October 1, 2024 • 44 mins
How can you transform a vacant big-box retail store into a profitable self-storage facility? Join us as we chat with Clint Harris, a general partner at Nomad Capital, who has mastered the art of converting underutilized spaces like old Kmarts and grocery stores into climate-controlled self-storage units. Clint shares his journey from traditional real estate ventures to this innovative niche, explaining the cost-effectiveness and efficiency of these conversions compared to new construction. You'll gain firsthand insights on revitalizing vacant properties and perhaps discover a new avenue for expanding your own real estate portfolio.
We also dissect the world of real estate investing for retirement, exploring the critical differences between accredited and non-accredited investors. Even if you don't meet the SEC's financial criteria, there are still lucrative opportunities available through self-directed retirement accounts. We share personal stories of transitioning from traditional careers to full-time real estate investment, demonstrating how leveraging retirement funds into multifamily properties and Airbnbs can yield substantial returns. Along the way, we emphasize the importance of financial literacy and provide historical context on retirement savings plans like the 401k, debunking myths about the wealth required for these investments.
In our deep dive into real estate syndication strategies, Clint elaborates on the nuances of 506B and 506C syndications, focusing on building trust and relationships with both accredited and non-accredited investors. We discuss the financial strategies involved, the tax advantages of accelerated depreciation, and the societal trends driving the adaptive reuse of retail spaces. Wrapping up on a personal note, Clint shares his family values, daily routines, and long-term real estate goals, emphasizing the importance of hard work, empathy, and gratitude. Tune in to learn how you can turn vacant spaces into valuable assets while instilling crucial life lessons in future generations.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Dwan Bent-Twyford (00:02):
Hey everybody , welcome to the most wonderful
real estate podcast ever.
I'm your host, DdwanMinton-Twyford.
I am America's mostsought-after real estate
investor and I'm super excitedthat you are on the show with me
today.
As you can see, I've got a veryhandsome gentleman over here,
so he is our wicked smart man ofthe day.
And if you are new toDwan-der-ful, I take my name
(00:25):
Dwan and wonderful, and I made anew word.
So this is the world ofDwan-der-ful.
I'm happy that you're in it.
I'm happy that you're a part ofit.
Our motto at Dwan-der-ful ispeople before profits.
So if that resonates with you,I'm your girl, you can go
Dwan-der-fulcom and you can optin and get a free ebook, flip
(00:47):
your way to a fortune, andthat's it.
So welcome on board.
So, clint, how are you today?
Clint Harris (00:54):
I'm very well.
Thank you for having me.
Dwan Bent-Twyford (00:55):
I'm excited to have you on today.
Clint Harris (00:57):
Yeah, thanks, happy to be here.
Dwan Bent-Twyford (00:59):
I like all your stripes.
It kind of matches the color onyour shirt there.
Clint Harris (01:02):
Thank you.
Yeah, we're going for a wholemotif here.
This is our little podcaststudio.
Dwan Bent-Twyford (01:07):
Yeah, yeah, yeah.
Well, this is my background.
I'm in Iowa right now and we'reworking on a bunch of buildings
and, well, we're kind ofredoing an entire downtown right
now, and I moved from oneapartment to the other one just
last week, so I haven't set upmy cool background.
So this is my backyard inFlorida.
Clint Harris (01:28):
How tropical, oh my God.
Dwan Bent-Twyford (01:29):
That sounds good.
That's my backyard.
I'll put that up on the backtoday.
Clint Harris (01:33):
Love it.
Dwan Bent-Twyford (01:34):
It's all fun, all right.
So welcome to the show today.
So what we do is we start offhaving a toast.
So are you drinking something?
Clint Harris (01:43):
I am.
Dwan Bent-Twyford (01:46):
I got a sparkling water right here.
Oh, okay, and y'all know I'mdrinking my live enzymes, so
cheers.
Clint Harris (01:49):
Cheers.
Dwan Bent-Twyford (01:50):
And all of you listening get your drink,
like have a drink, everyone justkind of stretch and, like you
know, shake off what's happeningin the world right now and just
hang out with us and tune inand just spend some time.
And you out with us and tune inand just spend some time and
you'll love us.
So what we like to do Over here, mr Clint, is we're just going
(02:11):
to throw you like straight upinto the wolves.
Okay, so I just want you to doJust give us your name, a very
short, like two or threesentences, what you do, but
especially how we can find youon social media, and I want all
your info at the top of the shownotes and I'm just going to ask
you a bunch of questions andwe're going to have fun.
(02:32):
We're going to find out how youcame to be Clint Harris, who is
on the DeWonderful show.
Clint Harris (02:36):
That sounds great.
So I'm Clint Harris.
I live in Carolina Beach, NorthCarolina.
I'm a general partner withNomad Capital.
We're a self-storagesyndication.
I raise capital from investors.
I got a wife, two little boys,and you can find me Facebook or
LinkedIn, Clint Harris.
Our website is nomadcapitalus.
Email is clint atnomadcapitalus.
(02:58):
That's the best place to findme.
Dwan Bent-Twyford (03:01):
I like it.
U S like the whole UnitedStates.
That's it I love that you do,so that's all great.
So thank you for that Short andsweet.
So we just kind of want to likewhat's your deal and then we
want to get into it.
So I like the you do storageunits.
Clint Harris (03:18):
With a little bit of a twist, but yeah, we do.
Climate controlled storage.
Dwan Bent-Twyford (03:21):
Okay, so-controlled storage.
So I am a fan of storage units.
I actually bought my firstlittle set, one of the.
We're in Clinton, iowa, andwe're kind of helping this bring
back the downtownbeautification program and on
the, so it's three blocks wideand three blocks deep right
(03:43):
along the Mississippi River.
So on the third block there wasa building, three buildings
that are like to work on carsand trucks Because they're tall
and they've got all theequipment, but there's just a
very small set of like 30storage units and I was like,
ooh.
So I had not invested instorage units up until I've
(04:04):
always wanted to.
So I have.
It's tiny, only like 30.
I have my first little tinystorage unit over there.
So I'm excited to build morebecause I've got the land and
the space, but I want controltoo.
Clint Harris (04:17):
Yeah, good, well, you're on the board.
Good for you.
Dwan Bent-Twyford (04:20):
So I have a set.
They're all rented out already.
So I'm like, okay, I'm prettyexcited about that, but I don't
know a whole whole lot abouthaving them, running them,
finding them.
They just sort of came with thebuilding.
I was like, hey, it's a start,but I've got lots of land here.
I want to put storage units on.
So I'm going to have youeducate me on storage units
(04:40):
today.
So that's exciting.
Clint Harris (04:41):
That sounds great.
So we've done everything in thepast new development and
expansion projects.
Our niche right now is a littlebit unique.
Over the last three years wefocus on buying old, nasty,
vacant big box retail buildingslike Kmart's grocery stores and
warehouses that typically havebeen vacant for years and we
convert those into climatecontrolled self-storage.
So we can do it, for we can buyan old, you know 100,000 square
(05:04):
foot Kmart and convert it intostorage for about half the cost
of ground up construction and inabout a third of the time.
Dwan Bent-Twyford (05:12):
Now see, I love that because there's a lot.
There's so many of those bigold stores like the Sears are
gone now, and the Kmarts aregone, and I don't even know.
There's a bunch of those, theJCPenney, a lot of those are
gone.
Clint Harris (05:23):
Yeah, big box retail is taking it on the chin.
You know there's big box retailused to kind of control a lot
of these small secondary andtertiary markets.
Everybody in that communityused to drive to that location
for their home goods.
The reality is Amazon andWalmart have really crushed that
space.
But if you think about thebuilding an 80, 90, 100,000
(05:44):
square foot building even thoughthe people aren't going there
to buy their home goods anymore,it still is a great location
for the same people in thatcommunity to drive back to the
same building and pay us to putthe same stuff right back inside
it.
Dwan Bent-Twyford (05:55):
Yeah, heck, yeah it is.
So let's just say, here in thiswhole town of Clinton, we
actually do have a big, giantbuilding that's vacant right
outside town.
I think it was maybe a K-more.
So I'm new and I'm like, hey, Iwant to buy this building and
make it a storage unit.
And I call you up Are youhelping me build it, finance it?
(06:16):
Are you owning it with me?
What does that look like?
I'm going to say, hey, clinton,iowa, over here, I've got a big
building.
What am I doing?
Clint Harris (06:26):
So all of our projects we own them ourselves.
I raise capital from a group ofinvestors.
We have an acquisition teamlooking at 50 to 70 properties a
week, just to get down to oneto three that we might do
underwriting on.
We're sending usually one ortwo letters of intent per month.
A typical deal for us is we'llbuy a building for usually close
to 2 million bucks.
(06:47):
We'll put about 2 to 3 millionbucks into it, we'll be into the
whole project for 4 to 5million and convert it to a
climate controlled self-storagefacility.
Our buildings are typicallyappraising for 13 to 17 million,
which means we can do a cashout refinance at 55 or 60% loan
to value, pay off the principal,double all the investors' money
(07:07):
and keep a couple million forourselves.
And it's all tax-free becausewe're not selling anything.
It's a recapitalization throughrefi.
If you find a property, I canpoint you in the right
directions.
The reality is we're lookingthrough hundreds and hundreds of
properties to find the rightones.
We do in-house construction aswell, so there's not as many of
(07:28):
them that work as you think.
So Obviously, the feasibilitystudy in the community is the
most important thing Residentialdensity how many people live
there?
How much storage is there, theprice of storage, the demand, et
cetera.
So there's that.
Then obviously there's theconstruction side of things and
the cost of that as well.
So for all of our projects we're, over the last three years
(07:48):
we've done two K-marts, threewarehouses, two textile mills, a
grocery store and a bottlingfacility, so about 600,000
square feet of storage.
Currently we're sitting at 150million in assets under
management and we haven't soldanything in assets under
management and we haven't soldanything.
So that's kind of our model.
I mean, it's basically theBRRRR strategy, but it's on a
commercial level.
You change the asset class.
(08:11):
It changes the formula by whichthe asset is valued.
You take 1K Mart and you splitit into 750 storage units, you
rent them all out and then froma net operating income
standpoint it's typically worth13 to 17 million.
We refinance and keep rolling.
Dwan Bent-Twyford (08:29):
And so how would I so?
I'm a person.
I want to get involved.
How do I get involved?
Am I, is it, are you syndicated?
Am I putting in money and isthat what's happening?
Clint Harris (08:37):
That's exactly right.
Yeah, so we're a syndication.
We started off as a 506Bsyndication with non-accredited
investors because we typicallyonly needed to raise a couple
million bucks.
So we would have, on average,12 to 18 people would pitch in
and put $50,000 or $250,000 orwhatever in.
We pull the money together todo projects.
So we've got about 130 peoplewith us that are invested right
(09:00):
now across those projects.
And then we have a fund rightnow.
So within that fund I'm raising$10 million for the purchase of
$30 million worth of buildingsthat we're converting to $80
million worth of storage.
So we've closed on the firsttwo properties in there.
