How to Build Financial Freedom in Real Estate Investing with Brett Snodgrass

November 14, 2022

Episode 129: How to Build Financial Freedom in Real Estate Investing with Brett Snodgrass

The Profit First REI Podcast

November 14, 2022

David Richter

Summary:

Today’s guest is Brett Snodgrass, an investor-entrepreneur and the founder of Iron Deep and Simple Wholesaling. Prior to founding his own businesses, Brett spent years as a real estate investor and expanding his professional tool kit.

After steadily growing his experience and expertise, Brett slowly scaled up his business, hiring people in roles he used to do on his own, eventually even stepping down and hiring a CEO for his company.

On this episode of Profit First for REI, Brett shares his history in real estate investing, Profit First, and how he got to where he is today. Tune in!

Key Takeaways:
[00:48] Introducing Brett Snodgrass

[03:14] Brett on Real Estate Investing

[08:45] On Building Success by Surrounding Yourself With Successful People

[15:37] Brett on Experiencing the Lack of Financial Clarity

[17:50] On Struggling to Pay Himself

[20:51] Factors That Keep People Living Deal to Deal

[23:56] Money Management as an Art to Teach to His Kids

[29:56] Connect With Brett

Quotes:

[04:41] “I don’t know what other business model [other than real estate investing]–for me at least–that I can really build that financial freedom.”

[09:12] “That gave me confidence, to be around people in mastermind groups.”

[24:09] “I think that making money is an art. I think it’s something that you can learn at a very young age and just like an artist or musician”

Connect with Brett:

Podcast: https://podcasts.apple.com/us/podcast/the-brett-snodgrass-podcast

IronDeep: https://www.irondeep.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

Transcription:

Brett Snodgrass:

So I think just being consistent with it and just those small consistencies every single day, turn 15 years later into this and you this, David, I think this is what you teach those small, You talked about saving just 1% profit if you can. Well, that 1%, if it’s consistent, it grows and turns into more than that, right?

Outro:

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.

David Richter:

Oh man, here we go again. Another great one that I believe is just a great guest on the Profit First REI podcast, Brett Snodgrass. You need to listen to this one. This is a guy who has worked as a real estate investor for six, seven years and was just the jack of all trades, wearing all the hats, and then he started hiring the team, started taking off a lot of those hats, and then two years ago took off every single hat and moved to the owner’s box and doesn’t run the day to day at all and has a ceo. This was a wholesaling company too, so you need to listen to this one. And because he tells the three main points that got him to where he is right now in the owner’s box and not sitting in any of the seats inside of his company, and he’s doing this in a market that’s not a huge market, so you can do this.

So I just wanna tell you about that. He tells about what he is want, how he’s rearing his kids, and with the money and the mindset and teaching them good things. And I think there’s some really good nuggets there for any human being to take from there. He’s also working on some other ventures that are very interesting that will help you as an entrepreneur know where you stand, whereas an entrepreneur and help you get to where you want to be. So I’m really excited about this next one. Listen to this as someone who is an owner who has gotten out of the day to day, and I think you’ll learn a whole lot. Well, here we are everyone. This is the pro first podcast. We have Brett s Nagra here live with us and I am super excited because Brett is one of those people I really do look up to as a owner, as a father, as a Christian, as a husband. He tick a lot of those boxes, so I’m excited to just download some info from him today. But Brett, it’s great to have you on.

Brett Snodgrass:

Thanks David. Awesome to be here, man. And I just interviewed you, so we’re just rocking this man, right? Hes

David Richter:

His own podcast. What’s your podcast name? So people know about the podcast? It’s

Brett Snodgrass:

Very unique called the Brett Snodgrass podcast.

David Richter:

<laugh>. There it is, the Brett Snodgrass podcast. So make sure you go and look that up. But yeah, he’s one of the only people that I know in real estate and in the small single family like residential portion especially, that has stepped away from his business as an owner and hired a ceo. And I respect that a lot because I think that’s what a lot of people want to do. They want to get outta their route. So we’re definitely gonna talk about that today. But before we do, Brett, I just wanna ask you, what excites you about real estate? Why did you get into real estate or why do you continue to talk about real estate or be a part of those types of ventures?

