20: The Unconventional Real Estate Entrepreneur with Shiloe Bear of Creek Development
In this episode of Outside The System, I spoke with Shiloe Bear, Founder of Creek Development. Her firm specializes in developing science-related properties and she took a really unconventional path into real estate. She's done build outs for companies like Y Combinator, Lyft, Blue Bottle, and many others. Lots of inspiration here for anyone looking to learn about real estate and alternative paths. Her philosophy for her company and the broader community is also fascinating and worth learning from. This was Shiloe's first podcast and as you'll hear, she's a great communicator so I'm sure it won't be her last!
I came across Shiloe through JP Willett (Episode 15) who shared Shiloe's talk at Re-Convene 2022 with me. Highly recommend watching it after listening to this episode.
Timestamps
(2:23) Shiloe introduces her commercial design and construction company Creek Development. Currently trying to transition from just management to also owning the projects. Their focus on science-related buildouts.
(5:25) How Shiloe arrived at her science buildout niche and how her technical education background played into that.
(7:51) Shiloe's scrappy start in real estate by being a resident-manager at her apartment building in the Bay Area and then buying a multi-family in Oklahoma, where she is originally from.
(10:31) Price anchoring. Shiloe shares how the term "expensive" is relative and that prices she thought were absurd in 2010 were actually steals in hindsight.
(13:28) Why buying the worst house in a nice neighborhood is the fastest way to be hated.
(15:18) How Shiloe transitioned from managing residential real estate to her current business.
(20:13) Creek Dev started doing small land flips in 2020 buying small properties, entitling it, and re-selling it with entitlements.
(21:40) Shiloe's 6 month journey in 2022 trying to raise $4 million to buy and convert a property but the deal ultimately didn't go through. How it felt to put everything you have into something and have it ultimately not work.
(26:18) Why someone would choose NOT to invest. Ultimately ties back to a potential investor not understanding the opportunity and specifics in the life sciences space.
(31:07) What Shiloe's company does for the community - projects for community good and the people she chooses to employ. How this contrasts with the traditional way the real estate industry operates. How Shiloe benefited from community programs all her life and is trying to give back.
(35:28) How Shiloe has constructed her team to include a lot of people who wouldn't typically work in real estate because they don't have the "right" background from a traditional perspective. These same people can get access to better opportunities after working with Creek Development.
(39:35) Why not looking like the "traditional" real estate CEO can both help and hurt. Nassim Taleb's concept of "surgeons should not look like surgeons" (link below). "People like helping people who remind them of their younger selves"
(44:08) What someone who is not from a traditional real estate background but wants to get into the industry should be doing. Why the on-site manager path is a great starting point. How real estate Twitter can be super helpful in learning and meeting people.
Resources and Links
Shiloe's company - Creek Development
Re-convene 2022: Shiloe Bear in conversation with Moses Kagan