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Cornerstones of Success: Building Your Real Estate Business Brick by Brick

Title: “Cornerstones of Success: Building Your Real Estate Business Brick by Brick”

Episode: 225

In this episode of Profit First for REI podcast, we have Frank Iglesias. He is a real estate investor who tells several deep things about his real estate journey.

Frank is well-versed in many areas of real estate. He talks about the right coach in his life that helped turn him around, the right timing, and books that helped him. Listen to this episode if you want to become a good business owner. Enjoy the show!

Key Takeaways:

[00:46] Introducing Frank Iglesias

[01:53] How he got into real estate

[05:10] “I wish I would have just picked one route.”

[09:04] Sales and marketing in real estate investing

[13:20] Learning about new construction

[15:18] Difference between fix and flip and new construction

[19:49] The money side of new construction

[27:23] Fundamentals and People’s Journey to Success

[30:04] Connect with Frank Iglesias

Quotes:

[06:25] “I wish I’d learned more about business because real estate is just the vehicle. It sits on top of this.”

[08:35] “Most real estate courses don’t teach business, they teach real estate. But it’s a different world when you start looking at it as a vehicle.”

[18:04] “What I like about new construction is you’re creating something. I like the creation process.”

Connect with Frank:

Website: https://frankiglesias.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):

The numbers are very important, but it’s a different metric of calculations, and we’ve learned to put a healthier profit margin on ’em. It is a lot of work when you build a house and you don’t make much money. You’re like, okay, we didn’t get this right. We got to make a shift.

Speaker 2 (00:19):

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 (00:46):

Hey, it’s David Richter of the Profit First RI podcast. Have Frank Iglesias here today. Have a really great episode. He talks about several deep things of his real estate journey of splitting focus and how that hurt on his journey, the right coach in his life that helped turn things around the timing and reading books, and just the books that have helped him, and the books that were shiny objects. It’s just really good information here if you want to become a better business owner. Frank Shears, a lot of wisdom and I look forward to having you listen to this episode and diving right in. Thank you for being a listener of the Profit First RI podcast. Hey everyone, it is David Richter of the Profit First, REI podcast. Super excited to have Frank Iglesias here. I was on his podcast too, you got to check out his podcast as well. But I’m super excited because he’s read Profit First, been down that road in the real estate world, helping other people. So Frank, thanks for being on the show.

Speaker 1 (01:43):

Thank you, David. I appreciate you having me out.

Speaker 3 (01:46):

Well, for people that don’t know you get into real estate, what brought you to this point? So then we can go a little bit deeper.

Speaker 1 (01:55):

How did we get to real estate? Well, I was a former IT guy for 15 years, and toward the end of that world, I like many people back in this is 2008, got that email or I don’t even remember what it was about a Rich Dad Poor Dad seminar.

Speaker 3 (02:14):

Nice.

Speaker 1 (02:15):

And of course I didn’t really know, so it was just kind of, but it was pretty with the purple or whatever his colors, the mouse and all that. So I was like, all right, we’ll go. We’ll check it out. I was just starting to learn a little bit about investing, so I was like, all right, we’ll look. And of course, at the end of whatever it was, couple hours, it was like, whoa. Right. So then that went to, and the drill, right? It goes to the one day thing, and then next thing you know you’re buying three classes. But what I didn’t know was when I bought three classes, I kind of messed myself up the more I think about it, and it’s because it was foreclosure wholesaling and lease options. And with that is all those were great. And of course, this is at the beginning of the real estate crash. So foreclosure of course blew up, but it kind of split my focus. And so I tell people right off the bat, yes, I would’ve done it a little different. I would’ve gone deep on one rather than buy three classes. I would’ve figured out one and go all in on that. But I was a former IT guy, so what was I good at? Multitasking.

(03:30):

So it was just natural. Oh yeah, three more things to do. That’s an everyday thing in my world,

(03:38):

But I didn’t realize what I was really doing was creating a little bit of a jack of all trades approach rather than a focused approach. So I tell people, don’t do it the way I did. Don’t do what I did. Pick one path and go. So what I did was the next few years, so I ended up leaving it because quite frankly, I was bored. Great company, great job, great team, everything was great, and I was bored. So it was kind of like, all right, if everything’s great and I’m bored, clearly it’s time for a change. And so we went all in on real estate, but we were always, it was the wholesale thing. It was buy foreclosures with the idea of renting and then lease options. There really wasn’t too much of back then, right? Because everybody was kind of like crazy. But we did some fix and flip as well. And so we kind of always had multiple things going the whole time. That’s how we got into it and just sort of evolved from there into bigger projects and so forth.

Speaker 3 (04:46):

Since you’re telling people not to go that route, how has real estate been for you? Was there a lot of dark times during that time, or was it like, Hey, this is good, but it’s just not getting us to where we want to be? I’m just wondering in your perspective why you’re telling people, I wish I would’ve just picked one route. You spread yourself too thin, or what were some of those factors?

Speaker 1 (05:11):

So no doubt we were spread too thin, but we didn’t even really realize it

(05:17):

Because we were doing the fix and flip, and then we would do the buy fix rent. But then I learned about wholesaling res from Lee Kearney, which everyone knows he is, and that was fantastic. And in retrospect, I wish I’d gone all in on that, but you can’t change the past. But we still did it, but not to the degree he was doing it, but we always kept that tool in our toolbox, and we did wholesale a lot, but it was just you look back and you’re like, man, if I had just done one thing instead of two or three, or maybe if we didn’t wholesale anything because all the properties were cheap, what if we just bought everything and kept it

Speaker 3 (06:04):

Right?

Speaker 1 (06:06):

We can all look back and go, wow, that’s exactly what we all should have done. Right? Right. Yeah. But you don’t know these things, especially when you’re new. And back then I was learning real estate. I really wasn’t learning business. And so now I’ve learned since then, I’m in some ways I’m like, man, I wish I’d learned more about business because real estate’s just a vehicle that sits on top of business fundamentals.

Speaker 3 (06:32):

So then where would you say you learned fundamentals of business then? If you would’ve gone back, what type of education around business would you have gotten?

