Financial Peace Without Losing the Thrill of Investing With Scott Meyers

Episode 88: Profit First: Financial Peace Without Losing the Thrill of Investing With Scott Meyers

THE PROFIT FIRST FOR REI PODCAST

May 27, 2022

David Richter

 

Summary:

In this episode, we got a chance to chat with the self-storage king himself, Scott Meyers. He’s an expert in the self-storage business and has an unwavering passion for sharing his experiences and wisdom to help others.

He’s in the show to share some tips on how you can make your money work for you so you can focus on living your life exactly as you’ve always wanted. Listen to today’s show, and learn a thing or two from this savvy industry expert!

 

Key Takeaways:

[1:45] How did Scott Meyers start in the real

Estate investing world?

[6:26] What early lessons did he learn about money, and how does that compare to his recent experiences?

[9:12] What prompted him to implement the Profit First system?

[11:50] Scott explains how he still uses reserves for growth

[15:15] At the end of the day, you need to run things bright and stop putting your business and everyone in your team at risk

[15:55] What does it take to have a business that is running, profitable and successful?

[19:50] What does he want to pass on to the next generation regarding money?

[23:07] Don’t get overleveraged. Have those cash reserves in place, and be prepared for that.

[23:54] Surround yourself with people who are smart about money. Who also has reserves and cash.

 

Quotes:

[8:03] “We immediately learn that we have to turn the business around.”

[8:20] “You have to have a little more runway, a little more cash reserves to weather any kind of storms.”

[12:22] “We sometimes fall on that gap of continuing to plow every penny into our business, and we do it at the expense of leaving our cash reserves short.”

[19:21] “If you want to be able to help people that are in that poverty, you can’t be in poverty yourself.”

 

Links:

Profit First Real Estate Investing by David Richter-https://simplecfosolutions.com/profit-first-david-richter/

Profit First by Mike Michalowicz- https://www.amazon.com/Profit-First-Transform-Cash-Eating-Money-Making-ebook/dp/B01HCGYTH4

Self Storage Investing – https://selfstorageinvesting.com/

The Pumpkin Plan by Mike Michalowicz- https://www.amazon.com/Pumpkin-Plan-Strategy-Remarkable-Business/dp/1591844886

Rich Dad Poor Dad by Robert Kiyosaki-https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194

 

Tired of living deal to deal?

If you are a real estate investor or business owner who is tired of living deal to deal, and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. – David

 

Transcript:

Scott Meyers (00:00):

So Profit First, sending cash aside for reserves, and then also to be able to invest, and then also surround yourself with people that are smart about money and also have reserves and cash in the way of private equity that you can partner with, because those are the ones that are gonna win in this next land grab that in the, in the upcoming recession is those that have access to the cash. It always is, and always has been, and probably always will

Announcer (00:22):

Welcome to the Profit First REI podcast where real estate investors, master financial management, eradicate entrepreneurial poverty, and learn to be profitable from day one. Now for your host  David Richter,

 David Richter (00:43):

Hey everyone. It is  David Richter here again with the Profit First REI podcast with another special guest Scott Meyers. He is the king of self storage. He’s got a lot of different things that he’s done over the years, but this is what he is focused on, what he does, what he does currently, what he teaches other people to. I mean, this is someone who’s not only teaching it, but has been in the trenches and actually has units and does what he preaches. And that is the type of people we want to be associated with. And who I want on this podcast is people actually out there doing it, but then also helping people escape their rat races and get to where they want to be. So, Scott, thank you so much for being on today and can’t wait to interview you here.

Scott Meyers (01:22):

 the pleasure’s mine, David, just looking forward to this, I’ve been following you for a while and  I, I’m assuming we’re gonna be talking about a couple things that are near and dear to both of our hearts and that is Profit First

 David Richter (01:32):

Yes, yes, indeed. As it says that podcast for it. So we’ll definitely dive into your journey with that and how you’ve you’ve incorporated into your business. But before that, why don’t we give a little bit of background? Who is Scott Meyers? Like how did you start in the real estate investing? How’d you go and start like in self storage and you know, like what was your journey to where you are today?

