Generational Wealth and Leaving a Legacy With Trey Taylor

September 1, 2022

Episode 109: Generational Wealth and Leaving a Legacy With Trey Taylor

The Profit First REI Podcast

September 1, 2022

David Richter

Summary:

Today’s guest derives his experience from diverse fields such as technology, financial services, venture capital, and commercial real estate. On top of that, he runs a family office where they nurture budding entrepreneurs from generation to generation, optimizing growth and wealth together as a family.

Trey Taylor is the talk of the town. He’s the managing director of Trinity | Blue, a consultancy designed to provide executive coaching and strategic planning to C-Suite leaders. He is frequently featured as a keynote speaker and has addressed attendees at the Human Capital Institute, the Ascend Conference, and many other engagements.

Key Takeaways:

[2:21] What got him interested in real estate?

[5:18] What is a family office?

[6:52] Understanding that wealth comes through focused action and dedicated hard work

[8:30] How does he find a business to invest in?

[12:13] What was the thought process behind writing a book?

[17:13] What early lessons did he have about money and what does he think about money today?

[22:28] How does he manage the money as a real estate investor and implement the Profit First system on his end?

Quotes:

[3:30] “When you combine multiple generations of wealth into one investment thesis and philosophy, you’d be surprised at how many doors have opened.”

[25:38] “You better buy it right because the world is changing.”

Links:

Read Taylor’s Newsletter-https://plantyourflag.substack.com/pe

Taylor’s Website-http://taylorinsuranceservices.com/

Taylor’s LinkedIn-https://www.linkedin.com/in/treytaylor/

A CEO Does Only 3 Things by Trey Taylor-https://www.amazon.com/CEO-Only-Does-Three-Things/dp/B09HMYRD78

Trinity|Blue Consulting Firm-https://trinity-blue.com/

Rich Dad Poor Dad by Robert Kiyosaki-https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194

Profit First Real Estate Investors FB Group-https://m.facebook.com/groups/ProfitFirstREI/

Simple CFO-https://simplecfo.com/

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:

Trey Taylor:

But you better buy it, right? Because the world is changing interest rates and all of this free money. I used to say we were ankle deep. We are throat deep and free money out there right now. That’s not gonna last forever. I, I lived through oh eight and didn’t lose a dime in that. And I didn’t lose a dime because I bought it right.

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 is David Richter here on the Profit First REI podcast. We have another special guest Trey Taylor on today, and he has definitely taken a special place in my mind because he wrote the book. A CEO Only Does Three Things, and that is a book that I think about all the time, that framework of when I’m running my business. There’s three things that a CEO is always impulsive with and it’s the culture, the people and the numbers. So I’ve just given the whole book away. Just kidding. You need to pick it up. You need to get that mindset, how he dives into how those are important in a business. So that’s one big thing, but he also does a ton of stuff. He owns. He is the founder. And I think the owner and founder, his dad, your dad was the founder, I believe of the insurance group.

David Richter:

So he does a lot of things there. He runs a family office. You’re an author, a speaker business consultant. You mentor people, you also buy businesses. Like just the amount of things that you do is impressive. But then you’re also one of my favorite things, a Mr. Rogers fan. Absolutely. Cause I saw him speak several years ago about how Mr. Rogers impacted his life. And that was another thing that if you know me, that is near end dear to me, someone that I look up to very much so, so Trey, thank you so much for being on the prop first REI podcast today.

Trey Taylor:

Well, David, thanks so much for having me and that was a mouthful for sure. But look forward to diving deep in any of those things that you might find interesting.

David Richter:

Yeah. So let’s, since this is a lot of people that are in the real estate investing world, why don’t we start with like, what got you interested in real estate or what you’re doing with real estate, because you definitely do some interesting things that I think a lot of people will find, you know, like with the family office, like what is that and how does that control and own real estate? And why don’t you go into a little bit about just your background and,

Trey Taylor:

Yeah, sure. So a, a couple of years ago we decided to form the family office. So we have about three generations active and we just onboarded our fourth generation active in the various businesses in various business activities that we do. And so we decided that instead of us all pulling a wagon, maybe in the, in the same direction, but a different route, we, we should all just sort of yolk ourselves to the same wagon. And and, and we’re really glad that we did because when you combine multiple generations of wealth into sort of one investment thesis and philosophy you’d be surprised at how many doors open and you can get into deals that you never could qualify into before. So that was the largest reason that we were doing it. And then you know, we’ve had three really big for us liquidity events.

