Learning from Setbacks: Lessons from the 2006-2007 Financial Crisis

January 9, 2024

Title: “Learning from Setbacks: Lessons from the 2006-2007 Financial Crisis”

Episode: 214

Vision is essential for your business. In this episode of Profit First for REI podcast, Derek Dombeck will teach you how to create a vision for your business and your life. He will also help you make sure your business aligns with that vision.

Derek is a successful investor, national speaker, and international best-selling author. He has been in the real estate business since 2003 and founded Generations of Wealth (GOW).

Know more about Derek and things you should know about money. There is a lot of cool stuff and knowledge in this episode. Listen and enjoy!

Key Takeaways:

[00:58] Introducing Derek Dombeck

[02:55] Generations of Wealth

[08:04] Why real estate?

[12:45] The Rule of 72

[15:42] Why do people live deal to deal?

[19:12] How to know what your vision is?

[26:04] The Hardworker

[31:01] Connect with Derek Dombeck

Quotes:

[11:00] “I wouldn’t be doing what I’m doing today if I never had that failure.”

[15:55] “They don’t know what their result is or their end goal is because they don’t have a vision.”

[22:44] “Once you have your vision figured out, you should share it with the world. You should start telling people because that makes it real.”

Connect with Derek:

Website: https://gowvoyage.com/

Tired of living deal to deal?

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

Transcript:

Speaker 1 (00:00):

There’s plenty of masterminds out there in the world that are focused on building this big monster business and everybody’s comparing how many deals they’ve done and what their net worths are, and it’s a measuring contest nonstop, but that may not be what you want for your vision. For me personally, every summer I take a five to six week RV trip with my family and I don’t hardly work two hours a day during that six weeks. That’s part of my vision.

Speaker 2 (00:29):

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 (00:56):

Hey, my good friend Derek Beck on today. He helps you go through of some of the things you should know around money, things that he learned at a later age that he wish you would’ve learned earlier on. He goes through also how to create a vision for your business, for your life, and making sure your business lines up with that vision, which is awesome. You’re going to get the first couple steps there. I want you to get that because that is so important. So that way you’re not just running and gunning it without any purpose behind it. Be sure to tune in here, listen to it. It’s going to give you great insight and I know this can be the first couple steps and especially if you’re listening to this at an early part of the year, this can guide you for the rest of the year. Thank you for being a listener and enjoy the episode. Hey, welcome back to the Profit RI podcast. Super excited about this one with Derek Dom Beck, which I got to know him a lot better this year. Went to one of his events in Mexico, met a lot of great people and met him in person. We’re able to talk a lot. So really excited about it. I think he’s doing some of them very unique. That would happen there too, and we’ll get into that. But Derek, welcome to the show.

Speaker 1 (02:04):

Well, thank you for having me, Mr. Richter. I like to call you Mr. Richter because you’re that important to me.

Speaker 3 (02:10):

Wow, I appreciate that Mr. Richter is my father though. Just kidding. That’s great. Here we go. So I want to just give the audience a little bit of view of my relationship with you. Where in Mexico, I went to one of his events and spoke, but it was really cool because there was a bunch of kids there. There was kids and teenagers and they held some sessions for them specifically around money and around legacy building and it was definitely a unique experience. I’ve been a part of lots of masterminds, but this was the first one where I’ve seen kids invited and then holding sessions for the kids. So I thought that was really neat. Derek, and do you want to talk about a little bit about that and then we can go into your background and real say all that stuff, but that’s the fun stuff there.

Speaker 1 (02:55):

So the generations of wealth, that’s really our brand and it’s derived around number one. My peers and my mentors used to run a conference and when they retired from it, they voluntold us that we needed to take it over and it was a passing of the torch from that generation to us and then we made it our own. We have an annual event which is called the Generations of Wealth voyage on a cruise ship, which the last time when you spoke we were on land, but it’s not focused on the kids, but we encourage people to bring their kids. So the conference itself is advanced strategies and networking. It’s very, very in-depth discussions or presentations from speakers, but having the ability to bring your kids to something that’s in a family friendly environment, the kids do not or the parents don’t have to pay for the kids to be a part of the conference and they can sit in on as much or as little as they want.

