How To Invest In Self Storage And Syndications With Clint Harris

Welcome back to another enlightening episode of The Physicians and Properties Podcast with your host, Dr. Alex Schloe.

💡 What if you could build long-term wealth and freedom through real estate—without sacrificing your calling as a physician or taking on another full-time job?

In today’s episode, Alex is joined by Clint Harris, professional real estate investor, capital raiser at Nomad Capital, founder of Going Coastal Property Management, and host of the Truly Passive Income podcast. Clint has raised over $150M in stabilized assets and brings a rare blend of experience from medical device sales, active real estate operations, and large-scale passive syndications.

Clint shares his journey from early real estate mistakes to scaling Airbnbs, building a property management company, and ultimately focusing on self-storage conversions—turning underutilized big-box buildings into high-performing, cash-flowing assets through forced appreciation. Throughout the conversation, Clint and Alex explore how physicians can use syndication and passive investing as powerful tools to regain time, clarity, and independence of purpose.

🔥 What you’ll learn:

• From Medical Sales to Real Estate Freedom: How Clint transitioned from a demanding medical sales career into full-time real estate investing while preserving relationships and purpose.
• The Golden Handcuffs Problem: Why lifestyle creep traps many high-income physicians—and how real estate can help break the cycle.
• The 3 Pillars of Real Estate Success: Why every deal requires time, experience, and money, and how physicians can win by partnering when they don’t have all three.
• Self-Storage Conversion Strategy: How buying $2–3M vacant buildings and investing another $2–3M can create stabilized assets worth $9–17M through NOI-based valuation.
• Syndications Explained for Physicians: Why most commercial real estate is owned through syndications—and how passive investing lets your capital work while you’re in the hospital.
• Operator Due Diligence: What to look for in sponsors, why communication matters most when things go wrong, and how recent market stress revealed who was truly prepared.
• Money as Stored Life Energy: A powerful reframe on capital, responsibility, and why investing should align with your family’s goals, values, and long-term vision.

🔥 Key Takeaways:

• Passive investing can be an ideal lane for physicians with capital but limited time.
• Lifestyle creep—not income—is often the biggest barrier to freedom.
• Self-storage conversions create value by changing how assets are valued, not just by improving buildings.
• In syndications, the operator matters more than the deal on paper.
• Define your life goals first—then choose investments that support them.
• Money is stored life energy and should be stewarded with intention and integrity.
• True wealth is about independence of purpose: going where you want, when you want, and doing what matters most.

If you want to learn how investing in real estate can give you the freedom to practice medicine and live life how you want then check out the links below:

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Transcript

Clint Harris:  For us, we'll buy a deal for two to 3 million. We'll put two to 3 million into it  as an empty facility. It might appraise for nine to 10 million as a stabilized facility. It might appraise for 12 to 17, depending on the market. And that value add is awesome, but it takes a while. So for our deals, they are slower development deals. We pay a higher return.

 Dr. Alex Schloe: Welcome to the Physicians and Properties Podcast, the show where we teach you how investing in real estate can give you the freedom to practice medicine and live life how you want. Doctor, doctor, doctor, doctor, doctor. Now here's your host, Dr. Alex Schloe.

 Welcome back to another episode of the Physicians and Properties podcast. This is the podcast where we teach physicians how investing in real estate  and entrepreneurship can give you the freedom to practice medicine and live life how you want.  Today's guest is someone who truly embodies this message in every way.

 Clint Harris is a professional real estate investor, capital raiser at Nomad Capital, founder of going Coastal Property Management, host of the Truly Passive Income podcast,  most importantly a Christian, and he is raised capital for over 150 million.  Sorry. He's raised capital for 150 million in stabilized assets.

 He's built an incredibly unique portfolio across multifamily, Airbnbs  self-storage, and he has a mission  centered around helping people create independence of purpose,  and he has a soft spot in his heart for physicians. Clint, thank you so much for being here, man.

Clint Harris: Thank you, Alex. I really appreciate the time. Great to connect with you again. We had a great interview last time, so thanks for that and I'm excited to, to do it again.

Dr. Alex Schloe: Absolutely brother, this podcast was a long time coming and so  really grateful to to have you on the show. And I know that there's a lot of wisdom and value that you're gonna bring. So  what's, I guess before we get, you know, really deep into the weeds, what's one thing that you're most excited about sharing with physicians today on the podcast?


Clint Harris: Oh, that's a great question. Let me preface this by saying the, the last I said that we had another interview and it was when you came on our podcast and you set a very high bar. I really appreciate that. Very helpful. I'm gonna do the best I can to try to provide value any way that I can  in, in terms of. With physicians. And what I wanna share is really that I was, I was a part of that world, was a very pa, small part of a, of a machine that did a great job healing people in South Carolina. And then in North Carolina I was in medical sales, just implanting pacemakers and defibrillators. So not a physician at all. But I love being a part of that community and watching those people create so much health and, and good things for other people around them. I, the biggest thing for me is that. A lot of physicians go from a position of not making a lot of money and having a lot of debt to suddenly making money.