Scott Meyers (01:50):

Yeah, I think like many people they get started in real estate typically starts with a single family house and  for myself it was exactly the way that we launched this thing.  followed the Carlton sheets program, the home study system. I bought it after watching an infomercial back in the day. So dating myself here, David, but you know always gets chuckles when I tell people that, but you know, you know, some of the gurus around in the beginning, if you wanna call ’em gurus, I mean, these guys were investors and they were just pioneers of the marketing side too. And their systems were solid. And so followed his model, bought a, a single family house, working class bread and butter neighborhood, three bedroom, one bath ranch a very affordable part of town, rehabbed. It refinanced it, rented it out, you know, essentially the BRRR method before it became the BRRR method.

And then we took the, the proceeds from that one and then we bought two more with it. And this was at the time David, when we bought all the first two of our, our single family rentals were VA consumable mortgages, which are almost unheard of these days. There’s very, very few of those out there. So I didn’t have to use my own credit. I just took over those loans, used the home equity on the house that I was living in to buy the first one. And then this, the, it just kind of steamrolled after that snowballed if you will, after that. And then we got up to about 75 single family rentals and you know, decided that well, rental real, estate’s great if it weren’t for the tenants and the toilets and the trash and everything, it goes along with it.

And so we recognized that we didn’t have all the freedom and the cash flow that Carleton had talked about in his home study system. And so we thought, well, economies, a scale will fix this. We’ll just buy more. And the best way to do that is to buy apartments. And so we bought four different apartment complexes and  400 units total. And all that did was really instead of yeah, there is some economies at scale from a management standpoint, but at the end of the day, it’s still a lot of headaches and we still had to write the checks and people still didn’t pay and destroyed our properties. And so I thought, well, now let’s take a look around landscape cuz this just really, isn’t all that fun. I mean, it’s it it’s okay, but this is not what I had envisioned.

And the, the only way to get out of, you know, the, the day to day activities and managing the tenants, the toilet, the turnovers, everything was either parking lots or storage. And when I looked at parking lots, it was really not a way to be able to create and force depreciation and value like you can with say apartments or self storage facilities. And so again, looking into storage and yeah, just saw the light. If people don’t pay, you lock ’em out and you sell their stuff. And the there’s not much damage they can do in some metal box on a concrete slab. And when they move out, we take a blower and we blow it out, moving in the next person waiting in line. And the marketing is on all the time. Cause there’s always a need for storage including, and especially during a pandemic or a recession.

And so, you know, for those reasons and  you know, my top 10 reasons that that’s why we moved away from houses and apartments and sold everything off. And now that’s all we do is invest in self storage. We buy existing facilities. That’s been the model all along. We developed from the ground up and we convert old vacant warehouses and grocery stores and really any industrial building into self storage. And we do it all across the country. We’ve got over 2.5 million square feet and 14,000 doors nationwide. And yeah, along the way, we we started an education company to teach people how to do it as well. I doing that for 15 years and created some partnerships in along the way with our, our students and other folks that we do joint ventures with. And we’re absolutely loving the business and, and business is good.

 David Richter (05:14):

That’s awesome. I love this. And because how many of us read, you know, a book it’s like RIch Dad Poor Dad or a Carleton shoots course, and you know, you get that bug, but then you finally figure out what is good for you. And I love self storage from that perspective that it’s not that you said you blow it out and get the next person in. I didn’t hear anything like paint and carpet or anything, you know, like even if it’s a, even if someone left it in good condition, you know, you’re just blowing it out and getting the next person in line. And it does, it seems like anywhere you go, most places are just full to the brim of like, there’s not many places that, you know, that have open availability for storage and especially during this time. So that’s awesome. Love that, love what you’ve done, love that you’re also helping other people achieve that as well, too, and getting to where they want to be.

