April 9, 2022

JF2776: 7 Things Experienced LPs Look for in a GP ft. Bryan Miller


L.A.-based musical composer Bryan Miller knew he needed a retirement plan, so naturally, he started buying and investing in real estate as both a GP and LP. He was so successful that he now co-owns Capital Stack Investments while still working as a composer for TV and film. After sharing how he got into development and how he develops build-to-rent deals in LA, Bryan took some time to explain in detail what he looks for in potential GPs:


1. They’ve been in the business a long time.

Bryan Miller wants to see track records when evaluating a GP. In fact, he prefers to work with those who have been in business since before the economic downturn in 2008 so he can determine how they handle stress and uncertainty.


2. They produce consistently high returns.

Bryan advises against chasing asset classes that promise high returns. It’s a better bet to seek out an operator that has produced 10%–20% returns consistently over a long period of time. 


3. They’ve been recommended by someone he trusts.

Bryan tries to leverage investment groups and advice from other people to find quality GPs. Ideally, he prefers to know the operator or receive a glowing recommendation from a friend who has had a positive experience with them.


4. They have investors they’ve been with for 5+ years.

Bryan recommends talking to these investors to determine how the GP acts when times are tough and how well they stick to their word.


5. They have deep pockets.

One multifamily deal Bryan was a part of wasn’t doing well, so the principal lent the project $1 million to keep it going. “If you don’t have a partner that has some deep pockets with the ability to weather some storms … then it’s a really tough position,” he says. 


6. They stay out of legal trouble.

With GPs who don’t have a long track record, Bryan examines other aspects of their lives — for example, do they have a lot of litigation in their background between partnerships? Do they have any bankruptcies or divorces? These can be indicators that the GP doesn’t perform well under pressure.  


7. They plan for the worst.

It’s a major red flag when the success of a deal relies on the hope that the market will improve in the future. Bryan sticks to GPs who underwrite conservatively. 


Bryan Miller | Real Estate Background

Greatest lesson: Be ready when opportunity strikes. Timing can be life-changing. I ran into the burning building of real estate in 2009 when everyone else was running out and was scared and made 1000%+ returns.


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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, Bryan Miller. Bryan is joining us from Rancho Mission Viejo, California. He is the co-owner of Capital Stack Investments which curates development projects in the LA area. Bryan is a GP on almost 100 units and an LP in over 15 different deals. He also owns a TV commercial and film composition company that works with all the large studios in Hollywood. Bryan, thank you so much for joining us and how are you today?

Bryan Miller: I'm doing great. Nice to be here.

Ash Patel: It's our pleasure to have you. Bryan, 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?

Bryan Miller: Sure. My background is I've been a composer and still am a composer, writing music for film and TV projects. Out of that, I knew I had to build my own retirement plan. There was nobody funding the 401K except for myself, so out of that I started investing in real estate, buying real estate, and getting into it as a long-term strategy, just to have income in the later years... And then it turned out so well that it's become its own business run.

I've been involved with lots of different things from owning a single-family portfolio, investing in lots of syndications, doing flips with partners, and now doing a lot of development deals where it's basically like a build-to-rent. So how do you acquire assets in this market under value? Well, if you build those assets you can acquire for a six cap, in a market where you could sell for four cap, so that spread is your profit.

Ash Patel: Explain that to me, please.

Bryan Miller: Sure. Basically, it's hard to go to the market and find a bargain now. Everybody wants premium prices in LA. There are buildings selling in the three caps, and maybe even some below that, there are rumors out. It's really hard to make money in the short-term on those deals. People buy those deals, it's a great store of value, they know Los Angeles is a great market, it's going to appreciate over time. So people park money there, they make a little bit of cash flow, but not that much.

But let's take a $10 million building - if you can build that building all-in for 8 million bucks, you just made $2 million. Because now you have a $10 million asset, but it cost you 8 million. What it does cost you is maybe a year or two of tying up your capital until you can complete that building and create a $10 million building for $8 million. So that's how you build your profit. And actually, there's a lot of downside protection in that, because if you went and bought the $10 million building that was just stabilized and the market drops 20%, now you have an $8 million building, and you just lost 2 million bucks. But if you're building it during that time and the market corrects, and it comes down to $8 million, you just built an $8 million asset that's worth 8 million. So there's more downside protection in that than if you just go in the market and really don't have any upside, and you're just hoping that the market is stable and that you can push rents over time.

Ash Patel: So this is a build-to-suit type deal, right?

