Self Storage Development and Insights with Fernando Angelucci

Full Transcript

Taylor   0:01  

What's going on guys? This is the passive wealth strategy for busy professionals podcast. Today our guest is Fernando Angelucci, I'm your host Taylor loads. Today we're talking about self storage. I love Self Storage investing. It's a fantastic opportunity both for active and passive investors. It's something that most people don't think about. They don't think that you can make just ridiculous returns on these concrete metal boxes. But what do you know if you buy them? Right? There's a huge potential upside. So today, we're talking with Fernando, a young guy who's had a ton of success in real estate, who got into Self Storage, investing and self storage development is doing huge deals in self storage. We're talking about his strategies for finding deals, his strategies for vetting those deals, finding partners, mistakes that he's made along the way, and just everything up and down.

I think he's a great guy, fun to talk to Super knowledgeable and he's got so much ahead of having them in the world of real estate or honestly, whatever he chooses to do, I think he's going to be successful at fantastic lessons in this one. So if you're interested at all in self storage, and making a great return on some real estate, this is a good one for you. For those of you who don't know, I'm your host Taylor load. I'm a real estate investor, real estate syndicator. I love talking about investing with others who are not only interested but who are dedicated to growing their wealth. This is an awesome interview. Like I said, I love my self storage investments. They're doing very well and I'm very happy to be in that space. I learned a lot on this one today. And if you're in the Self Storage game, or you want to get into the Self Storage game, this is a great one for you as well. Without any further ado, here we go with Fernando Angie Luci. Fernando, thank you for joining us today. Yeah, no

Unknown Speaker  1:50  

problem. happy to talk with you. Could you introduce yourselves to our audience before we kind of get into the topic for today? Yeah. So

Fernando Angelucci  1:57  

Fernando Angelucci, 28 based out of Chicago invested nationally in self storage, before I got into Self Storage have done single family rentals, multifamily flips and rentals, hard money lending, lease options, kind of everything in that rental residential space. Before that, like if I go a little bit farther back, I've had a pretty interesting upbringing because there's kind of like an internal conflict, right. So both my parents are immigrants from Brazil. And they came to the United States with that whole United you know, the United States dream The American Dream. get really good grades, go to a good school, get a job at a fortune 500 company and retire with a pension. Right? I don't know how many companies offer pensions anymore. Yeah. Surprising though. Actually. I actually did. All right.

So I graduated from you about the ag bio engineering degree and ended up working for a fortune 50 fortune 50 company and then very quickly, I realized that I'm not Good at having bosses tell me what to do. So within 13 months I quit that job, put away the pension expense account, the truck, you know the whole shebang for one match and started doing real estate wholesaling, single family then immediately jumped into multifamily rentals and then I started flipping single families then started flipping multifamily. And I really just got so tired of the tenants and just the evictions and all the issues and you know they say it's passive but once you actually start doing it you realize it's not that passes, right right so once I came across self storage of like, Man, this is it after I bought my first one I sold all my rentals, my multifamily and, and single families. I actually got two more single families to sell right now.

I can't sell them because we're in an eviction, like stop in Chicago, you can't evict anybody. I need to evict those two tenants to rehab the property. flippin I'll be done. But yeah, just been on a tear ever since just buying stuff in the past. Maybe 16 months, we bought seven self storage facilities. I got another two closed. One closing next week, one closing in a month. And then we got two in May, and then a ground up in July.

Taylor   4:18  

Wow, that is awesome. And you're such a young guy, you've done so much. That's really, really cool. And yeah, I'm curious before we kind of get deeper into the topic we're going to talk about today, are you sourcing your own deals through you know, mailers and such you're going through brokers or what's been your best source for deals?

Fernando Angelucci  4:35  

Yeah, for self storage specifically? Yeah. Okay, so it started off, you know, I was a wholesaler to begin with so I kind of was really good at that direct mail game, right. So I just switch that over to self storage. And deals started coming in. We started with a 7000 owner campaign to begin with across 24 states, states. I really like low property tax, not affected by Um, you know, any type of environmental hazards like hurricanes or or, you know, fault lines, stuff like that.

