Frank Scappaticci is Partner at Gray Line Investments, a veteran-owned and operated firm focusing on self-storage facilities, multifamily, and single-family investments. In this episode, Frank discusses creative ways to find and finance deals in self-storage, what an ideal loan is for a facility, and what he’s looking for in his next property.
Frank Scappaticci | Real Estate Background
- Partner at Gray Line Investments
- 9 self-storage facilities
- Small portfolio of single-family rentals
- Based in: New York City
- Say hi to him at:
- Best Ever Book: 6 Types of Working Geniuses by Patrick Lencioni
- Greatest Lesson: A great business can succeed without a massive amount of arbitrage.
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Ash Patel: Hello, Best Ever listeners. Welcome to the best real estate investing advice ever show. I'm Ash Patel and I'm with today's guest, Frank Scappaticci. Frank is joining us from New York City. He is a partner specializing in operations at Grayline Investments. They find, fund and finish great deals; they manage their own self storage facilities, and Frank's portfolio consists of nine self storage facilities across the Sunbelt and Midwest, and also owns a small portfolio of single family rentals. Frank, thank you for joining us, and how are you today?
Frank Scappaticci: I'm doing good, man. Happy to be here. Excited.
Ash Patel: Awesome. Frank, before we get started, can you give the Best Ever listeners a little bit more about your background and what you're focused on now?
Frank Scappaticci: Yeah, I'll give a background. I'm a 35-year-old dad and husband, I live just outside of New York City. You mentioned the self storage stuff, but previous to that, I was an Army soldier. I was in the Army for five years, deployed twice, got out, worked in financial services in New York City, like a lot of other people, and I hated it. I did it for like five years, started buying rentals on the side, little side hustle type thing. Then got into direct seller marketing, bought some houses, sold some houses, and then eventually parlayed it into storage. That took about five years of time total. So that's my quick down and dirty story.
Ash Patel: Frank, a lot of people in the finance industry don't dabble in real estate. How did you get wind of getting involved in real estate?
Frank Scappaticci: In the veteran community, it's really common to buy houses. Typically what you'll see is soldier gets stationed somewhere in United States, let's say it's Lawton, Oklahoma, where I was stationed, Fort Sill, and you can get a VA loan. VA loans are great loans; you can do zero money down in some cases, maybe some closing costs you've got to cover... But it's generally really high leverage, but cheap debt. So you see a lot of vets buy houses. I used the VA loan to buy my primary residence. This was after I got out of the Army, but I still used it, and I got a great deal on my primary residence. And I was like, "Man, this is kind of cool." Then a year later I bought a single-family rental, then bought a duplex, and then it kind of took off from there.
You are correct, a lot of Wall Street people keep it in stocks and keep it pretty vanilla. It's also because they're busy, and the real estate takes time; despite what people say about passive income, it's not passive. So I think that's probably the biggest barrier is - they're busy, they work a lot hours, and it's time.
Ash Patel: At one point in doing your single families and duplexes did you realize self storage is a better route?
Frank Scappaticci: Well, we scaled up pretty quick. So we had a really interesting beginning to our business. My business partner, John Plumstead, he called me in February or January of 2020, and he's like "I own some small multifamily, you own a couple rentals... Do you want to start working together, put some of our cash together and buy some other stuff?" I'm like, "Okay, cool." And there's no deals on market, couldn't find anything; people say call agents, but in our case we couldn't get an agent to find us a deal, so we started investing in direct to seller marketing. We started with text, did cold calling, we did PPC, and at the beginning of COVID there was actually a small window of time, three to six months where there was distress; all of a sudden, beginner's luck. We put a couple campaigns out there and we had like five houses locked up in the first 45 days. We're like, "Well, we can't afford to buy these ourselves." So then we started wholesaling them; then we learned we can get hard money loans, and we started flipping houses. And this sounds crazy, but I think between 2020 and 2021 we bought and brokered 200 homes; started from scratch. We were spending 40 grand a month on our marketing after six months of starting, so we over-aggressively scaled... But what we saw, to answer your question, is marketing costs went up, the environment got more competitive, costs to acquire a home went up... It's also just brain damage. Flipping homes is a stressful way to live; contractors couldn't keep up with the work, everyone's super busy... So we decided let's move into commercial; it's a more efficient way to deploy capital, better way to live day to day. I'm 35, I'm not 22. I've got kids and I can't live like that, and we just pivoted into storage.
