From Big Four to Real Estate Profit: A CFO’s Journey and Tips

September 19, 2023

Title: “From Big Four to Real Estate Profit: A CFO’s Journey and Tips”

Episode: 198

With her over eight years of experience as a CPA in tax services and being one of the top Chief Financial Officers, this is an exciting episode of the Profit First for REI podcast.

Today, we have Mehak Begemann sharing some top tips that help you understand where you are in the journey as an owner or as an operator. She also shares her investing journey that will inspire you!

Listen and enjoy the show!

Key Takeaways:

[01:13] Introducing Mehak Begemann

[02:07] Professional life as a CPA

[06:40] Mehak started to get interested in real estate

[11:05] Indicators for clients that are winning

[13:54] Two types of owner

[18:20] Cool client testimonials/story

[24:24] Her fun experiences working with clients as CFO

[29:36] Connect with Mehak

Quotes:

[12:01] “Owners should be able to answer what their operating cost is at least on average.”

[21:07] “You can’t build unless you know where you are at today.”

[22:38] “Whatever doesn’t get measured gets lost.”

Connect with Mehak:

Website: https://www.instagram.com/mehakbegemann/?hl=en

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):

This is the most disheartening conversation I have with my clients where you see this large payout on April 11th. You’re like, oh, you took this really large distribution. They’re like, no, that was taxes. They’re footing your tax bill. And so with our Profit First rollout plans, we implement a quarterly payout with our clients. And that’s exactly it. It’s your owner comp is what you need for monthly expenses as an owner just like you would if you work with somebody else. And then once is that RV or that trip or that vacation rental, whatever that is, it doesn’t, you name it, right? It’s whatever you desirable want is. That’s a quarterly distribution.

Speaker 2 (00:42):

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 R e I 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 (01:09):

We have another special episode of the Profit first r e I podcast. We have one of our CFOs, Meah Heck Beaman on, and I am super excited about this. She is definitely one of our top CFOs clients Rave about her and she’s going to give some of the top tips and just helping you understand where a lot of people are on their journey when it comes to being an owner versus operator. Just lots of good information that she gives on this podcast, excited for you to listen to her. And thank you again for listening to the show. Hey, we are on the Profit First r I podcast. I have a very special guest. It’s our C F O series that we’re doing here, and I have, which is honestly one of our best CFOs on the team. And honestly, just an amazing human being. There’s so much things that I could say, I could go on and on, but I won’t right now, maybe near the end, but I want her to be able to tell her story. She has an incredible story. Before we go into that, the heck, thank you so much for being on the podcast today.

Speaker 1 (02:07):

Well, thanks for having me. So I’ll just get right into my piece of how I fit into the puzzle here. So I started my career at Big four Accounting, just like all the young kids out of college. And so started there, got a ton of really good experience at Big Four, and quickly found out that as I was starting to have children, it just wasn’t going to be the next 15, 20 years of where I saw myself in the professional career. So anyways, I made a couple of changes, continued to work in public, and then came across simple C F O and the fractional C F O service services and really serving the small business owner, the small investor. When I say small, I’m talking a million to 10 million, so figuratively small, but most of my clients were multi-billion dollar companies. So it was just a different market.

(03:03):

But it seemed like from working with clients here at Simple C F O and otherwise that the impact is so much more larger with small business owners because you’re impacting owners and their families and generationally you’re creating a wealth. And even if it’s the knowledge of investing or knowledge of how to run a business, there’s a multiple return on the dollars invested in education that may not always translate the dollars. So what I saw in serving those clients, it was different. It was different than just going to work and doing the work. It does something to you when you’re adding value to people and their businesses. It’s so rewarding. So that’s kind of my piece of my professional life as a C P A and then coming into a fractional C F O role in serving clients in that capacity.

Speaker 3 (03:58):

Awesome. I want you to tell your story too. You’ve got a great story of actually coming over and living here and just, I don’t want to spoil it. So can you go into that just for people get to know you as a person?

