Air Force Captain to Real Estate Mogul: A Path to Early Retirement

December 26, 2023

Title: “Air Force Captain to Real Estate Mogul: A Path to Early Retirement”

Episode: 212

“How to structure business better to create the lifestyle that I wanted?”

If you have this question, we have Zach Lemaster to answer it! Zach is a seasoned real estate investor who has accumulated a large portfolio of rental properties across multiple markets.

He talks about his “Rich Dad, Poor Dad” journey and doing real estate while he has another business. Listen and enjoy the show!

Key Takeaways:

[00:58] Introducing Zach Lemaster

[02:13] Rent to Retirement

[04:58] Starting his real estate journey

[07:00] House Hacking

[10:39] The Lens of Business Ownership

[13:58] Turnkey

[22:58] Building long-term relationships with people

[26:35] Connect with Zach Lemaster

Quotes:

[03:22] “I like real estate because it is tangible. You could see the results.”

[12:33] “The good thing about real estate investing is it can start as a side hustle, and it can always be a side hustle.”

[14:37] “Building true wealth is from owning real estate, maximizing tax benefits…”

Connect with Zach:

Website: https://www.renttoretirement.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):

This can be very simplistic and can be generally passive if you build the system as, I mean you talk about this all the time in your book, building the systems strategically from the beginning. If you can do that, you can build a business where it’s a side hustle to begin with or it’s a part-time thing and you’re still earning growing your net worth and your income through rental property investing. But it helped me to open my eyes to how to structure business better to create the lifestyle that I wanted.

Speaker 2 (00:30):

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 (00:58):

We have Zach Leema here today. He talks about his journey. I think this will give you hope because he was in another business and doing real estate on the side and just that whole journey of you don’t have to jump into it right away. You can take the time and really do what you love to do. If you want to jump into real estate, it’s on your timetable. And then number two, he talked about his own rich dad, poor dad and his journey not only with that book but the rich dad in his life, and then how to be an actual investor. How to make sure that you’re not just being a flipper wholesale, but that you’re actually investing for the long term and don’t run out of money, which I really like that a whole lot. So make sure to grab as much as you can from this. Grab a paper pen if you’re sitting down and able to. Thank you so much for listening and have a great rest of your day. Hey, welcome back to the Profit first REI podcast. I have Zach Lee master here today who is a master of turnkey rental portfolio, but that was a horrible joke, but we’re going to keep moving on. So Zach, thanks for being on today and thanks for having me on your podcast too, by the way.

Speaker 1 (01:58):

Yeah, David, super excited to be here and thank you for coming on. You delivered an immense amount of value that I think is certainly going to help a lot of our audience just become better. Business owners and investors

Speaker 3 (02:09):

Tell everyone the name of your podcast, so if they’re listed this one, they can also check that one out.

Speaker 1 (02:13):

It’s all Rent to retirement, so if you want to check us out, that’s our brand name, our website, that’s our podcast. It’s just the Rent to Retirement podcast.

Speaker 3 (02:22):

I love that. Branding, rental, retirement. You definitely know what you’re doing if you’re getting involved with you, Zach, and what’s you’re trying to go after because we’ll talk about that for sure. But let’s go into why real estate. Have you been in real estate your whole life since birth or did you get into it later on, been an entrepreneur your whole life? What was the kickoff for what you’re doing?

Speaker 1 (02:42):

Yeah, so as many people also do come from, I have no background in real estate, so I started in a different career path. I was actually in the healthcare profession. My wife and I are both optometrists by education, went to eight years professional school, spent hundreds of thousands of dollars on a degree that I don’t use, but we found real estate eventually. So I met my wife in school. I was on Air Force scholarship. I moved or a stationed in North Dakota to start. That’s where I was a captain in the Air Force for seven years practicing optometry. That’s where I started investing in real estate. Even the first house that we purchased was a duplex, lived in half, rent it out the other half and that’s where I got the bug, David. It’s just I like real estate because it was tangible. You could see the results.