Speaker 1 (06:42):

I would’ve gotten a business coach. Basically what’s happened, I got a business coach where a strong, all right, we got to learn sales, we got to learn marketing, we got to learn branding, we got to learn systems, procedures. And the crazy thing about it is I came from it, so it’s like I did it 15 years. It wasn’t like these were necessarily all new concepts, but the reality is I was burned out on it. So I didn’t have that coach to say, let’s pull those things you are good at already. And you understand into your real estate business. Yeah. You go to a class and you’re like, all right, you got to build systems to run a wholesale business, a flip business. And it’s like it’s, it’s some new concept. It’s not new. Every corporate business that’s successful has ’em, but we just didn’t link the two. And so I think to myself, man, I lost a lot of time because I didn’t take advantage of strengths that were already there. And I said, I tell people, if you’re going to be in business, have a coach do not do real estate without a coach.

Speaker 3 (07:52):

I think that’s very interesting what you said, because you’re like, I had this background, I knew systems were around, but it’s almost like you needed someone to point in your situation to be like, Hey, you’re missing this part. And you should have had someone there guiding you along that path. So did you ever invest in a business coach along your journey?

Speaker 1 (08:10):

Yeah, we finally got into that a few years ago. We finally got someone to start helping us, and it’s now opened my eyes to other people that coach business. And now you look at, and once you start getting that knowledge, it’s easy to look back and go, wow, we would’ve done this totally differently, but you can’t focus on the past. We did the best with what we knew at the time, but the reality is most real estate courses don’t teach business. They teach real estate, but it’s a different world when you start looking at it outside of when you see real estate as just a vehicle, you realize there’s a whole layer beneath it that without that it doesn’t run smoothly.

Speaker 3 (08:55):

And you kind of touched on that with those different areas of the business, but what do you think are those important areas that everyone needs to learn that’s not just real estate specific, but more business specific?

Speaker 1 (09:08):

So right off the bat, sales and marketing that you got to know sales, you got to know marketing. I mean, those are the two big ones. I mean, do you need office systems? Of course you do. You need those things to just handle those fundamentals. A big one that I wish we had understood a lot sooner was bookkeeping, the financials, because a lot of investor, I don’t want to deal with it. And then my experience, most CPAs exactly, they’re like, all right, here’s a tax return. Maybe you’ll get a tax strategy meeting, see you in a year.

Speaker 3 (09:46):

Exactly.

Speaker 1 (09:47):

Whereas that whole financials aspect, really understanding the numbers is a huge piece of it. So it’s easy to scale a real estate business and still have no idea what’s going on with numbers, at least you think. And then you start realizing, wait a minute, there’s a lot more to uncover here, but then you’re going back to that same CPA and they’re not a bad person, and they might’ve even done a great job on your returns. But the business coaching is what helps us connect the dots on how all these pieces work together. So you’re a business owner, not just a real estate investor.

Speaker 3 (10:30):

Yeah. Oh, that’s really good. So that reminds me a lot of the, what’s it called, the Cashflow Quadrant or that other book by Robert Kiyosaki? Yeah. Cashflow Quadrant. Did that help you, or where did you get that mindset of, oh, shoot, I shouldn’t just be a real estate investor, should be a business owner as well too. Was it from that training? It sounds like that was a big turning point in your life, was taking a lot of that training upfront, and I just wondered where that came from too, or if you’ve learned something through that or somewhere else.

Speaker 1 (11:07):

So the Cashflow Quadrant’s a great book, right? The whole EIS, all that. But the thing about cashflow quadrants, I read it very early, so I didn’t really, and so anything else, when you read it, it sounds great, but until you start living it, you don’t really

Speaker 3 (11:27):

Your ball game.

Speaker 1 (11:29):

When you start living it, you’re like, oh, this is the difference between a business owner and an investor. Because a lot of times those, and especially in real estate, a lot of times those things can look the same and they’re not. It’s two different worlds. So no, it was several years before I came across a business coach. I was actually doing a speaking thing, and I went a speaking event because I was running real estate meetings. So I got the email, I don’t know how I got the email, but I got the email and I was like, oh, well, I already talk every month at a couple of meetings. Let’s go learn about it. It was interesting, and one thing led to another, next thing I know is I’m signing up for what they’re doing. And I had no idea that what I really was signing up for was, this is the world of business, what it’s like to be an entrepreneur, what are the ups and downs? And it just started, began a slow shift in my mind, and I say slow because by then I’ve done real estate for a decade. And so you start building what you think is what you should be doing, and then 10 years later you’re like, maybe we need to start rethinking this. And I would tell you to this day, we’re still pivoting.

Speaker 3 (12:50):

Yeah, yeah. It’s like you build those habits in, it’s hard to change ’em or it’s hard to, there’s so many areas of business, it’s getting all the pieces to fit. Now, before we were talking or recording here, you jumped more into the new construction space, it sounds like. So what was that journey like going from doing multiple exit strategies, now you’re kind of focusing there, and why new construction? And I’m just very curious to see your take on that.

Speaker 1 (13:21):

So we did fix and flip of course for several years, and that evolved into, someone presented me a deal and it was our first full gut. So back then it was like, oh, that sounds exciting. The numbers look pretty good. It was our first edition. And so we did it and it worked out okay. It was very interesting. But any new toy, it was exciting. It’s like, all right. And then of course, I met people. I would partner with people that led to a pop the top deal we did converting a triplex to a single family, that was an interesting one, learning deal with historic properties. And some were in there, someone brought us a deal and it was a pretty rough looking house all boarded up. And so of course I’m thinking, oh, okay, it’ll be another one of these full gut remodels. And it turns out that it was in really bad shape.

(14:20):

So we had a private lender at the time that was like, all right, well, let’s do it. We got it so cheap. It was silly, especially at the time, it was silly cheap. So we were able to buy it and actually spend a few months learning about new construction, just kind of learning from whoever I could. And then next thing you know, we were like, all right, we’re going to do our first demo. We’re going to knock it down. And then we built it and it was beautiful, and we learned a lot of lessons along the way, but little I know that not only would that start of the business increase, but new construction is a very different animal from fix and flip. It really is. And I tell people, I know you’re seeing hammers and sheet rock and drywall, and you’re thinking it’s the same. I’m here to tell you it, it’s not. It’s two very different worlds.

Speaker 3 (15:12):

Talk about that. What makes the biggest differences between fix and flip and new construction?

