41 Sohil Shah, Local Real Estate Investor, Carolina Hard Money for Real Estate Investors

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41 Sohil Shah, Local Real Estate Investor, Carolina Hard Money for Real Estate Investors

Bill Fairman (00:05):

Hi everyone, Bill Fairman and my lovely sister and business partner, Wendy Sweet, along with our dear friend. Sohil, by the way, before we get started I want to please ask you to share and to subscribe and do what’s the other one? Thumbs up and like and follow and then Snap a chat. No, the wrong one. Our URL. For those of you who don’t know what URL is our web address is CarolinaHardMoney.com for any additional information anyway, Sohil was so kind as to join us. I think Sohil you have borrowed and you have been a lender, have you not? Yes.

Wendy Sweet (00:47):

You played both side of the fence. Awesome.

Bill Fairman (00:50):

Give us a little bit of, your background on how you even got started in real estate investing in the first place.

Sohil Shah (00:55):

Well, my background goes back, so I rooted from India. Came here in 94 for my parents moved to Charlotte.

Wendy Sweet (01:05):

How old were you?

Sohil Shah (01:06):

I was probably what? Eight or nine?

Wendy Sweet (01:09):

You were a little chap.

Sohil Shah (01:10):

Yeah. Yeah. I’m a native to Charlotte, so I wasn’t born here, but yeah, definitely. Yeah, I’ve been here for most of my life. Grew up in the Charlotte area and I have a corporate background and sales or marketing for ATNT wireless for probably over 10 years. Started very young. Wow. The age of 18. Wow. Yeah. How to support my family. Parents got laid off. Then they used to work for a really good company called Electron Technology. Wow. They got bought out. That sold out. So that’s a corporate life for you. Yeah. You’re kind of on their terms. So I had to step in to take care of my family at that point. And I learned a lot in the corporate world, which I still use in today’s life to help me invest in, do, do what I do.

Bill Fairman (02:00):

Because there are great lessons in the corporate world. One of them really is the EOS, a system called Entrepreneurs Operating System. And although it’s really designed for large businesses and a lot of small businesses that really need to use it properly and I mean that, that’s where that structure came in first place.

Wendy Sweet (02:24):

So we’ll give them that credit.

Bill Fairman (02:27):

And they’re a little harder to deal with on a regular basis though. Definitely. They are more numbers oriented. So tell me about your latest project. What are you working on this?

Sohil Shah (02:36):

Well, I’ve got one fix and flip cash out refinance or the BRRRR method I guess, whichever one is kind of right.

Wendy Sweet (02:43):

It’s the hot hot new name, I guess for things.

Sohil Shah (02:47):

Yes, BRRRR, it’s so cold. It’s great.

Bill Fairman (02:51):

That’s actually part of the sport coat that I have. It’s the BRRRR cloth. Yeah.

Sohil Shah (03:04):

So that’s what I’ve got going on. It’s in Gastonia. You guys have been so wonderful to help me with the funding.

Wendy Sweet (03:13):

So let me ask you the question. Yeah. Here’s a guy who can finance all his own stuff. Yes. You’re lending money yourself. Why in the world would you borrow it? What? What are you thinking?

Bill Fairman (03:24):

Well, my mind philosophy, and I think, I don’t want to speak for anybody else, but I want to have enough capital to do more and every investment takes a part of me, which is the down payment to put the skin in the game. Right? And that shows my commitment level of how serious I am to borrowing money and you guys trusting into me to make sure I succeed because you guys have to write the deal as well. And you guys kind of have my back on that too, so, so yeah.

Wendy Sweet (03:54):

Awesome. Awesome. So, in lien, how do you like the lending side? Tell me, tell me about that. Where do you think of that?

Sohil Shah (04:00):

How do I personally like the lending side? So the lending side gives me opportunity to where what I find in the, in the community, there’s deals out there, but people lack, they lack of money. And they lack capital. So I kind of come in, sometimes I do help with bringing some cash to the table. Do joint ventures with people. I kind of help them on that and helps me, helps them, and I could kind of help them along the way and guide them with information that I know today. Right? I don’t know everything, but what I do know, I could make sure that I could help them and assist them.

