Self-storage investing yields higher returns than stock market and is recession resilient - Ep- 518

The best place to build a self-storage facility is one where you can see Walmart and smell McDonald's, because those 2 companies know very well how to buy locations. McDonald's is one of the largest owners of real estate in the world, and they always will uppay for the best location on the block, in the city, in the neighborhood.

Welcome to Streams to Impact and be inspired to engage passionately in the work of your calling while achieving financial prosperity through multiple streams of high-yield returns on investment. To bring your dream of making a meaningful impact to reality. I'm your host, Dr. Allen, and I am delighted that you are joining us today. If you haven't yet, get a complimentary copy of our exclusive guide, High Yield Investment Blueprint: Secure 18%+ Returns in 60 Days. Go to our website, highyieldinvestmentblueprint.com. That is www.highyieldblueprint.com. Just provide your email address and we'll send you a copy today. Hello, enlightened investors. Welcome back to Streams to Impact. I'm your host, Dr. Allen, and as always, I am delighted that you are with us. And we have a wonderful show today. With a very experienced syndicator. He is a veteran to our show, and our previous conversation almost 2, 2 and a half years ago or so was extraordinarily enlightening for me. And I know you're going to enjoy our show today. Fernando Angelucci is a second-generation immigrant who started his real estate company by cash advancing $97,000 off credit cards, to jump from the plane and build a parachute on the way. Now, as the co-founder and CEO of SSSE, Fernando has rapidly scaled his firm from $250 million plus in self-storage assets across the United States in just 6 years. From accredited investors seeking passive income to seasoned real estate investors wanting to transition into secure risk-adjusted assets, Fernando provides investment opportunities to hedge against inflation, reduce tax liability, and give us returns higher than any other real estate asset class. So welcome, Fernando. We're happy to have you back with us. So, uh, take us into the show. And you have a remarkable background and have shown resilience, persistence, and flexibility through the last several years in developing your company. So share with us how it is that you went from taking out a cash advance of $97,000 to where you are today.

Yeah, thanks for having me, Allen. So when I got started, You know, I've always wanted to go into real estate. Like I said on the previous podcast, read Rich Dad Poor Dad, but still kind of was in that American dream, the regular grind, go to school, get a good, you know, good grades, get a good degree, work for a Fortune 50 or Fortune 500, and then retire with a pension. So I actually did that and I only lasted about 13 months in the 9-to-5 world as an engineer. I realized that I was trading my time for basically no return. And my opinions were not being heard. So, I decided to quit that job. And the very first thing I did was I went to a course that was put on by Robert Kiyosaki, the Rich Dad company. And on that company, or on that course, they were teaching you how to pay for more courses. And how they were teaching you to do that was to take out cash advance loans on credit cards that they would show you how to apply for these credit cards. So when I did that, I actually decided to put that money towards marketing instead of putting it all towards courses. And then I started in the residential field, single-family, multifamily. And then very quickly I got burnt out as a— I became basically that tired landlord that wholesalers look for. And I said, you know what, I'm no longer going to allow individuals to live inside of my investments because that is just too much risk. So I decided to transition out of the habitation-based real estate space and move into self-storage, which has no tenants, no toilets, no trash. The, the 3 T's that bring stress to every habitation-based real estate investor.

Well, you're, you're not alone in that. That is certainly where I began my journey, too, is was with single-family investing. And fortunately, I found my way out of that. I had to go through the crash of 2008 to find my way out of it. But I fortunately I did. Tell us about the strategies for reducing tax liability through the self-storage investments that you offer.

Yeah. So we have 3 main strategies. The first is to wrap up mom-and-pop operators into larger portfolios, perform the value-add, potentially expand the size of the footprint to make them institutional in nature, and then to sell to someone that has a lower cost of capital, both on the equity and the debt side. So that is, that's the roll-up strategy there. On the opposite side of the spectrum, we also have the ground-up developments where we buy existing, you know, land that has nothing on it or maybe has something that needs to be torn down. And then we build large, you know, 100,000 net rentable square foot facilities. And then the third strategy is kind of a hybrid strategy where we take, you know, big box retail stores that have gone dormant.

Mm-hmm.

