A Mindset of Abundance: How Ken Van Liew Created a Real Estate Empire

August 11, 2022

Episode 103: A Mindset of Abundance: How Ken Van Liew Created a Real Estate Empire

The Profit First REI Podcast

August 11, 2022

David Richter

Summary:

Another special guest is here with us today, and that is none other than Ken Van Liew. Ken has done some incredible things in the real estate space. He owns Global Real Estate Strategies, has built skyscrapers and raised a ton of money as a developer. Ken’s always on the go, looking for deals and doing great things to level up his business. His expertise and strategic tactics are a must-hear, so we invited him on the show today.

Key Takeaways:

[1:57] What got him started in real estate?

[4:26] Ken talks about his journey from where he was then to where he is now in his real estate career

[8:19] What early lessons did he learn about money and how does that compare to his money mindset today?

[12:07] What lessons about money does he want to pass on to the next generation?

[14:41] What are some of the difficult issues he encounters when teaching about money mindset?

Quotes:

[2:45] “I learned from my failures. I failed four times before I passed it, but it built a lot of character.”

[12:39] “I personally believe if you live in a mindset of abundance, you’ll always have enough money.”

Links:

The Richest Man in Babylon by George Clason-https://www.amazon.com/Richest-Man-Babylon-George-Clason/dp/1505339111

The Obstacle is The Way by Ryan Holiday-https://www.amazon.com/Obstacle-Way-Timeless-Turning-Triumph/dp/1591846358

Deep Work by Cal Newport-https://www.amazon.com/Deep-Work-Focused-Success-Distracted/dp/1455586692

Ken’s Website-https://kenvanliew.com

Global Real Estate Investment Enterprise-https://go.kenvanliew.com/mwbf-benefits-video

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:

Ken Van Liew:

Once you look at money as I could really contribute, you know, and without margin, there’s no real mission. And once you kind of sort that all out, you know, you’ll be very, very successful with money.

Intro:

Welcome to the Profit First REI podcast, where real estate investors, master financial management, eradicate entrepreneurial poverty, and learn to be profitable from day one. Now for your host, David Richter,

David Richter:

Everyone. Welcome back to the Profit First REI podcast. I’m your host David Richter here with Ken Van Liew, another special guest here, this, this guy’s done some awesome things in the real estate investing space, probably things that you might have dreamed of before as a budding real estate investor or wherever you are on your journey. He owns a global real estate strategies and does a lot of different things there, but he’s also a developer he’s built skyscrapers raised a ton of money in the past, currently raising money. I mean, always on the go. I see Ken all over Facebook and doing a lot of great stuff. I see him in these rooms and he’s very well respected in these masterminds that we attend. So I wanted to have Ken on the show to give his expertise of what he’s seen and what he’s done. So, Ken, thanks for being on the show today.

Ken Van Liew:

Oh, thank you, David. It’s always a pleasure. And you know, what really wants me to contribute back is seeing, you know, you young guys, you know, wanting to make it happen and step up and, and, you know, just take it to the next level and, you know, to see young guys like yourself, which such wisdom, pain a forward at this, stage’s just, it’s amazing. And I wanna be part of it. So thank you.

David Richter:

Awesome. No, I, I appreciate that and yeah, we definitely wanna want to keep the momentum rolling, want to keep the, the real estate investing spirit and entrepreneurial spirit alive. So I really appreciate that, but Ken, let’s, let’s start at the beginning. What got you started in real estate?

Ken Van Liew:

You know, I, I took an, an interesting path that I call from the top down. You know, I I came out of a skyscraper, I guess you would say conundrum that I was stuck in for many years, 20 years, but you know, it left me with tremendous experience and that journey started, you know, not necessarily knowing that what I was doing was NEC was connected to real estate. You know, I, I created this six year college plan, so I wasn’t the sharpest tool in the shed. And I eventually graduated civil engineering. And by the time I graduated, I had some construction experience. I was actually a superintendent on skyscrapers in New York city. Wow. So here I was, you know, trying to become an engineer and, you know, then I, you know, I, like I said, you know, I, I, I, I learned from my failure, so I failed my past four times before I passed it, but it built a lot of character <laugh> and you know, by the time I passed it, I really appreciated number one, but it had made me work harder to build myself up the ladder in construction and building.

