Bill Fairman and Jonathan Davis of Carolina Capital introduces Jim Sheils, who is in the build to rent business.
This is an interesting take on real estate investing especially for those who are looking to build their wealth and portfolio through renting.
Tune in to learn from Jim Sheils himself.
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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Bill Fairman (00:00):
Pleased to have Jim Sheils on as a guest. He’s an awesome guy. Man, wrote a great book and we’ll talk about that in a second but Jim is in the build to rent market. Now, Monaz was just on, she is a buy and hold person. Jim just says the hell with it, I’m not looking for properties, I’m just going to build them myself and then put renters in there. Thanks for coming on the show, Jim.
Jim Sheils (00:32):
Good to be here, Bill. Thanks for having me.
Bill Fairman (00:36):
Are you building subdivisions? Are you doing infill with a,
Jim Sheils (00:39):
It’s in a mixture of both. We’ll do some infill and then some, you know, the development, obviously to get a full development approve takes longer. So we’ll tag team both some infill lots and then some smaller developments as well. What we like to do is to grab on to the big builders. They like to jump to the next thing so sometimes they’ll built a neighborhood and there’ll be 30 lots left and they’ll just want to move on and we’ll grab those. So it’s already an existing neighborhood, we’ll just grab the remainders but we do it anything from spots to something like that to a whole developments, so it’s a little bit of a mixture.
Jim Sheils (01:14):
Well, I tell you the, I think the benefit of having a piece of a subdivision is that you have a bunch of homeowners in there already and I think that tends to help the neighborhoods appreciate value because listen, people have an attitude when they own their own home and they think a little bit better care of it when it’s not there. That said, there’s plenty of renters out there that still have pride in ownership even though it is an ownership, just depends on the price point that you’re in. They have a family they still want to be in a nice place to, I mean, that’s why class A apartments have done so well.
Jim Sheils (01:57):
I agree. Totally.
Bill Fairman (01:59):
And I think, this is just my own opinion but since what we’ve had in the bigger cities and the people just starting to move away, they’re still gonna want a nice home, whether they’re renting or they’re owning and I think this is going to benefit you greatly. So what markets are you in?
Jim Sheils (02:16):
So we started in Jacksonville and then we expanded out to other markets. I’ve always been taught of mentor of mine 22 years ago, said you want to look, if I always wanted to go into growth areas and coincidentally, without knowing COVID, it was always more low density areas. I wasn’t in the bigger fancy or non cashflow and markets. You know, I started in Bakersfield, California, which was a sprawl, you know, Johnny Carson used to make fun of it. But it was an area that the population growth, economic growth, affordability, desirability, healthy supply, and demand and those five things is what I look for and that’s why I went to Jackson go 16 years ago, started there. And just like you were saying, I want to stay in, I like to build A properties and B neighborhoods. So we’re not going to the highest end, the biggest amenities but solid areas and they’re brand new construction so I consider them A and we started in Jacksonville, we still build in Jacksonville. Well, we didn’t want to get pushed into marginal areas for buildings because even if you build a new house, we go to a marginal area, I think it’s tougher. So we started to expand out to Ocala, out to Palm coast, down to Southwest Florida, about five different multi’s down there and you’ve been to Southwest Atlanta because we bought those fundamentals and we don’t want to put too much pressure on one market.
Bill Fairman (03:24):
Excellent. So what’s your favorite market or do you have one?
Jim Sheils (03:31):
Yeah, that would be tough to say. I like them all because they all have those factors. I think Ocala was a surprise market. You know, when my building partner first said, you know, five years ago, Hey, we should go out to Ocala. I said, no, Ocala? There’s only like 10,000 people out there. And he’s like, no. And sure enough, Yeah, Marion County has like 400,000 people. There was lots of great growth. It’s a low density, you know, simple community feel and the numbers, not only the rent returns but the values have gone up really nicely. So that’s just one surprise market but all of our Florida markets, I really enjoy.
Bill Fairman (04:10):
Right. So part of a, we’ve been talking about Jocko Willick’s presentation on a Tuesday and you actually got to ask him a question and it had to do with surfing.
Jim Sheils (04:26):
Yeah. I want him to know, see, I’m a surfer because, and know when you look at Jocko and he’s ready to rip your head off but I knew he was a good surfer. I knew because just listening to different things and I wanted to know what did Navy seal training do for your surfing? And I thought his answer was no, what am I surfing do for my Navies? So that was pretty cool. Then I got to talk to him. I’m sure when I meet you guys, I’ve had some good chats and he hang on was just saying, I’m throwing in the towel for the next two months because politics is just too much and chocolates, strong words on that. Which I really appreciate it.
Bill Fairman (04:58):
Yeah, absolutely.
Jim Sheils (04:59):
I put it all of his great books by his kids book with my sons and with my daughter.
Bill Fairman (05:02):
Yeah, that was the most interesting thing. Cause I read his first book and I didn’t really pay much attention to anything else that he had been written or that he had written and then I pulled up Amazon, all of a sudden, I see all these children’s books. I’m going, man, I wish I would’ve asked him what was his motivation behind writing children’s books after the, you know, basically the self-improvement books that he’s doing now and the leadership books but by the time I thought of that, the land was too long and he didn’t have much time. All right. So what I thought was pretty interesting is the temperature of the water when you’re surfing. Now, you were in California and growing up surfing, the water out there in the Pacific is cold.
Jim Sheils (05:47):
It’s cold, but it’s not cold, Maine cold so I didn’t know he was from Maine.
Bill Fairman (05:51):
So those boys are crazy. Jocko Willick grew up surfing in Maine and obviously, it was a kind of a short window of the surfing.