Speaker 1 (04:09):

Sure. So you guys, my story is, it’s unique if you’ve not come across this, but it’s a common story in the us. I was 17 years old, I was in India prior to that age. I grew up in a home. I have three siblings, two siblings, I’m the youngest of three. And came to the US with a couple of suitcases. I had never been to the US and my parents actually had never been to the US either. And I was just recalling, I was telling my mother-in-law just recently, I can’t imagine. I remember looking at the map of Chicago O’Hare sweating, not sure what I was getting myself into. And so it seems so bizarre and seems on the outside, seems courageous on the inside. I was just trying to figure it out. And that feels like business too sometimes. It’s like you’re just trying to figure it out day by day.

(05:00):

So yeah, I came to the US, played division two tennis at a small D two school was a lot of fun, very challenging. I think that’s also where a lot of my discipline comes from to be able to compartmentalize and really function at a very high level just to be able to get a C P A work towards a C P A license and then play a full-time sport for four years. So that’s kind of my story and it’s, it’s just came up on 13 years here in the US and it’s been more rewarding than anything. I have a family now here. I have three children and a spouse. So really grateful for everything that the Lord has brought to me and brought me here. So yeah, that’s a huge part of my story that I definitely glossed over.

Speaker 3 (05:45):

I was going to say, you’ll have to have some of the best parts there of what you did. And because you said people might think it’s brave, but I was scared on the inside. It’s like, yeah, you were brave, you did it, you came over, you did, did all the scary things that a lot of people, especially that we hear in this day and age wouldn’t have the gumption to do. And I believe that you did that and it shines through your personality. I think you bring that to a lot of people and the people that you work with always have incredible stories, which we’ll get into that today. I want you to be able to tell some of those stories as well too. But then you told about the Racal C F O of becoming that and you’re affecting them on a personal level. So is that why you became more of the C F O than just another bookkeeper, another c p accountant, that type? Was that the reason or do you have other reasons of why you started that?

Speaker 1 (06:36):

Yeah, so as I was exiting corporate, I became very interested in investing in real estate myself as an asset class. And so just started gathering all these hours of education as an account. I’m fairly risk,

Speaker 3 (06:52):

I have to ask, I’m sorry, I’m totally interrupting you. How did you even get that bug? I mean, that’s not usually what someone says. Oh, I was in college and then yeah, I was like, I wanted to invest in real estate as an asset class. Wait a second. How did you do that? How did you even get there?

Speaker 1 (07:06):

Yeah, I think my why was just seeing my children growing up and I was just grinding away at a nine to five. I was just grinding away at a nine to five. And again, you know what? Every opportunity has played right into this. My experience at Big Four plays right into this how I serve clients today. I draw on all that experience because I took every opportunity I knew being in the us this was an opportunity that most people don’t get. So I was determined that I was going to make the best of every opportunity that came my way in terms of learning. And so I think that’s really financial freedom, time freedom, location freedom, found real estate as an asset class for investing, and then found you David through actually another investor in New Jersey or New York. I’ll have to find out who that was because you got to give them a shout.

(07:59):

Yeah, no kidding. So yeah, so it was early stages for your business too. You were just maybe year two, year three is pretty early, so have seen a lot of growth here at Simple C F O and how your business has grown and how our clients are growing. So one of our core values is that we want to see our team grow and chief financial freedom and our clients too. And I remember as I am onboarding team members, that is so true because as a team, we truly are seeking to allow our team members to achieve whatever their goal is in their businesses and serve our clients well. So it’s just a testament that there’s enough to go around. There’s not this mentality of scarcity.

Speaker 3 (08:44):

Yeah, that is so good and I’m so glad we have you bought in a hundred percent and that’s really what we want to do. So I’m glad that you recognize that and that helping to permeate that throughout the organization as well and then helping people. But I cut you off too. So that’s why you went into real estate, but then being the C F O, it was like you got into real estate, you were tired of the nine to five, and then how did it come to about that you wanted to do specifically the C ffo role?

