From Praying for Rain to Making it Rain with Brad Smotherman

June 20, 2022

Episode 92: From Praying for Rain to Making it Rain with Brad Smotherman

The Profit First REI Podcast

Jun 20, 2022

David Richter

Summary:

Brad Smotherman is a seasoned real estate investor. He’s the nation’s ultimate house flipper and he’s always one step ahead in helping new investors build a lasting real estate company. Currently, he has invested in over 14 states and owns a top-notch REI business. His wits and knowledge in selling and marketing is unparalleled. Listen to this episode to find out how this genius has been doing it for years.

Key Takeaways:

[1:38] What got him started in real estate?

[5:23] Early lessons that he thought about money

[6:58] We have to create long-term cash flow assets or we’re never going to get ahead.

[10:38] Does he want to pass on lessons about money to his children?

[15:47] How does he go about analyzing deals from his perspective?

[18:46] Does he think that most entrepreneurs should have a basic understanding of the business world in order to be a savvy business owner?

Quotes:

[3:05] “Most of the time, your biggest wins come after the point that you want to quit, but you don’t.”

[13:24] “Come up with a plan that you’re comfortable with.”

[23:31] “If you can market the right way and negotiate the right deal structure, then it’s really tough to mess up this business.”

Links:

Profit First for Real Estate Investing FB Group – https://m.facebook.com/groups/ProfitFirstREI/about/

Brad Smietherman’s Website – https://www.bradsmotherman.com/

Investor Creator Podcast – https://www.bradsmotherman.com/blog/podcasts

Tired of living deal to deal?

If you are a real estate investor or business owner who is tired of living deal to deal, and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. – David

Transcript:

Brad Smotherman:

Know who you are, you know, in terms of risk that, and, and what you’re trying to accomplish, come up with a plan grind to get there, but also understand that, like money’s not everything stuff, isn’t everything like relationships and, and impact is so much more important.

Intro:

Welcome to the Profit First REI podcast, where real estate investors, master financial management, eradicate entrepreneurial poverty, and learn to be profitable from day one. Now for your host David Richter,

David Richter:

Hey everyone. It’s David Richter again, and just wanted to thank you for listening to the Profit First REI podcast, have another special guest today, Brad Smotherman. And he actually has his own podcast, which I’ve been a privileged guest on Investor Creator Podcast. Make sure you check that out, check out his podcast. If you’re listening to this one, you’re probably listening to other podcasts as well too. So give his a look. Then he’s also running a seven figure, flipping business, holding notes across the middle Tennessee. He invests in multiple states. He’s doing things and he’s training. He’s the real deal. I don’t have people on here that just talk about it, but are actually doing it as well, too, but so really excited to have Brad on here, believe in him and what he’s doing, but Brad, before we get into all of that, and I just wanted to welcome you to the show. Thanks for being on today,

Brad Smotherman:

Man. Appreciate you having me. I’ve been looking forward to this all week.

David Richter:

Awesome. Well, I appreciate that. So very first question. I wanna dive into it. What got you started in real estate? Like what was the big moment for you?

Brad Smotherman:

Well I’m not really sure how this happened, but I woke up one day when I was 17 years old and I decided to get my real estate license and I was finishing up high school turned 18, got my real estate license and, and realized over some time that the sales side was really not for me, but my family was, was actually in farming and agriculture. And so we were small time farmers, beef, cattle, and corn and soybean. But I remember my grandparents who raised me every summer being very concerned about weather patterns because we didn’t have irrigation. And so literally they would pray for rain. And I thought, gosh, you know, like maybe there’s something better than that. Like maybe I can have a little bit more security and a little bit more influence over my future than praying for rain and real estate bug bit me. And then really in 2010 I decided to retire my real estate license, having never done an investment deal to chase this dream a real estate investment. So that’s really how it got started.

David Richter:

Awesome. So then tell us about your journey then. So 2010, it sounds like it’s when the journey started in the investing side. So how’s it gone for the last over decade plus?

Brad Smotherman:

Well, we’ve had a lot of growth. We’ve had a lot of growth, which you and I have talked about really offline and it’s been a fun journey so far. I’m really excited about the future, but kind of what happened was it took me eight months of struggle to get my first deal. And one thing that I wanna impart to my, to your listeners real quick is, you know, one thing that I found in my business and I found this in other people’s business is that most of the time, your biggest wins come after the point that you wanna quit and you don’t. So I, I specifically remember I had a lead come in. I was sitting in my truck when hot August day. I didn’t have enough money. Cuz gas was $4 a gallon at the time to fill up my gas tank to full.

Brad Smotherman:

So I do like quarter and a half tanks at a time. And I remember I had this lead come in and I listened to the voicemail and I was just like, I just don’t wanna call this guy back. Like I’m just so done and over this business, but I did call the guy back and ended up, we made the deal. That deal was, I still think the best deal I’ve ever done because it gave me two things. It gave me a little bit of money to market. So I’m a really big believer in marketing. And secondly, it gave me some confidence to say like, Hey, I can’t actually do this. I can pull this off. And so I got a $20,000 down payment. I got a 17,000 note that note paid me about $400 per month until it paid off. And so it was a really, really good first deal and a deal that we did a whole whole lot more of, just very, very similar to that.

David Richter:

Awesome. I love that, that, that that’s your best deal because of those things, what it taught you and what it were able to provide you. And then the, also the mindset there is like that success is usually on the other side of wanting to give up. You know, when you know you have something good and it is something and it’s usually that personal battle, right? It’s usually the internal struggle of, you know, what, I just don’t wanna make this call. I’m feeling defeated, but then you make that call and then it turns out to be your best deal because it changes the trajectory. So if you’re listening to this podcast, that is some great advice from personal experience, you might be feeling that right now and don’t give up, do not give up on your dreams and what you want to do, especially if it’s around real estate investing that there is, there is another side to it. So just wanted to shout that out. Thank you, Brad. That was amazing. So that’s real estate investing and you’ve, you’ve grown from there. Let’s talk about then since this is the Profit First REI podcast, a little bit just about money mindset. What about in the early days coach, we got to a little glimpse at you. They were praying for the rain, but besides those, that concept and like wanting something different than that, what other early lessons did you learn about money or how does that come and how does that compare to how you think about money today?

