Why Storage Investing Deals Die During Due Diligence

What's the one clause in your storage deal that could cost you six figures…and would your attorney even catch it? 

Joe Downs pulls back the curtain on the legal side of storage investing with Jason Mandel, the commercial real estate transaction attorney at Royer Cooper Cohen Braunfeld who quarterbacks every deal for Downs' 20-plus facility, $70M+ storage portfolio. 

Mandel reveals the $900,000 mistake an ALTA survey prevented on a $1.5M self-storage acquisition, why signed LOIs are never fully non-binding, how to stop the due diligence clock from running before you're ready, and the title, zoning, and CCR landmines hiding in storage acquisitions. 

If you're underwriting your first storage deal or still using your brother-in-law as counsel, this is the market intelligence you need before you sign anything.

Listen For:

2:29 What is the most expensive mistake first-time storage investing buyers make?

11:11 How did one ALTA survey save a $1.5 million self-storage deal?

14:20 Is a signed letter of intent on a storage facility really non-binding?

19:55 When does the due diligence clock actually start on a storage acquisition?

29:42 When does Jason Mandel say to bring an attorney into your storage deal?

CONNECT WITH GUEST: JASON MANDEL, REAL ESTATE ATTORNEY, ROYER COOPER COHEN BRAUNFELD

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Transcript

Joe Downs (00:00):

You found the deal, you negotiated the price, you're feeling great. And then one clause. One clause you never even read closely. It costs you six figures or the whole deal. Who's actually protecting you between the handshake and the closing table? Today we're talking to the guy I call before I sign anything. I'm Joe Downs. Welcome to the Storage Mobiles Podcast. My company's acquired over 20 storage facilities, over 70 million in assets across multiple storage niches, with a few more under contract right now and two pro storage facilities in development. I've seen this business from every angle, educated hundreds of buyers, and learned firsthand who succeeds and why. And that's what drove us to build storagemoguls.ai, an AI powered community with the tools, the structure, and the guardrails to teach people how to buy storage facilities. We do one thing better than anyone. We take people from zero self-storage facilities to one because that first deal is the hardest one you'll ever do and it's the only one that changes everything.

(01:18):

Check it out at storagemoguls.ai. And by the way, that's exactly why I launched this podcast, to bring you the operators, the lenders, the vendors, the real people who bought deals, who are involved in your deals, the people that do this every day so you can hear their stories and learn this business from the folks who do this every single day. Now folks, I know it sounds crazy to be excited about an attorney as a guest, but this one actually comes with a nickname and a bat signal. So buckle up. Jason Mandel is a real estate attorney at RCCB Law. He's the guy my own team calls at every stage of every deal from LOI all the way through to close and sometimes after the close. He's seen every mistake a first time buyer makes or tries to because he's the one who cleans it up or prevents them.

(02:05):

Before we get into it, Jason, welcome to the show, by the way.

Jason Mandel (02:08):

Hi, Joe. Thanks for having me.

Joe Downs (02:10):

You're going to have to explain the bat signal later, but before we get into it. True or false, self-storage has one of the lowest loan default rates of any commercial real estate asset class.

Jason Mandel (02:27):

I'm going to say that's absolutely true, Joe.

Joe Downs (02:29):

That would be correct, Jason. Collect $200 and immediately pass go. Self-storage has consistently posted some of the lowest default rates in commercial real estate through multiple downturns and it's a big reason the banks like the asset class because once they understood it, which took a little while, you could argue now they love it. All right, let's start with the number that gets everyone's attention. Jason, one misclause can cost a buyer tens of thousands dollars, maybe even up to hundreds of thousands of dollars. So I want you to walk us through that because this isn't an abstract legal theory. It's real money, real deals, real people who thought they were being careful. If you can think of them, what's the single most expensive mistake you've seen a first time buyer make because they used the wrong attorney?