(03:28):

You’re not investing into stocks or something. I’m a very simple person and so I liked something that was tangible and easy to follow, and so we just got the bug start investing more and more real estate. We at some point, probably about year four or five started to identify that there’s better opportunity out there in other markets. So that’s where we took the leap of investing strategically in different markets where there is better opportunity, better returns and built our teams and systems around that. And that’s what allowed us to scale our portfolio, retire early from our career path in healthcare and then start the business of rental retirement because we had a lot of people that were interested in like, Hey, we see the success that you guys are having investing in rental real estate. We also want to invest in some of these areas.

(04:09):

We don’t have the time or knowledge or possibly the money, so can you help us? Can you help us tap into some of the best investment opportunities across the country because our local market’s too expensive? And so that was a foundation of rent to retirement about a decade ago is where we started helping people follow the same process that we were able to follow by strategically investing in the best markets. Fast forward to today, we’re across 12 different markets. We do about a thousand doors annually and help thousands of investors have access to the best deals across the country.

Speaker 3 (04:39):

That’s pretty cool. Why did you even start though? Like you said, oh, I was in the Air Force station there, which thank you for your service. I wanted to also say that too, but then I wanted to say why real estate? Even then, did you read a book? Were you just like, Hey, I heard about this from someone, a podcast. I don’t know what even made you take that plunge back then.

Speaker 1 (04:58):

Well, we all come from the same cloth, I guess with reading the Kiyosaki, we call it the Purple Bible. Purple

Speaker 3 (05:04):

Bible, yeah.

Speaker 1 (05:06):

But even more so than that, candidly speaking, my father-in-Law, I’ll try to keep this story quick, but I think it’s very inspirational. My in-laws, my wife’s parents are immigrants from Vietnam to Canada, so they’re first generation, but they basically escaped during the war and they have this long story where it’s like they tried to escape multiple times as refugees and then got sent back into jail and so on. But anyway, they eventually came to Canada and didn’t speak any English, didn’t have any money and it didn’t have anything right later in life. And the year before my wife was born, they came to Canada with the shirt on their back and my father-in-law was an entrepreneur, tried different things, failed at all of them. There was a big uphill battle obviously from the cultural and language barrier. He eventually got into real estate and he eventually created a pretty successful and sustainable career path in real estate after being through what he’s been through.

(06:05):

And so he was always like, you have to buy this property. It is interesting talking with him. He’s like, bye bye bye bye. I was just like, that’s his philosophy, but seeing the success that he was able to accomplish, I was like, man. And then him just pounding that in my head. I mean that in addition to the Kiyosaki stuff was like real estate’s interesting. But yeah, once we bought that first duplex, that really solidified things for me. It’s like, oh, I can live in a house that appreciates over time, they can borrow money from the bank putting zero money down. I had a VA loan with the Air Force and that someone else can pay off the mortgage for me, so I live for free and make an investment and then I move out of that and rinse and repeat, and now this is an investment property cashflow me a thousand dollars a month. It just clicked. The math was simple.

Speaker 3 (06:46):

Okay, well that’s awesome. It sounds like your father-in-law was your rich dad showing you the way and here’s what you could do. And then just curious from my curiosity, did you know that was house hacking at the time? Had you heard that term of

Speaker 1 (07:00):

Duplex type thing? No idea that was, someone had suggested that to me, right? Hey, you know you can buy a multifamily property up to four units with this VA loan and rent it out. Maybe you should think about that. It just made all the sense in the world. And then guess what? I told everyone about it and then my brother and sister did the same thing. We started this, so we didn’t know it was house hacking at the time, though. I forget who coined or I think BP coined that term later. Yeah,

Speaker 3 (07:25):

They’ve made it very popular, the house hacking terminology, so that’s why I was like, I wondered if you had heard that back then, but no, I love hearing stories like that of just going into it, but then you realize this was the thing you wanted to do long-term because you got your optometrists degree in optometry and then you were like, okay, no, this real estate thing after that duplex, it sounds like you got the bug and that really catapulted things down that road like okay, while were you still in the military and still doing other things while you had those first few properties, what was the transition from okay, doing what you were doing to full-time real estate?