And then convert those into self-storage. So all I mentioned, all 3 of those to specifically talk about the tax benefits of each. When we buy a new asset because of the 2017 Tax and Jobs Act, we're able to perform what's called a cost segregation study. That cost segregation study, it looks at all of the components inside of that building and says, hey, this table is not going to last, you know, 39 years. These doors are not going to last 39 years. So then it'll actually segregate them into 5-year property, 7-year property and 15-year property. And because of that 2017 Tax and Jobs Act, anything underneath a 20-year schedule can be taken all in the first year. Now, when that first came out, it was 100% bonus depreciation. In this year, 2025, we're at 40% bonus depreciation. But there is a bill that potentially is coming up in Congress that will reallocate everything up to that $100,000 Or that 100%.

100%. Yeah.

Right. So the reason I mention that is because when you have an existing asset, typically these were built 20, 30 years ago. They were not built with this cost segregation in mind. With the cost segregation, when you're building these assets, if you have the ability to build them from scratch because of the 2017, you know, the knowledge of the 2017 Tax and Jobs Act, It allows you to build it in a way that pieces are replaceable or movable, and that increases the amount of pieces of that building that you can depreciate. Right. So when you look at the, say, a ground-up development, instead of having all of the walls be fixed walls, I make all of those walls movable. I use specific materials that have a, a shorter lifespan from a tax perspective, not from an actual lifespan perspective, and that helps us. So you can see the difference of anywhere where you're looking at, say, an existing facility in 2025, you can get anywhere between $0.30 to $0.40 back per dollar invested versus, say, a facility that you're building from the ground up. You can reach into that, you know, high 60s all the way up to 90% of every dollar invested can apply as bonus depreciation. So that's kind of the strategy there on the tax mitigation front. There's also ways on the exit to mitigate that tax hit. So not only, you know, the 1031 everyone has heard of, you can just roll it into another investment vehicle that has good bonus depreciation. Now that bonus depreciation, we call this kind of like your poor man's 1031.

Okay.

With that poor man's 1031, When you roll it in, you can offset and then you don't have that time, that timeline, 45 days for, for identification, you know, another, you know, 180 total to actually get that transaction through. And then there's also some types of transitions that you can do based on your buyer. So for example, we sell to publicly traded REITs. When we sell to them, sometimes there's the option to do what's called a 721 exchange, which allows us to exchange our equity in the self-storage facilities into operator unit shares of the company. And that is a tax-advantaged exchange. So instead of you getting cashed out, let's say you're, you're, you have $1 million worth of capital gains that you have to pay on that transaction. You can say, hey, I would like a little bit of cash. So I'm going to take, let's say, $200,000 of that in cash, pay the tax on that. But the other $800,000 I'm going to leave in the stock market. as these operator unit shares in that REIT. And then if you want to get cash against those shares instead of selling them, what you can do is you can go to a wealth management company and they can actually lend against those, you know, those prime shares. You know, we're talking about companies like Public Storage, Extra Space, U-Haul. So these are, you know, they're not companies you never heard of. These are large-cap companies.

Mm-hmm. Yeah, interesting. And probably just really kind of scratching the surface here on the tax liability reduction, because I mean, real estate is, is the way to reduce your tax liability. But moving on here, why being an LP or a passive investor, why is that actually better than Being the GP and syndicator, I have a lot of reasons for that. But what what are yours?

Yeah, so some some of the the main reasons are first of all, now your money is making money for you as opposed to you trading your time for money. You have the ability to invest in an expert in a field. So maybe let's say you're interested in getting into self storage, but you've never done one before. So there's much more risk of you going out and doing it on your own as opposed to investing in someone that has ten years experience. and has done $250 million worth of storage. Another thing is the way that the GPLP entity is structured. So the general partners are called general partners because they have general liability, which means if something were to happen, they come after my car, they come after my house, they come after all of my assets. Whereas when you are a limited partner, you have limited liability, which means that the most you could stand to lose is your investment, which of course that would be horrible, but at least it won't— you won't go into the negative and people coming after your assets. So that's another reason why the LP shares are more advantageous. And then when you look at the structure of how the distributions are made, there's typically some type of waterfall structure that says, you know, there's a 10% preferred return, which means the first 10% of profit per year, 100% of that goes to the limited partners as opposed to pro rata. Let's say you have Who knows, a 70/30 split, 70% to the LPs, 30% to the GPs. That first 10% is 100% split to the LPs. And then let's say until maybe a 16% internal rate of return, then it's an 80/20. So, the LPs get 80% of the profit, 20% goes to the GPs. And then above a 16%, it might go to 70/30. So, not only do you have less risk, but you also have an outsized profit portion of the distributions while doing none of the work. So I am a GP, but I am myself— when I take gains from our deals, I also invest those gains as an LP into other syndicators that I know to diversify out of my space and into other realms that I'd like to invest in as well. And it is nice always getting that, you know, that mailbox money every quarter, that check sent to me or deposited into my bank account and knowing I didn't have to do any work for that. I was making that money while I was sleeping, you know.