Trey Taylor:

In the last three years, we had a, a company that we had invested in as a startup, a worldwide company that went public. We had a very big piece of oceanfront real estate in Florida get sold. And then we lost a family member which provided liquidity through whole life insurance, which is something that we believe in as well. So sort of two good one bad things. And so we had a liquidity crisis about 24 months ago. And you say, well, is it really a crisis to have a bunch of money in the bank? You know, to me, it is that it, it burns a hole in my pocket and I wanna see that money deployed. So what we did is form the family office, and then we have three verticals in that, in that office. One is private equity.

Trey Taylor:

So we buy, I guess we would sell, but we buy insurance agencies, brokerages, financial services, planning firms, those kinds of things. We put our management layer on top of them and we, we grow those to provide free cash flow that free cash flow should spill over into the other two things that we do, one of which naturally is a real estate. You and I nerd out about that kind of stuff a lot. Yeah. And then the third thing is a little bit longer term, a little bit higher risk investments in early stage technology companies pre IPO style deals and that sort of thing. So, you know, that sort of is what keeps us busy on a daily basis. And then as you know, I speak and, and, and write, I have a new book that we have just finally decided to pull the trigger on that is in pre-production now. And so yeah, you just like to keep busy, you know, I can’t imagine what it would be like to sit around and, and do nothing. So I, right. Fortunately I’m not cursed that way. <Laugh>

David Richter:

So can you explain a little bit what a family office is? So if someone’s like a, maybe a newer investor on here, or maybe if they’re even a seasoned investor, cuz I run a lot in these groups and I talk about a family office and they’re like, what in the world is that? And some of these people have substantial means. So can you explain a little bit what a family office is?

Trey Taylor:

Yeah, for sure. So a family office, at least in our scenario was a was a, a concept on how could we all benefit from pooling our wealth together as a family. We already want the best for each other. And you know, there’s no competition inside our family or anything of that nature. And so we each have our roles to play and so we have a concept of the family bank. So in any member of the family can come and apply to the family bank because we have the liquidity and if they can borrow money at a high market interest rate, we typically lend to family members at eight to 10%, if the project justifies that then we will loan money from that standpoint. So that’s one aspect of the family office. The other is that we we have legacy planning as well.

Trey Taylor:

So you know, we just onboarded our first member of the fourth generation. My niece turned 18. And so she had to go through a week long education largely about what it means to be a member of the family office. What it means to be a tailor is the way that we put it. Hmm. And we, you know, we have some modules that we all put together and we share some family memories and we share our value statements. We share stories that undergird that. And then we begin to expose her to you know, the size of the wealth that she’s coming into. We don’t want to overwhelm somebody and have them running around thinking that they are very wealthy or anything of that nature. We want them to understand that you know, wealth comes through focused action, dedicated, hard work. And so we have an education piece that we are constantly refining. And then lastly, you know, we have the actual asset management business itself. So how do we manage real estate differently than we manage early stage investment differently than we manage ongoing business concerns. And so all of that wrapped up together is called thread needle, the Taylor family office.

David Richter:

Hmm. That’s amazing because this is not just about managing the money, like you said, but about leaving that legacy and that you have modules like other people go out there to learn real estate investing. This is how to be a tailor, you know, like this is who are, who we are, what we do. And that’s why I really love this concept. And I wish it was talked about more, especially in the, the circles that we run in because these are like high, at least high earners, but they need to know how to keep the money and they need to know how to pass it on correctly and the values, the vision that they have for their, for their family and for their business and for their life. So I love that concept when I heard it several years ago and I’m like, okay, why isn’t this out there?

David Richter:

More like in the, you know, like the masterminds that we’re a part of, but I absolutely love that love what you do there. And then leading by example. So then talk about the different types of businesses that you’ve been a part of, or that you’ve either invested in, or that you have now, cuz you’ve got insurance agencies, you’ve got, there are some pretty cool things, you know, behind some of these closed doors at these masterminds that you’re investing in and you know, just the way that you analyze ES too. I think that is something relevant here, but can you go into like how you maybe find a diff a business to invest in or how you, you know, go about analyzing what you wanted, wanted to do?

