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Building Your Dream Team – How the Right People and Systems Will Take Your Business to 7-Figures Featuring Tiffany & Josh High

Episode 78: Building Your Dream Team – How the Right People and Systems Will Take Your Business to 7-Figures Featuring Tiffany & Josh High

The Profit First REI Podcast

MAR 10, 2022

DAVID RICHTER

If you want to take the plunge and start your own successful real estate business, generate massive profits, and build legacy wealth, then this episode is the right fit for you. 

Tiffany and Josh High are on the show to bring in helpful tips that will guide you to drive better and faster results for your growing business. They will also instill insights like how to invest your money consistently, track KPIs, and keep systems. This power couple knows the ins and outs of the business, so make sure to amp up your volume and tune in for more!

 

Key Takeaways 

[7:10} Learning the value of having a mentor

[8:17] Staying away from fear and friendships attachments

[9:37] What early lessons did both learn regarding handling money, and how is that compared to their current financial situation?

[10:13] If you don’t spend and invest money consistently, it doesn’t result in predictable results

[12:59] Even though times might be challenging, there’s a lesson in that resistance. Take that lesson and apply it, make changes that you need to make, and everything else will work out in the end, so trust the process.

[17:43] What lesson do they want to pass down to their child regarding money?

[20:00] How do they track their KPIs in the business?

[27:01]  Building a business all starts with the foundation and the systems

 

Quotes

[11:47] “When it comes to money, the more you grow the bigger problems get.”

[12:22] “Just keep doing what you’re doing, have faith and trust the process because it’s all going to work out in the end.”

[19:11] “What you lose in risking it all is so much more valuable than not taking the chance.”

 

Links

 

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

David Richter:

Hey, this is David Richter with the Profit First REI podcast. Have another exciting couple here today that we have, Tiffany and Josh. Hi, super excited to have them. I see them all over the place on Facebook. It’s super motivating to me. I love what they’re both doing. They’re actually not only just teaching it, but they do it, and they do it right. They drive results for their own business, for themselves, for the people that they work with. They care about their employees. They care about their family. They work together. They’re raising a child and they’re making sure that they have the right things in place. So I’m super excited about this episode. Tiffany, Josh, thanks for coming on today.

 

Tiffany High:

Thanks for having us on today.

 

Josh High:

It’s been a pleasure. So thank you very much for the opportunity.

 

David Richter:

And I’m really excited because you have a virtual group. You’ve got workshops. I see all over Facebook, YouTube, your seven-figure flippers. But if I had to boil it down to just, so if you’re listening to this episode and a couple words that come to mind results, they’re genuine, they care, they’re authentic, they’re numbers-oriented, they know their numbers. They’re actually driven by that data and not just by the seat of their pants so they know what they’re doing. So I’m excited to start into this. So what got you both started in real estate? Let’s just start from the beginning here.

 

Tiffany High:

So to keep a long story short, about five years ago, I was a leader in the building material space for Owens Corning Global and I oversaw an asphalt division and on the roofing side. And honestly I loved my career. Before that I was an oil trader and I oversaw North American oil trading and I loved trading deal making negotiations. I loved every part of my career path. And what happened was, I’m the oldest of four kids. My youngest brother at the time was only 17 years old. He was diagnosed with cancer and unfortunately he was in a nationwide children’s hospital for almost a year straight. And during that year, while I was climbing my corporate career, I was traveling to a different city and state five days a week. And my parents on the other hand owned a few companies themselves. And as the months went on and I could only see him on Sundays when I’d fly in and drive two hours to the hospital.

 

I noticed that my parents never left his side for over 300 days. Literally, physically, never left the hospital. And I woke up one day. It was actually on good Friday of Easter of may of 2017. And I prayed about it. I had actually no intention of leaving my career, but something told me that I knew that if I wanted to be a good mom someday, that what I’m doing today won’t work, at least not to the type of mom I personally wanted to be. So I walked in, it was actually a corporate holiday. I brought in my boss, I asked him to come in. I’ll never forget the conversation cause I had just gotten promoted a couple weeks prior and I just said, “Look, I don’t know what I’m doing.”, I didn’t even know I was going into real estate, by the way. I said, “But here’s what’s happening. I’m going to put in my notice, I’ll give you a month or two month notice, whatever you guys need. But I feel like God’s telling me to do something else.” And I said, “But if I fail, I hope you guys take me back.”