Yeah. Well, you know, like I said, when we were opening the show, I started off in single family and in 2008 I made the decision that I'm going to commercial real estate. And I had a real estate license, had been involved in a lot of real estate transactions. And so I thought, well, I'm, I'm going to be the GP here and I'm going to do the whole thing because I've got the knowledge and the experience to do that. So I started out doing that and was contacting various different realtors and actually put in some some offers on various different properties, and as I began doing that, I'm going, I really am not enjoying this in the first place. And the second place, I started looking around and I'm going, you know, there's so many experienced operators out there who have amazing track records. Why do I want to even begin to compete against them? when they're all looking for capital. And so that's what I started doing was investing passively and then realized that there's a lot of professionals, entrepreneurs in the same situation I am in and they need avenues to do that. So that's when I started my coaching program to help others to do the same there. So there's, you know, all of the advantages you mentioned. The other is that as an LP, I can work with people who have extensive experience and extensive track records, which is the biggest risk reduction I can possibly come up with. So it's risk reduction, and then also it's diversification because I can invest all over the country and And never set foot out of my, out of my home to do that. So lots of advantages to that. So, Fernando, what are some tips that you have for financing high-value off-market storage opportunities? What, how do you go about finding those?

Yeah, so, you know, there was a lot of syndicators that got into the space when interest rates were basically zero. So Fed rate, 0%. You went out to go get a, you know, what would be considered a higher risk loan from a bank, which would be a ground-up development that needs, you know, 36 months to break even. And you were paying 4% on that at 80% leverage. Nowadays, that's not the case. You're looking at 8% and you're looking at max, probably 65%, maybe 70% leverage if you have a good relationship with that bank. And when we started transitioning from that low interest rate period to that high interest rate period, you know, there was a lot of investors that they were acting like the sky was falling. But these are clearly investors that do not remember the '80s and the years of Paul Volcker. Right.

Mm-hmm.

And during that time, it was very normal to do seller financing, not only in a commercial setting, but even when you were going to buy your own home. The seller of the house that you're buying very, very easily offered, you know, seller financing that instead of getting an 18% home mortgage, you maybe negotiated 9%. And that was a big win for both sides. So we took those same lessons. We brought in a seller financing coach to teach all of our acquisition managers. And now when we go negotiate these offers, instead of giving one offer and saying, hey, take it or leave it. We say we have 5 offers to you. We're going to present all of them at the same time. So here's the cash offer, which is obviously going to be the lowest, because when it comes to negotiation between financing and price, it's always, you know, we can go with your price and my terms, or we can go with your terms and my price. And if your terms are cash, then we're going to go with my price. But if your terms are I want this price, then we're going to go with my terms. So with this ability, we have The ability to do a cash offer. We have the ability to do a bank financing offer where the seller is carrying a small seller second position. So that can kind of get us above that debt service coverage hump that a lot of banks are now putting on deals. They're stress testing these deals at 100 to 150 basis points above what your actual rate is. And they're also giving you much shorter amortization periods, which again stresses that cash flow for that debt service coverage. The third offer, usually what we'll do is a large seller financing piece or larger, maybe 50% seller financing or, or 60% seller financing, where then we'll put them in the first position. We'll bring a second position lender from our investors that are more interested in having a debt position secured by real estate as opposed to having a equity position. And then the 4th offer is going to be, you know, all seller financing. So anywhere in the 75% to 90% range on the leverage. And then the 5th offer is going to be one where you're going to be doing what's called a master lease option or a master lease with purchase option, which allows us to control the asset. We usually only use this when we, when we can't get to the same price and we say, listen, Your asset is not worth what you want in cash right now, but let us manage it, bring up that value, and then have the option to purchase that asset at a, at a predetermined price that we negotiated, you know, 5 years down the line or 5 years in the past to then allow us to purchase. And these are all ways to add value. Now, the second piece is also making sure that you have an interest rate that is accretive to the strategy that you're trying to deploy. If it's a cash flow strategy, we've got to make sure that not only the interest rate is lower than market, but also the payments are lower. So maybe lower, larger amortization, 30, 40 years. So there's all, there's all types of levers because there's— what people don't realize is there's the price and then there's a financing package. You know, the price of your asset is not what you're paying for it. The price of your asset is how much you're paying for it in cash, plus all of the interest that you're going to be spending during the life of your strategy. So when you do that, you need to make sure that you're taking into account everything. So let's say somebody wants $1 million, their assets worth $1 million. Okay. When their assets worth $1 million, let's say they're going to pay over the lifetime of your strategy, you're going to pay double that amount in interest. So $1 million for the purchase plus $1 million in interest. So now, you know, your total project cost is $2 million. Well, you can say, hey, All of my competitors are offering you $1 million for this. I'm willing to offer you $1.2 million. But instead of getting a, let's say, an 8% loan from the bank, you're going to carry the financing for me at 4%. And the first 6 months are going to be a moratorium where there's no payments whatsoever so we can get this thing kicking up in cash flow. Now, these are strategies that you're going to use on value-add properties, right? So you're always going to be forcing appreciation. You're not going to be relying on the market to increase that appreciation.

