Self-Storage Success Secrets with Turnbull Equity

THE SELF STORAGE REPORT — EPISODE TRANSCRIPT Episode: Self-Storage Success Secrets with Turnbull Equity Guests: Colby Nelson & Ryan Brown — Co-Founders, Turnbull Equity / StoreWell Storage Host: Chris Berg — Abernathey Development Published: October 10, 2025 (live) Video: https://www.youtube.com/watch?v=srWO-H0-uNg Key topics: Tech PM and anesthesiologist quit their careers for storage (Sept 2022), first facility in Crescent City CA, 12 owned properties in three years, remote/unmanned management model, lessons learned (buy with a game plan, exit in mind), margin of safety and unlevered yield on cost, conservative leverage (10–25 yr fully amortized debt), monthly investor distributions, the difficult-tenant asset and in-house overnight security, evolution from buy-and-hold-forever to recycling capital, third-party management (owners-first, small facilities, 33–34% expense ratios), faith and entrepreneurship. Note: Speaker attribution reconstructed from YouTube captions. Light cleanup of transcription errors only; wording preserved. ————————————————————————————— Chris Berg: Welcome to the Self-Storage Report. I'm your host, Chris Berg. Really excited to share a story with you: a group of guys getting into storage, now building a nice portfolio and doing some 3PM — third-party management — over at Turnbull Equity. Co-founders Colby Nelson and Ryan Brown. Gentlemen, it's great to see you. I wish we were in Napa doing this — I met them up at the Napa conference for the California Self Storage Association. Amazing, amazing event. But I want to start with both of you guys — your stories really intrigued me. You're doing some really great things in the space right now. So Colby, we'll start with you: give a little bit about your background, and what was the inspiration behind going from — I know you've got some background in real estate with family, but then tech — into self storage and Turnbull Equity? Colby Nelson: Yeah — thanks, and thanks for having us on the show. We're excited to be a part of it. Our story is kind of unique, because neither Ryan nor I really has a traditional real estate background. I grew up, like you said, in a real estate family — real estate was the talk of dinner conversation. My dad was, and is, a developer and home builder, and even my grandparents did real estate investing here in the Bay Area. So I always knew about the power and the value of real estate; it was always in the back of my mind. But going to undergrad, I studied just general business — and that's actually where Ryan and I met. We met at a small private Christian university called Biola University, when we were 19 years old. We became close friends — we were really into cycling and doing triathlons and being active, just, you know, dumb college students. After graduation, I moved back up here to the Bay Area, where I worked in the tech industry at various companies — from small startups that go out of business, to big public companies that get bought out by big private equity firms, and everything in between. I was working as a product manager with the engineers and designers, and I really enjoyed that occupation, but I always wanted to start my own thing. Meanwhile, when Ryan graduated, he did a bunch more schooling, went into the medical field, and eventually became an anesthesiologist — not to speak for him — making great money, having a great career, dedicating his life to a whole bunch of schooling. Fast forward maybe 12 years after school: we're just talking about our careers, catching up. At the time, my wife and I had some residential assets we were managing, and Ryan was buying a triplex where he lives in Long Beach. So we started talking about real estate and management and how we do this whole thing. He had lots of really good questions for my wife and me, and we thought: hey, this is a great situation — we should work on a project together and see if we could buy something on the side of our really strong careers. We looked at some small multifamily projects throughout the US — this was 2022 — and nothing was really interesting; the yield just wasn't there. We started listening to some podcasts, reading some articles, and kind of stumbled into self storage. The more we dug into it, the more it seemed like a really unique opportunity: there's this growing trend of technology being built for the industry, which was really interesting to me — the fact that we can optimize the business operations and truly add value, and increase the value of that real estate. The more we talked about it, the more we scratched at it, the more interesting it sounded. So we found our first small property in Crescent City, California — an 89-unit property — and we decided, hey, let's just do this as a fun side project. We bought it and started operating, and we had this idea of doing this remote management style — we'd known some other groups doing that — so we applied it to this small facility. That