Cuz I I have several personal friends in self storage and I know that they love it and it’s definitely one of their, their tickets out of the rat race. So let’s talk about, let’s talk about the money side of things then. So that’s your background? What, what you got into self storage? Let’s talk about, I like asking first, before we go into Profit First, just some general questions about money, such as what, early lessons did you learn about money and how does that compare to how you think about money today and what you wanna pass on?

Scott Meyers (06:27):

You know, David, I think we, we, we’re always learning lessons about money. I think along the way and the market’s teaching us about it.  life is teaching us about it, but I think we’re all kind of wired a certain way. And then, then the rest of it is nurture as well. So by nature yeah, I’m, I’m a miser.  I’m a saver. And  I, I learned early on and, and I think part of that then is also the nurture growing up like Michael many folks, I think it’s just a function of you know, the generations and our generation didn’t really have a lot of money in the neighborhood I was in. We didn’t have a lot of money. And so I had to buy things for myself. I had to buy bicycles and, and my own cars and pay for insurance.

And I had to get a job and mow lawns and do everything if I wanted anything extra. I mean, we weren’t dirt, poor. My parents took care of us, but there just wasn’t the niceties and the, and the extras I had to work for those if I wanted them. And so I started buying bikes and fixing ’em up and selling ’em to kids in the neighborhood and I did it with cars and then eventually after college, I started doing it with houses.  and so I just kind of gravitated towards that. And then the other financial lessons, I mean really fast forwarding.  you know, we ran into a situation in, in the.com crash of 99 and 2000 where in order for the economy to get going again, the government came out with the community reinvestment act where, you know, that was the program in which anybody who could basically fog a mirror, could walk into a bank and get a loan and roll in all their debt and, you know, get into a house.

Well, we all know what happened then seven years later when, you know, the economy crashed because of all those bad loans. Well, in, in 99 and 2000, when this was going on, you know, our renters were leaving in droves and cuz this is the first time in history. They could buy a house and who could blame ’em. Well, we, we learned pretty quickly that you know, we had to turn the business around and start selling those, you know, rehabbing ’em again to sell ’em. And meanwhile we were losing renters and, and the occupancy, our occupancies dropped dramatically at our houses and our apartments. And so the lesson learned is that you need to have a little more runway, a little more cash reserves, you know, to weather, any kind of storm, especially a, you know, a major, you know, you know, hurricane when it may hit in the economy. And so that’s, you know, that was my I’ll never know what it’s like to go through the great depression. So probably not a fair comparison, but that was my, you know, depression moment to recognize that yeah, you know, I could use that, that $20 back that I used to spend on, you know, just a shirt or whatever. I can certainly use that right now and, and just understanding, you know, what it means to ha have those reserves in place for when the, you know, the rainy day comes, if you will.

 David Richter (08:56):

Yeah. So speaking of reserves, let’s talk about Profit First. So how you got introduced to the system, how you’re using it now, you’ve got quite the empire there and you’re using Profit First, you know, to manage. So can you talk about that? Like how you first heard about what, what, you know, prompted you to implement it and how it implementation has gone and what you like about the system?

Scott Meyers (09:16):

Yeah, well, Michael is a pretty sharp individual and I read the Pumpkin Plan many years ago as well. And you know, that, that was just another version of what other people have come up with, which is just basically, Hey guys, wake up and focus , you know, just do one thing and do one thing really well, but Michael is pretty sharp individual in, in the way that, you know, the context that he brought that into play, just made things a little more clear for me as well. And so Profit First, however, I was made aware of I believe on a podcast, but then shortly after that, I got a chance to, to meet him. He came and spoke to a business group and I’m a part of, and he gave us like a little mini workshop and then had a chance to actually hang out with him a little bit afterwards.

And had the book maybe a week or two before that had blown through it, got the audio version as well. Hadn’t really gone through implementing it yet. We were discussing it with our team.  but then yeah, got kick started after going through that workshop and, and having some time with him. And that, that was just very, very memorable. I mean, the guy is just you know, he’s incredible at what he does.  but then again, more of the context and the things that he added in our workshop, you know, just submitted the fact that you know, huge aha moment, but then it’s like, well, yeah, d you know, why haven’t we been doing this all along? It, it makes sense. We’ve had it all backwards. And so yeah, immediately began putting measures into place. And then my wife caught on and she began working with our bookkeeper and she still oversees the books from a tax purpose in the business.