Bryan Miller: Yes, either build-to-sell or build-to-rent.

Ash Patel: Got it. Okay. So you find the land and then you find the potential tenants, or the other way around?

Bryan Miller: Everything would come from finding the property that you can build on first, then actually building it. We learned a lot in that whole process. The whole plan is be as simple as you can possibly do. We want to go into a buy right situation, which is you have the legal right to build four units or five units on that property, rather than the typical development play, which is an entitlement play, which might say, "Hey, I hope I can build 30 units here and I'm going to take the next three years lobbying the city to get permission to do that."

The main goal is to go as simple as possible, and just go at an asset where you know you have the right to build that, so you don't have to go through that normal entitlement process, so you reduce a lot of the risk of normal development.

Ash Patel: And Bryan, what's a typical tenant? Is it retail, office, industrial?

Bryan Miller: Oh, these would be small multi-families.

Ash Patel: Got it. Okay, interesting.

Bryan Miller: LA has a huge supply demand imbalance. There's very little new stock, there's a lot of old stock. But because we have rent control - it's funny, this is like the unintended consequences, like a politician -- like, if we have rent control, we're going to do good things for a renter. But let's say you have a million units of rental units; well, 80% of those people are never going to move, because they have under-market value rents. They don't want to move to market value rents, so they stay there. So instead of a million units, now you just cut out 80% of market, now you only have a sliver of the availability, a sliver of the supply, so you really restrict supply in that scenario. When you have restricted supply what happens? Prices go up.

Ash Patel: Interesting. Right now, I'm assuming you can build for a lot cheaper than you can buy.

Bryan Miller: Typically, yes; the building would cost you 10 million, but you can build it for eight. So yes, there is a spread there.

Ash Patel: What's the typical return on investment on a deal like this?

Bryan Miller: It really depends, there's a lot of factors. I tend to offer going for as simple as possible, building duplexes, building wood frame construction; all those things are simpler, faster, easier to build. Your more elaborate construction - it's a higher degree and higher bar of inspections, a higher degree of scrutiny by the city, more inspections, more complicated fire sprinklers... All of it is more complicated. The simpler is better, but I would say it depends on how the deal performs. A typical deal would be 15%-25%. There are other partners that I deal with, they make 33% on a project level. That's not net to LPs, but on a project level, they're averaging out that as a typical return.

Ash Patel: And Bryan, you're a lifelong composer; how did you get into development?

Bryan Miller: Well, when I was five years old, I got into development. My dad was a school teacher, and every summer we built a house. From June, July, August, I was out swinging hammer, sweeping floors, driving nails, and basically doing that. Every summer, we built a single-family house, and my dad would make almost as much from that one spec house as he did from his teaching salary. So I kind of got the vision of, "Hey, you build it, and if you create value - a wonderful thing; you've just figured out a great way to create wealth."

Ash Patel: The good old days when you could build a house in one summer.

Bryan Miller: Yeah, exactly. Exactly.

Ash Patel: No supply chain issues.

Bryan Miller: Exactly.

Ash Patel: Very cool. So that was kind of implanted in the back of your mind, that no matter what you do, there's a way that you can supplement your income.

Bryan Miller: Sure. For me, it was really how do I take capital from this business that's doing really well and make sure that it keeps repeating. You don't want to be like the typical guy in the music business, blowing through large amounts of cash and then broke in just a few years. I was like, "How do you take that and develop that?" That was part of that long term strategy of let's take the good years, build it, and put it into assets that are going to continue to produce revenue for forever, until you sell that asset.

Ash Patel: And Bryan, you've got a 37 units subdivision in LA. Can you walk us through that deal?

Bryan Miller: Sure. It was actually kind of three different parcels that we put together; those are called small lot ordinances. People don't typically build condos in LA, because there's a lot of legal risk, because it's really easy to do a class action against the condo builder if there's any problem in the first 10 years; you can get sued. People went away from that, so a small lot is actually they're single-family houses, but they look like townhouses. They look like they're adjoined and almost like a row house but they're actually separate; there's actually six inches of air in between even though you can't see the air. You actually have separate walls, so that makes those single-family houses.

And again, people in LA are paying $3500, $4000, $4500 a month in rent so when you give them the option to purchase that, when interest rates were in a really good stat, you could purchase about that same payment so it made a lot of sense for millennials to go and buy that asset, versus continue to rent.

Ash Patel: You took three parcels and develop 37 units. Are there any amenities or do you not have to offer anything, it's just...?

Bryan Miller: There's really no amenities.

