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Implementing Profit First Principles From The Start Helped Ray Zhang’s Land Business Thrive & Grow

Episode 159: How Ray Zhang Implement the Principles of Profit First When He Started His Land Investing Business

The Profit First REI Podcast

February 27, 2023

David Richter 

Summary:

 

Throughout any investor’s journey, there is a point of struggle where giving up becomes more and more tempting as a solution. The people who decide to push on are the ones who learn that struggling doesn’t mean you can no longer succeed—our guest today is proof of that.

 

Ray Zhang moved to America 11 years ago with only $3,000 in his pocket, even having to live in a car for a while. Now he is a successful investor, starting with flipping and wholesale and moving into the land investing niche alongside his other businesses.

 

Tune in as Ray shares his story, insight into land investing, and the benefit of implementing Profit First into his business! 

 

Key Takeaways:

[00:52] Introducing Ray Zhang and His Background

[06:53] On the Impact of Profit First 

[10:44] Implementing the Principles of Profit First When He Started His Land Investing Business

[11:54] How Ray Manages His Finances for His Businesses

[15:43] On Starting His Land Investing Coaching Business

[16:44] On His Money Mindset and His Thoughts on Coaching and Learning

[24:06] Advice for Investors Who Want to Implement Profit First

[25:32] Connect With Ray

 

Quotes:

[20:49] “A book is not bad spending. A book, or a course, or paying someone as a coach is the best money that you can spend.”

[24:25] “You’ve got to be really focused…That means you don’t do wholesaling at the same time you want to do some rentals…Focus on one niche and do whatever you can.”

[25:10] “When [you have] profit, don’t spend it unless you know that money you want to spend will give you more money.”

 

Connect with Ray:

 

Instagram: https://www.instagram.com/virtualflipland

 

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:



Ray Zhand:

And after I read that book, what impact me a lot is, uh, I don’t have to pay them first or even I don’t need them at the first place, right?

David Richter:

Yeah.

Ray Zhand:

Why do you need a office if you do line investing? Right?

David Richter:

Right.

Ray Zhand:

Why do you need the office to, for fancy purpose or for your own? You know, you feel better, right? But, uh,

David Richter:

Right,

Ray Zhand:

You don’t actually need it.

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:

Ray John is in the studio today, and he has an incredible background coming from across the ocean to America 11 years ago and telling his story basically from rags to riches of sleeping in his car to becoming a land flipper, to then implementing Profit First and making sure he’s keeping a lot more of the money. And he goes through his whole journey, and I don’t care where you are on your journey, I believe there’s something that you can take from here. He gives you the hope that yes, you can make money and you can keep it as well too, no matter what your background is. He even mentions like, oh, I hope you can understand me. He spoke good English. He was making sure that no matter what, he was breaking through those barriers in your mindset. I’m really excited about you to listen to this episode. Thank you so much for listening and get ready for it. Hey, we have the ray on here. I’m really excited to have him here because I met him through a mutual connection, uh, Tom Kroll, and he said that not only has Tom Kroll changed his life, but Profit First has changed Ray’s life as well too. So you’re gonna get to know a little bit about Ray. So Ray, thanks for being on the show today.

Ray Zhand:

Thank you for inviting me to come. David, thank you for

David Richter:

Coming. Well, thank you for reaching out as well too, because I, on this podcast, want to give people hope that they don’t have to, you know, always be a woman in their rat race and all that. So I want to hear about your journey, your story, the, what you put into like the little bio too was a little bit like, whoa, this is going from that to where you are now. I’d like you to kind of tell your story of like, how’d you get into real estate? What are you doing now? And we’ll talk about definitely the prophet first journey as well. But we’ll have to know just a little bit of that background to get into it.

Ray Zhand:

Yeah, definitely. So I came to the country about, uh, 11 years ago or 10 years ago. I was starting to learn English. Uh, you can understand me a little bit I guess right now.

David Richter:

Yeah. Very well.

Ray Zhand:

But if you don’t that’s fine. I’ll speak Chinese to you. So

David Richter:

there you go.<laugh>

Ray Zhand:

But, uh, <laugh>. So I came to the country, uh, without nothing, uh, basically about $3,000 in the pockets. My mom gave it to me. She thought I could use that 3000 to fund the tuition for about four years, which is, uh, not gonna happen. Right,

David Richter:

Right.