Ken Van Liew:

And, you know, and I had won this award in engineering. It was a site development award. So all these little seeds were getting planted, like, okay, you can engineer a development site, you can build the skyscraper. I wasn’t connected at the real estate yet until, you know, I read a book. It was, I was by Robert Allen, I think, you know, Nothing Down. I was reading that cuz I didn’t have any money <laugh> and you know, I start was starting to build my six figure debt, going to school, student loans, all that kind of good stuff. And I literally was the superintendent on a 30 story building in Brooklyn, looking over at Manhattan, the world trade center. And I was like, you know, I gotta do something bigger and better, man. I just built this building and I can’t even afford to pay my bills. <Laugh> when I had friends. Yeah. And I had six figure debt and I was like, then I started like, well, you know, like, do I have to be born into the family here? Or like, can I actually figure this out? You know? Cause most of the people that I was dealing with had a little bit of a silver spoon, you know,

Ken Van Liew:

So all of a sudden that was kind of like, wow, how do I figure out how to buy real estate with no money down? That’s how it kind of it’s all started, you know?

David Richter:

Yeah. That’s, that is that is an interesting story. Cuz like you said, you started with the skyscrapers and now, you know, helping other people get into it and really helping, you know, people transform their lives, you know, getting in with either residential or whatnot. So talk about the journey. So from where you were then of like, okay, no money down and then where you are now and helping people. So just tell about the story there.

Ken Van Liew:

Yeah. So here, here I was, you know, I was you know, we had a hard time having kids. I think it was like 1992. I started thinking about it, you know, I was like, okay, I have twins. You know, I wanna leave this legacy, but it’s not gonna happen working for somebody. And I, and I was building a billion dollar project at the time. Hmm. And I, I was able to work myself up the ladder. So all this stuff that I didn’t know was really rated to related to real estate with, you know, being with the financing, et cetera. And I was getting all this experience and then around 1997, I was like, wow. If one day, you know, by that time, you know, the twins, I couldn’t afford to buy formula and diapers. I was so expensive. You know, it was just a lot every week.

Ken Van Liew:

But you know, I, I I kept going to school at night and learning and in 1997 I opened up a company called KJV development. And all I knew was that I knew how to build. And I, I said to myself, you know, developers make 5% development fees. And I was like, wow, if I could build, I just built this a hundred million dollar project. If I could do a $10 million project for myself, I’ll pay myself a half a million. So I started like not sleeping much at night cause I’m like, I could do that. Mm-Hmm <affirmative> next thing you know you know, I told my wife, you know, I wanted to try something new. She had told me to go to this golf outing, make a long story short, I’m playing golf daydreaming. Like, Hey, maybe I can join a country club one day and I’ll hang out with all these people with money.

Ken Van Liew:

Tell my story. Don’t gimme a check. Well, sure enough, that story came true. Wow. You know, I went on a golf outing. You know, I had this thing, like I’m gonna create a group of 10 people give ’em first, write a refusal, I’m gonna buy an investment property. I’m gonna develop it. They’re gonna all gimme, you know, a hundred grand a piece and I’m gonna be off and running. And I literally in that daydream made that come true at the end of the, at the end of the the golf outing. I said, Terry, they’re having an executive special. I joined a country club for five grand. It was about proximity is power. I was around people with money. I rented the president’s room. I’m like, you know what, I’m gonna do a presentation. I remember going to staples and having this graph that I was literally drawing it out, showing how the, their investment was gonna increase.

Ken Van Liew:

And I literally through that investment of five grand to join the country club raised 1.7 million to develop my first project. It was 17 million bucks that I literally got through calling architects and engineers that led to a doctor that had a property that I was able to do a letter of intent by pencil hand that led to a contract. And I was, I kind of never looked back and you know, I had this incredible journey. You could ask tons of questions. And the modern wealth building formula kind of came out of me cuz I’m like, what am I actually doing here? You know, I’m finding funding of facilitating deals. And what I did was, you know, I proved it on a skyscraper in 2008 and then in 2016, 15 end of 15, 16 founded Flipping USA. And we did 137 deals in one year. Oh wow. Using formula. And then we wrote the book when we finally said, okay, what is this? How do I articulate it? And then we realized, okay, now that my head is clear and I got all that book stuff out of my head, let me go back. And now we’re building skyscrapers horizontally. So we have about, you know, a hundred thousand, a hundred acres under development, you know, and, and that’s what we’re doing, you