Ash Patel: They're just desperate for housing.

Bryan Miller: The amenities are rooftop decks, garages... But again, we're talking about a millennial buyer; they don't want a yard, they don't want maintenance. The rooftop deck is a great place to go hang out, have friends over, get some fresh air in the evening. But there's no swimming pools or massive infrastructure plays like that.

Ash Patel: What's your role amongst your team?

Bryan Miller: Well, a little bit changed over time. I helped with the capital raising advising the developer, I've stepped in and helped with a lot of project management over the last year and a half, kind of driving the project to the finish line.

Ash Patel: And how do you find time to compose music?

Bryan Miller: That's a good question. It definitely takes some diligence about trying to do time blocking. During this time, I'm going to push on these things. I try to be super organized, try to use Google Sheets, so people can reply without having to have a lengthy phone call; I try to streamline that, and I try to get really efficient in the writing, too. The process of being really disciplined, get your three or four hours of uninterrupted time, bust it, and then jump on to other things, and then come back to that.

Ash Patel: Bryan, you're an LP in over 15 deals - mobile home parks, retail, multifamily self-storage, as well as LP and development deals. How do you look at where to invest your LP funds into?

Bryan Miller: Great question. I guess the easiest answer is you look very carefully about where you want to do that. As I've done this for a while, I've had partners who have just blown it out of the building; have invested 50 grand, and got back to 200 grand two and a half years later. Those are kind of like the home runs. There are other things that have performed at two or three or 8%, so LPs all perform differently.

But if I look about now as to how I evaluate those, I want to look for people that have been in the business a long time, I want to look for long track records, I want to look for if it's possible that they were in business before the 2008 downturn, that's a plus because you see how people handle stress and uncertainty. It's interesting, people - like, LPs that you turn your money over to, it's very interesting... Some personalities when they're cornered, are fighters, they're very creative, they're scrappy, and they'll figure out "Well, if I do this, I switch that, and I leverage this, and I give up this in order to gain that, I'll be able to live and play another day." There are other guys who basically go in the fetal position, suck their thumb, and basically get really stuck.

You don't really know until the tough times come, what your partner is going to really do, and that's the tough thing. So the way you look around that and mitigate that is you look for long track records, you look for a long history, you want to find investors that have been with them for five, seven, 10, 15 years. Because even if a person has success over a five-year period, it doesn't guarantee that they're going to be successful in the next five. It depends on what they do, who else was on the team, when they were successful; did they lose any key members, are they growing too quickly? There are still things, but that long track record of really doing what they say they're going to do and being willing to pony up when the times are tough.

I was just in a multifamily deal in Georgia, it didn't perform super well, and it had some problems. The principal on that deal lent the project a million bucks to keep it going, and he didn't charge interest on it. So if you don't have a partner that has some deep pockets that have the ability to weather some storms, when the storms do come, which they will come, then it's really a tough position. You want to look for people that can have experience in weathering that emotionally, that they can stay in the fight when things get tough, and the phone calls get really tough, and the conversations get tough, but also, that they have some deep pockets they can write a check to help solve problems.

Ash Patel: Great advice on how to evaluate GPs on your deals. If you have a GP that has not been in business before 2008, what's a good way to stress-test them? Because they've only seen positive economies and upticks and everything's been great. How do you stress test somebody like that?

Bryan Miller: It's really a tough question. I don't know that you can, because the thing is, I think we can get freaked out. We've had such tailwinds since 2010. If you bought real estate between 2010 and 2020 and you lost money, something is horribly, horribly wrong. Because the market has been helping you, cap rates have been compressing, and interest rates have been coming down through that period... There's been so many positive things that a lot of people performed super-well; it may not be a reflection of their skills, the market might have helped them out.

And take it wherever you get it but again, but it's tough to look at and say, "How is that person going to perform?" I don't know exactly how to answer that question other than you start to look for other things. Have they been in other businesses? Were they in a different business that happened in 2008? Do they have any bankruptcies? Do they have divorces? Do they have a lot of litigation in their background between partnerships? Any of those things that come up, I've found that history tends to repeat itself. So if a person has problems, or difficulty getting along with others, or is involved with multiple lawsuits, that probably means that's going to happen again in the future. So those should be all serious red flags that you pay attention to.

Ash Patel: Interesting. I love that. Very cool. Bryan, out of all the LP deals that you've done, what has the best returns consistently? Mobile home, retail, multifamily, self-storage, development? How about the top two in order?