Brad Smotherman:

Yeah, so, you know, early on, I was really taught to be very anti debt, kind of Dave Ramsey mindset, that kinda thing. And I think that that certainly has its place. So if you’re putting a boat on a credit card, that’s probably not a good idea, but I’ve also found that any, most of the time when we, we paint these really broad brush strokes of like always and never like cash is king, always debt is done, always that it doesn’t always hold true you know? And so and I remember I almost got actually into a fight, an altercation at my real estate office when I was selling real estate because I had this conversation conversation with another realtor and this was maybe 2009. And he, he was talking about Dave Ramsey and this debt is dumb, always kinda mindset.

Brad Smotherman:

And it, my background was accounting. So in college I got my undergraduate in accounting and he said, well, what do you think about this? And I tried to like kind of stave off the conversation, but know, finally I was like, well, let’s paint the scenario. The house is worth a hundred and twenty thouand dollars, you can buy it for 50 grand, you have 49,500, do you borrow 500 to do the deal or not? And he didn’t really have a great answer for that, you know, but, but got kind of upset. So, you know, a couple of things that I I’ve found is that I really feel like one of the biggest mistakes that people make in this business is they don’t play both the short game and the long game at the same time. And really what I mean by that is, you know, flipping and wholesaling is good. It’s a very, very well paid job and the cash that we get from that we can allocate to long term resources, but we have to do that.

Brad Smotherman:

Like we have to create long term cash flow assets, or we’re never really getting ahead. And so like in my consulting work, my education work, I find that a lot of people come to me first because they can’t find motivated sellers. But second, I have a big group of people that come to me that they’ve been wholesaling 3, 4, 5, 10 years at times, or flipping in that time. And they say like, gosh, I’m still transactional. I really haven’t gotten ahead. And the big problem that they have is like, they haven’t created, you know, a source of cash flow that exists outside of their time. And so, like, that’s a, I think a big thing that I’ve found that is really, really important. That is a big mistake that I see. And I also find that for myself, I, I always kind of like Teeter between like, I really feel better emotionally if I have cash sitting, but then also like allocating resources because like, if you have cash, then it’s tough to not spend it on something.

Brad Smotherman:

Now I’m not the toy guy. I think, you know, having a Lamborghini is kind of silly. I mean, for whoever that enjoys that that’s cool is just not me. You know, it’s like we, we, I came from praying for rain as a teenager for the family. So, you know, getting a, Lamborghini’s not super exciting, but you know, just kind of like Teeter tottering between like having like enough cash where I emotionally feel really confident and good about decision making, but then also like not bleeding that cash into stuff that may not make sense is, is kind of a struggle. So I mean that, that’s just a couple things that I see that hopefully is helpful for the audience.

David Richter:

Oh, I think that’s incredibly helpful because I believe when cuz this, it was the exact same thing for me, I a hundred percent relate to this story because I was, when I first started my journey, I read Rich Dad Poor Dad. Then one of the second books I read was the Dave Ramsey stuff. And it was like very conflicting. And I was like, well, I don’t want the day. I don’t want a bunch of debt, but I also want to make money in real estate. And I want to, you know, not be, you know, buckled down and not be able to grow. And I think one of the biggest things for me was taking that leap from, from W2 job to business owner and like from working a job to investing in real estate and in having in my own business and knowing that like, you know what, in my business, I can still be financially responsible and make sure any debt that I have is going towards building assets, building something long term, whether that be, you know, sometimes that is for marketing and you are investing in that to get that next deal or whatever it might be.

David Richter:

But it’s making sure that you are investing in that way with a clear, specific purpose too, because that’s where a lot of people get in trouble. It’s like, well now, oh, money’s coming in, we’re just gonna spend like crazy. Then you go crazy on the cards and stuff and you rack all that up and that’s where it gets. Then you need Dave Ramsey to go back in and beat you over that and say, this is not what that stuff is for. You know? So it’s like making sure that you have those types of things. So I really, that really resonates with me. So I’m sure that it’ll resonate with a lot of people on the call here cuz that’s, that’s a great, that’s a great analogy of like, how were you thinking about money and then where are you now in that thought process? Cuz it is a journey I always believe too, that you should be thinking and constantly rethinking the beliefs and thoughts that you have right now. And are they serving towards your higher vision, your values. So absolutely love that. So right now, Brad, are you married? I wanted to ask, are you married? Do you have children right now?

Brad Smotherman:

Yes. Happily married almost 12 years I believe. And two children. My, my little girl just turned six yesterday. So we had a big day yesterday.

David Richter:

Congratulations. I have a, a girl turning five in two months. So love that age. Love that time period, which is I asked this question selfishly, but I, what lessons about money? Do you wanna pass on to your children? So I love hearing people’s thoughts around that.

Brad Smotherman:

You know, it it’s really a funny thing. So just recently one of my thoughts was okay, like we have things in the business to where the really to where we want them and, and really to a point that even three years ago, I would’ve thought wouldn’t be possible. Mm-Hmm , you know, because of, of all the transactions that we’re doing and the equity that we’re getting and almost everything that we’re doing, we’re doing remotely now. So like we’re, we’re buying just over the phone. And so I came to a point where I sat down with an estate attorney and said like, okay, like, let’s look at putting things into trust for the children. And, and my thought was, well, I can add, I don’t know, five rentals per year each to this trust. And whenever they come of age, then it’ll be worth something.

Brad Smotherman:

And I was really close to doing that. And, and then I thought, well, maybe not. Hmm. And, and it’s like, well maybe what I should do is, you know, I have a company now, like I have team members and they’re that we’re growing, we’re growing very fast. And so whenever they, they come of age, then I know that there’s gonna be opportunity within the business for them to create their own success. And so like, that’s kind of what I’ve come up to is I don’t want pass. Like, Hey, you’ve turned 25, here’s 50 rentals. And most of them are free and clear. I don’t know that I’m really doing them a favor by doing that. And so, you know, we’re keeping those same assets and keeping them in house. And you know, I, I really think that providing the opportunity is, is the better thing.

Brad Smotherman:

And so I’ve got a good, good friend of mine that is very wealthy and he created a trust and his trust basically says that whenever he passes away that his, his daughters can pull one third of their adjusted, gross income from their tax return from the trust per year. And if, and if the, because you know, one spouse may stay at home and the other work, if one stays at home, then it goes off the, the other spouse’s income. And so I thought like, how genius is that? Like if you go out and you create a lot of money, then you’re gonna pull, be able to pull a lot of money from the trust, but it shows that you’re responsible financially in the first place. And if you’re a bum, it skips you and it goes to the next generation. And I thought like, how great of, of an idea is that?

