If you want to know more about self-storage investment, this episode is for you! Check out today’s episode with Cory Sylvester, where we discuss why self-storage is an optimal investment and look at post-pandemic developmental costs. Click on the play button to learn more!

Key takeaways to listen for

• [10:01] Why self-storage could offer the highest investment returns
• [11:48] The most important factor to consider when investing in a self-storage facility
• [23:07] Key factors highlighting the resilience of self-storage investment 
• [28:92] An overview of developmental costs in the post-pandemic era
• [29:46] How can technology consolidate and optimize self-storage assets?

Resources mentioned in this episode

[11:19] Radius+

About Cory Sylvester

Cory is the co-founder of Radius+, DXD Capital, and Manage Space. He boasts a 14-year experience in the financial and real estate industry, which he leverages in various projects. His primary focus is on establishing the industry’s largest platform dedicated to the construction and acquisition of self-storage facilities. Cory's deep-seated passion centers around harnessing data and cutting-edge technology to optimize the development, operational efficiency, and investment strategies for self-storage properties across the United States.

Connect with Cory

• Website: DXD.CAPITAL
• X: @StorageDataDev
• LinkedIn: Cory Sylvester

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Sponsored by Nomad Capital

Looking to invest in self-storage? Nomad Capital converts vacant big-box retail spaces across the Southeast into climate-controlled storage, with a target of 20% annual returns. Our fund combines low leverage and high depreciation for strong growth and valuable tax benefits. By buying properties at deep discounts, we often achieve break-even at just 40% occupancy. Join a proven model in a resilient asset class that continues to deliver, even in today’s market. Learn more at nomadcapital.us/tpi. Accredited investors only.

Cory Sylvester: 00:00:42

The prices indicate the balance of where supply and demand is.

So instead of worrying about how much storage there is, focus on the highest frequency and best telling data point, which is what are rental rates doing?

Neil Henderson: 00:00:56

Welcome to the Truly Passive Income podcast. Today on the show we have Cory Sylvester from DXD Capital and the co founder of Radius Plus.

tate of the storage market in: 2023

Welcome to the Truly Passive Income podcast. I'm Neil Henderson.

Clint Harris: 00:01:22

And I'm Clint Harris.

Neil Henderson: 00:01:23

Corey Sylvester. Welcome to Truly Passive. How are you, sir?

Cory Sylvester: 00:01:26

Thank you for having me, gentlemen.

Neil Henderson: 00:01:28

Absolutely. So I want to get right into it. You started your career on Wall street, but you transitioned into entrepreneurship and real estate investing.

What inspired that pivot and how did your Wall street experience prepare you for being an entrepreneur?

Cory Sylvester: 00:01:42

Yeah, I fell into being entrepreneur, to be honest. So I was at JP Morgan and then ended up being at a hedge fund after that.

And my partner on the Radius side, we had been exploring leaving the buy side. He was doing essentially the same job, I was at a different hedge fund.

And without getting in too many details, it's a very grueling lifestyle, every quarter going through earnings and just the ups and downs of it. So we wanted to do something else. The skillset that we had was very specific around that.

We're very good at breaking apart companies, breaking apart industries and analyzing them and then figuring out is there an opportunity to buy the stocks or to short the stocks. And coupled with that is we saw an opportunity to provide data.

Because in the hedge fund world, when you're trying to prove a thesis, you're always trying to figure out how you can prove it. And data was very still. Generally, I think it's gotten a lot better since I've left. Very hard to come by in certain regards.

to prove it. And this was in: 2015

We started playing around with this and someone had sent me just kind of a teaser about the self storage industry. That happened to be the first industry I was analyzing technology stocks.

Like we're trying to figure out what chip was going into the iPhone and if you got the chip that went into the iPhone, it made your stock go up a lot, because that was 300 units at that point. I think it was like 200 million or 300 million phones sold a year.

So 300 million times, however much the chip cost, it would make the stock go up a lot. So we were very good at figuring out detailed minutiae. And so I'd never been in real estate before.

I'd never owned real estate before, never invested in real estate before, never looked at the REIT sector, but someone put it on my desk and said, you should take a look at this from the standpoint of the sector has been on a tear and there are rumblings that there's a lot of development activity that's occurring in the industry.

Anytime you hear a sector or industry has been doing really well and there's the potential of accelerated supply that's going to be added in a short time frame, that concept, generally speaking, could lend itself well to a opportunity to say, okay, these stocks are at their peak and you should short them. And so we started by figuring out. So we decided to jump off and start that business under the premise of the self storage sector.