(03:59):

And what I’m seeing now is on average we have 16 to 20 kids that come to these events and I have three children, 17, 12 and six are their ages and they are building a network of other kids from around the country. And I swear to you, David, they actually write letters to each other in snail mail and they stay in touch with social media as well, but they write letters to each other. They do a Christmas gift exchange, pick names, they send gifts across the country, they’re building a network of their own and maybe they’d get into a business, maybe they don’t get into real estate or whatever, but they know there’s a different way and they’ve got that support system because I’ll use my 17-year-old as an example, when she goes to high school, she can’t talk to her friends or other people in our local town the way she does with those other kids. No different than you and I can’t have that conversation if we just walk in and talk to a random stranger in Walmart.

Speaker 3 (05:03):

Speaker 1 (05:04):

It’s been really awesome to watch and a lot of the families get together multiple times a year. Some of us go RVing together. There’s a lot of stuff, but that’s really what generations of wealth is really, that’s the focus of it.

Speaker 3 (05:18):

I love it. I didn’t get exposed to that type of environment until I was in my twenties, mid twenties, which is still younger than even some people in the space. But then I saw this and I’m like, man, what you just said there is so key that they’re building that network and they’re learning to network from a young age with the like-minded people that they want to hang around with that they might become friends with in the future or see at these other events. I love that. I thought it made it different. Everyone talks about legacy and the generational wealth building and its life, but they don’t bring the next generation there to actually learn. So I thought that was really cool. Everyone got education there. From the advanced investors, like you say to the children as well too,

Speaker 1 (06:01):

We’re actually talking about amongst some of the closer families doing internships. I’m going to send McKenna down to Georgia for a month and they’ll send their kid up here because we all know whoever has kids listening to your show, I can tell my daughter to do something 30 times and she’s not going to listen. But if my friend Chris tells her she’s going to come back and say, dad, you can’t believe what Mr. Chris taught me. Well yeah, Kim, because it’s what I’ve been telling you for years. So that is in the works for some of us just privately we’re going to ship our kids back and forth.

Speaker 3 (06:39):

That’s a pretty great idea. I like that a lot. Getting the real world experience. I went to college but then I worked in a real estate company for a few years as an employee and that was so much more eye-opening than college actually working in it day-today, like almost an internship. It was a paid internship at that point because I was weren’t on the job and helping them, but that’s a great idea. I love that they get that real world experience and then they get to see is this something that they like to do? Do they want to do, and is this something that they’d want to continue on? And that is so great as the father of a 6-year-old. Yeah, I can relate. It’s like someone else tells her the same thing and it’s like, what the heck? We’ve been saying this for the past few years here and it’s like, yeah, they just listened to other people better and differently it seems like. So that’s a great idea.

Speaker 1 (07:28):

We were never that way when we were their age. Were we David? I think we listened to

Speaker 3 (07:32):

Everything. No, I listen to all elders all the time. Parents. Yeah, they were the best people ever. No idea where kids these days. Oh man, just kidding. No, that’s great. Okay, so I dove right into that kind of went for the jugular. I do. I think that’s what separates out you from a lot of the other events that I’ve been to and I want to share that with the listeners right away and I really respected that about you. So then I guess what took you even down this journey? Why real estate? Have you always been a real estate investor, parents raised you in the real estate investing world or how’d you get into it?

Speaker 1 (08:06):

So I came from blue collar family. My dad was in construction and I got into construction right out of high school. So I tell people all the time, they’re like, how did you do what you did? I said, I have a PhD and a good work ethic, a public high school diploma and a good work ethic. And it was beat into me. I mean, I had my first paying job when I was 12 years old. I worked on dairy farms, I did whatever I paid for my first car, all that kind of stuff. But when I got into my early twenties and I had a good job, I had bought my first piece of property with a small house when I was just before 21 years old. And so I had 20 acres in a house and I went to my five-year class reunion and I’m looking at my classmates that went to college and they’re still living at home driving their high school beater car and now they’ve got a lot of debt.

(09:00):

And then I saw that I took this small house and I tripled it in size, built a big workshop and I did it with the sweat equity and my skills as a carpenter. A couple years after that, mid twenties and I had met my wife, we had somebody that approached us, it was a financial advisor and he started teaching us how money worked and they were there to recruit of course, and they thought they were recruiting my wife. They ended up recruiting me and I got really passionate about learning all the things that they never taught me in high school how money actually works because I was like most teenagers, I grew up racing stock cars. So 18, 19, 20 years old, I buried myself in debt. I had to go to a racetrack and adrenaline junkie. So once I saw how money worked and it included real estate as well as stocks and life insurance and all those types of things, I really stuck to real estate.