Brad Smotherman:

So, I mean, in terms of what do I want to pass along? I mean, it sort of depends. It depends like, you know, if, if my daughter and my son worked W2 jobs, it’s, it’s a different financial plan than it. If it is that they’re out hustling and buying equity like we are. And it also depends on you know, their, their threshold for risk, you know, like I enjoy risk to a certain extent, although not like I used to when I was younger – I’m 35 now, but you know, there’s a whole lot to it. So I would say like, come up with a plan that you’re comfortable with, that you feel is gonna be successful. And one, one big, big thing that I’ve done that I think has been detrimental to me is what I felt was success maybe 10 years ago, that five years ago I accomplished, I wasn’t satisfied with it.

Brad Smotherman:

And so I never really celebrated the wins. And so like, it, it’s like I’m running a marathon and I’m always, you know, 800 yards from the, the finish line, but I I’ve ran the marathon probably three times now. Yeah. You know? And so that can be a little bit emotionally exhausting. So I mean, work hard, work, your plan know who you are, you know, in terms of risk that, and, and what you’re trying to accomplish, come up with a plan grind to get there, but also understand that, like money’s not everything stuff, isn’t everything like relationships and, and impact is so much more important. And I think that, you know, David, that’s a big reason why you’re here. That’s why I do what I do as well. And so like, we’re, we’re kind of cutting the same cloth in that way.

David Richter:

No, I a hundred percent agree with that. That’s why I love having you on here and having those mindsets, especially that next generation, like how are we gonna pass that down responsibly and make them the human beings, you know, that will want to pass it on to, and have those values and, you know, the work ethic. And like you said, if they have a w two job good for them, ha make sure that they’re equipped to be the best human being. They can be no matter what they do and make sure they’re, don’t, we don’t empower them to be entitled. You know, it’s like making sure we don’t give them that opportunity, you know, to just go out and do whatever they want. And, you know, just, that’s not why we create the wealth and why you don’t buy the, the rentals or train other people and do everything that you do, the fix it flip and everything inside the business is not for that.

David Richter:

So, I love that. I love asking people about that really appreciate, you know, you telling your mindset on that. So then this has been amazing already, lots of value dropped here. You have an accounting background, which is definitely different than most real estate investors. So when you analyze a deal or the financial, maybe key performance indicators, those buzzwords, you know, KPIs or whatnot, when you’re looking at deals, whether it’s rental fix and flip, what are you specific? What do you analyze on that deal? And do you look at it differently than a typical investor because you have that background or, you know, like how would you go about analyzing deals and from your perspective?

Brad Smotherman:

Yeah, so I think that my accounting background has helped me in the business but not necessarily when it comes to analyzing deals…I feel like I’m an equity buyer and I feel like marketing is actually more important than real estate as real estate is a means to an end. I’m not in love with houses, you know, but I, I do enjoy the marketing side of negotiation and that’s really like 90% of getting great deals is being able to generate the right lead and say the right things at the right time that motivate that seller to say yes to an offer. Right. And so, you know, with that,uwhenever I’m looking at a deal, I really want to make sure that I’m buying equity. And so everybody’s focused, there’s in it’s free and dollars. They own it free and clear, and they would, would accept payments at $500 per month until paid at 0% interest. Well, that’s a great deal, but the, the equity’s not in the price we’re paying market value. The equity is in how we’re. And I know that that might sound a little bit crazy to some of these people that are listening that have never heard of a deal like that, but like, we’ve done a lot of deals where we’re basically paying market value, but it’s at a 0% interest rate and we’re getting 10 or 15 years,u10 or 15 year terms where the, these payments are going out.

Brad Smotherman:

Well, whenever you look at the amortization there, then, you know, like that creates equity really, really quickly, you know, and we can turn it to a rental or owner financing or whatever we decide to do at that point. But, you know, that’s really what I’m looking at is either equity and price equity in terms. And so I, I really wish that I could create some kinda a mind map where it’s like, it always gets me to the right answer, but there’s some, you know, different factors like, okay, is it a, a kinda deep rehab or is it really clean? Is it in an appreciating area or is the area flat, or maybe possibly declining as an area. So like there’s some X factors there that you really have to look at, you know, but those are the, the, that’s the main metric that I’m looking at is can we buy equity day one? And if we can, and it makes sense, then we move

David Richter:

Forward. Yeah, no, I love that. Now I’ve had, you know, talked with people and they’re doing what you’re doing with properties. A lot of people do that with businesses too. They go in and they’re, they might buy it at market value or where it is right then, but it’s on payments. And then they’re able to go in and just raise that value of that business within three to five years, and then they sell it, you know, and it’s like for a multiple, and it’s the same thing with this property, you know? So it’s like having those comparisons and love that. Well, what you do with the properties, and then what, around your accounting degree, I know I’m stuck on that. Do you said that you it’s, it hasn’t helped with deals or like, you know, the analyzation of deals, but it has helped you like in the business, do you, because this is also something Robert Kiyosaki, a lot of people talk about is accounting and the language of money. Do you think that most entrepreneurs should have a basic understanding? Should they , should they go through college and get an accounting degree? What is your, what level do you think that entrepreneurs need to be in order to be a savvy business owner and know that language of money and finances? Accounting.

Brad Smotherman:

Yeah. So, I mean, does somebody need to go and get an accounting degree? I mean, probably not, but I do think that it has helped tremendously and it’s not necessarily like, what does it help me with? Well, it’s not about like plugging transactions into QuickBooks, although that is important. I mean, what I think is most important is understanding cash flow mm-hmm and also understanding like how income impacts your balance sheet long term, you know, like whenever we have a good understanding of the flow of money on financial statements, then, then we know how to manipulate that to get to where we want to go right. Maybe manipulate is the wrong word, you get what I’m saying. So, you know, it’s, it’s really more about a study of, of how businesses work in terms of profit and cash flow to the balance sheet. Long term that I think is really, really interesting. And I think that most people are weak there.

Brad Smotherman:

I think most people are weak. I think that most people feel like , I’ve seen people like play with QuickBooks on, on one journal entry. It’s like, oh, well it balanced. So it has to be right, like, wait a minute. That is not how it works, you know? And so I’m sure that you see a lot of this with the people that you consult. It’s like it it’s cringeworthy about how people don’t have control over the finances and have no understanding on where they are and, and where they’re trying to go. And so it’s just like this, this whirlwind of chaos where you don’t know where you’re going, you don’t know where you’ve been. And so it’s, it’s just like, you’re just throwing some stuff out there and, and doing the best you can. And I think that’s very dangerous.