Speaker 1 (15:18):

The biggest thing is you’re going to deal with, in new construction, you have a lot of preparatory work before you ever do a thing. There’s a lot of preparation. It doesn’t exist in remodeling because you’re dealing with existing structure. Things are going to get grandfathered in. Could you still meet an architect? Of course you could. If you have a bigger project, you could. And you can make a rehab complicated, but you don’t have to. Whereas in new construction, you’ve got to invent everything. You’re starting from square one. And then if you’re tearing down a house, I tell people a tear down is nothing more than a land deal with an extra step. That’s all. It’s

Speaker 3 (15:59):

Right. Yeah.

Speaker 1 (16:00):

At the end of the deal, at the the day, it’s a land deal that you need to get cheaper. You’ve got to get rid of an existing structure, which is its own process, but there’s a lot more prep, there’s a lot more time. Everything’s got to be up to current codes, depending on municipality. You might have meetings, you might have variances, you might have X number of things to consider. Then in that remodel project you don’t have to deal with. And if you’re doing a spec home, which is typically what investors do, okay, most investors are not doing production neighborhoods of a hundred cookie cutter homes. It’s usually that one house, two house, maybe a small block of houses, and those are treated on a one-off basis, and they’re effectively many custom homes. And you would think if you’re just going to, oh, let’s just go get plans, and it all just flows beautifully.

(16:53):

That is most definitely not reality. So it can flow pretty well, but there’s all these little things and you’ve got to be the person to answer all these questions that come up that quite frankly, you don’t even realize exists until you’ve done it and you’re just like, oh my goodness. And by the way, it might not even be the house. It might be the lot. It might be infrastructure, it might be the neighbor. We have streets in Atlanta that literally flood, and if a little bit of dirt gets off of your yard and down the street, the neighbor’s call in, they’re complaining because there’s a spot, there’s a little piece of mud in front of their yard 50 feet away. It’s like, oh my goodness. Right? Yeah. So there’s a lot of things that go into it that you just generally don’t have to deal with when you remodel, especially if it’s not a huge remodel.

Speaker 3 (17:45):

Okay, but you went the new construction route. So even with all that prep work, is it better than, do you like it better than going into a remodel?

Speaker 1 (17:57):

So this is where it becomes very preferential.

Speaker 3 (18:00):

Yeah, that’s why I want to know what you like.

Speaker 1 (18:04):

What I like about new construction is you’re creating something. I like the creation process. I get excited when you’re like, there was nothing and now there’s something.

(18:16):

And that’s not even necessarily real estate, that’s just what I like. I have that, but not everybody’s like that. Some people are more of the Let’s polish it up mindset. Yeah, well, if that’s your thing, you probably won’t lighten. New construction remodel is going to make more sense. I still enjoy some remodeling. I tend to the easier projects, but the big full Gods fire damage pop the tops. I don’t get as attracted to that because they become very intensive, but you feel like you’re always fixing something, whereas a new construction, even though you’re fixing something, it always feels like you’re creating.

Speaker 3 (18:56):

So

Speaker 1 (18:57):

It’s two different emotional, and that’s just me. Someone else might tell you something different. But that’s how I look at it is, yes, I’m creating in a remodel, but really I’m usually fixing something. It’s usually a result of something else that has to be fixed.

Speaker 3 (19:15):

What about the money side of things? So you’ve got the emotional side of which I really like that this is like your creativeness is what’s driving this. You want to create, what about the money side? Can you make more in new construction? Is that not one of the things that matters to you as much? It’s like I’d rather just create, even if I don’t make as much as maybe if I went and did pop the tops and remodels and stuff like that. I’m just wondering for your situation if you see that or what you think about on the actual dollars and cents side.

Speaker 1 (19:49):

So no, that’s a great question. And what we’ve learned is both can be very profitable

(19:57):

And both can also get you in a lot of trouble, especially if you’re dealing with bid remodels. And we’ve experienced the mountaintop and we’ve also experienced the valley. So we’ve seen both sides. We know what it’s like to win bid. We also know what it’s like to lose where it really hurts. We’ve seen both sides of it. And what I would tell you is it’s important, but it’s like any other deal. You got to make sure the numbers make sense. And the mistake I made, and I use that word carefully, is when we do remodels, what do we typically do? We learn the Mayo formula, maximum allowable offer minus rehab, and we’re assuming you’re not wholesaling. So it’s mats minus rehab, boom, buy it, go. That formula is not very effective in new construction. In fact, I don’t think it’s hardly effective at all, is what I found.

(20:54):

And the reason is in new construction, you have a lot of variables. Again, there’s a lot of preparatory work, so there’s a lot more variables involved than even in a bid remodel is a big remodel. You’re going to do X, Y, Z, and then you’re going to throw a big contingency on there. If it’s, especially on a bigger project with new construction, you’re still going to have that contingency. But there’s so many more variables to consider just now I’m dealing with a lot issues. I’m dealing permit specific issues. I, I did a video on this recently. You have impact fees that doesn’t exist in a remodel on some municipalities, impact fees can go easily well into the five digits for a single home.

(21:37):

That’s a substantial amount of money that you don’t ever have to think about over here. So what we’ve learned is we started new construction using Mayo again, thinking, well, that just makes sense. Well, not really. So we ended up building a different calculator altogether to help reverse engineer the process of new construction to determine is this going to work? And it’s funny because one of the most common questions I get is this, lot’s been sitting here for a while, nobody buys, and I can buy it cheap, very common. And the answer’s almost always the same. Well, the reason it’s really cheap is because no one’s going to make money building on it. If the RV’s 300 grand and with today’s money, you’re not making money. I mean, the seller would have to give you a hundred grand, and this is in our market, the seller would’ve to give you a hundred grand to take it off his hands for you to entertain buildings, say a 1500 square foot simple house because of the way the numbers are. So people get attracted to these cheap lots, and you’re just like, there’s a reason why it’s not too good to be true. In fact, it’s usually not good at all. So the numbers are very important, but it’s a different metric of calculations. And we’ve learned to put a healthier profit margin on it is a lot of work. It’s a lot of work. When you build a house and you don’t make much money, you’re like, okay, we didn’t get this right. We got to make a shift.

Speaker 3 (23:16):

That’s really good. And that’s where now, are you still doing other types of deals or is it just new construction that you’re focused on?

Speaker 1 (23:25):

No, we’ll still do some flips, but we’re leaning towards simple ones.

Speaker 3 (23:29):

Yeah,

Speaker 1 (23:31):

No more of the fold guts. I mean, not to say we wouldn’t do it, but we’re not looking for them per se. We’re more looking for just easy deals, some more wholesale deals, buying whole stuff. After all these years we’ve grown to appreciate, let’s just do deals that make money quickly. And then stuff like new construction is great, but it’s almost like a pet project.

