Stacy Rossetti dives deep into the world of self-storage investing, offering a comprehensive guide on how to invest in self-storage properties. Whether you’re new to the industry or looking to expand your portfolio, Stacy shares her expert insights, making this a must-listen for anyone interested in unlocking the potential of this lucrative market. Learn about different markets, strategies, and the key factors to consider when getting started in self-storage investing.

—

Watch the episode here

 

Listen to the podcast here

 

How To Choose The Best Market To Look In Based On What You Can Spend For Purchase

Introduction To Self-Storage Investing

Thank you guys for coming to hang out. I teach people how to invest in self-storage. If you want to buy a storage facility and you have no idea how to do that, you’re in the right place. I’m going to go over how to get started in self-storage investing. Typically, in these training sessions, I talk about whatever I can see is going on in the industry or what’s needed. I typically do finding for one week, and then I’ll do deal analysis for one week. I’ll do funding for one week, and then I’ll do management stuff.

In this episode, I’m going to talk about getting started because a lot of people message me and say, “What do I need to do to get started in this business?” We have sixteen facilities that we own ourselves, me and my husband. I’m partnering in about maybe 15 to 20 different deals with my students. In the last couple of years, I’ve closed at least 50 deals with students as well through the Storage Nerds coaching program.

I have a lot of experience in any type of deal that comes across my plate or my students’ plate. The way that they fund these deals is random. How we find them is random, as well as how we fund them. Everybody always manages them a little bit differently as well. That’s what I’m going to talk about. I’ll give you guys a brief overview of my teaching style and how I go through everything. I’m going to take you from start to finish.

We have students who have bought all across the country. I have eight virtual assistants that work for me and they do nothing but call owners. The way that I teach. I teach that you need to call the owner, talk to the owner, and build a relationship with the owner directly. I don’t teach going and looking on Crexi or Loopnet or talking to brokers and stuff. I say, “Cut out all the middle people and go directly.”

We have one person who moved to Portland. One of my students lived in Vegas and started looking for storage facilities. She ended up buying one right on the border of Oregon and Washington on the water, and then she moved to Portland. She’s living in Portland. She bought a facility. I can’t remember what the name of the town is. There are lots of good opportunities out there, for sure, on the West side of the country. There are a lot of opportunities everywhere.

The good thing is that we are getting to the point where people are relaxing a little bit more. There’s an election coming up. We don’t know what’s going to happen with that. I feel like the Fed is like,
“Maybe things are starting to change a little bit.” My prediction is by the end of 2024, things are going to start loosening up a little bit. We won’t be so stressed out about interest rates and stuff like that. By 2025, you’re going to have a lot of opportunities to get back into this industry.

 

Also, another cool thing is I saw a graph that one of my students posted. On average, the interest rates over the last few years come out to 7.75%, which is honestly pretty good. My personal opinion is an interest rate between the average of 5% to 7% on the commercial property is where you’re going to be. If you’re holding out and waiting for interest rates to drop, and you’re like, “I’m not going to buy any property until the interest rates drop,” the truth is you’re shooting yourself in the foot because a lot of other people are going to come by and snatch those facilities up. You’re going to miss out.

The truth is there’s only so much storage that you can have in this country. It’s not like multifamily where you can build and there’s always a need for housing stuff. We will cap out on how much storage is needed in each area or each market. You were already capped out on a lot of the primary market. There are three markets in this industry. There’s the primary market, the secondary market, and the tertiary market. The primary market is going to be your big cities and your metro area. When you think of a primary market, you’re thinking of Orlando, Nashville, Atlanta, and these kinds of things.

Investing in self-storage isn't just about money—it's about understanding the markets. Know your primary, secondary, and tertiary markets before diving in. Share on X

What I do is separate each of these markets into submarkets. That breaks it up. The truth is that storage is based on population. It is population divided by square footage. Think about that in that term, population divided by square feet, which is called a net cap. Inside an area or a radius, there is only so much population that you can have. There’s only so much building that you can have. There’s so much commercial property, housing, or whatever. You think in terms of that way. You have to think about that in terms of storage.

What happens is if there are a lot of people than there is storage, it gets saturated. If there’s too much storage and you can’t add more people, then you have too much storage. You’re going to be the one that loses out because you only have enough storage per person. It’s not like people are going to keep wanting to put all their stuff into storage forever and ever. It’s going to cap out. It’s what it is.