Brett Snodgrass:

Yeah, yeah, man, I think it was excited me about real estate. This was back, I had been outta college for just a few years just reading books. And it just seemed like a lot of people that had became wealthy became wealthy through real estate. So I was like, okay, well they didn’t wanna reinvent the wheel. So a lot of these people are making a lot of money through real estate and I never wanted to climb the corporate ladder to have a real job. My parents were both teachers. We grew up very middle class. Remember my dad told me one time, he said he never remembered having more than $5,000 at one time in his life after 30 years. So I was like, huh, that I didn’t really want that. I wanted a little bit more freedom than that and not live paycheck to paycheck. So I got into real estate around 2007, bought our first house for literally $9,000 and we sold it three weeks later, fors for 15, we made 6,000.

And I was substitute school teacher at that time. So $6,000 was about three months pay for me. So I was like, wow, this is crazy. And then since then, yeah, we did just a couple years later, we were doing 150 deals a year and I’ve been doing it for 15 years now. So what still excites me, it’s just that financial freedom. I don’t know what other business model for me at least, that I can really build that financial freedom and you buy these assets that typically can appreciate you can get cash flow from them. There’s a lot of different extra strategies that we’ve done. I’ve done fix and flip, we’ve done wholesaling, I’ve done seller financing, I have rental properties. It just goes on and on. So I’m getting tax breaks, I’m making money, I’m making cash flow, residual income, making big chunks of checks. Pretty cool, man.

David Richter:

That is pretty cool. So I wanna ask though you, or not even asked, I wanna make an observation. You just said that first deal that you did, you made $6,000 on it and it sounds like that was more than your dad had seen at one time over his middle class career. So did you think about that when you did your first deal?

Brett Snodgrass:

I did, yeah. I mean was like, this is more money mean at that time that was so much money to me honestly. I mean, as a substitute school teacher, I think I was making less than 15,000 a year and I was working really hard going in, and then I bought a deal online, found it and sold it three weeks later for made six grand. So for me, that was a million dollars at that time, time. And it was just that light bulb going off and I just said, Wow, if I could do this with one deal, could I do this again? And I did. And could I do it 10 times or a hundred? And here we are, 15 years later, I’m talking to David Richter on his podcast because of that one deal and I just did it again a few thousand times and it’s pretty cool.

David Richter:

That is awesome because that’s where it starts. It starts with that one deal where it can seem like a lot of money right now. And then it’s like now you’re looking back years later and wow, look at where I was to where we are now. So also, I love that you also mentioned something too, like you said, you didn’t wanna live paycheck to paycheck, so you got into real estate. What was your experience like in real estate? Did you ever live deal to deal paycheck to paycheck in the real estate world? How was that journey going from, Okay, I don’t want to go into the corporate world, I want to go into real estate and I don’t wanna live paycheck to paycheck. Did you see that right away?

Brett Snodgrass:

Yeah, I mean, so it turned in from, I went into to real estate, started doing, like I said, did a few deals and then a couple years later doing 150 deals. But I was working what my tail off? I was working 8,000 hours a week just up wee hours a night looking at deals, selling deals, just doing everything, wearing all the hats. And honestly, that was the first five years of my journey, the first five or six years of my journey, just grinding it, working this out. And I was making a lot of money, but I was also spending a lot of money. I had never made that type of money. So as a young guy, I was buying all the fancy toys, all the fancy stuff, and it was going out the door through personal things. And then also business just kept reinvesting it back into the business.

And I was really a one man show. Dad joined me in the business early on, but it was just me and him for the first six or seven years. Then he retired and it was just me. And I never hired anybody, never built a business, didn’t know how to do any of that until I think I was my 2014. I decided I wanted to hire some people. I wanted to build a business and scale it. And that’s where all this business stuff really started to take root. And I hired my first employee and that turned into another employee that turned into eight to nine employees to have a few virtual assistants and turned into stepping completely outta the business. So here I was 6, 7, 8 years ago, working 80 to a hundred hours a week, working my tail off one man show to now, not working in the business at all.