was really our testing ground for what eventually became our whole management company. We saw good traction and success with that small property, bought our second property, and we were just really motivated and excited about the whole thing. So we decided to quit our careers. This was September of 2022 — we both completely quit our very good careers in anesthesia and the tech industry, and we went to storage full-time. Now fast forward almost exactly three years: we own 12 properties with our investors, and we're also starting to do third-party management, where we manage other people's properties on their behalf, applying this unique model we've built out through our experience — and through getting kicked in the teeth a bunch. We've learned a lot: lots of ways to do things, and how not to do things. And we thought there'd be a really good opportunity to apply this playbook for other owners. That's a really long story of how we got here today, but that's where we're at. Chris Berg: No — great stuff, and it sets me up for some of the things I want to discuss down the line. But it's interesting you bring up Ryan being an anesthesiologist. Just this morning, Ryan — it's so interesting, because I want your take on this — I was on socials and saw a guy post about, "Yeah, I met this doctor knocking down 800 grand a year, but he doesn't like his life. He wants to own his own business." I don't know if that's your background or not, but most people would look at you and go, "Oh man, he's got the life — an MD doing his thing." Yet you said, "No, man. I want to go buy self storage." Walk us through your process there. Ryan Brown: Yeah, I definitely resonate with what you said — in a lot of ways, that was my life. On the outside, it looked great. My family was proud. I always wanted to achieve something I'd studied hard for. I had the schedule, the benefits — kind of the golden handcuffs. And there's a lot behind the story: going through the COVID experience — I was faculty at the University of Southern California, and that was challenging — understanding how billing works, how insurance companies are involved in health care, all the bureaucracy. Also understanding my own ambitions. And being in surgery 50, 60-plus hours a week — surgery is high intensity, but you also don't have windows, and I'm very much a relationship person. I was always hustling on the side a little bit. I wouldn't call myself a natural-born entrepreneur, but I'd do little things. You know, there are a lot of women who work in the hospital, so I would hustle Christian Louboutin — the red-bottom heels women wear. I'd be in surgery sun-up to sun-down, but I had a friend at corporate, and she said, "You can use my corporate card — I get killer deals." So, not kidding, I'd get $1,200 red-bottom heels for 250 bucks and sell them like hotcakes. All the women in the hospital were super pumped. That was one little phase. Another phase — I sold AirPods throughout the whole hospital. I wasn't making hundreds of thousands of dollars doing it, but it was quick, easy, honest money, and it was fun for me, because I like the entrepreneurial spirit. It transitioned from that to always thinking: how can I expand my income? How can I be tax-efficient? Living in Los Angeles with a high W-2 income was just a disaster. So — buying the triplex, understanding leverage, understanding rates, buying down basis points — I learned quick. And then I said, man, there's something to real estate, but it needs to be scalable, because to replace our careers, we're not interested in five to ten locations. We want a healthy, growing organization that we can benefit from — and that our team can benefit from too. It was really going from "I can count on myself — I'm the expert in surgery, I know what's going to go down" to business, where you need more than just yourself. You need a team, a business plan, honesty and integrity — from lenders to investors to customers. And I like that ambition and that pressure. They also say in business, who you partner with is like who you marry, and sometimes it's very hard to find a business partner. Our story is organic — a blessing in disguise. Colby is basically family to me, so I don't have to test him — like, what's this hairy part of business, can I trust him? It's an open book through and through. There's so much bandwidth for us to grow together through the challenges, and it's so grounded that the opportunity is endless. So I was stoked. I haven't been in a hospital now for three years, and my skills are dwindling quickly — which is difficult to process after committing to it so long — but I'm focused on the big picture. And the lifestyle is awesome, simply because of the relationships involved. Usually I was focused on one patient in surgery; now I have relationships all over the country — meeting owners, meeting investors. The relationship business is something I thrive in. Chris Berg: I really appreciate that. I didn't think this was going to be