And then I started going on podcasts like this one talking about what I do. And now half our deals come via referral people, you know, given us a call that heard the podcast saying, Hey, I have a deal on the multifamily guy don't know how to underwrite this, can you help me? Say Sure, and then, you know, help him underwrite? And I say, Well, you know, can you help me get the equity and the debt for it to us attractive, you're not gonna do the whole deal. So that's how we started and so now it's, it's probably about 30%, through the call push marketing that the text messages, the phone calls, the direct mail, and then maybe, you know, 50 to 70%, from the referral network, not only investors, but also brokers are starting to reach out and bring us you know, I always tell brokers, you know, I feel bad for brokers, because every investors like, Oh, I don't need you and you're only going to be bringing these, you know, terrible deals.

Yeah, but I tell them, it's like if you've got anything with hair on it, where like, you don't even want to list it, you just want to push it off to a cash buyer, I'll pay your commission that we don't even have to try to get a, you know, listing agreement signed for a, you know, an $800,000 property, which is in the self storage space is not a very big property, you know?

Taylor   6:17  

Wow, that's cool. So that's, that's great to hear. I always love hearing where people are getting deals, and you've got quite a variety of sources there. So that's, that's awesome. And today, I wanted to talk about the resilience of self storage when the economic waters, you know, get kind of rough and things aren't, aren't going well, you know, we're talking during the coronavirus pandemic, and you know, it. From my perspective, it only seems like it's going to get worse from here, both from you know, the number of infections and deaths and economically and all those things. Like you said, residential properties in Chicago and many other parts of the country, including where I live, are on an eviction freeze right now. which is unfortunate, but people can't pay their rent rough, tough situation. So let's talk about what separates Self Storage from other asset classes when things get tough.

Fernando Angelucci  7:12  

Yeah, so first, I'd like to kind of just use some data. So from Oh 709, the s&p 500 lost 22% of its value. The mortgage industry lost about 19 and a half multifamily and residential on a read level lost about 7% and self storage lost about 3%.

Unknown Speaker  7:33  

So

Fernando Angelucci  7:35  

there's a lot of factors that go into that. And I think, number one, self storage, we service people in transition, right. So if you're, you're going up in property size or you're downsizing or you're moving to a different market for a job, what have you. Self Storage is there to service those types of clientele. And what you've noticed over the last couple of drives, Is that if you have kids and you have to downsize, are you going to throw away the macaroni paintings they made for you because you don't have space for it? Most 99% of people I asked, said no, I would never do that.

Right, right. Um, but hemorrhaging another, you know, maybe 1200 square feet of your house to cut your mortgage payment in half, that's a much easier thing to do, and then go supplement that with maybe a 10 by 10 unit for an extra 80 or 100 bucks, right. So that's a huge, I think that's a huge reason why Self Storage does so well in recessions. Another thing too is when you have issues like this, whatever we're going through right now a pandemic that is spread based on contact, you know, investments in multifamily or office or retail, these are all investments where there is close human interaction to each other Self Storage, very rarely, as a tenant, are you going to be coming across anyone else at the facility at the same time?

You are right? It's very rare. It's usually you or maybe a couple people if it's a pretty large facility, but you're already kind of socially distant. So I really like that portion, but I want to be careful because people always think, well, if an asset is safer, that also means that there is a lower downside, or a lower upside to that asset. And actually, for self storage, the opposite is true. So let's look at a larger period of time 1994 to 2017.

Okay. saw two crashes during that time, the s&p 500 over that period of time that 23 four years or whatever it is, it went up about seven and a half percent on an annual basis. Residential and multifamily went up 30% that's pretty good. But Self Storage actually went up 17% on an annual basis. So that 4% Doesn't seem like a lot, but you got to remember that's 4% compounding, right. So if you put $100,000 into, let's say, an apartment building in 1994, that hundred thousand dollars in 2017 would be about 1.7 million. If you put that same hundred thousand dollars in self storage in 1994 in 2017, that hundred thousand dollars would be a little over $4 million. So almost double what you'd get on the return from apartments and that's because that 4% is compounding annually.