And a lot of times lifestyle creep comes in and next thing you know, people end up in that situation where they've got the house, the car, and the bills that go along with it. And that lifestyle creep has happened to a group of people that probably had their way, their ability to save their way to retirement at one point in time. A lot of times if they just follow conventional quote unquote wisdom and they start spending that money, a lot of times they end up with those golden handcuffs that we all talk about.  And you get to the point of you can't really break that cycle unless you really change your lifestyle and nobody wants to do that. And around that time, a lot of physicians start looking for alternative pathways to invest in and make money. And one of the things that I would say is that. Real estate is something that for thousands of years has created a tremendous amount of wealth around the world for a long time. But in order to have success with real estate investing, you have to have three things. It's time, it's experience, and money. And just in the same way that I think sometimes physicians are not always the best patients. Sometimes they don't always give themselves the best self-assessment when it comes to this inventory of what you need. Physicians typically do have money. They have capital, but what they don't have is time and without time, it's very hard to get experience. There's also very interesting dichotomy we see among the white coat professionals is that a lot of them are that brilliant, scientific minded healer. Then you have a small group of people that are also maybe private practice, that have that high level of business acumen that you've got it. Alex and I love seeing that. That's fairly rare in that space. You don't find it all the time. So those people tend to migrate more where you are create like becoming a subject matter expert and putting yourself in a position where you're a lightning rod for good conversation. And anybody that's not in that role or doesn't have that skillset needs to be gravitating towards people like you and just operate from a position of understanding.

You really have to have those three things, time, experience, and money. You don't have to have all of them, but you have to have some combination of that in your.

Dr. Alex Schloe: I completely agree. I'm really looking forward to  diving deeper into each of those as we go. Let's take a step back, Clinton, talk a little bit more about your journey  in medical sales and, and what that was like. We were talking before the podcast of  some stories and, and, and impact that that job had on you and of course had on patients.

What was that like? Doing medical sales and then how did that kind of. Pivot you into real estate ultimately over time.

Clint Harris: And I had a great medical sales career. I actually really enjoyed it because like many things, whether or not you like your job often depends on who you're doing it with. And I had some incredible teams and, and people that I, and physicians and patients that I worked with over the years.  But I did sell pacemakers.

Defibrillators coming right outta college. I did that for 16 years as a clinical and then a trainer, and then a sales rep, and then a territory rep. And for 14 of those 16 years, my wife and I were investing into real estate because medical sales is kind of a young man's game. I'm taking call. Cardiology problems are not Monday through Friday, nine to five. You're getting called two to three hours away in the middle of the night, sometimes two, three times a a week. On Saturday mornings, I'm getting up and driving all over the state, checking the patients that we did surgery on, on Fridays, and it's a lot.  If you ever want an offramp from that lifestyle these days, your options are to save your way to retirement, which is hard to do when inflation is stealing the value. Your dollars faster than you can put them away or. You can realize that the ability to save our way to retirement for most people got taken away with the last generation. And the only other option is to play offense. And if you can't save your way there and play defense, then you have to play offense. And the sooner you realize that, the sooner you get started. So that started an aggressive pursuit of, of our strategy, and we chose real estate. We had. We had nine single family rentals that we did mostly the wrong way, but learned a lot of great lessons.

We did a few flips, which we did mostly the wrong way, but we got a few of them right. And then we in 2017, we moved to Wilmington, North Carolina to take over the territory there, which is a beach town. That's the first time we were in an area that had opportunity for short-term rentals and Airbnb. So my first house had, when I was 24, I believe my first house had been a duplex.

I lived in one half and rented the other half for free. Now that's called house hacking. But at the time I just thought I was a genius. Turns out I wasn't a genius. I was actually an idiot. I just wasn't exposed to much of the world  and I didn't know that people had been doing that forever. Right?  But that, I remembered that.

And when we moved to Wilmington in 2017, my wife and I bought a duplex, two blocks off the water in Carolina Beach, a little island right off of Wilmington beach town where we live.  We lived in one half. We rented the other half. It paid for the whole house. And we averaged getting paid around 12 to 1400 bucks a month on top of all of our bills. So it was like, man, this is amazing. This is real money.  So then we, we bought a series of quadplexes after that, one at a time, three over three years, and we converted them from long-term tenants, bad long-term tenants to renovating the property, staging them, and turning 'em into Airbnb. That would 3.5 to four x the gross potential rental income.

This is 2018, 19 and 20 pre COVID. And after that, things just kind of got crazy in a good way for, for us. The problem was I couldn't find anybody to manage the properties and it really burned us out. So we were forced when we couldn't find a property management company that was getting the numbers we were looking for, we were forced to build one. By the time we were done with that two year process, we still own that company. It manages our, we just sold a fourplex, so we're down to 10 Airbnbs and then  it manages another 75.  I was so burned out on tenants that I did what we should have done the first time. And that is we went to a group of wise older investors that I knew that handpicked mostly from church, honestly, that. Lived the kind of life that I wanted that had the freedom to be present and available for their family and the people that needed them when they really needed to be there. And I asked them what they were all doing, and you know how real estate people are. They go through like these cycles of trying all these different things over a 50 year period usually.

And so my question was, where did you land? Like what's the end result that I can start working backwards from? And it was three things. It was hard money lending, mobile home parks, and self storage. I was burned on tenants. I was not interested in mobile home parks. I, I didn't have the money for hard money lending and that left storage.