Wonderful ways to build negotiation into the initial offer there. And successful syndicators typically are doing those kinds of things. And, you know, that just illustrates the complexity of commercial real estate and why it is that there's advantages to being an LP over being the general partner there. You had mentioned the opportunities between equity investing and debt investing. Could you just real briefly explain what the difference is between an equity investor and a debt investor?

Yeah, so there's typically 3 levels of financing in a deal, or in the capital stack as we call it. So at the very top, which is the most secured, is going to be your debt investors. Typically, this is a bank, or if we decide not to go to a bank, we'll go to investors for this piece as well. These people, they have a set return. So it is just like a mortgage. If my interest rate is, call it 12% to my investors, I'm going to pay 12% and that is going to come out every month or every quarter depending on the financing docs. But they don't get to participate in the upside of the asset and they also don't get to participate in the depreciation that real estate allows. So debt is an interesting tool. Let's say if you are someone that is very worried about cash flow, let's say you're retired and you're living off of the returns from your investments per month to spend at the grocery store or what have you, that may be a good option for you because there's less risk than being an equity investor. You are secured by the assets. If anything goes wrong, the asset can be sold and you are the first one to get paid. Now, one step below, or I guess I'll go— we'll skip over preferred equity and we'll go to equities because then I'll be able to describe the middle piece there. Equity investors, it's the opposite. So you are not secured by the property. You are secured by ownership shares in the LLC. Typically, equity investors are the last ones to get paid, but they get unlimited upside. So they have the ability to 2x or 3x their returns Whereas a debt investor may only be able to get 8% a year or 12% a year on their returns. So much difference, a lot of difference in that piece. Now, there is also a— with that equity investor, you do get the participation of the downside for paper losses, the bonus depreciation from cost segregation. You get the net operating losses. Let's say you're doing a ground-up development in the first 2, 3 years it takes to stay or to to fill up that asset. You're going to have more expenses than you are going to have income. So you get to write those off on your K-1s, but you have downside risk where you can lose all of your investment if, let's say, the asset gets sold and the, the bank— there's only enough money to pay off the lender, the bank, then there's nothing you can really do. And that's the risk that comes with that type of return. So risk-adjusted return, right? Now, there is a piece in between the lender and the equity investor, which is called preferred equity. So typically the preferred equity, it looks like debt. It has a little bit of upside participation, and it is more secure than the equity, but less secure than the debt itself. Now, preferred equity can be structured in many ways. Typically, we see it as filling that kind of gap when, let's say, A syndicator wants to get to 80% leverage, but the bank's only going to allow them to get to 65%. They can use that pref equity to get up to that 80% leverage. And now let's say they're paying, you know, 12% to 16%. Potentially there is some participation on the upside of anywhere between 2% to 5% of the net proceeds from sale. And they are in a more secured position than the equity investors, but their upside is capped compared to the equity investors. But they get a little bit more than, let's say, the, the lenders at the top of the capital stack.

Yeah. Well, thanks for explaining that. Let's talk about big box retail space and converting that to self-storage. I suppose that's something that's been going on forever, but it really didn't become a thing really until the last several years here. So Tell us about that and some of the projects you've done in conjunction with that.