Speaker 1 (09:12):

Yeah, I don’t know that I knew, but as I started working with clients, like I said, that intrinsic value, I’m definitely a people pleaser, but the feedback you get that the clients are like, this is so helpful. Wow, it’s the same data too. It’s kind of blows my mind. It’s same p and l, same balance sheet, same processes, but there’s something with having a C F O A fraction C F O or an outside an advisor that helps you see things in your business that for some reason I think it’s because the owners, me included as a business owner that you are in the weeds so much with your business that you sometimes can’t quite see the 30,000 foot view. And so sometimes I feel like on calls I’m stating, I feel like I’m stating the obvious where it’s like, well, your opex is this, your breakeven is this, you need to do this this month. But it’s like, whoa, wow, I didn’t know or didn’t really see it that way. So I think that feedback loop for me is very rewarding to see that I’m making a difference in owners’ lives and they’re telling me like, Hey, this is so helpful. And it helps ’em be ahead of their business as opposed to being reactive. So that feedback loop is really kind of why I do C F O services. I really enjoy the client interaction and being able to add value.

Speaker 3 (10:33):

That’s awesome. You definitely get that feedback loop. I’m out at places all the time and at masterminds and they say how much they love working with you and that you provide so much clarity and insight. So it’s definitely working on the back end. I get to hear that as well too. So that’s awesome. I just wondered why jumping into that side of it and that sounds like an incredible thing that you’re doing and that being able to provide that value. So I do want to ask, since we’re on the topic of C F O and fractional C F O, what are some indicators across the board for clients that are winning?

Speaker 1 (11:06):

So what I see across the board with clients that are winning is that this sounds like not a super smart answer, but it’s like there are historic financials. They are dialed in and when I say dialed in, it’s that their books are current. And one would say, well, that’s only for tax purposes. And as a C P A, yes, you need your books for tax purposes too. And we have clients with that all the time. But what’s most important is that you’re, and I tell my owners, the owners that I work with, you would never underwrite a deal without looking at historic market data. Every deal you ever underwrite, you’re looking at comp analysis based on historic data in the markets that you’re investing in. How is that any different than our businesses? So many times, and this David owners will come in and this not getting down on anybody, but it’s like they’ll come in, they haven’t reconciled books in six months or three months or whatever the case is.

(11:59):

And it’s like, and owners should be able to answer what their operating cost is, at least on average. They should have a pretty good pulse on some of these KPIs that sometimes where owners, and again not beating owners down, but we’re so focused on running the business that we’re not necessarily thinking as an owner, we’re thinking more as an operator. So really that is where you change the focus, which is yes, you still have to operate the business, but the decision, the 80 20, so the decisions that will move the ball forward, you have to have oversight that’s more high level. So sometimes I think that is what’s getting missed, but step one, you’d have to have clean books, work with a bookkeeper if you come on board with us, we have affiliated, we have affiliate bookkeepers at can help you get to a spot where you can actually make sense of your data so you can make it for proactive decision making as opposed to being reactive at tax filing time.

Speaker 3 (12:57):

Awesome. Well there you go. I love that because, and it sounds so simple, just know your numbers. Where do you stand financially and do you have that clarity in your business? I love what you said too, owner versus operator, that was great. It’s like are you acting as an owner or to the operator? And sometimes you’re going to have to play both hats and put both of ’em on, but it’s like you got to make sure you’re putting the owner hat on at least sometimes, and it’s not just the operator go, go all the time. I thought that was really good too. So some more questions. So if someone’s working with us or working with a fractional C F O, can they answer the following questions or know where they can go to get these answers quickly? And I’m just going to run through some of these questions here. My business can and is currently funding my owner’s compensation. So what about that owners paying themselves? What do you have to say on that subject?

Speaker 1 (13:48):

Yeah, so a lot of times we see two type of owners here. So they are owners that have overcome that threshold and they come in and they’re burnt out. Owner comp is not their biggest concern. They want to bring some sustainability to their business at scaling, so they need to add team members. But again, it’s like can you sustain the owner comp you’ve been paying yourself if you onboard team members? So that’s the question we’re trying to answer with some of our larger business owners with some of our smaller business owners who are getting started, for instance, they’re taking owner draws comp haphazardly, but there’s no method to the madness on each month consistently. And especially with a lot of our clients who are flipping homes, it is fairly inconsistent in terms of cash flows. So you see both spectrums, but I see more the latter where there’s a haphazard owner payouts, it’s feast to famine cycles of behavior with owner comp. And that’s part of our process is really evening out the peaks and valleys of their cycles to be able to set aside dollars with each flip in that case to proactively think about the next 30, 60, 90 days out. So some of our owners are like, yes, killing it on the owner comp standpoint, but can’t afford to hire because they don’t know what they can pay and then others, they’re just trying to get to a place where they can consistently pay themselves.