And I was like, wait a minute, no kitchens, no bathrooms, no one living in the property. I don't have six to eight Airbnb guests every weekend, and I'm renting someone a box of air. I'm in. And then I, I started my pursuit of that through networking locally. I met my partners, Eric and Levi Hemingway. They're a father and son team that founded our group. They had been doing several self storage conversions, buying warehouses, and converting 'em into storage. And that slapped me across the face. It just jumped out at me because of what I'd been doing, buying small fourplexes and converting 'em to Airbnbs. I saw what hap if you change the asset class, you change the formula by which the asset is valued. It creates this massive potential for forced depreciation. And so we, we bought a Kmart building. We bought a Kmart building in Reedsville, North Carolina for 1.5 million. We put 2.5 into it. We're into the building for four, and as a stabilized asset, the appraisal came in at 9 million. We're like,

oh, this is real. And that one was pretty cool because I was, I was working at the hospital and I picked up the phone. I made 15 phone calls. 12 of my physician buddies said yes, and we did the deal. And I was like, oh man, raising capital is easy. Who knew? And the deal went really well. So then we did another one. We did another Kmart.

That second one was in Danville, Virginia. We bought it for 2.5. We put 3 million into it, and we sold it this past July for 9.53. So in, in 37 months, we were all in 5.5 and we sold it for 9.53. Which is a quick turn. It usually takes close to three years to build a new facility from the entitlement permitting, engineering, construction.  But instead, we can take an old building, we can convert it in a year, 12, 10 to 12 months and then be stabilizing it and filling it up. So  that went well. At this point  we did another, another, another. I left my I took my surgical scrubs and my lead vest off for the last time in November of 2022. We've been doing this full-time ever since. We were about 150 million in assets under management and this past Monday we closed on a, another 171,000 square foot Kmart with a giant retail strip center as well along with it. And our goal is 500 million in five years, in a billion in 10.

Dr. Alex Schloe: Man, congratulations on all the success  and so fast, and I think  one, one reason you, you did so well is you are willing to. To put yourself in that position where you did make some mistakes and you learned from it and you kept going. So I wanted to hit on you mentioned  your first, you know, your first properties and your first deals that you made some mistakes.

What were some of those  early mistakes or maybe inflection points that shaped your investing philosophy as you continued to grow scale and then pivot into self-storage?

Clint Harris: If you wanna talk about mistakes, we're gonna have to turn this into a miniseries. But I've got 'em in spades, man.  You know, one of the first lessons that actually my partner Eric learned when he built his first self storage in 2006 was he built an anticipation of demand. He built it in the middle of a community of 3,500 homes coming to the area, and he was perfectly positioned. So we built it in 2006, and then we all know what happened in 2008 and that giant development stopped. Now the cool thing was that at the time Eric and his wife, Rachel and their five kids bought us a 36 foot catamaran sailboat, sight unseen, and went and they sailed Greece and Africa for three and a half years and actually stopped and had their sixth kid in Jerusalem,  sailed across the ocean and landed back in Wilmington where they are.

They lived on the boat for three and a half years because. They had a commercial asset that was allowing them to make it through that really dry time in the economy. They still own that facility, by the way, have doubled the size of it since then, but that one started off really, really slow because the mistake was building in anticipation of demand. Is a mistake. Now the end result is it turned into the idea that eventually became Nomad Capital. Because a nomad is somebody that goes where they want, when they want and does what they want because they have that freedom of finances, time and location independence. Right. So it turned into something beautifully.  But that was, that was a, a real struggle. Right. And then I can't tell you how many challenges that have there have been through the construction and permitting process. Like you, you take an old. Some of the old buildings that we've converted are like Kmarts grocery stores, warehouses, textile mills, army sock factories, boot factories, carpet factories, furniture stores, an old soda bottling facility  like these are not designed to be self storage, and we have to do phase ones, phase twos, mitigation studies. It could be something as simple as you go under contract on a Kmart and then find out that, well, this little section over here was a oil change area. Now you have to do $2 million in mitigation to remove 25 feet of soil and pay to get that cleaned and replaced. And it's a lot of things that, you know, it looks easy.

Cell storage conversions it on paper. It's not rocket surgery. You just buy a big box and you chop it up into a bunch of little boxes. But the reality is the road to self storage conversion success is paved with the dust from the bones of people that thought they could pull it off. challenging.

We are not successful because of me.

We're successful because of my construction partners. They're amazing.

Dr. Alex Schloe: Well, it's always, it always takes a team for sure. And, and I love  something you mentioned in terms of nomad capital and what that means. What a cool name, what a cool meaning. And I think that's what, you know, a lot of physicians who are listening to this podcast are after  is some degree of financial freedom that the ability to practice medicine, not 'cause they.

Have to, but because they want to and they, and they want to design their own life. And so I think that  folks can really relate to that and relate to Nomad Capital's mission.  Let's talk about you personally, Clint. When you, when you took, took the scrubs off for the last time, what was that like for you?

What kind of emotions were you having and was there a point where you were like, I, I, I gotta do this to achieve the life that I wanna live?

Clint Harris: Yeah, there's actually, there was a moment at the Best Ever conference, which is a real estate conference. Used to be in Denver, now it's in Salt Lake City, and there was a moment I was standing there at the railing. I'd taken time off work, which I never did for this conference. I was standing at the railing, looking out at the MO Mountains and I had a moment, I was like, oh man, I gotta leave my job. How am I gonna do that? These are patients, these are physicians, these are nurses. These are mid-levels that I really care about. I wanna make sure they're provided. How do I do this the right way? And the amazing thing was a friend of mine came by and snapped a photo right at that moment, and I have it framed just to remind me of that moment and what that looked like.

And, and one of the things I found is two things happen. The one thing is that my hot, the, the company I was with. I made some boneheaded decisions and, and got kicked off contract and I was actually part of a reduction in force and I was let go about a year before I was trying to step away, which in some ways created some challenges, but other, like, it really preserved all those relationships that meant so much to me because it wasn't my decision and I was really wanting to do that the right way and that got taken away from me.