David Richter:

What would you say were the key steps going from being that’s a long time to be that one man show, six, seven years, and then completely flip around and say, Nope, not anymore <laugh>, and then where you are today and what would you say are some of those key steps? Because I’m sure there’s a lot of people listening who are gonna start off where you did, but then they want to get where you are <laugh>. I said not many people are gonna come on the podcast and say, I’ve actually stepped away and have hired a CEO of my business. So what were some of the key steps that got you to that point?

Brett Snodgrass:

Number one just getting surrounded by other people that have done that. I think that gave me confidence to be around people and mastermind groups were part of Collective Genius and other mastermind groups. And I started to be around people and I started to ask, These guys were doing certain things like this and they weren’t working as hard as I was. I remember going to these groups at first and I was on my computer the entire time. I was sending wires out, I was answering emails, I couldn’t hardly pay attention cause I was so distracted because I was just in the trenches of my business at first. But I saw these other guys, they weren’t doing any of that. They were actually listening and paying attention. And I said, Well, how can you do that? You have to work. And they said, No, I hired people to do that.

So I just learned from them. So again, the first step was starting to surround myself with other people that had already taken some of those steps and hired a business coach, implemented the EOS entrepreneurial operating system model and that helped me get the core values, the mission just learn some of the processes and just learn how to run a business. Those were two key things. And really I’ve just been blessed with the right people. Yeah. On my team, have I always done that? It’s been hard knocks I’ve had to hire and fire quite a few people, but I’ve been really blessed. God’s blessed me with having some of the right people. And finally two years ago had a coo, Brian Snyder working for me and I said, Hey, what would it look like if I wanted to step into the owner’s box, step out of the business completely, Here’s what I’m thinking, what do you think? And he said, Yes. And that was two years ago and here we are.

David Richter:

That’s awesome. And if you don’t know Brian, and you’re listening to this, he’s another great human being. I’ve met him on many occasions. He’s a part of several of our masterminds that we’re a go to and he’s another one that like, Brett, where did you find him? Is where I get a lot of the questions or especially when it first took place. And both of these people, Brett and Brian, are just amazing human beings. And I know Brett’s not gonna say it about himself. Well maybe you will. But <laugh>, I know for sure that both these guys are huge givers to them, to the community, to their families, to other people. And this is just a good example, if you wanna find a good example of how to do it in real estate and how to get the right people in place. This is a good example of where he is ended up. It sounds like you took some ducks along the way, but you figured out at least up to this point where what to do in order to get where you want to be. And I think that’s what most business owners want is to get to where they wanna be.

Brett Snodgrass:

Yeah, yeah, definitely. And again, I have a lot of people in my corner that I can call and ask questions to. I mean, just that whole example of this is right before the pandemic hit and I didn’t know what was gonna happen to our business, but I would just kind of burnt out. I mean the years of grinding and the years of just and vision envisioning this business. And I was just think I was ready my time, my season of running the day to day op operations and always just in all the meetings, I think just my time had come to a close and I wanted to do something else. I had passions that I wanted to step into that I couldn’t at that time. But before I even offered that to Brian, I called up, I think four to five people and asked their advice, asked for their feedback, What do you think?

What do you I should offer? What does this even look like? Can I even do this? And Gary Harper was actually one of the people that really put that nugget, that idea in my mind. We were sitting, he was coaching us at the time, we were sitting in a meeting and Brian was talking about his vision and what he saw in the next five years. And I was the owner of the company. I was supposed to be the CEO of the visionary. And I was just sitting there, just kinda listening. And Gary looked at me and he said, Brett, do you even wanna be the visionary anymore? Do you even wanna be the CEO of this company? And honestly, I said, Is that even a choice mean, Is that an option? Do people actually do that? And he said, Yeah, is your company if you want.