Speaker 1 (08:02):

Yeah, and it is been a long transition. I mean, it was not this overnight thing. We never went into real estate thinking that we were going to retire from optometry or we were going to create a large portfolio. I mean, our portfolio today on a personal level isn’t high eight figures. It cash flows over seven figures annually, but we didn’t create that overnight. That’s taken 15 plus years of investing and consistently investing time and time again. We’ve lost a lot of money in real estate, but we’ve learned lessons and applied them, but we’ve always stayed consistent to buying more and more rental real estate as well as operating our active business. When the first duplex was when I was a young captain in the Air force and got that VA loan, but since then, and that was about 15 years ago at this point, we’ve bought real estate every single year since then.

(08:49):

And so I eventually left the Air Force. We moved out to Colorado, which is where I still live. We opened up private practices. So we were business owners in the healthcare space. We still invested in real estate. I got to the point where we starting to get too busy operating our portfolio where I started to cut back hours. And so I did this thing where I was practicing five days a week to four days a week to three days a week trying to run all these different businesses. And eventually I just made the career change like, Hey, we’re just going to do this full time. Plus we had replaced, already replaced our active income at that point. So it was also like, Hey, we’re making more money through this. There’s better tax advantages. We saw, we changed our mission statement to helping other people do the same thing that we did.

(09:29):

And so that’s when we made the official change. But it was a very slow transition and we’ve had a lot of people that were like, oh, I’m glad that you found your passion or you decided that real estate optometry wasn’t for you. That was never the case. I just want to be clear about that. I loved helping people see, I loved the healthcare career path. We still do, but now we’re in a position where we can do that on a philanthropic basis, on a humanitarian basis internationally and help people see, but we don’t have to rely on it for income. But it was a very slow transition over time.

Speaker 3 (09:58):

Well, no, that’s still awesome. It sounds like you’re still doing your passion and you’re still doing a form of it today, but now it’s not tied to I have to do this. It’s more like I get to do this and I get to share this with other people. Okay. Let me ask this. Do you think that having that business, the optometry business helped you become a better real estate investor too, and knowing about business and thinking of real estate as a better business? Or do you think vice versa real estate helped optometry or was it both? I don’t know. I’m just wondering from a business owner, the lens, okay, I’ve got the puns here, the lens of business ownership. Do you think one helped the other or I don’t know, did you ever think of it like that during that time?

Speaker 1 (10:39):

It took me a while to see clearly, and

(10:44):

This is great, we got to stop this, David. The dad jokes, it’s too terrible. Yeah, so no, I think that that’s an interesting question. No one’s asked me that before. What I’ll say is I think the answer is probably, honestly, there are two separate businesses and sure there’s possibly some overlap, but I will tell you though, when I was running our optometry clinics is that I was wearing multiple hats, right? You’re in the chair seeing patients. You’re also trying to run a business, do staffing accounting. I wish there was such things as fractional CFOs for that business. Maybe there is that. Maybe that’s the next opportunity. I don’t know. But there’s so many things. I realized business was not fun when I was in the healthcare industry, plus you’re dealing with insurance. It was just chaos and plus you’re still trying to practice. But that gave me basically the background to understand maybe what I didn’t want to do necessarily long-term or how different businesses can operate differently.

(11:44):

Because on the real estate side, I really came into this saying, we have an active business. We build houses and flip them and help manage them. But also on the real estate side, I also realized, hey, this can be very simplistic and can be generally passive If you build the system as, I mean you talk about this all the time in your book, right? Building the systems strategically from the beginning. If you can do that, you can build a business where it’s a side hustle to begin with or it’s a part-time thing and you’re still earning growing your net worth and your income through rental property investing. But it helped me to open my eyes to how to structure business better to create the lifestyle that I wanted. And so I took that information. And the other thing too is I forgot to mention this previously, but as we made the slow transition, the beautiful thing about real estate investing is it can start as a side hustle and it can always be a side hustle. A lot of our investors, they love their W2 job or their business, their employment. They’re going to continue to do that and real estate, they just like the real estate as an asset class and they want to continue to buy that. So you don’t have to be a full-time real estate investor and it can’t start as a side hustle and turn into this full blown business like it did for us. But I think it’s an easy entry point to start with real estate and see what it becomes.

Speaker 3 (12:59):

How many years were you doing both at the same time?