And part of that's bad, but part of that is beautiful. Right? And then secondly is.  I really took a lot of pride in what I did. I really liked the instant gratification that comes from someone in complete heart block with a really gray ash and look. And by the time you're done with the procedure and you're pulling that blue drape off their colors back and they're sitting up and you know, the technology and the, the way that we were able to optimize people and get people out of a sedentary situation and get 'em up and moving, I miss. Parts of that, of really being a small part. You know, I'm just pushing some buttons, I'm following other people's leads. But it's a beautiful thing when you get to see what that does to people's lives. And I really had fear of, am I gonna miss that gratification, not self gratification, but just overall feeling like you're part of something bigger than yourself.  And the answer is, in some ways, yeah. But in other ways I've found that you can find that in everything that you do. There's good people everywhere. There's bad people everywhere  and in every situation you can, if you're challenging yourself to look for it, you can do things for the right reasons or for the wrong reasons. I wasn't always great at that. I think I've gotten better at that since I have young kids and I really wanna be a great dad and a great husband. But that was an emotional rollercoaster for me. But at the same time, I found that same satisfaction, not just in what I was doing for my family and the way it was. Creating financial velocity for us and changing the way that we raise our kids. That was huge. Then it became about, how do I share this with people that are, if you're in the hospital system, that's what, you know, that's what you live, that's where your friends are. Like, you're not getting a lot of exposure outside of that unless you're really looking for it. And then it, it became part of something bigger of like, how do I educate on this without really like trying to sell people on this? Because the reality is. I would rather us, you and I towards the end of this, have a conversation that's bigger than nomad in our deals and just more about syndication in general as a tool as to what physicians need to know. Because the reality is, there's nothing about my deals that make it a great deal. What makes it a great deal or not a great deal? Depends on you and what you're looking, and does it fit the goals that you and your spouse, your partner, have for your life? It can be the best deal in the world on paper or the worst, but if it does or does not help you accomplish what you want for your life, that's what makes it a good fit or not.

And so like there's really no amount of selling that needs to be done. It's educating and educate and build a relationship and put people in a position to make that decision for themselves.  And that. Has really fulfilled that, that spot in my heart that I used to get from being a part of that, that healing culture at at the hospital.

So that's been really good.

Dr. Alex Schloe: I love that. Yeah, I, I completely agree. I,  I think now, you know, is a good time for folks to think about where it's December 12th as we're recording this and  it's, it's a good time to start thinking about, okay, what's 2026 gonna look like? What's the goal? What's the life that I, I want to live and I want to talk about independence of purpose next because I think that's really important,  but like what's, what do I want to accomplish in 2026 and beyond?

And I think a lot of times as physicians we're so, so busy and overloaded with work and we don't have a lot of time and even like taking some time to. To dream and figure out what your vivid vision is and what you want in life  is something you're like, ah, I just don't have the time to do that. So I'd really encourage for folks who are listening, like, just take 10, 15, 20 minutes and just grab a journal, grab a blank sheet of paper  and write down what you want your life to look like in one year and in three years.

And how can you. Get towards that, towards that life that you wanna live. And  that's gonna help you figure out, okay, well if I going after cashflow for example, okay, well I need to find an opportunity where  my dollars are gonna get me more cashflow. Or maybe that's appreciation or a specific asset class.

 But until you define it, you're, you're gonna be stuck in this limbo of these opportunities that are come, gonna come across and you're not gonna invest in any of them because of analysis paralysis. And so  I think that's really important for folks to do and understand.

Clint Harris: I totally agree. I, I, you know, I'd take it a step further. It's like, it's so much, right. It can be so daunting. The reality is, like most physicians, whether, whether you want to admit it or not, you're trading your time for money, right? Like, you, you only have so much capacity. You're getting paid a really, you know. Great wage for what you do.  And physicians have so many opportunities. There's a different things that they can do working remotely or part-time, and it's nice to be able to kind of turn that up or turn that down depending on where you are in your career.  But you're right. The number one thing is, is education.

And knowing that you need to learn about that stuff is one thing. Finding the time to do it is, is something else. And I, you know, I've mentioned. Before we started recording about the value of podcasts, and I used to think if you really wanted to learn about something, you should listen to podcasts and audio books.

And I still believe that I still listen to a lot of books.  The Law of a hundred Hours, by the way, says that if you spend a hundred hours focusing on any one individual topic and studying that,  you will know more about that topic than 95% of the population in the world.  And that breaks down to in one year, that's 18 minutes a day. 18 minutes a day is less than, I could be wrong about this. The numbers change every few years,  but last I looked, it was less than the average physician commute to the hospital. And we all know how many times some of those physicians are making that commute depending on whether or not you take call.  And I sometimes we all need to get in. I find myself with days I'm writing to work, listen to music. I find some days I'm listening to ES, ESPN radio and I ha find a lot of days recently when I'm writing to work with everything turned off in silence. When you know outside of that really that focusing that time is something that, that's really helpful because what you don't wanna do is sacrifice time away from your family or something else. There's this whole hustle culture. People talk about,  well, I've got this nine to five, but my real job is my six to 10. What am I doing? For me, it's like, yeah, I get that, but at, at what cost? You know what I mean? What, what are you gonna sacrifice that  the real key is picking your lane, and I think what you said earlier is really, really important about goal setting. Think maybe that's a appropriate conversation to have at this point in time of the year is with your spouse. I would highly recommend you to sit down and ask yourself some really serious goal questions. In fact, you should probably go to Gemini or chat GPT and tell them to be a world class career  and marriage counseling professional, and to interview you with a series of questions that's gonna make you think. Intentionally about your year. And before you do that, you should probably go into the personalization section and take out the chatty and agreeable persona and change it to, I want you to be my relentless life coach and mentor. I have thick skin. If my ideas are trash. I need you to tell me why my ideas are trash and push me forward in an effort of being the best husband, the best father,  and the best professional that I can be.