David Richter:

Know? Wow. Yeah, that’s incredible. And you’re also teaching people and you’re also helping other people. So we’ll get into that near the end, but I love what you’re doing. You, you know, you’re not only are going out there and for rain, you know, into it and getting the deals done, but then teaching other people how to do it. And I love love when people do the deals and then they’re able to go out and transform other people’s lives as well, too. So, but since this is the Profit First REI podcast, let’s dig into money a little bit, the mindset around money and just, you know, well, how we think about it. So what early lessons, Ken, did you learn about money and how does that compare to how you think about money today?

Ken Van Liew:

Hmm, great question. So, you know, I was, I was actually talking about belief systems today to one of my, one of my students and you know, my belief system because, you know, my dad was, you know, blue collar and my uncle actually worked on wall street, but I wrestled between, you know, watching my uncle on wall street occasionally on Sundays when we get together. And wonder why my belief system was that money doesn’t grow on trees. Right? Mm-hmm <affirmative> and money does grow on trees. There’s actually an abundance of it. You know, if you have the right mindset and you know, my whole thought about money was confusing at first because my mom was a bank teller. And, you know, I wrote about it. It’s funny in the, in the first chapter of my book, how, you know, back in the day, you probably have never even seen one, but you had this savings book that you would put into a machine, it would stamp your balance, you know, and I remember I had all this money saved in a piggy bank and I remember her going, Hey, you know, empty out that piggy bank and let’s go open up your first bank account, you know, and I was a little afraid of money cuz my parents didn’t have money.

Ken Van Liew:

And you know, I realized that I didn’t have enough money if I wanted to go to college cuz $10 a week, you know, wasn’t working well for me after buying a pack and washing my clothes <laugh> so I, you know, I went to financial aid route and student loan and figured out, you know, I need to get rid of this fear about money because all it was gonna do was hold me back. You know? And it’s funny because the fear never went away, you know, as late as you know, in 2008 when we lost it the first time, you know, it came back loud and clear like, wow, is, is this, you know, is this how it is? And then it’s funny cuz then I cleared that. And then in 2000 you know, when actually 2001, when the towers collapsed was the first time, then 2008, it came back again.

Ken Van Liew:

You know, I, I actually got, so in my head I thought I’d cause the market crash, you know? Oh, wow. But you know, so, and then after that, you know, I really, you know, about four years it took right. Cause you know, at that point I, I was like, wow, you know, I almost bought Stewart’s root beer and got outta real estate. Totally. And I you know, was like 500 projects in New York city stopped, you know, there’s just cranes standing up. Yeah. You know? And it was like, okay, I just spent 20 years. Everything’s upside down. Maybe I’ll go do something else. You know? So, you know, through some trial and tribulations, it took probably a good three years, you know, cause we lost 330 million in one day. Wow. When Lehman brothers crashed, it took almost four years for a 2012 where I went back into the game, I guess you could say mm-hmm <affirmative> and the good news was I survived, you know? And and then after getting burned a couple times, you know, I, you know, I sharpened, you know, just got, you know, sharpened up for the war, I guess in New York city. And then we, you know, we rose up the ranks again and you know, by 16, you know, I had to reinforce concrete company in New York pouring towers. So that was a pretty powerful thing. And then I said, okay, I’m working too hard. Let’s go enjoy life cuz you know, working hard could be an addiction. So you gotta be careful.

David Richter:

<Laugh> right. Yeah. Yeah. No kidding. So which brings me to another question, whereas, because you’re a parent, correct. You’ve got, you’ve got children, you’ve got correct. Okay.

Ken Van Liew:

I have kids. Yeah. They

David Richter:

Do. That’s where, because I see you with them, you know, like I see the pictures that you post and like, you know, that type of stuff. So I love that you’re spending time with them that you’re doing that. But then also what lessons about money? Do you wanna pass on to them and to the next generation and how you even mentioned, you know, us as younger entrepreneurs, you know, like what are you wanting to pass on to make sure that we, we carry that torch?