Ray Zhand:

Um, and then right from the beginning, uh, you know, I was kind of homeless, but then, um, I live in the car for a couple months.

David Richter:

wow

Ray Zhand:

Uh, I was listening to Tom Crow, uh, on his podcasts, uh, how he made deals in the real estate space. Uh, I was like, who is this bam, bam guy all the time,

David Richter:

<laugh>,

Ray Zhand:

You know, and I was laying on, I still remember the moment I was laying on the bench, uh, listening to him. I got so inspired and, uh, I start to do, uh, some deals myself, but not realistic. Uh, I start to flip cars, you know, for

David Richter:

Nice,

Ray Zhand:

For living. I try to make a living. Right. So, and uh, I got some money out of that. And then, um, I was always intrigued by real estate. I start to try to do all kinds of real estate, you name it, whole selling rentals. Uh, but I was, by that time I was in Hawaii, I guess that’s a good place to be homeless. Right?

David Richter:

Right.

Ray Zhand:

Um, and uh, I started to do, uh, apartments investing, but now the, those really works, um, until I find the niche I’m doing right now, which is land investing.

David Richter:

Okay. So how long have you been doing land investing then?

Ray Zhand:

Uh, about four years right now.

David Richter:

And so you went from basically being homeless and you even mentioned sleeping on a bench or something like in your bio when you had put that into now, where, how has that land business grown over the last four years?

Ray Zhand:

From the beginning it was, uh, a little bit hard because I paid a guy for about 70,000. Yes. Seven zero.

David Richter:

Wow.

Ray Zhand:

And, uh, to have him teach me how to do land investing. But, uh, all he taught me was, uh, by, um, a land and then sell on terms, which is you buy a land for like a a thousand and you sell it for 7,000 on terms.

David Richter:

Yeah.

Ray Zhand:

And every month I got 150 monthly cash flow, but it really didn’t work out for me because, uh, those buyers are hit and miss. And what I mean is they hit the button, is this available and they’re missing the next day.

David Richter:

Mm.

Ray Zhand:

See, there is no nowhere to be fun. Right?

David Richter:

Yeah.

Ray Zhand:

Um, so I really hate that because I want to do deals. Right. I don’t wanna hit a miss. Uh, so I was like, is there a better way to do that? Maybe I could sell land to those guys who do terms, terms deals, investor, because they have to have deals. Right. And, uh, so that’s exactly what I did. I mailed to the entire county, the same county, the land terms guy once I only mail to the guy who owned more than Five Land.

David Richter:

Okay.

Ray Zhand:

More than five. And, uh, I approached them like, Hey, my name is Ray. I want to buy your land, everything. And, uh, how much would you sell? If you interested, just gimme a call. So I had a kind of like a jackpots and uh, this guy has more than 150 lots

David Richter:

Oh Wow.

Ray Zhand:

In the same area all under his name. Uh, he’s liquid eating. And so I bought everything for a thousand each.

David Richter:

Whoa.

Ray Zhand:

Um, and, uh, I sold all, everything to those terms guys within four months for 2,500 each.

David Richter:

Okay.

Ray Zhand:

Yeah.

David Richter:

That’s a nice little bump.

Ray Zhand:

Yeah. That’s how I started the whole thing. I was like, you know, there’s uh, demands for land and everything Start, started there.

David Richter:

Yeah.

Ray Zhand:

Until I met Tom. Girl, if you

David Richter:

Yeah.

Ray Zhand:

On the lesson one.

David Richter:

Yeah. Then keep going. Just, I’d love to know this cuz, I wanna know your backstory and then I obviously, I wanna know where did Prophet first come into play here, but yeah, I’d love to keep hearing about your journey cuz it’s very interesting.

Ray Zhand:

Yeah. So, uh, the Prophet first really impact me in a way that, um, I remember the first time Tom told me about that book, you know, he is very passionate. Yeah. You know his personality, right?

David Richter:

Yes.

Ray Zhand:

And whenever he introduced something, he really want you to do it. So I bought that book Profit First. And, uh, that was really interesting because, uh, whenever we do business we try to earn money and then we gave out our money first to the expenses like office or whatever.

David Richter:

Yeah.

Ray Zhand:

And after I read that book, what impact me a lot is, uh, I don’t have to pay them first or even I don’t need them at the first place. Right.

David Richter:

Yeah.