(10:06):

That was, I knew that was it for me because I could do the work. Now looking back, that wasn’t necessarily the wisest choice to do all the work myself, then you can’t scale. But that was the start. And then we built up a pretty large portfolio in a short amount of time, relatively short amount of time. And then that little thing called 2006, 2007 happened and a lot of hard work went down the drain and became some dark times in our career and our life. But even that, as I look back on it today and when I get to lead a generations of wealth event or our masterminds or anything, I’m now understanding that was such a blessing because I wouldn’t be doing what I’m doing today if I had never had that failure. I truly believe that I was forced to learn how to get creative.

(11:10):

And I mean this is where I started finding these mentors and peers that later became some of my best friends because I wasn’t bankable. There wasn’t literally was not a bank in the world that would touch me and I had no control over my business. And I would argue anybody listening to your show, if you only use banks, you are not in control of your business at all. So moving forward, taking down properties, either controlling them or buying them outright, using partners, private money that we raised, creative structures, sub two, purchasing options, leases, all of those things stacked together, that became my driving passion and I’ve never done anything halfway. If I’m going to learn how to do something, I want to just pull in anything and everything and continue to learn it. I mean, to this day I’ve got half a dozen properties under contract right now and only one of ’em is a cash purchase and they’re all a little unique from anything I’ve done in the past, but I just keep tweaking it and it’s fun. I can definitely give you some case studies but want to keep you going in direction you want to go.

Speaker 3 (12:30):

Well, I was going to say there was so much there I could hone in on. The first thing I want to hone in on though is when you first went down that rabbit hole of you learned how money worked, what did you learn there that you wish you would’ve learned in high school or in school?

Speaker 1 (12:45):

Simple return on investment discussions. How the rule of 72 works. I can explain that to anybody in less than a minute. Why couldn’t a teacher explain to their junior class or senior class in high school about the rule of 72? The want to explain it?

Speaker 3 (13:07):

Yeah, explain it here so that way people know if they’ve never heard that before.

Speaker 1 (13:11):

Well, so you take the amount of interest that you are receiving on an investment or paying on a debt and divide it into the number 72 and whatever that number comes out to you, that’s how many years it’ll take to double your return on your initial investment. So if you took $10,000 one time and you didn’t add to it, you just put $10,000 into account and you were getting a 3% rate of return versus a 6% versus a 12%, do you have any idea how much difference over a period of 48 years, $10,000 could be based on those interest rates? Take a guess.

Speaker 3 (13:56):

Probably, I don’t know, a couple million,

Speaker 1 (13:58):

About $2.4 million difference. So $10,000 invested for 48 years at a 3% return is about 2.4 million. Less than $10,000 invested for 48 years at a 12% return. And if I had a whiteboard and I was able to do it for you real quick, I could show you. But the reality is that simple rule, that general guideline was so eye-opening and that and of course many other things. So when somebody is now looking at me and saying, I got my money in a bank cdd, it’s safe, or I’ve got my money in pick the investment vehicle because it’s safe. I think the only thing that they believe it’s safe is because they’re lacking education. It’s safe to them because they don’t want to go out and actually learn anything different. To me, I don’t get out of bed for under a double digit return. It just doesn’t make sense because the dollar’s devaluing so quickly and it’s not safe. You go bury your money in the backyard and take it out a year from now and see how much buying power you lost. It’s not safe.

Speaker 3 (15:14):

Right? Yeah, no kidding. Just go to the grocery store, right something and see it in the day to day. Okay, so that’s cool. So the rate of return. So that’s one of the things that stuck out to you, wish you would’ve learned in school, warn it at this class. It just makes me think because the first REI podcast. Okay, well then why do you think most investors real estate and people in real estate live deal to deal, they’re stuck in their own rat race? I like asking that question a lot on the show.

Speaker 1 (15:43):

I think it’s a hundred percent vision. You and I have both studied vision over the years, having a vision for your personal life, having a vision for your business. They don’t really know what their end result is or their end goal is because they don’t have a vision. So they look at it and say, well, I’ve got this deal, I just made 20 grand or 40 grand or 50 grand and I’m going to go do it again and do it again and do it again. But they start to get greedy in most cases and pretty soon you’ve got somebody, well, I’m up a quarter million dollars now I’m going to go and put it in the real estate roulette and bet on a big commercial deal that I’ve never done I have no experience in or whatever. They’re going to make a decision that they most likely didn’t fit their true vision of what they want in their life and they fail or they lose it all.