But then really kind of took a deep dive as I was explaining this to her. And then she just ran with it and said, okay, well, you know, let’s step it up even more. And can we do that in this area, in this area and really took the basic strategies and principles and multiplied that across our organization. And so we, we are in much better shape, much better shape than we have ever been in our lives in terms of financially having the reserves and, and the profits, you know, we just don’t worry as much anymore. And as an entrepreneur, that’s, you know, you always worry just a little bit.

 David Richter (11:04):

Yeah, yeah, no kidding. So sounds like a couple years ago you started implementing it now you’ve got the reserves, you’ve got those things in place. You’ve got the different bank accounts. So I guess, is there any way, cuz this is definitely, you’ve got a, like I said, a pretty good empire here, 2.5 million square feet, 14,000 units or 14,000 doors, you know, you’ve got a lot going on. So is there a way that you, that you tweaked it to what your business does and whatnot, because I mean, there’s the fundamental accounts, but then there’s also like the cool things you could do for your specific business. So,

Scott Meyers (11:35):

And I think that was it, it was, it was really just the accountability piece of it, to be honest with you, David. And that was for my wife because it’s, you know, having the reserves is, is one thing and either the do not touch or they’re over here for any day, well, I was still using the reserves for growth and so dipping into that to say, oh, but you know, here’s another, and I can’t even say shiny object. It’s just another opportunity, you know? So let’s take that money out and, and do this with it or let’s buy another tool, resource app software, you know, I’m not a frivolous spender, you know, we went through those you learn those lessons when you go through top times. And so it wasn’t that at all. It was just I just wanna reinvest in, into my business with more properties or just the tools, the resources, the back end.

And you can still, I see many entrepreneurs make that mistake as well. You know, good intentions. You’re not trying to crush it to buy an island or fancy car, you know, or whatever. But we sometimes fall into that gap of, oh, we just let’s continue to plow every penny back into our business. And we do that at the expense of again, leaving our, our cash reserves short and, and the profits for the long haul get depleted, you know, in, in, in exchange for trying to grow the business. And then we find ourselves that’s when we get ourselves in trouble, at least many of us.

 David Richter (12:47):

Yeah. That’s what we hear over and over again. It’s just like, oh, we need to plow everything back in. And then it, you know, then it reality sets in when you do need those reserves. So from where you were, because like you said, you are a saver and your business, you know, like you had the reserves, but you might use ’em for opportunities. Did you ever feel like where you comparing where you are today with Profit First versus when you were reinvesting? What is the difference there? Because a lot of people, like you said, want to plow that back in, they can see the returns, but what does it give you now versus what it did back then? You know, and like making those decisions?

Scott Meyers (13:22):

Well, I, I think, again, speaking for probably everybody listening here, we as entrepreneurs, you know, we have an extra dose of optimism, you know, genes in, in our body. And we feel that, you know, we we’ve created a fortune or we’ve created small fortunes or we’ve created success in our business. And there’s no reason to think that we can’t do that again. And so I think we always feel is that, oh, this may a little bit risky, but you know what, I know it’s gonna turn out well, cuz it’s a great opportunity and you know, maybe tight for three months, six months a year, but you know, here’s how great it’s gonna be on the back end. And it is gonna be a little bit tight. And sometimes we kind of, we like the thrill, the excitement of that, you know, of putting it out there and risking again, and then, you know, being able to stand back and say, see, I told you so.

And, and we kind of prove it to ourselves and prove it to the team or whoever else. And  yet knowing there’s just a little bit of that, you know, behind there’s that anxiety behind it of thinking well, you know, okay, that, that is a risk and it is a stretch and all our cash is gone. If this doesn’t go well, you know, the story can be completely opposite of celebrating a victory. It, you know, it could be a, you know, we might not lose the war, but we could lose a very key battle. And so now just recognizing that here’s the money that I have to be able to do that with. And, and I don’t even know where the rest of the money is. that is, that is the profit, you know? And so I can’t even touch it. I won’t even ask for it.