Ray Zhand:

Why do you need an office if you do line investing? Right.

David Richter:

Right.

Ray Zhand:

Why do you need the Office to, for fancy purpose or for your own, you know, you feel better, right. But, uh

David Richter:

Right.

Ray Zhand:

You don’t actually need it. And if you need a, if you just throw it at your home, you can use your home as a deduction too. Right. And, uh, you don’t need a fancy, safe website. Uh, you don’t need a lot of stuff. Um, you know, that’s how Profit for really impact me. So you pay yourself first instead of paying others first.

David Richter:

Yeah.

Ray Zhand:

Um, but after that, um, after the huge deal I just hit, you know, I couldn’t find another buyer has more than 150 lots. Right. So I have to keep finding them. Uh, maybe some, uh, good month and maybe I’ll find three or four, but it’s not like, like consistent. So I talked to Tom, I was like, you know, do you know anyone doing more than what I am doing? So he introduced me a guy and that guy introduced me a military, and that military absolutely changed the way I do business because he, uh, only do flip land. Um, he does, uh, 1.4 net profit, 1.4 million net profit in two months.

David Richter:

Wow.

Ray Zhand:

So I follow him like a puppy, like tell me I like to say. Right. Um, that’s what I did. I call him all the time. He was the military, I don’t care. And then, um, you know, he taught me everything. That’s how I, my business started to do another level from there.

David Richter:

Okay. Yeah. So getting around the right people. So the guy from the military really helped you get to that next level in the land investing?

Ray Zhand:

Yeah, absolutely.

David Richter:

Awesome. So then, okay, you heard about Private First from Tom what year, so you’ve been at Land Investing for the last four years. Was this at the beginning that you heard about Private First or like the second, third, fourth year? Like when did you get introduced to that book from Tom?

Ray Zhand:

Uh, I first, um, got introduced for, uh, from the Prophet first. I forgot the author’s name. Um, Mike.

David Richter:

Yeah, Mike Markowitz.

Ray Zhand:

Yeah. Mike. Yeah. It was, uh, before, way before four years ago. Um,

David Richter:

Okay.

Ray Zhand:

Yeah. And then I read that book. So it kind of, uh, impact me already by then And, uh,

David Richter:

Interesting

Ray Zhand:

In a way that whenever I want to start a business

David Richter:

Yeah.

Ray Zhand:

It gotta be low cost first, you know? Right. No logo. No, not like logo first.

David Richter:

Right.

Ray Zhand:

No website first. It’s low cost first revenue. Yeah. In the first position.

David Richter:

Yeah.

Ray Zhand:

Right. That’s how

David Richter:

Man, you sound like Tom. Yeah. So <laugh>

Ray Zhand:

<laugh>, here you go.

David Richter:

So the, okay, so you already had that mindset. So when you first started your business, did you start it with the Profit first system, like in the land business?

Ray Zhand:

Uh, not exactly, but, uh, I think 90% I would follow that principles in the book and, uh, whenever revenue comes first, um, I will not spend it unless that spending can make me more money.

David Richter:

Yeah.

Ray Zhand:

Yeah. So, you know, even whenever I got a profit, I will not spend that to a new website. I will not spend it in a new logo.

David Richter:

Right.

Ray Zhand:

I will spend it in a way that it can double my money nest. Right. That’s how I

David Richter:

Right.

Ray Zhand:

I, that’s how it’s trained, I guess.

David Richter:

Okay. Well that’s good cuz that’s, I love the way that you were introduced to Profit First and then you started that mindset. Sounds like you had the mindset going into it. Like, eh, first thing’s first revenue and like not blowing all the money on everything inside the business that people can blow the money on. So then when you did start the business and you started to see those deals, maybe it was from that first of 150 properties, were you thinking like, I need to pay myself something? Like is that another thing as well too? Cuz you had mentioned that, you know, like, were you paying yourself from those very first deals or talk about that as well too?

Ray Zhand:

Right. So my business is kind of different than traditional business, right?

David Richter:

Yeah.

Ray Zhand:

Because, uh, it’s kind of like a compound investing flipping, right?

David Richter:

Yeah.

Ray Zhand:

So I not, I didn’t necessarily pay myself, but uh, I use that money as uh, initial investment for my next deal.

David Richter:

Okay.