(16:37):

And I’ve lost it all before. So I know that feeling and I really don’t ever want to have that feeling again. Maybe I will. We don’t know. I mean hell, how many landlords that were doing it right, lost their butts with covid, right? So it doesn’t even have to be that you made a bad decision. Circumstances happen, but paycheck to paycheck, those investors, those flippers, and I shouldn’t even call ’em investors, flippers and wholesalers, and I am one, but that’s a job that is an active trader business that’s not investing and buying and holding stuff and building mailbox money and wealth. That’s investing. And I will be the first one to admit I get caught up in the quick buck too. I want to sell that property off and make a quick 50 instead of a slow 200. And that’s definitely a change in my direction.

(17:41):

Recently I’ve been involved in multiple businesses over the years and some with partners, some without, and sometimes partners have different visions which can lead you down a path that wasn’t necessarily what you thought. So I’ve not built the amount of wealth and the amount of assets that I projected I would by this age. So I think it’s important that you got to look in the mirror sometimes and maybe pinch yourself or smack yourself a little bit and say, Hey, why am I living paycheck to paycheck? Why am I living deal to deal eventually we all get older and I’ve got friends of mine. I mean they’re in their sixties, seventies, and they’re still have to do deals. I know I’ll still be doing deals when I’m that age because I want to, because I enjoy it. I don’t want to have to be doing deals at that age.

Speaker 3 (18:45):

That makes a lot of sense. Thinking you hit the nail on the head there because a lot of people just spin their wheels and they don’t have that vision of what it really looks like for them. They keep moving that goalpost. Just a few more deals and a few more nails to keep going. So then vision, I know we’ve studied about where would you say someone needs to start? I don’t know. Is there a book? Do you teach us in the things that you’re doing with your masterminds and events? It’s like how can people get a first step of how to know what the vision is? I think that’s one of the hardest things for people internally for a lot of them in their headspace. What do I really want and how do I even know how to figure out what that vision is for what I want to do? So what’s your guidance there?

Speaker 1 (19:28):

Yeah, I mean when we host our masterminds, the REI Circle of Trust, it’s very much vision focused. We’re first and foremost going to have a question or not a questionnaire, but I guess we’re going to sit down with our clients and extract what their goals are, what do they want from the mastermind? That’s the starting point of it. But then as we talk through what they wanted and this from experience, often they don’t know what they want or what they think they want was told to them by somebody else because plenty of masterminds out there in the world that are focused on building this big monster business and everybody’s comparing how many deals they’ve done and what their net worths are, and it’s a measuring contest nonstop, but that may not be what you want for your vision. For me personally, every summer I take a five to six week RV trip with my family and I don’t hardly work two hours a day during that six weeks.

(20:28):

That’s part of my vision and I don’t need to make more money because you made more money or other friends of ours made more money or did more deals and that’s hard. Most of us entrepreneurs are also competitive and we don’t like showing up at an event and our friends are all bragging about this a hundred units they just took down and we’re like, oh shit, I haven’t even bought a house in six months because we’re all posturing. I mean, we’re in a society full of people that are all social media driven and trying to impress everyone else. When you get over that, and most people do, I hope, get to that tipping point. I know I did where I don’t care what people think about what I have or I care that they know I’m a good person and I have good morals and ethics and I’m there to help them.

(21:27):

But I’ll be the first one to say I live in the middle of nowhere central Wisconsin. I don’t need to make a hundred million dollars a year to have a very comfortable life in the upper Midwest, and I’m okay with that. That’s not to say that I don’t want the finer things in life and I want that for my kids, but I’m not handing it to my kids either. They got to earn that. I tell ’em all the time, just you have a last name doesn’t mean you get all this right. You’ve got to earn it.

(21:57):

So I think the start of a vision, number one is you can do it in bullet points or story form, whatever is comfortable for you, but you have to start dreaming and doing it without filtering it with cost or time. So you start to just map it out and say, yes, I want that beach house. I want to be able to give 20 hours a week to volunteer at the hospital or whatever it is. But most people, 99% of people, especially if they’re analytical, they have a hard time dreaming and they have a hard time doing that without factoring in how am I going to pay for it or how am I going to have the time? And that’s the start of it From there, my true belief is once you have your vision figured out, you should share it with the world. You should start telling people and because that makes it real.