Ken Van Liew:

Yeah. You know, it’s, it’s it’s and these are things that I say to myself on a, on a daily basis, cuz you know, when you do large developments, you know, everybody has cash flow. So you know, you can very easily have your emotions be dictated by the balance of your bank account or you know, things like that. So, you know, you know, it’s the old cliche, you know, you know, I personally believe if you live in the mindset of abundance, you’ll always have enough money. You know, the whole key is, you know, thinking about how do you create, you know, I call it you know, basically disposable revenue so that you can enjoy life. You know, and, and it’s really a matter of, you know, uncluttering the space that, you know, the managing of money, you know, along the, you know, the old principles of the richest man in Babylon, you know, get into the habit of, you know, saving, you know, 10% a week and, you know, get into those good saving habits, you know?

Ken Van Liew:

And my son was an Eagle scout, you know, I taught a lot of, I was an Eagle advisor, you know, learn what your budget is at at a young age and what your expenses are, you know you know, don’t be as afraid to leverage yourself and understand credit, you know? So I, I guess I could say, you know, educate yourself, don’t, don’t be afraid about money and and don’t be afraid to ask people to help you about money, you know, you know, being vulnerable, you know you know, there was times that that I had money and I was a lot happier than when, you know, so when I didn’t have money and I was a lot happier than when I did have money, you know, if that makes sense. Yeah. You know, so there’s pros and cons to having money and it’s, it’s really comes down to this, you know, and it’s a little bit of a game, but once you, once you look at money, as I could really contribute, you know, and without margin, there’s no real mission. And once you kind of sort that all out, you know, you’ll be very, very successful with money.

David Richter:

No, I like that a lot. That was a good, that was a good one liner right there without margin. There’s no mission. So yeah, I really do. I like that a lot, cuz that’s what, that’s what we teach, you know, you gotta have profit to accomplish why you started the business. So that margin helps you fulfill that mission. I love that. Absolutely. So the, you teach a lot of people right now and a lot of real estate investors, what’s one of the things they struggle with the most when as you’re teaching them, is it the mindset? Is it the, you know, the deal flow? What what are some of those top issues that they run across?

Ken Van Liew:

Yeah. Well there’s two belief systems, you know, that are always really prevalent. You know, one, you know, how am I gonna get the money? And you know, I’m not good enough, you know, which is the psychological side, I guess. Yep. You know, and then the other thing that I find is, you know, they, you know, they don’t have, you know, a system, they don’t have an accountability and they’re lacking knowledge, right. So, you know, with all of those components, you know, I call it the runway, you know, and you know, you need a certain amount of fuel and gear in order to get, you know, into the air. Yeah. You know, and, and it takes a little bit of time, you know, and it’s not a sprint, you know, it’s, it’s a runway and you know, eventually you’re gonna take off, you know, if you, if you’re coachable, I guess you could say yes, but you know, I, I figured out the runway and you know, the, you know, the accountability, the knowledge, the mentorship, the accountability, the you know, the, the things that people need to, to get through the personal development, just from years with Tony Robbins and things, you know, my, my ability, you know, I don’t know if you’ve ever heard my mantra you know, hanging out, I allow people to hang out with me for a couple hours a week.

Ken Van Liew:

Right. And you know, it’s a lifetime thing. So you, you know, invest to hang out with Ken, it’s a consulting thing. If you’re serious in real estate, you get to talk to kind of the number one, one of the number one advisors in the world. And, you know, that’s how I do it. It’s an enterprise. And, you know, that gives the ability to have all the knowledge, the accountability, the mentorship, and the relationship equity from the ecosystem that’s created. And that’s kind of what I do. You know, I, I try to create something extraordinary that people can be part of which, which is effective for me and my time and effective for them and allows people to achieve what they really want. And, you know, it’s all because, you know, my, my mantra is, you know, I am an honest and loving leader to create magical empowering skills to all mankind and to leave each person that I meet with power, freedom, self-expression and peace of mind and the life that they want.