Speaker 3 (23:56):

Okay, that makes

Speaker 1 (23:57):

Sense. Right? Because other, for a while we had everything was new, and the problem is they take so long and you want to have that cash flow in the middle. So if your goal is to invest in real estate, make sure you’re, and again, going back to business fundamentals, had I had that business coach, Hey, make sure your cash flow business deals, whatever they are, rentals, wholesale, whatever is solid. And then you can plug in new construction because that’s not fast money.

Speaker 3 (24:31):

That makes a lot of sense. So you’ve learned that it’s the fastest path to the cash, and then taking on some of these bigger projects where you might make more or might be a good creative outlet, but don’t do those if you need cash quickly if you’re going to dinner, correct.

Speaker 1 (24:47):

Yeah, because you’re basically creating pain. And that’s something we learned the hard way. We’re like, okay, wait a minute. But again, I wasn’t getting that the help I needed until I stepped out of certain circles and put myself in business oriented circles. When you look at it from a business perspective, a new construction or a wholesale deal at the end of the day, a transaction on the books,

Speaker 3 (25:15):

Right? Yeah.

Speaker 1 (25:18):

It’s a transaction. And you work with finance, so I know you’re right. At the end of the day, they’re all just transactions on the books. So what is that time involved to execute those transactions? And then you’re like, oh, wait a minute. I didn’t get that perspective. My perspective before is let’s go get the next deal. Let’s go get the next deal.

Speaker 3 (25:37):

Yep, exactly. And it’s like you said, it’s a transaction and you’re all just going after that same goal of, okay, do we have more money than we had before in this business to make sure that it’s actually working? If you’re going the wrong way, it’s a good way to go down in business. So I like how you put that in just very simple terms. It’s like, okay, at the end of the day it’s just a transaction. But I think there’s been lots of good insights here where you got into it from the Rich Dad seminar, but then from there, I like how you said that perspective of don’t split your focus. I feel like that’s just so resonant with so many people. They get this shiny object syndrome and then they’re like, Ooh, that sounds good. Or, I’m taking these different classes, learning these different things, going to an event and like, oh, I should be doing what they’re doing.

(26:26):

So really focusing, getting a coach in your life is specifically a business coach, someone who knows business and not necessarily just always the niche that you’re doing real estate or whatever. I thought that was really good advice. I liked what you said too about the right timing. When you talked about reading the Cashflow Quadrant, it’s almost like that was good at that point, but then once you’re actually in the trenches, things mean different things than when you read ’em before you were in it. So I thought that was really good too, which I know this is first RII podcast, so it’s like, sounds like that’s what happened when we were talking before about Profit First. It’s like, Hey, this is a great concept. Now let’s start to implement it once we get things rolling here and going down that path. So speaking to that right timing thing as well too.

Speaker 1 (27:17):

And you mentioned the book Cashflow Quadrant, and another thing I’ve learned is we’re always seeing what’s the next great book? What’s the next great book? What’s the next great book? And it’s like the books themselves become shiny objects.

Speaker 3 (27:31):

That’s so good.

Speaker 1 (27:33):

But in reality, the most important books that I’ve learned are one of twofold. One, the ones that focus on fundamentals. And I think the other one, because right, because we need those fundamentals. I always loved that Michael Jordan always talked about fundamentals and he was the best. So it’s like, right. But then you also have those books about people that their journey to success. And I think those are really valuable because when you hit hard times in this business, and you will, everybody will, it can get pretty dark. And we need those people that have walked that path before us

(28:17):

To remind us as dark as a moment might feel, you’re not the only one that’s been there. The sun will rise again. And I think that’s where also having that business coach helps to really help keep you reminded of help keep you grounded, so to speak, that as you go through a tough time, it’s like you’ll pass. And I put myself in some circles where I got to meet some very successful people in all facets of business. And one of the things I really loved about that was the ones I talked to, they echoed a similar sentiment, which was, it’s hard to appreciate a ton of success if you haven’t first walked through a very dark path. You need that when you go through that really dark time, then when you come back up to the mountaintop, it means so much more than it might have if you’ve never had a dark time. So there’s a lot of gratitude in there.

Speaker 3 (29:26):

No, that’s good. I like that last minute advice where you said books can become the shiny objects, and then how the two types of books over your career that have really helped you, fundamentals and the journey to success and knowing that you’re not alone, because that’s really good, because so many people, like you said, feel like sometimes that they’re just that island to themselves, and it’s like, well, lots of people have walked this path and just getting around those people reading the books about, that’s really good. So I really like that. So then Frank, how could people connect with you? I don’t know, a website, you’ve got the podcast, I don’t know, want to, how can people get ahold of you?

Speaker 1 (30:04):

Sure. So I’m on all the social media channels, all the common ones, Facebook, Instagram, LinkedIn, so forth. But I love phone calls. Our number (678) 408-2228. So text or calls. We’re still a little bit old fashioned that way if you call, leave a voicemail, we’ll call you back. We really will. We actually do check our voicemails. It’s pretty cool. And also my website, frank decia.com. There’s a contact form there between any of those. I mean, I’m not, if you Google me, I’m not hard to find.

Speaker 3 (30:38):

Well, there you go. That’s how you can connect with Frank if you’ve enjoyed his wisdom here. What is the name of your podcast so people can look that up too?

Speaker 1 (30:46):

Oh yeah. Our podcast is called What Worked For You? What Worked for You? And it’s a compilation of people that have had entrepreneurial success or still building up to it, having success in the process. And it’s about those journeys that people have taken. And it’s really been humbling because again, it goes back to the you’re not in this alone. People have had all these journeys to get there, and it’s some good stuff. Powerful. Very humbling. Yeah.

Speaker 3 (31:19):

Well, there you go. So what’s worked for you? That’s the name of the podcast. And then, oh man, this is really good. There’s just so many good golden nuggets here today. Remember not to split your focus. Remember to not have the shiny objects in your life, even if they’re books, then I really liked what you said, get that business coach, get the right timing, that type of stuff. But then if you’re also listening to this and you’re like, what the heck? I don’t know what I’m doing with my money and I’m making money, but feeling broke. And yeah, a lot of what he’s saying really resonates, but I don’t even know how to get ahead. You can head over to simple cfo.com. We can help you take that first step on your journey, get someone in your life that can help you and guide you and hold your hand if you don’t like the financial side of your business, so we can help you from the financial coaching aspect if you’re a business owner. Frank, this has been awesome. Thanks for coming on today, being a great guest and sharing your wisdom with all the listeners here.