We've got two more undercontract.
So if an investor comes along,they see the projects, they get
to know us, they know like andtrust us and understand our
(09:21):
model.
Then you put your money into afund and then it gives you
ownership across four differentfacilities across the Southeast.
Dwan Bent-Twyford (09:28):
Nice.
So now you said you used to dopeople that were not accredited.
Do you still do that or do theyhave to be accredited now?
Clint Harris (09:35):
Yeah, we take non-accredited investors.
So typically the way that we doit and not a lot of people do
it this way but we started offwith a lot of non-accredited
investors.
That's kind of those are ourpeople, right, that's our tribe,
so we didn't want to butactually explain that to people
Someone's brand new.
Dwan Bent-Twyford (09:48):
They go.
I don't even know what thatmeans.
What?
Clint Harris (09:50):
does that mean?
Yeah, that's a great question.
I'm glad you said that.
So the Securities and ExchangeCommission, the SEC, drew a line
in the sand and basically saidif you make enough money, that
that you're above this line.
We think that you're probably asophisticated investor and you
can invest in all thesedifferent types of opportunities
.
If you're below this line, thosepeople are probably not as
(10:11):
financially savvy, and so wewant to protect those people and
keep them from being takenadvantage of.
And so, if you're below thatline, you only have opportunity
to invest in certain types ofdeals and there's a limit as to
how many people can be in thosedeals, basically limited to
friends and family, a smallgroup.
To how many people can be inthose deals, basically limited
to friends and family, a smallgroup of people that you already
know pooling money together totake on a project.
And that limit is as anindividual, you're making more
(10:35):
than $200,000 a year for thepast two years in a row.
Or as a couple filing jointly,you're making more than $300,000
a year for the last two yearsin a row.
Or, third option, you have morethan a million dollars worth of
net worth, not including yourprimary residence.
If you hit any one of thosethree criteria, you're an
accredited investor.
If not, you're a non-accreditedinvestor and there's some
(10:56):
limits as to what you can investin Interesting information.
92% of the capital in thecountry that's out there ready
for investment is held bynon-accredited investors.
There's a lot of people thatfall below that limit.
Dwan Bent-Twyford (11:10):
Oh, there are .
I'm 65, so I'm a boomer and I'mtelling you, between people
that are 65, 75, 85, they'resitting on a kajillion dollars.
They don't know what to do withit.
So now it's like syndicationand I know I've been investing
35 years already.
I know back even a decade ago,I thought you had to have like X
(11:34):
amount of money and it washedge funds and it was this and
this and this and it wasunattainable by like a regular
person.
So I have myself only learnedabout syndications in the last
five to 10 years, learned quitea bit about it.
But I know that so many peopleare sitting out there when you
talk to them about like oh no,that's for, like, super rich
(11:54):
people.
I can't do that, but that's notthe case.
Clint Harris (11:58):
That's right.
In fact, it's a lot moreaccessible than people realize,
because even if you don't havecapital to invest in real estate
and you don't want to operateon your own, you can still take
your retirement funds.
I've done this with mine.
I had a 16-year careerimplanting pacemakers and
defibrillators.
I worked in medical surgery.
My wife and I started buyingmultifamily.
Then we started buying Airbnbproperties and converting them.
(12:18):
Then I started doing storage.
That broke me free in 2022.
I left medical sales behind andbecame a full-time real estate
investor and at that point on, Ino longer have a company match
on any of my retirement accounts.
So I converted mine toself-directed accounts and I
have those invested into otherpeople's syndications.
I can't invest them into mydeals because it's called
(12:39):
commingling and it's illegalsince I'm a general partner.
Dwan Bent-Twyford (12:42):
Oh yeah, you can't.
That's right you can't.
Clint Harris (12:43):
I forgot about that, but I can put it into
other people's, and the realityis you can get better returns
than you can investing intopaper, meaning the stock market
and you can invest into anythingyou want into debt or vineyards
, or multifamily or storage orcar wash or ATMs.
There's unbelievable optionsout there that people
traditionally never really knewabout.
(13:04):
Just like what you said, it wasthe really wealthy, it was the
family offices and theendowments that were investing
into those.
The reality is there'sunbelievable opportunity.
Even if you don't have capital,you can steer your retirement
accounts and create a vehicle tohelp you create some freedom.
Dwan Bent-Twyford (13:23):
Yeah, yeah, yeah.
I still think a lot of peoplestill think that they still
think you have to be superwealthy or it's something that
they can't do.
But shoot man, there's allthese people sitting on so much
money.
My dad's a great example.
He was sitting on a gob ofmoney and he and his wife
retired from factory, you know,like a decade ago.
(13:44):
They're like we're gonna runout of money.
I was like, well, you need tostart investing some of that
money into real estate.
And then they did, and nowthey're just like, oh, we make
such good real estate decisions,we have so much money like
y'all called me and said I'mrunning out of money.
Clint Harris (14:00):
Yeah, my parents did the same thing.
My father was a veterinarianand then then, leading up to his
retirement, realized he's likeman, I don't know that we've
saved enough.
We got to do somethingdifferently.
So we partnered and bought amultifamily property, converted
it to an Airbnb multifamilyproperty at the beach, and
that's the cash flow thatthey're living off of in
addition to their retirement.
Dwan Bent-Twyford (14:19):
I just don't know.
And you know I mean I don'tknow.
I mean younger people.
I guess don't really know abouta lot of that stuff either, but
the older and I shouldn't sayolder because that's like my
decade of people but they werealways just taught like get a
job, work for the man, retire,live on your retirement, and
like that's the safe thing, andthey weren't exposed to things.
Clint Harris (14:40):
Yes, listen, you just hit on.
Something that I'm prettypassionate about is the
retirement system originally.
First of all, the 401k wasnever designed to be a vehicle
for retirement.
It was started by Wall Streetexecutives as a way for them to
have tax shelter from their hugebonuses.
They're cutting these big,large checks for bonuses and if
(15:01):
they put it into a quote unquoteretirement vehicle, it saved
them the taxes on that.
It was years later that afinancial advisor kind of
unpacked it and was like wait, Ithink I can turn this into a
retirement vehicle.
And the government supported itbecause the pensions were
starting to go away and the ideaat the time was retirement in
America is a three-legged stool.
You have a pension, a 401k andsocial security.
(15:24):
Well, we all know pensions areno longer around the way that
they were.
Social security is not going tobe here in a meaningful way in
the future and the 401k wasnever designed by itself to
support retirement.
It's not going to stand on itsown.
The reality is, the soonerpeople realize that and you
understand that inflation wheninflation shoots up, the value
(15:47):
of your dollar in the bank goesdown and the value of your
dollar in retirement goes down.
When inflation comes back down,the cost of goods and services
don't come back down.
Dwan Bent-Twyford (15:56):
That's right so people are.
Clint Harris (15:57):
we have lost the ability.
My parents' generation and mygrandparents' generation could
save their way to retirement.
Yeah, my generation.
I'm 41.
We can't save our way to it.
The vast majority of peoplecannot save your way to
retirement.
The sooner you realize that youcan't play defense and get
where you want to be, that's theday that you realize that you
(16:18):
have to play offense, and formost people, the best way to do
that and take the biggest stepsforward is going to be real
estate investing.
Dwan Bent-Twyford (16:26):
Yeah, no, I agree.
I mean, every year, when theyput out the list of this many
new millionaires this year,they're almost always in the
real estate asset class Right,almost always.
And, yeah, you're right, likeall three of my kids are
millennials, but they'reinvesting, they have rentals,
they have commercial buildings.
We're like listen, you aregoing to do this, you're not
(16:47):
going to work for somebody else,you're going to get in the game
because by the time you guysget around, all those things
will probably not even exist.
Clint Harris (16:54):
That's right, that's right.
Dwan Bent-Twyford (16:56):
It might not Bad fiscal policy.
Clint Harris (16:58):
That's what's going to happen.
Dwan Bent-Twyford (17:00):
I know God, our government spends so much
money it's like I can't eventhink about it.
So someone wants to get in andthey're not accredited.
What's the most amount of moneythey can put in?
Clint Harris (17:09):
There's no limit as to how much they can put in.
The minimum for us is $50,000,but we are required to have a
pre-existing relationship.
So if you're interested in whatwe have, then like the best
thing to do is connect with us.
First thing I want to do isknow what your goals are and
what you're trying to accomplish, and if it doesn't line up with
what we're doing, I'll try tobe the first person to tell you
that you shouldn't do it.
(17:29):
That doesn't mean you shouldn'tinvest and syndication is a
great way to do that but thereare probably other places that I
could steer you that would be abetter fit for what your goals
are.
But I want unpack that.
My job is not to sell you oranyone on our deals.
(17:50):
My job is to educate.
I educate on what our strategyis and how we execute our game
plan.
If people feel like that's afit with what they're looking
for, that's great and we canpursue a relationship and
potentially work together.
And if not, that's great too.
I'll help you find somethingthat's a better fit.
So it usually takes a few phonecalls opportunity to build a
relationship.
I need to understand whatyou're trying to accomplish.
You need to know like and trustus and get an opportunity to
(18:12):
connect and read the content,and then it opens up the door
for us to potentially being ableto work together when we have
an offering coming down thepipeline.
Dwan Bent-Twyford (18:19):
I like that so because I know one of the
things that, if I understandcorrectly, is that syndications
can't specifically advertise, sopeople need to sort of find you
and come to you.
Is that right?
Clint Harris (18:31):
Yes.
So with a little bit of acaveat as a 506B syndication we
can't do any.
It's called generalsolicitation.
We can't do generalsolicitation.
We can only connect with people.
But we can tell people what wedo.
We can't advertise any rates orreturns or anything like that.
So what we do is we open up ourcurrent fund.
(18:53):
We open it up as a 506Boffering, which means we can't
do general solicitation, but wecan allow those non-accredited
investors to come in.
We have a limit of 35 in anyoffering.
So what we did is we opened upthe fund.
We allowed 35 non-accreditedinvestors that we had an
established relationship withinvest into our deal.
Once we hit that limit of 35,and there's a dozen or two
(19:17):
accredited investors that camein as well Once we hit that
limit of 35 non-accreditedinvestors, our legal team does
the filing with the SEC andconverts it over to a 506C
offering.
From then on we are only allowedto accept investments from
accredited investors, but itopens the door and allows us to
(19:38):
do general solicitation.
So when we did that, we rolledout a nationwide marketing
campaign and we've got meta adsrolling right now and 10 to 15
leads per day coming in andcalling and talking about our
returns and profiles andeverything else like that.
So we kind of we blur the linesa little bit because we want to
.
We would rather do the extrawork and spend the extra money
to make sure that we keep aplace for those investors that
(20:01):
we started with.
We've got 150 million in assetsunder management because of
those people and we don't wantto leave anybody behind.
So we made a place for them.
Dwan Bent-Twyford (20:10):
I like that and I always tell people that
whenever I do interview someonethe death syndication I'm like,
hey, if you're new to Dwanderfuland you're like, hey, I really
like this, I'm interested inthis I always tell people,
listen, just reach out directly,because I think it's a good way
to place your money.