David Richter:

Awesome. I absolutely love that. That’s, that’s a mission that’s worth fulfilling and getting up every single day to help others get, you know, to achieve what they can truly achieve. And isn’t that the truth that you see that all the time, you know, people just in their mind, in their own mind, we are our own worst enemies, a lot of the time. And most of the time, if not a hundred percent of the time that it is all up here in our head space, and we need to get that need to get that right. And a lot of other things take care of itself, because like you said, I love what you said. You said I’ve had money and I haven’t had money and I’ve been happy both times, you know? And it’s like, I need to be the creator of when I’m happy and not that bank account, not that balance. So that’s where I love, I love asking the questions on this podcast, cuz the people I bring on have that abundance mentality have that go-getter attitude want to make that world a better place. So Ken, this is, this has been awesome. I, we only just a couple questions here left. Is there anything else you’d recommend, any other advice last minute advice to give to all the real estate investors listening on this podcast? Yeah,

Ken Van Liew:

Yeah, yeah. I mean, you know, you gotta create boundaries in your life, right? One, one of the most profound things that I got recently that I realized why I’m so successful, it’s, it’s, it’s deep work. The world is an entire distraction right now, right? Social media is highly addictive and you know, you really need to set the boundaries in the sense that, you know, I believe in, you know, starting your day off with some type of personal morning ritual where, you know, you really get grounded on your why and, and what’s happening and you know, mm-hmm, <affirmative>, you know, and, and, and I have to say that and with that, you know, health is number one. I mean, I’m, you know, thank God so far. I haven’t had any unhealthy reports. I turned 60 this week. I’m I think I’m pretty good handsome.

Ken Van Liew:

I here, my metabolic age is 40. I am like full of energy. And you know, that happened over time, you know, 20 years ago I was 246 pounds today. I weigh 172 and I never really dieted, you know, I just changed my lifestyle, you know, back then was, you know, drinking and drugging and partying and all that kind of stuff. And you know, now it’s about paying it forward and, and, you know, leaving a legacy with my children and being proud. You know, my son’s a us intelligence reconnaissance officer. My daughter works at NYU, married a doctor, my younger just got engaged. He’s a powerhouse rides horses. I, I fall off horses. <Laugh>, you know, and I’ve been with the same woman. It’s gonna be 40 years this year, you know, and that’s, you know, it’ll choke me up, but that’s, that’s what life’s all about.

Ken Van Liew:

You know, it’s about this year, picking apples and going pumpkin picking with, you know, and going to the porch Fest where your kids come home and they want to be with you and hang out with you and then planning yesterday, how Christmas is gonna be mom and dad are gonna come stay for a bunch of days and you know, and you get to, you know, spend the money that you make and share all these great things. And, you know, just, I guess, believe that you can create an extraordinary life for yourself, you know, no matter what obstacles are getting thrown at you, there’s a great book. The obstacle is the way another great book I just read is called deep work. And you know, it’s all about the deep work and, and losing the distractions and recognizing, you know, when you gotta start smelling the coffee stuff <laugh>

David Richter:

Wow. Now I love that I’ve got, got deep work right here behind me. If you, if you’re watching the podcast deep work, that yellow book it’s by account Newport, incredible book. It is, it, it made me want to throw my phone away. Like after I read it, cuz it is, it is incredible. Just how distracted we can be. And then you said the word boundaries at the beginning, that’s such such a great, a great word. And also there’s a great book around that too. I don’t know if, if you haven’t read it, if you’re listening right now by John Townsend and Henry cloud that’s another great book, just about setting personal boundaries in your life or in your business, you know, that’s, I can looks the way he does. If you can see him, if you’re not just listening to it, but watching it on YouTube or whatnot, he does, he does not look 60. Like when he said 60, I almost fell on the floor here because yeah, he’s very healthy. I’ve seen him at these masterminds and that’s exactly what every one of us wants as we grow. And as we mature, we wanna make sure that we’re in the right space. Love those. Those were Ken. I think that is the key. That was just, that was the key to success right there, getting up, having that routine, making those daily habits. So that way you wake up 60 looking like you’re 40

Ken Van Liew:

<Laugh> and I want, and I wanna, I wanna tell everybody I wanna, I wanna, so the distinction that occurred in 2001, when the towers collapsed is I put a stake in the ground, right? So I want everybody who’s ever listening today to please take your stake out and put it into ground, right? Cause I put that stake in the ground and that week I lost my best friend. He worked for Canor Fitzgerald, the towers collapsed, but I put my stake in the ground that I was gonna make a difference in the world and that I was gonna be in the best shape of my life. At 60, I wrote down on a piece of paper, 180 8, 32 inch waist by blank. I forget what it was. It was probably a year out. I came back after spending a couple hours with Stu middleman, Stu middleman as a world record holder, he ran from New York to California, 27, marathons, 22 and a half marathons every single day for 27 days.