Speaker 3 (15:12):

Awesome. Yeah, I see that as a huge headache and I think that’s where with you working with people, if they’re not paying themselves, would you say that they’re living in survival mode and making decisions that sometimes aren’t the best just all around in their life?

Speaker 1 (15:29):

Yeah, I think when you’re in that pattern, which you can break out of strategically, but you’re definitely acting as the operator most of the time, you don’t have capacity to really think a business owner at that point because right now you’re just trying to make sure you can meet your own needs. So I think you can’t hardly expect an owner at that standpoint to really start thinking about KPIs at an owner level. KPIs, once you get out of that feast famine cycle, that’s really when you’re like, okay, I’m taking care of now I can really grow this thing sustainably. So you’re too concerned with owner comp when there’s not enough or just meeting your operating costs. So you see a change, change in behavior and change in decision making once owner comp is taken care of.

Speaker 3 (16:15):

That change in behavior is huge. It’s being able to go from just living in fear all the time to actually making good decisions and empowered decisions, which is very key. No, that was great. Okay, another question. So can owners answer the following of if they can fund their wants, the actual profit of the business and what they want to do? So once they get survival mode taken care of, what about the thing they started their business for?

Speaker 1 (16:39):

Yeah, this is the most disheartening conversation I had with my clients where you see this large payout on April 11th, you’re like, oh, you took this really large distribution. They’re like, no, that was taxes. They’re footing your tax bill. And so with our profit first rollout plans, we implement a quarterly payout with our clients, and that’s exactly it. It’s your owner comp is what you need for monthly expenses as an owner just like you would if you work with somebody else. And then once is that RV or that trip or that vacation rental, whatever that is, it doesn’t, you name it, right? It’s whatever you desirable want is. That’s a quarterly distribution. So this is where you’re dreaming at first on what you would want this to be. But then being the accounting numbers nerd that I am, it’s like, okay, so if you want 50 k of profit distributions, what does that mean for the business in terms of revenue generated?

(17:37):

So it almost becomes a gafi process, right? It’s like, okay, I would really like to be here in my comp if that is the highest value in terms of what is most important at that time to the owner. But you can back into it, it’s a numbers game, but then you can back it even further to how many deals per month and how much revenue per month. So you tie it back to leading indicators to make sure you can’t fail on the backend or at least you have a reason that you didn’t hit the goal, whatever the goal was for that given month.

Speaker 3 (18:08):

Yeah, no, that’s great. And do you have any cool story or some of what someone’s actually taken a distribution or this was like, oh, this was cool what they did? I don’t know, do you have anything like that?

Speaker 1 (18:20):

Yeah, I don’t have one with a distribution, but I will share one of my client testimonials or stories. So he was in Q one and we were reviewing the deal flow in Q one and he was stressed about cashflow and he had six deals that he did in owner finance on, and it was beyond me and it seemed obvious to me. I was like, why did you not flip these? And he was like, I don’t know, I’m like, you’re concerned about cashflow in your operating business, but you chose to do owner file on all six of ’em. So there was not, yes, it was a bigger payout down the road, but there wasn’t this cohesiveness in decision-making, which was, my operating costs in this business is like 50, 60 K, so how am I going to fund that? Right? So Q one was rough and then Q two we were ahead of the ball.

(19:11):

So Q two, he hit his target. So now it’s a well oiled machine. So Q three, Q three we’re behind, but he knows how much by how. So you see this clarity, so it’s not always good news, but you see this clarity of like Q one was off because of this Q two, we hit targets and we set the targets Q three, we had a target and we know how many days are left in the month and where we need to be at, what is deal flow. So you see this clarity that wasn’t there before. And so even though things aren’t going well, his comment to me was, I know what I need to do to be where I need to be, which was so rewarding. So it’s so great. He knows his dollar amount per month that he needs to be to be able to meet opex, pay, the commissions, pay himself. So there’s this strategic approach to where he needs to be at the end of each month, at the end of each quarter. So it becomes a more measurable process as opposed to haphazardly making exit strategy decisions on your deals.

Speaker 3 (20:08):

Sounds like that’s giving him more peace of mind throughout the months too in the quarters because of what he said to you as well.

