In this episode, co-hosts Bob Fraser and Ben Fraser discuss with Ryan Gibson the opportunities his firm is finding in self-storage. They discuss the recent impact of rising interest rates, recession fears, and how they were recently able to increase lease rates across their portfolio by 25%.

They also spend time discussing the upcoming Spartan Investor Summit, an in-person event in Lake Tahoe. This no-pitch event will help you make new connections with other successful investors and hear from top experts in a variety of areas. The topics range from macro-economics with Bob Fraser, paying less taxes with Toby Mathis, asset protection with Clint Koons, positioning your business for a successful exit with Ron LaPointe, and many others. This event will also leave plenty of time for some epic adventures with a balanced educational & recreational agenda. Enjoy group activities and perks like mountain biking, boating, yoga, and hiking.

There has been a lot of interest in moving to 2023. Sign up to be the first to be notified about the Investor Summit – https://aspenfunds.us/investorsummit  

Ryan Gibson is the Chief Investment Officer and the Co-Founder of Spartan Investment Group. He has organized over $150M of private equity for Spartan’s projects. Ryan has experience managing the development of Spartan Investment Group’s projects in challenging markets.

For Spartan Investment Group, Ryan is responsible for investor relations and capital raises for projects. Ryan is also a highly experienced commercial airline pilot. Ryan graduated from Mercyhurst University with a bachelor’s degree in Business, with concentrations in Marketing, Management, and Advertising.

Learn more about Spartan Investment Group – https://spartan-investors.com/

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Upcoming Investor Summit & Investing in Storage feat. Ryan Gibson

Hello, Future Billionaires! This is the Invest Like a Billionaire podcast and we’ve got a show for you today? We brought on our good friend, Ryan Gibson from Spartan Investment Group. We’ve known Ryan for several years and super sharp the team over there. We really just enjoy them and we do something a little bit different on this podcast.

So when we’re talking about self storage and that’s the asset class is not boring. Apparently it’s. And you’ll hear about all that there, and then we shifted gears and talked about a intimate event that Spartan’s hosting and that we’re the exclusive sponsor of, and yeah, we’re super popular.

We’re really excited about this. Get a chance to meet you all. Yeah. So we have this little event up in Lake Tahoe, California. And we’ll be there in person. It’s a very limited number of seats. So if you are interested, we have information on how you can sign up for that. We’d love to meet you if it sounds interesting to you.

And so we talk about all that and we obviously love that you guys listen to this show and if you are enjoying it please subscribe, leave a review. It helps us continue to promote this to more people and hope you enjoy the show. Let’s dive in with Ryan.

Welcome back to the invest like a billionaire podcast. I am your co-host Ben Fraser joined by fellow co-host Bob Fraser. And today we have a really awesome guest Ryan Gibson of Spartan investment group, Ryan. This is gonna to see ya, so good. Yeah.

Hey guys. Thanks for having.

Wow. Yes. So if you’re not familiar with Spartan I don’t know what rock you’ve been hiding under, but these guys are awesome.

They manage a lot of assets in funds in the self storage industry. And we’ve actually invested with them and have really just seen their incredible growth. They are Buying a lot of assets and it’s a great time in the self storage market. I fell in love with an asset class that I didn’t understand, that’s the most boring thing. Self storage it’s Uninteresting, but it’s not, it’s amazing. , that’s what makes it awesome as an investment. So we wanted to bring Ryan on just get a state of the market and kind of hear from them what they’re seeing. Obviously, with some big changes in recent months with interest rates climbing fears of recession looming, wanted to hear what they’re saying.

So we jump in, we haven’t really talked a lot about storage, so just give us the kind of the. 1 0 1 right. Of, of storage. Why is it so great. I was alerted because it did so well through COVID right. Self storage. And so just give us the 1 0 1. What’s great about self storage and why is it the best place to stick your dough?

I think it’s the best place because it depends on life events and life. When life events happen, self storage is a beneficiary. And when COVID hit, that was a great example. Everybody moved, everybody resigned, everybody moved into an RV and traveled, or people moved across the country or decided that they didn’t need to work in a downtown metropolitan

any for it.

They place to put their junk.

Yeah. But they, yeah, but they had to get going. Places filled up and store occupancy increased. And likewise. Rental rates increased significantly. And so we’ve seen that play out over the last four or five recessions.

So life events, which are always happening, create a demand.