In: 2015

We delivered that analysis and data, which at the time was just the pricing data data, to hedge fund clients, and we would make money by consulting with them.

We weren't shorting or buying stocks ourselves, but providing that information, providing that view, providing that data to at that time some of the biggest hedge funds in the world, really. And that was how I got into self storage, is that we started by advising.

The view was as we started doing more research, we started talking with local developers, we did calls with developers all around the country, trying to add up what sites they were building, how much square footage that was, and potentially like how much supply was going to be added in what was going to be a short time frame. And our view was, is that that is going to impact the rental rates. And that was not kind of factored in to what people were expecting.

So anytime you think something's going to go in a different direction than where everyone's expecting, like that's how you make money when you invest in stocks. So we started that business.

The business was purely advising hedge funds that this first thesis that we had, that there was an opportunity to short stocks and some of the long only funds that just bought the stocks, they would use our research as well because they obviously they'd lower their sector weightings. But that was the thesis of like we're going to go out and we're start a company.

We're starting based on what we know, what we can do, how we can add value with technology with a third partner of ours. And that was how I fell into self storage, broadly part of that process.

Part of, during that whole process I met with several CEOs and they ended up taking a look at the data that we were compiling around rental rates.

Dean Jernigan, we were in a meeting, we were trying to figure out what was going on with sector health and I showed him what we put together on the rental rate side and he said, you know what I want you to do, I don't want you to call my team at Jernigan Capital and just talk to them about what you're doing, show them what you've built and just connect.

So we called Jeff, Jernigan Capital's team, showed them what we'd done and we learned a little bit more about what the process looked like in analyzing a self storage site.

And I don't want to keep rambling on, but essentially the idea was, is once we saw how it was being done, we realized that there was an opportunity to actually build a platform around that need because no one had ever created the data, no one had created a platform where someone could quickly analyze what was going on. So that's all to say we went from being a hedge fund analyst to advising hedge funds on shorting self storage.

Then all of a sudden we're building a platform for the self storage industry. So we fell into self storage.

We fell into being an entrepreneur in that regard a little bit because we were just starting our own business around trying to do what we knew how to do. There was no grander plan.

And I don't know that if we had stuck on that original business model that it would have ever turned out the way that we would have wanted it to.

Neil Henderson: 00:07:21

Well, for those of you who are not self storage investors and not intimately in this field, I can tell you what Corey is referring to is the old way and still the way that a lot of self storage investors analyze the self storage market is literally you go on Google Maps and you see a self storage facility, got the address and you go in a roughly a 3 mile radius and you look for the other self storage facilities in the area and then you sit there and you try and, and I remember doing this back in the day is literally going through on Google Earth and measuring the size of the roofs of each individual self storage facility. And then trying to come up with their square footage.

Cory Sylvester: 00:07:59

Yeah, exactly.

Neil Henderson: 00:08:00

That was the way you got a read for how much storage supply was in the market.

Cory Sylvester: 00:08:05

Yeah, and we figured that piece out early because, all right, we talked to all these developers that were like in Denver, they were building. We compiled like, I don't know if this is the number, but like call it a million square feet, 2 million square feet, whatever it was.

And they were like, okay, well we need to figure, figure out like, is that new supply going to be 3% of what exists in Denver or is it 30% of what exists in Denver?

The only source you could get prior to us finding where every facility was and mapping all of them all individually was there was essentially the self Storage Almanac would publish estimates.

And what they were is they would send surveys to people, they would try and triangulate it with some rough data to figure out like what the supply looked like. But yeah, just to your point is like when Jeremy and Capital showed us what they did, they had a development site they wanted to analyze.

They'd go to Google, they Google self storage. They'd have to use satellite view to figure out the dimensions of each one of the buildings. How many stories is each one of the buildings?

What's the rough efficiency ratio? So how much storage, you know, are there hallways and elevators? So that's a lower efficiency building. Is it just a single story drive up?

And that's basically 100% storage. They'd go through and make those individual calculations, which takes a lot of time for one site.

And then the problem was they'd throw that data out at the end because there was no central repository where you could keep all that updated, deduplicate it, and make sure everything was there.

So we knew that by creating that data set, we could create that efficiency for the self storage industry, which was just kind of a random aha moment that we had when we saw how the industry was doing it.

Adding in demographics and where all the other facilities are being built and historical rental rates was just kind of an add on that made sense as you think about what are the questions you're trying to answer when you're building or trying to buy or just analyze the self storage market or trade area.