And then that’s where that idea came to my mind and a few months later is when it happened when I offered Brian that position. So again just because other people haven’t done it, he’s even said, David, you don’t see a lot of people do that doesn’t mean it can’t be done. And I think the biggest thing is trust. You mentioned people. Yeah. And that’s the biggest thing with Brian is like, that’s the question I ask. Cause that’s the question that when I’m working with a business, a lender, whoever it is, is I always ask, Can I trust you? Can I trust you running this? Are you gonna have my best interest? The team’s best interest? And that’s the big question. If you have that person on your team, I think that, yeah, they can do a lot. So that was where it came to. I can trust Brian.

David Richter:

Well, there you go. I mean if you’re listed to this right now, you basically heard his story at a high level from being the jack of all trades for years and years to then running the business with the team and then stepping away from the team as the actual owner and then putting the key people in place to run the actual business as well too. So it can be done. So I just wanna encourage you, if you’re listening to this,

Brett Snodgrass:

And the other thing I wanna think, I was, I’m big on trying to talk about humility. I think that’s one of the greatest qualities of a man. And for me to say, or anyone to say I’m humble, I don’t wanna say that, but having that form of humility, and I’m not naive. So just because I’ve stepped out two years later, I know that next year and even tomorrow, things can completely change. And do I have to step back in? Do I have to do this or do I have to make sales calls again? So I never wanna be in a position too where I’m too yeah, I would never step back in to certain positions. So I think that’s a good quality to have as you’re walking in. So just because I’m in this position now, it doesn’t mean that I don’t think, Hey, someday I might have to step back in and do something different. So I just wanna point that out.

David Richter:

And you’ve got the ventures that you’re going to be doing, we’ll talk about that near the end. And it doesn’t mean you just have to sit in that owner’s box and just be that, and that’s all you do. It’s like this could free your time up to do other things as well too. Which we will definitely get to. But I wanna ask a couple questions around the journey that you took in real estate investing. You ever, especially since this is a profit first or I podcast, did you ever have a lack of clarity from the financial aspect of what’s going on? We’re doing a bunch of deals working a hundred hours, but I have no idea what’s going on with the money.

Brett Snodgrass:

I mean all the time. I remember again, that one man show, that one man person that I was running the business just getting all my books, getting all the taxes. I didn’t have a bookkeeper, I had an account that I only met for my tax return time. So literally tax time came and I was trying to get everything organized, getting my receipts, plugging spreadsheets in, staying up all night, trying to get all this stuff prepared. But throughout the year I didn’t know, have a clue where I was at or how much money I was making. So yeah, there was definitely times of that. And honestly, is there still times, I think we’ve gotten a lot better, but is there still months and still areas of our business that I’m kind of foggy in? Yeah, I mean sometimes tax time comes and I kind of have a ballpark of where I’ll be at.

But do I know exactly, not exactly. I’m within maybe 20 or 30 grand sometimes. And now that I’m doing new ventures and doing new things the rental properties are newer to me. I always was more of a wholesale fix and flip company. Didn’t hold a lot of rentals, but for tax purposes last few years I’ve started to hold rentals. So I have about 35 to 40 rentals now. And that’s a new area. So again, that’s a different area that I am a little foggy in on. Am I making money? Are we doing good? It seems like money’s going out. And so when you start adding these new complications to your business, you kind of have to learn a little bit different. And that’s why I talk to guys like David and try to surround myself with people that can help me because this is an area that I’m not gifted at all. That’s just not how God designed to be. So yes, I still am even foggy some in certain areas of this day.

David Richter:

What about struggling to pay yourself? Because a lot of people do struggle with the finances, that’s very typical in the entrepreneurial world. And another thing that I see that’s very typical is struggling to pay yourself. And how was that journey up until this point of, did you pay yourself at the beginning anything? Or was it, or just working the a hundred hours and just throwing everything back into it. What was that journey like for you as well?