David Richter:

Yeah. You are talking my language here. Big time. This is gold right here. You do not have to have an accounting degree, but in order to be a business owner, this is one area that you will need to learn. You will need to learn how these talk with each other, these financial statements, like a profit and a loss of balance sheet. You know, those things that he is talking about, because like he said, it’s manipulating that money, that full of money directing it, basically putting the control back in your hands. So that way you’re not being like a chicken with his head running, you know, or her head cut off, running around all over the place, because it puts that power in you to make those decisions, make better decisions and say, are we on track with our overall goals? Really? Are we really getting to where we want to be?

David Richter:

Because I don’t know how you feel when you consult people and you know, you, they get all this different stuff from books and seminars and all this stuff. And they’re like, well, I need to track this. You know, I need to track this number. I need to track my leads, or I need to track deals close. And it’s like, yes, those are good. But do you understand how that goes into your overall profit and into your overall business? It’s like, it’s great if you’re making this amount per deal, but like, what’s the bottom line? Like, what is the actual cash flow? Like, do you have too many of the expenses? And if you don’t know these basic things, I don’t think you can have that true. You can really go to the level that you will want to go to in your business if you don’t have that basic. So I love that. Get that foundation, you do not need the accounting degrees. So this was just a lot of grid stuff right there. So Brad, this has been amazing. Just have a couple last questions here. Sure. Do you have any other advice just in general could be around finances, could be around anything that you want to get out to the real estate investing community?

Brad Smotherman:

Yeah, so I, I think two main ones, number one, we’re a marketing business. And so if you can generate motivated seller lead flow on a whim and be able to capture that with good terms, then you’re gonna be a lot better off. And so, like, one of the things, man that I, that I’m asked a lot right now is like, what do we think the market’s gonna do? Like we’ve been on a rollercoaster for almost a decade. And I mean, just straight up rocket ship, you know, and you know, at some point we have to have a correction. Am I concerned about that? No, because we know how to play a declining market as well. And that’s really more about buying creatively and turning it into under finance notes because we’re in a position, let’s say the market declines, you know, and, and we go to a six month days on market, which I don’t think is gonna happen, but let’s assume, you know, we’re gonna be able to buy equity easier on the front end because we’re gonna have more motivated sellers and less investors to contend with. And then we’re also because banks tighten during these times, we’re gonna be able to sell that house within our financing, easier than what we have been in the past five years. And so it, the ability to, to, to transact goes up on both sides, both on the purchase and the sale. And so like, I’m okay with the declining market. So just keep that in mind. Like if you can, you can market the right way and negotiate to the right deal structure. Then it it’s really, really tough to mess up this business.

David Richter:

Yeah. That’s good stuff. That’s amazing. So I appreciate all the advice you’ve given today. There’s been so many nuggets that you can take from this from the beginning where you said, don’t give up. I mean, if you’re on that right now, you could be that one call away one call away from turning around, pick that, call up, call that person back, look at that voicemail all the way there to where being a savvy business owner, getting out there, doing the deals, doing, making sure that you are the right business owner as well too. And there’s been a ton of good information here. So Brad, we I’d like to ask you how can our listeners now provide value back to you? How can they connect with you? What are you working on currently? Tell us a little bit about that.

Brad Smotherman:

Yeah. So I mean, what we’re working on right now is spending a lot of time on the podcast. I’m actually launching a, a YouTube channel as well, where I’m bringing in some of the top investors that I know, and actually having sit down interviews, which I think is so so impactful. And I’m really doing that. Getting people stories where, you know, they’ve struggled and now that they’ve seen success and looking back, like what could they, what could, what could we all learn from that? So that’s been a lot of fun, but for those that wanna reach out to me Investor Creator Podcast, and then my email is Brad@BradSmotherman.com

David Richter:

Awesome. Well, there you go. Can reach out to him and if you make sure to check out his podcast too, I was approached beyond there as a guest, but he’s got a great podcast. That’s up right now. The Investor Creator Podcast. Brad, thank you so much for being here today and providing a ton of value to the listeners.

Brad Smotherman:

David, thank you so much, man. I enjoyed it.

David Richter:

Thank you so much for listening to today’s show. If you found this episode valuable, could you do me a quick favor? Could you give us an honest rating within iTunes and be honest, you could say whether you liked it or not. And obviously with iTunes, the more reviews and ratings we have, the better it is for other people that are searching for a Profit First and a podcast. So we’d love to be ranked on there and that’s thanks to your help. So we would really appreciate that if you would like to go give us a rating. Also, if you’re looking to connect with us further, I would highly recommend checking out our Facebook group Profit First for real estate investors. And that’s literally what it’s called. So you can type in Profit First for real estate investors, and you’ll be able to find , you’ll be able to find our Facebook group right there.

David Richter:

So come join active real estate investors who are supporting each other and growing their businesses and profits together. That’s what that group is all about. The link should be in the description below. And if you’re interested in working with us and implementing Profit First in your real estate business, we offer coaching and guidance. So if you wanna work with someone who’s actually Profit First certified and who works right now currently with real estate businesses, you can actually go start your application process by going to simpleCFO.com/apply, or just go right to simpleCFO.com. And there’s an apply button right on there. If you wanna actually start your Profit First journey with someone who can actually walk you through those step by step and help, you know, and grow your cash flow. Thanks again for joining us for another episode of the product. First REI podcast. See you next episode.

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Title: “Profit First Strategies with Jay Conner: The Power of Private Money”

Episode: 242

There are 15 reasons to love about borrowing private money over traditional money. One of them is making your own rules for your private money.

In this episode of Profit First for REI podcast, Jay Conner, a nationally renowned real estate investor and the king of private money. He talks about how private money works.

Jay helps you get your money from private lenders and will share with you the mindset that will get you money in the door without you ever having to worry about it.

Listen and enjoy the show!

Key Takeaways:

[01:01] Introducing Jay Conner

[05:00] Introduction to private money

[08:30] The Great News Phone Call

[11:23] Why don’t you use your own money?