Neil Henderson: 00:09:53

Clint, did you have something?

Clint Harris: 00:09:55

I'm just listening to your journey here. It's incredible.

I love how your initial career was about breaking things down to their core elements and just letting the numbers dictate what direction you wanted to go in moving forward.

And you kind of did the same thing with your career as you just kept listening to the situation, listening to the market and discovering let that make the decision for you as to what came next.

I think it's incredible that you went from looking at that, potentially shorting that market to doing heavy data analysis and letting that kind of pull you forward in that direction. And I'm curious about the moment that you decided to start investing in self storage yourself and getting into the real estate space.

How did that come about? Was it the same thing? Like the numbers just pulled you in that direction and it made the decision for you?

Cory Sylvester: 00:10:43

That's a good question.

So when we buys that these stocks are going to go down, they did go down, but they didn't go down as much as we thought that they were going to go down. And the internal dynamic that I discovered in that regard was that the way that a self storage makes money is it brings in new customers.

Those customers over time tend to stay for long periods of time, and then you're increasing rents on those existing customers that don't leave.

And so while new customers are always coming in because you always do have people that stay 1, 2, 3, 6, 9 months, that base of existing customers provides a deep buffer for the revenue profile of how a self storage makes money.

And that's one of the reasons why if you look at returns for all the different real estate sectors, for every unit of risk you take, by looking at how much volatility a stock has, how much does it go up and down relative to how much does it go up over time? The self storage industry has been the best performers.

So another way of saying that they've been the lowest risk and highest returning sector within the real estate REIT world. And that's a pretty provocative dynamic that really interested me from placing capital in the industry and how I got from.

Okay, so we started Radius, we started this data company that solves some of these problems.

Aside from the data validation side, a lot of my job was to go out and talk to developers, sell the product, figure out like what are the things the platform needed, how do they work, how do they think? And through that dynamic, through that process, I learned how developers thought and coupling that with how we were approaching stock analysis.

And just general analysis came to the conclusion that in self storage, the rental rates are really the most important factor that you should be focusing on. And from a development standpoint, you can find great sites. If you start with the rental rates, it's becoming more prevalent.

I mean I'm on Twitter and other social media platforms, like telling people like you shouldn't care about square feet per capita, care about what the prevailing rental rates are in the market. As a developer, like that's generally speaking going to tell you 90% of the story.

And historically, developers have looked at what is the ratio of how much storage relative to the population is there in a trade area prior to the data transparency that we have now in terms of rates are set every night, online rental rates for vacant units. And so it's almost like an airline ticket.

three weeks away and it's a $: 1500

Right. So the prices indicate the balance of where supply and demand is.

So instead of worrying about how much storage there is related to the population, focus on the highest frequency and best telling data point, which is what are rental rates doing?

And there's other factors down the line that I'm not saying that like once you found a high rental rate area, like the land costs may be prohibitively expensive and coupled with construction costs, it may not work out.

But if I think about the very top of the funnel, like where I'm trying to create ideas from, I'm not trying to figure out where is there the least amount of storage relative to the population. Because there's a lot of places that don't have as much storage relative to the population. Low square feet per capita is what they call it.

But there's not a lot of demand for storage either. So the rental rates will show you where is that equilibrium.

And so I think your original question was like, how did you get into placing money in storage?

We saw this anomaly as another opportunity of having not had the historical baggage of being taught that this is the way you need to analyze the market. And really came to it with this fresh outlook of like, listen, we focus on rate, let's focus on rate.

There's a lot of data that makes it a very transparent thing to analyze. And let's use that as the basis of building a bunch of great assets. And that's how DXD Capital.

I started that with my partner, Drew Dolan, who had a heavy real estate background. He came from a private equity real estate firm for 20 years. And I called him and made this pitch around.

This is what we need to do we need to build a lot of storage long term? It's a great secular story. More and more people are using it every year. I mean, the thesis is out there.

It's well known that self storage is a great sector, but we have an edge on being able to figure out like where are the greatest opportunities. Let's use technology and other tools that we can put together that place this utmost importance on rental rates.

And I had known each other for four or five years at that point. It was still a heavy lift to go to a bunch of investors and say, hey, we want to build a bunch of self storage.

We've known each other, but we've never worked with each other. And here's the thesis, but it resonated really well and we hit the road in the middle of COVID I guess, depending upon how you think about it.