Trey Taylor:

Yeah, sure. So my career in investing started I went to law school outside of undergraduate and I came out at a time when it was the first internet bubble, you know, 99, 2000 around that area of time. And most of my class went to work for startups and didn’t go to work for law firms. Yeah. And so I was the same way. And so I went and joined a company that eventually a couple of weeks later literally became WebMD. And I was the only corporate development guy in the company. And so, you know, we were, we were pulling resources left and right. And how do we go and expand, how do we acquire and that sort of thing. So we bought about 74 companies in my period with WebMD. We did a four way merger into a public company, which was absolutely insane.

Trey Taylor:

Hmm. And it, and it worked and that company was healthy on, which was founded by Jim Clark who who founded Netscape and a bunch of other companies. And so that’s how WebMD got public. We also bought a whole bunch of companies, some of whom we bought to shut down some of whom we bought for their users, some of whom we bought for their, you know, sort of eyeballs and ad traffic and things like that, as we were figuring out my generation was figuring out, you know, how do we make the internet pay? Right? What’s, what’s the business model and the economic impact of the internet. How can we get our share of that? And that was largely the job at that point. I left that job to go join a venture consulting firm with a very small venture investment fund attached to it.

Trey Taylor:

And so we made 11 investments out of that fund and 10 of those investments reached liquidity in a positive way. And one of them is still going business concern. So it was quite a good track record. And we went out to raise our second fund about the exact minute that the first plane hit the towers on nine 11. So it really threw the world obviously into a tail span and we couldn’t raise that second fund. And so then I went and got sort of a real job at a, at a company called EarthLink where I ran corporate development and VC relations for EarthLink for a while worked in a large group doing that. And then I actually took a job at AOL doing divestitures. So my job there was to, to get rid of a a billion dollars worth of businesses that they had acquired.

Trey Taylor:

So you know, that’s a little bit of the bio and then, you know, your specific question was, how do you find deals? I don’t know, man, I’m just a, you know, you, you have those pigs in Italy and they dig truffles. That’s me, I’m the deal pig, I guess, you know, I just love finding deals. I talk constantly with people who have deals, people bring me deals all the time. I share those deals with other investors, venture venture funds as well. I’m a, I’m a venture partner at three different funds today, a venture scout, if you will. And and I love finding good deals and taking them and getting them funded. I love in the real estate space doing syndication work on the multifamily side and that sort of thing. So, you know, when you, when you just get known for being someone who can get a deal done, a lot of people will sort of find you to get that deal done.

David Richter:

Yeah, no, that’s, that’s awesome. I love that then kind, I don’t know if this is switching gears or going a different direction, but the book process, the book for the CEO only does three things and that framework, is that something that came out of your business consulting or from seeing businesses that you knew that well, you know, as you’re acquiring or as you’re doing those things like that CEO, you like they had to have these characteristics or like, what was the for our listeners here? What was the thought process behind, you know, writing?

Trey Taylor:

So a different place altogether? So my grandfather founded our family’s go business, which is an insurance consulting firm. And my dad took it over, actually purchased it from him. And then my dad passed away very unexpectedly in 2005. And our succession plan was not well baked. And so it wasn’t our intention to have me come run the business. But when I came to check in to see how things were going, it needed someone with some business experience. And so I ended up as the CEO of the business and that first day I closed the door and opened Google. This is no exaggeration and Googled, how do you be a CEO? Because I didn’t know what the job description was. And it was this dirty little secret that I didn’t want my team to find out that I didn’t know what, what job to do much less.

Trey Taylor:

Was I gonna be any good at it? And what I found out was Google search results, zero, you know, it was of no help whatsoever, right? There was no YouTube video back then on how do you do it or nothing that I found that was useful. And so I said, okay, I’ve gotta throw myself headlong into learning this. And I did. And you know, I figured out what the things that I could do that no one else could do in the organization, CEOs mess up all the time, every day, 50 times a day, I’ve already done it probably 60 times today of doing work that you hire somebody else to do. And so I found myself in that conundrum and constantly trying to swim upstream to do the work that no one else in the building could do. And what I found over the next 10 years of the career was that every single CEO is in the same boat. There is no job description for a CEO.

Trey Taylor:

Every other position in the business has it. If you come and interview my receptionist, she has a job description. It says, answer the phone when it rings, make copies, when you know those kinds of things all the way down, sh her entire success metric is in the four corners of that page. But for the CEO, we don’t have that. And so I started consulting with other agencies that wanted to look like ours and have the results that we had achieved. And I noticed the exact same problem. I really wanted to work on the sales and marketing and the product development and that sort of thing. But until I fixed the CEO, I couldn’t do any of those other things. And the magic that I discovered was when I fixed the CEO, I didn’t have to do any of those other things. Hmm. The CEO was the root core of the problem.