the most important question of the day, but it clearly is: do you still have access to the Christian Louboutins? You do? Email me. We'll talk after the pod, my friend. Ryan Brown: Yeah — you're about to get hit up a lot. Chris Berg: So that is fantastic. You guys both mentioned — I like how you said it, Colby — getting your teeth kicked in. What I want to get at, from both of you, is that people are watching this going, "Hey, we love the self-storage asset class. You see the returns — they're very steady." But there are a lot of unknowns, right? A lot of different variables. So what's the best thing — Colby, I'll start with you, then Ryan — that you wish you knew when you got started that you now know today? Maybe the most important thing. Colby Nelson: Yeah — ah man, there are so many lessons we've learned. Picking from among the top things: the importance of going into buying a property with a game plan— Chris Berg: Can I interrupt you for a second — what do you mean by that? Because when I talk to institutional guys, or even just personal development, it's "start with the end in mind." Are you suggesting we should have known our exit before we actually bought? Colby Nelson: Yeah — absolutely. Your exit, or just your general business plan. In our case, if we're doing a value-add deal: how are we going to take it from what it is today to X-plus dollar amount tomorrow, and what is our concrete plan — as much as we can, backed in reality? How can we establish that reliably, before we purchase the asset — make it as concrete as possible? Going in with that solid plan, and uncovering as many potential deal-killer red-flag issues as you can before you commit to buying the deal. Some of this comes with experience, no doubt — we're a lot better at underwriting deals today than when we bought that first facility. But with all of the education and content that's available now online for this particular asset class, you can definitely put together a strong plan for how you're going to operate the facility, add value, and get the outcome you ultimately want. Chris Berg: I like the "start with the end in mind." Ryan, how about yourself? People are watching — what's the one thing you wish you would have known that really would have helped? Ryan Brown: I've been thinking the whole time Colby was talking about what I could nail it down to — one thing. And honestly, I can't, because it's so multivariable. There are so many key components that are critical. I could go on a long spiel about this, but it's not just one — it's like a hundred, and you need to be good at all hundred. We're definitely still developing and growing. But I look back at our history, at some of the deals we bought — if I knew what I know today, I wouldn't have bought them back then. But then I look at our returns, and it's like — oh, this is actually performing better. If I were back in those shoes I'd say, "Heck no, take that deal away, you're crazy." But these assets have performed really, really well for us, for the most part. It's interesting: even with expert knowledge, the outcome's not always going to be what you expect. Chris Berg: Wait — this is fascinating. So what I'm hearing you say is: knowing what I know today, Chris, I probably wouldn't have touched some of the assets we bought in the beginning — but yet they're still performing lights-out. Ryan Brown: Yeah. And that's been an interesting teaching point for me to reflect on. In particular, there was this asset where, on a square-foot basis, we paid a sky-high rate — I think we paid $126 a square foot — and the occupancy was in the low 70s. I remember being very hesitant: is this a good deal? If I look at it now — I'm very conservative when it comes to our basis, building cost, development, what's going on in the market — and I didn't have the full insight back then that I do now. But that asset's been extremely strong for us. We built the rent roll substantially, we're consistently in the 90s on occupancy, and it's just so resilient and reliable. We've grown NOI substantially. And when you're looking at an asset, even the minutiae matter. The small details — like, what is the average unit size? You have 250 units: are they 250 10-by-20s, or 250 5-by-10s? Because that matters, ultimately boiling down to the dollar per square foot you can achieve, and reliably achieve. And there are little things — if you have a bunch of 5-by-10s, churn and turnover are more common than with 10-by-30s, because people are less reluctant to move, especially with rent bumps. There are all these little things that go into the system, and ultimately, what's the driver? Net operating income. I feel like that's our focus and our strength as we grow: we're fully an owner's mindset — we'll talk about management, but we're owners-first — understanding expenses, understanding NOI, and then pushing revenue. How can we be experts at this craft? How I used to feel going into surgery — I know plan A, B, C — that's what I'm striving