Taylor   10:31  

So I wonder, though, you know, can we project that moving forward? You know, is that trend still gonna hold because, you know, things can't come constantly compound, you know, infinitely eventually, you know, we run out of space on the planet. So, you know, is that trend going to continue moving forward and I think it's probably hard to make that projection. But that being said, your self storage investment is one of my best performing investments, period. So Stonewall, for me

Fernando Angelucci  11:00  

Yeah and so I definitely agree with you that it can't be growing at such an exceptional level versus other more popular self, you know, popular real estate investments and I think the reason why is because over the last 1015 years now all the mag fortune and Money Magazine now they're starting to shine a spotlight on self storage where in the past it was like this ugly, you know, steel boxes by like a farm or anything, but now it's like a sexy asset.

You know, you have these four storey Class A regrade facilities, they look like really nice office buildings are sexy and cities want them and investors want them and I think it is a good hedge in a portfolio. So if you are an apartment guy out there, I'm not telling you to shutter all your apartments like I did, but maybe add one or two Self Storage assets in there to diversify the portfolio. So when one is, you know, usually Self Storage, like I said, it does really well in recessions, when apartments use Done. And so you kind of have a hedge on both sides.

Taylor   12:04  

Yeah, you made another very good point about the human contact aspect of it. And, you know, from my perspective, we are currently currently closing on an apartment property, you know, by the time this airs, we, you know, will be months past closed.

So, you know, it's already done. But you know, we were deep into the process, and we're comfortable that the property is going to be, you know, doing well based on his position in the market and everything and, you know, jobs and all that. But in closing apartments, if you're doing due diligence right now, what are you going to do in 200 apartment complexes when you're supposed to be socially distant to an apartment, you know, you're not going to but with a self storage property, your due diligence is still probably fairly straightforward. I mean, it's not like the people live in the units and don't touch the services you can figure out, you know, the physical condition of the property but without a lot of human Contact. Exactly. And most of

Fernando Angelucci  13:02  

Our underwriting is done from a desktop. By the time we have said yes and put down earnest money, that's when we actually physically go visit the property to do a site inspection before we hire somebody to do the PCA. So we already know we're gonna buy it before we see it for the most part,

Taylor   13:22  

unless you find something glaringly big.

Fernando Angelucci  13:25  

Yeah. And there's there's been a few that there has been like that where, you know, we always ask the seller, you know, what's the condition of the property iterated from a one to five, five, the brand new one being, let's tear it down, like where would you put it? And the only times where we have those issues is when you know a seller's like, yeah, it's a five It's beautiful. And then I show up and there's like trees growing through, you know,

Taylor   13:47  

stuff. So. Yeah, it's really a two.

Fernando Angelucci  13:52  

Yeah, exactly. So that's why we do our site inspections. And then after we do the visuals, you know, we have construction knowledge, but then We hire a third party to do not only the phase one, but then also the property condition assessment, the PCA at the same time, which gives us a 10 year schedule of deferred maintenance and when to address them. So that helps quite a bit.

Taylor   14:14  

Nice. Nice. So how is this we're not super deep into the pandemic shutdown, at least from what I expected to end up being you know, it's towards the end of March right now in 2020. How has this impacted your business so far and your properties specific? Yeah,

Fernando Angelucci  14:35  

it's, it's, it's been fantastic to be honest with you. So on one side on the sourcing of properties, we have a lot more sellers coming out of the woodwork that maybe just held on to our letters in the past and are calling us because they want to get liquid because they're, maybe they're, you know, acting out of fear. And they just want to have a good cash position on the flip side of the print on the operation side, the ones that we already own.

Almost every one of our facilities have increased in occupancy, the ones that haven't increased have stayed level. And that's increases that are not seasonal, because they're breaking, for example, on our assets that have already been stabilized. They're already breaking ceilings. And when I say ceilings, I mean, they're, you know, something a property, one of them that we have in Illinois usually sits around 85%. That one has increased substantially over the last four weeks. So we're seeing actually an influx of people that have not rented in the past coming and I'm assuming renting units, either because they're downsizing or, you know, what have you.