Ray Zhand:

So I don’t take too much out of the business, but, uh, I use that fund, you know, if there’s a profit, let’s say I close the deal today, I use that fund, I don’t touch it, I put it in a cons and I keep looking for more deals and then, um, that deal comes, I’ll use that as a investment for the next deal. And as far as marketing, you know, sometime, uh, in order to get the nest deal you have to market right? You either direct

David Richter:

yeah

Ray Zhand:

Mail for me or some other thing for other business. I will think a way to generate that marketing money from other place. I’ll never touch that money I got in the first place.

David Richter:

Mm-hmm.

Ray Zhand:

So I would, maybe I would go sell something or I buy and sell something to generate that marketing money because, you know, you never know what you can do. Right. If you really push yourself.

David Richter:

Right.

Ray Zhand:

Use that as a marketing and uh, that’s how it’s kind of, uh, like a, a snowball.

David Richter:

Okay. That’s awesome. So then during that time, did you, if were you using the business to pay any of the personal expenses or anything to make sure that you, like, how’d you eat during those first few months or like during the first year of your business?

Ray Zhand:

Uh, I have my other business, so I use that business as uh, uh, personal business.

David Richter:

Okay. What was the other, the other business?

Ray Zhand:

Uh, I flip cars,

David Richter:

So

Ray Zhand:

<laugh>.

David Richter:

Oh, the Philippy. So you still did that. Yeah. Do you still do that today along with the land? Or is it just the land now?

Ray Zhand:

Uh, right now I have the land, I have the land coaching business. So, uh, the car is kind of on the side.

David Richter:

Okay.

Ray Zhand:

Uh, not so much, but uh, I used to be a full-time car dealer, so I used, uh, that’s, that’s another thing I wanted to talk, uh, to people about the principle of the profit first. Right?

David Richter:

Yeah.

Ray Zhand:

And, uh, and you don’t go all in a new business when you try to venture a new business. Meaning if you have a job, um, and then you see this next opportunity either land flipping or real estate or whatever. And you don’t go all in and create your job on the day one, but you use that as your base and you jump to the nest base and when the next, uh, this side hustle exceed your first job as far as revenue and then you can maybe quit the first one.

David Richter:

Yeah.

Ray Zhand:

And then try to scale your second business.

David Richter:

No, I like that a lot cuz it’s like, yeah. Especially if people have jobs then it’s, you know, it’s okay, where can we get to? That’s where people always think, oh I’ve gotta have, I can’t do profit first cuz I can’t pay myself. I just started the business. It’s like, it’s the principles, you know, do some of the small baby steps. Can you start paying yourself a little bit if you still have a W2 job? It’s like making sure that as you continue to grow. I love that. Love that advice. That’s good stuff. So then, okay, so then you were land flipping and then you started land coaching. Was that a few years into the land journey and like after you had deals under your belt? Or like when did you start teaching other people the land business?

Ray Zhand:

About two months ago, uh, actually Oh

David Richter:

Yeah. So four years into it. <laugh>.

Ray Zhand:

Yeah. So I can press, uh, right now I teaching students, uh, some of the students says it couldn’t be that simple. I said it’s not simple, it is simple right now because I can press the four years of experience into this course.

David Richter:

Right.

Ray Zhand:

And uh, right now I teach the students, uh, it’s like a profit first. Right. It’s simple.

David Richter:

Yes.

Ray Zhand:

But it’s simple to do and it’s simple not to do two.

David Richter:

Yeah. Very much so. I get where you’re coming from too cuz it’s like four years compressed into, you know, one course or whatever. And that’s where it sounds like you’ve done a good job. If people are saying it can’t be that simple, then you’ve made it simple enough where it’s like, hey, here, take my school of hard knocks and transfer that into to speed and efficiency for you. But same thing with Profit First. A lot of this is the bad habits we have with money, you know, before that. So I guess before you read Profit First, what was the relationship with money before then? And after you read it, did you already have some of those good principles in place and that just opened your eyes more? Or was it like, yeah, I had no idea what to do with money and this really opened my eyes to how to manage it in a business. Like what would you say was your experience with money and your interaction with it before reading that book?

Ray Zhand:

Yeah, I think, uh, you really need to understand your own personality. So for me, I’m a very extreme guy. So if I like someone I would like, love him to death. If I hate someone, I would want to kill him. Right.

David Richter:

<laugh>. Oh shit.