Speaker 1 (13:03):

Oh, it probably took about seven or eight before I was fully retired. I remember

Speaker 3 (13:09):

That’s like, that’s good. If you’re a listener and you’re listening to this, it doesn’t have to happen overnight like you just said. So it’s like you could still have this and this an investment. What Zach is telling you is this is how to use real estate as a real investment tool and not just another ATM machine. So sorry to cut you off, but I was like, I just want to make sure I’m pounding that point home. If you’re listening to this that it doesn’t have to happen overnight. If it does and you go full-time into it, real estate might still be your side hustle while you’re in real estate. You might be fixing and flipping, but that’s like your day job. But then you’re also acquiring rentals on the side and you’re billing your real asset class, the real assets in the portfolio. So there you go. There’s the commercial break. Back to you, Zach.

Speaker 1 (13:51):

No, I love what you said, David. That’s just so true and I think a lot of people, it’s interesting seeing with the investors that we work with. So I mean turnkey, so let me just define that real quick for the audience because some people may have not heard. But our active business is we help people have access to the best deals across the country based on our criteria, like identifying the right markets, putting all the teams and systems in place, but we do that in a turnkey manner so people can have access to the best deals and buy them without having to try to manage them from a distance and build their own team from the ground up. That obviously takes a lot of time and energy and money, but owning rental real estate is where you truly grow wealth over time. I think that’s one thing we’ve learned.

(14:31):

You can flip a bunch of houses, you can wholesale, you can run an active business. That’s all fine and dandy, but at the end of the day, building true wealth is from owning real estate, maximizing tax benefits, using leverage, letting real estate do what it does over time. And so we help people do that. We sell properties that are either fully renovated or newly built, leased and managed for them in the best markets throughout the country. But one thing that we found is that people that look to us to help them build their portfolio, they come from different backgrounds, quite a diversity. It’s newer investors that are looking for some handholding and just they want some coaching through buying property. They want to set themselves up to have a higher chance to success versus doing it on their own. There’s people that live in expensive markets that they just don’t have access to local deals or that it’s a hybrid of entry.

(15:15):

So they’re almost forced to invest out of state. But we also have very experienced investors, full-time investors that buy with us because they need additional tax benefits. Or like you just said, David, there’s so many people that are like, you’ve got your active business, but you’re really because you’re such, I mean there’s so many people that are flippers. I’d like to hear your opinion on this. There’s so many people that are good business operators or they’re busy business operators in real estate, but they’re terrible investors and they’re not like maybe it’s just they’re not dedicating the time to that. But you got to be both to really, I truly think to be successful, you got to run your business or be successful your career path, but you also need to know how to invest your money. Now that doesn’t mean, I’m not saying be a property manager, but just have a process and a strategy to own good assets in good locations. What do you think?

Speaker 3 (16:06):

I a hundred percent agree, and most people, they get into real estate and they start with the active stuff to produce the income. I need to flip this deal. I need to do a wholesale deal. Well, you start doing that enough, you start thinking about rentals and it’s like they think it’s easy. Oh, I’ll just take down this deal and create a rental property, and it’s like, wait a second. You need to go and sit in Zach’s office and see, do I want to build something like this? But for my internal properties, I need property management, I need a maintenance crew. I need repairs. I need to be able to acquire these properties at the right price point. I need to be able to get this much of return. And how I analyze it, it’s like it is another business inside of real estate, but it is also building the assets as well too.

(16:50):

So I think yes, a lot of people like to go down that road, but they don’t think of it as a new business because it’s so close to what they’re already doing. But like you said, they’re great business owners of they can make the deals flow, but as being an investor, maybe not the strong suit, and sometimes that’s vice versa. Maybe they’ve started to build a portfolio, but they’re like, oh, shoot, I can’t go out. I need some cash. I need to be able to breathe this month. So how do I do that? So I think sometimes it’s that, but usually it’s the flip side. I’m an active investor and I need help on the investing side. So I would ask this, do you mainly or only work in the single family space or is this sometimes multifamily that you help people with turnkeys or mainly single family or duplexes, tries, quads?