 It will change the tone in which it answers those questions, and then you should write down. What life looks like a year from now, three years from now, five, 10, and 20 years from now. And you say, this is the kind of health I want to be in. This is a relationship I wanna have with my kids. This is a relationship I wanna have with my spouse.

This is the amount of money I wanna make.  And work backwards from there. If you call us asking about one of our deals, the first thing I'm gonna ask you is, what are your goals and what are you trying to accomplish? And if you don't know that, that's a red flag, like you should, the last thing you should do is listen to this podcast. Go to my website and be like, that guy sounds sharp. They seem classy. Let's invest with them. That's a bad idea. Don't get me wrong, I'm in the business of raising money, but two years from now, if you're frustrated with what's going on, I'm still the one that has to take that phone call. This needs to be built on you.

You know, you have to know, like, and trust us. And I gotta know, like, and trust our investors as well, because this is a partnership  and a partnership only works if we both have the same goals and we're in the same boat row and in the same direction. So that's the first question. Then I

would say like that's the, that's the key.

Work backwards from what is best for you, your spouse, your kids, and your family. Work

backwards from that and then look for people that are gonna help point you in the right direction.

Dr. Alex Schloe: I completely agree. I mean, it's, it's the whole, you know, how do you,  how do you eat an elephant, right? One bite at a time. And when you,  when you have the, the vision, when you have your sight set on the elephant, or in this case your, your  dream life, and then you start working backwards, you really realize like.

 This is super achievable and there's tons of people who have done this and tons of people I can surround myself with or different podcasts I can listen to, or mastermind groups I can join  of people who are gonna make that even more reasonable for you. And before you know it, you've, you've really reached the, the life that you wanna live and probably a lot sooner than what you had mapped it out to be if you're.

Intentions are there if your focus is there, and, and if you take that time, and  I love what you mentioned about having that discussion with your spouse, that was  when things really changed for, for my family and for us, was  when Stephanie and I got on the same page and we had those discussions when we realized this is the life that we want to build together.

 This is how we want to parent our kids. This is how we want to impact the community. This is what we want our day-to-day look like. To look like. And that  just really changed everything. But until you have that conversation, you don't know. And a lot of things came up that like I wasn't really expecting, you know, to come up on her side or my side.

And so  it just definitely made our relationship a lot deeper. And we try, I mentioned on the podcast before, we try every quarter to have  similar conversation and ask each other like. How can I be a better spouse? How can I be a better parent?  And, and be honest with me, same thing with like the chat, GPT personalization.

Like I want Stephanie to be honest with me and be like, Hey,  you know, you're being really short tempered and argumentative about whatever, stop it, you know, or whatever that may be. And so until you're willing to have that conversation with an open mind, it, it can be, it can be difficult to, to do. But communication's, everything  in relationships for sure.

Clint Harris: Yeah, man. And like asking those questions like, Hey, am I showing up for. You like, am I, am I, am I the husband you need me to be? Or like, Hey, what do you think are my biggest blind spots that I can navigate around? Right? Which ones do you think I'm capable of improving on? And which ones would be a better one for me to look for? Help to navigate around it, whether it's coaching or using an AI software or like, this is something I'm not good at and this is where we have a breakdown. This is a way we can compensate for that. And like that's a really humbling conversation to have. But if you're approaching it from like, let's just like get the house in order, then get the finances in order,  get the goals in order, and then work backwards from the goals. And that's where I think it's a little bit of a shift. That the power of syndication and passive investment strategies is a tool that if you know about it, it's usually at that point in time it can, it may or may not be something that becomes an important part of your strategy and your goal setting.

And that's where  you have high earning income professionals, like physicians that have capital, but that don't have time. And without time you can't get experience. Come to the realization that. To have success with real estate investing. It takes time, experience, and money, but they don't have to have all three. If they clearly define the goals and they do the work to find the partners that share those core values, ethics, transparency, morality, and communication, and they're choosing good deals, you gotta do work upfront to build that relationship, but that's a partnership you can continue to invest in. And what's happening is you're getting up every day and going to the hospital and going to work. Your capital is getting up every day and going to work, and that capital is buying future days off. And eventually, when that money buys enough days off, there's gonna be a day that you don't feel like getting up out of bed and going to work. And that's okay because your money's still getting up and going to work, and you've created another, another avenue of cash flow for your family in a way to provide value. If you do that in a way that meets your goals and is drawing you and your family closer together, hopefully built around something that's a bigger purpose, I think you have a better chance of having a better legacy. Like  if you just give your kids money. The statistics show us that three generations later, the money's gone and they're unhappy, and they're probably bad people. That's a relative term. Maybe that was an oversimplification versus I, I don't have data on this, but my suspicion is  if we can make a change in our life that that. Opens up that independence of purpose, which is where we live, the nomad life. We go where we want, when we want, do what we want. That's gonna look different for everybody.