Ray Zhand:

So

David Richter:

Remind me not to get on your bad side <laugh>.

Ray Zhand:

<laugh> Yeah. So the same thing with money. I mean, I’m an extremely frugal person. I can be, but then at the other side, if I wanna spend money, I’ll spend it all. So I know my personality, I would don’t want to go to the other side. And uh, you know, even I, when I was a child, someone told me never gamble. Right. Because for me

David Richter:

yeah

Ray Zhand:

If I gamble I’ll lose it all, you know? So when you understand your personality, you know what kind of person you are. And uh, and then for me, before I read the book, I was extremely frugal already.

David Richter:

Yeah.

Ray Zhand:

And, uh, but after I read it, I know what to, I know what to spend money on.

David Richter:

Mm.

Ray Zhand:

And, uh, what not to spend your money on. Um, but before I come to the country, uh, I, one of the reason I was, I had no money because I spent it all, you know, whenever I saw something, uh, flashy, I’ll buy it, you know, iPhone, whatever,

David Richter:

yeah

Ray Zhand:

IPad, iMac,

David Richter:

yeah

Ray Zhand:

who needs this I stuff. Right. But, uh, I’ll buy them all before.

David Richter:

So then what made you have that switch from, you know, buying everything to being more the frugal type person? Was there a switch at some point in your life where you were like, eh, I shouldn’t be buying the IMAX and the, you know, like the new iPhone every single year as it comes out?

Ray Zhand:

Uh, what changed me was, uh, I think I listened to, I think it was Robert Kisi and he talked about, uh, he wanted something, uh, he wanted a new car or something like, uh, for Ferrari and then he didn’t buy, he has the money to buy it right away, but he didn’t buy it right away. What he did was he bought a house or apartments and used the cash flow to put as a down payment for the Ferrari.

David Richter:

Right.

Ray Zhand:

So right now you got the asset and you also got the thing that you want. Uh, being frugal, it is not all about, you know, I’ll never spend the dime. Right,

David Richter:

Right.

Ray Zhand:

Of course you will have something you like, you know, maybe you like, uh, apple stuff, right?

David Richter:

Yeah.

Ray Zhand:

Maybe like a shooting or hunting. Right.

David Richter:

Yeah.

Ray Zhand:

So, but you know, when the money comes, comes in, you use that to buy assets and use that cash flow to buy the things that you want.

David Richter:

Yeah. Well that’s good. It’s, that’s great. It sounds like the books or podcasts or those types of people have made a big impact on you as a person going from hey, spending everything to let’s be frugal then. Sounds like when you read Profit First it was more like, I need to spend money, but it has to be on the revenue producing activities and not in office space or not the, you know, the things that mow the logo or the thing, the website, the things that people think they need in order to start a business. So sounds like you had a lot of good people in your life and I get what you’re saying too about the extreme personality. I’m either all in or I’m all out. How was that first, uh, this might be touchy, but how was that first experience paying $70,000 to someone to teach you land investing? I mean, it sounded like you were at your frugal point of life and you were like, Hey, that seems like a big sum of money at the beginning.

Ray Zhand:

Yeah, so a book, uh, is not, uh, best spending a book or a course or uh, paying someone as a coach. Yeah. It’s the best money that you can spend.

David Richter:

Mm-hmm.

Ray Zhand:

Um, because you never know how much it will get you back. Uh, for example, um, when I was doing cars, um, I not only buy and sell, I rent cars too. Uh, how did I come to the idea to rent rental cars, I was listening to Grand Card Loan another, um, people impact me quite a bit and he talk about different kinds of stream of income and uh, just take the business that you have right now and think about what else can you generate more revenue, you know, around this business you’re doing. So I was like, what else can I do with the cars? I can drive it. I mean I can still rent it. Right? And then I start to do rentals my first year to do rentals. I got a extra income of $130,000.

David Richter:

Oh wow.

Ray Zhand:

Yeah. So that’s a extra.

David Richter:

Yeah.

Ray Zhand:

Right. And uh, how much I paid for the course, $99.

David Richter:

Nice. <laugh>.

