The Secret Origins of Wendy Sweet and Bill Fairman
Bill Fairman (00:05):
Hi, welcome to the show. My name is Bill Fairman. This is my sister and business partner, Wendy.Sweet. I was out wondering if she knew what her name was. So it still is. We would, love to get started with really a little bit of our background, who we are, where we came from, why we’re in front of you, spewing our knowledge. So it’s kind of a funny story. You know, I had to deal with a lot of dentist now in business and so to you, I started off my career. I actually went to school to become a dental technician and I worked in that field for around 10 years, but it wasn’t my personality. Well, yeah, I mean I love the artistry. I love the engineering that was involved, but my personality sitting behind the bench all day grinding, I just, it wasn’t for me. Plus the pay sucked and didn’t help. Yeah. Yeah. So my father in law actually said to me one day, you know, you’d be great in the mortgage business. And I said, well, why is that? And he said, because you have a personality.
Bill Fairman (01:20):
Really, that’s all it takes unless you have that Dick Clark. He said thank you. You get extra pay in your this week for that. So anyway, I said, so that’s all it takes is a personality. He said that’s about 75% of it because you have to go out and get your own leads. It turned out to that I really did have an aptitude for the numbers and being able to take the numbers and translate them to people that didn’t have that knowledge. It’s a good thing cause it wasn’t like that in high school. Right. Well that’s true. Well that’s another story for another time. Anyway, I have spent 30 years plus in the mortgage business. I started off as a loan officer in a shop that essentially we just did loans for people buying houses or refinancing houses. And eventually I got into the commercial space where we did what was called small balance commercial mortgages.
Bill Fairman (02:21):
So that would be anything from a doctor’s office to a multifamily property or sell storage, even mobile home parks. And that was fascinating too because it’s completely different from the residential side. Residential side. You qualify someone based on their credit and their ability to repay the loan, right? We want our money back on the, well, we always want it on the commercial side. You’re requalifying really the property more than you are the individual and the property itself has to be able to make its own payment. And then how do you do that? Well, they’re assuming you’re going to, if you’re not owner occupying it like a dentist, you’re going to essentially rent it to somebody else who was going to make sure that those payments are enough to cover all the expenses and at the same time have a profit. They don’t want you to just to break even. You have to make a profit too. That’s a good glue. That reminds me of our friend Quincy, who he’s an investor and he never wants to do a deal with somebody that’s not making enough money because he’s not going to be around very long if they’re not making any money. So if they’re given most of their profit away and you as the investor getting most of the profit and he says, I don’t want to do business with that person because there won’t be a second deal.
Bill Fairman (03:41):
He wants long term relationships during the crash. The mortgage crash, I was not an investor, I was a worker bee in the mortgage industry and I found myself because I was in the commercial side, it took a little longer for the commercial side to kind of crash completely like the, the residential side I did. I found myself at one point making about 25% of what I had been making for the last 10 years. And at the same time I was in an industry that had shrunken to about 25% of what it was. So I ended up going out and getting my commercial truck driver’s license. And I did that a couple of years just to make sure I made the mortgage payments. But, you know, God, God knows what the plan is. And His plan for me was to learn the hard way. In the South we like to say that, but adversity builds character.
Bill Fairman (04:46):
We also like to say, cause I’m eight up with character now, so now this is the point where my lovely sister here was in the mortgage business while I was driving a truck and she talked me into going into business several times. That’s another story, but that’s why we formed Carolina hard money and we were making hard money loans and then we went on to Carolina capital management. We now manage a fund. We still do the same type of hard money and commercial hard money loans. We just do it in a larger pool. Now what about you? Where do you come from?
Wendy Sweet (05:30):
The same mother you did? I really have been. A couple of different careers. My first career was in the hotel business, which I absolutely loved. And from that I got into the golf resort business, which was, even better.
Bill Fairman (05:39):
I love that even more cause I usually go on her golf trips.
Wendy Sweet (05:42):
Yeah, that there was a premium to that. It was great.
Bill Fairman (05:47):
Wendy Sweet (05:47):
Ended up having a baby at the age of 40 decided I didn’t want to work, I wanted to stay home and take care of my child. And that lasted about 20 minutes. No, it was three months at least before I got crazy and went to work for you actually in the mortgage business. Then I went crazy. So from working with you, that really got me started in the mortgage business. I was in to, and in fact my first day was 9/11, 9/11 was the first, first day, first appointment we went on together. So that date, you know, will last for a good long time in our brains. But from that point, I actually met Larry Goldens within a few months of that and he and I became business partners, ran his mortgage company while he started putting together his product for teaching investors. And really the business that you and I had where I was working for you, the best product we had was for investors.