And then, so talk about some of the other benefits just bullet points. They rises inflation. It’s very adjustable to inflation. It’s easy to evict 10. So give us some of the, some of these other,

yeah. So I would say when we have 30 day leases, we can adjust the rates on our self storage customers every 30 days versus every year, or if you’re in a longer triple net lease or industrial lease, might be 20 years or 30 years agile and flexible on what you want to.

Absolutely. And as a small example, we just increased our rents about 25% across our portfolio. Wow. Effective September one in October one. And the reason why we could do that is because everybody’s on 30 day leases and we can adjust to the CPI. So as. Consumer price index goes up. We can match that with our interest rates.

So we have a really good opportunity to hedge against inflation.

And if somebody’s $70, bill goes up to $85. It’s not a game changer, for a person. Yeah.

And what’s great is we’re identifying assets that where the market’s already charging $90 or $85. So when we. Our facilities and they’re at 70, we can just simply bring them up to the market rate and add value just by charging what everybody else charges.

Okay. And because this isn’t a place that human beings live or they shouldn’t generally you have, it’s easy to, get rid of non-pay. So talk about the laws there.

Yeah. So really there is no eviction moratoriums or restrictions on what we can do. We’re governed by state law. Lease provision allows us to evict the tenant usually within 30 to 45 days.

So that second paragraph in Elise says the owner has the right to lean the occupant after 30 days of nonpayment.

And wow. You lean the contents of the goods?

That’s correct. Yeah.

Wow. So it’s like storage war. So you actually let this stuff go to bed and that kind of stuff. Is that real?

Yeah, so the in person auctions aren’t. Unfortunately, Bob, the in person, auctions are not really a thing, but we can we do it all online now. So if you go to storage, auctions.net, put in your zip code, you’ll find, local auctions in your area that you can get alerted to, but it all happens from the comfort of your own home.

So yeah, I just gotta check that out. Sounds fun. Wow. Yeah. yeah. Yeah. It’s like a gambler’s dream, there’s some boxes in there, so it’s such a cool business and oh, what was the other there’s one other major thing. Oh, the operating costs. So think about it, you have thousand tenants maybe. And what does it take to actually operate one of these . Yeah, so we, we see typically one employee per store at the most, maybe two, if it’s a, quite a large facility, but generally it’s one employee that can be as little as part-time, 10 to 15 hours per week on some stores.

And it’s easy to operate. We have the ability to have our systems shut down a gate when people don’t pay after three days. So we don’t need anybody there to manage that. And then it’s really highly automated anymore. And so can people actually rent online or on a kiosk or something like, like that little app, that kind of thing.

Yeah. Yeah. People can rent on the kiosk, which we define as your smartphone. So everybody’s got a, ah, here. It’s I have one, I have a built in kiosk. Exactly. Yeah. It’s 24 hours a day. It’s really like a perfect investment in a lot of ways. And it’s weathered so many of the downturns and everything else.

How much of this stuff do you have now? It’s getting up there into the mini zeros land. Yeah. So we have about 25,000 units and we have just over probably about three and a half million square feet of self storage. Specifically we just got named the 40.

The 40th top operator in the United States by ISS. Quite a lot of it. And we really love the asset class, and this is what we’ve been focused on. Almost it’s the thing you guys do, so you really have become experts at storage. All right, so there’s the 1 0 1. What’s the 2 0 1. So what’s happening now in the storage world?

Yeah. So just we just did a blog on. Self storage, re performance. We track the REITs we track the REIT data as leading indicators for where the industry is going and how the industry’s doing overall healthwise. And, I get a lot of investor calls that talk about, I see these things popping up all over my neighborhood and they’re, they feel like they’re being overbuilt, but the reality is on a macro level, self storage, same stor same NOI growth has been over 20% just in the last quarter.

The REITs and they continue to experience the highest occupancies and the highest rates for those that may not know is net operating income. And that’s how much earnings are being earned by these things has grown 20% over the year, which is insane. That’s after expenses, that’s after expenses.

Yeah, that’s correct. Yeah. And we project anywhere. We underwrite, three to 8% growth, in a given year. You can get a nice, a sense of just how much they’ve really exceeded their expectations and their forecast. And every time the REIT puts out the REIT’s put out a kind of a unrealistic forecast in our minds, they just like double their forecast.

We’re seeing even more move-ins and more rates and really the 201 I think is construction costs have gone up so much, that we’re actually seeing a significant slowdown in how many new developments there, there have. And really the sweet spot that we play in are the tertiary markets, within an hour or an hour and a half outside of a major Metro, where there really isn’t the justification for a brand new facility, but you can take advantage of the high occupancies of the existing facilities.