Each of these markets that I’m talking about has certain numbers, certain requirements, and stuff. There’s no one way. People are like, “How do you calculate your net cap per square foot?” It depends on the market and how things are moving, shifting, and stuff. What you can do is follow moving companies. Moving companies have a lot of data. Big moving companies will give out data.

All the big companies like CubeSmart, Extra Space Storage, and stuff are compiling the data from all these moving companies. What they’re doing is they’re following trends on where people are moving, relocating, and how markets are shifting and stuff. CubeSmart doesn’t go and build a facility wherever. They’re like, “That place is growing. Let me go and either acquire something there or build something there.” That’s how it is. Watching the markets and understanding these markets are super important in the storage.

The primary market is going to be your metro areas. The primary market is going to be your Orlandos, Nashvilles, and Atlantas. I live in Florida, so those are all the cities I can think of. A primary market encompasses the submarkets. With the primary market, what I call the sub-primary market is surrounding it. They’re all right here. With Atlanta, around it has Cumings, Carrollton, or whatever they’re called. These are cities that surround the major cities. That’s your Metro Atlanta area or Metro Orlando area.

Understanding Market Types: Primary, Secondary, Tertiary

The truth is that those sub-primary markets are included in the primary. For instance, I lived in Peachtree City, Georgia, which is a sub-primary market in Atlanta. Atlanta has millions of people, but Peachtree City only has 30,000 people. That’s it. Peachtree City, because of the population of 30,000, does not make it a secondary market. It is still part of the primary market. Those little tiny towns that are all around all the metro areas, I call those sub-primary. You guys all have these wherever you’re living.

Sub-primary markets are the hidden gems of self-storage. Don't overlook them—they offer growth potential at a lower cost. Share on X

In Peachtree City, Georgia, we can only fit 30,000 to 35,000 people in that city. That’s it because there are all the other cities around it and stuff. Because of that, it is considered part of the primary market. The pricing of those properties is going to be a lot like the pricing in the primary market. Also, the size of the facilities is going to be almost as big as those larger facilities in the metro areas.

The purpose of this whole conversation is to tell you that there can only be so much storage in your area. Depending on how many people are living in that area, that is what’s going to quantify how much storage can be in that area. There’s a whole bunch of stuff that goes with that. People are relocating, moving in and out, and downsizing. The trends change a little bit. That’s why the prices change.

The truth is that Peachtree City could only have so much storage. If it has too much storage, then you are not going to be able to be full. It’s true when you think of a primary market facility. Let’s say there’s Extra Space Storage in Atlanta. They are running their numbers completely differently. Eighty percent full for them is awesome. Eighty-five percent full is good. Once you go out into maybe a secondary or a tertiary market, your vacancy, your occupancy, or how full you are is higher than in a lot of primary markets.

We have facilities all over. We have facilities in Florida, Georgia, and Tennessee. We have a couple of facilities in the panhandle of Florida. They’re smaller cities that will be considered tertiary markets. They are always 95% full. If I took that same facility and put it into Savannah or Tallahassee, which we consider a secondary market, that capacity probably would always be at 95%. You’re happy if you get to 90% or maybe even 85%, depending on how much storage you have as competition and how many people live in that area.

Key Considerations Before Buying

It’s important to understand because you guys are all wanting to get out there and look for storage to buy. There are a couple of factors that you have to figure out before you do this. One of them, the biggest factor, and I talk about this in my course a lot, is where should I be looking. If you cannot afford millions of dollars for a storage facility, then there is no reason for you to be looking in a primary or a subprimary market.

Before you buy your first self-storage facility, remember: where you invest is just as important as what you invest in. Share on X

I see this all the time with new students. They’re like, “I live in Nashville. There’s a storage facility right around the corner from me. I think that I could buy that and do something with it.” The truth is unless you have hundreds of thousands of dollars to put down or you can bring people in, or you know how to raise money, starting out in those areas is a waste of time.

Start thinking about how much money you can bring to the table and how many storage facilities there are in your area. We have a facility in Orlando. It’s not in Orlando. It’s a sub-primary market of Orlando. I’m going to tell you that buying that facility, first of all, was several million dollars. Second of all, it is very hard to maintain occupancy in a facility like that. You have to be on top of owning this business and managing it.