In August of: 2020

And three of those assets are open, seven are still under construction. We moved on to fund two, and we're well through that as well right now.

So I think more and more people are picking up to the rental rate is really important dynamic. But there's also a lot of stuff going on with rental rates.

To be a really good developer in self storage, I think you got to be really fanatically focused on it. And that is also an opportunity because there's a lot of developers in self storage that are merchant developers.

There used to be office guys or they used to be retail guys. And self storage is generally not a difficult thing to build. Right. It's box and a bunch of boxes inside there.

And there are a lot of nuances with getting entitlements and the dynamics of like how to do it correctly and efficiently. But if you've developed industrial or you've developed office or you develop retail, you can generally get there.

But a lot of those nuances of how to find a really great site I think are still lost on a lot of the lot of the population.

Neil Henderson: 00:17:03

What you're saying is so interesting to me coming from, you know, I've been involved in the soldiers industry now probably for four years. And looking back on analyzing a site, you're always looking at what's the square footage per capita? Was the population increasing or decreasing?

Is it in a retail corridor? What's the median income, how many rental houses are in the area, things like that.

I love what you're saying is that essentially all those metrics that we used to look at could be all right, could all like point to go. But like you said, I just not be demand in the market.

I mean, I remember back when I lived in Vegas being spooked that I was an area that I was looking at was like 12ft per capita. But I remember talking to a manager who was managing a facility in that area and he's like, yeah, we're 100% full.

We're raising rates every three months.

Cory Sylvester: 00:17:51

Our first facility we opened that we bought land was in Vegas, 11 square feet per capita. But think about the dynamic of how that can actually be a really good thing.

Because if you have high rates and high square feet per capita, and if you build another facility, it means that you're adding actually a very small percentage of new storage to that already large existing market. So you're actually taking far. Let's say no new customers came and you're only taking customers from existing facilities.

You're actually taking a very small percentage of every facilities customers. Whereas if you're adding 30%, 40% supply in a 2 square feet per capita market, you could be taking 40% of their customers.

Now that's not to say low square feet per capita is a bad thing. I don't want to go down that path.

But the point being is like, yeah, just to your point, high square feet per capita, which means like, all right, the market's saturated with a lot of storage, that's fine.

But whether 12 is the right number or 18, like, it's all relative and there's no single metric that you can use it for as a guidepost is like, this is what the correct number is.

So it's just a data point that you enter into the equation to help you understand like, all right, there's a lot of storage here, but they're all full and the rates are really high. So that's telling me that in this specific trade area there is a high propensity to use storage. There's a lot of demand for storage.

So that's exactly where you want to be adding new site. Our first facility opened in Vegas. It's crushed it. We opened in March.

We're 60% occupied and we're achieving the rates that we thought we were going to achieve. And you know, we're three times ahead of where we'd be on occupancy. So like the thesis has played out so far. We feel like we're onto something.

Clint Harris: 00:19:31

There's so much to unpack here. I Love this. So, a couple things.

I personally believe that people that have the ability to raise capital to take on projects than they would be able to do on their own, like raising capital is a real estate superpower, in my opinion. Like, it can just supercharge your ability and your velocity and opportunity to scale. On top of that, access to a data source that nobody else has.

That's a real estate investing superpower. You combine those two things together.

The ability to get capital to pursue an asset class that you have proprietary data on, that you literally built the data source. I see why you went in that direction. It makes perfect sense.

In reading on your background, one of the things that resounding was that you seem to have a real strong emphasis on teams, on the people that you're partnered with, the people that you found that have contributed to your business in a meaningful way, with the concept that the whole is greater than the sum of its parts.

So with your ability to raise capital, your ability to have a data source and putting an operational team together, I see why you went in that direction. This podcast is called Truly Passive Income. Most of our listeners are passive.

Investors that don't have the ability to raise capital like you do, certainly don't have your intellect when it comes to data analysis.

For those people in looking for a team where the whole is greater than the sum of its parts, how does that play in with their ability to connect with DXD and what you guys are doing there and what does that process look like for those investors?

Cory Sylvester: 00:20:54

A lot to unpack there. I don't want to give people the impression that you have to have a proprietary data source to have an advantage.

The first thing I'd say there is, first of all, we're just using pricing data. We're using it in a way.

All I've thought about those last eight years is self storage data, building a data company, then being a developer, and how can I create tools and efficiencies. And it's the pace of that innovation that I think of as our competitive advantage.

If you have a silver bullet, that's actually not a great way to scale and run a business. Because if you're not continuously innovating on what it is that you're doing, then people will catch up to you. And that's not a real advantage.