Jason Mandel (03:19):

Well, that's a very interesting question. People use the wrong attorney all the time. I always say the biggest mistake you can make is thinking you could just use your brother-in-law. Everyone has a brother-in-law that's an attorney, but who knows what they really do every day. The thing is that brother-in-law attorney, when I'm dealing with them on the other side of a real estate transaction, I'm sometimes waiting for them to get back from a DUI hearing doing something completely different, not related to real estate. This is what I do all day, every day. So I see a lot of things that people do and don't do on the other side. And it's very interesting. The first thing we do or one of the very first things we do when we get involved in a transaction, we're doing deals all over the country. But even when I'm doing deals in my backyard, I'm in Philadelphia, even when I'm doing deals in the Philadelphia area.

(04:11):

The first thing we do is research or at least re-research and confirm what I call the local transfer requirements. So that could be sometimes nothing. Sometimes you file a deed, you pay the transfer tax, they'll accept your filing, the property's been transferred. No problem. But sometimes you need to go through more of a process. And what I'm getting at here, because I am going to answer your question, believe it or not. What I'm getting at here is sometimes the local transfer requirements require an inspection. You'll have people from the township going through the building and checking any number of things. And a lot of attorneys, and sometimes there are deals where there are attorneys not involved and the brokers don't focus on this at all, don't even say anything in the agreement of sale about that process. So the first thing that I always do is I try to get my arms around that process and the jurisdiction that we're dealing with.

(05:07):

And depending if I'm the buyer or the seller, I'm drafting the agreement in such a way to contemplate something's going to be found in this inspection and it's not going to be good. Who's going to be dealing with it? Who's going to be paying for it? I know this is a self-storage podcast, but the best example I have of this is in a bigger context, just to give you the idea of the scope. I one time was involved in the sale of a hotel out in the Philadelphia suburbs, a very big hotel right off the turnpike, several hundred rooms. We researched the local transfer requirements and just to do the inspection, not even forget what the township actually finds, but just to do the inspection, the township charged a per room charge that was something like a few hundred dollars per room and there were several hundred rooms that needed to be checked.

(05:59):

So even just to do the inspection, it was going to be like eight or $9,000. So the first question is, who pays that eight or $9,000? Is that a buyer issue? Is that a seller issue? If I'm the buyer, I say, "Hey seller, you can't sell this hotel without going through this inspection process." You are definitely responsible for those inspection costs. But nine times out of 10, I have to tell you, I draft agreements of sale and unless I put a provision in on this, it's not in there. So I see people all the time kind of after the fact who have not contemplated this kind of thing. And by the way, when I'm talking about eight or $9,000 for the inspection cost, you know when the township goes in, they're going to find things that need to be fixed. So we're really talking about cure costs and how much that could be.

(06:47):

So those numbers can get big really quickly. When I'm a buyer, I make sure to the extent possible, the seller's on the hook for all of the cost involved and all the repair costs involved. And then obviously if I'm a seller, I'm going to say, "Look, I'm not going to agree upfront to be responsible for a blank check." If it ends up being, we need to put however many hundreds of thousands of dollars into the property to satisfy this inspection, I'm going to want some kind of out from a seller's perspective as well. So, but this is the kind of thing that I see missed all the time, I have to tell you.

Joe Downs (07:22):

Yeah. So by the way, thank you for answering that like a true attorney who bills by the hour.

Jason Mandel (07:29):

Oh, you want the short answer.

Joe Downs (07:30):

Okay. No, actually you're in the zone. It's what you're used to.

(07:36):

So that's interesting. I didn't expect you to go there, but you're so right. So there's also the, what would we call that? I didn't even think about the... It's not the form or the function of how the transaction's going down, but it's the rules by which we were playing the game. You're saying the brother-in-law's going to miss. I'll pick on my brother-in-law, he's defense counsel for John Deere, right? So you can imagine the gruesome stuff he deals with, but that's not real estate and that's certainly not knowing the intricacies of how even the transaction can go down. I thought you were going to go somewhere like, and I'll take you there. The nuances of, because we're buying storage facilities, a lot of times they're older, they're in the south, let's say, and you're in Georgia where the rules and regs of the township were kind of more handshakes and nods, especially the more rural you get.