Speaker 1 (17:35):

Yeah, it’s both. I’ll certainly talk about the markets and the type of asset classes that we focus on and why. But just to echo your point, it’s okay to not nobody is the perfect business owner and the CFO, but it’s important to understand where your strengths are and focus that and then partner hire in the people to handle those other areas of your business for you. That’s what allows you to not pull your hair out at night and actually grow and scale. So anyways, on the properties that we focus on, it is all residential and we’re big believers in residential real estate because I mean, you’re investing in a human necessity. There’s a housing crisis in many parts of the country. It’s areas where you can have just predictable returns. So we mainly do residential single family or small multifamily. That’s one to four units.

(18:28):

At some point in time, we’ll have possibly a small to mid-size multifamily that we’ll work with specific higher level investors on. But a lot of what we do is new construction build to rent, and that’s about 70%. I think new construction, especially right now in today’s market, if you’re in a growth market like the Southeast, Alabama, Florida, Texas, Carolinas, those are areas where people are moving in groves and where there’s a huge housing shortage. Those are areas where we still see even in today’s market with high interest rates, significant appreciation, both the rents and market value on a property that’s brandly built in a good area, you may have a little bit of ability to come in. Even with equity, there’s more inventory right now. Just to throw a stat out there, David, on a typical market where you would see about 10% of the houses for sale be new construction, right now we’re seeing about 30%, meaning that there’s a lot of builders ourselves included that have excess inventory because institutional buyers stop the gas pedal so much over the past year. So what the point is, is there’s a lot of inventory availability. This means you can acquire better deals in good areas where you can set yourself up for success. So a big portion of what we do is build to rent and people don’t normally associate that with turnkey, but that’s in Southeast and in the Midwest we have the 150,000, $200,000 three bed, two bath renovated house. That’s your workforce housing. It’s just going to be a solid long-term rental.

Speaker 3 (19:52):

And so the people that you work with usually, like you said, it could be newbie investors, could be also that are maybe in the active space or it could have W2 job. I’m sure you work with a lot of people that are just, I don’t know, they’ve got the excess capital or they want to have real estate, but they don’t want to become the landlord or that type of person. They want to just be like, okay, how can it be as passive as possible? So would you say those are the type of people you work with, mainly W2, some investors that are out there, who’s your ideal person to work with?

Speaker 1 (20:25):

I mean, it’s a whole diversity for us. It’s just the people. Where does this fit into your goals and your criteria? And you did a great job of breaking that down. I mean, our business started of helping other optometrists that were just, our close colleagues buy rental real estate because they had a little bit of disposable income, but they were busy just as we were. So they didn’t want to go out and build teams and they wanted advice and guidance on where to make the best investments. So that would be true. We have many professionals, doctors, attorneys, engineers, whatever, that they have disposable capital. They like real estate. They don’t necessarily want to be an active real estate investor. We have some people that are full on business owners. I mean some people that have huge businesses, some people in the mastermind that we’re both a part of where we got connected that are buying rental properties with us purely for the tax purposes.

(21:14):

They’re making millions and millions of dollars on their active real estate business. They’re buying properties with us so they can acquire more real estate to have accelerate the depreciation and pay less taxes that fits their goal, and it’s an easy way, predictable way for them to do that. We have people that live in expensive markets that it doesn’t make sense for them locally, and so they’re almost forced out of state or people that are just starting. If you just want to learn how to set up a rental portfolio, because our goal when we talk about turnkey, we’re not just selling you a property with management in place that’s been rehabbed or built or whatever. Our goal is to help you just as you help people long-term David, you want to create long-term partnerships with them. So our goal is to give you all the tools and resources you need, long-term to be successful.

(21:57):

Do you need a real estate? CPA specific CPA, David, we have you as on the C FFO side, as a recommendation for people that are scaling their businesses. Do you have the right real estate attorney? Do you need to go through a 10 31 exchange? What is the right strategy for you and how do you scale? What are the resources can you tap into, take your portfolio from five to 10 to properties over the next year? Those are all strategies. We work with people long-term so they can continue to grow and scale their business to whatever their goals are. So that’s the type of investors we like to work with and where we see value.

Speaker 3 (22:31):

So it sounds like you’re able to work with them not just to be able to, here’s a property, here you go, thanks, bye. It’s more like what is your goal? Do you want more? How to interact with these people and making sure that they’ve got the right people in place to support them on their journey, which I really like. That’s never fun. It’s like where it’s like, okay, just get the property, buy, see you later. I’ll talk to you some other time. Sounds like you really help people on their journey as well too.