Ash Patel: What was it about storage that attracted you?
Frank Scappaticci: Storage is like a small business that sits on top of real estate to me. Tenants don't live inside the units. And that does give a little bit of insulation from rent control regulation. If they start doing rent control in a city that we're in, they're probably going to do multifamily before storage. I don't know why they would even do that. So that's one reason. Another reason is, especially back when we started, there was a lot of opportunity for rent growth. Storage is a very fragmented asset class. Most of the facilities in the United States are owned by what we say a mom and pop investors; people like me and you, bar owners, they might own a small business in the town and they eventually just say, "I'm gonna build a storage facility" and they own it. The biggest REIT Public Storage only owns 10% of the market. So it's fragmented. So what happens then is you end up with a lot of operators that are not professionally managing the facility; let's say a 10 by 10 unit should be $100 a month. There's people out there two years ago that were charging $60 a month. So you show up, you do some CapEx, you improve the facility, you improve the security, and there's a lot opportunity for rent growth. Our first deal, month one, the rents were 13 grand a month, and by month six they were 23 grand a month. So that's a big arbitrage opportunity.
Ash Patel: And you take that $10,000 increase, multiply it by 12, divide it by 0.08, 8 cap, and you've got a million and a half in additional value.
Frank Scappaticci: Yes. Well, they used to trade at nine caps 10 years ago. Storage now, even if it's in Oklahoma, it's trading at like a six and a half, or a six. Cap rates have compressed a lot. That deal - we're holding the rest of our stuff, but we sold that one for significantly more than we bought it for.
Ash Patel: Why not sell now, since cap rates are compressed, rates are going up? Why not sell? Everybody's chasing self storage. Secret's out.
Frank Scappaticci: Well, part of it is we're still turning around a lot of our portfolio. We currently own 8 facilities, we're closing on another facility Monday of next week, and some of them are just at varying stages of the value-add or turnaround phase. Sometimes you take over a facility, and 40% of the tenants aren't paying. So there's a process you have to go through to remedy that; instead of evictions like multifamily might have, we run auctions. So you have to get the non-paying tenants out, you've gotta get the rents to the right place, you have to stand up all your marketing to bring customers in, you start to understand the market better as you own it, you adjust your pricing to get the best optimize for revenue... That could take anywhere from six months to 18 months, and in a really big facility I've seen people say it takes up to two years. So we're not ready to disposition them yet. And the markets a little softer than it was six months ago, so I think you're gonna see a lot of people not sell right now.
Ash Patel: Does that mean you're gonna hold inevitably until the tide changes?
Frank Scappaticci: I think so. I think a lot of them will want to refinance, and the refinance market is pretty thin right now. We're looking at a six to a six and a half percent interest rate to refi the type of storage we have in tertiary markets. I think if you look at the data, Wall Street's betting that rates will start coming down sometime at the end of this year, or the first half of next year. So I think there's relatively a smart bet that rates will come down at that point. So that gets a vote, too.
Ash Patel: So Frank, I've gotta tell you - it's only real estate people and finance people that think rates are coming down at the end of this year. The broad market doesn't believe that. We want to believe that. So if that doesn't happen, are you okay holding these assets for a long time?
Frank Scappaticci: We are. Luckily, we've fixed our debt. So we didn't take on any type of bridge loans, or variable rate. All of our debt's fixed, and our earliest balloon payment, meaning when the loan is due, is in 2027. So we're in a pretty good position to hold the assets. Our entire leverage in our portfolio is about 60% loan to value, so I don't really consider us over-leveraged either... And our properties are cash flowing, so I feel good about our position. I do think though that there will be a significant number of operators that did not fix their debt, the interest rates moving from 3.75%, 4%, that'll jump up to six and a half, and maybe worst case, seven, and that -- plus insurance costs are going up right now in our space... That could really put a lot of stress on a deal, so I think there will be people that end up in a tough spot, but I do feel fortunate that I don't feel like we're one of them.
Ash Patel: So worst case on interest rates is 7%.
Frank Scappaticci: Who knows? In the '70s it went up to 17%. Seller finance was everything, because you couldn't do deals otherwise. So I don't know. But I wouldn't bet on 17%, but anything's possible.
Ash Patel: Yeah. Frank, what's a typical loan look like for self storage?
