Sohil Shah joins Wendy Sweet and Bill Fairman to discuss entrepreneurship and real estate projects.
He can finance his own projects, why would he borrow? He wants enough capital to do more projects. Borrowing and leveraging his projects lets him expand fast.
Sohil also does JV's with other investors and loans his money to them.
Carolina Hard Money for Real Estate Investors
Carolina Capital is a hard money lender serving the needs of the “Real Estate Investor” and the "Small Builder" borrower who is striving to build wealth and generate income for themselves and their families. We offer “hard money rehab loans” and "Ground up Construction Loans" for investors only in NC, SC, GA, VA and TN (some areas of FL, as well).
As part of our business practices, we also serve as consultants for investors guiding them to network with other investors and educating them in locating and structuring transactions. Rarely, if ever, will you find a hard money lender willing to invest in your success like Carolina Capital Management.
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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.
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.
You played both side of the fence. Awesome.
Give us a little bit of, your background on how you even
got started in real estate investing in the first place.
got started in real estate investing in the first place.
Well, my background goes back, so I rooted from India.
Came here in 94 for my parents moved to Charlotte.
Came here in 94 for my parents moved to Charlotte.
How old were you?
I was probably what? Eight or nine?
You were a little chap.
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.
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.
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.
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.
So we'll give them that credit.
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?
basis though. Definitely. They are more numbers oriented. So tell me about your
latest project. What are you working on this?
Well, I've got one fix and flip cash out refinance or the
BRRRR method I guess, whichever one is kind of right.
BRRRR method I guess, whichever one is kind of right.
It's the hot hot new name, I guess for things.
Yes, BRRRR, it's so cold. It's great.
That's actually part of the sport coat that I have. It's
the BRRRR cloth. Yeah.
the BRRRR cloth. Yeah.
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.
guys have been so wonderful to help me with the funding.
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?
finance all his own stuff. Yes. You're lending money yourself. Why in the world
would you borrow it? What? What are you thinking?
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.
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.
Awesome. Awesome. So, in lien, how do you like the lending
side? Tell me, tell me about that. Where do you think of that?
side? Tell me, tell me about that. Where do you think of that?
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.
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.
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.
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.
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.
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.
That's exactly right.
So, I know that I could depend on you guys to help me
succeed and if I'm succeeding you'rte succeding.
succeed and if I'm succeeding you'rte succeding.
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.
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.
That's a whole another topic. And I'll tell you what your
process happened. It's really good.
process happened. It's really good.
Awesome. Thank you.
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.
the projects, right? Managing people, managing money. And I think that draws
with your company's been amazing. Awesome. So that's huge.
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?
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?
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.
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.
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.
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.
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.
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.
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.
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.
Thank you.
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.
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.
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,
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,
Trying to make sure you can get them for their next
wedding?
wedding?
Just to make sure that really always looks on the bright
side. Nothing wrong with that.
side. Nothing wrong with that.
Get those referrals anyway.
Do you have a friend or,
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.
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.
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?
borrower and as a lender. We're just, we're glad you're in our life for sure.
Can you think of anything else?
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.
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.
For sure. For sure. Thank you so much. We really
appreciate that.
appreciate that.
Thank you so much. Pleasure.
You know we love you.
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.
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.
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.
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
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