Speaker 1 (32:19):

I appreciate it. Thank you for taking the time, and yeah, I enjoyed it. Thank you, David.

Speaker 3 (32:24):

And remember, if you’re listening to this Make Profit a Habit in Your Business,

Speaker 2 (32:29):

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? 

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

 


Transcript:

Speaker 1 (00:00):

I got 15 reasons I love private money over traditional money. I won’t share all 15, but the biggest one is it puts you in the driver’s seat. The traditional way to borrow money is you go to the bank and get on your hands and knees and you’re begging and chasing. Well, they are making the rules right? Like the lender is making the rules. But in this world of private money, we make the rules, we set the interest rate, we set the length of the note and all that.

Speaker 2 (00:34):

If you’re a real estate investor who’s sick and tired of living deal to deal, then welcome home. Hear from everyday real estate investors just like you, and discover how they’ve completely transformed their business by taking a profit First approach. This is the profit first for REI podcast, where we believe revenue is vanity. Profit is sanity. It’s time to start making profit a habit in your business. So here’s your host, David Richter.

Speaker 3 (01:01):

We have Jay Connor back on the podcast. I love Jay Connor. He helps you get your money, the money from private lenders and that whole framework and process, but he does it from a passion and a place of heart. And servant Teachership. I feel like he goes out there and is a servant teacher of how private money works. Listen to this episode. He gives the magic question he tells about desperation and private lending, and I thought his perspective was so good, and then ultimately the mindset that will get you money in the door without you ever having to worry about it. So listen to this episode. Can’t wait for you to get value from it. Thank you for being a listener of the Profit First. RII podcast. Have a great episode. Hey, here’s the profit first RI podcast. Really excited to have Jay Connor back because he’s the came of private money. And this is where I love to go into this topic because I don’t care what kind of business you’re in, you probably need help with this, but especially if you’re in the real estate world, this comes up all the time at every event I’m at with every conversation I have. So we’re having the cane here talk about private money today. So Jay, thanks for being on the show.

Speaker 1 (02:07):

Hey David, thank you so much for having me come on here to talk about my most favorite topic. Of course, that being private money. And why is that? Because private money’s had a bigger impact on our real estate investing business than any other strategy that we’ve implemented in our business.

Speaker 3 (02:24):

Why did you go down that road though? I mean, you teach this all the time. You’re helping a ton of people, like anyone I’ve ever talked to that works with you is like he taught me how to do and I got money and it actually works. So I mean, how did you even go down that road where it made a difference on you and then you wanted to get it to others?

Speaker 1 (02:43):

Well, I actually backed into it. I didn’t do it on purpose. So here’s what happened. So my wife, Carol, joy and I, we’ve been investing in real estate, single family houses, other real estate full time here in eastern North Carolina since 2003. And here’s what happened. From 2003 until 2009, David, all I knew to do in my real estate investing business was rely on the local banks to fund my deals. I mean, all I knew to do was go to the bank, get on my hands and knees, put my hand underneath my chin, raise my skirt up so they could look at all my personal financial statements and stuff and actually beg to get my deals funded. That’s all I knew to do. And so I had a big wake up call in January of 2009 after being in this business here in Eastern North Carolina. I called up my banker.

(03:38):

I told him about these two deals I had under contract in Newport, these two single family houses. And David, I learned like that over the telephone that my line of credit had been shut down with no notice. My banker, his name was Steve, and the bank was bb and t at the time. I said, Steve, what in the world are you telling me? My line of credit is shut down. I got two deals under contract. You gave me no notice. Why is the bank closing my line of credit? He said, Jay, don’t. There’s a global financial crisis going on right now. I said, no, but now you just gave me a global financial crisis. Financial crisis, yeah, I ain’t got no way to fund my deals. And I got ’em under contract. So I hung up the phone and here’s what happened, David. I sat here and I asked myself a very important question.

(04:27):

And so I’m going to share this question with your audience right now. This question I’m going to share with you will help you solve any problem you’ve got. I don’t care if it’s business, financial, career, health, relationships. I don’t care what your problem is. By the way, David, these people going around and saying, any problem, you got some opportunity I want to throw up. I didn’t have no opportunity. I had a problem of not funding my deal. So here’s the question I asked myself. The question I asked myself was, Jay, who do you know that can help you with your problem? And when I asked myself that question, I immediately thought of my good friend Jeff, who lived in Greensboro, North Carolina at the time, and he was investing in real estate. And so I called him up and I told him what happened. And he said, well, Jay, welcome to the club.

(05:18):

I said, what club? He said, the club of the bank shutting you down and losing amount of credit. They shut me down last week. I said, well, how are you funding your deals, Jeff? He says, well, have you ever heard of private money? And I hadn’t. So Jeff told me about private money. He told me about self-directed IRAs and how people can use their retirement accounts and funds that they currently have and move them over to a self-directed IRA company and then loan that money out to us real estate investors, either tax deferred or tax free depending on the type of account they’ve got. Well, that just opened up my whole world. I’d never heard of that. And so what did I do? How did raise $2,150,000 in less than 90 days after being cut off from the bank? Well, here’s what I did, and here’s the secret sauce I put on my teacher hat.

(06:10):

So I put on my teacher cap, which is my private money teacher cap, and I just started teaching people in my own network what private money is, how they can earn high rates of returns safely and securely. And what’s interesting, Carol, joy and I, we got 47 private lenders right now. Not one of them had ever heard of private money and private lending. Not one of them had ever heard of self-directed IRA companies and what a third party custodian is. That’s important by the way, to establish a relationship with a self-directed IRA company because over half of my private lenders are using their retirement funds. And if I didn’t have that relationship to introduce them to move their retirement funds over, I’d be missing out on over half of my private money. So how did I go about raising all this money when I was cut off from the banks?