As a director or CEO, you are always looking at your numbers and always thinking about marketing. Whereas if you buy something in a tertiary market, you still have to do the work and still have to think about it, but it’s not as encompassing as being in the primary. We’re looking at markets. We have the primary market. These are metro areas with the sub-primary around them. Those are all going to be encompassed into one market.

The way that you look up your competition is you look up the location that you’re interested in and search storage in that area on Google. It’s not that big of a deal to give you an idea. There are some secondary markets. We own a facility in Valdosta. Valdosta, Georgia has a population of 75,000 people. That’s a big city, honestly. A lot of people think, “Valdosta, where the heck is that?” The truth is in your state, you always have big metro cities, and then you have these tiny secondary markets that are bigger cities that are not tiny country towns.

We focus on secondary markets. That’s where we’re at. Those facilities are $1 million-plus. It’s very difficult to find a cheaper facility in a secondary market. I’ve been doing this for a long time. I bought my facilities a long time ago. I got some good deals. We’re going to be able to sell those and make a lot of money on them, but the truth of the matter is with the way the market is, secondary markets are more expensive markets. It’s hard to find a facility that is less than $1 million if you are not in a tertiary market. The tertiary market is the country. It’s the middle of nowhere.

The population is super important. Let’s say the primary market is 200,000 or more. There’s some gray area there. If I’m saying that for a secondary market, there’s a population of 50,000 to 150,000 people and then I say for the primary market there’s 200,000. That 150,000 to 200,000 is a gray area. For instance, think about Tallahassee. I live in Tallahassee. There are 250,000 people here on a good day and 350,000 people on a bad day. That’s when the football people are here, all the students are back, and stuff like that. The fluctuation of the population is moving, depending on the time of the year. That’s a gray area.

If you think of Tallahassee, there are a lot of people coming and going at all times in the city. You are looking at how many people are there and then how many people are coming and going on a regular basis. There are 75,000 students that live in the city and only live here for a couple of days or a couple of months in a year. There’s a lot of fluctuation and stuff. You have to consider these aspects when you’re thinking about purchasing storage and where to purchase it, which is one of the most important things that you should be doing.

You’re probably tuning in to this and you’re like, “I live in Mississippi” or “I live in Jackson, Mississippi, so I’m combining the storage facility there.” The truth of the matter is that, first of all, there are only so many opportunities in that state or even in that area. You say, “Maybe I can buy something outside,” and then you’re starting to look at your market. You’re starting to look at where the population is moving to, where it is growing, where it is trending to, or whether it is stable anywhere, depending on your type of preferences and stuff. This is what you’re looking at. You’re looking at populations.

You have an idea of what the markets look like, and then you know that there are sub-primary markets based on your market here. You have sub-primary markets for a primary market, and then you have a sub-secondary market. The sub-secondary market is the little tiny cities around the secondary market. Those are good areas to invest in as well. You know how the cities grow out.

For instance, we have a facility in Valdosta, but it’s in a little tiny town. It’s right on the outskirts of Valdosta, but Valdosta has grown so big that that town became a part of Valdosta. You drive for two minutes and you’re there. Those areas are very good areas to be looking into because sub-secondary markets are where a lot of people are moving to where you can afford only so much stuff.

In those sub-secondary markets, the population of those cities is very small. They could be 5,000 people, 10,000 people, or 15,000 people. They’re smaller towns growing. You can’t base everything on population. You have to think of it in terms of the entire area, how the whole state works, whatever state you’re interested in, and this kind of thing.

You also have what’s called a sub-tertiary market. I have a student that only has $50,000. That’s it. The thing is that you can get into storage with any amount of money. It doesn’t matter if you’ve got $10,000 or $2 million. Don’t ever think that you can’t do this if you don’t have any money because that is a lie. We have a student that did a case study in our mastermind. He bought a facility in a tiny town of 846 people and it was 50 units. Think about this, 846 people, and it was 50 units. It was supposedly full but not nearly making enough money like what it should be making.

Finding Opportunities In Sub-Tertiary Markets

The nearest storage facility was 20 miles away. It was the only storage facility in that town. It’s always full but the owner was not charging what it should be. For instance, I was charging $40 for a 10×10. All the other facilities, even 10 or 20 miles away, were at $150 a month. Could you imagine if you were $40 and everybody within 20 miles was at $130, $140, and $150? That’s a great opportunity to be able to raise rates and see what happens. In little tiny towns like that, you’re like, “What can I charge?” There’s a balance. It’s like, “How much money can I push it to? What can I do to raise rents?”