[13:18] Maintaining relationships with private lenders

[15:40] Private money vs traditional money

[22:05] Things that make them want to recommend you

[25:18] Advice for real estate investors

[29:01] Connect with Jay Conner

Quotes:

[07:34] “If you are talking about private money and raising private money with an individual and you got a deal for them to fund, you already sounded desperate.”

[12:07] “If you want to scale your business, private money is the way to go.”

[16:05] “In this world of private money, we make the rules. We set the interest rate, we sent the length and all of that.”

Connect with Jay:

Website: https://www.jayconner.com/book-details/

Tired of living deal to deal?

If you are a real estate investor or business owner who is tired of living deal to deal and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. – David

Transcript:

Speaker 1 (00:00):

I got 15 reasons I love private money over traditional money. I won’t share all 15, but the biggest one is it puts you in the driver’s seat. The traditional way to borrow money is you go to the bank and get on your hands and knees and you’re begging and chasing. Well, they are making the rules right? Like the lender is making the rules. But in this world of private money, we make the rules, we set the interest rate, we set the length of the note and all that.

Speaker 2 (00:34):

If you’re a real estate investor who’s sick and tired of living deal to deal, then welcome home. Hear from everyday real estate investors just like you, and discover how they’ve completely transformed their business by taking a profit First approach. This is the profit first for REI podcast, where we believe revenue is vanity. Profit is sanity. It’s time to start making profit a habit in your business. So here’s your host, David Richter.

Speaker 3 (01:01):

We have Jay Connor back on the podcast. I love Jay Connor. He helps you get your money, the money from private lenders and that whole framework and process, but he does it from a passion and a place of heart. And servant Teachership. I feel like he goes out there and is a servant teacher of how private money works. Listen to this episode. He gives the magic question he tells about desperation and private lending, and I thought his perspective was so good, and then ultimately the mindset that will get you money in the door without you ever having to worry about it. So listen to this episode. Can’t wait for you to get value from it. Thank you for being a listener of the Profit First. RII podcast. Have a great episode. Hey, here’s the profit first RI podcast. Really excited to have Jay Connor back because he’s the came of private money. And this is where I love to go into this topic because I don’t care what kind of business you’re in, you probably need help with this, but especially if you’re in the real estate world, this comes up all the time at every event I’m at with every conversation I have. So we’re having the cane here talk about private money today. So Jay, thanks for being on the show.

Speaker 1 (02:07):

Hey David, thank you so much for having me come on here to talk about my most favorite topic. Of course, that being private money. And why is that? Because private money’s had a bigger impact on our real estate investing business than any other strategy that we’ve implemented in our business.

Speaker 3 (02:24):

Why did you go down that road though? I mean, you teach this all the time. You’re helping a ton of people, like anyone I’ve ever talked to that works with you is like he taught me how to do and I got money and it actually works. So I mean, how did you even go down that road where it made a difference on you and then you wanted to get it to others?

Speaker 1 (02:43):

Well, I actually backed into it. I didn’t do it on purpose. So here’s what happened. So my wife, Carol, joy and I, we’ve been investing in real estate, single family houses, other real estate full time here in eastern North Carolina since 2003. And here’s what happened. From 2003 until 2009, David, all I knew to do in my real estate investing business was rely on the local banks to fund my deals. I mean, all I knew to do was go to the bank, get on my hands and knees, put my hand underneath my chin, raise my skirt up so they could look at all my personal financial statements and stuff and actually beg to get my deals funded. That’s all I knew to do. And so I had a big wake up call in January of 2009 after being in this business here in Eastern North Carolina. I called up my banker.

(03:38):

I told him about these two deals I had under contract in Newport, these two single family houses. And David, I learned like that over the telephone that my line of credit had been shut down with no notice. My banker, his name was Steve, and the bank was bb and t at the time. I said, Steve, what in the world are you telling me? My line of credit is shut down. I got two deals under contract. You gave me no notice. Why is the bank closing my line of credit? He said, Jay, don’t. There’s a global financial crisis going on right now. I said, no, but now you just gave me a global financial crisis. Financial crisis, yeah, I ain’t got no way to fund my deals. And I got ’em under contract. So I hung up the phone and here’s what happened, David. I sat here and I asked myself a very important question.

(04:27):

And so I’m going to share this question with your audience right now. This question I’m going to share with you will help you solve any problem you’ve got. I don’t care if it’s business, financial, career, health, relationships. I don’t care what your problem is. By the way, David, these people going around and saying, any problem, you got some opportunity I want to throw up. I didn’t have no opportunity. I had a problem of not funding my deal. So here’s the question I asked myself. The question I asked myself was, Jay, who do you know that can help you with your problem? And when I asked myself that question, I immediately thought of my good friend Jeff, who lived in Greensboro, North Carolina at the time, and he was investing in real estate. And so I called him up and I told him what happened. And he said, well, Jay, welcome to the club.

(05:18):

I said, what club? He said, the club of the bank shutting you down and losing amount of credit. They shut me down last week. I said, well, how are you funding your deals, Jeff? He says, well, have you ever heard of private money? And I hadn’t. So Jeff told me about private money. He told me about self-directed IRAs and how people can use their retirement accounts and funds that they currently have and move them over to a self-directed IRA company and then loan that money out to us real estate investors, either tax deferred or tax free depending on the type of account they’ve got. Well, that just opened up my whole world. I’d never heard of that. And so what did I do? How did raise $2,150,000 in less than 90 days after being cut off from the bank? Well, here’s what I did, and here’s the secret sauce I put on my teacher hat.

(06:10):

So I put on my teacher cap, which is my private money teacher cap, and I just started teaching people in my own network what private money is, how they can earn high rates of returns safely and securely. And what’s interesting, Carol, joy and I, we got 47 private lenders right now. Not one of them had ever heard of private money and private lending. Not one of them had ever heard of self-directed IRA companies and what a third party custodian is. That’s important by the way, to establish a relationship with a self-directed IRA company because over half of my private lenders are using their retirement funds. And if I didn’t have that relationship to introduce them to move their retirement funds over, I’d be missing out on over half of my private money. So how did I go about raising all this money when I was cut off from the banks?

(07:02):

I led with a servant’s heart. I led with education. And here’s a really, really important point. I separated the activity. I separated the conversations of telling people what private money is and how they can earn high rates of return safely and securely and having a deal for them to fund. You see, desperation has got a smell to it. And when you talk about is that not true, David? Yeah, very true. So if you’re talking about private money and raising private money with an individual and you got a deal for them to fund, you’re already sounding desperate and you’re not even trying to sound desperate. So we don’t talk about deals and when we’re first exposing somebody to how they can earn high rates of return, we talk about private money. So how do we separate those conversations? Well, when someone has told me that they’ve got, let’s say they’ve got $150,000 they want to invest and get high rates of return conservatively, I’ll say, great, I’ll put your money to work for you just as soon as possible.