Frank Scappaticci: Typical loan - most people that do what we do, like the value-add storage space, if you're buying an existing asset, they're probably 50% to 65% leveraged. A year ago when rates were low, probably some people got up to 70% to 75%. But I think most people stop there. And we're closing on a loan right now and it's 6.5% interest, 25 year amortization. And a lot of times you can get interest-only for the first year; a lot of people do that, because sometimes you're taking over a facility that needs a lot of work, and it's nice to have extra cash flow the first year. But generally, that's what the terms look like.
Ash Patel: And what are you putting down on that?
Frank Scappaticci: This deal we're putting 40% down, but people are generally putting 25% to 50% down, somewhere in that range.
Ash Patel: Interesting. And what are your expectations for cash on cash returns on deals?
Frank Scappaticci: It's tough right now, with rates as high as they are. Right now most of our deals, stabilized, they're going to be between 7 and a 10. We have one deal that's up to 12; that one's doing really, really good. We have other deals that take longer to stabilize, and they're probably at the beginning of three to a four. So there is a range, because we're turning them around, but generally, we're looking for at least 7% cash on cash once it's stabilized.
Ash Patel: And back in the day, what was it?
Frank Scappaticci: I had Nick Huber on our podcast yesterday; he's much further ahead in his journey than we are. He owns a lot of storage. And when he first started this business, his cash on cash returns were 15 to 20. That just shows how much storage has changed just in the last three to four, maybe five years. I think that's very hard to find right now.
Ash Patel: Why not pivot? So we do office, industrial, retail, medical, land, and we don't touch deals under 15%. And if they're under 15%, there better be a huge value-add. So why not pivot into a different asset class?
Frank Scappaticci: Well, that's a good question. I think 15% cash on cash is really good. And how are you finding those, if you don't mind me asking?
Ash Patel: So honestly, our benchmark is 20%, right? But if we come down to 15%, there better be a huge value-add component. We look for mismarketed or mismanaged deals. So we've had commercial brokers who don't do a good job marketing. We have residential realtors who list commercial properties on the residential MLS. If you see a For Lease sign on an office building or a strip mall, call them up and say you're interested in buying the building. Just get the word out that you are the person that anybody that has a non residential commercial deal should go to.
Frank Scappaticci: Well, that's really good. To answer your question, we are the property management company as well. We self-manage our properties. If you pick up the phone and call a gray line storage at any of our locations, one of our team members are going to answer the phone; they work directly for the company. So we exert control over our assets, which is a good reason to maintain focus, in my opinion. We are the operators, and that is part of the draw for investors that do invest with us. Also, the returns are good. Based on where cap rates are now and our recent sale, our deal that we just exited had a 93% overall return to our investors in 15 months. That's a good deal. We're not flippers anymore, but if we have exert control over assets that deliver that return, I'm [unintelligible 00:12:48.24] business. So I feel really, really good about where we're at. I think office and storage cap rates are at different places right now, so comparing the cash on cash I think is a little bit of an incomplete picture... But on the retail side, if you're getting 20% that's really really good. That's amazing.
Ash Patel: So retail right now, CBRE just released a metric... Since they started recording this metric, retail vacancy is the lowest it's ever been, 6%, since 2005. So you've already pivoted a couple times... I'm just trying to play devil's advocate and see if you can continue to pivot into different asset classes.
Frank Scappaticci: We have talked about adding contractor garages to our portfolio. There's a lot of synergy between what we do for self-storage and what you do for contractor garages from a management perspective, just from leasing, a little bit shorter-term... It kind of also is a small business sitting on top of real estate; instead of someone moving, it's a contractor, and the yields are pretty similar, but I think there's a little bit more of a spread right now in contractor garages than storage; storage is very competitive. So we have talked about that, but we haven't done a deal yet. So if you ask me in a year, I think my answer might be a little bit different, but we are talking through that.
Ash Patel: I would start looking. We call those flexspaces. Anywhere from typically 1000 square feet to 3000 square feet; the ideal range is 1500 to 2200 square feet. Your HVAC, plumbing company, the landscaping company - they just need indoor storage, right? Keep their fans, or equipment, whatever it is secured; electricians... And those are very easy to rent. The benefit is you can often get five year leases on those. Right? So you have stability, minimal overhead, you're not managing month to month or year over year leases... What about outdoor storage?
Frank Scappaticci: Like RV, boat type stuff?