Trey Taylor:

And when I got that person properly focused and in proper communication with their team, the team either stood up and did the job they were required to do, or quietly excused themselves out of the back door. And we replaced them with somebody who could do it. And that was a real turning point for me. So I consulted on that model for three to five years. And my clients were constantly saying, you need a book, you need a book, you need a book. And so when pandemic hit, I sat here thinking I’m either going to be become a private pilot during all of this, or I’m gonna write the book. And so I felt guilty about doing the private pilot before I had done the book. So I sat down last year and sort of put pen to paper and got the book done. I started it in April and then it published in November of last year, had a wonderful publisher that really pushed it through for me.

Trey Taylor:

And it’s been fabulous. It’s still going really well. The book is we have only, just recently I’ll announce it on your podcast release the audio book. So it is now available on Amazon. We haven’t done a full release on that yet. Yeah. A full sort of promo, but it is now available. And and the book just got added to a couple of other countries because on my last royalty statement I saw Japan had bought, I think we’re over 5,000 copies in Japan now. Wow. And me, Mexico as well, and they haven’t been translated. They’ve just been offered there. So it’s interesting to me that people are seeing value in the book, even outside the American business landscape. So that’s, it’s gratifying to know that

David Richter:

Well, it’s, it is incredible. It’s incredible in the simplicity of it and how it rings true where this, these are the three things that you need to work on as a CEO. And that, like you said, there is no job description. So it’s like, who do you have to become? And who, what are you really measuring as a CEO? So yeah, if you, if you’re listening to this now, you just got the treat there, go out, look at it on Amazon and see if you can purchase it, the print or the audible version of the book, cuz now you can actually listen to it cuz I know if you’re a real estate investor, you’re probably gonna want the audio version. So I’m glad, I’m glad you came out with that. Cuz that’s what I get requested all the time. I said gonna be on audio.

David Richter:

Is it gonna be on some that’s great. I, I love that and I know that’ll help a ton, more people so love that it’s caught on fire in other countries as well, too, just being offered in, you know, not being translated yet. So that is, that is amazing. So let’s talk about just money at its core. Let’s talk about the mindset, go into that a little bit with the first podcast, I usually ask people what early lessons did you have about money and how do you compare that to how you think about it today? So I’d like to ask you that because that’s, you might have a different perspective than what we’ve heard from other people, because I feel like you grew up where you had, you know, generationally you were talking about yeah. You know, like your grandfather and then your father than yourself. So can you just expo on maybe that question a little bit?

Trey Taylor:

Yeah, absolutely. I think I did have a slightly different path because we were a bit privileged in our upbringing, but the first time I ever thought about money, I was at the beach with my grandfather and my brother. And he had taken us, you know, one week in the summer and we were having a good time and, and you know, he had one of those sort of almost Vietnam era cell phones where he looked like he was gonna call in a kilo attack or something. You know, we were, we were on the beat. So it must have been sort of 85, 86, something like that. You know, it was really far back. And I remember he hung up the phone and he said to us boys, I made $10,000 today and we looked at him and said, no, you didn’t, you’ve been on the beach with us all day.

Trey Taylor:

You didn’t go to work and you didn’t make any money. And he said, son, that’s how rich people make money. And I remember that as if it was yesterday, because what he was saying was you know, he had a very profitable insurance agency and he poured all the profits over into real estate. So he did apartment complexes quite, quite frequently. And we would go with him to those apartment complexes and take a cut in half bleach bottle and get the quarters out of the laundromat. And then he would let you take the quarters to the arcade down the street and you could play games and things like that. And so I saw from a very early age that, you know, you could literally take, take money that appeared what it looked like out of thin air and go do things that you loved about it.

Trey Taylor:

And so from that point on, I mean, you literally talk about a rich dad you know, scenario at that point, that that’s what he taught us was that you owned things and those things enabled you to do things that you wanted to do with your life. Whether that be go to good colleges, which I was fortunate enough to be able to do or live overseas, which I was fortunate enough to be able to do all of which was supported by assets that the family had put together. And so outside of that, we had zero formal education on how do you manage money? How do you have a checkbook, a, a debit card, any of that sort of thing, nobody ever talked about it because it was considered a bit, you know, maybe vulgar that you would talk about money and that sort of thing we did as a family talk about successes.