Speaker 1 (20:15):

Yeah, he wasn’t panicking. He wasn’t come into it like, oh my gosh, where cash starved. I was like, we’re behind and this is what we’re doing to get there. So he’d already worked that out. It was clearly defined targets in place. Yeah,

Speaker 3 (20:30):

That’s great. So then another question then. How about knowing operating costs per month since we’re kind of already on that, do most people get to that point?

Speaker 1 (20:40):

I think most people are not there yet. Not without, again, going back to not having historic financials. A lot of times I’m cutting through complexity with our clients, which is they’ll say, well, marketing keeps changing, but you’re not going to go from 20 K to a hundred K. It’s within a range, so you can get within a range of opex. So sometimes the thing that owners feel like they’re in the gray area, they don’t have confidence in their numbers. So really you can’t build unless you know where you’re at today. So that’s where we’re really intense in the first 90 days when you are working with supposed C F O, especially because we are trying to get to financial clarity in the first 90 days so that we can build on it. Because I mean, it’s hard to quantify what your opex is if you don’t have the last two quarters of financial. So I think most clients, all of this kind of runs, right, with not having clean books for at least two quarters.

Speaker 3 (21:40):

Yeah, okay. That makes sense because a lot of people just come in and don’t have that, and it is, it’s so freeing. I remember when we had in the real estate business, it’s like now we can at least make a decision, even if it’s a bad place that we’re in, we can at least move forward from there. So that is really rewarding and I love that. Just a couple other questions here around that. What about the percent of opex versus marketing? Because a lot of people in the real estate world and just business in general, do they know what they really need to spend in order to get the deals to come in or know what the percent of the overall budget that they have in order to spend to get the deals to come in the door?

Speaker 1 (22:22):

Yeah, I think you would agree, David, that a lot of investors in the real estate space, I mean marketing is an expense that we have to have in our businesses completely, and it pays many times over, but whatever doesn’t get measured gets lost. So the bigger question here is you might know where your ad spend is per month, but really as owners, do any business really, do you know how well your channel, each channel, if you have multiple channels, how well they’re performing? Most of the time you might be, a lot of our clients are tracking this in their C R M, but it never actually gets materialized in terms of dollars. So your conversion rates, those numbers, but then on the backend in terms of how much cash is actually leaving your account, which is a large part of opex, something like there’s a missing bridge there to really be able to materially say, this channel we spend 20 K and it brought in this month, the revenue was, or at least in the pipeline because not everything closes in a given month was a hundred K. So it’s like, okay, that makes sense. But I think once it starts, once you start measuring it, you have something to go about to be able to tweak it then. But a lot of times I’m seeing that maybe we’re not even tracking it in the first place to be able to hang your hat on some decisions around it.

Speaker 3 (23:44):

Yeah, that makes sense. Oh man. Just we keep coming back to that word clarity, it’s just getting that clarity around those different numbers that really affect the business and that’s why you’re so good at what you do because you bring clarity to those people so that way they know exactly where they stand and what’s important to them. Okay, how much do we want to spend and are you getting the returns you want? And then is the business overall, because like you said before, reverse engineering, just a lot of that good stuff. Okay. You’ve been a C F O for a while. What do you think is one of the most fun parts? Obviously the feedback loop of when they say stuff like that, but what do you see and or what has been some of the most fun that you’ve had working with clients?

Speaker 1 (24:26):

I think for me it really is seeing our clients winning. And it doesn’t always materialize into a large owner comp or for each owner actually what they view as a win is different. So for some of my owners, they’re like, Hey, I would like to exit the business in five years or at least be more passive. So helping them create financial systems that really help them build what they would like to do in their business At a future state, I have owners who are, they want to 10 x their business in the next five years or whatever, the K two years. And then I have owners who are like, Hey, the market is too uncertain. I really don’t want to flip right now. I’d rather do some private money lending. Let’s take that approach. So I think the most fun I have with this is really being able to understand what, and sometimes owners don’t know.

(25:21):

So really kind of helping them figure out what do you think you want? Where do you want to be a year from now, three years from now, five years from now? And being able to trend in that direction instead of just making decisions and hoping that you might be a year in and actually really not working in your business. It just feels like you’re just going through this. It’s no different than your corporate at that point, just the grind. So yeah, it’s really just tying owners’ desire what they want the business to be or look like to a roadmap of how to get there. I think that’s probably the most rewarding thing in working with clients.