(08:41):

And then later you've got the townships, they set up their rules and their zoning, variance rules, et cetera. And you've got a non-conforming building built on a site or you've got storage built in a... It's non-conforming from a zoning standpoint, but it's grandfathered, right?

(09:04):

We've seen, and you've certainly talked students out of it or at least educated them, but we see this all the time. We actually just, we're working on a deal right now that this is somewhat in play and you're buying these folks out there buying these facilities blindly because they might have their brother-in-law who is a defense counsel, like I said, for John Deere, like my brother-in-law, if I were to use him, he's not going to be an expert at what's conforming, non-conforming, what do we need from the township to make sure if we can expand or if we do anything or if anything changes that we're going to be covered. You don't get that from the generic, the do it all, the family attorney. A lot of the ones that our students come to us with, "Who are you using?" They go, "Oh so - and-so, we've always used him for everything." I go, "Well, that might be the problem.

(09:57):

We're going to want to specialize one here."

Jason Mandel (09:59):

Jack of all trades, master of none.

Joe Downs (10:01):

Yeah. So folks, I want to take this part seriously. It matters who you use from a real estate legal standpoint. You really want an attorney ideally that's done self-storage transactions because what Jason and I have said so far could probably apply to any deal, but you even get into nuances inside of self-storage with holdbacks and prorations and there's just a number of things. So you're definitely going to want to use an attorney who specializes in real estate at the bare minimum, ideally they've done self-storage transactions before.

Jason Mandel (10:44):

I mean, I don't want to cut you off, but we've done exactly that where self-storage specific has come into play with regard to let's say a zoning analysis and a setback analysis. What if a portable unit is not setback and you just move it feet or it's sometimes what's a structure, what's not a structure? Are you violating a setback or are you not violating a setback? So it's the kind of thing that we approach all the time.

Joe Downs (11:11):

By the way, been there, dealt with that. There's a $900,000 saving example. We had to walk away from the deal that your team caught that I don't think my brother-in-law would've caught having to do with the flood zone and FEMA, I don't know what they call it, they changed the flood maps. Months before we actually went under contract, nobody knew, but it was caught in the title and survey. So these are some of the mistakes that people make and you think, "Oh, well, I hire someone like Jason, it's going to cost me 15, 20, $25,000 to close this deal. I don't know, I'm making up numbers here. My brother-in-law will do it for 10, but if I use my brother-in-law on the deal up in Ithaca, I would currently own a $1.5 million self-storage facility that's worth 600 grand." So it's not just tens of thousands or a couple thousand dollars here or there.

(12:14):

The mistake that you don't know you're making potentially could very easily be into the hundreds or multiple hundreds of thousands

Jason Mandel (12:22):

Of

Joe Downs (12:22):

Dollars.

Jason Mandel (12:23):

I have to say, it's a tough spot sometimes and I feel for the clients oftentimes when they come with a small transaction, just because something's a small transaction doesn't mean you still don't need to do the things to protect yourself. For example, do I really need to get a survey? I hear that all the time. Do I really need a survey? And sometimes the bank's not requiring the survey. The bank, if it's a small enough deal, they might not necessarily require it. But if we didn't get a survey, an Alta survey on your Ithaca deal, that's how we found out about the change of the FEMA maps and the exact designation of that this property was now located in a flood zone. And when we explained that to the seller and they had no interest in having flood insurance on the property and no interest in recognizing that 100% you're going to need to have flood insurance on the property and here's how it's going to cut into your bottom line, that's something that maybe would not have been revealed if we would have said, "You know what?

(13:26):

Small deal, let's not really do our diligence." So judgment calls are made every day and I feel for people who obviously are not looking to spend money that they think that they don't need to spend, but there's a certain level of protection that you get by spending the money upfront rather than buying the property and now you own the property and how much bigger of a problem is it now? Penny save pound foolish.