Yeah. So, you know, the COVID pandemic was one that really changed the game when it came to commercial real estate. There were some winners, there were some losers. So the typical losers were retail because you couldn't leave the house to go shopping indoors, multifamily because there was government intervention Or habitation-based real estate in general, because there was government intervention that said, hey, there's a moratorium on evictions. You're not allowed to evict any tenants. It doesn't matter how many months they are in arrears, which signaled, even though the government didn't tell tenants they didn't have to pay their rent, that basically signaled to tenants that they didn't have to pay their rent. But they never went to the investors and said, hey, you don't have to pay your mortgage or you don't have to pay your property taxes. They still wanted that. but your tenants didn't have to pay, which makes it very difficult to run a business.

Right.

And then there were some winners, you know, medical office, hospitals, industrial, because of the demand from online shipping, buying on Amazon and what have you. And then self-storage because people had to, you know, bring their offices back home, bring— basically create a schoolroom in their house as well if they had kids. And all that furniture they didn't want to throw away or give away, so they put it into self-storage. So during that time, we saw a lot of, um, a lot of big box retail like your Sears buildings, your Kohl's, Kmart, uh, Circuit Cities, these types of buildings. They were now being put up for sale at basically the price to lease them. So, you know, They were originally asking for anywhere between $4 to $10 a foot for rent, and now we could buy them for $10 to $15 a foot for rent. So now this opened up an opportunity for self-storage because retail is in the exact locations and demographics that we want to be in for self-storage. They're on main corridors, right, with very high vehicle counts, very high visibility. They're surrounded by dense residential because they want people to come and shop, usually very nearby. And they're also co-located typically with high-demand drivers like grocery stores and fast food and these types of things. I always joke that the best place to build a self-storage facility is one where you can see Walmart and smell McDonald's, because those 2 companies know very well how to buy locations. McDonald's is one of the largest owners of real estate in the world, and they always will uppay for the best location on the block, in the city, in the neighborhood. So if I could be co-located with those guys and they're bringing in 80,000 cars a day, those 80,000 cars are getting eyes on me and on my self-storage facility. And self-storage is one of those things where you never really think about it until you need it. And then when you need it, you start noticing it all over your drive to work and your drive back home. So it's usually the people that see it are the ones that they're going to use.

Yeah.

So during that time, you know, self-storage, our rents year over year grew by 80%, which was astronomical, and it wasn't normal. But that's just because there were so many people that had to basically create room in their, in their home to become a school and an office.

Yeah.

So one of the nice things about building self-storage in these big box retail stores is you're already walled in. The envelope is already done. So when that envelope is done, that means that our time for construction drops by 30 to 40% because the structure is already up. It means that our cost of construction drops by 30%, 30 to 40% because we don't have to pay for all that steel. We don't have to pay for all that concrete. And during the pandemic, we had this crazy fluctuation in input prices because of the breakdown in shipping and the breakdown basically in global trade. So it was one of those things that we had to pivot quickly. And when we did, it allowed us to execute the plan. The most recent one that we did was a 110,000-square-foot Sears building that we had purchased.

Wow.

At the time, we were able to get it for $9 a foot. Today, not likely, but at the time we were. And then we were able to turn that Sears building into an 87,000-square-foot Class A climate-controlled self-storage facility at a cost that today would have cost maybe an extra 50% to do.

Yeah. And that just illustrates your ability as a business owner, entrepreneur, to be able to, to pivot and to be flexible and take advantage of the opportunities where the opportunities lie. Well, Fernando, I've got one more question, but before going to that, tell us about SSSE and how it is that we can get in touch with you and take advantage of the offerings.

Yeah, so we've done over $250 million worth of self-storage, 55 facilities across 24 states. We've never lost investor capital. We've never had to do a capital call. And every time we've exited a deal, it's been higher than the projected return. So we're very proud to say that. Now, you know, obviously legal disclaimer, past performance is not indicative of future performance. You know, consult your advisors. But I think we're a pretty good bet. Easiest way to get a hold of us depends on if you're an active or a passive style communicator. If you're an active communicator, literally just give me a call on my cell phone. It's area code 630-408-8090. If you're more of a passive-style communicator or you want to check us out and see a little bit more about our history and where we have our assets, go to our website, which is ssse.com, and there is a link there to become an investor or just a contact link if you just want to get in contact with one of us.