Taylor   15:41  

Wow. So regarding at least you know, the current state of things in the Chicago area or or where your properties are, you know, do these without giving specific legal advice to anyone out there or any guidance or whatever, but have you seen any of these eviction freezes or anything like that, that in Packed self storage as opposed to, you know, residential real estate.

Fernando Angelucci  16:05  

Right? So no. So one thing to kind of establish is that in self storage you don't evict because there's not a person there. It's as opposed to being tenant landlord law, it's lien law. So it's auctions and those have not been frozen.

Taylor   16:19  

Wow. Well, yeah, I mean, I guess anybody that's watched reality TV over the last decade, I've seen the Storage Wars and all that.

Fernando Angelucci  16:27  

I haven't had a chance to host one in person. Everything we do is online auctions, which I think kind of takes all the fun out of it, but you know,

Taylor   16:36  

yeah, My bet is rarely is it you know, filled with gold bars, and typically it is macaroni, drawings and junk, right.

Fernando Angelucci  16:46  

We put one up for auction the other day that had a full duck blind setup and a small boat, so I guess that was a pretty good one.

Taylor   16:56  

I guess I think though, when you compare the amount that they spend a month on the place versus the cost of the boat and the cost of the duck blind to sell that stuff and buy a new one. But that's just my opinion.

Fernando Angelucci  17:06  

It's crazy. Well, we even have some when we take over some units, we start going through the rent rolls, we'll find some tenants that have been in that same unit for 1015 years. And if you look at how much they've paid in rent over that period of time, they could have built like a small Self Storage Facility in their backyard, like two or three times over, which is I mean, it's it's funny how, but, you know, I'm not here to tell you to do that or not.

Obviously, I'm making some money off it. So keep keeping your stuff. You know, I always joke around that, that Marie Kondo is kind of like my arch nemesis because she's everything and I'm like, No, no, don't get rid of it. Let's get rid of you out of your house and then put it into a storage facility. You know,

Taylor   17:50  

you just get it out of your face, but keep paying to keep it somewhere, right. So in comparing, like a typical, you're buying a cash flowing Self Storage property and ground up development. How do you look at those two different things? Because that can see it would probably take a lot longer to get all the permits and the plans and everything to build a facility fresh compared to buying an existing one. What are some of the differences there?

Fernando Angelucci  18:21  

Yeah. So, specifically for us, you know, self storage facilities are kind of classified into three generations, you have your first generation facilities, which are the just straight up metal boxes in the middle of the field somewhere, and there's no fencing, there's nothing then you have your second generation facilities, you'd have like high tech security, maybe there's like a climate controlled office. And then you have your third generation facilities which are the ones that are Class A and regrade. Those are usually those big behemoths that you see that are multi storey and, you know, 100 plus thousand square feet.

So that's the very first thing I wanted this to be, you know, there are some builders out there that build the first and second generation still, but I feel like we're a lot of the money is, is building these third generation facilities and then flipping them to to read once they're stabilized. So the very first thing I look at is when we're going into a new market, I want to see that there is a large pent up demand almost to the point where I could double the amount of square footage in the area and still not meet the demand. But then you've got to also look at the local municipality for the ground up, right? Are they?

Are they receptive to it good, are they receptive, meaning once I build mine are they gonna allow somebody else to come in and build one right next to me and then all of a sudden my rents dropped so we're looking for places that either are going to allow one or two more facilities and then put a moratorium on self storage facilities being built. That's always very helpful. We also look for municipalities that are, you know, willing to work with us and not make it a nightmare to get the process. You know, the property because like you said, I mean, before even closing on a facility For a ground up, we're spending 250 to maybe $300,000 on plans permits, architects are doing all the meetings, feasibility studies, geotech work like it is, it is a lot of costs. And so you want to make sure you're not just throwing money into the wind and hope something sticks, right?

Taylor   20:21  

though Yeah, absolutely. You want to know that you're making a good investment and I wanted to ask about that the investment upfront, not just in money, but in time, I mean, no matter what piece of commercial real estate we buy, we're probably going to be putting down pretty hefty amount of money to either lock it up or do these studies and whatever.