(07:02):

I led with a servant’s heart. I led with education. And here’s a really, really important point. I separated the activity. I separated the conversations of telling people what private money is and how they can earn high rates of return safely and securely and having a deal for them to fund. You see, desperation has got a smell to it. And when you talk about is that not true, David? Yeah, very true. So if you’re talking about private money and raising private money with an individual and you got a deal for them to fund, you’re already sounding desperate and you’re not even trying to sound desperate. So we don’t talk about deals and when we’re first exposing somebody to how they can earn high rates of return, we talk about private money. So how do we separate those conversations? Well, when someone has told me that they’ve got, let’s say they’ve got $150,000 they want to invest and get high rates of return conservatively, I’ll say, great, I’ll put your money to work for you just as soon as possible.

(08:11):

I don’t talk about a deal upfront. If they’ve got retirement funds that they want to get higher rates of return on, I’ll introduce ’em to the self-directed IRA company that I recommend. They’ll get their funds moved over. And so here’s what happens and here’s the magic sauce, David, I give ’em and I call ’em up with what I call the great news phone call. What in the world is the great news phone call? Well, the great news phone call is not a pitch. I’ve never pitched a deal in my life ever since I started raising private money in 2009. I pick up my handset with my cord attached to it here in North Carolina and I call some of your, don’t even know what that is. And let’s say, David, let’s say you’re one of my private lenders. So I’ll put my phone right up here and you’ll answer the phone and we’ll have a little chitchat and I’ll say, Dave, I got great news for you.

(09:06):

I can now put your money to work. I got a house in Newport with an after repaired value of $200,000. The funding requires 150. Closing is next Tuesday. You’ll need to have your funds wired to my real estate attorney next Monday. I’m going to have my real estate attorney email you the wiring instructions end of conversation. Notice I didn’t ask If you want to fund the deal, of course you want to fund the deal. You’ve been waiting for the phone call. I’ve told you the program. I’ve taught you the program, you know what kind of rate you get, what the maximum loan to value is, the program that I’ve taught you. And so now you’re waiting for the good news phone call, which I just gave you. And in addition to that, if you as my private lender, if you’ve moved your retirement funds over to a self-directed IRA company, you ain’t earning any money until I put your money to work.

(10:04):

You moved it at my recommendation. Now I’m ethically bound to put your money to work. You ain’t earning any money until you actually put her to work. So again, we separate conversations, we leave with a servant’s heart, we educate, and by the way, David, these people going around saying don’t just get the deal under contract. The money is show up. I want to throw up where is the money going to show up? Is it just going to rain out of clouds or something? No, get the money lined up and you can get it lined up fast. Just like me. There’s always going to be deals.

Speaker 3 (10:38):

Yeah. Oh man, that’s really good stuff. I love how you went down that road and it helped you personally. Now you’re just teaching a lot of people. I love that magic question. Who do you know that can help me with my problem? It’s that who, it’s not always the how. It’s the who did I know, and in that point it really helped you. I also run into a lot of times, I don’t know if you see this, where there’s someone who’s like, I could save a couple interest points if I just use my own money versus a private lender’s funds. What are your thoughts on that of always taking down your own deals versus going out there and putting the work into getting a private lender?

Speaker 1 (11:17):

Sure, I get that question all the time. They say, Jay, you making all that money? Why don’t you use your own money to invest in real estate? Why are you still borrowing private money? Well, here’s the answer. If you’re just going to do one deal, that’s a great use of your money. That’s a fantastic use of your money. But do you want to scale your business? I mean, right now we’ve got seven different projects going on, single family houses simultaneously. Well, I don’t want my money buried in seven houses or projects simultaneously, which here in our local market can easily be over 3 million with the prices of our homes. So if you want to scale and really, I mean most people have got a bottom of the bucket in their checkbook. So if you want to scale your business, then private money is the way to go. Another answer to that question is, do I want to pay myself 8% or do I want to use my money for something else,

Speaker 3 (12:22):

Right? Yep.

Speaker 1 (12:24):

So that’s a couple of answers to why I use private lending and why I’m still using 47 private lenders,

Speaker 3 (12:33):

Which is great. I love what you said. If you want to scale, it can run out of cash real quick. If you just keep using your own money where a lot of people have to choose between, okay, paying some percentage points or sleeping at night, and it’s like, I think I like your option a whole lot better, especially if you’re looking to grow. But I like how you said that one deal. That’s okay, but if you are looking to be a real estate investor, this is something you’re going to have to go down that road. Now, last time I asked you some questions about the private lending process. I don’t think I asked this one though, is how do you maintain a relationship with that many private lenders? You’ve got 47 people in your network that you call up with the good news call. So is it like how do you maintain a relationship with all those people?

Speaker 1 (13:22):

I mail ’em checks.

Speaker 3 (13:25):

I love that. That’s a great answer. Oh man. No better way to keep a relationship there.

Speaker 1 (13:33):

I mean, they love getting money in the mail, right? Yeah. They love mailbox money, so I mail ’em checks.

Speaker 3 (13:41):

So you mail ’em checks. So you’ve built a good enough business where you can keep 47 lenders busy and their money active.

Speaker 1 (13:50):

Well, to be totally transparent, I mean, it is a juggling act to tell you the truth. I mean, there’s more money than there is deals.

Speaker 3 (14:00):

Yep.

Speaker 1 (14:01):

There’s more money than there is deals. And so we got 47 private lenders. Some of them have got $30,000 with us, some of ’em have got a million dollars with us. I can’t buy a house for 30,000, but I can use 30,000 for rehab money. You can use private money, borrow private money in a junior position, you’ve got to disclose that. But I can put private money in a junior lien. But what comes into play there is what we call total loan to value. So I’m not going to be borrowing more than 75% of the after repaired value. I didn’t say the purchase price 75% of the after repaired value. But let’s say back to that example that we just talked about, David, where if I’ve got a after repaired value on a home of 200,000 for easy figuring, I can borrow up to 150,000. That’s 75% of the after repaired value. But if I buy it for a hundred thousand, which I do all the time, 50% of the after repaired value, I can have a private lender in first position at a hundred grand. I could have another private lender in second position at 50 grand. So add a hundred to the 50, now one 50 divided by 200,000 after repaired value, I got a total loan to value of still 75%.

Speaker 3 (15:27):

Yeah, I love that. And it seems like private money gives you flexibility and

Speaker 1 (15:32):

Options. Does that make sense?

Speaker 3 (15:34):

Yeah, that makes sense. A hundred percent.

Speaker 1 (15:37):

Oh, absolutely. Flexibility is where it’s all at. I got 15 reasons. I love private money over traditional money. I won’t share all 15, but the biggest one is it puts you in the driver’s seat. The traditional way to borrow money is you go to the bank and get on your hands and knees and you’re begging and chasing, well, they are making the rules, right? The lender is making the rules. But in this world of private money, we make the rules, we set the interest rate, we set the length of the node and all that.