Joe Downs (13:56):

Yep, penny wise and dollar foolish would be the American way to say that. Yes. And it's 4th of July week, so let's keep it over on this side of the pond. Fair enough. But folks, that's the whole point of today's conversation. The money you think you're saving on legal fees is usually the most expensive money you'll ever save. So you could save a couple dollars on legal, but it might cost you a lot and more often than not it costs you more.You're gambling. Jason, a signed letter of intent is completely non-binding so it can't create real problems for a buyer. Is that true or false? A signed letter of intent is completely non-binding.

Jason Mandel (14:41):

I mean, if I'm the attorney, I'm going to have to caveat that and I'm going to say it is usually completely non-binding, but oftentimes - So

Joe Downs (14:51):

If you have to check true or false, which box are you checking? I

Jason Mandel (14:55):

Would say false.

Joe Downs (14:56):

That is

Jason Mandel (14:57):

Correct. Most

Joe Downs (14:58):

LOIs carry at least a few binding provisions,

Jason Mandel (15:00):

Exclusivity,

Joe Downs (15:01):

Confidentiality, sometimes earnest money at risk.

Jason Mandel (15:04):

That's exactly where I was going. For the most part false, depends who drafted the letter of intent, but the letter of intent that I would draft, I would make sure that there are some binding provisions. Most importantly, I try to have the seller take the property off the market. You don't want them negotiating with buyer number two, three, and four when you're trying to enter into a deal with them. So hopefully there will be binding provisions in there.

Joe Downs (15:29):

All right. Excellent. And well done. You're two for two. All right. Who is Jason Mandell? I want people to understand who you are and why I trust you with every deal I do. So let's talk about how we got here and this is the ideal time to talk about your nickname and the bat signal.

Jason Mandel (15:47):

How about due diligence commencement certificate? Does that work?

Joe Downs (15:50):

Whatever. I don't know what you call it. I'm not an attorney. All right, but folks, seriously, that's an important point there. Our due diligence at our company starts when the seller has provided everything to us that they agreed to provide to us. It doesn't start the day we signed the agreement.

(16:08):

All right. I want to slow down here because this is the part that keeps people on the sidelines. The fear isn't I'll overpay for a lawyer. The real fear I think is I'm going to get taken advantage of in a deal I don't fully understand. I think this is a fear that a lot of people have. So let's walk the deal timeline as a fear map, especially come on off that true or false, because I think that that's part of it as well. So back up a second. Deal timeline here is a fear map where a buyer is exposed at every stage and what having the right attorney actually protects against. So what's a clause first timers don't even know to ask for but regret not having as an example

Jason Mandel (16:55):

A clause in a PSA that they don't even know all the time that they want and I would even bring this back to the LOI stage and I touched on it earlier, was let's make sure that the seller's taking the property off the market. Let's make sure that they're not entering into a backup agreement with another buyer in case the agreement with you falls through. I would love for that to be in the letter of intent. Usually I'm successful at getting that, but 100% once we sign the PSA, I want to make sure that they're not negotiating with buyer number two in the background. Someone might say, "Oh, I don't care if there's buyer number two out there because I have this under agreement, I'm going to perform under the agreement and they're never going to get to buyer number two so it doesn't matter." The reality of the situation is as you're going through the process, there's going to be accommodations that are sometimes needed on either side.

(17:47):

There are going to be issues that are going to come up. If you identify $50,000 of issues by the end of the due diligence period and you want to talk to the seller about, "Hey, I need a credit for this. I need a reduction on that. I need you to fix the other." You have no leverage if they've entered into an agreement or they're still in discussions and marketing to other people because sometimes the seller regrets having signed the agreement of sale. They regret, they're like just looking for any opportunity for that agreement to terminate. So if that were the case, then the seller would really not be in a position to want to accommodate you at all. If anything, they would kind of put you in a position where you have no choice but to terminate, then they go to buyer number two. So that's a big one.