But you know, when you're saying going on podcasts and people are sending you, Hey, take a look at this deal. What do you think, you know, how long do you need to invest in looking at that, whatever packet or whatever it is till you decide this is worth my time or this is not worth my time because you do a lot of investigation in here.

Fernando Angelucci  21:01  

Yeah, great, great question. So we usually will do it in phases. So it's almost like a pre qualifying funnel there. First thing we do is very simple. We just go on to Google Maps, we go to where the site location is. And then we just type in self storage and zoom out. We call this kind of the polka dot test. If I see a bunch of little red dots showing up there self storage facilities all over the place, it's probably already oversaturated in that market, right?

Once it passes that funnel, then we start looking at Okay, what does the ground look like? Is it going to take a ton of you know, am I trying to build into the side of a mountain or is it a flat prairie? Right? Is it built? Does this look like the ground? It's primarily sand or silt? Or is it more like a clay base where I can have, you know, a sturdy foundation? We're looking at demand in the area, right? So I'll look at some of the competitors and I'll see what their occupancies are if they're stabilized properties. If they're at 90%, or better occupancy. That's a good sign for bringing a new facility online, and then after that we look at the municipalities. Right?

We'll we'll go through old recordings of of town hall meetings and of, of like city meeting city planning meetings and see if they're receptive to this type of thing, what type of questions they have, what type of objections they have to see if we can, is there a way to handle these objections upfront? Or is this gonna be a nightmare pulling teeth, the entire process, and let's just go find a lot that's maybe a mile down in a different Township. Right?

Taylor   22:34  

So you mentioned looking at competitors' occupancies and I can see that in this kind of world that the information is probably hard to collect. And it's not like you can go on, you know, whatever Self Storage Facility COMM And see, you know, how many units they currently have occupied. So how are you going to estimate what your competitors occupancy is?

Fernando Angelucci  22:56  

Yeah, so believe it or not, half the time. They They do have their occupancy No,

Unknown Speaker  23:02  

really blatantly.

Fernando Angelucci  23:04  

But what they'll do is they'll put like, okay, here's five by fives, here's five by 10s is five by or 10 by 15. And then you'll click on it to reserve it. And they'll say we only have one left, or we only have two laughs, or they won't say it at all right? So you can kind of estimate based on that. But another thing that we do is we Secret Shop them, right? So we'll give them a call. My partner Steve is really good at doing this. And we'll say, Hey, you know, we're a logistics company, we have found that our business thrives when the self storage facilities in the area are at 90%, or greater occupancy. And usually, we're talking to a manager not an owner, right? So they're not as guarded with their information. And they'll say, you know, are you at 90%? If we move into the market, we'd be willing to, you know, send you leads, or whatever it is of people that are moving to, you know, to store at your location, and they'll say, yeah, you know, we're at 9%. And usually, at that point, just kind of shut up and just let them keep talking.

And they're like, Oh, you know, We're at 100% and we've never had a vacancy or sometimes they'll say the exact is like now we have more than enough space and you know the owners you know super shitty and I would love me would you make an offer on our facility? Like you know, so like they're It's funny how much information you can get from the frontline managers if you as long as you just approach in a non hostile way and then just shut up you know, ask them a question just stop talking. That is a

Taylor   24:29  

a classic, you know, not just negotiation tactic sales tactic, it's all over the place, just shut up and listen, you know, get talking just stop talking. Yeah, so

Fernando Angelucci  24:40  

That's, the first level is just kind of calling them once we get a little bit farther into the process and we've decided to actually fly down or drive down to wherever the location is, then we start physically counting locks. So we'll go in and Secret Shop again, say hey, I'm looking to I'm looking to you know, rent a couple units. Can you just show me around the facility or can I just walk around the facility? Then I go there with my phone and it Yeah. And they start counting which ones are manager's locks? Which ones are not locked with what were the auction tags. And that you can get a really good job and that's usually what we do to cross reference what we get from the managers over the phone.