Ray Zhand:

Alright, So what’s the return? Right,

David Richter:

Right. Yeah. And I’m sure even from the higher ticket points it’s still, you know, it’s the, it’s what you get out of it. Maybe this was the best thing or maybe it’s not the best thing or maybe there’s some actions that you still use today or there’s some methodology, like you said, it’s hard to pinpoint a lot of the times the return on investment because it stays with you during your life. Especially if you’re an action taker, you sound like an action taker. You sound like, Hey, teach me something. Okay, I’m gonna go and do it. You know, like that sounds like your personality. Would you say that’s kind of been you hear something good and you try and implement it very quickly?

Ray Zhand:

Of course. Yeah. Uh, another actor actually taught me that, his name, you know that for sure his name is Will Smith.

David Richter:

Yeah.

Ray Zhand:

And uh, he said, if you and me get into the treadmill, you know I’m gonna die first, then I get off first.

David Richter:

Yeah,

Ray Zhand:

Right. He will not get off the treadmill sooner than the other guy until he is dead.

David Richter:

Yeah.

Ray Zhand:

So I was like, I want to be that person. Right. If I got on something, I will stay on there for as long as I can.

David Richter:

Yeah.

Ray Zhand:

And uh, as far as the 70,000 um, land investment, I first did and uh, even though I didn’t do exactly the thing he taught me, but, uh, he let me into the field. I did 150 deals within four months and that could probably ordinate me about 200,000.

David Richter:

Right.

Ray Zhand:

So we should return on that. Right.

David Richter:

Yeah.

Ray Zhand:

So it’s always worth it and, uh, you know your book Profit First, uh, in real estate, how much that this does that cost.

David Richter:

Right.

Ray Zhand:

Not too much.

David Richter:

Yeah.

Ray Zhand:

Ticket education. But if you read it Yeah, it will, it’ll be be beneficial for sure.

David Richter:

Yeah. Well this has been good stuff. So I just have a few final questions here. Sounds like you, you know, the first mindset and the whole system has made an impact. What would you give advice to someone who you know, like who is in real estate and they want to implement Profit First or wanna have that mindset? What would some of the advice that you would give them to looking to adopt that system?

Ray Zhand:

Uh, I think the main thing is, uh, you think of a way to the, first of all, you gotta be really focused, right?

David Richter:

Yeah.

Ray Zhand:

Like Tom used to say laser focus on one thing, right? And, uh, when you laser focus on one thing, uh, means you don’t do wholesaling at the same time you want to do some rentals. So,

David Richter:

Right.

Ray Zhand:

You focus on one niche and do whatever you can. And the second thing is to bring revenue first. Don’t think about your logo. Don’t think about how I can rent the office. Those are a garbage. Or you can, maybe you can get it later on, but not

David Richter:

Right,

Ray Zhand:

When you try to do it first. Right. And, uh, just try to do, use your own power to get deals and use that deals. Uh, when it has profit, don’t spend it unless you know that money you want to spend will give you more money.

David Richter:

Yeah.

Ray Zhand:

Or have more babies. Right?

David Richter:

Right.

Yeah. Want the money, making the money. Now that’s good cuz I have, I a hundred percent agree no matter where you are on the journey. So I can focus on that one thing and make sure that you have that system in place. Okay. Is there any way that our listeners can provide value back to you? Cuz you provide a lot of value here today. So either the land coaching or connecting with you on social media or whatever it is that you’re, you’re doing right now.

Ray Zhand:

Yeah, absolutely. Um, so if you’re interested in land, uh, flipping, um, you can add me on Instagram. My Instagram is, uh, same name as here, virtual Flip Land. So one word VirtualFlipLand, easy

David Richter:

Virtual Flip Land. So that’s how you could fall, you could follow Ray and then from there they can get, probably get in touch with you or something and you know, go from there. But that’s awesome. Ray, this has been an incredible, uh, episode Going from homeless to basically ha netting hundreds of thousands dollars in the flipping business in the land flipping business and then also being able to implement the Profit First System. If you are listening to this right now and you’re like Ray, and you’re like, I need to make sure I’m making the right things and prioritizing the right things in my business, then when it comes to expenses or when it comes to income or like you’ve lost your way or you don’t know where the money’s going, you can head over to simplecfo.com. We could see if we can help you at least jump on a call to see where you are right now and we can ping you to someone in our, or see if we’re the right fit. But we wanna make sure that you know what you’re making, what you’re spending and making sure you’re keeping some of it at the end of the day. So thank you so much. Remember to make Profit a habit in your business. And Ray, thank you so much for being on this episode today.

Outro:

Thank you David. 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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