Brett Snodgrass:

Yeah, yeah, like I said, for the first several years it was not paying myself anything. Just whatever I had left over was what it was. And I was very blessed and fortunate on a couple of those years that I had a lot left over. But then again, that business coach, I started meeting with him and he saw what I was, I started paying myself a little bit during that time, but it wasn’t much. It was just to kind of show myself having a paycheck, honestly. So it wasn’t much money. And he asked me that question, he’s like, Why don’t you pay yourself more? And I said, I don’t know. I mean, I’m the business owner, I own everything. And again, the idea just never really came to me. So I’ve learned through the years again to run it a business to pay myself. I don’t do it as well is probably some of your other clients, David, honestly. But I’ve learned, but I’ve learned a lot through the way and through the hard knocks. And I’ll tell you, there were some months there that I didn’t know if I was gonna make it after payroll, having a thousand bucks in the bank account, and I didn’t know if we were gonna make it that month. Yeah, that way through live through that <laugh>, totally

David Richter:

Really understand that a lot of people have been in that bucket. And it sounds like you had to sometimes just ask those questions of is it okay to do this? And I’ve heard that over and over again. So it’s like I just hearing that, and especially if you’re listening to this, I want you to know, just because of where he is now doesn’t mean that he hasn’t been where you are, where you are right now, if you’re in your personal life or in your real estate investing journey.

Brett Snodgrass:

I like what you said on my podcast too, is just even if you’re not sitting here and you have this big business just learning to be efficient with what you do have. If you can be trusted with the small things and you can be trusted with the big things. And I’ll tell you sometimes the bigger you get, if you’re not efficient, the more inefficiencies that you have, but you, it’s easier to gloss over them because you have more deals coming in that you can kind of cover it up a little bit. So I would just say wherever you’re at, I still have inefficiencies in my business. So that’s one of our goals every single quarter is just, Hey, where are we inefficient? How can we tighten this up? Are we spending too much on marketing? Are we spending too much on payroll? Are we spending too much? Do we even need this software that we have anymore? Right. Always trying to balance these inefficiencies that we have.

David Richter:

Yeah, no, that’s really good. Because I ask a lot of people on here, why do you think most investors live deal to deal? And I think if with your answer right there, it’s like those are some of the steps you can take to get out of that. But why do you think a lot of people do get stuck in their own rat race? Why do you think they just go around in the circles just saying, I gotta get that next deal. What would you say is some of the big factors there?

Brett Snodgrass:

I think that number one, in your personal life, your lifestyle raises. So for me, I, when I did that first couple years, like I said, I was a sub school teacher making 15,000 a year. So my lifestyle was someone who made 15,000 a year. But as I’ve increased, my lifestyle has really increased. I started looking at my own personal life and now to spend certain amount of money on maybe an Airbnb that I used to spend this, now this, I go out to dinner, we used to spend 20 bucks, now we spend 75, everything starts to increase in your personal life. Same thing in your business that you start making these big checks and now you can spend more money on this. Now you can buy this. And it just keeps growing. It just keeps growing, keeps going. So you gotta get those deals to pay for those bigger expenses, those bigger things that now you’re just getting accustomed to.

And the other thing I think that I learned how to sling deals. I learned how to make money with real estate, learned how to do all that. But again, I never studied business, didn’t take business in college, read some books about it, but never really learned about running a business, owning a business. I’m not interested in the financials of the business. I’m not interested in getting in between the lines. And what are those little maneuvers that you can do to save on taxes and what are those little things that you can do? I’ve never learned that and I’m not interested in it and it’s hard for me to study something I’m just not interested in. And that’s just been hard. So I’m interested in doing deals, I’m not interested in some of those other things. So for me to learn it, it’s difficult. And I think that’s where real estate investors fall into that trap as well.