Ash Patel: Actually, no; outdoor contractor storage. It's supposed to be one of the fastest growing asset classes out there, where you basically have a dynamic property where you can move fences around. So if you have the land and you have the proper zoning, you can accommodate fenced-in areas of different sizes to contractors... Where their outdoor HVAC units that are going to live outdoors for their useful life - why not store them out there, instead of indoors? Have you thought about that?
Frank Scappaticci: I have not. We've looked at the indoor stuff, but I've not looked at the outdoor stuff at all. Although I do look at some properties that have a little bit of both. I got some stuff sitting outside. So I get it, but we have not looked at it exclusively.
The thing that does scare me though - it's about land. Where it's really easy to build something, supply and demand becomes risky to me... Because it's pretty cheap to build outdoor storage. That's what scares me about RV and boats. Let's say you buy it at a 10 cap, and you get what looks like a great deal. But the land across the street is selling for $50,000. Your moats, or your separation from the next competitor is pretty narrow. So not having a physical structure does scare me for that reason, because it's easy to replicate.
Ash Patel: Yeah, I agree with that strategy; if it's easily replicatable, stay away from it. Or build it. So instead of buying outdoor storage, build it. We interviewed this gentleman named Chris Long; his company is Long Yard Storage, and that's all he does, is outdoor storage. It's the craziest thing ever. Look into that if you get a chance. But what's a hard lesson that you learned in this industry?
Frank Scappaticci: Commercial real estate, which is a lot different than flipping - it's making money in the short-term. I think if you look at social media, and you read all the books, I think there's a perception that it's easy to make money in the short term, and I think in commercial real estate, if you're not overcharging your investors, it is actually not easy to make money in the short term. Because to maximize the value of a larger asset or a commercial asset, generally hold times have to go up; it's not six months, it's two years, three years, four years, five years... For some people it's 10 years.
So getting liquid enough, or having the confidence to take the leap to get into this business is a significant challenge. And I think you don't have a lot of money, or you haven't saved some money, I think most people should probably partner before signing for debt. That's like 2 million bucks, 3 million bucks or upwards. So I think it's important for people to know that; it's not easy to make money in the short term with commercial real estate. It's not like wholesaling, or flipping houses; it takes a little bit of time.
Ash Patel: Tell me more about what you mean about overcharging your investors.
Frank Scappaticci: Well in syndications or commercial real estate, how we run it, there's generally fees involved; and the fees vary wildly. I've seen deals where the acquisition fee is north of 5%. I've even seen one deal that was 10%. So imagine you're an investor, you're paying the syndicator or the sponsor 5% to 10% of the purchase price at closing. So there's no risk for them, that's money that they get. Standard in our space is 1.5% to 2.5%. That's what I mostly see in the storage space. There's also assets under management fees... That's a quarterly or yearly fee that goes to the sponsor. We have not been charging those, but I think we will start charging AUM fees at 1%, which is the market, just to keep our overhead supported. And sometimes there's a disposition fee, which is refi, or sale - there's a fee. There could be a million other ones in there that people sneak in, but those are the main fees... And that's how sponsors typically float their business in situations where they can't sell or refinance the property, like a recession. Like, that's what keeps them going. So I think they serve a really good purpose, but there's a fine line between charging fees that support your employees, and charging fees that remove your risk from the deal and make you rich at the investor's expense. There is a line that you can cross, and I think if you're an investor, if you see 3% or higher in any of those fees, you're probably above market, and I think that's a good benchmark for them. If you get 3% that's pretty high.
Ash Patel: I'm glad you brought this up. And another fine line is people that continue to do deals just to get the fee income. Maybe they're doing deals that they otherwise wouldn't have, but they've gotta keep that machine fed; gotta keep their income coming in. And again, I'm really glad you brought this up... Joe Fairless, when I started raising capital for deals, he's like "You should charge fees." And I'm like "Your [unintelligible 00:20:12.04] why are you telling me to charge fees?" I wanted to be a hero and separate myself from the crowd and not charge any fees... And that was idiotic, that was stupid. And I think the mentality is, you have to realize that you're doing your investors a favor by letting them into these deals, because they often don't have another way to grow money with the risk adversity and the double digit returns that they do in your deals, right? So the fees are well-deserved. And I'm glad you talked about that.
Frank Scappaticci: Well, if you want your sponsor, the person managing your money, to be able to make good decisions on when to sell or refinance an asset, they can't feel like they have a gun to their proverbial head. And most of the sponsors are capitalized well enough that that's not what's happening, but human nature is human nature. If someone's not getting paid for a whole year, they're going to try to get paid. So that's what the fees are for. I think it protects the money, and it protects the investment.