Bryan Miller: Oh, that's a great question. I think a lot of this is operator-dependent, not so much asset class-dependent. Because I've done some great deals in multifamily where we did serious value-add on 188 units and it turned out great. So some of those have been my outliers on best performance. I've had some development deals where it's 37% IRR, those are great; so probably those are the top two. But again, asset class does not equate to success. People can get their self-storage buildings repossessed and taken back. It's happened to friends of mine who just had really unfortunate circumstances, like a brand-new class A facility being built right across the street. They had deeper pockets, so they were able to just lower rents, and all the renters from their facility went next door. Overnight, you go from 80% occupancy -- not overnight, but after a couple of months, you can go down to 50% and 40%, and now you can't debt-service. Even a super stable, "Hey, self-storage is great. You can't lose money in self-storage." Yes, you can.

All those are still -- operator and environmental things go into that, so I just want your listeners to not be chasing asset class. I think it's more chasing that operator that has produced 10%-20% returns consistently over a long period of time. That's a much better bet than maybe some guy that got an outlier and hit a home run once, but you're not sure maybe he's going to strike out next time.

Break: [00:17:28] - [00:19:15]

Ash Patel: The GPs that you've invested in, have they all been recommended to you? Or have you ever sought out GPs from doing research?

Bryan Miller: A little bit of both. I've invested very rarely with the GP that I talked about the outsized return on. He was recommended -- I was looking at some multifamily to buy myself in Phoenix, and that broker recommended me to this operator. We had a meeting, we had a long meeting, I pulled the trigger on him, because I liked him, I felt like he was really savvy and he was like a do whatever it takes guy... But it was a bit of a gamble, and I knew it was a bit of a gamble. But mostly, I've tried to leverage investment groups and other advice from other people.

I've invested with Jeremy Rowell, who - many of your listeners will know who he is; I've done a number of syndication deals with him. Again, you want to have the voice of experience and the voice of someone who's been there, who knows to look for things. When I started out, I didn't know a lot of the intricate things to look for, and most people don't. It's really tough when you first start to really know where all the pitfalls are, or even how the difference of "Is this distribution or return of capital that's going to reduce your prep, or is it really just your prep and you're going to keep your same capital account?"

There are so many nuances to this game, so it's really important that you find people that have been in the business for five or 10 years. I have relied heavily on recommendations. The 506 Group is an amazing group of really smart investors who recommend things... They've had experiences, positive or negative, and they're willing to share those. That really speeds up your learning curve.

Ash Patel: Bryan, if you're active on LinkedIn, you probably get hit up with a lot of deals. Do any of those get your attention enough for you to follow through and potentially invest with them?

Bryan Miller: As a general sense, no. I get text messages from people, "Hey, I've got a brand new deal. We've got to invest right now. We've got two weeks." It's sort of off-putting, honestly. Again, I'm looking for that partner that I've either invested with previously, they're doing more deals in the future, again, they've treated me well in the past... It needs like a serious recommendation, because again, even in the best of times that we've had that we've talked about these last 10 years, there are people that have screwed up deals, and have lost investor principal. It's like, "How did you mess that up in the best of times?" But it happens.

So it's really important to look at that track record and the due diligence. I'd be more likely if other friends of mine were in that deal, or I know that operator... Again, this is the trouble. It's like, everybody when you're starting up, hey, they're new, but you don't really know what's going to happen when things get tough. You're taking a real risk if you're going with somebody that you don't have a lot of experience with or they don't have a lot of track record.

There are some other groups that are relatively new, but again, they're building great reputations. People are saying, "Hey, they're delivering, they're doing a great job." You see what they're doing in the marketplace, and it's impressive what they're doing. Those, I would say, I'm warming to those. But if I can find an operator that's been in business longer, that has more of a track record, that's less uncertainty, then I'll choose that as an option.

Ash Patel: How intense is your due diligence of that group?

Bryan Miller: It sort of depends. I would say I'm almost depending more on people that have had that tenure track record with that group; that's more the due diligence. Because, again, every proforma looks good, every proforma's a shiny paper, you know what I mean? Like, you've never seen a bad one that you go, "This looks like crap, I'm definitely not investing in this." They all look good, all the numbers look good. And if you've ever tweaked a proforma, you know that you can achieve the kind of outcome that you want by modifying the assumptions.