(08:11):

I don’t talk about a deal upfront. If they’ve got retirement funds that they want to get higher rates of return on, I’ll introduce ’em to the self-directed IRA company that I recommend. They’ll get their funds moved over. And so here’s what happens and here’s the magic sauce, David, I give ’em and I call ’em up with what I call the great news phone call. What in the world is the great news phone call? Well, the great news phone call is not a pitch. I’ve never pitched a deal in my life ever since I started raising private money in 2009. I pick up my handset with my cord attached to it here in North Carolina and I call some of your, don’t even know what that is. And let’s say, David, let’s say you’re one of my private lenders. So I’ll put my phone right up here and you’ll answer the phone and we’ll have a little chitchat and I’ll say, Dave, I got great news for you.

(09:06):

I can now put your money to work. I got a house in Newport with an after repaired value of $200,000. The funding requires 150. Closing is next Tuesday. You’ll need to have your funds wired to my real estate attorney next Monday. I’m going to have my real estate attorney email you the wiring instructions end of conversation. Notice I didn’t ask If you want to fund the deal, of course you want to fund the deal. You’ve been waiting for the phone call. I’ve told you the program. I’ve taught you the program, you know what kind of rate you get, what the maximum loan to value is, the program that I’ve taught you. And so now you’re waiting for the good news phone call, which I just gave you. And in addition to that, if you as my private lender, if you’ve moved your retirement funds over to a self-directed IRA company, you ain’t earning any money until I put your money to work.

(10:04):

You moved it at my recommendation. Now I’m ethically bound to put your money to work. You ain’t earning any money until you actually put her to work. So again, we separate conversations, we leave with a servant’s heart, we educate, and by the way, David, these people going around saying don’t just get the deal under contract. The money is show up. I want to throw up where is the money going to show up? Is it just going to rain out of clouds or something? No, get the money lined up and you can get it lined up fast. Just like me. There’s always going to be deals.

Speaker 3 (10:38):

Yeah. Oh man, that’s really good stuff. I love how you went down that road and it helped you personally. Now you’re just teaching a lot of people. I love that magic question. Who do you know that can help me with my problem? It’s that who, it’s not always the how. It’s the who did I know, and in that point it really helped you. I also run into a lot of times, I don’t know if you see this, where there’s someone who’s like, I could save a couple interest points if I just use my own money versus a private lender’s funds. What are your thoughts on that of always taking down your own deals versus going out there and putting the work into getting a private lender?

Speaker 1 (11:17):

Sure, I get that question all the time. They say, Jay, you making all that money? Why don’t you use your own money to invest in real estate? Why are you still borrowing private money? Well, here’s the answer. If you’re just going to do one deal, that’s a great use of your money. That’s a fantastic use of your money. But do you want to scale your business? I mean, right now we’ve got seven different projects going on, single family houses simultaneously. Well, I don’t want my money buried in seven houses or projects simultaneously, which here in our local market can easily be over 3 million with the prices of our homes. So if you want to scale and really, I mean most people have got a bottom of the bucket in their checkbook. So if you want to scale your business, then private money is the way to go. Another answer to that question is, do I want to pay myself 8% or do I want to use my money for something else,

Speaker 3 (12:22):

Right? Yep.

Speaker 1 (12:24):

So that’s a couple of answers to why I use private lending and why I’m still using 47 private lenders,

Speaker 3 (12:33):

Which is great. I love what you said. If you want to scale, it can run out of cash real quick. If you just keep using your own money where a lot of people have to choose between, okay, paying some percentage points or sleeping at night, and it’s like, I think I like your option a whole lot better, especially if you’re looking to grow. But I like how you said that one deal. That’s okay, but if you are looking to be a real estate investor, this is something you’re going to have to go down that road. Now, last time I asked you some questions about the private lending process. I don’t think I asked this one though, is how do you maintain a relationship with that many private lenders? You’ve got 47 people in your network that you call up with the good news call. So is it like how do you maintain a relationship with all those people?

Speaker 1 (13:22):

I mail ’em checks.

Speaker 3 (13:25):

I love that. That’s a great answer. Oh man. No better way to keep a relationship there.

Speaker 1 (13:33):

I mean, they love getting money in the mail, right? Yeah. They love mailbox money, so I mail ’em checks.

Speaker 3 (13:41):

So you mail ’em checks. So you’ve built a good enough business where you can keep 47 lenders busy and their money active.

Speaker 1 (13:50):

Well, to be totally transparent, I mean, it is a juggling act to tell you the truth. I mean, there’s more money than there is deals.

Speaker 3 (14:00):

Yep.

Speaker 1 (14:01):

There’s more money than there is deals. And so we got 47 private lenders. Some of them have got $30,000 with us, some of ’em have got a million dollars with us. I can’t buy a house for 30,000, but I can use 30,000 for rehab money. You can use private money, borrow private money in a junior position, you’ve got to disclose that. But I can put private money in a junior lien. But what comes into play there is what we call total loan to value. So I’m not going to be borrowing more than 75% of the after repaired value. I didn’t say the purchase price 75% of the after repaired value. But let’s say back to that example that we just talked about, David, where if I’ve got a after repaired value on a home of 200,000 for easy figuring, I can borrow up to 150,000. That’s 75% of the after repaired value. But if I buy it for a hundred thousand, which I do all the time, 50% of the after repaired value, I can have a private lender in first position at a hundred grand. I could have another private lender in second position at 50 grand. So add a hundred to the 50, now one 50 divided by 200,000 after repaired value, I got a total loan to value of still 75%.

Speaker 3 (15:27):

Yeah, I love that. And it seems like private money gives you flexibility and

Speaker 1 (15:32):

Options. Does that make sense?

Speaker 3 (15:34):

Yeah, that makes sense. A hundred percent.

Speaker 1 (15:37):

Oh, absolutely. Flexibility is where it’s all at. I got 15 reasons. I love private money over traditional money. I won’t share all 15, but the biggest one is it puts you in the driver’s seat. The traditional way to borrow money is you go to the bank and get on your hands and knees and you’re begging and chasing, well, they are making the rules, right? The lender is making the rules. But in this world of private money, we make the rules, we set the interest rate, we set the length of the node and all that.