So it's really just focusing. That first part is like, it's not some sort of like magic black box.

I think about pricing data, I think about zoning data, I think about a lot of the dynamics of like, where's My biggest bottleneck. And then how can I think about a system around unclogging that bottleneck and do so in a manner that creates.

Like, I can look at 100 times more things than the next developer behind me. That's the advantage that I get, right as it relates to teams and people.

I'm certainly the face of dxd and day one, it was me, Drew, our first employee, Martha, who runs our investor relations. So in the beginning, it was me looking at these sites. I still look at the sites.

But as we scaled, there's no way I could have done this without an A plus squad behind us.

Because the volume that we're doing and that pace and the precision that we have to accomplish what we're trying to accomplish and not make mistakes because we are so new, we don't have a track record going back three years. Like, we have to nail it. So having a A plus team is more important than anything else.

And having the angle that we've had and my background has helped attract what I believe to be the best development organization in Self Storage by orders of magnitude. And that's an enormous asset to us. Like, how can people don't have access to this platform or are. I mean, there's certainly ways to invest with dxd.

I don't know if that's what you were referring to, but sure.

On our website, and we're still figuring this out because we're new to kind of talking more broadly about what we're doing because we've just been using family, office, money, friends and family relationships. We know all our investors relationships that we've had for Drew's had people I brought in forever.

But yeah, we're now at this place where the scale at which we're doing things, we have to continue to expand that investor base. And we're certainly always loving meeting new people that are interested in enjoying the effort.

And the easiest way to do that is just on our website and submit there and we'll get back to you.

Neil Henderson: 00:23:39

So you're out there talking to investors all the time about storage. What are the key points that you're highlighting for investors about Self Storage's resilience right now?

Cory Sylvester: 00:23:48

There was a Wall Street Journal article about a month ago that I contributed to, and our charts are in there and a couple quotes.

n Self Storage, which is that: 2016

And the piece I try and highlight for people is that, all right, we're back to normal seasonality and I think we've created a new base.

g off of. If you look back to: 2016

% from the previous highs in: 2021

But we're still at an incredibly healthy level. And there's no new supply issues that are occurring from here.

where you were at the peak of: 2016

Not a lot of new supply is going to be coming on over the next three or four years because capital markets are essentially shut down and developers can't make the numbers work or the banks won't give them the loans. Just because banks are having deposit flight issues, they're having office commercial real estate balance sheet problems.

, we've come off our highs of: 2021

a little bit exacerbated from: 2021

And then within three months they're raising those rents on those existing tenants. So this, it seems like rental rates have come down 20%.

rent in: 2021

And if you look at what's happened with the REITs, extra space storage, buying life storage, you're starting to get more consolidation. The REITs are the price setters.

Think of them as the, on the airlines front it's like, you know, you have Delta and United now, that's it, that's all the market is. I mean you have Cube Smart, but think of that as like JetBlue. Like it's a lot smaller, it's probably going to get gobbled up at some point.

So you've got this consolidation at the top where I think looking forward it's going to be a lot healthier even with this change in strategy because they're going to be less competition at the rate level, driving rates down. So I went all over the place for that answer.

But that's generally a lot of the kind of topics and themes that I'm sitting down trying to educate our current investors, prospective investors, because those nuances are lost.

A very vague and broad article in Wall Street Journal other thing that caused a lot of panic amongst a lot of people within the self storage industry. I think it actually hurt the stocks pretty aggressively.

But that just shows that until you're living it every day like we are, I mean you guys are living it. Those nuances are lost. But that's an opportunity. That's not a complaint. That's the opportunity to take advantage of a dislocation.

I'm pretty bullish on where we go from here. It would be great if the Federal Reserve would stop raising interest rates because it's making my life a little bit more difficult.

But this is the time to develop right now and that's what we're trying to do as much of.

Neil Henderson: 00:28:28

What are you seeing? You know, obviously development costs have gone up since the pandemic.

What are you seeing in general for a class A ground up development as far as construction costs now per square.

Cory Sylvester: 00:28:43

Foot, just the hard cost from the contractor. It's kind of in like the $90 a foot range. So you add in land, whatever that may be.

Whatever property taxes are, you have some kind of standard soft costs. And then that's as we think about the model of like. Right. How do you solve for that?

That all comes back to you need a certain rental rate, you need a certain rate that you're charging customers to make that net present value of that cash flow stream positive. And so they've gone up a lot. I'd say prior to the pandemic, we were kind of closer to the low 70s.