Wendy Sweet (04:34):

That, and I think that’s a, that’s a really important part about lending is, you know, we certainly don’t know everything. Although sometimes I feel like I’ve made every mistake that could possibly be made, but I know that’s not true cause there’s more that you can always make. The goal is to make us at them as cheaply as you possibly can and you want to learn from other people’s mistakes. But I think one of the things that sets you apart and sets us apart from other people who are lending in other companies who were learning is the fact that, you know, we want to take them under our wing. We want to show them, Hey, don’t step in that. Yeah, you know, do it this way. Here’s how it worked out the last time we saw these things happen. So you might want to look in this direction and it makes a big difference for the person that’s borrowing the money.

Sohil Shah (05:20):

What’s been a huge, I guess a God send right? That I found you guys, you guys are local and being local, investing into a local market here is huge. I don’t depend on larger corporations from national hard money lenders that they don’t know the market. Right, and at that point you become a number.

Wendy Sweet (05:43):

That’s exactly right.

Sohil Shah (05:45):

So, I know that I could depend on you guys to help me succeed and if I’m succeeding you’rte succeding.

Wendy Sweet (05:51):

Awesome. Awesome. Yeah, we feel the same way and we appreciate you saying that and there are plenty of good national lenders out there that will give you great rates and a good deal and we’ll be attentive to it. What you want them to do. I think one thing that’s pretty common among most of them is they have to use a national appraisal company. Those national appraisal companies don’t always choose people who are from the area to do the appraisal. Yeah. Or they might just do a BPO, a Broker’s Price Opinion. Or a desktop appraisal and not really know the true value, which will keep you from getting the amount of money that you really want to get. Cause you want to have true values on what you’re doing. You don’t know how long it’s going to take them to inspect the property and get money in your account when you’re trying to get your draws. That can always be a problem too.

Sohil Shah (06:37):

That’s a whole another topic. And I’ll tell you what your process happened. It’s really good.

Wendy Sweet (06:44):

Awesome. Thank you.

Sohil Shah (06:46):

Definitely makes, so we have the stress life form or doing the projects, right? Managing people, managing money. And I think that draws with your company’s been amazing. Awesome. So that’s huge.

Wendy Sweet (06:58):

Awesome. Thank you. Thank you. Now you’re working, you’re helping other people too. Find lenders as well, right? So not only are you a lender but you’re helping to broker some deals too. Correct. So as somebody that’s a broker, how are you, how are you turning these people on to other lenders? Cause I know there’s several out there that you can use private lenders, you know, just people you know, that happen to have $70,000 in their self directed IRA or whatever it is. Right? How are you able to, you know, figure out who you should send them to?

Sohil Shah (07:32):

Well. So one thing that I’ve always focused on is how do I streamline my process and try to collect more information about that individual. So on my website, www.FundMyWealth.com you could definitely fill out a request form and I’ll review the deal. If I’m interested in deal, I’ll definitely reach out to them. But if not, I will be reaching out to companies that I’ve personally dealt with such as scale and hard money, then a couple of other ones. Right. Did I have a good history in a relationship with them? I could trust them to make sure they do help the individual.

Wendy Sweet (08:02):

Right. And it is different. I know houses have different personalities, you know what kind of financing would work for them. And I think you know, people do too with you know what they’re doing. You were kind enough to refer one today and it’s funny cause it got referred to me from somebody else too.

Wendy Sweet (08:18):

Right. So, but you were first. So I appreciate that. But it was a great borrower. Yes, the scores were a little lower than what we would normally do, but you know, then we think, well what else does he have that we can look at? And he’s got serious experience behind him. He’s got money in the bank, you know, they’re, there’s different ways that you can judge somebody. But, and unfortunately for all of us, he found another person to do his deal. It’s unfortunate for us. Great for him. He found what he needed and it was just a private couple that he had met a couple of weeks previous. So it’s just a great example that there’s money out there, right. And, and you shouldn’t have just one. You need to have a variety of, of people to, to go to. Yeah.