It may, for some people, that means getting drunk on a beach.  For some people it may mean building. For some people it may mean helping. For some people, it means  being able to be present when a sick family member really, really needs you. And sometimes in a way that if you weren't able to do that, you would probably live the rest of your life with a level of guilt and nobody wants that, right?

So that level of freedom is gonna look different for everyone, but that's really what you're trying to break the cycle of. Because then if you have that time, and instead of just giving your kids money, it changes the amount of time that you get to spend with your kids and your grandkids. I think there's a better chance that five or seven generations down the line, they probably have better character.

They're probably happier people. They're probably having a more positive impact on their community, and they probably have more wealth than if you had just given them money. I don't know. That's all highly speculative, but we know what happens if you go the other route.

Dr. Alex Schloe: I agree. I think, you know, when you have  that freedom and you have that time, location, mental freedom, you're able to. Really instill in your kids more values and, and, and more opportunity. And,  and I don't mean that in a way of like, oh, like yeah, I'm just gonna give them money, or I'm just gonna,  you know, like, have  someone else watch my kid and I'm just gonna go sit my ties on the beach.

 But like, think about if you are working less days in the hospital and then you can go immerse yourself in a, a foreign country and  in that culture and, and, and. Your kids can learn another language potentially, and you can show them like, Hey, everything is not just this like happy little bubble that we live in currently.

Like let's get out in the real world and really  share those experiences. That's only gonna impact them and their generations down the road, as you mentioned. And so  I think that's, that's really important and well said. And I think that.  As a dad of young kids also, I, I'm always thinking about that. Like, Hey, how can I,  how can I help Jack and Owen be  like, respect money, understand money, but really understand that it's a tool for freedom.

It's a tool for life, and it's a tool to give back and share with others.  And how can I. Exemplify that in a way that they are gonna carry that on and carry that forward  without that sense of entitlement. And so  I'm always trying to learn more and more about that. And I think these conversations are really, really important to have.


Clint Harris: I worry about that, right? Like I, I, I'm one of six kids, lower middle class family. Then we moved to an island community, which is not the most wealthy community around, but it's a lot more money than I grew up around  and  I'm looking around, I'm like, man, how do we raise these kids here without them being spoiled?

Little brats. Right. And I think you nailed it. I think the way to do that is travel and exposure to the world. Not just the world, but like different cultures, classes, and, and meeting people where they are. And I think that's the best way to create. The two things that I think are lacking in the world these days, especially among younger generations, is empathy and gratitude. Empathy for other people and understanding of their situation. And also eyes wide open, gratitude about what we have, where we live, and what we got going on. That it's not, it's not a lot compared to a lot of people around us, but like compared to the world it is. And with that comes a responsibility of, empathy and, and gratitude and, and hopefully a lot more responsibilities along with that, but yeah, it's

powerful. I agree. Totally agree.

Dr. Alex Schloe: I agree too, man. I think that  if, if as a country we, we shift more towards a heart of gratitude for what we have and, and for serving others, I mean, this country would look completely different. And we're in this,  you know, regardless of your political affiliation or status, we are in this like inflection point where it feels like Americans have become so, so divided.

Across multiple different avenues. And it's like we really, this is a time for us to,  to come together, to, to break bread together, to  serve each other and, and to be together in relationship and,  and not just stuck in our, in our phones and stuck in this kind of like alternative reality where all we care about is our ourself and,  transactional relationship type mindset. And so  I hope and pray that like, that, that changes. And, and I, I really hope that's not something that, you know, becomes  an issue for my kids. But I think it takes a lot of intention and effort as parents to  instill that sense of gratitude and, and, and instill that sense of appreciation for how good we have it here in America.

Clint Harris: I knew this was gonna be a great interview. Nice.

Dr. Alex Schloe: Me too, man. Me too.

Clint Harris: Can I, can I I wanna expound on something. I wanna provide value greater than nomad and stealth storage. Can, can I do that for a couple minutes? Listen, self self storage is, is a great asset class. It's very inflation resistant, pandemic resistant. Now we know it's, you know, recession resistant as well. But the pandemic resistance is something that obviously things got thrown for a loop, even though we don't use variable rate debt. It was really interesting when the interest rates shot up, it slowed down the housing market and self storage did slow down for a couple years as well.

'cause obviously they're very tied together.  But outside of that dip and a dip in 2008 as well, for the last 35 years, it's been the most stable commercial real estate asset. And then you take like. It's gonna cost $130 a square foot, and average right now is two years and 10 months to build a new facility.  Or we can buy an old building with the land in the parking lot and everything included, and convert it in 12 months. And the total project cost, including the land, is around 65 bucks a square. That's my little, that's my blip and getting in my segment about why we like the conversions in that part of it.  But at the end of the day, you're renting someone a box of air. It's a stabilized long-term asset. It's just self storage, but for half the cost. 'cause you're doing the conversion and we see the same people. Same principle in people that are buying like old mills and converting it to mobile home park or converting it to to multifamily.  You've got mobile home parks that are being converted to tiny home villages or RV parks that are being converted to this, or hotels to condos or whatever.  Adaptive reuse, cap rate arbitrage is what some people call it. That's a strategy in and of itself, and it's great, but.  What I don't think most physicians realize is that on their way to work every day, they probably drive by half a dozen to a dozen syndicated deals. And a syndication is just where I don't mean to talk down, I, it's your listeners. I'm sure they know all this 'cause I know you do a great job. But  for the sake of oversimplification, it's where a group of people pool capital together to take on a real estate project larger than what any one individual could do on their own. Someone has to execute the business plan. Someone has to provide the capital. It can be the same person. Oftentimes it's not.  And anytime you drive by a hotel, an RV park, a mobile home park, an apartment complex, a car wash, a retail strip center, a commercial mall, anything like that.  Very rarely is that an individual owner.