 

So anyways, that’s how we got the role. At the time I was a private lender for another flipper. And I ended up calling him saying, “Hey, I would love to see the split that I’m lending on. Because I was getting paid 1% a month on my money for about the last two years. I was taking my corporate bonuses, private lending it to my cousin who is a flipper. And he takes me to this house and I walk through it. He explains everything he did and that he was going to make $80,000 on this house. I was like, “$80,000!? No disrespect, cousin, but if you can do this, I can do this too.” And so I said, “How did you learn how to do this?” So he pointed me towards an educational program where he learned how to flip. And I said, “This is what I’m going to do.” Cause my dad was in construction.

 

He own a mortgage company. And this was kind of in my blood. And I thought, “I can do this.” So long story short, I joined the education program. It took me six months to find my first deal. Lots of anxiety in between those six months. And then once I got my first deal, it really ramped up my confidence. And from there it skyrocketed. So we did about 40 rehabs our first year. Then we learned what wholesaling was and we did about 165 wholesales the next year. And we’ve done hundreds ever since.

 

Josh High:

The phone call, Tiff calls me on a good Friday and goes, “Just quit my job.” I was like, “What you… Hold on, wait a second. You did what? So you didn’t want to run this by me or anything? Come on, what’s going on here? So one thing that she was able to do while she had her career, she built small room portfolio as well. And she kind of broke down the numbers and was like, “Hey, even if I’m still doing this, I still have some income coming in over here.” And that income was more than what I was making as a project engineer. So I was in the construction business and that’s where I plugged into the flipping of houses is, I was in commercial construction working as a project manager. And that’s where I saw I could add some value to what she was starting, but she was making more than I was as a project engineer off of her rentals. And I was like, “Wait a second.” My parents didn’t own real estate, they didn’t own businesses or anything. And I took a step back. I said, “This real estate thing is the real deal. I need to start learning about this.” So I picked up a book and then we got into that program and just kind of took off from there.

 

David Richter:

That’s awesome. I also want to point out that you’ve got that little power couple behind you. It sounds like, making that decision on the fly that you’ve got a strong marriage. It sounds like you’ve grown this business together. It seems like type A, because Josh, you run sales, right? Both of you are that power couple. So how is it working in the business day to day together and going through that?

 

Josh High:

So we had a lot of lessons that we learned early on and we had some advice to separate our roles. So before, when we first started the business, we were both doing a little bit of everything. And naturally we were either stepping on each other’s toes or balls were getting dropped. I’d be like, “Hey, did you call this seller?” And she’d be like, “No, you were supposed to call him.” I’m like, “Well, I thought you were calling him.” And then that would cause arguments. Well, eventually we got smart and we started to separate our roles and responsibilities. And once we did that, it was amazing how quick we were able to grow. I was solely responsible for sales she was solely responsible for the systems and marketing and it just grew so fast. It was amazing.

 

Tiffany High:

We’re really fortunate. When we first started, I learned quickly the value of hiring a mentor, that’s in a place where you want to become. So within the first year we hired a one-on-one mentor that sat us down. And the first thing they did was get to know us and understand what parts of the business him and I should be responsible for. And on that day they said, “Tiffany, you’re responsible for X, Y, and Z. Josh, you’re responsible for X, Y, and Z.” And we said, “Okay.” And literally from that day forward, we completely segregated it. So for example, he oversees construction and sales. So when a deal comes in, it goes to transactions. All I’m told is, “Hey, I’ve decided,” he says, “I’ve decided we’re going to rehab this. I need you to raise $150,000 by the state.” So I’m responsible for that.

 

He doesn’t have to question it. I know it’s my job to go and raise the money for that and get that thing to closing. So we don’t step on each other’s to when it comes to leadership, management. Now, is there conflict behind the doors every once in a while? Yes. And it’s healthy conflict ultimately, cause any partnership in a business should challenge each other to level up. But ultimately a lot of people I see in the industry, cause we also measure ourselves to other people now. I see a lot of people join partnerships for the wrong reasons. And typically they’re from the two Fs, the fear or friendship. So they have a fear of not being able to do this on their own. And so they go attach themselves to someone else or they have a friend they think, “Oh, let me go get into business with my friend”, which ultimately results in disaster. So they think, just because they have construction experience or transaction experience or something else that maybe they haven’t learned yet, that they go jump into something and it results in a disaster later on.

 

David Richter:

That’s really good advice. So fear and friendship, stay away from those. The other thing that I want to mention there that you said that you actually listened to what your mentor said, he said, “You do this, you do this. And then from that day on, we did that.” And it’s that simple sometimes, to have someone come in there and be that mentor to you, but then that’s where you hear the stories of like, “Oh, this didn’t work or that.” It’s like, did you do it? No, it didn’t. or I didn’t take that action. So I love that. I love that you practice what you are preaching now. And you’ve practiced it for a long time and have seen great success. So since this is the Profit First REI podcast, let’s shift a little bit to the focus on money and that topic. So what early lessons, both of you, did you learn about money and how does that compare to what you think about it now and how you use it? And I just want to hear, I like to hear people’s backgrounds.