for in storage. Not just "this is a great deal, let's buy it and hand it off to a management company." No — we're going to own the accountability of this performance, and we're going to treat it surgically. All the expense items matter. What can we control, what can we not control, and how can we optimize this asset? Chris Berg: A couple things. I'll share a quick anecdote and then get to the question. A gentleman I talked with recently mentioned he had some bushes on the property — so he scraped those away and started renting the space out for a kayak, a bike. And when you apply cap rates, what a lot of people don't realize is all of a sudden he had an extra $300–400,000 in value on that asset, from a really small piece of the property — maybe another few hundred bucks a month. It goes to show, when you pay attention surgically to those details, what you can do to raise the value. My question, around this other asset you mentioned: Warren Buffett's big thing is, give me a margin of safety — the three most important words in investing. So what are you guys currently doing to increase your margin of safety? And secondly, now that you've had success with an asset you probably wouldn't touch today, does that put you farther out on the risk curve? Or is it, "hey, we got lucky, let's take the cash but stay very conservative"? Ryan Brown: It still has fed into me being conservative. I don't look at that previous deal and think, maybe I should be riskier — I definitely don't have that mentality; I just have an appreciation for it now. We're really big on understanding our risk-adjusted return. We look at being conservative with our leverage — maybe a lender is aggressive and will give us 75% leverage; do we actually want to take that? We're looking at NOI — where can we reasonably get NOI — and ultimately, where are we ending up on an unlevered yield on cost? We don't know what future interest rates are, but how is this NOI supporting the debt that's on it? What if interest rates go to 8, 9% — where would this asset be? Projecting the future-year outlook, the performance with or without debt involved — what is the asset performing on? That unlevered yield on cost is an important metric for us. Chris Berg: Colby, anything you want to add about margin of safety? Colby Nelson: I just wanted to say — it's something we talk a lot about in the same vein — how do we remain... I mean, we were never reckless, but we want to keep that aggressiveness of not just looking at a deal and immediately turning it off because these three metrics don't hit. We still want to have that mentality, and we're constantly balancing this: okay, let's dig in deeper to really see if we can't make it work — not just pass it off. We see a lot of groups where that happens, and it's even happened to us to a certain degree, but we force ourselves to get more in-depth and more aggressive with it. It's natural to become more conservative the longer you're in this business — you have a higher standard you're not willing to go below, which we definitely do when it comes to returns and keeping investor money safe and secure. But I think too often it just results in people passing by deals that could otherwise actually work. So it's this dichotomy: being conservative, keeping investor money safe and producing well — but also still being aggressive enough to actually make deals happen. And I think that's something we do pretty well: still pushing on those deals and not getting immediately turned off because a deal doesn't check every single box on the surface. Chris Berg: Ryan, you and I talked recently about this — I want to get into the evolution of how your mindset is changing in real estate. Here's what I'm getting at: it sounds like you guys are really focused on unlevered yield, and also IRR — what are the most important metrics when you're underwriting a site? But secondly, as you mentioned — and Colby, jump in as well — I think you initially came in going, "Hey man, I'm just going to buy and hold these assets forever, refi, and they'll give me cash flow, it'll be great." Whereas now, at least last time we spoke, you're going, "Maybe there's a five-to-seven-year plan here where I recycle the capital, 1031 into potentially bigger deals." Talk to me about that evolution — and what are you telling your investors about what the returns are going to be? Ryan Brown: Up to this point, the components we place on a deal have been very conservative. For example, our debt for the most part has a term of 10 to 25 years — a lot of our assets literally have a 25-year fully amortized loan. So we don't have a pending maturity where it's like, okay, we have to refinance or we have to sell. And with our investor capital, we're very upfront from the beginning: what's their goal, their mentality with investing, their experience with storage even. Because we're very much not like the stock market — it feels hot right now, and in six months nothing changes. It's, hey, we're going to be