Speaker 3 (16:14):

I love that. Flexibility is the ultimate play in real estate. You want to have flexibility and you want to be able to have that. So I love what you teach. Who is the person that you’re trying to teach out there? Is it the person that’s done one deal a thousand deals? Who are you trying to help the most with your business?

Speaker 1 (16:33):

Yeah, that’s interesting. At my live events, which is called the private money conference, and my live events, we have about 60% or so have already done deals. They’ve already done deals. They want to scale their business. They are real estate investors wanting to scale their business, and about 40% are looking to get their very first deal. So I’m helping everybody. I mean Stu and Harriet Baldwin from New York State, they enrolled and joined my mastermind membership community and they already had a portfolio of a hundred houses. They’d already raised over $2 million in private money, but they wanted to see how I went about it. Well, just one webinar that I recorded with them brought in 1.2 million in additional private private money. So I’ve worked with real estate investors that are brand new and those that are also seasoned to help them get more private money ready to go for their business.

Speaker 3 (17:33):

I love that. It sounds like a lot of people out there need private money, and even if you’re just getting started, if you don’t have the funds to do that first deal, like you mentioned, you do that first deal, that one deal at a time, it might be okay, but this sounds like a great spot where if you’re getting into it or if you’ve got lots of stuff going on, this could be another way to make sure your company can keep running without what you ran into with the banks back in 2007, eight or oh nine. Would you say that’s true as well?

Speaker 1 (18:04):

Absolutely. Absolutely. I mean, I’ve met very, very few people. In fact, I can’t even think of one. I haven’t met any real estate investor that says, I got enough money.

Speaker 3 (18:20):

Yeah, me either.

Speaker 1 (18:22):

I can’t use any more private money. However, David, you are looking at one right now. I got about almost $2 million right now, what I call sitting on the shelf waiting to be deployed. And I tell you what, I’ve had new private lenders come into my world that want to invest and just to prove to them that I can perform. I’ll take the new private lender’s money and pay off a current private lender, refinance the deal so I can get their money to work for ’em, right?

Speaker 3 (18:53):

Ah, yep, that makes sense. I like that. As you grow and scale, you might run into that issue and you make one lender a little bit happy. I mean, at least they’re getting paid off, but then they probably come back to you and say, I want you to put my money to work again. Do you have that come up a lot?

Speaker 1 (19:12):

Quite frankly, when I pay ’em off, they’re not happy.

Speaker 3 (19:17):

That’s why I said just a little happy, maybe a little bit.

Speaker 1 (19:20):

But when I pay ’em off, they’re not making any money on that money. In fact, with a new private lender, I’ll get ready to pay ’em off cashing out on a deal and I’ll call ’em up and say, Hey, just want you to know that you’re going to have a check coming in the mail from a real estate attorney’s trust account. We’re paying off this house. And they’ll say, Jay, can’t you just keep the money? And I’ll go, no, I can’t keep the money unless I’ve got your money secured by a property because we do not borrow unsecured funds. Now, here’s maybe a little advanced strategy for some folks, but I do substitutions of collateral or loan modifications all the time. If it’s a small amount of money that a private lender’s invested 30, 40, $50,000, and we use it for rehabbing a property. So when I’ve got another property I’m getting ready to start on, I’ll substitute the collateral and keep that 30 or $50,000 note in play. So they keep earning money on that money, but we will substitute the collateral just to a different project that we’re moving to.

Speaker 3 (20:25):

That’s awesome. So then sounds like you have a good problem. It’s like, I want that. Well, I think a lot of real estate investors would rather the problem, I have too much money versus I’ve got these deals and I can’t fund them. So I really like how you teach people that and where it could snowball into this, where it’s like, I’ve got 47 private lenders, I’ve got to go out there and get the deals for ’em. Absolutely. And I really like that. And

Speaker 1 (20:50):

For goodness sakes, you don’t start out with 47 private lenders. I started out with one, right? I started out with one and then that quickly became two and three and four and five because private lenders tell other people what’s going on. So I haven’t actively attracted private money for years because our current private lenders just keep sending us people. In fact, day before yesterday, day before yesterday, I got a phone call from the mother of a good friend of mine, his name’s Craig, lives in Newburg, North Carolina. Craig had told his mother about this investment thing that I got going on and she had never heard of it, which is really funny. I’ve been doing it now private money since 2009. So she calls me up and she says, Hey, my son’s been telling me about this investment thing you got going on. Tell me about it. So word of mouth gets around very, very quickly when you start doing business with private lenders the way I do.

Speaker 3 (21:53):

Yeah, I like that a lot. So in order to get people to talk like that, what are the biggest things that you do for your current private lenders that makes them want to recommend you?

Speaker 1 (22:07):

Well pay ’em on time.

Speaker 3 (22:08):

There you go. That’s a big one. Sounds like that would be a really great place to start.

Speaker 1 (22:12):

Pay ’em on time. But I also have three times a year I put on a party for our private lenders at the Dunes Club. So we have three times a year a VIP reception over at the Dunes Club on the beach, and it’s just an evening of private lenders getting together and we have a good old time and I feed them and give them all the soft shell crabs they want, and I tell ’em to bring their friends with them.

Speaker 3 (22:42):

Yeah, that’s awesome. So number one though, that anyone can do at any stage is pay people on time. So actually pay, would you say, what about communication? I hear that come up sometimes too. How do you do a good job on the communication with your private lenders as well?

Speaker 1 (23:03):

Well, it must be good enough. They never go away,

Speaker 3 (23:06):

Right? Yeah, that’s the big things I hear.

Speaker 1 (23:10):

Here’s one thing I have not delegated as far as communication. I personally, I mean my relationships with my private lenders are very, very important. So I personally pick up the phone, pick up the phone, and call my private lenders when I have got a deal for them to fund. I do not delegate that out. I could

(23:37):

Delegate that out, but I don’t, when I got a deal for them to fund, I’m the person on the phone keeping that relationship When I’m getting ready to pay them off. I don’t have a check just show up in the mail. Of course they got to sign a payoff instruction letter if a different closing agent is closing it for a buyer. But before any of that happens, I personally call ’em up and I tell ’em that we’ve got that property sold. We’re getting ready to pay you off. Or I’ll call ’em up and I’ll say, Hey, we’re getting ready to pay this property off, but I will keep your note open so you can keep earning money. I’m just going to substitute the collateral. We got some documents we’re going to email to you for you to sign and send back the communication. I’m personally involved in putting their money to work and letting them know when we’re cashing out and where they are on the deal.