 

Tiffany High:

One thing I learned pretty early. So think about the first six months that I told you, I didn’t get my first deal, took six months. You know what that was a result of?. I didn’t spend money consistently. And so what happened, what a lot of people do is, they maybe drop $2,000 on mail. They don’t get results on it. They get scared. They wait a few weeks, then maybe they test something else out. They wait. And what happens is if you don’t spend and invest money consistently, it doesn’t result in predictable results. So in our line of business, if you’re wholesaling, you’re listening to this, it’s a marketing and sales company at the end of the day, every decision that you make on the sales side should be based off of data-driven decisions. And in order to make decisions off of data, our marketing dollars got to be spent consistently.

 

And so that’s one big thing that I think really hurt me that first six months, is I blew tons of money, just getting my first deal because I wasn’t consistent. Now, as we’ve scaled up and we’re in the multi seven-figure business now, you learn a whole another level of money. So then we get into taxes and we get a lot of other things. One big lesson I learned last year was, I paid Uncle Sam way too much money. So now one big thing that we’ve done this year is we’ve looked to put a board together of a CPA, an attorney and HR, and they’re fractional, just like what you do. They’re fractional people, so that we can make better guided decisions because at the end of the day, once you get to a certain income level, that’s not my forte, it’s not my expertise.

 

And I’ll be honest with you. About 10 months ago, I woke up and I said, “Oh my gosh, I just spent so much money on taxes.” I bought all these books off Amazon. I started reading them and realized I hated reading them. And I was like, “This is not for me. I’d rather just have an expert tell me what to do, why to do it and how to do it next.” And so that’s kind of some of the lessons we’re learning currently when it comes to money. And it’s just the more you grow, the bigger problems get.

 

Josh High:

Another lesson we had learned was one of our first few flips that we bought. We lost $106,000 on and I’ll never forget. We called, actually, Tiff’s parents. We called them. We’re like, “We’re probably going to have to sell our house. We’re probably move in with you guys. We’re kind of in a tough spot.” And they gave us some honest feedback. They said, “Hey, listen. You guys are doing things. You’re doing big things. It’s just, I think that you guys are right there. You’re this close to hitting it. And to just keep doing what you’re doing, have faith, trust the process. And I’m sure it’s going to work out in the end.” So they gave us some solid advice at a tough time. And sure enough, from that property, we were forced to grow. It was like burn the boats type mentality.

 

We’re not going to go back. We’ve already committed to this and we’re right here. We didn’t come this far to just come this far. So what it forced us to do was now we knew we had to shift quickly. This is when we learned what wholesaling was. And literally what came from that is, we did 165 wholesale transactions as a result of that one property. So the lesson learned there was, even though times might be tough, there’s a lesson in that resistance. So take that lesson and apply it and make the changes that you need to make. And everything else will work out in the end, trust the process.

 

David Richter:

That was some awesome advice from parents as well too. It sounds like they’re grounded. They gave you that solid advice at the time where you could have gone two very different routes. One, like you just said, fear or friendship that would’ve been like, the decision made out of the fear. And it sounds like they were like, “No, here’s where you need to go.” So it sounds like that they had that good grounding for you too. Because one of the questions I like to ask is like, “Did your parents ever talk to you about money? Was those conversations around the dinner table or was this more like, “No, you had to foray into it on your own once you got to be an adult.”” So can you speak to that? It sounds like they did, at least on Tiffany’s side.

 

Tiffany High:

That’s a good question. Josh and I were actually raised very differently. So it’s been a journey with us, especially, because I was very fortunate. I had two parents that were both entrepreneurs. When I was eight years old, I love telling the story to anyone out there that’s having a struggle, but when I was eight years old, my dad, long story short, I lost my real dad when I was younger. I have my dad’s engaged to my mom right now. And I’m eight years old. And right before the wedding, he walks into my mom’s house and he goes, “I decided to quit my job. I’m starting a company.” Obviously my mom had me at that time. So I’ll never forget her response. It was conflict, all the stuff. And he looked at me at eight years old and said, “Honey, we’re going to do this. I’m handing you a phone. And this is what you’re doing next.”

 

He opened up, he literally got out a car table in our garage, handed me a phone, handed me a script and said, “We’re going to sell windows siding and doors today.” I literally, at eight years old, had to read off of a piece of paper and call people. And I have stories for days on those calls. So my dad then, took it to a step further. He said, “Why don’t we go door-knocking?” We go door-knocking. I go with him. He teaches me how to read a brochure. So I’m coming up. He comes up saying, “Hey, I’m trying to teach my daughter how to work for a living. If you don’t mind, I’m going to have her read this brochure first.” I read it, got professional reading it and said, “Would you like to buy windows and siding doors for me today?”