It’s just gone. My CPA and my wife have taken that away from me.  so that I don’t even have the ability to risk ever put any more money at risk. Now we’ve drawn the line in the sand and said this is it no more. And so there’s, there’s a, there’s a comfort in that. I still get to do what I wanna do, but now there’s just an extra safety net and, and an extra, oh gosh, just, yeah. Again, again, comfort level is the only way to put it, just knowing that I can still go out and risk it.  but I’m not gonna risk it like I used to anymore. And finally coming to that, that self-awareness of saying, okay, here, here’s who I am and here’s what I’m comfortable with and I’m not gonna do that anymore. And I’m not gonna put everybody else’s job at risk or my wife’s mental health at risk any longer, you know, we’re just gonna run things smart.

 David Richter (15:16):

Yeah, no, I love that. And I love that it’s providing that for you as well too, cuz that’s where we wanna get entrepreneurs with the system and Profit First and you know, not having to feel that stress or a spouse is feeling that stress anymore. And you know, there’s that system to be able to put in place now with your business and running Profit First now, too, it seems like I’m gonna ask more of a personal question because before we were on the podcast, I asked you, we’re actually recording this just a week after Thanksgiving here. And you said that you spent some time, you know, with doing some mission work or doing some really good things. And I wonder if that’s a by-product of having a business that is running and that is profitable and being, and successful. And like that seems like something that’s pretty near and dear to your heart. So is that kind of one of the big things that why you started in, you know, as an entrepreneur and doing, you know, wanting to do these types of things or, you know, like what, what prompted that and, you know, can you tell people a little bit about what you do on that, on the giving side?

Scott Meyers (16:13):

Yeah, sure. A hundred percent. And you know, from the beginning, my wife and I, when we started this business it was so that we could speak into our kids lives. We could raise them.  we did homeschool them most of the, the way through their formative years. I still have one that is a, a junior in high school and we wanted to be able to do that, spend time with them, raise them ourselves and, and then also be able to travel. And part of that travel also included mission work. And we’ve been doing that for since 2000 and, and, and 15 we’ve been going out actually 2013 is when we went on our first short term mission trip. And since then we’ve kind of settled into building houses in Mexico and then Dominican Republic. And we, we partner with an organization called YWAM youth with a mission, which many people are probably familiar with and they have a division called Homes of Hope.

It’s one of their key missions ministries within their mission. And it’s all all about building houses. We can do this in a, in a day and a half. We take a team of 20 people. We can build a house in a day and a half and give it away to a deserving family who has been vetted, who has had a hardship that can continue to, can help to better their lives and, and generational poverty, one family at a time. And we were taken on a trip as a guest of a gentleman who had been doing this in his company and he’d been setting money aside and he takes all his staff while he opened it up to his kids at school, which my kids go to the same school that that his kids went to our homeschool co-op and we all got to go on his dime.

We just had to pay for the plane fair to get there. And so we went on that trip and it was, yeah, it was life changing for all of us. And I told my wife, I said, I wanna do this. And, and so we committed to tithing corporately setting 10% of, of our profits aside in our business. And low and behold, guess what God did.  our business began to flourish and that money that pot that 10% continued to grow. And so we started taking mission trips and taking people and we pay for the whole thing.  a group of 20 to 25 people can build a house in a day and a half. And we go to a family friendly city in Ensenada, Mexico. It’s a, it’s a cruise ship town.  but 20 minutes away from there and you’ll find some poverty that most people will never witness in their lifetime.