Speaker 3 (16:14):

I love that. Flexibility is the ultimate play in real estate. You want to have flexibility and you want to be able to have that. So I love what you teach. Who is the person that you’re trying to teach out there? Is it the person that’s done one deal a thousand deals? Who are you trying to help the most with your business?

Speaker 1 (16:33):

Yeah, that’s interesting. At my live events, which is called the private money conference, and my live events, we have about 60% or so have already done deals. They’ve already done deals. They want to scale their business. They are real estate investors wanting to scale their business, and about 40% are looking to get their very first deal. So I’m helping everybody. I mean Stu and Harriet Baldwin from New York State, they enrolled and joined my mastermind membership community and they already had a portfolio of a hundred houses. They’d already raised over $2 million in private money, but they wanted to see how I went about it. Well, just one webinar that I recorded with them brought in 1.2 million in additional private private money. So I’ve worked with real estate investors that are brand new and those that are also seasoned to help them get more private money ready to go for their business.

Speaker 3 (17:33):

I love that. It sounds like a lot of people out there need private money, and even if you’re just getting started, if you don’t have the funds to do that first deal, like you mentioned, you do that first deal, that one deal at a time, it might be okay, but this sounds like a great spot where if you’re getting into it or if you’ve got lots of stuff going on, this could be another way to make sure your company can keep running without what you ran into with the banks back in 2007, eight or oh nine. Would you say that’s true as well?

Speaker 1 (18:04):

Absolutely. Absolutely. I mean, I’ve met very, very few people. In fact, I can’t even think of one. I haven’t met any real estate investor that says, I got enough money.

Speaker 3 (18:20):

Yeah, me either.

Speaker 1 (18:22):

I can’t use any more private money. However, David, you are looking at one right now. I got about almost $2 million right now, what I call sitting on the shelf waiting to be deployed. And I tell you what, I’ve had new private lenders come into my world that want to invest and just to prove to them that I can perform. I’ll take the new private lender’s money and pay off a current private lender, refinance the deal so I can get their money to work for ’em, right?

Speaker 3 (18:53):

Ah, yep, that makes sense. I like that. As you grow and scale, you might run into that issue and you make one lender a little bit happy. I mean, at least they’re getting paid off, but then they probably come back to you and say, I want you to put my money to work again. Do you have that come up a lot?

Speaker 1 (19:12):

Quite frankly, when I pay ’em off, they’re not happy.

Speaker 3 (19:17):

That’s why I said just a little happy, maybe a little bit.

Speaker 1 (19:20):

But when I pay ’em off, they’re not making any money on that money. In fact, with a new private lender, I’ll get ready to pay ’em off cashing out on a deal and I’ll call ’em up and say, Hey, just want you to know that you’re going to have a check coming in the mail from a real estate attorney’s trust account. We’re paying off this house. And they’ll say, Jay, can’t you just keep the money? And I’ll go, no, I can’t keep the money unless I’ve got your money secured by a property because we do not borrow unsecured funds. Now, here’s maybe a little advanced strategy for some folks, but I do substitutions of collateral or loan modifications all the time. If it’s a small amount of money that a private lender’s invested 30, 40, $50,000, and we use it for rehabbing a property. So when I’ve got another property I’m getting ready to start on, I’ll substitute the collateral and keep that 30 or $50,000 note in play. So they keep earning money on that money, but we will substitute the collateral just to a different project that we’re moving to.

Speaker 3 (20:25):

That’s awesome. So then sounds like you have a good problem. It’s like, I want that. Well, I think a lot of real estate investors would rather the problem, I have too much money versus I’ve got these deals and I can’t fund them. So I really like how you teach people that and where it could snowball into this, where it’s like, I’ve got 47 private lenders, I’ve got to go out there and get the deals for ’em. Absolutely. And I really like that. And

Speaker 1 (20:50):

For goodness sakes, you don’t start out with 47 private lenders. I started out with one, right? I started out with one and then that quickly became two and three and four and five because private lenders tell other people what’s going on. So I haven’t actively attracted private money for years because our current private lenders just keep sending us people. In fact, day before yesterday, day before yesterday, I got a phone call from the mother of a good friend of mine, his name’s Craig, lives in Newburg, North Carolina. Craig had told his mother about this investment thing that I got going on and she had never heard of it, which is really funny. I’ve been doing it now private money since 2009. So she calls me up and she says, Hey, my son’s been telling me about this investment thing you got going on. Tell me about it. So word of mouth gets around very, very quickly when you start doing business with private lenders the way I do.

Speaker 3 (21:53):

Yeah, I like that a lot. So in order to get people to talk like that, what are the biggest things that you do for your current private lenders that makes them want to recommend you?

Speaker 1 (22:07):

Well pay ’em on time.

Speaker 3 (22:08):

There you go. That’s a big one. Sounds like that would be a really great place to start.

Speaker 1 (22:12):

Pay ’em on time. But I also have three times a year I put on a party for our private lenders at the Dunes Club. So we have three times a year a VIP reception over at the Dunes Club on the beach, and it’s just an evening of private lenders getting together and we have a good old time and I feed them and give them all the soft shell crabs they want, and I tell ’em to bring their friends with them.

Speaker 3 (22:42):

Yeah, that’s awesome. So number one though, that anyone can do at any stage is pay people on time. So actually pay, would you say, what about communication? I hear that come up sometimes too. How do you do a good job on the communication with your private lenders as well?

Speaker 1 (23:03):

Well, it must be good enough. They never go away,

Speaker 3 (23:06):

Right? Yeah, that’s the big things I hear.

Speaker 1 (23:10):

Here’s one thing I have not delegated as far as communication. I personally, I mean my relationships with my private lenders are very, very important. So I personally pick up the phone, pick up the phone, and call my private lenders when I have got a deal for them to fund. I do not delegate that out. I could

(23:37):

Delegate that out, but I don’t, when I got a deal for them to fund, I’m the person on the phone keeping that relationship When I’m getting ready to pay them off. I don’t have a check just show up in the mail. Of course they got to sign a payoff instruction letter if a different closing agent is closing it for a buyer. But before any of that happens, I personally call ’em up and I tell ’em that we’ve got that property sold. We’re getting ready to pay you off. Or I’ll call ’em up and I’ll say, Hey, we’re getting ready to pay this property off, but I will keep your note open so you can keep earning money. I’m just going to substitute the collateral. We got some documents we’re going to email to you for you to sign and send back the communication. I’m personally involved in putting their money to work and letting them know when we’re cashing out and where they are on the deal.