That student bought us a storage facility in a little tiny town, which I would consider a sub-tertiary market. A tertiary market would probably be maybe 10,000 people to 25,000 people. The sub-tertiary market is 10,000 people or less. He had no money to buy anything at all. What he did was he talked to the owner and picked up the facility for $205,000. That’s what the owner sold him. The owner’s husband had died and then she had inherited this property. She was like, “I’m not into it at all.”

Funding Strategies For Your First Facility

She talked to the owner and got it under contract for $205,000. It was 50 units and was making maybe $1,500 a month. It’s not a lot of money. He had no money, so what he did was he talked to a couple of people that he knew and asked them if they would be interested in giving $100,000, and they did. They gave him $100,000, even $110,000 each. To buy this property for $205,000, he brought two people into the deal, and then he brought the facility together. He was trying to get in the door. That was all he was trying to do, which was figure this thing out.

He bought a facility. It was in his company’s name and they were lenders on the deal. They each brought $110,000. He had a total of $220,000. He purchased it for $205,000. He had $15,000 left over to clean it up and get everything set up. Remember, he had no money. He couldn’t even afford to get software or anything. He used all that $15,000 to put a sign up and to power wash.

There was a car wash on the property that was an old abandoned car wash. He painted it and cleaned it up. He cleaned the yard up because it was all bad. This owner gave him a list of the names and their phone numbers. For some of them, she didn’t even have the phone numbers. She had no contracts, nothing. This was in 2023 that he closed on this thing honestly. This still happens. This is typical sub-tertiary or tertiary stuff that goes on with that.

The point is that he picked up a facility for $200,000. In August 2023, he closed on it. He cleaned it up and then got it leased up. He got everybody into ESS and raised their rents for 10x10s from $40 to $110. Anybody that he couldn’t get ahold of, he auctioned them out, and then all the other ones, he put it all for $110. He leased everybody. Out of 50 units, he now has five units available. There’s always some available. He is making almost $3,000 a month.

He decided to list the property. He listed it out not long ago. He listed it for $390,000. He’s like, “I’m going to see if anybody wants to buy this thing.” He listed it for $390,000 and got an offer for $330,000. He bought the property for $200,000, took a year to clean the property up, and is selling it for $330,000. He’ll pay his partners off what they owe. In the end, he’ll make $100,000, and that’s only one year. He only visited the property four times.

 

That is a typical story of a sub-tertiary market property. Those are out there all the time. If you’re tuning in to this and you’re like, “I don’t have any money, but I want to get into this industry,” that is where you’re going to be. It’s in that area. Whether or not you pay for it yourself or you get somebody else to give you the money or whatever, that is the typical story that you’re going to see in this market. You can buy properties for $500,000 or less in these tertiary or sub-tertiary markets.

This is a severely mismanaged facility, so you may not be able to get it that cheap. You can find good million-dollar or less properties in sub-tertiary or tertiary markets. That’s one of the markets. The second market is the secondary or the sub-secondary market. For the sub secondary markets, you have a secondary city and then you have the tiny cities around it. Those tiny cities around the secondary city are very good areas to be looking in for facilities. You can get those typically for $1 million or less unless it’s a big facility and they’re 80% full or whatever. You can find a lot of good small facilities in these sub-secondary markets.

In Valdosta, we have a competition. We’ve got CubeSmart. CubeSmart loves to be in secondary markets. If you look at where CubeSmart is, they are in a lot of secondary markets or even on the outskirts of secondary markets. Once you start looking at facilities and getting into the market and stuff, you have an idea of which players are out there in each of these markets.

In the primary market, you have a lot of Public Storage, Extra Space Storage, and all these bigger players. In these secondary markets, you’ll see LiveStorage, Monster Self Storage, and 10 Federal Storage. Those are secondary market players. They have a population that they want the town to have. They want to be on the higher end of the secondary market. They want a secondary market all the way almost into a primary market but not a primary market.

Think of terms like population growth or stabilization and figure out where you are going to be. I started in sub-tertiary markets. That’s where I started. One of my very first facilities, I bought for $100,000. It was 50 units. I got it for $100,000 grand and we’re selling it for $350,000. I made a couple hundred thousand dollars on it. You can think of it in terms of population is where you want to be. You could be in the sub or smaller populations, tertiary, or the higher end of any one of those levels, depending on where you can afford to be. Don’t waste your time looking in places that you can’t afford to be in. That’s the key.