(22:54):

When I finally started embracing what I could do to help teach people and educate and telling peers and friends, I’m going to start this mastermind or I’m going to host this cruise, whatever example you want to use now I feel like a failure. If I don’t do it because the public knows I’ve proclaimed it to the world, I’m going to do this. If I didn’t proclaim it to anybody and I just kept this little piece of paper with my vision written on it in my bathroom, folded up where I can never see it again and I fail, nobody else knows but me. My belief is you share your vision and it’s a living, breathing document. It should be changing. You should review it all the time, but you should add to it. And as you hit milestones, you should celebrate those milestones. Oftentimes we don’t celebrate and then it doesn’t feel real either. Yeah,

Speaker 3 (23:56):

That’s good. That’s a good place to start. So write it down, bullet points,

Speaker 1 (24:00):

Share, share. There’s a time, David, where I would’ve never dreamed that I’d be being interviewed on podcasts, hosting all these national masterminds, doing all this stuff That wasn’t even in my vision. It got added over time, but this was never on my radar five, six years ago. It happens

Speaker 3 (24:22):

And then now it’s a part of it, I guess. Or if it’s not a part of it, you’d be like, how do I get out of this? I need to be getting out of this. Sometimes you get into those situations and you’re like, oh shoot, I don’t want to be doing this anymore.

Speaker 1 (24:36):

Well, when you have your vision clear, you use it as a measuring tool for shiny object syndrome. If I say in my vision I’m only working four days a week, nine to five, I’m not working Fridays, I’m not working Saturday or Sunday, and this new opportunity shows up and it requires me to manage a restaurant or a bar at night or weekends. Well, okay, new opportunity, vision, this doesn’t fit my vision, it’s out the door. Right? It’s really an important tool. Otherwise, again, just talking about myself, I will take on way more stuff than I can really handle. And still to this day, I get opportunities all the time and most of the time I’m pretty good at filtering and saying no. Every once in a while I say yes to something I probably shouldn’t have.

Speaker 3 (25:37):

And do you think that’s, because you had mentioned being reared to be a very hard worker and to be from 12 years old had a paying job. Do you think some of that now is, I know graduating out of it, not that you’re not a hard worker, but it kind of sucks you into, well, I need to be the hard worker. That’s kind of the identity that you had for so long. I don’t know, just something off the top of my head of where is that sometimes what rears its head because of where you come

Speaker 1 (26:04):

From? I dunno, my therapist hasn’t pulled it out of me yet. Mostly I don’t have a therapist. Okay.

Speaker 3 (26:09):

Oh, there you go.

Speaker 1 (26:11):

You are it. David, you are my therapist.

Speaker 3 (26:14):

Yeah, right now we’re going to put you on the couch.

Speaker 1 (26:17):

Yeah, I just lay back a little farther and talk to you. Right, there you go. I know for me personally, I’ve always been competitive. And so when somebody daress me or says You can’t do that, or they’re thinking, I can’t do that. Yeah, I want to prove ’em wrong, and that’s a driving force for me, which I got to be careful about. That could make me choose to do things that I shouldn’t or that I don’t have time for or takes away from other more important businesses or family stuff. But it’s also when the chips are down and your back’s against the wall. When you have that mentality, you come out swinging and often and oftentimes and most times you come out even better. And that’s at least the mentality I have and have proven that over the years. But again, any one of us can have an unforeseen challenge that happens. And honestly, just from a personal note, for myself this year, this year alone, I’ve buried three classmates all at 48 years old. Oh wow. And one was just a couple weeks ago, and you start looking at getting into your middle aged years and older. It’s not so much about money as it is time as you progress. So

(27:41):

Those constant reminders.

Speaker 3 (27:43):

Yeah. Now I like how you put the vision there too and you said it’s a living, breathing document as well. So it’s like, okay, as things come up in your life and you’re like, okay, I really want to focus on time versus the money and I need enough money to be able to buy back the time or whatever, just it crystallizes it and like you said, then it’s that filter for what you really want to be doing and really being able to put that focus and attention towards, well,

Speaker 1 (28:09):

Most people will have things, objects in their vision to start with the house, the vacations, the cars, and once you get that, I was just talking to a buddy of mine and he said his brother had a Ferrari and for the first two months it was awesome shiny car. After that, six months later it’s just a car. And he’d have friends that would come up to him and say, oh, I love your car. You just throw ’em the keys and say, yeah, take it. Take it for a ride. It’s got insurance, it’s just a car. Eventually the things become just a car in your vision, and then you start looking at more of the what can I do? Who can I help? The volunteer work, the nonprofit type of stuff. Philanthropy, that’s fairly natural progression as you get through it. But if you never have a vision at all, you never get past the things. You’re always thinking, well, the neighbor’s car is better than mine or the neighbor’s house is better than mine to the neighbor, it’s just a house, it’s just a car.