partners for the long term. That's our attitude — we might have this exit strategy, but we still want to bake in risk-adjusted safety: what if we don't reach it? We're not going to have a pending maturity on a loan or an issue with a lender. Those metrics have been helpful to us, and it gives us breathing room: these assets cash-flow, we have a 10-plus-year term on the loan, we have our investors committed for 10 years. But why not entertain an opportunity to get our investors a reasonable return? So we explore those conversations. We don't want to be one-sided. When we started this, I was one-sided: buy everything, never sell — that's the snowball of wealth. But as we've grown an organization, I'm starting to see: if we want a breathing, living organization that's growing, there's opportunity in recycling capital — and also in proving out our model. Yes, we can buy these assets, we can offer distributions — but can we also exit with successful IRRs when the opportunity arises? Are we even entertaining that? That's what's shifted for us: being open to that conversation. Chris Berg: So Colby — you grew up around real estate conversations. Me, IRR — you could have been speaking Chinese to me until fairly recently. I'm curious: as you were approaching this and getting into business with Ryan, were you always thinking, "Hey, we're going to do the typical five-to-seven-year private equity model of recycling"? Or were you thinking more buy-and-hold? Colby Nelson: So — growing up in a family where my dad was a developer... his risk tolerance knows no bounds. He has an immense level of risk tolerance; it's absolutely insane. And it's worked out well — it's also gone up and down with the markets and the real estate industry in general, so I've seen how tumultuous that can be. So as I became an adult, coming out of college, I was more of the conservative mindset — like Ryan was saying, hold these assets forever. That was always my strategy in Monopoly: buy as many as I can and hold them as long as I can. And I do think that's really good — I kind of subscribe to that approach to real estate holding. Then, as we matured in our business, as we saw the value we've added with these assets, as we refined our strategy — what we want our business to do, what our investors want, and what full-cycle deals can get us in terms of opportunity for even more deals — I'm starting to see more and more of that influence from my dad. Like, okay, let's get some more deals going here, let's start to recycle these things, let's build the next thing and get to the next deals. And having a substantial track record with good results helps build and reinforce all of that. That's been the evolution of my own psyche and thinking — and our firm's as well. Chris Berg: Yeah — and part of it, too, is you've got a fiduciary responsibility to your investors to try to maximize the returns on their capital. Sometimes that means recycling it — it depends on your model. You're playing all these pieces of the chess game to figure out how to maximize returns for them. You've talked about some success stories — has there been a site you acquired that didn't go as you expected? And what did you learn from it? Ryan Brown: Yeah — I'd say one, probably two years ago. We got it at a good basis; it looked lights-out. But the demographic of the customer base has been really challenging, from delinquency to managing accounts receivable. The saving grace: while we were under contract, we were hesitant about some items we unveiled, and we pushed hard — "we need a price reduction; the accounts receivable is pretty ridiculous." We just didn't expect to see that amount of pain on the rent roll. So we got that reduction on our basis, and then what we suspected came true: it's a very difficult tenant base — lower income, and the crime rate in the area is challenging. That's been a learning and challenging experience — and it's why we're even more confident in management today, because of the pain points of dealing with dishonest people who think they can leave mattresses in your drive aisle and give you the middle finger. There was a lot of difficulty navigating that tenant base — we didn't want to stoop to a low emotional level, but rather: how can we be professional, and also very strict, with this asset? Because we got a sound basis, thankfully, we've churned through a very difficult client base. But it also built out — getting kicked in the teeth — people thinking they can be there till midnight even though we have very strict hours, loitering, all this stuff. So now we have an in-house security team that covers all our assets and our third-party clients. We have a full-time security specialist — our employee — who monitors all of our assets every single night, seven nights a week. We close at 9 — but what's going on at 2 a.m.? How can we adapt our cameras to alert on motion, whether it's an animal or a person? That challenging customer demographic made us better operators. I didn't