Clint Harris (20:27):
Sure, yeah, absolutely.
I mean again any money that youhave sitting in the bank right
now.
I hate to say this.
It's going down in value fasterthan you can save it.
You can't put your dollars awayinto savings these days faster
than the value of those dollarsare being eroded by bad fiscal
policy.
You better put them to work.
Dwan Bent-Twyford (20:46):
So I tell people all the time I mean
everyone, even like my kids whenthey were like 18, I said
listen, all of you are going tobuy rentals and we didn't give
them any money.
We're like you're going to goout and find a hard money lender
, you're going to do it the waywe teach other people to do it.
You're going to find them.
You're going to get them fixedup, get them rented.
You're going to get some money,get some passive income.
And then I want all of you tobranch out onto bigger things.
(21:07):
So I'm pushing my kids down toget into like bigger, like a
couple of them have their firstcommercial buildings.
But I think syndication is agreat way to place money.
So when someone comes in, let'sjust say I put in $100,000.
How long does my money stay inthere?
Clint Harris (21:23):
So typically let me throw this out there Every
syndication is going to bedifferent, so every structure is
going to be different.
There's a lot of differentoptions, so ours are.
You have to think about it likea quasi-development deal, so
from the day that your moneygoes in you start earning a
return.
However, if we think about anindividual Kmart building, from
(21:43):
the day we buy that buildingit's going to take us about a
year to build it out, usually 12to 15 months.
So during year one there's nocashflow because we're building
out a nasty old Kmart that'sbeen empty for a decade.
Year two the building is worthway more than we paid for it.
However, it's empty right.
So it's going to take us a yearor so to fill it up to the
point of being cashflow positive.
Cashflow positive for us isabout 40% occupancy.
(22:04):
Most self-storage is between 60to 65%.
But once we hit that 40%occupancy we're about two years
in on a lot of our projects.
Then all of the cashflow thatstarts coming out of the
property goes back to theinvestors to pay you your return
for the first two years.
Typically they're getting eithera six or an 8% preferred return
just from the day you put yourmoney in.
(22:25):
After that's caught up.
Then you start getting cashflow moving forward, quarterly
distributions, and then at orbefore year five, we'll
refinance the property.
You would get your $100,000back, plus another $60,000 to
$70,000 on top of that, which isgoing to be non-taxable because
it's a refinance.
You should have already gotten30 to 40,000 through the
(22:49):
preferred return in the cashflow, which is going to be
non-taxable.
It's taxable income but we'regoing to give you a K-1 that
shows that we did a costsegregation study and that we've
harvested the accelerateddepreciation off the property.
So our goal is we try to doubleour investors' money in five
years or less tax-free, andafter that everybody stays in.
(23:10):
We hold the property, everybodykeeps their same percentage of
equity it's a long-term hold andafter that it just turns into
an unlimited return and you'regetting quarterly distributions.
Dwan Bent-Twyford (23:20):
I love it.
Yeah, I love it.
I've talked to a few peoplethat do syndications, but I
can't think of anyone that doesstorage units.
And I'm like a really big fanof storage units because
everybody, they downsize, theyget a smaller house, they get a
little older, but they don'twant to get rid of their stuff.
They put it in storage whichthey never actually go, probably
get it back out, but they knowwhere it's at, they're paying
(23:42):
for it.
It sits there for 40 years andthen you know when they're gone,
their kids get it.
They just go and then like, getrid of everything.
Clint Harris (23:54):
It's a sticky asset class.
People typically stay a lotlonger than they think.
There are quite a fewself-storage syndication
operations out there.
I think what's unique aboutwhat we're doing is that we're
not building self-storage.
We're buying nasty buildings.
Nobody wants them.
We're converting it to storage,so I think, you would probably
agree with this.
It's very likely that any realestate deal is probably a good
deal if you get it for halfprice.
(24:15):
That's what we're doing we'rebuilding out storage for half
the cost of ground updevelopment and in less than
half the time.
So for us, that's the key.
The key is to land at a lowenough loan to value that we can
refinance, recapitalize, payeverybody out and keep it,
because if we're fixing assetsup and then selling them, that's
(24:36):
great.
I'm not knocking anybody'sstrategy, but we're basically a
glorified house flipper and thatmeans the day you stop working
is the day that you stop gettingpaid.
We want to keep assets, becauseone thing that I learned through
the Airbnb properties that wehave is like the goal should not
be financial independence, atleast not alone.
(24:58):
Excuse me, I think in myopinion, that's a shallow goal.
The goal should be financial,time and location independence,
because those three thingstogether create an independence
of purpose.
You go where you want, when youwant, do what you want.
If you're a house flipper, orif you have an occupation and
you have a job and you get apaycheck because you're trading
time for money.
Eventually, if you stop working, you stop getting paid.
(25:20):
That's right.
Our goals should be bigger thanthat.
Dwan Bent-Twyford (25:23):
I agree.
I could not agree with you more.
I'm just like I'm a big fan,you know, because I started out
wholesaling houses and back thenwholesaling was getting it
under contract, selling it to arehabber.
All this HGTV has changed theterminology that people use.
So get it under contract, sellthem, make an assignment fee,
and I'm done.
(25:44):
But you know, when you do thatwhich I've done it almost 2,000
times I've done a ton of deals,but when you stop doing that,
there's no income coming in,because you did make a job for
yourself so you've got to startputting it someplace.
So when you want to take off ayear or six months or whatever
you want to do, there's stillmoney that's coming in, which is
why I am a fan of thesyndications.
(26:06):
Now, what were you doing beforethat?
What made you decide I want tobe a syndicator?
Clint Harris (26:18):
So I kind of fell into it.
So I was for 16 years.
I was working in cardiology, Iwas implanting pacemakers into
fibrillators.
Dwan Bent-Twyford (26:22):
So I worked in heart surgery.
Clint Harris (26:24):
You are a heart surgeon.
I was the rep for the company.
So I would go into surgery withthe physician and I would carry
the pacemakers, the leads, thewires, the defibrillators that
go into the heart, all that.
So I would help with theprocedure putting it into place,
testing it, making sure that itworks, shock people's hearts,
all that kind of stuff.
So I did that for 16 years.
It's a little bit of a youngman's game because I'm sure you
(26:45):
can imagine, heart problems arenot Monday through Friday, nine
to five.
It's around the clock.
You're on call nights, weekends, getting called two to three
hours away at three in themorning.
It's kind of a young man's game.
And so I always knew thateventually I loved my job, I was
blessed to be pretty good at it, but eventually I needed an
(27:11):
off-ramp from that lifestyle.
So for us that was going tocome by way of real estate
investing.
So we built a small portfolioof nine single family houses
before I realized it's a veryslow way to try to get ahead.
So we 1031 those and startedbuying small multifamily
properties.
At the beach where I relocated,took a promotion to Wilmington,
north Carolina, started buyingsmall multifamily properties,
duplexes, triplexes andquadplexes, converting them to
Airbnb properties, still have 14of those that turn into a
(27:35):
property management company withsome partners that manages my
properties and another 80properties, and that was all
well and good and it replaced myincome, but it was laborious,
there was a lot to it, and sothat's when I started the
aggressive pursuit towards amore passive strategy.
That's how I settled onself-storage.
It's a box of air.
(27:57):
There's no kitchens, there's nobathrooms.
You're renting someone a box ofair.
So I settled on storage and then, the same way that I was buying
those little quadplexes andconverting them to Airbnbs, it
was 3.5 to 4X the grosspotential rents.
It's the same thing when youbuy a Kmart and convert it to
(28:17):
storage.
It's an asset class conversion.
It's the same lesson.
So in 2020, some partners and Ibought an old Kmart building.
They had a background instorage.
We converted it to self-storage.
We bought the building for $1.5million.
We put $2.5 million into it.
The empty building appraisedfor $9.1 million when we were
done.
Dwan Bent-Twyford (28:36):
And I was like, oh, this is great, I love
that.
I love that and I like the factthat you're taking some of
these older buildings.
There's a lot of those bigkmarts and sears and just big,
big, big stores that just sitthere and they just dilapidate
and unless somebody wants tobuild something new, they don't
even get torn down, they're justsitting there baking there was
over 1200 kmarts at one point intime and they're all closed.
(28:58):
When we started this came on theblue light special and
everybody goes running over tothe area that's doing the blue
light special.
I was like I remember all thatstuff.
But yeah, they're just, and youknow, little by little they're
just gone.
I think they're probably allgone now, aren't they?
Clint Harris (29:15):
Yeah, the last three shut down about two years
ago, but you still havebuildings that are getting paid
out through the bankruptcy, likethe Kmart bankruptcy is still
paying rent, sometimes foranother five to 10 years into
the future.
So there's still buildings thatthey're sitting empty because
the owner of that building isstill getting $300,000 a year in
rent and if they sold it tosomebody else, that goes away.
(29:35):
So they'll sit there and justlet that bankruptcy lease run
for years and years and yearsand then finally, when it runs
out, they'll just sell thebuilding for whatever they can
get for it.
And that's when we step in.
Dwan Bent-Twyford (29:45):
I did not know that.
I know that I'm from Ohio and Iknow last time I was up there I
went to eat at one of my littlefavorite pizza places and
there's a Kmart that was stillthere a couple of years ago and
it's just sitting there vacantand it's like, ah, so many
people used to shop at all.
I guess Walmart replaced Kmart,I guess right.
Clint Harris (30:04):
Yeah, and Amazon took a big chunk of it as well
over time.
But, yeah, walmart really kindof ate their lunch in terms of
big box retail, but within thatcommunity they were a fixture
and they were a big employer anda lot of times that community
grew around that location andthat's why it makes a great spot
to have an adaptive reuse andconvert it to a different asset
(30:25):
class.
Dwan Bent-Twyford (30:26):
I don't know, I'm an Amazon fan.
I got lazy.
I like stuff delivered to mydoor.
Yep, I buy most of my clothesonline.
Now it's like I don't know yeahsame.
I'm one of the people that helpsAmazon.
It's like if I have to go intoa store to buy something, I'm
just like I don't even go.
I have to go into a store tobuy something, I'm just like I
don't even go.
I have an Instagram for beinggross.
(30:46):
I don't even go in the grocerystore anymore.
I just like everythingdelivered.
I am a creature of comfort.
Clint Harris (30:51):
Yeah, same, you're seeing that across the whole
spectrum, you know, and onething that's because of that
people aren't out and about alot.
But one of the things thatwe're also seeing is that the
millennials, which are now 34%of the population they're the
largest population segmentthey're using 38% of storage,
because you, I'm sure, have atleast one house you probably
(31:14):
have multiple, from yourbackground, I would guess but
the millennials aren't buyinghouses, they're renting.
Dwan Bent-Twyford (31:19):
And when you rent.
Clint Harris (31:20):
You're renting based upon the square footage
that you get Rent.
You're renting based upon thesquare footage that you get.
So instead of renting atwo-bedroom condo for $1,800,
they'll rent a one-bedroom condofor $1,300 and then get a
storage unit for $150.