You’re like, “Now I know populations. What are the amounts of money?” In the primary market, it is going to be millions of dollars or more. I have a student who bought a storage facility in Odessa. Odessa would be considered a secondary market. It has a couple hundred thousand people there. It’s an oil town. It was maybe 250 doors or something. He bought it for almost $3 million. Think about that. In secondary markets, there’s a population of a couple of hundred thousand people and bigger facilities. Even if they’re older facilities, they are going to be millions of dollars.

That’s on the higher end of a secondary market. You could be on the lower end, maybe in the sub-secondary market or in a secondary city that has a population of 50,000 people. Valdosta has 75,000 people. Odessa has a couple hundred thousand people. Those are still considered secondary markets but they’re on the higher end and the lower end. On the lower end, Valdosta, you can buy a property for $1 million to $2 million in that city.

If you can afford a couple hundred thousand dollars down to buy a property, then you can be looking in secondary markets. If you can’t afford a couple hundred thousand dollars down to buy a property, then look in the sub-secondary markets. Look at the towns around the secondary markets. For instance, Augusta, Georgia is considered one of the best places to move and live in the country. There’s a lot of growth going on. There’s a lot of growth on the outskirts of those areas. There are a lot of little towns popping up. Go and look in those towns, and then buy and hold. That’s a very good buy and hold for 5 or 7 years. If you could afford $1 million-plus, secondary markets are perfect.

 

There may be some diamonds in the rough around the secondary markets. There are probably a lot of newer facilities. You’ll see a lot of newer facilities going up in these sub-areas because that’s where the population’s growing and moving to. It is very good to build in a sub-secondary area or a sub-primary area because that’s where the city is growing.

Look for cities where there are some clusters. For instance, we own a facility in Clarksville, Tennessee. They have Fort Campbell and a whole bunch of other cities right there. It’s like this big cluster. There are a lot of people that live in the area. There are a lot of storage facilities in Clarksville. There are way too many facilities in Clarksville. Also, Fort Campbell’s got a lot of stuff. Out of the secondary markets, those towns are growing. That’d be a good area to look at. Think about it in terms of market growth, relocating or moving trends, what the population is of these areas, and then how much you can afford.

Let’s do primary. We’ll do population on one side, and then we’ll do dollar amounts on another. The population is 200,000-plus. Secondary is going to be less than 200,000. Tertiary is going to be 25,000 let’s say. You know there are a lot of gray areas. These submarkets could have 5,000, 10,000, 20,000, 30,000, 40,000, or 50,000 people. The population of these submarkets matters if it matters in terms of growth and space. This is so that at least you have an idea of the market.

In the primary market, you are going to need millions of dollars, like $2 million or more. For the most part, primary markets can be super expensive. I have bought a lot of abandoned storage facilities where they were in secondary markets and the owners were done with them. I’ve seen abandoned storage facilities in primary markets. We had an abandoned storage facility in Atlanta. It didn’t have any tenants in it for years. It sat there. The owner still wanted $1 million for that property. Even abandoned storage facilities are super expensive because the land is more expensive and stuff like that.

For the sub-primary market, if I was living in Atlanta and I wanted to buy something in Jonesborough, Riverdale, Peachtree City, or Fayetteville, it would still be super expensive. It’s going to be very expensive. I have a 125-unit facility in a sub-primary market in Atlanta. I’ll sell that thing for $1.5 million. You’re then going into the secondary markets. The secondary market is going to be a little bit cheaper because of fewer people and stuff.

Let’s say that you find a facility in a sub-primary market and it’s got 1,000 doors. It’s going to be way expensive. I’m talking about this in general so you can have an idea of where you should be looking at. For secondary markets, you’re going to be plus $1 million and up. It could be depending on what it is. At least you have a starting point. Do you see the trend? It’s also going to be plus $500,000 and up. For sub-tertiary, it is $1 million and up and $500,000 below.

This is super typical. For your down payment, you’re going to be about 20% to 30%, depending on who you are, your experience, and this kind of stuff. I’m seeing 25% down. In 2023, it was 30% down for conventional funding. All of a sudden, it flipped in the last few months and banks were going to 25% down. If you can budget 20% to 30% down, that would be ideal. I don’t think it’s going to get below 20%. Even SBA is requiring more money down. SBA is very hard because the interest rates are so high. Let’s say you’re going to get a conventional loan. You’re going to need 20% to 30% down. You’re going to need $300,000 or maybe $400,000. For $500,000, you’re going to need $150,000 down.