Ash Patel: Or they may not devote as much attention to that deal.
Frank Scappaticci: Right. The last thing you want is the sponsor to get a W-2 job. Are they going to do a good job managing it if they work at Salesforce? No. So you want them to stay employed.
Ash Patel: Frank, what are some creative ways you've found deals?
Frank Scappaticci: Oh, man... In the history of our company a lot of it is direct seller marketing, some of it is word of mouth. We've done seller finance deals that were principal-only. We've structured deals in a lot of different ways. I don't know if we've found a deal in like a really crazy, interesting way. In the off market space it's mostly been cold call and text. And obviously, some broker deals too, on the storage side. Brokers dominate commercial real estate; you can get off market deals, but you're gonna eventually run into a broker.
So I think we're more creative in terms of putting deals together than we are going [unintelligible 00:21:57.02] shut off list or going to the County Court steps. You know what I mean? Like, we're probably better, because we're geographically dispersed, at structuring deals than we are at finding them in crazy ways.
Ash Patel: In terms of financing, are sellers typically open to holding back part of the note?
Frank Scappaticci: Nine months ago, no. I think in order for sellers last year to entertain seller finance, most of them needed some form of distress. Either the facility is doing really bad, or the property's doing really poorly, they're tapped out, and it's hard for them to find a good buyer. Now, with rates coming up and buyers not willing to pay sellers prices, spreads are getting pretty big, we are definitely seeing it more.
We're negotiating a deal right now in Florida where the seller is trying to decide between our conventional offer or a bank financed offer, and a seller financed offer, and there is a difference in price, because the interest rate we're going to pay with the bank is going to be higher than the one we offered on seller financing. So there is a delta there, and he's thinking about it. So small sample, because we don't have a million square feet yet, but I'm definitely am seeing sellers more open to it than they were.
Ash Patel: And you provided both options for them to choose?
Frank Scappaticci: Yes.
Ash Patel: Awesome.
Frank Scappaticci: All of our awesome letters of intent now - this is a new SOP for us; have a conventional offer on it, and they have a seller finance offer on it. Sometimes we will have three - cash, conventional, with the bank, and seller finance. You pick. And generally with seller finance, we tell them right off the bat, you can pick two terms to win on, price or rate, and then we'll pick one or two, and there's got to be a give and a take. You can't get all three or four terms. You can't get balloon length, you can't get interest rate and price. We've got to win on something, and that's kind of how we kick off those negotiations.
Ash Patel: I love that approach. If you were to give a broker your buy box, what does that look like? What markets, what size?
Frank Scappaticci: Right now we're buying storage facilities between two and $5 million in the Sunbelt, that have a value-add component to them. We also are telling brokers that there's room for expansion. That's something we're interested in. We're not developers, but we can add square footage to an existing facility. So that's something we're looking for. And when I say Sunbelt, where do we actually want to buy? Florida, Georgia... We do have property in Texas. We like Texas, too. So we like those states a lot. We do have a property in Missouri that fell in our lap, that was out of our buy box, but it was a great opportunity. But that's what I would tell them.
Ash Patel: Frank, I'm assuming you remotely manage a number of these properties. Is there anything that would cause fear in taking a property down, that's going to require remote management?
Frank Scappaticci: I think the remote management piece - you can do a lot of things really well from afar. You can set the pricing really well, you can understand your market rates now with technology... We use a tool called Radius Plus, that spits out market pricing in your zip code. It will tell you "This is what a 10 by 10 non-climate control unit has rented for last month." So you can get good data. You can run the ops in the call center really well. The fragility of the remote model is the facility manager that does have to go on site 10 to 20 hours a week. Someone has to go to the facility that can clean it up, make sure the cameras are working... When a tenant gets locked out on accident, they cut locks, they run the auctions... That is a challenge for remote management, because you're hiring labor that somewhere between $15 to $20 an hour, and I think in the entire United States that labor market is extremely difficult for business owners. So I think that is a challenge. But ways we've overcome that - we make video interviews. So someone's got to do a one-minute video before we look at their resume, and we're finding ways to screen people a little bit better. But I think that is an inherent, fragile part of the business model. I think anyone who tells you otherwise is not being completely honest about their storage business. That is one of the operational challenges of the remote model.