Dwan Bent-Twyford (31:32):
Oh yeah.
Clint Harris (31:32):
And use it as an extension of the closet
extension of the garage winterclothes, kayaks, snowboards type
stuff.
Dwan Bent-Twyford (31:37):
Yeah, yeah, yeah that in Colorado,
especially like my kids do, thatthey rent and in the winter
they'll go get out their skisand their whatever.
Then they put it away.
Then, like you said, they getthe other things out and they go
in and out and switch out theirclothes.
I'm like just live in a biggerplace.
Clint Harris (31:53):
Easier said than done sometimes.
Dwan Bent-Twyford (31:55):
They don't want to, and the rent is crazy
expensive, so I totally get itOkay.
So let's switch gears.
I'm going to learn more aboutyou.
What's your favorite band ofall time years?
Clint Harris (32:05):
What's your favorite?
I want to learn more about you.
What's your favorite band ofall time?
Favorite band of all time?
Wow, Great question.
I would say probably right now.
Dwan Bent-Twyford (32:14):
no-transcript okay, I do not know the
movement, so after we're doneI'm gonna listen to them on
youtube, because I hardly ever,hardly ever, have someone give
me a band I don't already know,because I'm a huge music lover,
going all the way back, likefrom the 50s forward.
I love all the music and I lovereggae and at the beach it's
(32:34):
like, oh, my heart and my heartand soul lives at the beach yep,
I'll be out on the boat allweekend going to an island
called Masonboro Island withwife and the boys.
Clint Harris (32:43):
We'll pull up there with a bunch of friends
and we'll be listening to themovement and enjoying a nice
sunny weekend.
Dwan Bent-Twyford (32:51):
So check it out, you'll like it.
I love it, I love it.
What's your favorite food?
Clint Harris (32:56):
So I love to cook and because of that and also
because of where we live, I'mreally big, I'm a fisherman, I
do a lot of offshore fishing, Ido a lot of scuba diving,
spearfishing, shooting grouperlobster, hogfish and stuff like
that.
So because of that I would sayseafood.
But specifically I like to gocatch fresh mahi and wahoo and
(33:17):
things like that and then I liketo cook, have a group of
friends over and cook it for myfriends.
It's kind of my love language.
Dwan Bent-Twyford (33:21):
So I would say seafood, I love that.
Well, next time I get my buttdown there in that area, I'm
going to call you and say hey, Iwant you to cook me some fish.
Clint Harris (33:28):
There we go, a little Wahoo, saltimbocca or
something like that.
Dwan Bent-Twyford (33:31):
Yeah, I love that, I love that and I love
anything.
We, I love anything.
We have a house in Delray Beach, florida, that's about a mile
from the beach.
I just love being around thebeach, on the beach, just
anything to do with the water.
I am a hundred percent of awater person.
What's your favorite part ofthe day?
Where's your happy spot?
Clint Harris (33:51):
So the favorite part of the day for me is I have
a group of guys that I work outwith.
So I had a career change in 2022when I switched to being a
full-time real estate investorand I lost about 30 pounds that
year.
Because when you're at thehospital, you're kind of
grabbing fast food and gettingwhatever you can or else you're
likely not to eat that day.
So because of that, I have agroup of guys that I work out
(34:12):
with at six in the morning andjust get it done, knock it out.
Sometimes we're running on thebeach, sometimes we're paddle
boarding, usually we're liftingor biking or something like that
, and when I've gotten that doneand I feel like I've got to
jump on the day and I'm pullingback into my house and I know
that my two little boys aregoing to be, probably in their
underwear, dancing on the couchand jumping up and down when I
walk in and after that I'mkissing my wife and then I'm
(34:35):
going to get changed and I'mgoing to go to a job that I love
.
That's my best part of my dayslooking forward to it.
Dwan Bent-Twyford (34:41):
I love that.
That sounds really great.
So what is your biggest goalright now, Clint, that you're
working on that, the people atD'Wonderful, the D'Wonderful
world.
What can we help you with?
What's your biggest goal thatyou're trying to accomplish
right now?
Clint Harris (34:55):
In the short term I've got to raise $5.5 million
in the next 90 days to close outthis fund with the last two
projects that we have undercontract.
The bigger goal for that is thatwe've got to get to a billion
dollars in assets in a 10-yearperiod, which is about seven
more years on that timeline.
And the more important goal thanthat is with my two young sons.
(35:18):
We have some beehives out on afarm and my four-year-old has
gone with me all year takingcare of the bees and he started
a business selling honey.
He's got a business right nowwhere we've taken a bunch of
seawater off the end of the pierwhere we live and filtered it
and we've run it through solardistillation to create gourmet
sea salt and he's selling seasalt and the bigger, the more
(35:39):
important goal for me is toteach my boys how to create
value in the world and to begood people and not to raise a
couple of little snots when welive in an area.
It's not the richest place inthe world, but it's a very nice
community on an island off ofWilmington and one of my biggest
concerns is that they're goingto be they grow up surrounded by
(36:00):
money in a way that I wasn't,and I want to make sure that I
balance that with a lot of worldtravel and opportunity for our
family to do charity, so thatthey get to see.
I want them to be well-roundedin terms of people and
understanding the blessings thatthey have, so that they grow up
first of all to have a sense ofgratitude.
And first of all, to have asense of gratitude and second of
(36:22):
all to have a sense of empathy.
Dwan Bent-Twyford (36:23):
I love it.
Yeah, I made all my kids docharity stuff when they were
little too, because, like Idon't, I don't want to raise a
bunch of bratty, rich kids thatlike don't appreciate, because
it's like, listen, I worked mybutt off.
So you're not going to geteverything handed to you on a
silver spoon, you also, butyou're going to learn and be
good to people and and yeah,when my kids were really little,
(36:43):
I had them doing charity workand stuff.
Clint Harris (36:45):
so and it's important.
Dwan Bent-Twyford (36:47):
You gotta, you know.
I mean everyone's like, oh,we're raising kids.
It's like, no, you're not,you're raising adults.
Clint Harris (36:52):
Yeah I love that yeah you raise them now.
Dwan Bent-Twyford (36:55):
that's who they're going to be in the world
when they are the mom, the dad,the whatever.
And so I, from day one, havealways thought I'm not raising
kids, I'm raising adults.
And there's a lot of adults outthere who are, you know, less
than just very low qualitypeople.
It's like I'm not raising anylow quality people coming out of
this household.
(37:16):
We're going to be high quality,fit into society.
Yeah, I tell all people I'mlike, oh, what's your advice?
And like, honestly, just lookat it like you're raising adults
.
Whatever you do is how they'regoing to be and if you like that
bratty screaming, throwingyourself on the floor and
getting what you want, that'sthe adult that you're going to
raise.
Clint Harris (37:34):
That.
Dwan Bent-Twyford (37:36):
Like my son.
His wife calls me every year.
She's like I just want to thankyou for doing such a good job
with Will.
He's such a good man, he's sucha good dad, he's such a good
this, this, this, this, this.
He's the man you are because ofeverything you did for him.
I'm like, listen, that boy wasvery challenging and I whipped
him into shape because I keptsaying you're going to be
somebody's dad and you're notgoing to be this guy, you're
(38:02):
going to be this guy.
And so, yeah, my kid, my kids,are great.
I'm really proud of my kids,but they was not an easy feat?
yeah, of course I'm living thatright now it is not an easy feat
, and I may learn how to workfor everything, because I don't
want them to think that thingsjust get handed over that's
right I work for every dollar Iever made, so it's like y'all to
get nothing free, like nothing,nothing.
They had to pay for everything.
So okay, one more time, justtell people how you want them,
(38:23):
the number one way you want themto reach you.
Clint Harris (38:26):
The best way to reach me is just connect with me
through email clint atnomadcapitalus.
You can go to our website,nomadcapitalus, and we have some
videos on there about the team,the story behind how we were
founded and things like that.
And then I'm also happy toconnect with people on either
Facebook or LinkedIn.
Clint Harris.
Dwan Bent-Twyford (38:44):
And I put my stamp of approval on this guy.
So if you're looking insyndication, this is where I
suggest you go.
So, first of all, I have onemore question for you, but I
want to thank you for being onwith me today and sharing time.
I also want to thank all of youfor sharing your time with me,
because you know I tell youevery week, time is our most
valuable asset, because whenyou're out of time, you know
we're basically all coming toyour funeral.
(39:05):
So use your time wisely, andinvesting with me or any of my
guests and working with us isalways going to be a good use of
your time and your money.
And don't forget to go toDwanDurful
D-W-A-N-D-E-R-F-U-Lcom.
I've got free eBooks andtraining and webinars and all
kinds of things, but nothingabout syndication.
(39:27):
So you got to go over tosomebody else if you want to
learn about that, because I'mnot your girl when it comes to
that stuff.
Also, I want you to do me afavor.
If you had fun today, youlearned something, you laughed
just anything at all.
I want you to subscribe to thepodcast.
Leave a five-star review.
Podcasts are a labor of love.
They're a lot of work and yourreviews and your subscription
(39:52):
and listening help all of usgrow in the efforts that we're
making to teach, becauseeveryone that does a podcast is
teaching you something, so dothat back for us, okay.
So last thing is, I want you togive us a parting word of
wisdom, but just one single wordoh wow, um community oh, I like
(40:12):
it I think that the value waitdon't tell me what it means.
Hold on a minute, I have to saysomething first.
Okay, so everyone that listensknows that after we hear the
word of wisdom, which iscommunity, I tell everyone to
write it on a little sticky note, put it up on your bathroom for
one week and every day the wordcommunity is your word of the
(40:33):
week.
But now we want to know what itmeans to you.
What does it mean to you?
Clint Harris (40:38):
So all of the success that I've had replacing
my income or getting intodifferent asset classes and
basically I feel like I'mretired.
I'm just pursuing the thingsthat I'm passionate about came
from connecting in a communityof people that are more
intelligent than I am and havingmore success.
And I think that who I was 10years ago is the same person
(41:00):
that I would be today and thesame person that I will be 10
years from now, with theexception of the places I go,
the people I meet and the booksand content that I consume and
the ideas that come from otherpeople.
And I think that the localcommunity, in terms of an
investor community or friendcommunity and bigger than that,
the community of podcasts andfree education in a way that the
(41:21):
world has never had before, isextremely powerful.
I know that I host a podcastspecifically because I want to
find the 52 sharpest people ayear that I can and get you know
45 minutes of their condensedlife experience, shared with me
in a way that they probablywouldn't do if I just asked them
to go to lunch.
And that is what I attributemost of my success to moving
(41:43):
forward, and I think the valueof people and relationships is
something that cannot beoverstated, and I encourage
people to lean into yourcommunity, not just for what you
can get, but also for what youcan give, because that's going
to create an attitude ofabundance that creates some
beautiful relationships.
Dwan Bent-Twyford (42:02):
Amen, that is about what it means to me too.
So I always like to hear yourthoughts on what it means.