Bill Fairman (09:02):

That’s the only way you can scale because you know, private individuals aren’t going to have infinitely deep pockets. I talk about this all the time. You always have to have a couple of hard money lenders in your yes quiver, I guess of ammunition to go after. And at the same time, what I love about you being a lender and a borrower is that right now the biggest issue we have is signing the inventory. So you, you get a house, you do a fix and flip or a buy and hold. When that transaction is finished, what do you do next? If you didn’t have the lending you could be doing, you might go out and find a deal that isn’t exactly the right deal, but you’re doing it anyway because you need the transaction, right. And this way you can transition over to something so your money is, isn’t lazy until you do find the right deal that comes along. So that’s extremely helpful there. And so Bravo to, what you’re doing.

Sohil Shah (09:58):

Thank you.

Wendy Sweet (09:59):

You know, the other thing I like I like about you is that you know a lot about a lot of different things. I’m always shocked at what, you know, we, before we started rolling the cameras, we were talking about social media and marketing and, and what we’re putting things out on. And I thought well I need Sohil in on this meeting. Cause I know you know a lot about it. So I love getting your input on that. And then you know, you’re in the event world putting on events that a rather large company that does that. Yes. So that’s pretty interesting. Tell us a little bit about that.

Sohil Shah (10:30):

Yeah, so I own a company called SS event services and party rentals of an old family owned family run business. We do mainly weddings, corporate events as well. I think we have one there for you. Yeah, great lunch. Yeah it was awesome. So I’ve been doing it for probably about what, 13 years now. Love it. I do it with a passion. I love seeing the end result when a couple gets married and it is their next chapter in life. Yeah, that’s a lot of challenges. It’s not always, you know roses. That’s right. You know it’s, is continuous growth. What happened for them after that couple? That’s right. Yeah. I do reach out to my couples after a year and they… Really that to me cause it’s, you know,

Bill Fairman (11:12):

Trying to make sure you can get them for their next wedding?

Sohil Shah (11:19):

Just to make sure that really always looks on the bright side. Nothing wrong with that.

Bill Fairman (11:27):

Get those referrals anyway.

Sohil Shah (11:29):

Do you have a friend or,

Wendy Sweet (11:34):

that’s awesome. That’s awesome. The other thing too is you’ve done a lot of volunteering for our local real estate investor association and you just always are such a giving person. You’re always just willing to help other people. And I, and I appreciate that about you. I’m grateful that I’m one of those people that you help.

Wendy Sweet (11:53):

It’s awesome to, to, you know, have you as a friend, as a borrower and as a lender. We’re just, we’re glad you’re in our life for sure. Can you think of anything else?

Bill Fairman (12:04):

I have a hard time thinking you know, that, that I know that usually all I can come up with smart Alec comments. No, actually I’m good. I just, I appreciate that you took the time to come talk to us. Anytime we can utilize other people’s experiences to help educate others, it’s a good thing.

Wendy Sweet (12:24):

For sure. For sure. Thank you so much. We really appreciate that.

Sohil Shah (12:28):

Thank you so much. Pleasure.

Wendy Sweet (12:30):

You know we love you.

Bill Fairman (12:32):

Next show. I don’t know when it is, but it’ll be soon. Don’t forget to again, share, subscribe, like and yeah, thumbs up. I don’t know what platform that is, but I think it’s one of them. So, CarolinaHardMoney.com if you need any further information. And we do have archived episodes either to the right or to the left or somewhere on the screen. Somewhere, depending on the platform if you’re watching this on. So anyway, until the next time. Thank you.

Bill Fairman (13:10):

So thank you so much for joining us. If you really like what you heard, you want to see some more switch over here, or here, or perhaps there. There’s more episodes, but there’s somewhere, click it on there. Either way. Subscribe and like us as well.Please.

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