Ash Patel: That is a great tip. If somebody's going to take the time to create that video, they obviously want that job, for whatever reason. A great way to weed people out. That's brilliant.
Frank Scappaticci: We'll get hundreds of responses, so you've gotta have a way to filter it out, because the resumes look the same. So it's a way to differentiate, for sure.
Ash Patel: Yeah. Thanks for sharing that. That's awesome. What is your best real estate investing advice ever?
Frank Scappaticci: Best advice ever... For commercial, don't get over-leveraged, don't run out of money, and be patient. I know that's really boring, but that honestly is the answer. We used to live a high leverage lifestyle in single family; stressful way to live. Hard money loans, balloon payments, all that stuff... Find a way to get to a place where you don't have to hustle every day of the week; you can get to a place where you can chill a little bit more. I'm not chilling yet, but it's more chill than what I was doing... So try to get to that place.
Ash Patel: Yeah, and you'll find people that love what they do; they will never chill. You sound like a deal junkie like the rest of us. You just want to take deals down and keep moving forward. So I don't think chill is going to happen for quite a while.
Frank Scappaticci: No. We're in the best business in the world. I joke around all the time, the risk we take on a deal basis compared to other asset classes... There's syndicators that have been doing 30 years of business, and they've never lost an LP's money. That's absurd. What other asset class do you hear stories like that? We are in a great risk-adjusted return business. It's amazing.
Ash Patel: Yeah. And you said it very well. We're in the most efficient way to grow money that I know how; that's risk averse. Yeah. Awesome. Frank, are you ready for the Best Ever lightning round?
Frank Scappaticci: Yes, let's do it.
Ash Patel: Alright, Frank, what's the Best Ever book you've recently read?
Frank Scappaticci: Oh... You know what - my wife gave me this... "The six types of working geniuses." I just finished this. And the goal of the book is to understand which areas of competency there are, what areas give you energy... I like to do sales stuff. That gives me energy. And what stuff drains you... And I actually was surprised by my results, and I'm trying to shape my day around the book. So I think it's a good read.
Ash Patel: What drains you?
Frank Scappaticci: I used to think I was a motivational person, captain of the football team... But galvanizing people after I took this test came up as something that taxes me... Which surprised me, but it made sense. I get a little chippy if I'm forced to carry that weight too much. So it probably doesn't sound very good. That makes me sound kinda like a jerk. But that's what the book said.
Ash Patel: No, I get it. Awesome. Frank, what's the Best Ever way you like to give back?
Frank Scappaticci: That's a good question. I've tried a lot of different things locally, to try to give back, and I'm still finding it. And one thing I'm passionate about is, I want my kids to take risks. I want my kids to be not scared to have a business; even if they're like 18 years old. I want them to go out there and do stuff. So I'm kind of passionate about how do we encourage our youth to take more risk. So I flirted with the idea of giving a grant or just raising money for a young kid in my town [unintelligible 00:28:45.20] small business. I haven't gotten traction on it yet, but it's something I am working on. So more to follow.
Ash Patel: Take the lemonade stand, franchise it out to four locations, and you'll fund it.
Frank Scappaticci: It's not going to be a lemonade stand. But I think a 15-year-old with YouTube could do more damage than people think. There's a 15 year old in our town that can run a shop on our main street better than the current owner. I believe that, and I want to push that idea forward.
Ash Patel: Or start a marketing company, right? Marketing consulting company. Yeah, great idea.
Frank Scappaticci: Sure.
Ash Patel: Frank, how can the Best Ever listeners reach out to you?
Frank Scappaticci: A couple of different ways. I'm most active on Twitter and LinkedIn. My name is Frank Scappaticci. You'll find me on LinkedIn if you type it in it, I'm the only one. And then on Twitter my handle is @frankscap. Our website is graylineinvestments.com, and you can sign up for access to our newsletter and deals there.
Ash Patel: Frank, thank you for your time. Thank you for your service in the Army, for all your sacrifices. You're a master of pivoting, whether you know that or not. Army, financial services, single family homes, self storage... You've got a great track record, a great outlook. Thank you for sharing that with us today.
Frank Scappaticci: That's awesome. I appreciate that, man. Thank you.
Ash Patel: Yeah. Awesome. Best Ever listeners, thank you so much for joining us. If you enjoyed this episode, please leave us a five star review, share it as podcasts with someone you think can benefit from it. Also, follow, subscribe and have a Best Ever day.
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