So we all have a word of theweek, we like to hear what it
means to you, and then everyoneadds your own take on that too.
But, honestly, you can't reallygrow big in any industry, I
don't believe, without community, like I wouldn't be where I'm
(42:25):
at today if it wasn't for allthe people I've met along the
way that helped me or workedwith me or, you know, lifted me
up.
So community really iseverything.
Clint Harris (42:32):
I'm glad you agree .
Yeah, I think we have a lot ofsynergy there and I'm glad that
you're part of my community, sothank, you.
Dwan Bent-Twyford (42:38):
Yeah, me too.
I'm so happy to know you nowand have you on my team.
So all right, everyone.
We'll be back next week, samebat time, same bat channel.
And remember that the truth isin the red letter.
All right, everybody.
Ciao, and Clinton, thank youfor being on the show today.
I love it, and you guys go makeit a great week.
Hey everybody , welcome to the most wonderful
real estate podcast ever.
I'm your host, DdwanMinton-Twyford.
I am America's mostsought-after real estate
investor and I'm super excitedthat you are on the show with me
today.
As you can see, I've got a veryhandsome gentleman over here,
so he is our wicked smart man ofthe day.
And if you are new toDwan-der-ful, I take my name
(00:25):
Dwan and wonderful, and I made anew word.
So this is the world ofDwan-der-ful.
I'm happy that you're in it.
I'm happy that you're a part ofit.
Our motto at Dwan-der-ful ispeople before profits.
So if that resonates with you,I'm your girl, you can go
Dwan-der-fulcom and you can optin and get a free ebook, flip
(00:47):
your way to a fortune, andthat's it.
So welcome on board.
So, clint, how are you today?
Clint Harris (00:54):
I'm very well.
Thank you for having me.
Dwan Bent-Twyford (00:55):
I'm excited to have you on today.
Clint Harris (00:57):
Yeah, thanks, happy to be here.
Dwan Bent-Twyford (00:59):
I like all your stripes.
It kind of matches the color onyour shirt there.
Clint Harris (01:02):
Thank you.
Yeah, we're going for a wholemotif here.
This is our little podcaststudio.
Dwan Bent-Twyford (01:07):
Yeah, yeah, yeah.
Well, this is my background.
I'm in Iowa right now and we'reworking on a bunch of buildings
and, well, we're kind ofredoing an entire downtown right
now, and I moved from oneapartment to the other one just
last week, so I haven't set upmy cool background.
So this is my backyard inFlorida.
Clint Harris (01:28):
How tropical, oh my God.
Dwan Bent-Twyford (01:29):
That sounds good.
That's my backyard.
I'll put that up on the backtoday.
Clint Harris (01:33):
Love it.
Dwan Bent-Twyford (01:34):
It's all fun, all right.
So welcome to the show today.
So what we do is we start offhaving a toast.
So are you drinking something?
Clint Harris (01:43):
I am.
Dwan Bent-Twyford (01:46):
I got a sparkling water right here.
Oh, okay, and y'all know I'mdrinking my live enzymes, so
cheers.
Clint Harris (01:49):
Cheers.
Dwan Bent-Twyford (01:50):
And all of you listening get your drink,
like have a drink, everyone justkind of stretch and, like you
know, shake off what's happeningin the world right now and just
hang out with us and tune inand just spend some time.
And you out with us and tune inand just spend some time and
you'll love us.
So what we like to do Over here, mr Clint, is we're just going
(02:11):
to throw you like straight upinto the wolves.
Okay, so I just want you to doJust give us your name, a very
short, like two or threesentences, what you do, but
especially how we can find youon social media, and I want all
your info at the top of the shownotes and I'm just going to ask
you a bunch of questions andwe're going to have fun.
(02:32):
We're going to find out how youcame to be Clint Harris, who is
on the DeWonderful show.
Clint Harris (02:36):
That sounds great.
So I'm Clint Harris.
I live in Carolina Beach, NorthCarolina.
I'm a general partner withNomad Capital.
We're a self-storagesyndication.
I raise capital from investors.
I got a wife, two little boys,and you can find me Facebook or
LinkedIn, Clint Harris.
Our website is nomadcapitalus.
Email is clint atnomadcapitalus.
(02:58):
That's the best place to findme.
Dwan Bent-Twyford (03:01):
I like it.
U S like the whole UnitedStates.
That's it I love that you do,so that's all great.
So thank you for that Short andsweet.
So we just kind of want to likewhat's your deal and then we
want to get into it.
So I like the you do storageunits.
Clint Harris (03:18):
With a little bit of a twist, but yeah, we do.
Climate controlled storage.
Dwan Bent-Twyford (03:21):
Okay, so-controlled storage.
So I am a fan of storage units.
I actually bought my firstlittle set, one of the.
We're in Clinton, iowa, andwe're kind of helping this bring
back the downtownbeautification program and on
the, so it's three blocks wideand three blocks deep right
(03:43):
along the Mississippi River.
So on the third block there wasa building, three buildings
that are like to work on carsand trucks Because they're tall
and they've got all theequipment, but there's just a
very small set of like 30storage units and I was like,
ooh.
So I had not invested instorage units up until I've
(04:04):
always wanted to.
So I have.
It's tiny, only like 30.
I have my first little tinystorage unit over there.
So I'm excited to build morebecause I've got the land and
the space, but I want controltoo.
Clint Harris (04:17):
Yeah, good, well, you're on the board.
Good for you.
Dwan Bent-Twyford (04:20):
So I have a set.
They're all rented out already.
So I'm like, okay, I'm prettyexcited about that, but I don't
know a whole whole lot abouthaving them, running them,
finding them.
They just sort of came with thebuilding.
I was like, hey, it's a start,but I've got lots of land here.
I want to put storage units on.
So I'm going to have youeducate me on storage units
(04:40):
today.
So that's exciting.
Clint Harris (04:41):
That sounds great.
So we've done everything in thepast new development and
expansion projects.
Our niche right now is a littlebit unique.
Over the last three years wefocus on buying old, nasty,
vacant big box retail buildingslike Kmart's grocery stores and
warehouses that typically havebeen vacant for years and we
convert those into climatecontrolled self-storage.
So we can do it, for we can buyan old, you know 100,000 square
(05:04):
foot Kmart and convert it intostorage for about half the cost
of ground up construction and inabout a third of the time.
Dwan Bent-Twyford (05:12):
Now see, I love that because there's a lot.
There's so many of those bigold stores like the Sears are
gone now, and the Kmarts aregone, and I don't even know.
There's a bunch of those, theJCPenney, a lot of those are
gone.
Clint Harris (05:23):
Yeah, big box retail is taking it on the chin.
You know there's big box retailused to kind of control a lot
of these small secondary andtertiary markets.
Everybody in that communityused to drive to that location
for their home goods.
The reality is Amazon andWalmart have really crushed that
space.
But if you think about thebuilding an 80, 90, 100,000
(05:44):
square foot building even thoughthe people aren't going there
to buy their home goods anymore,it still is a great location
for the same people in thatcommunity to drive back to the
same building and pay us to putthe same stuff right back inside
it.
Dwan Bent-Twyford (05:55):
Yeah, heck, yeah it is.
So let's just say, here in thiswhole town of Clinton, we
actually do have a big, giantbuilding that's vacant right
outside town.
I think it was maybe a K-more.
So I'm new and I'm like, hey, Iwant to buy this building and
make it a storage unit.
And I call you up Are youhelping me build it, finance it?
(06:16):
Are you owning it with me?
What does that look like?
I'm going to say, hey, clinton,iowa, over here, I've got a big
building.
What am I doing?
Clint Harris (06:26):
So all of our projects we own them ourselves.
I raise capital from a group ofinvestors.
We have an acquisition teamlooking at 50 to 70 properties a
week, just to get down to oneto three that we might do
underwriting on.
We're sending usually one ortwo letters of intent per month.
A typical deal for us is we'llbuy a building for usually close
to 2 million bucks.
(06:47):
We'll put about 2 to 3 millionbucks into it, we'll be into the
whole project for 4 to 5million and convert it to a
climate controlled self-storagefacility.
Our buildings are typicallyappraising for 13 to 17 million,
which means we can do a cashout refinance at 55 or 60% loan
to value, pay off the principal,double all the investors' money
(07:07):
and keep a couple million forourselves.
And it's all tax-free becausewe're not selling anything.
It's a recapitalization throughrefi.
If you find a property, I canpoint you in the right
directions.
The reality is we're lookingthrough hundreds and hundreds of
properties to find the rightones.
We do in-house construction aswell, so there's not as many of
(07:28):
them that work as you think.
So Obviously, the feasibilitystudy in the community is the
most important thing Residentialdensity how many people live
there?
How much storage is there, theprice of storage, the demand, et
cetera.
So there's that.
Then obviously there's theconstruction side of things and
the cost of that as well.
So for all of our projects we're, over the last three years
(07:48):
we've done two K-marts, threewarehouses, two textile mills, a
grocery store and a bottlingfacility, so about 600,000
square feet of storage.
Currently we're sitting at 150million in assets under
management and we haven't soldanything in assets under
management and we haven't soldanything.
So that's kind of our model.
I mean, it's basically theBRRRR strategy, but it's on a
commercial level.
You change the asset class.
(08:11):
It changes the formula by whichthe asset is valued.
You take 1K Mart and you splitit into 750 storage units, you
rent them all out and then froma net operating income
standpoint it's typically worth13 to 17 million.
We refinance and keep rolling.
Dwan Bent-Twyford (08:29):
And so how would I so?
I'm a person.
I want to get involved.
How do I get involved?
Am I, is it, are you syndicated?
Am I putting in money and isthat what's happening?
Clint Harris (08:37):
That's exactly right.
Yeah, so we're a syndication.
We started off as a 506Bsyndication with non-accredited
investors because we typicallyonly needed to raise a couple
million bucks.
So we would have, on average,12 to 18 people would pitch in
and put $50,000 or $250,000 orwhatever in.
We pull the money together todo projects.
So we've got about 130 peoplewith us that are invested right
(09:00):
now across those projects.
And then we have a fund rightnow.
So within that fund I'm raising$10 million for the purchase of
$30 million worth of buildingsthat we're converting to $80
million worth of storage.
So we've closed on the firsttwo properties in there.
We've got two more undercontract.
So if an investor comes along,they see the projects, they get
to know us, they know like andtrust us and understand our
(09:21):
model.
Then you put your money into afund and then it gives you
ownership across four differentfacilities across the Southeast.
Dwan Bent-Twyford (09:28):
Nice.
So now you said you used to dopeople that were not accredited.
Do you still do that or do theyhave to be accredited now?
Clint Harris (09:35):
Yeah, we take non-accredited investors.
So typically the way that we doit and not a lot of people do
it this way but we started offwith a lot of non-accredited
investors.
That's kind of those are ourpeople, right, that's our tribe,
so we didn't want to butactually explain that to people
Someone's brand new.
Dwan Bent-Twyford (09:48):
They go.
I don't even know what thatmeans.
What?
Clint Harris (09:50):
does that mean?