Speaker 3 (24:31):

That’s awesome. Then since it’s the profit first I podcast here, I love this concept of the private money because you need your cash in your accounts. So to be able to run your business, do those things, and then setting up a separate account just for your private money lenders, so it makes it easier to do what Jay just told you to pay them back, to pay them back on time to be in good communication with them. So now this has been really good. Do you have any other advice before I ask you? How could they work with you? How can they get in touch with, because I know this is something that is needed desperately, that I send people your way all the time. I know I trust you to help people, but any other last minute advice here that you would give to the real estate investors listening to the podcast?

Speaker 1 (25:18):

Sure. I appreciate you asking that question. It’s going to be very hard to own a lot of real estate

(25:26):

Until you own the real estate between your ears. So what do I mean by that? People ask me, how do I start? How do I start raising money? I can tell you how you start raising private money. You get your heart right, you get your mindset right. So what do I mean by that? Well, what do you do? You lead with a servant’s heart, you lead with education, you put your private lender money hat on, you private lender, teacher hat on, and you leave with education, don’t pitch deals, and you really, really are concerned about the other person and realize, part of this mindset is realize you’ve got an opportunity to change people’s lives, right?

Speaker 3 (26:11):

That’s so good.

Speaker 1 (26:13):

We’ve got countless people that are particularly in their retirement years, that have thanked me and Carol Joy for making a difference in their retirement years to where they can, I mean, they don’t want to touch their principal. They want to live off of their principal investment. So they’ve been able to travel, go see grandkids, do all this stuff that they couldn’t do otherwise until they got involved in our program. So just know that you’ve got a way to really make an impact on other people’s lives. And lemme tell you another part of mindset. It ain’t about reaping. It’s not about reaping. It’s all about sowing. It’s all about sowing. I can’t be reaping all that private money and deals until I have sown and given and led with value first. So how you sow is how you’re going to reap.

Speaker 3 (27:08):

Yeah. Oh man, this is so good. I’m glad I asked that question because I hear the passion in your voice and I hear that you really care about the people you work with, the people that have private money lenders out there, you care about that relationship. I love what you said. Get your heart right, get your head right. I also think, like you said too, that if they don’t have that desperation has a smell. So if you’re out there, you’re desperate and you’re just going out there, then you won’t have people like you have that want to keep coming back, that want to continuously invest in you. So that was, I think, the best advice that you could give right there. Get it between your ears and get your heart right. I absolutely love that. And just to recap too, I love your magic question.

(27:55):

Who do you know that can help me with my problem? Then one day you’re going to wake up and you’re going to be like Jay, and you’re going to be helping other people with their problem. I’ve got money. I want to put it somewhere, and you’re the able to get them to where they can be. Desperation has a smell. I love that. And then honestly, I love that pivot. You are like, it’s not about the reaping, it’s not about the interest that I’m making or the profit I’m making for the deal. It’s more about sowing those seeds and ultimately you’re changing lives. That’s why you get private money, and it’s like that interest that you’re paying them is twofold. It’s like you get to sleep at night, you’re not using all your money and you’re getting to help someone else get a return that they wouldn’t be able to get anywhere else or in someone that they trust as well too, and that’s a little bit more tangible than the stock markets or all this other Bitcoin, some of that stuff that’s floating around out there. So this has been awesome. So how do people then, Jay, take that next step with you? Do you have a book? You talked about an event. What can people do?

Speaker 1 (29:01):

Absolutely. Well for your audience, David, I’ve got two gifts. First of all, I finished writing my book Where to Get the Money. Now, this is not a ebook. This is a book book that we actually send in the mail Autographic where to get the money. Now the subtitle is How and Where to Get Money for Your Real Estate Deals Without Relying on Hard Money Lenders or Traditional Lenders. It’ll walk you through step by step how to get all the private money you would want. Very, very easy to read. It’s $20 on Amazon, but you can get it for free. Being David’s audience, just cover shipping. You can go to www dot j Connor, J-A-Y-C-O-N-N-E r.com/book. So I’m an er, not an or. So that’s j Connor, J-A-Y-C-O-N-N-E r.com/book, and we’ll three day priority mail it out to you. Now, in addition to that, I’ve got an upcoming $3,000 per ticket live event right around the corner. But for your audience, Dave, I’m going to let everybody come for free with a measly $97 registration fee. This private money event. You can check it out at www.theprivatemoneyconference.com. The private money conference.com. That’s coming up right around the corner in June. Get on over there. Registrations are open, and I’d love to meet you in person at the private money conference.com.

Speaker 3 (30:31):

Awesome. I’m excited about that too. I love what you’re doing and you’re solving a big need that we hear all the time. Just like all people always needing to sharpen their acts when it comes to private money, you graciously have also invited me there to speak about Profit First. So I’m excited to get to tell people about that so they can get more private money and be more confident and not be desperate when they go and ask for people. So I’m really excited about that as well. So make sure we’re going to put those links there, but make sure either get his book or go to that event. I cannot endorse Jay Moore because I know how many people he helps, but then he also has the heart. You heard it right here. That’s how he wants to help you too. It’s very much a heart and a mission and a passion for him.

(31:13):

So Jay, thank you for coming on, for sharing your wisdom, your knowledge today. If you are listening to this episode and you feel stuck like, what the heck is going on? Where is my money? I don’t know what to do. I’m a little bit nervous to go out there and get private money. I can’t keep my own house in order. That’s where you could go to simple cfo.com where we can help you walk you through that process. We’ll link you up to Jay too. If you need private money or need to learn about private money, this is who we recommend. I recommend Jay to many people, so make sure that if you need that help you go to simple cfo.com. But Jay, again, thank you for being on the show and sharing your wisdom here today.

Speaker 1 (31:51):

David, thank you so much for having me. God bless you.

Speaker 2 (31:54):

This episode of the Profit First for REI podcast is over, but there are plenty more where that came from. Are you ready to learn how David and his team can help implement the Profit First system in your business? Schedule a discovery call@simplecfo.com right now. We’ll see you next time on The Profit First for REI podcast with David Richter.

 

 





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