think it would be that challenging, but it proved to be — and it required a security team to say, all right, now we have control at night. There's no more riff-raff. And it's one thing to issue a notice that someone has to move off the property — but what if they refuse? What if they're causing all this ruckus? It's made us better operators because of it. Colby Nelson: Yeah — it really tested our ability to do what we structured our entire business to do, which is this remote-first model — the "unmanned" model, as it's called in the industry — with a property this troublesome. It came with its struggles, but like Ryan was alluding to, it made our management stronger, because it had to be. We had to basically manage our way out of these situations to have a better-performing asset. Chris Berg: So good. So let's talk about that — the 3PM part of the business, third-party management, for people who aren't familiar. What made you move into that arena? And talk about how people can work with you if they're saying, "Hey, I'm interested in having you guys third-party manage my assets." Ryan Brown: It very much came as organic growth. We didn't get into this to do third-party management for anyone — we simply wanted to be the best managers for ourselves. Like I mentioned, with an owners-first mindset, we're obsessed with our monthly P&Ls, and for our investor base. To give you some insight: we review each asset regularly, because we do distributions to our investors on a monthly rolling basis rather than quarterly. So we're always thinking: how was last month's performance, how was it relative to the month before, where's our distribution landing, what's the trend? It got us dialed into managing our expense load. What's our tenant protection absorption rate? How are we driving revenue? When were the last rate bumps — were they tolerated well? What about the unit sizes — how's that demand? So we had this system — almost a full management business — just for us. But then we'd see a lot of opportunities when we spoke to other owners — we'd get phone calls: how are you guys doing this? How do you handle auctions? Someone broke in — how do you manage that? And it's like — well, we already have the system in place. It's not rewriting any model for us to bring on an owner; we just don't own it, but we manage it the exact same way as our owned assets. In the industry, I think we're pretty unique, because we're not management-first — we're owners-first. That's how we view their asset, how we view the P&Ls. We're obsessed with expense ratios, because we had to be on our own side, and we can bring that benefit to owners. And really, we don't do a lot of things: we're not Extra Space. We're not interested in — or good at — 120,000 net rentable square feet, Class A, downtown, elevators, seven different entry gates and doors. We really do single-level drive-up or single-level climate control, and we do it efficiently and effectively, even at small sites. We have a 10,500-square-foot location, and we can run an expense ratio at 33, 34% at that small a size. That's hard to do when you fully stack on the tech fees, the website, the accounting — it adds up quick. We got really good at managing small assets. So if we have owners — mom-and-pops with 20,000 square feet — we can bring them a ton of value at a very reasonable price that pushes their NOI, to where we could even create an environment for them to sell their asset. Not even to us — they could sell to us if we'd be interested — but our contract is month-to-month, so maybe they use us for 9 to 12 months to optimize their NOI. We know the name of the game, but we're thinking big picture. I'm not trying to get 20 assets and hoard them. I want to bring benefit to everyone involved — the owners, the brokers, the buyers — because I'm trying to build a large organization that's healthy and reliable and an expert operator. If an owner hires us and sells their asset to someone else nine months later — good for them, and we're more than willing and excited to be part of that process. Chris Berg: Good for you. Colby, what would you like to add, my friend? Colby Nelson: I think Ryan said it perfectly. We've just turned into obsessives about storage, and about operating storage really well. Like Ryan said, we do it in this very specific way — for certain-size facilities with certain layouts. It doesn't work for all storage everywhere, but for a lot of the storage that's out there, where owners need some help, I think we can make a really big impact — bringing that high level of management, but with that owner's mentality. So far we've gotten really good traction. We're just starting this platform, but we've got some really great clients we're working with, and we're excited to bring it to other owners as well. Chris Berg: A couple of things jump out from our conversations — and Ryan, I've obviously had the chance to visit with you a little more than Colby — but talking about managing surgically, I think