Yeah, that's a great question.
I'm glad you said that.
So the Securities and ExchangeCommission, the SEC, drew a line
in the sand and basically saidif you make enough money, that
that you're above this line.
We think that you're probably asophisticated investor and you
can invest in all thesedifferent types of opportunities
.
If you're below this line, thosepeople are probably not as
(10:11):
financially savvy, and so wewant to protect those people and
keep them from being takenadvantage of.
And so, if you're below thatline, you only have opportunity
to invest in certain types ofdeals and there's a limit as to
how many people can be in thosedeals, basically limited to
friends and family, a smallgroup.
To how many people can be inthose deals, basically limited
to friends and family, a smallgroup of people that you already
know pooling money together totake on a project.
And that limit is as anindividual, you're making more
(10:35):
than $200,000 a year for thepast two years in a row.
Or as a couple filing jointly,you're making more than $300,000
a year for the last two yearsin a row.
Or, third option, you have morethan a million dollars worth of
net worth, not including yourprimary residence.
If you hit any one of thosethree criteria, you're an
accredited investor.
If not, you're a non-accreditedinvestor and there's some
(10:56):
limits as to what you can investin Interesting information.
92% of the capital in thecountry that's out there ready
for investment is held bynon-accredited investors.
There's a lot of people thatfall below that limit.
Dwan Bent-Twyford (11:10):
Oh, there are .
I'm 65, so I'm a boomer and I'mtelling you, between people
that are 65, 75, 85, they'resitting on a kajillion dollars.
They don't know what to do withit.
So now it's like syndicationand I know I've been investing
35 years already.
I know back even a decade ago,I thought you had to have like X
(11:34):
amount of money and it washedge funds and it was this and
this and this and it wasunattainable by like a regular
person.
So I have myself only learnedabout syndications in the last
five to 10 years, learned quitea bit about it.
But I know that so many peopleare sitting out there when you
talk to them about like oh no,that's for, like, super rich
(11:54):
people.
I can't do that, but that's notthe case.
Clint Harris (11:58):
That's right.
In fact, it's a lot moreaccessible than people realize,
because even if you don't havecapital to invest in real estate
and you don't want to operateon your own, you can still take
your retirement funds.
I've done this with mine.
I had a 16-year careerimplanting pacemakers and
defibrillators.
I worked in medical surgery.
My wife and I started buyingmultifamily.
Then we started buying Airbnbproperties and converting them.
(12:18):
Then I started doing storage.
That broke me free in 2022.
I left medical sales behind andbecame a full-time real estate
investor and at that point on, Ino longer have a company match
on any of my retirement accounts.
So I converted mine toself-directed accounts and I
have those invested into otherpeople's syndications.
I can't invest them into mydeals because it's called
(12:39):
commingling and it's illegalsince I'm a general partner.
Dwan Bent-Twyford (12:42):
Oh yeah, you can't.
That's right you can't.
Clint Harris (12:43):
I forgot about that, but I can put it into
other people's, and the realityis you can get better returns
than you can investing intopaper, meaning the stock market
and you can invest into anythingyou want into debt or vineyards
, or multifamily or storage orcar wash or ATMs.
There's unbelievable optionsout there that people
traditionally never really knewabout.
(13:04):
Just like what you said, it wasthe really wealthy, it was the
family offices and theendowments that were investing
into those.
The reality is there'sunbelievable opportunity.
Even if you don't have capital,you can steer your retirement
accounts and create a vehicle tohelp you create some freedom.
Dwan Bent-Twyford (13:23):
Yeah, yeah, yeah.
I still think a lot of peoplestill think that they still
think you have to be superwealthy or it's something that
they can't do.
But shoot man, there's allthese people sitting on so much
money.
My dad's a great example.
He was sitting on a gob ofmoney and he and his wife
retired from factory, you know,like a decade ago.
(13:44):
They're like we're gonna runout of money.
I was like, well, you need tostart investing some of that
money into real estate.
And then they did, and nowthey're just like, oh, we make
such good real estate decisions,we have so much money like
y'all called me and said I'mrunning out of money.
Clint Harris (14:00):
Yeah, my parents did the same thing.
My father was a veterinarianand then then, leading up to his
retirement, realized he's likeman, I don't know that we've
saved enough.
We got to do somethingdifferently.
So we partnered and bought amultifamily property, converted
it to an Airbnb multifamilyproperty at the beach, and
that's the cash flow thatthey're living off of in
addition to their retirement.
Dwan Bent-Twyford (14:19):
I just don't know.
And you know I mean I don'tknow.
I mean younger people.
I guess don't really know abouta lot of that stuff either, but
the older and I shouldn't sayolder because that's like my
decade of people but they werealways just taught like get a
job, work for the man, retire,live on your retirement, and
like that's the safe thing, andthey weren't exposed to things.
Clint Harris (14:40):
Yes, listen, you just hit on.
Something that I'm prettypassionate about is the
retirement system originally.
First of all, the 401k wasnever designed to be a vehicle
for retirement.
It was started by Wall Streetexecutives as a way for them to
have tax shelter from their hugebonuses.
They're cutting these big,large checks for bonuses and if
(15:01):
they put it into a quote unquoteretirement vehicle, it saved
them the taxes on that.
It was years later that afinancial advisor kind of
unpacked it and was like wait, Ithink I can turn this into a
retirement vehicle.
And the government supported itbecause the pensions were
starting to go away and the ideaat the time was retirement in
America is a three-legged stool.
You have a pension, a 401k andsocial security.
(15:24):
Well, we all know pensions areno longer around the way that
they were.
Social security is not going tobe here in a meaningful way in
the future and the 401k wasnever designed by itself to
support retirement.
It's not going to stand on itsown.
The reality is, the soonerpeople realize that and you
understand that inflation wheninflation shoots up, the value
(15:47):
of your dollar in the bank goesdown and the value of your
dollar in retirement goes down.
When inflation comes back down,the cost of goods and services
don't come back down.
Dwan Bent-Twyford (15:56):
That's right so people are.
Clint Harris (15:57):
we have lost the ability.
My parents' generation and mygrandparents' generation could
save their way to retirement.
Yeah, my generation.
I'm 41.
We can't save our way to it.
The vast majority of peoplecannot save your way to
retirement.
The sooner you realize that youcan't play defense and get
where you want to be, that's theday that you realize that you
(16:18):
have to play offense, and formost people, the best way to do
that and take the biggest stepsforward is going to be real
estate investing.
Dwan Bent-Twyford (16:26):
Yeah, no, I agree.
I mean, every year, when theyput out the list of this many
new millionaires this year,they're almost always in the
real estate asset class Right,almost always.
And, yeah, you're right, likeall three of my kids are
millennials, but they'reinvesting, they have rentals,
they have commercial buildings.
We're like listen, you aregoing to do this, you're not
(16:47):
going to work for somebody else,you're going to get in the game
because by the time you guysget around, all those things
will probably not even exist.
Clint Harris (16:54):
That's right, that's right.
Dwan Bent-Twyford (16:56):
It might not Bad fiscal policy.
Clint Harris (16:58):
That's what's going to happen.
Dwan Bent-Twyford (17:00):
I know God, our government spends so much
money it's like I can't eventhink about it.
So someone wants to get in andthey're not accredited.
What's the most amount of moneythey can put in?
Clint Harris (17:09):
There's no limit as to how much they can put in.
The minimum for us is $50,000,but we are required to have a
pre-existing relationship.
So if you're interested in whatwe have, then like the best
thing to do is connect with us.
First thing I want to do isknow what your goals are and
what you're trying to accomplish, and if it doesn't line up with
what we're doing, I'll try tobe the first person to tell you
that you shouldn't do it.
(17:29):
That doesn't mean you shouldn'tinvest and syndication is a
great way to do that but thereare probably other places that I
could steer you that would be abetter fit for what your goals
are.
But I want unpack that.
My job is not to sell you oranyone on our deals.
(17:50):
My job is to educate.
I educate on what our strategyis and how we execute our game
plan.
If people feel like that's afit with what they're looking
for, that's great and we canpursue a relationship and
potentially work together.
And if not, that's great too.
I'll help you find somethingthat's a better fit.
So it usually takes a few phonecalls opportunity to build a
relationship.
I need to understand whatyou're trying to accomplish.
You need to know like and trustus and get an opportunity to
(18:12):
connect and read the content,and then it opens up the door
for us to potentially being ableto work together when we have
an offering coming down thepipeline.
Dwan Bent-Twyford (18:19):
I like that so because I know one of the
things that, if I understandcorrectly, is that syndications
can't specifically advertise, sopeople need to sort of find you
and come to you.
Is that right?
Clint Harris (18:31):
Yes.
So with a little bit of acaveat as a 506B syndication we
can't do any.
It's called generalsolicitation.
We can't do generalsolicitation.
We can only connect with people.
But we can tell people what wedo.
We can't advertise any rates orreturns or anything like that.
So what we do is we open up ourcurrent fund.
(18:53):
We open it up as a 506Boffering, which means we can't
do general solicitation, but wecan allow those non-accredited
investors to come in.
We have a limit of 35 in anyoffering.
So what we did is we opened upthe fund.
We allowed 35 non-accreditedinvestors that we had an
established relationship withinvest into our deal.
Once we hit that limit of 35,and there's a dozen or two
(19:17):
accredited investors that camein as well Once we hit that
limit of 35 non-accreditedinvestors, our legal team does
the filing with the SEC andconverts it over to a 506C
offering.
From then on we are only allowedto accept investments from
accredited investors, but itopens the door and allows us to
(19:38):
do general solicitation.
So when we did that, we rolledout a nationwide marketing
campaign and we've got meta adsrolling right now and 10 to 15
leads per day coming in andcalling and talking about our
returns and profiles andeverything else like that.
So we kind of we blur the linesa little bit because we want to
.
We would rather do the extrawork and spend the extra money
to make sure that we keep aplace for those investors that
(20:01):
we started with.
We've got 150 million in assetsunder management because of
those people and we don't wantto leave anybody behind.
So we made a place for them.
Dwan Bent-Twyford (20:10):
I like that and I always tell people that
whenever I do interview someonethe death syndication I'm like,
hey, if you're new to Dwanderfuland you're like, hey, I really
like this, I'm interested inthis I always tell people,
listen, just reach out directly,because I think it's a good way
to place your money.
Clint Harris (20:27):
Sure, yeah, absolutely.
I mean again any money that youhave sitting in the bank right
now.
I hate to say this.
It's going down in value fasterthan you can save it.
You can't put your dollars awayinto savings these days faster
than the value of those dollarsare being eroded by bad fiscal
policy.
You better put them to work.
Dwan Bent-Twyford (20:46):
So I tell people all the time I mean
everyone, even like my kids whenthey were like 18, I said
listen, all of you are going tobuy rentals and we didn't give
them any money.
We're like you're going to goout and find a hard money lender
, you're going to do it the waywe teach other people to do it.
You're going to find them.
You're going to get them fixedup, get them rented.
You're going to get some money,get some passive income.
And then I want all of you tobranch out onto bigger things.