I have a student who bought a facility and lives in Jacksonville. She bought a facility in Panama City. It was a perfect location. She drives for a couple of hours and she’s there. It was $550,000. She had to put almost $200,000 down. It was $175,000. You have to think of it in terms of how much money you can come up with. If you want to buy a bigger facility, all you have to do is say, “How am I going to come up with $400,000?”

Everything I’m telling you is in my book. Make sure you get my book and you read it. It’s available as an eBook on Amazon. I haven’t figured out how to do paperback yet. We’re working on that. Everything that I’m telling you, I’m explaining this inside my book. You should be working on coming up with money for the down payment and being able to have that available because that’s good practice.

If you want to buy something for $2 million-plus and you are like, “I only have $150,000,” it happens all the time. I have a student who lives in Idaho. He closed on a facility in Texas. The property was $2.5 million and he only had $150,000. How do you buy a property for $2.5 million if you only have $150,000? Guess what? It’s in my book. What he did was he bought a $2.5 million facility and needed $500,000 down for the purchase of the property. Maybe it was $450,000 and $150,000 for CapEx stuff.

There are a million ways for you to do this. This is not one way. This is what I’m going to go around in the boot camp. This is what I teach in-depth in the coaching. What he did is he started a 506(b) fund and then raised $600,000. It was his $150,000, another $50,000, and then $200,000. There’s a total of four investors. That is what they put in. They started a company together, the GPs. SBA funded the deal. He had a 15% down payment with a 7.75% interest for twenty years.

That is what he did. It is the very first facility that he’s ever bought. He had $150,000. He came up with that $150,000 and brought three other people in. They created this company, made this fund, and then they got the loan from SBA and closed on a 504. That’s how they closed on it. It is an amazing deal. The deal is worth $5 million, so they’ll be able to double the value of that property within 3 to 5 years.

It was already an income-producing property. He was making $250,000. The bank was like, “We’ll fund this thing, but you got to come up with $600,000.” He was like, “Okay.” We sat and worked together and my attorney helped him put the fund together. That is what we did. He went out and asked everybody in Storage Nerds and then also everybody else he knew. Somehow, he came up with the money. He did it.

Even if you only have $150,000, whatever amount of money that you can come up with, as long as you know how to raise capital and you know that there’s enough money out there for you to do this because you have an abundance mindset, then you can accomplish anything that you want. If the other person is like, “I only have $50,000. That’s it. I can only buy X amount of dollars,” then you know which markets you should be focused on.

If I only have $50,000 and I’m not going to borrow from anybody else or I’m not going to bring a partner in because I’m like, “I hate partners. They suck. I’m only going to do this on my own,” which a lot of people are like, then you go to tertiary and sub tertiary markets and find your facility. Remember. I told you about the $200,000 purchase. He didn’t bring any money to the table. He brought two people in at $110,000 each, and then he managed the thing. In the end, when he’s selling it, which he’s closing in September 2024, he will cut them a check and they’ll get a part of that $130,000 that he’s going to make. That’s how it works.

Depending on where you look, and then if you are good at raising money, talking to people, getting them to come in, and doing your thing, then anything is possible. I have sixteen facilities. I’ve only ever put in $25,000 to purchase the property. That’s it out of sixteen facilities because I do this stuff. This is what I do. Anything is possible.

Closing Thoughts And Program Announcement

I wanted to reiterate that the book is available on Amazon for you to read and go in-depth. You probably got an email letting you know that the Storage Nerds Coaching Program is going to be closing down. If you are interested in joining the coaching program and having me help you hold your hand through these types of deals, and finding deals and stuff, then all you have to do is apply to talk to me or to get on my calendar. We can discuss how the coaching program works and if it is a good fit for you.

That is available. I’m closing that down. I’m going to be focusing on other things. I have a couple of new projects I’m working on. I want to be able to focus. Anybody that gets into the coaching program, I will help them find a facility. They’ll be in for as long as it takes. I’ll be there. I’m not going to bring any new students in because I only have so much time. I need to make sure I’m putting it in for the right reasons. I appreciate you tuning in. I will see you guys at the next session. Take care.