Yeah, that’s interesting. One of the things we’ve talked about a lot on the podcast is just what we’re seeing is a key tenet of, what’s going on in the economy is inflation and it’s here to stay. And the longer that we’ve seen this postal world play out, we think it’s gonna be, an element of our world for some time to come for a variety of reasons.

To the earlier point, one of inflation, protective assets. There are, is storage because of its how quickly you can raise those rents to CPI and how really price and elastic it is, right? Because you’re only charging, 50 to a hundred bucks per unit. 25% increase while it’s a big percentage is not actually that large of a dollar increase.

Which is what’s so cool with that. And it’s interesting too, as you’re navigating this time, obviously, you’re seeing some softening in the prices and the valuations of these assets, but at the same time, you’re seeing really strong NOI growth, Andi. over time will translate to higher value, right?

Because, if we’ve talked about this before, how, the value is dictated by your NOI divided by the cap rate and what the cap, rate’s kind of that, price to earnings ratio, so to speak of what you’re willing to pay for that NOI. And a lot of times that, can go in 10 and with interest rates.

So as it’s going up, cap rates are gonna go up, which is gonna hurt values a little bit because it’s, your borrowing costs are more. , but if you can re weather the storm or you can ride through it as those cap rates come back, but you’ve captured all this NOI growth over the past few years.

That’s a really good situation right, where you’ve grown through it. And now all of a sudden that, that dollar that you’ve brought to the bottom line through, revenue increases in expense manage. now is worth more than it was even before. So you guys are well positioned, what are you seeing just from the interest rate environment?

And, obviously one of the big things that seems every other headline is talking about is there’s a recession looming and all these kind of things. And, we have our own opinions on that, which we share a little bit, we’ll share more, but what are you seeing as, as far as, what’s the market like, is there still, is trading totally stopped or the transaction still happening are the debt market, freaking.

Absolutely. They are lending is slowing down and even some of the acquisitions across the industry are slowing down, but we’re not really seeing any cap rate expansion per se, but we are seeing a slowing down of buying and a slowing down of transactions across the industry. And that’s because banks are, they’re jumping on the brakes, I think just in general, overall.

But what we continue to see is rising occupancy and NOI, like we had mentioned earlier, and what we’re seeing is an opportunity to buy something for a discount based on where the yield curve is and where the interest rates are. And so if that changes in a year or rates go down or even a couple of years from now, we could be really locking in some discounted properties based on the future potential of interest rates.

So we’re seeing opportunities to buy some facilities still, even in this higher interest rate environment that cash flows that may have a potential to be even worth more than what we’re underwriting it today. Just based on the fact that, we’re building in that higher interest rate on our evaluations and our decision on how much we can pay for our property.

We’re not buying as much as we, we had planned this year, but we are finding some really great opportunities. So you’re seeing it as a really good timing for storage right now. So you’re seeing, if I’m translating this right, you’re seeing the high interest rate environment is creating softness in pricing.

So you’re able to basically get these things at a good price. And we’re, I don’t know if you’re seeing much of this, but we are seeing other deals falling out of trade, where, because of interest rates changing the dynamics and the buyers are simply backing out of deals. So you’re seeing softness at the same time record NOI increases.

So the earnings are actually increasing at these record paces, which is good as long as even if you overpay for an asset year one. But if is that if that NOI keeps growing, you’re gonna grow right in into it, and, but you’re not even having to overpay. So it’s best of all worlds. So it sounds like a really good time.

And then protective future because you’re seeing the new development, new product not coming on board because of high construction prices. So a really, it sounds like a real sweet spot, is that right? It really is. Yeah. It, obviously as we all know, the interest rates are higher than the worst case projection that we had last.

But really we’ve pivoted it, like you said, into a, an opportunity to pick up some great facilities that have had tremendous growth. And, I think Bob, one thing I didn’t mention in the beginning was most of these facilities are still owned by mom and pop 70% to be exact. 70%?

Wow. The model, It’s a highly fragmented industry, highly fragmented. How does that create opportunity?

I think what really drives the opportunity is mom and pops. When they built their facilities, 30 or 40, even 40 years ago, they were, they had a very low cost basis. Construction costs were a fraction of what they are today. Land values were a fraction of what they are today and they really stumbled into this high cash flowing business.