So you have to look more into the assumptions. If they're saying, "Well, we're buying it at a 4.5 cap, but we're selling it at a 4.0 cap," meaning that the market is going to help you more on the exit, that's not a realistic expectation. It might happen, but there's a greater likelihood that it would get worse and you have to plan for the worst. If you see them making assumptions that are very unlikely to happen, that should be a big red flag, because it means, one, these aren't conservative underwritings to get to those kinds of returns, and two, they probably haven't been around the block and they might be trying to sugarcoat this to make it look like a better deal than it actually is.

Ash Patel: Yeah. So the lesson here for the GPs out there, use your existing investors to capture additional investors.

Bryan Miller: That's a great takeaway point, definitely. Again, I've invested with deals because a friend of mine, Joe Feng, "Hey, I've invested with these guys, they did great for me, blah, blah, blah." I take that recommendation way higher than, again, the shiny brochure or the, "Hey, we've got a new syndication deal. We'd love to get you involved." That might be really good, but I've heard enough stories and experienced partners not doing what they're supposed to do or what they promised to do that you really have to vet those deals very, very carefully and realize that 50 grand could go away if you're not careful. So it's like, who are you trusting? Who do you have that kind of level of trust?

I think for the GPs out there, how do you build that kind of trust? What can you do to demonstrate that when the chips are down, or you're going to do what it takes, or you're going to be willing to step in, or you're willing to give up part of your side in order to make LPs more whole or get them to the number that you promised them on the proforma? Some guys are willing to do that, but not everybody is.

Ash Patel: Yeah. Bryan, what is your best real estate investing advice ever?

Bryan Miller: It kind of comes back to that Warren Buffett quote, "Be greedy when others are fearful and be fearful when others are greedy." That was a life-changing thing for me. I started buying real estate single-family in 2004, 2006, then I saw the market just go crazy and things didn't make sense to me. I was like, "This doesn't make sense, I don't understand." People were like, "Well, I'm losing 250 bucks a month, but it's going to double in the next six months. I'm going to make a killing." Well, the party came to an end.

But during that time, I bought up a lot of single-family for 25 cents on the dollar. I was buying units for $33 a square foot, and I knew the build cost was like $100 a square foot, so eventually, it would come back to there. My Best Ever deal was taking 20 grand buying a $100,000 house in Phoenix around 2010, then 10 years later, it's worth $500,000. You make $400,000 of profit on a 20 grand investment, so that's like a 20X return. I did that as many times as I could during that period, and knowing what I know now, I would have done it more.

Ash Patel: Yeah. We all have that hindsight, and we have the luxury of having lived through that time. Do you see any similarities in what's going on today?

Bryan Miller: You definitely see the euphoria, you see the craziness, you see the "you can't lose," you see people paying a lot of money for assets, you see people bidding over ask, you see people putting a million dollars hard day one to try to secure a deal... Now, as the market continues to appreciate, those look like really smart decisions. But if you know the term "Return to the mean," that's going to happen. Historically, we don't know when it's going to happen. But if you look at any chart, here's the normal, you can be way up here. But over the course of time, you kind of come down to that line, usually below the line. Because it doesn't go like this; it's above and below. I'd say we're above the line now. At some point, we will revert. That's going to happen, and I think there will be pain in that. And again, choose your operators carefully. A good operator will also keep you from a bad deal. They're going to see more of the pitfalls or what would happen if somebody builds a brand-new self-storage building right across the street. They're going to have more wisdom and life experience, so they're going to be in a better position to choose that investment.

Not only in evaluating that investment, but that operator is going, "This is a great asset. Even if these market conditions things happen, this is going to be well-positioned because of this." So good operators are also going to steer you into good deals, where other people may be just looking for an opportunity to get in, they may not be thinking through as many of the critical downside. Everybody tends to look at the upside, and it's harder to take that discipline to look at what if things didn't go well, what happens if interest rates do go up 2%, what's going to happen then? So it's good to have that foresight of thinking that bad things could happen, to be prepared and make the best choices you could.

Ash Patel: Yeah, a lot of good points in there. I think, from my perspective, if you have an operator that has an exit cap, let's say 100 basis points lower than their entrance cap, that's a red flag.

Bryan Miller: Absolutely.

Ash Patel: Exit at the same cap rate or even higher, but don't anticipate cap rate as your savior.

Bryan Miller: You should plan for that. Maybe if you're buying at a four or plan to exit at a five, you don't know where the markets going to be in three to five years or seven years. There's a lot of uncertainty. Who would have thought in November that there'd be a war going on in Ukraine right now? It's like, uncertainty happens very, very quickly and it's hard to anticipate that. Right now, it seems like "Hey, the sun is out. It's shining. Buy, buy, buy, buy." With inflation, that may be really good advice, but you have to be prepared for the unexpected to happen.