(21:07):
So I'm pushing my kids down toget into like bigger, like a
couple of them have their firstcommercial buildings.
But I think syndication is agreat way to place money.
So when someone comes in, let'sjust say I put in $100,000.
How long does my money stay inthere?
Clint Harris (21:23):
So typically let me throw this out there Every
syndication is going to bedifferent, so every structure is
going to be different.
There's a lot of differentoptions, so ours are.
You have to think about it likea quasi-development deal, so
from the day that your moneygoes in you start earning a
return.
However, if we think about anindividual Kmart building, from
(21:43):
the day we buy that buildingit's going to take us about a
year to build it out, usually 12to 15 months.
So during year one there's nocashflow because we're building
out a nasty old Kmart that'sbeen empty for a decade.
Year two the building is worthway more than we paid for it.
However, it's empty right.
So it's going to take us a yearor so to fill it up to the
point of being cashflow positive.
Cashflow positive for us isabout 40% occupancy.
(22:04):
Most self-storage is between 60to 65%.
But once we hit that 40%occupancy we're about two years
in on a lot of our projects.
Then all of the cashflow thatstarts coming out of the
property goes back to theinvestors to pay you your return
for the first two years.
Typically they're getting eithera six or an 8% preferred return
just from the day you put yourmoney in.
(22:25):
After that's caught up.
Then you start getting cashflow moving forward, quarterly
distributions, and then at orbefore year five, we'll
refinance the property.
You would get your $100,000back, plus another $60,000 to
$70,000 on top of that, which isgoing to be non-taxable because
it's a refinance.
You should have already gotten30 to 40,000 through the
(22:49):
preferred return in the cashflow, which is going to be
non-taxable.
It's taxable income but we'regoing to give you a K-1 that
shows that we did a costsegregation study and that we've
harvested the accelerateddepreciation off the property.
So our goal is we try to doubleour investors' money in five
years or less tax-free, andafter that everybody stays in.
(23:10):
We hold the property, everybodykeeps their same percentage of
equity it's a long-term hold andafter that it just turns into
an unlimited return and you'regetting quarterly distributions.
Dwan Bent-Twyford (23:20):
I love it.
Yeah, I love it.
I've talked to a few peoplethat do syndications, but I
can't think of anyone that doesstorage units.
And I'm like a really big fanof storage units because
everybody, they downsize, theyget a smaller house, they get a
little older, but they don'twant to get rid of their stuff.
They put it in storage whichthey never actually go, probably
get it back out, but they knowwhere it's at, they're paying
(23:42):
for it.
It sits there for 40 years andthen you know when they're gone,
their kids get it.
They just go and then like, getrid of everything.
Clint Harris (23:54):
It's a sticky asset class.
People typically stay a lotlonger than they think.
There are quite a fewself-storage syndication
operations out there.
I think what's unique aboutwhat we're doing is that we're
not building self-storage.
We're buying nasty buildings.
Nobody wants them.
We're converting it to storage,so I think, you would probably
agree with this.
It's very likely that any realestate deal is probably a good
deal if you get it for halfprice.
(24:15):
That's what we're doing we'rebuilding out storage for half
the cost of ground updevelopment and in less than
half the time.
So for us, that's the key.
The key is to land at a lowenough loan to value that we can
refinance, recapitalize, payeverybody out and keep it,
because if we're fixing assetsup and then selling them, that's
(24:36):
great.
I'm not knocking anybody'sstrategy, but we're basically a
glorified house flipper and thatmeans the day you stop working
is the day that you stop gettingpaid.
We want to keep assets, becauseone thing that I learned through
the Airbnb properties that wehave is like the goal should not
be financial independence, atleast not alone.
(24:58):
Excuse me, I think in myopinion, that's a shallow goal.
The goal should be financial,time and location independence,
because those three thingstogether create an independence
of purpose.
You go where you want, when youwant, do what you want.
If you're a house flipper, orif you have an occupation and
you have a job and you get apaycheck because you're trading
time for money.
Eventually, if you stop working, you stop getting paid.
(25:20):
That's right.
Our goals should be bigger thanthat.
Dwan Bent-Twyford (25:23):
I agree.
I could not agree with you more.
I'm just like I'm a big fan,you know, because I started out
wholesaling houses and back thenwholesaling was getting it
under contract, selling it to arehabber.
All this HGTV has changed theterminology that people use.
So get it under contract, sellthem, make an assignment fee,
and I'm done.
(25:44):
But you know, when you do thatwhich I've done it almost 2,000
times I've done a ton of deals,but when you stop doing that,
there's no income coming in,because you did make a job for
yourself so you've got to startputting it someplace.
So when you want to take off ayear or six months or whatever
you want to do, there's stillmoney that's coming in, which is
why I am a fan of thesyndications.
(26:06):
Now, what were you doing beforethat?
What made you decide I want tobe a syndicator?
Clint Harris (26:18):
So I kind of fell into it.
So I was for 16 years.
I was working in cardiology, Iwas implanting pacemakers into
fibrillators.
Dwan Bent-Twyford (26:22):
So I worked in heart surgery.
Clint Harris (26:24):
You are a heart surgeon.
I was the rep for the company.
So I would go into surgery withthe physician and I would carry
the pacemakers, the leads, thewires, the defibrillators that
go into the heart, all that.
So I would help with theprocedure putting it into place,
testing it, making sure that itworks, shock people's hearts,
all that kind of stuff.
So I did that for 16 years.
It's a little bit of a youngman's game because I'm sure you
(26:45):
can imagine, heart problems arenot Monday through Friday, nine
to five.
It's around the clock.
You're on call nights, weekends, getting called two to three
hours away at three in themorning.
It's kind of a young man's game.
And so I always knew thateventually I loved my job, I was
blessed to be pretty good at it, but eventually I needed an
(27:11):
off-ramp from that lifestyle.
So for us that was going tocome by way of real estate
investing.
So we built a small portfolioof nine single family houses
before I realized it's a veryslow way to try to get ahead.
So we 1031 those and startedbuying small multifamily
properties.
At the beach where I relocated,took a promotion to Wilmington,
north Carolina, started buyingsmall multifamily properties,
duplexes, triplexes andquadplexes, converting them to
Airbnb properties, still have 14of those that turn into a
(27:35):
property management company withsome partners that manages my
properties and another 80properties, and that was all
well and good and it replaced myincome, but it was laborious,
there was a lot to it, and sothat's when I started the
aggressive pursuit towards amore passive strategy.
That's how I settled onself-storage.
It's a box of air.
(27:57):
There's no kitchens, there's nobathrooms.
You're renting someone a box ofair.
So I settled on storage and then, the same way that I was buying
those little quadplexes andconverting them to Airbnbs, it
was 3.5 to 4X the grosspotential rents.
It's the same thing when youbuy a Kmart and convert it to
(28:17):
storage.
It's an asset class conversion.
It's the same lesson.
So in 2020, some partners and Ibought an old Kmart building.
They had a background instorage.
We converted it to self-storage.
We bought the building for $1.5million.
We put $2.5 million into it.
The empty building appraisedfor $9.1 million when we were
done.
Dwan Bent-Twyford (28:36):
And I was like, oh, this is great, I love
that.
I love that and I like the factthat you're taking some of
these older buildings.
There's a lot of those bigkmarts and sears and just big,
big, big stores that just sitthere and they just dilapidate
and unless somebody wants tobuild something new, they don't
even get torn down, they're justsitting there baking there was
over 1200 kmarts at one point intime and they're all closed.
(28:58):
When we started this came on theblue light special and
everybody goes running over tothe area that's doing the blue
light special.
I was like I remember all thatstuff.
But yeah, they're just, and youknow, little by little they're
just gone.
I think they're probably allgone now, aren't they?
Clint Harris (29:15):
Yeah, the last three shut down about two years
ago, but you still havebuildings that are getting paid
out through the bankruptcy, likethe Kmart bankruptcy is still
paying rent, sometimes foranother five to 10 years into
the future.
So there's still buildings thatthey're sitting empty because
the owner of that building isstill getting $300,000 a year in
rent and if they sold it tosomebody else, that goes away.
(29:35):
So they'll sit there and justlet that bankruptcy lease run
for years and years and yearsand then finally, when it runs
out, they'll just sell thebuilding for whatever they can
get for it.
And that's when we step in.
Dwan Bent-Twyford (29:45):
I did not know that.
I know that I'm from Ohio and Iknow last time I was up there I
went to eat at one of my littlefavorite pizza places and
there's a Kmart that was stillthere a couple of years ago and
it's just sitting there vacantand it's like, ah, so many
people used to shop at all.
I guess Walmart replaced Kmart,I guess right.
Clint Harris (30:04):
Yeah, and Amazon took a big chunk of it as well
over time.
But, yeah, walmart really kindof ate their lunch in terms of
big box retail, but within thatcommunity they were a fixture
and they were a big employer anda lot of times that community
grew around that location andthat's why it makes a great spot
to have an adaptive reuse andconvert it to a different asset
(30:25):
class.
Dwan Bent-Twyford (30:26):
I don't know, I'm an Amazon fan.
I got lazy.
I like stuff delivered to mydoor.
Yep, I buy most of my clothesonline.
Now it's like I don't know yeahsame.
I'm one of the people that helpsAmazon.
It's like if I have to go intoa store to buy something, I'm
just like I don't even go.
I have to go into a store tobuy something, I'm just like I
don't even go.
I have an Instagram for beinggross.
(30:46):
I don't even go in the grocerystore anymore.
I just like everythingdelivered.
I am a creature of comfort.
Clint Harris (30:51):
Yeah, same, you're seeing that across the whole
spectrum, you know, and onething that's because of that
people aren't out and about alot.
But one of the things thatwe're also seeing is that the
millennials, which are now 34%of the population they're the
largest population segmentthey're using 38% of storage,
because you, I'm sure, have atleast one house you probably
(31:14):
have multiple, from yourbackground, I would guess but
the millennials aren't buyinghouses, they're renting.
Dwan Bent-Twyford (31:19):
And when you rent.
Clint Harris (31:20):
You're renting based upon the square footage
that you get Rent.
You're renting based upon thesquare footage that you get.
So instead of renting atwo-bedroom condo for $1,800,
they'll rent a one-bedroom condofor $1,300 and then get a
storage unit for $150.
Dwan Bent-Twyford (31:32):
Oh yeah.
Clint Harris (31:32):
And use it as an extension of the closet
extension of the garage winterclothes, kayaks, snowboards type
stuff.
Dwan Bent-Twyford (31:37):
Yeah, yeah, yeah that in Colorado,
especially like my kids do, thatthey rent and in the winter
they'll go get out their skisand their whatever.
Then they put it away.
Then, like you said, they getthe other things out and they go
in and out and switch out theirclothes.
I'm like just live in a biggerplace.
Clint Harris (31:53):
Easier said than done sometimes.
Dwan Bent-Twyford (31:55):
They don't want to, and the rent is crazy
expensive, so I totally get itOkay.
So let's switch gears.
I'm going to learn more aboutyou.