It is usually an ownership group that is based upon a syndication, which is a group of people raise capital together to take on that project,  and together the whole is greater than the sum of its parts, right? It's a giant partnership. So the key is knowing that that is happening and that there's opportunity everywhere.

That really has only become available in the last 10 to 12 years through some legislative changes that have happened. Now the common person has the opportunity to invest in things that typically were only available to the ultra wealthy. So if you come up with those goals of what you're looking for with your spouse and your timelines and your return profile, then you're gonna wanna look for operators and assets that are operating the way that you want to operate with the communication that you like, the transparency that's important to you, and then you're shopping for deals and it can be anything you want. Like I, I've got a friend that's invested into vineyards. I'm invested into a beverage company. I'm invested into multifamily. I'm invested into a self storage group that's not my group because I'm not allowed to invest my retirement funds with Nomad Capital because it's called co-mingling and it's illegal 'cause I'm a general partner,  but I have that self-directed and spread out with other people because. I have, listen, stock market's crushing it right now, but ask me again in two weeks, right? At some point we know it's returning to a 50 year average and it's blowing it out of the water right now.  There's a reason they call it real estate and not real paper stocks, right? The real assets that produce cash flow give me a better chance when I say me Collectively.

We as a team, I'm a small part of a big team.  Collectively, it gives us a better chance of controlling the value. We're not buying I a cap rate. We're buying for less than $20 a square foot.  We're putting 40, 45 bucks a square foot into it. But then when it's stabilized, the value is no longer based upon the bricks and the sticks. The value is based upon the net operating income, and that drastically increases the value. For us, we'll buy a deal for two to 3 million. We'll put two to 3 million into it  as an empty facility. It might appraise for nine to 10 million as a stabilized facility. It might appraise for 12 to 17, depending on the market. And that value add is awesome, but it takes a while. So for our deals, they are slower development deals. We pay a higher return. So if you're looking for something that's gonna turn over in two to three years, I'm not your guy. You should not invest with us and I recommend you go someplace else. All of that has to be decided based upon what you are trying to accomplish. So I think that syndication is something that, if nothing else, just know that it is out there. And it's a tool that you should have in your tool belt. If you are professional that has capital, but you don't have a lot of time, and then when it goes to those passive investment strategies, the longer runway you give yourself the. Better chance you have of really building up some significant financial velocity. And that snowball really starting to have an effect on the amount of time that you spend with your wife and your kids and the amount of travel that you do.

Dr. Alex Schloe: I love that. That was really, really well said. And, and I think it, it gives you the opportunity to, to also sample various asset classes. You and I both had shiny object syndrome and invested in a lot of different things when we were getting started, and then we figured out, hey, this is the thing that we really love.

For me, it's assisted living for you.  It's self storage.  But it also gives you that opportunity if you're like, Hey, I'm not sure what path I want to take to generate this, this freedom over time. Let me go invest with Nomad Capital on a self-storage deal.  Let me invest with Alex on a assisted living deal.

Let me figure out what I really like.  And then that snowballs getting started in multiple asset classes, which also helps to protect you.  And then you figure out, what do I really love? And you go all in on that. And so it's a, it's a really great way to do that and get a lot of exposure with with a lot of exceptional operators.

Now, I will say it is really important to make sure that you're evaluating the operator, the business plan, the market, the asset type, the communication, the reporting, all those sorts of things.  But it, a passive investment can be a really great way to, to create significant wealth and freedom over time.

Clint Harris: Let's, let's talk. That's a really important topic you just brought up and we'll keep it short. We're probably running long on time here, but. You know, there's, there's a saying that Warren Buffett has that I think really is apropos here.  He says in terms of operators and people that have done well, people that have not done well, he says, you can't tell who's skinny dip until the tide rolls out. Right? Once that, once the tide rolls out, you get exposed is the point. And frankly, when the interest rate shot up at the end of 2022, a lot of operators had been exposed in the few years before that, you couldn't miss. Everybody looked like a genius, right? Everything was going up in value. The reality is over the last few years a lot of people have been tested and we've had a lot of other groups that have stopped operating.

We have social media that's gone dark. There's been a lot of capital calls and there's been a lot of pause distributions and, and some total losses. It's tragic that having been said, I think a lot of people are scared. A lot of people are pulling back and a lot of people are going to the stock market 'cause that's where the returns are right now.

And I get that. But we all know that's not gonna last forever. What I would say is, would you rather pick your operator when everything is going right and everybody looks like they're winning, or when the chips are down and you can see whose strategy is working and see whose strategy is not. In my opinion, that's the time when you really want to find people, like when things got really, really hard. Who dealt with it the right way with communication and navigated it in a partnership way with their, there are people that came out of this that had variable rate multifamily deals that really struggled or had capital calls that came out with their investors being more loyal to them

because of the way that they handled it, right?

It's not about when bad things happen, it's about how we handle it.  So I think that. You're gonna hear horror stories and there's some bad things that have happened because people over-leveraged and people didn't realize what they were getting into, and we had disruption recently in the last few years. However, in my opinion, it's a really good time to look at track record and the people that are operating right now, that have been operating through the last 3, 4, 5 years, obviously the longer the better, but especially the last four or five years.  If you're still operating now, you're doing something differently and it has been stress tested, and I think that's a good look, good time to take a harder look and maybe a little bit bold when others are scared.