David Richter:

I No, I know, I agree with you a hundred percent. And I think a lot of investors are right there with you. It’s like that we don’t want to do that. We don’t wanna look at all that stuff. We wanna make sure that yeah, we’re okay, but there’s more fun things than diving into that side of the business. So I know that’s definitely some of those reasons that would keep them in their deal to deal lifestyle. I thought you brought a good point up too, about the lifestyle. Just the personal habits affect the business habits as well too. And it’s like just because you have something on one side does not mean that the other won’t be affected and vice versa. But okay, Well you’re also a family man and you’ve got some kiddos, and I definitely respect what you have on that side as well too. What are some of the philosophies around money now that you’ve gone from 15 years ago, working for the six, seven years with all the hats on, and then being the teacher’s aid before that to now having 150 deals done. Have you learned different concepts now that you wanna teach your children than maybe you had back then around money and finances?

Brett Snodgrass:

Yeah, yeah, definitely. Yeah, I’ve learned, I think that making money is an art. I think it’s something that you can learn and you can learn at a very young age, and it’s just like an artist or a musician. I think it’s an art. And I’ve learned the art of making money. And so for me to just instill this into my kids, to be able to save money to make money, to save money, to learn how to make money, and to tie, to give money and live within your means, I think a lot of that, creating that budget, I think just instilling that into my kids because I’ve been down that road of not having money. I’ve been dead broke. I’ve seen what it does. So just to be able to learn the art of making money, to have these options, to be able to sit in this seat and to live this life that I’ve been called to live this full fulfilled life.

I think that money is not the sole answer to all of that obviously, but it helps give you options. So yes, for me to just, I’m always trying to teach my kids about entrepreneurship. An example was my Gavin my seven year old just had a birthday and he got a snow cone machine. And one of the things just super simple is just to teach them, They go around, we have a little golf cart, we drive around a neighborhood and we sell snow cones and try to teach them how much this stuff costs, what’s our profits Just simple things and trying to teach them a snow cone is the same as a house. It’s all the same. It’s just like, Oh, we pay 50 cents and we sell it for a dollar. Well, we buy it for a hundred thousand, we sell it for 150. It’s all the same. So just to learn those simple concepts, just trying to teach my kids that for sure.

David Richter:

That’s awesome cuz one of the things I like about entrepreneurship is that the traits that you learn that you can now pass on to other people. And I love hearing where, what other people have learned in order to pass that on. Especially if they have children. Cuz got a five year old daughter and I wanna make sure I’m passing on good things to her as well too.

Brett Snodgrass:

Definitely. So

David Richter:

Earlier you talked about the three things that really helped you into where you are now in the seat of the owner’s box for your wholesaling company. Along the way though, would you say you have some other keys to success just as an entrepreneur? Cuz I’m sure those were specific keys to get you to that point. But I’m sure during the six, seven years or during, during that time when it was just you or you and your dad up until now, you probably learned some other keys to a success of just, these are the things that, if I had to start all over again, I want to make sure I at least have these in place. Either the character traits or people or whatever it might be. What would you say that is for you?

Brett Snodgrass:

Yeah, I think one of the key words for me is that I have tried to do this in my business. I don’t do this in some of the other areas of my life, is just to be consistent <affirmative>. And that’s one thing I think for the last 15 years, I’ve just been consistent, just woke up every day, showed up to what I was supposed to do. Was I always doing everything right? No. Did I do everything efficiently? No, but I showed up and I did the best and the hardest work that I could. So I think just being consistent with it and just those small consistencies every single day, turn 15 years later into this and this, David, I think this is what you teach those small, You talked about saving just 1% profit if you can. Well, that 1%, if it’s consistent, it grows and turns into more than that, right?

So that’s one thing, just being consistent I would have delegated earlier the things that I was not good at and the things that I did not like. There’s a lot of things in this business that I’m not good at, and there’s many things I do not like as well. So I would’ve hired earlier, built a business and delegated faster. Now that I can look at my business, I realize everybody that I have in those seats, whatever seat that they’re in, they’re better than me. And that’s sometimes that humility comes in because sometimes that business owner thinks that they’re the best at everything. But when you get to this spot, sometimes you look and like, wow, I’m the, I’m not as good as any one of those people at whatever tasks they’re doing. So I would’ve delegated earlier. And I think those are probably the first couple of things and just kind of learned about business faster so I can hire people and get the right people in the right seats for sure.