Ken Van Liew:

No. Wow. 57 days, two and a half marathons for 57 days. He ran from New York to California. He taught me how to run. So at 2 46, I came back home, started chugging in the morning at five o’clock in the morning in order to take that stake and make it a reality, right? Yeah. So today you can put a stake in the ground, right? No matter what’s happening in life. COVID, you know, I got hit with COVID. I stood on Madison avenue crying two years ago, looking up and down going, I’ve never seen Madison avenue without a bus or a car. People were dying around me. They had refrigerator boxes at the hospital. I’m like, I’m going home, you know, but I was scared shit. Right. Yeah. And I’m just a normal guy. Like everybody else. I put my, my pants on one leg at a time and I’m just telling you, it’s the stakes in the ground. It’s, it’s making things bigger than yourself. It’s you know, getting your rear outta bed in the morning a little bit earlier. Right. You know, I got, I woke up at five in the morning, every day for 20 years. I was four hours ahead of everybody by 9:00 AM. Right?

David Richter:

Yeah. No kidding.

Ken Van Liew:

It makes a difference. Figure out how many extra hours that was. I got 125,000 hours into this engineering construction and real estate. So I’ve done all the heavy lifting. So, you know, if you’re interested in ever finding out, you know, more, you know, you could definitely Google me and I’ll pop up.

David Richter:

<Laugh> awesome. Well, speaking of you provided a ton of value here and I love what you said. I think what Ken gave here at the end is the true key to success. It is that getting up earlier it is, is those little things that add up to the big things where, like you said, he’s 60 running, you know, in shape, spending time with family encourag, you know, like it just gives you better head space. So with all this great information, all this great value, how can our listeners provide value back to you? What are you in the middle of right now? What are you doing?

Ken Van Liew:

You know, I, I just, I just want you to know that the modern wealth building formula, you know, this thing we found out really applies to, to any business, cuz it’s really all about finding funding and facilitating, you know, I talked a little bit about the runway, you know, I I’d recommend you, everybody, you know, take a look at the modern wealth building formula and, and, and imagine your own creation that you could do was that about finding funding of facilitate, whether it’s a business, the world now there’s all kinds of business opportunities, real estate opportunity is gonna be a frenzy. And, and just, you know, check out my website, Ken van lu.com. If you’re ever interested in hanging out, we have, you know, the global real estate investment enterprise, which, you know, if you go through my website enough, you’ll find something. And then, then it’ll tell me that you are really interested in talking to me, but yeah, we got all kinds of good stuff. You know, I can get in touch, you know, touch with, I’m not, you know, in the clouds yet. But you know, we’re just working hard to help people and it’s, it’s all good. I didn’t mean to be facetious there I’m, I’m never gonna be in the clouds until I, you know, I rise up for some other reason, you know?

David Richter:

Right. No, I get you. Awesome. Well, there you go. Me get with Ken go to his website, Ken van lou.com. That’s L I E w. So Ken van lou.com really really enjoyed having you on today. Ken, I think this was a great episode, thanks for giving your mentality around money, but then also just the abundance and what to do every single day in order to get where you really want to be no matter where you are right now. So really appreciate having you on today.

Ken Van Liew:

David, it’s been my pleasure and I just want to congratulate you again on your new book and just, you know, check this guy out cuz of a 60 year old is looking at this young guy. You want to check him out too.

David Richter:

Awesome. Thanks Ken.

Ken Van Liew:

Yep.

David Richter:

Thank you so much for listening to today’s show. If you found this episode valuable, could you do me a quick favor? Could you give us an honest rating within iTunes and be honest, you could say whether you liked it or not. And obviously with iTunes, the more reviews and ratings we have, the better it is for other people that are searching for Profit First and a podcast. So we’d love to be ranked on there and that’s thanks to your help. So we would really appreciate that if you would like to go give us a rating. Also, if you’re looking to connect with us further, I would highly recommend checking out our Facebook group Profit First for real estate investors. And that’s literally what it’s called. So you can type in Profit First for real estate investors and you’ll be able to find <laugh>, you’ll be able to find our Facebook group right there.