Speaker 3 (29:15):

Right,

Speaker 1 (29:16):

Right. Yeah,

Speaker 3 (29:19):

That’s really good. I feel like that’s a good point there if you’re listening to this that you can’t do a vision wrong at the beginning. It could be the stuff and then it graduates two other things or whatever it might be, and it’s like just start with something so that way you can go through it and be like, okay, is this what I really want? Is this what’s really important to me? And it’s like your own learning progression and yeah, no, I love that you brought that up.

Speaker 1 (29:43):

And if you get to a point, David,

Speaker 3 (29:44):

Where time

Speaker 1 (29:46):

When people say to me, well, I’m already living my vision, then you’re not thinking broad enough, right? And that’s when you get past the stuff, that’s when you start going to what can I do for others?

Speaker 3 (30:00):

Yeah, that’s really good. It’s been really good. I’ve really enjoyed this because it’s talked about where you got the money mindsets and there’s a breakthrough up there and the return on investment to going through 2000 6, 7, 8 and how that’s made you where you are today and helping other people and now you have that perspective that a lot of people that have started over the last even 10, 11 years don’t have that. And it just makes you that much more valuable to be able to help them get to where they want to be and then where you are now and with the circle of trust and just being able to help people with their vision has been awesome. And I think you gave a lot of value there of just how do I start the vision? Can’t start it wrong, do something with it. I like how you said bullet points or story form. It’s like just get something out there and then it’ll progress. It should be a living breathing document. So there’s some tangible first steps right there. So then Derek, how do people get ahold of you or if they want to know about Circle of trust, whatever it is that you’re offering to make sure that people can connect with you after this?

Speaker 1 (31:01):

Yeah. Well first of all, if you don’t mind, I’d like to give away a book, a digital version of our books to your audience. So if they just simply email me and I still monitor my email, my assistant does, so it’s me answering you just say, Hey, I heard you on Mr. Richter show. It’s important. You say, Mr. Richter, I dunno if I ever told you this, but my mother is a Richter from her, from Holmes, from her maiden name, so I’m half Richter.

Speaker 3 (31:33):

Okay, I think we talked about that.

Speaker 1 (31:35):

Nice. I doubt we’re related, but anyways, so shoot me an email. My email address is Derek at global GOW, and so it’s D-E-R-E-K at G-L-O-B-A-L-G-O w.com. Just again say you heard me on David’s show and I’ll shoot you over the actually a couple books called Next Level Your Life and the other one is The Transformational Journey. I’m a co-author along with a bunch of really awesome other authors. The books were produced and published by Jim RoHS, former business partner, Kyle Wilson. He’s just been a great friend to me lately. And if you are interested in learning more about the Generations of Wealth Voyage, you can go to that website is GOW voyage.com and I appreciate David even bringing it up and we loved having you as a guest speaker. And yeah, that’s really it. Anything I can do to help your audience, don’t hesitate to reach out.

Speaker 3 (32:40):

Awesome. And I want you to go there if you need that help or if you want the visual, this is good stuff. He practices what he preaches is helping the next generation literally, and it’s not just has it in the title so many of the other ones seem to do. It’s like actually helping the next generation and putting them in the room there and giving them a platform as well too. So love that. Then you get the books, email, make sure and put Mr. Richter at the subject line. He’ll know exactly where it’s coming from right there if you do that and make it simple for you. So there you go. This has been awesome. And then if you’re like, Hey, what the heck? I have no idea what’s going on with my money. I need to learn some of the stuff that Derek learned way back when and you’ve never been taught any of that foundational stuff.

(33:21):

You can head over to simple cfo.com. We can book a call there and see if we can at least point you in the right direction, whether we can help you or if you need to be pointed in some direction. I want to just get you that foundational financial literacy and clarification so you can be on the right path. But that’s where I want to make sure you have someone on your team. And then I want to make sure also that you make profit a habit in your business. Do that, follow this, go rate it, like it, all that stuff. I want to make sure that you get all that value. Derek, this has been awesome. Thank you for sharing the vision and the first steps there and just all the different things that you’re doing. Love what you’re doing with your masterminds in your circles as well too. So thanks for being a great guest today.

Speaker 1 (34:01):

Thanks for having me. I appreciate it.

Speaker 2 (34:03):

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.

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):

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.