Taylor   25:15  

Interesting. I like that due diligence. Do you have those clicky counter things you get? Nice and nice. I like that strategy. That is a that is definitely an interesting one in

Fernando Angelucci  25:29  

itself. Third is not really complicated, you know? So it's, everybody's always all you got some software and it's like, not just, you know, I just got this clicker here.

Taylor   25:41  

Hey, at least you know, you're you're getting good data whenever you're, you know, clicking here yourself.

Unknown Speaker  25:45  

I know the source of the data.

Taylor   25:47  

Yeah. So we're gonna take a quick break for our sponsor. All right, Fernando, I got three questions. I asked every guest at the end of the show. Are you ready? Let's do it. All right. Great. One, what is the best investment you ever made other than in your education

Unknown Speaker  26:05  

and education?

Fernando Angelucci  26:08  

So this is a difficult question.

I think the best investment I've ever made in my businesses is giving my time to help teach others because what I found is when you, you know, I like to approach everything with a mind, you know, mentality of abundance. And even if you don't think that there's some way that this person can reciprocate. Now, that doesn't mean that you know, 234 years down the line, I've perfect examples of this. Had a single family guy that reached out because he wanted to get into the Self Storage game. I, you know, gave him my time. I gave him all my underwriting, my presentations, everything.

And all of a sudden, six months later, he calls me back, he's got four deals under contract. I need help closing these, he gives me 50% of each deal for running it. Right. So we closed on one, two, Thursday's ago and we got to that recording Closing in May, right now. And those are deals that were nowhere in my funnel. I didn't have any in my marketing. So he found them outside, I would have never had access to those deals if it wasn't for him.

Unknown Speaker  27:10  

Right. Wow.

Taylor   27:13  

Wow. Wow, I really appreciate that. I mean, the abundance mentality, the abundance mentality mindset, if you'll, you know, pardon the whatever, double positive. I think it's huge, especially right now, as you know, we are going through some tough times right now, and I think it's probably going to last the rest of 2020 at least economically. You know, it's still tough to keep that abundance mentality, you know, in your head. Everybody wants to, you know, go fill their SUV with toilet paper and put it in a storage unit or something, I don't know. All right. Well, on the other side of that best investment coin, what is the worst investment you ever made?

Fernando Angelucci  27:55  

It's, this one's easy. So when I was just getting started this was kind of convoluted . It was a department deal. It came to us as originally as a hard money deal. So somebody needed some funds in the second position to take down a deal. All the numbers look pretty good at the time. And as we started going throughout the deal, the investor defaulted on us within like two months of Yeah, not only that she did she defaulted on, she defaulted on the first so the first was threatening to foreclose. So instead of just cutting my losses at that point, we decided to go and try to buy off the first so that we own both positions.

We ended up getting that done, and we found out once we visited the property, so Mistake number one, we never physically put eyes on the property. Right. Mistake number two, we didn't vet the borrower. Once we physically got to the property, we already had maybe $186,000 invested in the property, one of the properties got demolished by the city. It was some fire code issues then they demolished it. The second property was a frame property and apparently the previous owner, which happened to be the person that was holding the first mortgage to the borrower, we didn't know as a seller finance mortgage right. Another mistake. Yeah. Turns out he was a slumlord. For the last 30 years in this tiny Podunk, middle of nowhere, community of maybe 5000 people in like the county, right. We found out that

he was replacing

pipes with caulk tubes and duct taping them with like so many issues. We tried to sell it, we tried to put money into it. And at the end of the day, I should have cut the losses earlier. We held on to it for two to three years trying to make something happen. You know, sunken cost theory. Oh, yeah, right. And in the end of the day, we ended up selling it to a wholesaler for 20 grand.

Taylor   30:02  

Wow, that is a big loss. So what would you say are probably the top one or two like lessons out of that? I mean, there's physical due diligence and then it's not. If you'd gone there, you might have avoided a lot of this loss.