David Richter:

So come join active real estate investors who are supporting each other and growing their businesses and profits together. That’s what that group is all about. The link should be in the description below. And if you’re interested in working with us and implementing Profit First in your real estate business, we offer coaching and guidance. So if you wanna work with someone who’s actually Profit First certified and who works right now currently with real estate businesses, you can actually go start your application process by going to simpleCFO.com/apply, or just go right to simpleCFO.com. And there’s an applied button right on there. If you wanna actually start your Profit First journey with someone who can actually walk you through those step by step and help, you know, and grow your cash flow. Thanks again for joining us for another episode of the Profit First REI Podcast. See you next episode!

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Title: “Profit First Strategies with Jay Conner: The Power of Private Money”

Episode: 242

There are 15 reasons to love about borrowing private money over traditional money. One of them is making your own rules for your private money.

In this episode of Profit First for REI podcast, Jay Conner, a nationally renowned real estate investor and the king of private money. He talks about how private money works.

Jay helps you get your money from private lenders and will share with you the mindset that will get you money in the door without you ever having to worry about it.

Listen and enjoy the show!

Key Takeaways:

[01:01] Introducing Jay Conner

[05:00] Introduction to private money

[08:30] The Great News Phone Call

[11:23] Why don’t you use your own money?

[13:18] Maintaining relationships with private lenders

[15:40] Private money vs traditional money

[22:05] Things that make them want to recommend you

[25:18] Advice for real estate investors

[29:01] Connect with Jay Conner

Quotes:

[07:34] “If you are talking about private money and raising private money with an individual and you got a deal for them to fund, you already sounded desperate.”

[12:07] “If you want to scale your business, private money is the way to go.”

[16:05] “In this world of private money, we make the rules. We set the interest rate, we sent the length and all of that.”

Connect with Jay:

Website: https://www.jayconner.com/book-details/

Tired of living deal to deal?

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

Transcript:

Speaker 1 (00:00):

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

Speaker 2 (00:34):

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

Speaker 3 (01:01):

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

Speaker 1 (02:07):

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

Speaker 3 (02:24):

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

Speaker 1 (02:43):

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

(03:38):

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

(04:27):

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

(05:18):

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

(06:10):

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

(07:02):

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

(08:11):

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

(09:06):

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

(10:04):

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

Speaker 3 (10:38):

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

Speaker 1 (11:17):

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

Speaker 3 (12:22):

Right? Yep.

Speaker 1 (12:24):

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

Speaker 3 (12:33):

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

Speaker 1 (13:22):

I mail ’em checks.

Speaker 3 (13:25):

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

Speaker 1 (13:33):

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

Speaker 3 (13:41):

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

Speaker 1 (13:50):

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

Speaker 3 (14:00):

Yep.

Speaker 1 (14:01):

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

Speaker 3 (15:27):

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

Speaker 1 (15:32):

Options. Does that make sense?

Speaker 3 (15:34):

Yeah, that makes sense. A hundred percent.

Speaker 1 (15:37):

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

Speaker 3 (16:14):

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

Speaker 1 (16:33):

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

Speaker 3 (17:33):

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

Speaker 1 (18:04):

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

Speaker 3 (18:20):

Yeah, me either.

Speaker 1 (18:22):

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

Speaker 3 (18:53):

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

Speaker 1 (19:12):

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

Speaker 3 (19:17):

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

Speaker 1 (19:20):

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

Speaker 3 (20:25):

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

Speaker 1 (20:50):

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

Speaker 3 (21:53):

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

Speaker 1 (22:07):

Well pay ’em on time.

Speaker 3 (22:08):

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

Speaker 1 (22:12):

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

Speaker 3 (22:42):

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

Speaker 1 (23:03):

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

Speaker 3 (23:06):

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

Speaker 1 (23:10):

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

(23:37):

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

Speaker 3 (24:31):

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

Speaker 1 (25:18):

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

(25:26):

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

Speaker 3 (26:11):

That’s so good.

Speaker 1 (26:13):

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

Speaker 3 (27:08):

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

(27:55):

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

Speaker 1 (29:01):

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

Speaker 3 (30:31):

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

(31:13):

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

Speaker 1 (31:51):

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

Speaker 2 (31:54):

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

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