Joe Downs (18:36):

Didn't we just deal with this yesterday? Didn't I see an email from a seller about he threatened to just list it? What was that?

Jason Mandel (18:49):

That did happen. That did happen. And that is something that we're going to have to deal with. I think sometimes the seller doesn't know what's in the agreement, but it is in the agreement that he is not entitled to be listing it and selling it to somebody else.

Joe Downs (19:04):

And if you're listening, you're probably wondering like, "Why don't you know, Joe?" Well, because I have a great attorney, Jason here who handles that for me. I saw the email, I read it and I was like, "I don't know what's this seller is thinking here. You're under contract, buddy." You can't just go list it because you don't like the fact that we exercised an option in an agreement that you signed. All right. So we covered due diligence, we covered exclusivity. How about controlling timelines or financing and inspection contingencies? What sort of things have you seen pop up with those that either thank God we had the right clauses in place or have you seen them where you're like, "Man, it's a shame you didn't simply could have had this in place and we wouldn't be having this conversation."

Jason Mandel (19:55):

Yeah. Well, I mean, we touched on one of them already, which is let's not start eating into your due diligence time clock before you're even ready to start doing your investigation. So usually you can gain a few days in the process we already talked about by not starting the clock until you acknowledge that you've received all the materials you need to study from the seller. So that helps upfront. Just so everyone's clear on what we're talking about, during the due diligence period, that's usually when you have the ability to terminate for any or no reason and get your deposit back.

(20:32):

The upfront money that you've put up when you sign the agreement is usually not considered to be hard until the end of the due diligence period. And then there's sometimes other contingency periods. So there's the due diligence period and these terms are not always exact. Sometimes people call it the inspection period, diligence period, contingency period, it's used different ways. But when I say due diligence period, for me, that's just the general study where you have the right to terminate for any or no reason. Let's say that is 45 days. Well, sometimes you have a separate period, maybe you know, "Hey, I'm generally going to get comfortable with 95% of everything within 45 days, but I know that I'm not going to be 100% clear with committed financing within 45 days." So sometimes you might have a 60 day financing contingency period if you can get the seller to agree to it.

(21:27):

Obviously the seller wants your money to be hard sooner than later, so hard to get them to wait 60 days. So I'm not saying that's an easy thing, but maybe you got them comfortable because you've signed off on everything else within 30 or 45 days and the only thing left that you can terminate for would be for a financing issue. So sometimes you can get a little bit more time that way and sometimes we can build in, whether it's with regard to the due diligence period or a different contingency period or with the closing period, you might say, "Oh, I have 45 days for due diligence and then 30 days to close." But maybe you could extend those periods, maybe they're built in options. "Hey, if I'm almost all the way there and I'm willing to put up more deposit money and I'll fund more deposit money, can I get another 15 days of due diligence?

(22:17):

Or if I'm willing to put up more deposit money, am I able to extend that closing period from 30 days to 45 days? "And when the seller sees you're serious and they see that you're coming out of pocket and they see that you're doing all of your diligence and you're checking off these boxes, oftentimes the seller's going to be willing to cooperate with you, especially when once we're in it working with Joe and his team, the sellers see what they do. The sellers see these are serious people. These people are doing the work, they're doing the diligence, they're asking the questions," Yeah, let's give them an additional 15 days for an additional $5,000, $10,000 deposit. "And I oftentimes feel like a seller's going to be receptive to that, but sometimes the seller will say no way, know how. They want it closed as soon as possible and they're not going to extend at all.

(23:11):

Is that consistent with your experience, Joe?