And we take people there, we build a house and, and they get to have that experience and be touched in whatever way that they’re touched. And our, our, our hope, I guess there’s no agenda is that, you know, they will be touched in a way that they’ll become better husbands fathers, individuals, or that they’ll ultimately go out and do something likewise and pay it forward. And we have, we’ve seen a number of business owners that in real estate they’re doing the exact same thing that we’re doing now, and they’re just, you know, copying and duplicating it and they’re taking their teams and building houses. And now we’re taking two trips a year building two to three houses a year. And, and there certainly is no end in in sight. And, and we can’t now give him if we’re obedient and it’s one of the most rewarding things we could ever do, and to be able to share it with others has been just a, just a blessing.

 David Richter (19:07):

That’s awesome. I love that. And that’s, this is why this is why the message of Profit First. This is why the message, you know, it’s like this. And if you want to be able to help people that are in that poverty, you can’t be in poverty yourself, you know, like you kind of make sure that you’ve got where you’re going. And I love that. I love when entrepreneurs have that bigger vision as well, too, and are sharing that with their community. I guess just a couple final questions here. I like asking for, for entrepreneurs with children, what do you want to pass on to your children? Like what mind mindsets around money and whatnot. It sounds like giving like these missions and whatnot is a big part, but what do you what do you wanna pass on to that next generation?

Scott Meyers (19:50):

Yeah, we started early on you know, came from Dave Ramsey’s school as well. And just looking at budgeting early on and saving 10% to 10% and then being good steward of the rest. I mean, that, that’s the basics. And, and quite honestly, if, if, if everybody learned that from a very early age, from their formative years, you know, we wouldn’t have the debt levels that we have and, and the, and the issues. And, you know, the divorce rate is 50% in this country and basically around the world and, and studies show that 80% of those are caused by financial issues, you know, and that’s, , we can all point to somebody who we know that that is the fact. And so we’ve been teaching that very early on with them. And then beyond that is I I’d say surrounding money, but really David, just more self-awareness and that involves money as well.

And so, you know, we’ve been really just coming alongside of our kids and not telling them how to do it, not telling ’em they have to follow what we do, you know, if they wanna go into business with us. Great.  I’m fairly certain about a hundred percent certain that none of the three of my kids are gonna go into business with me or be involved in real estate. It’s not the gift. So stop their skill sets. It’s not in their DNA. It’s not the way that God wired them. And that’s, that’s completely fine. And so helping them to understand that, to be who they are, user gifts and their talents, and that to have hope along with that, that knowing that their gifts and talents are unique to them, and that they’re gonna be blessed no matter what they do, no matter where they land that they don’t have to listen to what society says about going to school immediately college immediately after high school, or going to college at all and finishing in four years.

And, and then you get married and then you get a job. You know, all the things that we’ve been told, I think when people continue to chase that it has nothing to do with their own self-awareness and they’re miserable, and that is no way to live. And financially, typically it becomes a nightmare as well. If they’re not doing things that are in alignment with their gifts and their talents and the resources which is where they’ll be able to provide for themselves. And ultimately that’s where contentment comes from is knowing who they are. So all comes back to self-awareness and, and helping our kids just understand that. And that there’s hope in the fact that no matter what they think, or they’re fearful of that, Hey, you’re gonna be able to use your talents and you’re gonna be able to survive.  you will be provided for

 David Richter (21:56):

Yeah. Oh man. That’s really good. That is so good. So if you’re listening to this right now, that’d be good to just go back and re-listen to that a little bit there and know exactly what he’s trying to pass on the next generation, what giving has been, you know, has helped him, cuz I’m a huge believer in that as well. And then self-awareness, I think that’s good for ourselves as well, too. Like how do, are you doing what you’re supposed to be doing? Do you, have you given yourself a self assessment of like, do you, how aware are you of what, what is going on around you and what matters to you? So absolutely love that. So just a couple last questions here. Do you have any last minute advice before we end here for the real estate investing community?