Speaker 3 (24:31):

That’s awesome. Then since it’s the profit first I podcast here, I love this concept of the private money because you need your cash in your accounts. So to be able to run your business, do those things, and then setting up a separate account just for your private money lenders, so it makes it easier to do what Jay just told you to pay them back, to pay them back on time to be in good communication with them. So now this has been really good. Do you have any other advice before I ask you? How could they work with you? How can they get in touch with, because I know this is something that is needed desperately, that I send people your way all the time. I know I trust you to help people, but any other last minute advice here that you would give to the real estate investors listening to the podcast?

Speaker 1 (25:18):

Sure. I appreciate you asking that question. It’s going to be very hard to own a lot of real estate

(25:26):

Until you own the real estate between your ears. So what do I mean by that? People ask me, how do I start? How do I start raising money? I can tell you how you start raising private money. You get your heart right, you get your mindset right. So what do I mean by that? Well, what do you do? You lead with a servant’s heart, you lead with education, you put your private lender money hat on, you private lender, teacher hat on, and you leave with education, don’t pitch deals, and you really, really are concerned about the other person and realize, part of this mindset is realize you’ve got an opportunity to change people’s lives, right?

Speaker 3 (26:11):

That’s so good.

Speaker 1 (26:13):

We’ve got countless people that are particularly in their retirement years, that have thanked me and Carol Joy for making a difference in their retirement years to where they can, I mean, they don’t want to touch their principal. They want to live off of their principal investment. So they’ve been able to travel, go see grandkids, do all this stuff that they couldn’t do otherwise until they got involved in our program. So just know that you’ve got a way to really make an impact on other people’s lives. And lemme tell you another part of mindset. It ain’t about reaping. It’s not about reaping. It’s all about sowing. It’s all about sowing. I can’t be reaping all that private money and deals until I have sown and given and led with value first. So how you sow is how you’re going to reap.

Speaker 3 (27:08):

Yeah. Oh man, this is so good. I’m glad I asked that question because I hear the passion in your voice and I hear that you really care about the people you work with, the people that have private money lenders out there, you care about that relationship. I love what you said. Get your heart right, get your head right. I also think, like you said too, that if they don’t have that desperation has a smell. So if you’re out there, you’re desperate and you’re just going out there, then you won’t have people like you have that want to keep coming back, that want to continuously invest in you. So that was, I think, the best advice that you could give right there. Get it between your ears and get your heart right. I absolutely love that. And just to recap too, I love your magic question.

(27:55):

Who do you know that can help me with my problem? Then one day you’re going to wake up and you’re going to be like Jay, and you’re going to be helping other people with their problem. I’ve got money. I want to put it somewhere, and you’re the able to get them to where they can be. Desperation has a smell. I love that. And then honestly, I love that pivot. You are like, it’s not about the reaping, it’s not about the interest that I’m making or the profit I’m making for the deal. It’s more about sowing those seeds and ultimately you’re changing lives. That’s why you get private money, and it’s like that interest that you’re paying them is twofold. It’s like you get to sleep at night, you’re not using all your money and you’re getting to help someone else get a return that they wouldn’t be able to get anywhere else or in someone that they trust as well too, and that’s a little bit more tangible than the stock markets or all this other Bitcoin, some of that stuff that’s floating around out there. So this has been awesome. So how do people then, Jay, take that next step with you? Do you have a book? You talked about an event. What can people do?

Speaker 1 (29:01):

Absolutely. Well for your audience, David, I’ve got two gifts. First of all, I finished writing my book Where to Get the Money. Now, this is not a ebook. This is a book book that we actually send in the mail Autographic where to get the money. Now the subtitle is How and Where to Get Money for Your Real Estate Deals Without Relying on Hard Money Lenders or Traditional Lenders. It’ll walk you through step by step how to get all the private money you would want. Very, very easy to read. It’s $20 on Amazon, but you can get it for free. Being David’s audience, just cover shipping. You can go to www dot j Connor, J-A-Y-C-O-N-N-E r.com/book. So I’m an er, not an or. So that’s j Connor, J-A-Y-C-O-N-N-E r.com/book, and we’ll three day priority mail it out to you. Now, in addition to that, I’ve got an upcoming $3,000 per ticket live event right around the corner. But for your audience, Dave, I’m going to let everybody come for free with a measly $97 registration fee. This private money event. You can check it out at www.theprivatemoneyconference.com. The private money conference.com. That’s coming up right around the corner in June. Get on over there. Registrations are open, and I’d love to meet you in person at the private money conference.com.

Speaker 3 (30:31):

Awesome. I’m excited about that too. I love what you’re doing and you’re solving a big need that we hear all the time. Just like all people always needing to sharpen their acts when it comes to private money, you graciously have also invited me there to speak about Profit First. So I’m excited to get to tell people about that so they can get more private money and be more confident and not be desperate when they go and ask for people. So I’m really excited about that as well. So make sure we’re going to put those links there, but make sure either get his book or go to that event. I cannot endorse Jay Moore because I know how many people he helps, but then he also has the heart. You heard it right here. That’s how he wants to help you too. It’s very much a heart and a mission and a passion for him.

(31:13):

So Jay, thank you for coming on, for sharing your wisdom, your knowledge today. If you are listening to this episode and you feel stuck like, what the heck is going on? Where is my money? I don’t know what to do. I’m a little bit nervous to go out there and get private money. I can’t keep my own house in order. That’s where you could go to simple cfo.com where we can help you walk you through that process. We’ll link you up to Jay too. If you need private money or need to learn about private money, this is who we recommend. I recommend Jay to many people, so make sure that if you need that help you go to simple cfo.com. But Jay, again, thank you for being on the show and sharing your wisdom here today.

Speaker 1 (31:51):

David, thank you so much for having me. God bless you.

Speaker 2 (31:54):

This episode of the Profit First for REI podcast is over, but there are plenty more where that came from. Are you ready to learn how David and his team can help implement the Profit First system in your business? Schedule a discovery call@simplecfo.com right now. We’ll see you next time on The Profit First for REI podcast with David Richter.

From Praying for Rain to Making it Rain with Brad Smotherman

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