And the focus of a mom and pop is to fill up their facility and keep it 100% full. And now that they’ve. Matured and had their facility for 30 or 40 years, even their goal is I don’t want to do anything. I just want there to be a wait list. And the place to be 100% occupied. There hasn’t been any optimization for revenue management or rent increases or marketing or anything that we typically probably even technology.

And yeah, all that. I, yeah. Have a great story. So I, we bought a facility from the sky in his mid eighties. Really great guy. And he was doing everything cash only. He was handwriting all the leases. He was he was there at the property every single day. Really loved his business, but that’s how he did it.

Yeah. There was no internet connected to the product, to the facility. So it was funny. Did you explain to him about the internet and ? Yeah we connected the internet to the property after the purchase and he was highly doubtful, but one, it was funny. One day he walked in and he was looking over my shoulder and he was looking at our desktop and it shows all the units laid out on the on the And who what’s who’s paid and who hasn’t paid, it’s all color coded and everything and he just, his mind was blown.

He’s oh my gosh, if I would’ve done this before. Yeah. And so I think there’s just a different focus and, and then when we come in and we say, Hey, we can pay you this much for your property. Their minds are blown because we, they have such a low basis. They never thought it would be worth what it’s worth today.

And what we see is the opportunities to just simply bring the rents to market, put a little bit of revenue management in place and really just that’s awesome. Squeeze all the drops out. Yep, exactly. Wow. Good stuff. Awesome. Ryan, I did wanna shift the conversation a little bit, cuz one of the reasons we wanted to bring you on aside from just kinda stay the market is dude.

Yeah. Is this Spartan investor summit in Lake Tahoe, California. It happens to be your background. So if it was watching this, you’ve probably been, scratching your head here. What’s the self out. What’s why is he here? Yeah. Tell us a little bit, this is something we haven’t done before on the podcast, or like promoting an event, but we heard about it.

One, obviously we’re gonna be involved in that, which we’re excited about. But two, it really seems like it fits a lot of, what our listeners and our the investors that. Listen to this podcast would really benefit from us. So we wanted to bring you on, talk a little bit about this kind of intimate event.

And share a little bit about what you guys are doing. What was the kind of Genesis of this brainstorming of this event? Yeah. So we’ve been dreaming about this for years and what we wanted to do is put together an event that’s small, that’s exclusive, that’s limited to just 50 people. And we wanted to do it in an environment where it was fun and relaxing.

So the Landing Resort in Lake Tahoe is where we’re going. And it’s open for investors, your listeners, and anybody listening to this event. But really what we wanted to solve is we wanted to, instead of having a conference with, hundreds and hundreds of people, or even thousands of people where you don’t really get to know the speakers very well.

And lay out your strategy. We wanted to limit it to 50 people and bring together the best people that we know in the industry, on the economy, tax legal investment, people who have built billion dollar businesses and sold them and let those speakers really get to know the audience and build a tribe of investors that can come away from this knowing a walking away.

50 other attendees as friends and colleagues that they can call on, but also having the speakers and their knowledge play out in their investment day to day investment strategy. So I’m really excited about it, Ben and I know you and I had sat down at our our offsite and, you were Aspen funds was top of mind in being an exclusive sponsor to this event.

Because I think you guys have a lot of alignment. Trying to provide as much value to your investors as possible. And this event really hits home. Wow, this is sounds so perfect. I love that concept of a, small group. I love those small intimate meetings, so you can really build the relationships and get to know one another.

And so much of the problem in the investment industry is it’s cook too cookie cutter. Everybody’s trying to make cookie cutter approaches for everybody. And the truth is it just doesn’t work that way. And so you have a unique situation and so you’re really designing something to build relationships and to gather input, and the thing I was thinking about. Okay. So you’ve just sold your business and you’ve got you got a chunk of change sitting in your pocket. Do you want to just hand it over to a guy with his name on the top of the building, and he’s gonna tell you what you’re gonna do with it and 60, 40 portfolio and that yeah, the stock market’s always the place to be.

And, or do you wanna get involved? Do you wanna actually get involved? Do you wanna learn something? Do you want to be good? Just like you were good at your business. Do you want to be good at being an investor of actually you’re vetting the deals, you’re understanding the deals you’re involved and not meaning you have to, make the phone calls and heavy lift anything in the business.

You’re a passive investor, but it’s making the calls right. Of your allocations and what kind of deals you want to be. And those kind that’s really the kind of person you’re after. It’s the way we all are managing our own money. We’re not just sitting back and a guy who’s supposedly smarter than us all is telling us where we’re gonna, he’s gonna put our money.