Joe Downs (23:14):

Yeah. And as you're talking, I'm thinking every example you're giving we've lived through in one deal or another. And I'm just sitting here thinking, how do I explain to the listeners that having you as an attorney isn't just someone producing legal documents. These are all conversations we have through the process even leading up to, well, leading up to and negotiating through the purchase and sale agreement. I actually feel like most of the work that I do in the transaction is all the way up to the execution of the purchase sale agreement because after that, there's not much I can do. It's just the chips fall where they fall. Sure, there's negotiating, maybe there's retrading if things pop up that weren't obvious out of the gates, but you're just managing the transaction after that. Most of the negotiation is done and it's all of these things like the time periods and this and hold back and who's paying, like you said regarding for the hotel, even who's paying for title insurance and who's negotiating that and who's doing that all has to be laid out in the purchase sale agreement.

(24:33):

I feel like of all the mountains you climb when you're in a transaction, that's the biggest mountain is getting that thing executed so that the rest of the transaction can unfold hopefully the way it's supposed to, but not no guarantees. And what I want the listener to understand is I'm not directing my attorney what to do. We are collaborating and I'm getting advice from Jason on what to do and it's not advice in a vacuum that like Jason alluded to earlier, there's a lot of levers and dials in play here and there's some give and takes and sometimes a seller really wants that and you're trying to appease the seller just enough to get what you want over here, which might be a longer due diligence period or because of some issue that popped up. Maybe there's a questionable environmental issue. Who knows? So I guess what I'm trying to say is there isn't this, that's my attorney and I pay him and I don't want to talk to him more than I have to because I know he's billing me by the hour.

(25:36):

It's not that kind of relationship folks. It's more like he's on our team and yes, there's a bill at the end of it, but hopefully you're getting a sense for how much is involved in a transaction, large or small, $500,000 transaction or $6 million transaction. You can have all of the same things involved and they can be, especially if you're new, overwhelming, but they don't need to be when you have an attorney like Jason. So that's what I want everyone to walk away from this segment, which is the right attorney is not a cost center. It's arguably inexpensive insurance against really bad things that could go wrong. So you don't save pennies to risk six figures in deals folks, especially when you're signing personally for these loans. All right, Jason, true or false? Title insurance on a typical storage facility deal usually costs more than the attorney's entire fee for the transaction.

Jason Mandel (26:49):

I'm going to say false.

Joe Downs (26:53):

That is correct. Although I'll bet it's close.

Jason Mandel (26:58):

Well, it depends if you're in Pennsylvania. Pennsylvania is one of the most expensive title insurance states.

Joe Downs (27:08):

Jason's self-storage REITs have outperformed the S&P 500 over the past 20 years, true or false. Self-storage REITs have outperformed the S&P 500, true or

Jason Mandel (27:19):

False? I'm going to go true.

Joe Downs (27:20):

That is true. Public storage and extra space have both been standout long-term performance, which is a good reminder that this is not a fringe asset class. It's an institutional one.

Jason Mandel (27:33):

Am I still 100% on the true and false or am I?

Joe Downs (27:36):

I would hope so. You're my attorney. Before we wrap here, the working part of the conversation, give me the one thing. Boil it down to the single highest leverage takeaway What's one piece of advice you could give a first timer someone who's thinking about the space, looking at the space or they're already dabbling, what should they do or what shouldn't they do?

Jason Mandel (28:06):

Well, I'm going to dabble into your space a litle bit first and then I'll get into my space. And when I say your space, what I mean by that is make sure the fundamentals make sense. Make sure the market and the fundamentals are really strong and I know that's more your area than mine, that has to be the A number one starting point. But then once you're in it, there's a certain amount of trust your gut. There's a certain amount of pay attention to the red flags that are going to come up. Sometimes a deal that makes sense ends up not making sense. When things come up and you dig a little bit deeper and you find certain things out and some people find themselves in it and they're like, "Okay, well this deal made sense. I made sure of that upfront, but now this has changed and that has changed.

(29:02):

I'm so far in and I'm just going to do the deal is not always the best answer." So I would say as things come up, pay attention to the red flags, pay attention to your gut if things aren't feeling right or they don't feel as good as they did when you started the process and sometimes the best decision you make is not moving forward with the deal. So I'm not trying to scare anybody away from doing their first deal, don't get the wrong idea, but I'm just trying to say once you've made a decision to do it, you have to keep on paying attention throughout the entire process and continue to check that box and make sure that it makes sense before you go all the way. Does that make sense to you, Joe?