Speaker 1 (22:58):

Again, we’re trying to build long-term relationships with people and candidly speaking it financially in incentivizes us to have you come back and buy more property. So we’re incentivized to see you be successful because no one’s in this game to buy this run rental property, at least knowing one that I’ve dealt with. And so they’re here to build a portfolio and scale. So let us help you learn the strategy to be able to find the best deals that are conducive to your goals, allow you to build a sustainable and diversified portfolio, have access to some of the best deals across the country so you can achieve your goals and have us be a part of that journey. So most of our investors are buying multiple properties every single year and consistently buy year and year again, and we’re helping them to learn how to do that.

Speaker 3 (23:44):

I love, and that’s where on this podcast we talk about money a lot and it’s like making, spending, keeping it. This is a great way to add cashflow into it, appreciation, depreciation, like he said, if you’re already an active investor and need help and instead of creating this silo in your business, you might need to wink up with Zach or someone like him to be able to buy those properties and then you get the tax. I want you to putting more money in your pocket at the end of the day. So it sounds like Zach, you help people do that, whether it be, Hey, I want to give you passive income or appreciation has been happening over the last few years here, or it could be the depreciation and the tax benefits as well as it seems like there’s lots of benefits to going down this road with you as well too.

Speaker 1 (24:28):

Yeah, I mean all that combines, right, everyone. Now, some investors are certainly focused more on cashflow, some more on tax benefits, but regardless of what you’re focused on, all those things are happy simultaneously. And so that’s the beautiful thing about real estate is just growing your wealth through all those things. Even though you may have a strong focus like, Hey, my goal is to reach $10,000 a month, passive income cashflow, great, that’s fantastic. Let’s also be conscious of how do we strategically get there with the right tax benefits, make sure we have the best lending in place. We have some access or we have access to some really creative lenders across the board that I think that’s always interesting for people to find out about. We have builders that will offer seller financing at 3% on an interest selling loan for two to four years.

(25:14):

That really significantly increases cashflow. We have portfolio lenders in our network that will offer multiple investment properties with as little as 5% down on up to five investment properties. And people hear that’re like, well, yeah, that’s Fannie Mae, I need to live in the house. No, this is a true investment property. They’re like, no, but I need to put 20 to 25% down. No, that’s not necessarily true. You just need to know what lenders, but I mean different goals for different people, different financing options. The goal is to understand what your criteria is in your strategy and then help you apply that.

Speaker 3 (25:46):

So if you’re listening to this, you’re really listening to how to become a real investor in real estate, a real estate investor where you might have a business now and you might begin into wholesaling flipping or something like that. But this is how to add more to what you already have going on. If you don’t want to build a team and do it yourself, this is a great outlet. And then if you’re like, you’re listening to this and you haven’t started, but you have money versus the time, this is a great way to jump into real estate and start as an investor and have someone basically handhold you and give you these properties and be like, okay, here’s what the returns mean. Here’s where it is, here’s how we vetted it, all this stuff. So that’s where it’s like, I love this type of thing. So Zach, if people wanted to get more information here or they wanted to reach out or they wanted to work with you, or how would they do that?

Speaker 1 (26:35):

Yeah, thank you for that, David. We always refer people just to our website, it’s, excuse me, rent to retirement.com. That’s rent TO retirement.com. That has links to all of our social to our podcast. We put out a lot of information on YouTube and through our podcast, just all things real estate. You can listen to David on our show. Of course, he provided a lot of value there. You can also text REI to 3, 3 7, 7, 7 if you’re in the car listening to this, and that’ll give you on our list to receive all our information so we’d be happy. Our goal is to always add value to anyone, even if you’re not interested in investing in turnkey, if you just need a lender recommendation, you want some market data reports. If you want some of the resources on the lending side that we just talked about, just reach out. Our goal is to add value to everyone we speak with

Speaker 3 (27:23):

And if they need an eye exam, just kidding, it doesn’t

Speaker 1 (27:25):

Sound like you’re doing, I’m still licensed. I’m still licensed. Still licensed. I won’t charge you for it. Yeah, maybe I’ll throw that in as a freebie for a property and investment property.