Ash Patel: Bryan, that self-storage operator - you've got me thinking. Did the competitor opened right across the street?

Bryan Miller: Yes.

Ash Patel: Man. So that's got to be like on your due diligence list from here on out. If you have a mobile home park or RV park or self-storage, you've got to make sure within eyesight, there's no available land for someone else to do the same thing. If there is, beat them to the punch.

Bryan Miller: Yeah, that is one of the downsides of self-storage. The entry cost is relatively low, because you're using cylinder blocks, some garage doors, and you're in business. It's a much lower barrier than to build a multifamily right across the street. Also, absorption rates, how many units can the market really support? In multifamily, if somebody's built right, you might be okay. The nice thing with mobile homes is it's very unlikely they're going to build a new mobile home, because it's very restricted, and basically, cities are not granting new licenses, so I think there's better moat of protection around that business than there is the self-storage business.

Ash Patel: Yeah, I agree. But what a crazy thing to do, to crush your competition by building right across the street. That's not cool. Bryan, are you ready for the Best Ever lightning round?

Bryan Miller: Let's do it!

Ash Patel: Bryan, what's the Best Ever book you recently read?

Bryan Miller: The Best Ever is The Art of Possibility, Benjamin Zander. It's really about thinking and about changing the way you think about outcomes and life. It's a terrific book, I highly recommend it.

Ash Patel: Bryan, what's the Best Ever way you like to give back?

Bryan Miller: A friend of mine moved to the Philippines and started an orphanage about 20 years ago, so I know the money is being well spent to give money to kids over there. A kid in a third-world country can go to college for 1000 bucks a year. So for four grand, you can send an orphan to school, for four grand. It's a great use of capital, it's a great way to give back, and it's the ability to change somebody's life for a very low amount of money.

Ash Patel: Yeah. Is that Will Crozier?

Bryan Miller: No.

Ash Patel: Oh, it's not. Okay.

Bryan Miller: This is in the Philippines.

Ash Patel: Give that person a shout-out, please.

Bryan Miller: Sure. Lorraine DiGesu is my friend. Faith, Hope and Love Kids Ranch in the Philippines is her organization. Anybody can reach out to me and I can connect you if you'd like to support them.

Ash Patel: Awesome. Bryan, how can the Best Ever listeners reach out to you?

Bryan Miller: Sure. A great way to reach me is the website capitalstackinvestments.com, Bryan E. Miller on LinkedIn, those are two great ways, and I love to be connected. Also, on Capital Stack investments, there's a resource called Lessons From 50 deals. Those are just lessons that my partner and I have learned from investing in deals. What went right, what didn't go right, what were our learning lessons... It's a great way to speed up your education as an investor and learn from people who've been doing it. Just go there, sign up, it's free, it's a way we give back, and it's worth doing.

Ash Patel: Bryan, thank you again for sharing your time with us. Your story, always wanting to be a composer and having the inspiration from your dad who built houses in the summer to supplement his income. You followed in his footsteps and have built something incredible. Thank you for sharing your story with us today.

Bryan Miller: Oh, thank you for having me. It was nice to spend time with you, and well done.

Ash Patel: Best Ever listeners, thank you for joining us. If you enjoyed this episode, please leave us a five-star review and share the podcast with someone you think can benefit from it. Also, follow, subscribe, and have a Best Ever day.

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The information, statements, comments, views, and opinions expressed or provided in this website (including by speakers who are not officers, employees, or agents of Joe Fairless or Joesta PF LLC) are not necessarily those of Joe Fairless or Joesta PF LLC, and may not be current. Neither Joe Fairless nor Joesta PF LLC make any representation or warranty as to the accuracy or completeness of any of the information, statements, comments, views or opinions contained in this website, and any liability therefor (including in respect of direct, indirect or consequential loss or damage of any kind whatsoever) is expressly disclaimed. Neither Joe Fairless nor Joesta PF LLC undertake any obligation whatsoever to provide any form of update, amendment, change or correction to any of the information, statements, comments, views or opinions set forth in this podcast.

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Joe Fairless serves as director of investor relations with Ashcroft Capital, a real estate investment firm. Ashcroft Capital is not affiliated with Joesta PF LLC or this website, and is not responsible for any of the content herein.

Oral Disclaimer

The views and opinions expressed in this podcast are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action. For more information, go to www.bestevershow.com.

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