. So I think that when you look at buying storage facilities, let's say you have no money, you're going out there to go find a seller finance deal that's a mom and pop, and then go get an investor, or do something totally different where you have the seller, uh, uh, you have the seller and mixed with some hard money or financial partners. You can do that too. But really, when I look at it is, if you have a seller finance deal that's a good value-add deal today, you will get investors. Start going to meetups, start talking to people because now you've gotten rid of two of the quadrants. You got rid of the risk on the bank side, so you don't need somebody to come sign. So you can take over, uh, the seller is taking over that risk portion. The capital, you've taken care of a huge portion of that. Once again, you don't need the debt, and you have a deal, right? And so like these are huge pieces. Now you need a sliver of the capital, and that's the equity part. There's going to be a lot of opportunity and options for people to come in and do the deal with you. So you get it, then you find that equity portion, not the other way around.
Are you a new self-storage investor and want to know what that facility is worth, what the risk is, how to underwrite it? Well, that's exactly what we do in a feasibility study. A feasibility study, we actually look at the market for you. We look at the finances, the underwriting. We show you where the upside is, the downside, and all the risk. That is actually what you can provide to banks to get capital and investors. It's a big worksheet, which most banks actually require. So if you want to know what a storage facility is worth that you're looking at, come to us. Follow the link in the show notes, and we will tell you.
So AJ, if you're starting right now today, like let's say working the 9-to-5, you got the wife, the kids, you've got a thousand bucks in your bank account, like nothing, you're wanting to buy a storage facility. How are you going to buy it? In your ideal, like if it was just like perfect deal that you were going to set up, how would you buy it and how would you structure the deal? Let's say if you were going to bring in an investor for the down payment or any of those different things, how would you, would you offer equity, or would you like, how would you structure that and how much and all those different things? Yeah. So first of all, I would be going into to third, fourth tier markets. I would be finding a seller that is looking to exit. They are more concerned about fixed income, which I would, they don't want to run the facility. This is common. We have a list of ones we're literally working with today. I have a facility, I know there's value I can't extract a lot of value because the markets are down. I am so tired of running the storage facility. I don't want to do this anymore, right? I need income, so I just can't lose it. So then you go to them and say, "All right, it's valued, whatever, call it a million bucks. Um, I'm going to give you $5,000 a month or whatever that number is that they need, right?" So work with that seller to take care of their income problem. Um, and then figure out the value, what the value, call it a million bucks. Um, and then say, "But how much do we need to get that person to actually get the deal done for the seller finance? How much risk they want to take off? $100,000, $200,000, whatever that may be." From there, I would be going and finding a money partner. Which I said, we've already taken care of that bank side. We've already taken care of that risk. Now the question then is, how's that set up? So you, you can have splits, right? Um, basically, when we're setting up a deal with those four quadrants, the outcomes you are negotiating are, um, fees, so who gets paid to do what, and then, um, you get equity, and then returns. Equity and returns aren't necessarily the same thing. This is important to know. Meaning that who gets it when? So equity, all right, investor, I'm going to give you 80% of the deal or 70% of the deal. I'm going to take 20% or 30%. But because you have your money in, I'm going to give you a return before I get my split. That's called a preferred return. And then I'm going to do the work, but I'm going to get paid for property management. So you're getting a return first. You're getting a return on your money. But the property has expenses and it has work that needs to be done, which you're paying for either way. I'm going to do that. I'm doing the deal. I'm going to get paid. I'm also going to charge maybe an acquisition fee because I found it, everything else. So I'm going to get paid on that, right? And then from there, as profits come, you get the preferred return, then it's split. You refinance or you sell it, and then it's split. The investor gets 80%, you get 20% or 70% and 30%. And that's how I would do it. I'd make it very simple. I know people that do it 50/50. Mhm. Anything after your money is paid back, it's 50/50 split on the deal. Um, so there's a, a lot of ways you can do it. The keys are though, if you do have to work and run it, you need to get paid, or you're not going to be able to do it. And that could be very problematic. If all of a sudden you've got all this work to do, everything else, you're not getting paid for it, you're like, "I can't do this anymore. I have a job. I, I got kids. I can't, you know, this was supposed to be a little. It's not. I'm in trouble." Don't get in that situation, right? Um, there is value in finding the deal, structuring it. You spent the time, so get paid for that. You can even put that into the deal somehow. The investor has lower risk now. They get an opportunity with this fixed income seller finance deal. They don't have to deal with the bank. It's a mom and pop one, so it's a good situation anyways. And then I would build it out. And then from there, I would try to optimize that asset and try to work through it. That's exactly how I would do it. I would first deal, if I was doing it, I'd want money out fast. So I'd either want to sell it or refinance it quick. Because when you're starting it out, velocity of money, excuse me, is really important. So you getting capital back to redeploy, that's very, very important. And most of the time, you're not going to be able to get it like you would if you sold it. So lots of people when they're starting out will sell those deals. And you can even structure in there, "If I sell it and you get 2x return, I get a bonus, and anything above that, I get something else." That's called a waterfall. That's common, right? People do that. So that way you can say, "If I do a good job, I get a little more." And then you want to do it, build it up, sell it, then you make your money. You can roll that into another deal. The investor will be happy. They'll want another deal, and then you can go and do it again.
Phenomenal insight, man. And and so much of that, like we talked about, really, it's so many of the same strategies that we still even right now use. We still use, put the money in, getting it out quick as you can, redeploying it, redeploying all the same fundamentals. Yep. Fundamentals. And then you just build around it. I mean, essentially, we're doing the same thing we were 15 years ago, right? We're finding underperforming deals in good markets. We're turning them around. We're refinancing or maybe a sale. We're redeploying capital, and we're doing it again. MH. It's the same thing. It's just the complexity of our execution is bigger and better, right? But we're still doing that exact same thing that we did when we were starting out. Exactly right.
Well, if people want to learn more about this, check out YouTube, Inner Circle, come there. We got tons of resources, everybody. Um, yeah, the, our Inner Circle and community with Self Storage Income. We literally document everything else, deal by deal, deal by deal. Yeah, we literally look at at the deals, analyze them. Yep. Yeah, all of it. We do the, um, breakdown of those four corners on the deal making. We have a whole YouTube video on that, so you can actually see the visuals and you can look at that and see how, how we break it down. It's just a simplistic way for anybody to look at it because I know a lot of people are like, "All right, but how do I make a deal? Like, I don't even know where to start or what to do." That's why I look at it, here's your four pieces, here's how it could work and be broken up. But visually, it's easier to understand. So you can check that out too. 100%. Thanks everybody for listening. We'll catch you next time.