Speaker 3 (27:33):

I love that. Get a free eye exam or property. Good stuff, man. I’d probably take you up on that. I’m just one here. But no, this has been great. I love hearing your journey and how you were still doing other things besides real estate, and then you were able to then walk away from it when you wanted to and still do it. Still your passion now, it’s just now you can throw it in with a property. It’s like at your leisure that you can do it. So I loved hearing that journey. I also loved hearing about how you got into it with your own Rich dad. You had your own mentor up front, your father-in-Law, getting into that stuff. So that was a great story. But then also just how passive income and how rental portfolios and how you build that and that you, it’s usually the who, not the how.

(28:16):

This is a who to your how of building a rental portfolio. So this was good stuff. So that was rent to retirement.com. Go check them out. Make sure that if you want to go down this road, these are good people that will take care of you. Then if you’re thinking about this and you’re like, oh, shoot, I have no idea what’s going on in my business. I have no idea if I can even afford a rental property right now, or I have no idea what’s going on. Go to simple cfo.com, help us to help you give you clarity so you can actually sleep at night and buy rental properties and become a real estate investor and a business owner and not a chicken who’s running around with his head cut off or her head cut off. Thank you so much for listening. Remember to keep profit a habit in your business and make it so. And then, Zach, thank you so much for being a great guest on the Profit first REI podcast.

Speaker 1 (29:01):

Thanks, David.

Speaker 2 (29:03):

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

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

Episode: 242

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

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

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

Listen and enjoy the show!

Key Takeaways:

[01:01] Introducing Jay Conner

[05:00] Introduction to private money

[08:30] The Great News Phone Call

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

[13:18] Maintaining relationships with private lenders

[15:40] Private money vs traditional money

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

[25:18] Advice for real estate investors

[29:01] Connect with Jay Conner

Quotes:

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

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

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

Connect with Jay:

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

Tired of living deal to deal?

Transcript:

Speaker 1 (00:00):

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

Speaker 2 (00:34):

Speaker 3 (01:01):

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

Speaker 1 (02:07):

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

Speaker 3 (02:24):

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

Speaker 1 (02:43):

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

(03:38):

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

(04:27):

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

(05:18):

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

(06:10):

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

(07:02):

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

(08:11):

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

(09:06):

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

(10:04):

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

Speaker 3 (10:38):

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

Speaker 1 (11:17):

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

Speaker 3 (12:22):

Right? Yep.

Speaker 1 (12:24):

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

Speaker 3 (12:33):

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

Speaker 1 (13:22):

I mail ’em checks.

Speaker 3 (13:25):

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

Speaker 1 (13:33):

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

Speaker 3 (13:41):

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

Speaker 1 (13:50):

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

Speaker 3 (14:00):

Yep.

Speaker 1 (14:01):

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

Speaker 3 (15:27):

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

Speaker 1 (15:32):

Options. Does that make sense?

Speaker 3 (15:34):

Yeah, that makes sense. A hundred percent.

Speaker 1 (15:37):

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

Speaker 3 (16:14):

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

Speaker 1 (16:33):

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

Speaker 3 (17:33):

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

Speaker 1 (18:04):

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

Speaker 3 (18:20):

Yeah, me either.

Speaker 1 (18:22):

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

Speaker 3 (18:53):

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

Speaker 1 (19:12):

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

Speaker 3 (19:17):

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

Speaker 1 (19:20):

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

Speaker 3 (20:25):

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

Speaker 1 (20:50):

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

Speaker 3 (21:53):

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

Speaker 1 (22:07):

Well pay ’em on time.

Speaker 3 (22:08):

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

Speaker 1 (22:12):

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

Speaker 3 (22:42):

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

Speaker 1 (23:03):

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

Speaker 3 (23:06):

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

Speaker 1 (23:10):

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

(23:37):

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

Speaker 3 (24:31):

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

Speaker 1 (25:18):

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

(25:26):

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

Speaker 3 (26:11):

That’s so good.

Speaker 1 (26:13):

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

Speaker 3 (27:08):

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

(27:55):

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

Speaker 1 (29:01):

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

Speaker 3 (30:31):

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

(31:13):

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

Speaker 1 (31:51):

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

Speaker 2 (31:54):

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