Jim Sheils (06:03):
Well, I didn’t know those just go in the winter there and he’s got that stone, like, look of just, I’m like, well, that’s why he surfed Maine all those years but that’s a tough surfing spot right there.
Bill Fairman (06:14):
He’s the guy that you’re going to be in fear of coming up out of the water slowly with makeup on, the camouflage makeup.
Jim Sheils (06:24):
I wouldn’t want to piss Jocko off in the surf, that’s for sure.
Bill Fairman (06:25):
So let’s talk about your book. I think this is very important because people get really involved in their business. They don’t have time for their family and there’s only so much time to spend with them. What’s the name of your book and why did you write it?
Jim Sheils (06:40):
I wrote the Family Board Meeting because I saw, first of all, we usually write for what we need and I wanted to make sure it scared the hell out of me, Bill .coming into real estate early, having some success in getting invited to big events and seen behind the curtain of some people that I really looked up to who, yeah, their balance sheet was huge but their family life was in shambles and I said, I don’t want that to be me. So I always tried to make it a point that I was going to be successful in business and successful family and that was my motivation. And 10 years ago the catalyst, I guess for me, writing this book was, you know, it was a big time in my life. I was bringing back my real estate company from near extinction from the ’08 meltdown. I was adopting my two oldest sons and I had just been approved to donate a kidney to my father, so there was just a lot of things coming and I’ve never looked at family life the same way. You know, that’s why I’m half dressed in this where it’s just coming back from flow ride with the family and I just think it’s important that there’s some teaching out there that says, put your head down, go out for the next five to 10 years, you’ll get back to family, they’ll understand and that’s bullshit, that’s the worst advice you can never get. There are things you can set in place to enjoy your family along the way and that’s what my simple book is about is some simple strategies and principles where you can enjoy your family along the way and not feel like a stranger cause a lot of entrepreneurs, when I get behind the curtain, I’ve worked with a lot of them. As you know, they almost feel like they’re a part-time disciplinarian or just an ATM machine. They don’t really have a connection with their family, they don’t feel like they’re close to them and that that’s tragic and I don’t want to see that happen and it doesn’t have to happen.
Bill Fairman (08:12):
Not to mention that kids grow up a lot faster than you think, it goes by like that and you need to be around during their formidable years as well.
Bill Fairman (08:23):
So then if you are, and then they’ll want to be with you afterwards, you know, the name of my parent education company, my family education company is 18 Summers because a mentor of mine is the one who taught me and he said over 80% of the time that most people ever spend with their children is in those first 18 Summers and then it starts to delineate because of, you know, they’re moving away in that so make the most of those years and if you do, then you’ve probably bought yourself more time with them in the future but you’ve also, you will never regret that time and the years are not all created equal. So, you know, with me, I adopted my two oldest sons at seven and five and when I heard that in my head, I was like, wait a minute. I only have 11 summers left. You see, it really puts a positive motivation on the time that you got in front of you.
Bill Fairman (09:06):
Excellent. So how can people find out about 18 Summer?
Jim Sheils (09:09):
Yeah, just go to 18summers.com or on instagram @18summerstribe. You’ll get to see some of our family videos, just them simple, powerful techniques and again, I think people are attracted to us because our big saying is “There is no perfect family” It’s not about perfection. It’s about bridging imperfection, making the most of the time we have and going from there. So we can look at stuff from 18summers.com.
Bill Fairman (09:30):
Alright. Now, if people want to get a hold of you about what it is you do in business, how do they do that?
Bill Fairman (09:41):
They can go to Jack Welch Investments, learn about us. Our specialty is again, growing, building investment property in high growth areas. Like I just explained, we’re always looking for that economic growth population, growth, affordability, desirability, and healthy supply and demand. And then we build single family duplexes in quad. So we’re sticking to low density. We do a little bit of a combination of that, depending on what people are looking for and they can get in touch with us. You met Jennifer, she’s been with me 11 years, our Director of Sales and our building partner. We have, you know, I’m very proud. We’ve probably built one of the most dynamic build to rent companies in the nation now and we were doing build the rent before that term builder and even was around so kind of proud of that.
Bill Fairman (10:22):
And I’m assuming you’re looking for accredited investors. Do you have a fund?
Jim Sheils (10:26):
We have a fund where we have people that fall on both sides. We have some people that want to put money into the fund for the, you know, get a nice preferred return upfront for the acquisition of the land, the development of the land, that process and then people want to own a few ends properties. So credit investors, obviously for the funds and then just, you know, APA for people for the most part who are, you know, we work with a lot of professionals, busy professionals, business owners who are wanting to add a few, you know, high quality properties to them.
Bill Fairman (10:55):
Are you selling any of these turnkey as well? Or are you selling any of them?
Jim Sheils (10:59):
I keep turnkeys for myself and I’m my own. We work with investors nationwide, actually international to sell. So we are a turnkey provider for new construction, actually.
Bill Fairman (11:10):
I’m sorry. I didn’t realize that off the bat.
Jim Sheils (11:14):
But I have my own portfolio, Bill. Yeah, no, I have my own portfolio, but yeah, that our main thing was I did a ton of foreclosures, renovations and built portfolio at that helped other people build portfolio and, you know, five years ago, when all those numbers started to change and it was getting really skinny down in Jacksonville, I just, it was that old dog learn anew trick and my building partner and friends, I think we should become started building our own and that was literally how it started to fruition.
Bill Fairman (11:41):
It’s amazing sometimes out how easy the idea just pops into your head. Why aren’t we doing this? Jim, thank you so much.
Jim Sheils (11:50):
Thanks for having me, Bill.
Bill Fairman (11:50):
I appreciate you.
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