David Richter:

Yeah, that’s good stuff cuz anyone can take any of that from here and do one of those things. Just go out there and get one of these principles in place that he’s taught today. There’s a lot of great principles here. So I just wanna recap real quick. So we talked about from your middle class journey, from growing up to where you started their business and working and just six to seven years of wearing all the hats to then saying no more and start to grow and scale. Then you told us those three things surrounded by others like masterminds and events you hired that business coach implemented a good system, you got good people in place. I mean, this was all great stuff. So if you’re out there listening right now and you’re tired of that, there’s some of the practical points that you could do.

You could go find a meetup or a, and then get connected to a mastermind and be around people who have been where you want to be. I think that’s a huge one. And then at the end there, just making money as an art. Well, what are you teaching the next generation? I love the snow cone analogy. It’s like it’s teaching them the principles for that will last with them a lifetime. So that’s just really good stuff as well too. But absolutely love this delegate earlier. There’s things you don’t like to do that you’re not good at it off your plate. But Brett, I wanted to say that you’ve dropped a lot of bombs here, obviously of great knowledge. So I wanna see how can the audience give back to you? What, is there something, what are you working on? How can they get in touch with you, tell about the ventures you’re doing now that you’re in the owner’s box and now that you’re venturing to other things as well too?

Brett Snodgrass:

Yeah, no thanks David. I really appreciate that. Yes. So as I mentioned, I stepped out of the real estate business about two years ago. I still work with private lenders and that’s about my role in the business. But I do tell you, if you ever in this position that we are creators, I’m a driven person and I love to create certain things. So I have a new venture that I’ve just launched into. It’s called Iron Deep. And so basically iron, it comes from iron sharpening iron, and then just that deep connection with God and other men. So basically, this is a men’s Mastermind community. It’s gonna be all men. It’s ages 32 to 57 years old. So it’s business owner men that are kind of in that same age group. We’re walking through the same similar seasons of life. And the Rooted Foundation is that we’re all desiring a deeper faith as well.

So it’s in the Christian faith. So this is for you, if you’re interested in anything like that, being around a small group of guys sharpening each other in business and in life, trying to grow and the most important areas of our life. Yeah, go to iron deep.com our first event, our first retreat’s actually gonna be in the Rocky Mountains in Utah. So we’re gonna be doing experiential retreats. So these aren’t gonna be in the hotel conference rooms. These are gonna be in log cabins in the Rockies, like the one in September. And so check it out, Iron deep.com,

David Richter:

Iron deep.com. There you go. And now I absolutely love that concept. That is really great, which I’m gonna definitely tell my age here. I do not qualify for this death one yet, which a little bit

Brett Snodgrass:

Sad about. He’s still youngin, you’re still young and

David Richter:

To get into this one, but I absolutely love this concept. It’s awesome and amazing, and I can’t endorse anyone probably greater on this podcast than Brett Snodgrass. And anything he does, I know he does it with the right heart. Humble hum. He just goes full out too. So this will definitely be, if you’re thinking about that, check it out. Go to iron deep.com. Brett, it’s been awesome having you on. And if you are a real estate investor and you’re like, Brett, you don’t know where your money’s going, where it was coming from, like he said in the past, or if you’re living in that deal to deal cycle, head over to simple CFO solutions.com. We’ve got that team of CFOs, you can schedule a call there with us, no obligation if we’re not the right fit. We’ll get you with the right fit on that call to make sure that you can move forward in the financial department because no one likes that part as Brett. Brett already stated. And a lot of people you know that part. But thank you so much again, Brett, really appreciate you having you on. And I just wanna make sure you as the listener, remember, start making profit a habit in your business.

Outro:

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 at simplecfo.com right now. We’ll see you next time on The Profit First for REI podcast with David Richter.

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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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