Who wants that is that right? That’s exactly right. And, and why not do it and have some fun and, meet, meet mingle. And so that, that’s why we, we pick Lake Tahoe because it’s a great time of the year and we have all these activities planned. Just a question. Is there any water in the lake? Yeah. You better act fast because this might be the last year that okay. Now I’m, I know you’re a pilot, you’re actually a commercial pilot. I’m in, if you’re gonna have a seaplane there, alright, come on.

That’s a bucket list. Bob Fraser bucket list deal. Go try land it on the wings, man. Yeah. All right, Bob. I’ll be there with my seaplane. No problem. Seriously. No, really don’t tease me.

It’ll be the day after your check ride. So you’ll be flying in your own plane. Yeah, my baby pilot’s license. Yeah. I probably won’t fly with you on that one. Chicken. Chicken. You’ll be fine. You’ll be fine. It sounds so amazing.

Really does sound like a blast and I think one of the things that we’re seeing, as we talk with a lot of our investors and just this whole growing movement, the jobs act starting this whole movement towards private alternatives and access to more private alternatives.

We’re seeing a lot more do it yourself, investors, if you wanna call ’em that, and Bob and I were just at an event a few weeks ago and the whole point was, defending to do it yourself investor, and basically. Getting involved, getting your hands dirty and not dirty with, the properties or the assets themselves, but doing the due diligence and finding the right partners to place your capital with, but not just blindly trusting, a financial advisor that probably has a net worth, a lot smaller than yours.

And, they’ve just been trained in this certain regimen of the sales process. That’s it doesn’t fit. And so there’s this kind of growing movement, but the biggest challenge and limitation that these investors have. Resources is trust. It’s finding the right people to partner with. And you, you can, go it alone, but you’re gonna go a lot farther if you find the right people, if you go together with the right people.

And so one of the things I love about this and, it’s. Fun because, Ryan, you and I are in our own little mastermind and I’ve gotten so much value out of that and just, how you guys are growing and how we’re growing and what are the things that we can learn from each other and constantly, sharpening iron.

I think it’s the same thing in this more kind of intimate environment where. Passive investors get to do the same thing, right? You get to talk and build relationships with people that are learning from their experiences, from their mistakes potentially. And you can shortcut a lot of the heartache and the pain and, to get to your end goal a lot faster by getting this kind of mastermind the environment, it’s a term that’s maybe overused sometimes, but I truly feel like this is gonna be that because you get to build the relationships you get to hear from experts, a zero sales event. It’s zero.

Yeah. So it’s, there is no, no pitching a absolutely. And I’ll just say just adding onto the no pitching, some of our top investors are going to this event, so they’ve already invested and alternatives and are doing other things. So really, if you want to hear from another peer group, and what they’re doing it’s good for that. But also I wanna point out that there’s nine speakers and 50 seats. That’s almost a one and, that’s a very good RA ratio of speaker to, of attendees. So when you talk about a mastermind, there’s gonna be so many opportunities in the extracurricular activities that we have planned for fun, but then also the two day event where we’re going through and listening to the speakers and then having breakout session.

And really diving deep on different topics. Share some of the topics that will be discussed, yeah. And I’ll I’m actually speaking and one think I’m opening. And so I’ll jump in there. I’m actually pretty, pretty excited to share. If you want to come meet me and have a conversation, I’ll be there.

And and talking about economics and what I, my passion is having gone through two giant super cycles in investing is to understand the super cycles. And it’s a whole lot easier to be successful when you know, the big tides of the economy and where they’re going. So you actually can predict what’s gonna happen because things, the big tides are very predictable of demographics and geopolitics are very predictable.

So I’m gonna highlight some of the big investible mega trends and we’re where we’re seeing the economics and where we’re seeing the opportunities. And so tell us about some of the other speakers. Yeah. Some of the other speakers. We have Toby Mathis. Who’s gonna give you tax strategies.

So if you are an active real estate investor, And you’re doing some syndications here and there, and you want to know the best ways to position yourself for a success and tax strategy. You’re gonna get that plus, or if you’re planning on a big exit Bob was mentioning earlier with your business, you’re gonna have the opportunity to talk about the best ways to strategize paying less taxes. It’s not what necessarily what you earn. It’s what you keep. And the tax strategy is a big part of that. Basics about an advanced strategy on asset protection. We’re gonna have Clint Koons from Anderson advisor to come and talk about asset protection strategies, and you’ll be able to mingle a network with Clint, for the over that’s super interesting.