What's your favorite band ofall time years?
Clint Harris (32:05):
What's your favorite?
I want to learn more about you.
What's your favorite band ofall time?
Favorite band of all time?
Wow, Great question.
I would say probably right now.
Dwan Bent-Twyford (32:14):
no-transcript okay, I do not know the
movement, so after we're doneI'm gonna listen to them on
youtube, because I hardly ever,hardly ever, have someone give
me a band I don't already know,because I'm a huge music lover,
going all the way back, likefrom the 50s forward.
I love all the music and I lovereggae and at the beach it's
(32:34):
like, oh, my heart and my heartand soul lives at the beach yep,
I'll be out on the boat allweekend going to an island
called Masonboro Island withwife and the boys.
Clint Harris (32:43):
We'll pull up there with a bunch of friends
and we'll be listening to themovement and enjoying a nice
sunny weekend.
Dwan Bent-Twyford (32:51):
So check it out, you'll like it.
I love it, I love it.
What's your favorite food?
Clint Harris (32:56):
So I love to cook and because of that and also
because of where we live, I'mreally big, I'm a fisherman, I
do a lot of offshore fishing, Ido a lot of scuba diving,
spearfishing, shooting grouperlobster, hogfish and stuff like
that.
So because of that I would sayseafood.
But specifically I like to gocatch fresh mahi and wahoo and
(33:17):
things like that and then I liketo cook, have a group of
friends over and cook it for myfriends.
It's kind of my love language.
Dwan Bent-Twyford (33:21):
So I would say seafood, I love that.
Well, next time I get my buttdown there in that area, I'm
going to call you and say hey, Iwant you to cook me some fish.
Clint Harris (33:28):
There we go, a little Wahoo, saltimbocca or
something like that.
Dwan Bent-Twyford (33:31):
Yeah, I love that, I love that and I love
anything.
We, I love anything.
We have a house in Delray Beach, florida, that's about a mile
from the beach.
I just love being around thebeach, on the beach, just
anything to do with the water.
I am a hundred percent of awater person.
What's your favorite part ofthe day?
Where's your happy spot?
Clint Harris (33:51):
So the favorite part of the day for me is I have
a group of guys that I work outwith.
So I had a career change in 2022when I switched to being a
full-time real estate investorand I lost about 30 pounds that
year.
Because when you're at thehospital, you're kind of
grabbing fast food and gettingwhatever you can or else you're
likely not to eat that day.
So because of that, I have agroup of guys that I work out
(34:12):
with at six in the morning andjust get it done, knock it out.
Sometimes we're running on thebeach, sometimes we're paddle
boarding, usually we're liftingor biking or something like that
, and when I've gotten that doneand I feel like I've got to
jump on the day and I'm pullingback into my house and I know
that my two little boys aregoing to be, probably in their
underwear, dancing on the couchand jumping up and down when I
walk in and after that I'mkissing my wife and then I'm
(34:35):
going to get changed and I'mgoing to go to a job that I love
.
That's my best part of my dayslooking forward to it.
Dwan Bent-Twyford (34:41):
I love that.
That sounds really great.
So what is your biggest goalright now, Clint, that you're
working on that, the people atD'Wonderful, the D'Wonderful
world.
What can we help you with?
What's your biggest goal thatyou're trying to accomplish
right now?
Clint Harris (34:55):
In the short term I've got to raise $5.5 million
in the next 90 days to close outthis fund with the last two
projects that we have undercontract.
The bigger goal for that is thatwe've got to get to a billion
dollars in assets in a 10-yearperiod, which is about seven
more years on that timeline.
And the more important goal thanthat is with my two young sons.
(35:18):
We have some beehives out on afarm and my four-year-old has
gone with me all year takingcare of the bees and he started
a business selling honey.
He's got a business right nowwhere we've taken a bunch of
seawater off the end of the pierwhere we live and filtered it
and we've run it through solardistillation to create gourmet
sea salt and he's selling seasalt and the bigger, the more
(35:39):
important goal for me is toteach my boys how to create
value in the world and to begood people and not to raise a
couple of little snots when welive in an area.
It's not the richest place inthe world, but it's a very nice
community on an island off ofWilmington and one of my biggest
concerns is that they're goingto be they grow up surrounded by
(36:00):
money in a way that I wasn't,and I want to make sure that I
balance that with a lot of worldtravel and opportunity for our
family to do charity, so thatthey get to see.
I want them to be well-roundedin terms of people and
understanding the blessings thatthey have, so that they grow up
first of all to have a sense ofgratitude.
And first of all, to have asense of gratitude and second of
(36:22):
all to have a sense of empathy.
Dwan Bent-Twyford (36:23):
I love it.
Yeah, I made all my kids docharity stuff when they were
little too, because, like Idon't, I don't want to raise a
bunch of bratty, rich kids thatlike don't appreciate, because
it's like, listen, I worked mybutt off.
So you're not going to geteverything handed to you on a
silver spoon, you also, butyou're going to learn and be
good to people and and yeah,when my kids were really little,
(36:43):
I had them doing charity workand stuff.
Clint Harris (36:45):
so and it's important.
Dwan Bent-Twyford (36:47):
You gotta, you know.
I mean everyone's like, oh,we're raising kids.
It's like, no, you're not,you're raising adults.
Clint Harris (36:52):
Yeah I love that yeah you raise them now.
Dwan Bent-Twyford (36:55):
that's who they're going to be in the world
when they are the mom, the dad,the whatever.
And so I, from day one, havealways thought I'm not raising
kids, I'm raising adults.
And there's a lot of adults outthere who are, you know, less
than just very low qualitypeople.
It's like I'm not raising anylow quality people coming out of
this household.
(37:16):
We're going to be high quality,fit into society.
Yeah, I tell all people I'mlike, oh, what's your advice?
And like, honestly, just lookat it like you're raising adults
.
Whatever you do is how they'regoing to be and if you like that
bratty screaming, throwingyourself on the floor and
getting what you want, that'sthe adult that you're going to
raise.
Clint Harris (37:34):
That.
Dwan Bent-Twyford (37:36):
Like my son.
His wife calls me every year.
She's like I just want to thankyou for doing such a good job
with Will.
He's such a good man, he's sucha good dad, he's such a good
this, this, this, this, this.
He's the man you are because ofeverything you did for him.
I'm like, listen, that boy wasvery challenging and I whipped
him into shape because I keptsaying you're going to be
somebody's dad and you're notgoing to be this guy, you're
(38:02):
going to be this guy.
And so, yeah, my kid, my kids,are great.
I'm really proud of my kids,but they was not an easy feat?
yeah, of course I'm living thatright now it is not an easy feat
, and I may learn how to workfor everything, because I don't
want them to think that thingsjust get handed over that's
right I work for every dollar Iever made, so it's like y'all to
get nothing free, like nothing,nothing.
They had to pay for everything.
So okay, one more time, justtell people how you want them,
(38:23):
the number one way you want themto reach you.
Clint Harris (38:26):
The best way to reach me is just connect with me
through email clint atnomadcapitalus.
You can go to our website,nomadcapitalus, and we have some
videos on there about the team,the story behind how we were
founded and things like that.
And then I'm also happy toconnect with people on either
Facebook or LinkedIn.
Clint Harris.
Dwan Bent-Twyford (38:44):
And I put my stamp of approval on this guy.
So if you're looking insyndication, this is where I
suggest you go.
So, first of all, I have onemore question for you, but I
want to thank you for being onwith me today and sharing time.
I also want to thank all of youfor sharing your time with me,
because you know I tell youevery week, time is our most
valuable asset, because whenyou're out of time, you know
we're basically all coming toyour funeral.
(39:05):
So use your time wisely, andinvesting with me or any of my
guests and working with us isalways going to be a good use of
your time and your money.
And don't forget to go toDwanDurful
D-W-A-N-D-E-R-F-U-Lcom.
I've got free eBooks andtraining and webinars and all
kinds of things, but nothingabout syndication.
(39:27):
So you got to go over tosomebody else if you want to
learn about that, because I'mnot your girl when it comes to
that stuff.
Also, I want you to do me afavor.
If you had fun today, youlearned something, you laughed
just anything at all.
I want you to subscribe to thepodcast.
Leave a five-star review.
Podcasts are a labor of love.
They're a lot of work and yourreviews and your subscription
(39:52):
and listening help all of usgrow in the efforts that we're
making to teach, becauseeveryone that does a podcast is
teaching you something, so dothat back for us, okay.
So last thing is, I want you togive us a parting word of
wisdom, but just one single wordoh wow, um community oh, I like
(40:12):
it I think that the value waitdon't tell me what it means.
Hold on a minute, I have to saysomething first.
Okay, so everyone that listensknows that after we hear the
word of wisdom, which iscommunity, I tell everyone to
write it on a little sticky note, put it up on your bathroom for
one week and every day the wordcommunity is your word of the
(40:33):
week.
But now we want to know what itmeans to you.
What does it mean to you?
Clint Harris (40:38):
So all of the success that I've had replacing
my income or getting intodifferent asset classes and
basically I feel like I'mretired.
I'm just pursuing the thingsthat I'm passionate about came
from connecting in a communityof people that are more
intelligent than I am and havingmore success.
And I think that who I was 10years ago is the same person
(41:00):
that I would be today and thesame person that I will be 10
years from now, with theexception of the places I go,
the people I meet and the booksand content that I consume and
the ideas that come from otherpeople.
And I think that the localcommunity, in terms of an
investor community or friendcommunity and bigger than that,
the community of podcasts andfree education in a way that the
(41:21):
world has never had before, isextremely powerful.
I know that I host a podcastspecifically because I want to
find the 52 sharpest people ayear that I can and get you know
45 minutes of their condensedlife experience, shared with me
in a way that they probablywouldn't do if I just asked them
to go to lunch.
And that is what I attributemost of my success to moving
(41:43):
forward, and I think the valueof people and relationships is
something that cannot beoverstated, and I encourage
people to lean into yourcommunity, not just for what you
can get, but also for what youcan give, because that's going
to create an attitude ofabundance that creates some
beautiful relationships.
Dwan Bent-Twyford (42:02):
Amen, that is about what it means to me too.
So I always like to hear yourthoughts on what it means.
So we all have a word of theweek, we like to hear what it
means to you, and then everyoneadds your own take on that too.
But, honestly, you can't reallygrow big in any industry, I
don't believe, without community, like I wouldn't be where I'm
(42:25):
at today if it wasn't for allthe people I've met along the
way that helped me or workedwith me or, you know, lifted me
up.
So community really iseverything.
Clint Harris (42:32):
I'm glad you agree .
Yeah, I think we have a lot ofsynergy there and I'm glad that
you're part of my community, sothank, you.
Dwan Bent-Twyford (42:38):
Yeah, me too.
I'm so happy to know you nowand have you on my team.
So all right, everyone.
We'll be back next week, samebat time, same bat channel.
And remember that the truth isin the red letter.
All right, everybody.
Ciao, and Clinton, thank youfor being on the show today.
I love it, and you guys go makeit a great week.
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