Fernando Angelucci  30:19  

Oh, yeah, absolutely. The physical due diligence on its own would have avoided a lot of this and figuring out who I was doing business with, right, not only the borrower, but who the borrower was attached to so that the seller financed the mortgage was a nightmare. The second we took it over this city started hitting us with lawsuits and fines. They're like, well, he was he, you know, would fight tooth and nail like your new targets that were coming after you. So if I would have just called the city and said, Hey, what do you know about these properties that would have saved us so much?'' The money wasn't the biggest loss. It was the amount of time and stress that we put into that deal. That was the biggest thing. loss, right? Wow.

Taylor   31:02  

Yeah, that's huge. And well, I mean, I talked to a lot of successful investors, obviously, and everybody has some kind of story of loss, or I made this mistake, and I'm never going to make this mistake again. And that's the way you learn sometimes is losing time, losing money, losing sleep. So, you know,

Fernando Angelucci  31:21  

success is built on the rubble of your failures. What I always tell people is like,

don't be afraid to fail, because you're gonna fail. Just try to fail as fast and as often as you can, in the beginning, when the stakes are low, you know, that was only like 100 something thousand dollar loss. Imagine if that happened later in my career now that I'm doing these 10 $20 million deals like that would devastate not only me, but then the entire staff that I have below me that count on me for their paychecks, right.

Taylor   31:50  

Yeah. Wow, that's huge. So that leads very well into my favorite question at the end of the show is what is the most important lesson that you've learned? In business and investing?

Fernando Angelucci  32:03  

Yeah, I think it's to really take the time. With everything that you're doing, right? Make sure that you're doing your due diligence, not only on the deals, but on the people. And don't ever make a decision when you're rushed a lot of the issues that came from that decision, because we had this what I thought was a hard deadline, but it was really more of an artificial construct. So we had to act fast. And when you're trying to act fast, in most situations, that's when you're gonna make mistakes. Now, I'm not saying be a turtle and, you know, get analysis paralysis on any deal, because usually action is better than inaction, whether you're right or wrong, but give yourself time to sleep on it and to think on it.

Taylor   32:49  

That's interesting. I like that a lot. And a lot of this conversation bleeds into things that I'm seeing happening right now, especially as you know, things are uncertain. Many of the things you said I'm seeing people On these multifamily investing, especially Facebook groups saying, Hey, are you foregoing physical due diligence because you can't walk these tenants units because of the coronavirus and no, absolutely not. Or are you doing like walking watching the brokers walkthrough video for your due diligence? No way I wouldn't buy a car. If I couldn't test drive it first. Why would I buy a $10 million property? I couldn't walk through it before I bought it.

Fernando Angelucci  33:29  

Exactly.

Taylor   33:30  

Yeah. So this rush, I can see definitely is going to kill a lot of people. So I appreciate that. Well, Fernando, thank you for everything today. You know, I love your story. You're a young guy and you've done so much so that's awesome. Very happy to have connected with you today. If folks listening out there want to connect with you as well. Where can they find you?

Fernando Angelucci  33:55  

Yeah, across all social media, my handles, the storage stud. So, just came up with that a couple days ago, actually my partner Steven, my friend Terry helped me out with that. Yeah, so if you want to connect, I think I got a website finally hooked up to that as well. Check out Instagram, Facebook, LinkedIn, Twitter, we're all over it. And then if you have deals or if you have questions about how to underwrite deals, or you need capital to partner on your deals, we have all those things, feel free to reach out.

Taylor   34:26  

Awesome. I love that I really, I've said it before, I think Self Storage is a great asset class to invest in and a lot of busy professionals out there do not know that there are both active and passive opportunities in self storage. So I definitely appreciate that and the Self Storage stuff is Did I get that right? Yeah. That I like that. I like that. And it's very memorable so yeah. Well, thanks once again, and I definitely appreciate your time and to everybody out there.

Thank you for tuning in. If you're enjoying the show, please leave us a rating and review on Apple podcasts a very big help. If you know anyone out there who could use a little bit more passive wealth in their lives, please share the show with them and bring it into the fold. Thank you for tuning in. Wherever you are in the world. I hope you're doing well. You're succeeding throughout this pandemic. If it's still going on. I wish you all the best. Wash your hands, take care of yourselves and your family and we will talk to you in the next episode.

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