Dr. Alex Schloe: That is a great point. I think a great question to ask is  what's a deal that you've done that did not turn out how you thought it was going to,  and, and how did you mitigate that? And that that will give you a lot of insights to the operator and how they solve that potential problem. But it'll also show you like, Hey, how can I expect them to potentially handle a situation if it arises in this investment as well?

Clint Harris: And along with how they handle that, ask for communications, ask for, I wanna see the monthly newsletters, the monthly construction updates, the lease up, the occup, whatever reports get sent out to all the investors. I'd like to see a history of that and a track record, just so I make sure it's gonna hit my standard is what I would want to know  if things were not going well during whatever situation. What did that communication look like? Did you go dark? '  cause in my opinion, that's the time when you need to communicate more than you ever have.

Dr. Alex Schloe: Yep. That is an awesome point.  Well, Clint, let's go ahead and kind of wrap things up here. I wanna ask you a couple, couple questions here real quick. What is one belief about money or freedom that you wish physicians would understand earlier?

Clint Harris: I think that money, this is to quote my, my partner Neil Henderson. Money is a store

of life energy, right? People look at the more you have money, sometimes the less, a little bit of it is worth to you people that don't have a lot of money, it really matters. People that have a lot, it doesn't matter as much,  but the reality is, like, whether something is a fortune or not usually is a reflection of how long it took you to get it right. If you make money, if you make $50 million a year, a million dollars is probably not a fortune to you. If you make $50,000 a year, a million probably is. It really just depends on how long it took you to get it. And so I think that the responsibility is to look at capital and money as a store of life energy and with it comes a level of responsibility of you to manage it appropriately and realize that it's a representation of time you spent away from people you love and probably doing things you didn't want to do. That same responsibility for any operator using investor money, you are using a representation of that person's store of life energy to create value. And with that comes a very heavy level of responsibility that should carry a higher burden of execution than maybe how, how cavalier you would be with your own mind.

Dr. Alex Schloe: Well said, well said. I love that.  Clint, this has been incredible, man. Your, your mission around independence of purpose is, is something that physicians need. They. They need to understand that this is possible, that they just have to get started. That mistakes may get made, but you just have to keep going.

And your story is a testament to that.  And I think that if folks really listen to this podcast and, and, and take in what you've shared today, can help redesign their life, it can change A lot of families, and ultimately I think it'll lead to better care of patients over time.  Because you have that freedom, you have that space to practice medicine how you really want to.

 And so thanks again for, for everything that you shared today on this podcast. Is there anything  that you want to add and how can folks reach out to you if they want to know more about what you're doing?

Clint Harris: Yeah, listen, thanks for that. That was great. I agree with you, right? Let's create some freedom and just let the healers heal. Like let's get rid of the administrative top heaviness and, and practicing defensive medicine. Let's let the healers heal because it's a choice that they made, not because it's something that they have to do.

Right. And sometimes that means we have to create freedom other places.  I, I, I'm happy to connect with anybody. I obviously talk too much. I'm obviously a huge extrovert and I'm, whether it's about Airbnbs or property management or sell storage or acquisitions or anything else like that, I'm, I'm happy to connect everything I know or anything smart that I've said came from somebody else. it it came from,  you know, that was the power that I was talking about earlier of like, listening to podcasts is important, but hosting a podcast really leads to some really powerful conversations. I actually like hosting more than I like guest speaking because  I, I learn so much more, so it's powerful. I encourage people to continue to invest in themselves, invest in their relationships,  know your goals. Work backwards from your goal from the future to build it out and know that right now we have better opportunity for networking and connecting than we ever have in the world. Along with that comes more distractions than we have ever had. There is more noise in the world than ever before, so I think it's a real good time to get clarity on what you're trying to accomplish, who's important in your life, and what's the legacy that you wanna leave. And if you do that. Maybe this is a small tool along the way. I think we have better opportunity right now to generate wealth for our families and that freedom of purpose than we ever have in the history of the universe.

Dr. Alex Schloe: Completely agree. Completely agree.  Clint, how can folks reach out to you?

Clint Harris: Yeah. The best way is just through our website, nomad Capital us, you can schedule a call there. Eventually they all come to me. Feel free to email me as well, Clint, C-L-I-N-T at Nomad Capital us.  Happy to help anybody any way that I can.

Dr. Alex Schloe: Absolutely, and go ahead and listen to Clint's podcast. Truly Passive Income. It's awesome. I was. So fortunate to be a guest on the podcast. We had a great conversation. And  one thing I love about you guys is, you know, you and Neil and he was on the this podcast as well, is  the fact that like, yeah, sure, we talk a lot about passive income, but we also talk a lot about life and the things that really matter like we did today.

And so really appreciate what you're doing there at Truly Passive Income in the podcast there. So folks give that a listen.  Clint, thanks again for joining us and, and to everyone who's out there listening. Thanks for spending some time listening to the Physicians and Properties Podcast. With that, we'll go ahead and sign off.

It's been Dr. Alex Schloe and Clint Harris on the Physicians and Properties Podcast. Take care.

 Hey, real quick, if you're still listening to this, I'm assuming you got value from it, so I need your help. Specifically, my two year vision with this podcast is to help 100,000 physicians learn how investing in real estate can give you the freedom to practice medicine and live life how you want. There are two main ways that a podcast grows.

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