Speaker 3 (26:02):

I love that. I love what you said. I a hundred percent agree with you that most people just don’t dunno what they want and sometimes you’re deleting them to that. Here, what do you want this promised lander, that one. What does it look like to you at the end of the day? And I think that’s really good because a lot of people just don’t know. And then it’s even more fun to be able to build the systems and business around, here you go, this is what you said you wanted, and then we can get there. We can finally get there with you. Awesome. Well, let’s see. There we go. I think it just cut out for a little bit, but here we go. Alright, I just have one more question. Do you have any final story that you’d like to share? And then we’ll wrap it up.

Speaker 1 (26:46):

Let’s see. I’ll share another quick one. So with one of my clients, I’ve been working with him for over a year and it was a subtle pain point. I knew this was a pain point, but it was never said out loud, which was just pass you taxes, payment plans and installment payments where your future dollars are already called for because of i r s tax bills. And so in a prior call he had mentioned to me that he’s all caught up with prior taxes and has reserves set aside ongoing. And that was a win that it was a win. It was a huge win, but it was not really mentioned as often as a pain point. We weren’t actively working towards it, but in the back of his mind he was allocating per flip so much to taxes because it was just a pain point for him.

(27:31):

So it was just really rewarding to see that the systems are working, the financial systems we’ve been working on. He has complete clarity on his flips. I mean really he knows his gross profit margins on ongoing flips. He can back into where he needs to be to make the margins he’s looking at looking to make, so he can define the scope of his react so you can really see the proactiveness, which sometimes when clients onboard, they’re like, that seems too farfetched. The fact that I’m going to be able to do this in 90 days or 120 days, they’ve been in the hustle for so long that it feels too farfetched. And so something changes in them when they see it play out like, oh, this can happen for me too. Something changes in them where they’re no longer just feast to fam and in that cycle of just doing, they can pause and restructure and move forward from there. So yeah, I thought that was a huge win that he was ahead of it and felt like a weight was lifted off of his shoulders because that was taken care of.

Speaker 3 (28:34):

Yeah, I love how you phrased that. So many people have never been there. They don’t know what it feels like. It’s like they don’t know what it feels like to have that clarity to know. And it’s like they’ve been the operator for so long or just been in the business and never really had this where, oh wow, I can actually make decisions, not just the gut feeling anymore. It’s pretty eyeopening. So this has been awesome. I am so thankful to have people like you on the team that actually care, that care on the other end, that people have these wins and want them to have these wins and work alongside them to get them there because that’s really what we’re trying to do. So is there anything else I want to make sure, I don’t know, do you want people to follow you on Instagram or Facebook? I know you’ve got a great Instagram that gives some tax advice and things like that as well too. Or just some videos there, or just real estate investing videos, you’re an active investor, plus you’re doing this as well too, so just want to make sure anything that you’d like to put out there to the world.

Speaker 1 (29:36):

Sure. Yeah, so I’m on Instagram at Smart Advisors. I try to a lot of tax tips over there and also just tips for, especially with real estate since that is my niche on the tax side, but also on the C FFO side. So try to share as much as many resources as possible. But yeah, I’m just thank you for having me here on the podcast and happy to share, share more about our client wins and have the conversation today.

Speaker 3 (30:05):

Awesome. Well, I appreciate it greatly. And if you’re listening to this and you’re like, what the heck, this is actually real and there’s actually real people behind the scenes and they’re really getting these types of things. Yes, we want that for you. We want to give you that clarity, that financial freedom, whether it’s the owner’s comp or if taxes are a burden in the back of your head or the multiple things that she went down the road with the different clients. That’s what we can help you with@simplecfo.com. Schedule that call and we can at least see are we the right fit at the right time and give you someone like her on the team to be there as a C F O to go to battle with you to really help you get to where you want to be. So this was awesome. Thank you so much for being here again and remember to make profit a habit in your business. And thank you for listening.

Speaker 2 (30:48):

This episode of The Profit First for R e I 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 r e I podcast with David Richter.

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?

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.