Yeah. Yeah. And then we’ll have a business strategist who’s advised multiple billion dollar companies for success. And he’s gonna come in and do a workshop on laying out strategies for positioning your business. For success and really getting dialed in on strategy. I think one of the things that a lot of people ask me when, Hey, how did you guys organize your company and how did you grow and really get your culture and devise a strategy.

A lot of it’s come from having a business strategist. And so Rom LaPointe’s coming , who’s going to talk about how he’s done that for us and how he can help tailor a plan. Wow, cool. For, yeah, for other people we have Vicky Schiff coming in. Again, I mentioned. She’s she started Mosaic Capital there.

We were 3 billion in originations. Over the course, she sold her company had a huge exit. So she’s gonna talk about everything that she went through in that, and some strategies surrounding how to do a good exit in your business and and transition. That’s interesting. Yeah, and then we even have some of the more soft touch stuff.

Rich Fettke who just wrote the book, The Wise Investors is coming. He’s gonna talk about, a balanced wheel of your investment cycle, right? So it’s not just about making as much money as you possibly can. You wanna be able to enjoy it. And so some of the aspects and elements behind really setting yourself up for overall life success, not necessarily just in your business or just in your financial success. The Spartan team will be there.

The chief officers of Spartan investment group, our CEO, CFO, myself. We’ll hear from Ben Lapidus. I love Ben. He’s gonna be moderating the events and and really just tying it all together, which I think is what he does best is contextualized one speaker to the next, but also talk about underwriting the financial analysis during this uncertain time. And really just having access to, different things that, what he’s thinking about for underwriting and forecasting in this uncertain time. So I think it’s a stack deck of speakers and a really awesome location.

So we’re really looking forward to. And a sea plane, hopefully sea plane, cross and water, or the lake still. Yeah. Yeah. You’re on the podcast right here. So there’s a lot of accountability if it doesn’t happen, but , I’ll have to sea plane rating before, before the conference. Yeah. Hurry real quick.

It really sounds for investors that are, either owning in business and looking to exit and sell at a certain point, Or have recently sold a business, have exited have had windfall of cash liquidity event. This is they’re gonna be really benefiting from a lot of the, these speakers and getting around other, like buying people that are in a similar position.

Would you say that’s gonna be, who’s gonna benefit the most from this? Yeah, that would be I would say one category of, that’s a perfect fit. And then I think the other category is, you’re want to eventually get to that point. In your business, you wanna get to the point where it’s, able to be sold yeah.

And there’s seems that you need to be thinking about today and setting yourself up structurally to be successful in that moment. And it might be years from now, or it might be just right around the corner. So I think it’s perfect for that. And then lastly, I think it’s always gonna be beneficial for the real estate investor, who, like you said, at the beginning is hands on and active in real estate. They might not be going and doing the physical work on the property, a full time passive investor or transitioning to one and looking to set up how they do their investment strategy, I think is gonna be really beneficial to that person.

Awesome. Ryan, we’re excited to come out and hang out with you and anyone open invitation, if you want to come join us. So sounds like it’s gonna be a blast. So just 50 seats. Huh? There’s been a ton of interest, which has been great.

And we’re looking forward. Seeing you there and Ben, I think you’re gonna put everything in the show notes if somebody’s interested and wants to register. I know that we’re opening up a few spots for Aspen and Invest Like a Billionaire listeners. It’ll be in the show notes. Definitely click that link if you’re interested to get more information on all the details and Ryan always a pleasure to chat and connect. Thanks so much us for coming up us and the beautiful Lake Tahoe. Yeah.

Thanks so much, Ryan. Thanks guys.

Awesome. That sounds fun. I’m already wanting to go right now. definitely me. Yeah. McDonald sounds great from this humidity and heat here in Kansas City, but yeah, if you guys sounds are just interesting to you. Please click on the link, find some more information out about the event. We’ll be there in person.

It’s gonna be a really fun time, get to hang with us and the other folks at Spartan and the other speakers. And as always, we like to encourage you to sign up for our investor club list. So if you are enjoying these episodes and getting value from them you can go one step further and join the investor club. It’s on our offerings page access to our deal. Access to our deal flow on AspenFunds.us. So sign up there to get information and exclusive offerings on the deals that we’re putting out. And till next time, thanks for listening.