Wendy Sweet (06:44):
And so I knew how to do the tougher loans. No, no mortgage brokers ever wanted to do investor loans. It took too much time. You had to, you had to understand how the underwriters would think it would [inaudible]. There was just a lot of red tape and that’s how I learned mortgages. So for me it was easy. Yeah. When you’re dealing with investors too they have what’s called a schedule of real estate? So if they owned a lot of properties, you had to figure in every single piece of property. Most loan officers are like, they didn’t want to do that. Too much work. That’s exactly, that’s exactly right. But volume speaks volumes, doesn’t it? And we were able to just, I mean grow a wonderful investor only business and, and it was because of being in that business, doing mortgages for investors that I really fell into the hard money side. I had investors that would easily qualify for a loan. They had plenty of money in the bank, but they couldn’t find houses. And then I had other investors that couldn’t qualify to save their life for a loan, but they could find houses. So I just started putting them together and basically brokering their moneys between each other like that. And that’s really how I got into the hard money business. By the way, our next broadcast, am I going to have to sit on a phone book? I swear feel so much shorter than you. Stand up tall. Sorry, Rabbit hole.
Wendy Sweet (08:10):
So from that front, that was in 2003 I guess when we really started doing some hard money to crash hit in 2008 we shut the mortgage company down and I went to seminary for a good three and a half years. I graduated from seminary, loved it, had no intention of getting back into the the industry and I never really left it. I was still doing some hard money on the side, but I just, God had a better plan for me and a different plan for me and and just set it up so that that business just took off the hard money business did and, and that’s when I started begging you, please, I need help. I had to show him my bank statements. Look, I’m making money. You come work with me and I finally dragged you into it.
Bill Fairman (08:56):
All right. God called you to go to seminary. God called me to go to trucks. It’s funny how things work.
Wendy Sweet (09:03):
It is funny. It is funny and actually it’s been awesome because you know, now we’ve got this incredible, wonderful business with an incredible team that we work with and, and we have the ability to treat this company like a ministry. And it really is because it’s God’s company. It’s not ours. And we just have to continue to keep each other focused on who’s it really belongs to, which is not either one of us. Right. And we just stay on track with that. So
Bill Fairman (09:34):
Well, it was funny while I’m in the back living in the back of this truck, you know, weekly, I’m kind of stewing. I was stewing over the fact that if I hadn’t been an investor at the time, I would’ve had passive income and I would have overcome that and I wouldn’t have to be a truck driver for several years. Right. Um, and so,
Wendy Sweet (09:59):
but you’re right up with character.
Bill Fairman (10:02):
That’s what, that’s the passion that I have. And that’s what drives me now to teach other people. I have passive income because if you have passive income, it doesn’t matter what happens around you, you’re still going to have that passive income coming in and you can do the things you want to do with the people you want to do them with at the time you want to do them. Right. And at the same time, Wendy’s calling was teaching people and I love teaching people as well, but Wendy, it’s funny, I always give her grief about this. She majored in nonprofits and she fails every day because we make a profit. Thank you Lord. But she has that giving side her and she’s constantly teaching and helping other people. Really have what we have.
Wendy Sweet (10:50):
Yeah. Well it’s, it’s so, there’s, there’s nothing more fulfilling to see investors just build, build their world in real estate around them. There’s no glass ceiling to being an investor. Whether you’re a lender or whether your the builder or the rehab or the person that’s wholesaling, there’s no glass ceiling as to what you can do. You can be a man, a woman, black, white, red, yellow, whatever color. It doesn’t matter.
Bill Fairman (11:25):
You are in control over your destiny. For further information, go to CarolinaHardMoney.com and we have a lot of different tabs on there. Some of it’s for education and resources and all other kinds of ways to find out other things about us and some of the stuff
Wendy Sweet (11:46):
and not just about us, about people that we’re connected with too. We’ve got lots of links on there where we can hook you up with other folks we know like and trust.
Bill Fairman (11:54):
So thank you so much for joining us. If you really like what you heard, you’ll want to see some more, switch over here or here or perhaps there. There’s more episodes, but there’s somewhere. Click it on, by the way, subscribe and like us as well.
Wendy Sweet (12:20): Please.