Joe Downs (29:42):

It certainly does. And I want to ask you this, when is the right time to bring you into the transaction? When do you bring your attorney into a transaction?

Jason Mandel (29:56):

If you are comfortable handling your own letter of intent, Then it would be right after you've signed the letter of intent and you present it to me right away and I can help you get from letter of intent to PSA pretty quickly. If you are a first timer and you are not as comfortable with the letter of intent, I can help you at that stage as well. I prefer to be involved sooner than later because sometimes you can head off an issue earlier than later and even though the letter of intent is for the most part non-binding, it's still a bit of a framework and the roadmap that you're starting with. And if you could say, "Hey, this has been an issue for me from day one, it's even in the letter of intent," it gives you a better leg to stand on.

Joe Downs (30:41):

So run the numbers, trust your gut and get the attorney involved either before or after the LOI, whatever you're comfortable with.

Jason Mandel (30:50):

Correct.

Joe Downs (30:51):

I like it.

Jason Mandel (30:52):

Also, I'd say at least a few days before you think you need to get the attorney involved because the attorney needs to... No, just in that, even if it's not from a legal work standpoint, if it's from a, "Hey, you're going to want me to start working on this PSA right away. Let me make sure that I engage you as a client. I run conflicts. I make sure that there's no reason why I can't be involved in the transaction. Give me a day or two to work through that before I start diving into your deal.

Joe Downs (31:20):

We completely skipped over your nickname and your bat signal, but I got to go. So I will get to our producers the graphic of the bat signal, which has your nickname in it. And if you want, I will have them put your email and phone number in there as well so that people can reach you. But why don't you go ahead and tell us how everybody can reach you anyway.

Jason Mandel (31:42):

No, that would be great. I'd appreciate that. Hey, whoever contacts me, I'll tell them the whole story about the bat signal and you'll have to wait till then. But the name of my firm is Royer Cooper Cohen Bronfeld. I'm in Philadelphia. My email addres is jmandeljmandel@rccblaw.com. Jmandell@rccblaw.com. And my phone number is 610-389-0056.

Joe Downs (32:18):

All right. Wonderful. And we will put with that graphic in the show notes so everyone can enjoy seeing it there. And then of course now they're going to have the bat signal.

Jason Mandel (32:29):

There you go.

Joe Downs (32:30):

Folks, if there's one thing to take away from today, I hope you got it. The right attorney doesn't slow your deal down. They're the reason you get to keep it. It's inexpensive insurance. It's not negotiable. Every week on Storage Moguls, we're covering the full storage verticals. I'll be bringing you self-storage boat and RV storage, pro storage, industrial outdoor storage, truck parking, small bay flex. We'll be talking about all of it through the course of these episodes. Please like, subscribe and share. Share this episode. I know you're like, "What? I'm not sharing an episode about an attorney." But it's really important. Share it with the people that use their brother-in-laws or their cousins or their next door neighbors, the family attorneys. They need to hear this. You can save them tens of thousands, hundreds of thousands of dollars, trust me. And by the way, sharing is not just caring.

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It's showing everybody in your network that you're in this business. So when you share this episode, you're telling everybody and believe it or not, the more you share these things, I was saying this as I was doing the Storage 100 on YouTube. I'm doing all the work here. All you have to do is share it. And it looks like this is the business you're in to everyone in your network and you're going to want people in your network to know you're in this business. So trust me, it goes a long way. Go to storagemoguls.ai if you have not been there yet. We cover all of these topics there. There's a free tier. You can get tons of information. We'd love to see you there. Folks, that's also where you can get your execution plan because this isn't a bet. What we teach is it's an execution plan.

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So stop watching, start moving, drive for dollars, send the LOI. We'll see you next week.