that's really important in this industry, maximizing margins. And Ryan, it's always: what am I doing to drive ADR — that's the metric of the game, right? So, appreciate that. If people want to reach out to you — here's the website — do you want to give out your email, or should they go through the website? Colby Nelson: Yeah — and just so people know, in case it's not clear: we kind of have two companies. Turnbull Equity is our asset management company — that's where we do the buying side of our business. People can definitely reach us at turnbullequity.com if they're interested in learning more about potential investment opportunities coming up. And then StoreWell Storage is our management company — that's storewellstorage.com, spelled the way you see in my title on my screen. People can reach us at info@storewellstorage.com if they're interested in the management side of things. Any of those places, you'll find us — and we'll get back to anybody who's interested really quickly. Chris Berg: I want to give you each the last word. One of the things that was great in our conversation up in Napa was that we all share the same thread of our faith. I'd just love to hear how your faith has impacted you walking through this journey of business. Colby, we'll start with you. Colby Nelson: Oh man. Yeah — it's been extremely important. Starting a company, as anybody who's gone down that path knows, is extremely difficult. Like we keep saying — getting kicked in the teeth, which is one of my favorite expressions that Ryan uses all the time. We get kicked in the teeth all day, every day, in many different ways. It's difficult and stressful. It helps having a really good partner like Ryan, and a really good team like we've built out. But in my case, I get a lot of comfort in the faith aspect of my life — drawing on a higher source, beyond even Ryan or my team, to give me comfort and guidance and calm, and a place to put that stress. It gives me great comfort, and it's extremely helpful on this path we're on. That's one of the ways it's really impactful for me right now. Ryan Brown: Thank you for that. One of the things I honestly love to talk about — I could do another hour-long podcast on this topic — is that business and entrepreneurship, for me, is very much a spiritual journey. That might sound strange or crazy, and this is just my own experience. In healthcare, in anesthesia, I was very much always in control. My faith has always been important to me — Colby and I met at a Christian university — but when I started practicing and making the big bucks, I was the expert. Things would go wrong in surgery and I'd send up prayers, but for the most part, I'm calling the shots — I'm the expert, I know what's up. When you grow an organization, it's so much beyond your expertise: how do you build culture? How do you find people you can trust? How do you lean on them — are you leaning on them too much? Understanding that so much is out of my hands — daily, it's a spiritual journey of resetting. The goal here is not to be "rich," quote-unquote. To some extent I had the easy lifestyle: the reliable paycheck, the house, the car — but that wasn't fulfilling. What's fulfilling is building meaningful relationships, and people benefiting from the bigger picture. That's what Colby and I want to share in the industry too: we want to create an environment where people come first, relationships are key, and the wealth follows secondarily. If you're on an island with a billion dollars and you're the only person there because you have a bunch of storage — that's kind of a lame life. That sucks. But if you're part of a living, breathing organization where people are building their families, where there are relationships and there's value — I get excited about it. And I'm also reminded there's a lot on the line: personal guarantees from lenders, expectations from investors, customers who might praise you or might be really upset, employees who are mad. How do I manage this? With a mindset of stewardship. I didn't build this by myself — I'm one of 50 people. It took people smarter than me, richer than me, more talented than me — I'm just one piece. Having that stewardship mentality really lets me open up, and also say: all right, with this attitude, let's run it up to a billion — and let's bring everyone around us along to benefit together, collectively. Chris Berg: Great stuff, you guys. Yes — stewardship and service, right? As long as you focus on "how can I serve?" — your investors, the people in your business, your customers — that seems like a pretty good winning formula. So gentlemen, thank you, really appreciate it. Again: turnbullequity.com — you can find out more there. Also StoreWell Storage. Reach out to them if you've got any questions — and maybe you want to invest in some of their assets as well. So thanks, you guys. This is the Commercial Real Estate Report. I'm Chris Berg — building generational wealth with real estate. — END OF TRANSCRIPT —