Scott Meyers (22:36):

I don’t ever give advice.   we just share experiences and so, you know, from our experience, I’m speaking to the masses and in, in real estate now’s a fantastic time to be in, in real estate. And so from my experience I’ve been through, this will be my third recession that we’re heading into. And again, David you know, you and I both know our crystal balls are broken. We’ve been talking about the recession coming for the next six months for the past three years.   but we know it’s gonna happen. And so just don’t, don’t get over leveraged don’t  the wind in the, in your sale that you’ve had for the past several years, if you’ve been investing in real estate that is gonna go away. So have those cash reserves in place and be prepared for that, but also make sure that you not only have that cash, but also access to private equity partners and folks that can come alongside of you.

 because we will be heading into the biggest land grab. And I, and I say land grab and, and air quotes for those that are listening because the, there will be the same things that happened in the, in the last 20 recessions is where banks will pucker up. The values will drop in all forms of in many forms of real estate. There will be deals and bargains out there, and those will only be able to be had by those with cash or access to it in a very quick manner. So Profit First, sending cash aside for reserves, and then also to be able to invest, and then also surround yourself with people that are smart about money and also have reserves and cash in the way of private equity that you can partner with because those are the ones that are gonna win in the end. Grab that in the, in the upcoming recession is those that have access to the cash. It always is, and always has been and probably always will.

 David Richter (24:05):

Yeah, no, that’s great. Great advice, great parted advice or experience I should say. And I love that. And then Scott, is there any way you’ve dropped a lot of knowledge bombs here and a lot of good value. Is there anywhere our listeners can provide value back to you? You’ve you teach people, you educate, do you want people to connect with you on social, give whatever you want here?

Scott Meyers (24:23):

You know, all things start at selfstorageinvesting.com. That’s our main website.  you can learn more about, how we give and what that looks like. And, you know, we’re, we’re moving on to, I guess, the next phase in our investing in our business career. And, you know, I hope to flip the script at some point here in the near future where I spend 80% of the time on the mission field and taking people on trips and 20% of my businesses and we’re getting there, we’ve got good lieutenants in place and selfs the vehicle that is provided it because it isn’t that management intensive. So a lot of free resources white papers, things to download for those that are looking to take a deep dive into this industry.  the asset classes on fire, it’s doing well, you know, it’s all right there, it’s all laid out so that if you wanna learn more and do a deeper dive we can certainly teach you how to do that as well. And we also invest passively. So for the folks that are, that invest passively in syndications and joint ventures we, we do that as well. We would love to have you partner alongside of our projects.  again, self storage is recession resistant, pandemic resistant. It’s actually done extremely well during all recessions and the pandemic. So it’s definitely this asset class is worthy of a look

 David Richter (25:26):

Awesome self storage, investing.com snake you get started there. Awesome. Well, thank you so much, Scott. This has been  incredible. I appreciate you being on today and sharing your wisdom.

Scott Meyers (25:36):

Likewise, thank you, David.

 David Richter (25:38):

Thank you so much for listening to today’s show. If you found this episode valuable, could you do me a quick favor? Could you give us an honest rating within iTunes and be honest, you could say whether you liked it or not. And obviously with iTunes, the more reviews and ratings we have, the better it is for other people that are searching for Profit First and a podcast. So we’d love to be ranked on there and that’s thanks to your help. So we would really appreciate that if you would like to go give us a rating. Also, if you’re looking to connect with us further, I would highly recommend checking out our Facebook group Profit First for Real Estate Investors. And that’s literally what it’s called. So you can type in Profit First for Real Estate Investors, and you’ll be able to find our Facebook group right there.

 David Richter (26:21):

So come join active real estate investors who are supporting each other and growing their businesses and profits together. That’s what that group is all about. The link should be in the description below. And if you’re interested in working with us in implementing Profit First in your real estate business, we offer coaching and guidance. So if you wanna work with someone who’s actually Profit First certified and who works right now currently with real estate businesses, you can actually go start your application process by going to simpleCFOsolutions.com/apply, or just go right to simpleCFOsolutions.com. And there’s an apply button right there. If you wanna actually start your Profit First journey with someone who can actually walk you through those step by step and help, you know, and grow your cash flow. Thanks again for joining us for another episode of the Profit First REI Podcast. See you next episode.

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