I don't have a ton of confidence that number is going to go down as much as I think everyone wish it would. But we'll see as things really start slowing down here in the second half of the year because no one's.

The debt market issues I'm talking about are affecting all of commercial real estate.

So if you have a frozen debt market at some point, and I think it should be occurring here rather shortly, a lot of contractors, we've already seen some evidence of this, are not going to have as much business and therefore they're going to be more aggressive on our bids.

And steel is still going to cost what steel is, but there's going to be a lot of elements of labor that are going to be factored into hopefully lower bids, but we're not planning on it.

Neil Henderson: 00:29:59

Clint, did you have something?

Clint Harris: 00:30:01

Yeah.

One of the things that I know that you've mentioned before is obviously self storage for the most part is consolidating quickly, but it's still a fairly fragmented market with a lot of individual mom and pop owners.

And I know that there's opportunity for obviously consolidation in that space, but also optimization in terms of operations through leveraging technology. I'm really curious to hear you expound on that a little bit more and kind of see what your vision for that is.

Cory Sylvester: 00:30:27

Yeah, there's a lot of ways we can take this, but easy way for how aggressively should I be pushing my rental rates? Opportunity within self storage on the mom and pop front essentially circulates around.

The idea that most owners would rather be 100% full than 90% full with 40% higher rates, even though you can show them the math of it. There's a comfort, emotional comfort around. My facility is 100% full. I'm getting a $13,000 check every month or $30,000 check every month.

Yeah, I could be getting 50, but 30 is a lot of money for me and I feel pretty good. And I spent nine days fishing in the last three weeks. And that's the business I want to. That's the business strategy I want to employ.

And so until these guys are ready to sell is that's the way that the model stays. But obviously there are a lot of different groups out there. We're buying a portfolio of seven assets.

We're going to be our first kind of foray into it. We're buying assets that are to the T what I just described, which is four out of the seven of them are not on Google Maps. They're 99% occupied.

Back to your original question of okay, so how does the tech play out from here? A proper property management software?

I don't think there's a lot of great solutions right now we're building one called Managed Space Sitelink or Storable, however when you call them is kind of the gorilla in the room. There's a lot of opportunity to have software that optimizes operations and I think that's the biggest opportunity near term.

Things that help owners more efficiently manage the assets. We could go in a whole host of different directions. Do you do fully remote manless facilities? Do you put Bluetooth locks on the doors?

What are the other things that you could be selling upselling to customers? And there's tenant insurance, which is widely known.

But do you put a sensor inside the unit that detects motion, which gives customers an additional feeling of security? There's a lot of different angles right now.

The market is so fragmented that for instance, like a common sense would be like, yeah, having a Bluetooth lock would make a lot of sense. The infrastructure and the ecosystem exist, yet I don't think no one's really thinking about it in a cohesive manner. I think.

Does a 20,000 square foot facility that's in the middle of nowhere need a manager? No how to do that properly and scale that?

There's a lot of people that are trying it in different ways and I think that there's going to be a lot of opportunity there. So yeah, I mean there's technology opportunity everywhere within self storage.

I mean until we started Radius seven years ago, the developers who are the ones with the most money, who potentially should be the most sophisticated because they're building brand new product, didn't even have a tool that would allow them to look at a site in three or four minutes. It would take them two hours. So like the industry itself is just a mess as far as like technology.

The good thing that I would say is that there's a lot of institutional capital that's focused on this industry and that's generated a lot of interest around entrepreneurs and technology companies and other people that are building solutions. So the next three to five years you should see a pretty substantially higher amount of new products and offerings.

But we've got a long ways to go in the various issues I just kind of outlined.

Neil Henderson: 00:33:50

Well, Corey, thanks for your time man. How do you like to help people and if they need your help, where would be the best way for them to reach out to you?

Cory Sylvester: 00:33:57

I'm on social media, I respond to everyone that sends me a message for the most part, and my Twitter handle is Storage Data dev on LinkedIn. If you're interested, you could always get on DXD's website.

We have people that are sending us sites that just want objective opinions to help them out because they're getting the industry having you that if they're people that want to invest or they just have questions about the industry. I talk storage all day, every day. So in any regard where I can fill that blank where someone may have a question, I'm here.

Neil Henderson: 00:34:28

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And remember, with Truly Passive Income comes freedom of time, place, and the freedom to pursue your higher purpose.

Clint Harris: 00:34:57

Sam.