Trey Taylor:

So if someone had a big sales week in the company, we would hear about that at home. But it was a lot more around the idea that my dad was praising someone for breaking through some mental barrier and now they’re able to produce for their family and that sort of thing. So that was sort of my upbringing into money. And then you know, like almost every other human on earth, I read rich dad, poor dad, and it clicked for me. And and so I follow that very religiously today, you know, I, I knew 12 years ago that my kids were smart and they were probably gonna go to, to good and expensive colleges. Hmm. So I went out and bought commercial real estate that would be paid off in 20 years so that they could U use the cash flow from those businesses to pay for their colleges and things like that.

Trey Taylor:

I’m buying an airplane right now. So I just bought a commercial building instead of making the payment. I bought the building in order for the building to produce the income, to pay for the airplane. And then that way I still have an asset instead of a liability. So I just, I just clicked with that book. And and frankly just read that book to both of my kids over the past four weeks at night, you know, once or twice a week, we’d take 30 minutes and read the book. So that’s how we came to it. And and that’s how we get it done around

David Richter:

Here. No, that’s awesome. And I love that passing that on really getting and instilling in that next generation too. And then, you know, actually going out and giving them a role model and an example to follow and giving them that of like here, here’s what I did. Just follow these steps. You know, these are, do these. Yeah, yeah, exactly. This is what you can do. And I think that’s where we’re seeing this generation come up and be like, okay, this is, we’ve done this. You can follow these steps. But like you said, with the family office, you have to go through these steps, you know, like you cannot just bypass and just have the money and then just go out and blow it. Like there has to be those barriers in place for you for that next generation to be able to say, yeah, we’re going to do it too.

David Richter:

We’re gonna help carry on this legacy as well. So absolutely love that. Absolutely love that mindset and how you’re passing that down. And then that, that first memory you have of money of that, you know, of your grandpa on the beach, you know, talking about making the $10,000, I can, that’s just exactly, like you said, that is kind of like that rich dad mentality and, you know, getting that from, you know, someone who is right there. So that was, that’s amazing. And how many of you listen right now? That can be you someday. That can be you on the beach with your grandchild saying this I’m making money right now in real estate right now. Yeah. 10,000, a hundred thousand, a million, whatever it is right now on the beach. So that’s what we’re all striving for. So that was awesome. Thank you so much for that then just a couple last questions here. Do the profit for, since this is pro first REI, what do you feel about the Profit First system? The book, the mentality like that, and just managing the money as a real estate investor getting started or just, you know, wherever they are.

Trey Taylor:

Yeah. I think you probably know this is a softball question, but I use Profit First in all of the businesses that we have. Mm-Hmm, <affirmative> we have a profit account for everything. We pay that account first, before anything else gets paid. We own as much of the real estate in the businesses that we rent from as we possibly can as well, which is something I know you believe greatly in as well. Mm-Hmm <affirmative> and yeah, we pay ourselves first in order to do the things in the future that are necessary to keep the family you know, sort of on the right path you know, are, are we perfect at the implementation? Probably not. So we spruce that up every two or three years, I bring in an implementer and say, look at what we’re doing.

Trey Taylor:

How can we do it better? That sort of thing. And yeah, I mean, we’re huge believers in it love your book for that reason. But you know, read the original book and said, this is something I absolutely have to do because in the insurance business, guess what I I’d get to the end of the year. And there may be a little bit of money left over, but ever since I implemented Profit First, I don’t look for that at all. You know, I want the end of the year to be nothing left over, cuz that means I’ve already taken and largely deployed the capital. Yeah. Throughout the year. And I’ve been able to do more deals and better deals because I had ready money instead of saying as so many investors say to me, ah, wait till I get my next money.

Trey Taylor:

And then I’ll see if you have a deal that I can invest in. And you know, the world does not wait on people yeah. To find money. So I’m a huge believer in it. And David, I’m gonna tell you a hilarious story. Yesterday morning at seven 15, I was awakened by a call. I don’t get up early. I was awakened by a call from an old, old, old friend of ours. I think he’s 86 now. And he said, Trey, I read something that you put on LinkedIn. And I can’t find it now. And it was about this real estate and something called Profit First. And I said, yeah, that’s David Richter’s book. He says, well, will you send me a copy of it? And I said, well, Ned, I’m happy to do that, but just go to Amazon he’s no, I don’t like to use Amazon.