And we'll have all that information in our show notes. So our last question is, can you just give us an outlook on self-storage as an industry for 2025, 2026 here?

Yeah. So like I had said before, we had that crazy run-up in rents and occupancy during the COVID pandemic, never before seen, 80% year over year. We went from an average of roughly 85% occupancy as an industry up to like 94%. Now, the problem with some syndicators that were getting into the asset class during that time is they underwrote those types of returns continuing, and those types of syndicators are now in a lot of trouble.

Mm-hmm.

So what we're seeing, which is very normal, is a pullback in rents and a pullback in occupancy. The latest data, which was Q3 of last year, that came out from many of the different research firms showed that we are finally at the cusp. Based on Q3 of last year, we hit that cusp of rents and occupancy coming down and now starting to see it come back up. So we're seeing this again also in our portfolios. We're starting to see rents creep up again. We're starting to see occupancy creep up again. Typically, when you look at the last 40 years or so, self-storage runs in roughly 10-year cycles, and we are now exiting the trough of that 10-year cycle. So I see another, you know, 8, 9 years of really good growth until another black swan event occurs. We don't know what that will be. But just for example, if you look at— if you had $100,000 to invest in 1994, If you put that money into the S&P 500, that would have returned $1.5 million by 2021. If you put that $100,000 into self-storage, it would have returned over $10 million. So an average annual return of 18.8% versus 10.8% in the stock market. And that is a huge change in, in values. But then also you look at the downside risk mitigation when you look at, let's say, our last 2 major crises, which was You know, the COVID pandemic and the Great Financial Crisis. During the Great Financial Crisis, the S&P 500 dropped 22%. And if you were on the cusp of retiring, that really hurt. If you look at—

Yeah, it took 6 years to recover that. So yes, it was a big loss for those on the cusp of retirement. And even if they weren't on the cusp of retirement, 6 years of those kind of losses is Hard to absorb.

It's hard to swallow. And then when you look at, you know, COVID, same thing. If you were involved in any type of those industries that I mentioned before that were like the losers, the retail, the multifamily, just for example, during the COVID pandemic, there was a study by Trepp, which is a commercial mortgage-backed securities research firm, that said of the 1,700 CMBS loans that were out in the first 3 quarters of the pandemic, only 3 of those were delinquent. In the self-storage category, that's a 0.17% delinquency rate. If you looked at multifamily at that same time, it was defaulting 1,800% higher, 18 times the default rate of self-storage. So one of these things to, you know, keep in mind, it's a risk-adjusted return. I think it is very good not to, you know, put all your money into one strategy, but I think it's a very good diversifying tool against let's say the S&P 500 against, you know, multifamily or even your own, your W-2 employment. Let's say you're in an industry that can be affected by one of these black swan events. You know, I knew a lot of people that lost their jobs during, you know, the COVID pandemic as well as the great financial crisis. And it was really tough to get a new job after you had a hole of, you know, 1, 2, 3 years on your resume. It's a really tough job market out there.

Yeah, I was 57 in 2008 and lost my job and a significant portion of my portfolio. It was a tough time. So yeah, I know about those things. So, uh, yes, well, uh, Fernando, delightful to have you with us. Your knowledge and expertise shines through brightly. Uh, thanks so much for being with us. Enlightened Investors, thank you for being with us. I know you've enjoyed today's show and And so please take a moment to like, share, and subscribe, and take one more step and please leave us a rating and a review on your favorite podcast app. Until next time, live abundantly, and we'll see you in the next episode.

Thank you for tuning in to Streams to Impact, brought to you by Steedtalker Capital, a company empowering passionate professionals like you to develop multiple streams of passive income built on solid passive real estate investments. As a significant part of our endeavors to make a cosmic and meaningful impact for this world, Steed Talker Capital contributes significant portions of our profits to activities and organizations committed to better understanding the equine. These endeavors attempt to enhance the treatment of horses worldwide. Steed Talker Capital, working for a world where all creatures great small flourish abundantly. If you are ready to learn how our passive investors have earned an average 33% annual return on their investments, schedule your complimentary Passive Income to Prideful Impact consultation. Obviously, we cannot continue indefinitely to offer these valuable consultations for free, so grab your Passive Income to Prideful Impact consultation while you still can. Go to steedtalker.com/passive.