Trey Taylor:

I want to go to the bookstore and all this. I said, well, don’t worry. I’ll sit to a copy of it when it comes out. So this guy is, he he’s bought some real estate since he has retired from his financial planning job. And he wants to know he wants to answer the core question that I feel like I’ve got this asset, but now all of a sudden I’m, I’m poor because of it. I wanna, I want to get some Profit First in here. So I thought that was just perfect timing since you and I were gonna talk today. That is great. That this old guy decides to pick up the phone and disturb my Beautyrest,

David Richter:

Right? Yeah. Yeah. Well, I’m glad, glad you had an answer for him and glad you gonna start book so that, that’s great. So love that. I love that we can get that out there. So just a couple last questions here. What about last minute advice for real estate investors listening to this podcast? Your greatest nuggets of wisdom?

Trey Taylor:

Yeah. You know, I don’t wanna be cliched, but you better buy it, right? Hmm. Because the world is changing you know, interest rates and all of this free money. I used to say we were ankle deep. We are throat deep and free money out there right now. That’s not gonna last forever. I, I lived through oh eight and didn’t lose a dime in that. And I didn’t lose a dime because I bought it. Right. Hmm. So you know, I put a lot of money down on property and I know a lot of people think you don’t have to do that or shouldn’t do that or something of that nature, but it seems to me a good recipe to get overextended. If you’re not putting any enough money down on properties to buy them down at a time you also should have a good banking relationship.

Trey Taylor:

Because during oh eight, I went every single week to the banker and let him know this is what’s happening and that sort of thing. And now, because of that, he trusts me to tell him the good, the bad and the ugly. And I can literally call my banker and say, I’m gonna buy an airplane or I’m gonna buy an apartment complex or something of that nature. And he knows that if I say it it’s gonna be done. And cuz he had a lot of people go outta business during oh eight. A lot of, lot of people had you know, bad misfortune on that. So anyway, the overarching advice there is you better buy it it right?

David Richter:

Yeah. No, I, I love that. That is good advice at any time and especially now in today’s climate, but then also just to hammer that over and over again, it doesn’t matter if this was 2008 or if it’s now 20, 21 or 2022 it’s relevant for today. So thank you for that. So last question, lots of value provided here today. So there are any way our listeners can provide value back to you, connecting with you, following you on social, whatever it is or if you need any connections or anything, whatever it might be.

Trey Taylor:

Oh yeah. That’s a great question. I appreciate you asking that. So number one. Yeah. Follow on social. My LinkedIn is is pretty full of stuff that we’re sharing about deals that we do and that sort of thing. Number two, I have a newsletter that I love just get people subscribing to the newsletter I have about 11 or 12,000 people on that list. Right now you can find that. And I write about topics like venture capital investing wine which is very important to me and you know, just topics of interest and it’s, it’s not a regular thing. It’s just, when I feel like I have something of quality to say, I share that David, I know you’re on that list as well. Mm-Hmm <affirmative> you can sign up for that. It’s a free newsletter. Of course it’s plant your flag.live.

Trey Taylor:

So it’s Plant Your Flag with Trey Taylor. That’s the name of the newsletter? Love to have some folks on that love to have folks buying, reading gifting, hundreds of copies of the book to their friends of course, and and providing reviews, you know, review is really the currency of the marketplace today. So any audible reviews would be super helpful as we go in to launch that book. And you could find me at trey-taylor.com for my the book has its own website is CEO only does three things.com. And and then my consulting firm is called Trinity blue where I help businesses sort of figure out, you know, how do we get the CEO doing the three things he’s supposed to do and nothing else. So that’s trinity-blue.com as well.

David Richter:

Awesome. So there you go. There’s several different ways you can reach out to him and get a part of what he’s doing, which is you need to get to know Trey Taylor, buy that book. A CEO only does three things go out to Amazon right now, download the audio book, listen to it, give them a review. Trey, thank you so much for being on today and sharing your wisdom with our listeners.

Trey Taylor:

David, thanks for the opportunity. And you know, I just, wouldn’t miss an opportunity to app praise you, man. The the work that you’ve done, the quiet nature, you go about things you’re, you’re turning people into billionaires which I don’t think would happen without your influence. And I just wanna say I Hardy thanks for that, for sure.

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 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 <laugh>, 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 in 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 Profit 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.

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