 

No one ever didn’t buy from me. I was his network salesperson for like eight years. And so the lessons that I personally got from that, I’ll never forget when we got rich enough to drywall the garage, when we got rich enough to put carpet in the garage. These were big moments in my childhood life. And I’m very fortunate that my parents were able to provide that for me, because I learned a lot from it. And Josh, he comes from a blue-collar family, some of the most loving human beings you’ve ever come from with his parents, but they’re you’re worked a hard job for 20, 30 years and save a little bit of money and live a little bit paycheck to paycheck. So coming in as a marriage, I don’t know, I’m sure other people experience this, but we came back, we came from two different philosophies and that really goes into a marriage conversation of like how you bring those together. But I was fortunate enough personally to see someone else risk our entire family’s life to go after their vision.

 

David Richter:

Yes, I love that, because I probably identify more with Josh. I had a blue-collar, came from that. So I respect both sides of that. Because we’ve interviewed a lot of people too that are in real estate. They were like brought up in that and they were having these conversations. Then we talked with a lot of people and it is, the other side it was. They have to go through their own learning process. So Josh, it sounds like you went through that process. Now you are, you risked it all that. I’m sure that was probably a little bit fearful at that $106,000 loss on the property as well for you too.

 

Josh High:

Absolutely. Without a doubt. There’s one thing that my parents would say to us, every day before we go to school and it was kind of like that blue-collar mentality. They would always look at us and say, “Hey, what are the two keys of the day? Stay focused and stay positive. And when you’re able to do that and work hard, everything else would come together.” And those lessons are something that I’ve taken to heart. I ended up playing college football, so my career playing football, I took that to heart. And then it was no different building this company out. You have to stay focused, you have to stay positive, have faith and everything will work out. So pretty cool experience, getting to this point and we’re just getting started.

 

David Richter:

I was going to say, you guys are just getting to started. I’m really excited where you are now. And can’t imagine in the next few years, so one other quick question on money. What lessons do you want to pass down to your child, in the future, now as she’s growing up to be a toddler and into the future as well too?

 

Josh High:

For me, the biggest thing that I would say is, we’re never going to just give her something. We always want her to know that she’s going to have to work for something. So I don’t want her to feel entitled ever and really instilling that hard work results-driven mentality early on and often.

 

Tiffany High:

Yeah, unfortunately my daughter’s going to be working early. But one thing I’m probably going to teach her, as she grows up, is not to be afraid to lose it all. Cause I’ve lost, think about this. You can go to college, get yourself in $50,000, $60,000 worth of debt. The reality is most people in America today leave college and are already broke as hell. So if you are 30, 40, 50, 60 years old on here and you risk a bunch of money you have saved to go after some vision or some dream and you lose it all. You were probably there before. Every one of us, unless you got handed money down to you, started at zero and you figured it out. So I just want my daughter and any other future kids that I have to understand and love the fact and embrace the fact that they can lose it all and it’s going to be okay. It’ll be okay, everyone survives and what you lose in risking it all is so much more valuable than not taking the chance.

 

David Richter:

And that’s amazing. No, I love that. We ask that with a lot of people and you know, they’re all great answers, but it is, it’s that passing down, making sure that she knows that she’ll have to work for it, knowing that, and if she loses it all, that’s something that not a lot of parents teach their children or even just how we’re reared, the school system, especially, punish mistakes. Punish the mistakes instead of saying, “Oh no, it’s okay. You’re going to make those mistakes. And you can build from there. It’s how you keep going.” So absolutely love that. Love that mindset mentality. So just a couple last questions here. You’ve already talked about data, the results-driven, all that. So tell us about what you track in your business. It doesn’t have to go every number, but are you tracking every single thing from beginning to end? How and what’s the importance of tracking those KPIs and the data for the results?

 

Josh High:

I want to start this one off because one thing that we’re big believers in is keeping it simple. And another thing too is when you start to build a team, whatever you track, your team’s going to perceive to be important. So one thing we did early on is that we would track the number of dials, for example. So what we track today instead of dials is the number of quality conversations, the number of offers and the number of deals. So the reason why we made that shift was because I saw people, they would be so focused on getting the dial count to where it needed to be every day. Well, that’s not what we want to focus on. I want to focus on the quality conversations. If the dials going to be there for focusing on having the right number of quality conversations. And when we have the right number of quality conversations will come offers and from offers deals. So shifting that focus a little bit, we were able to really align on the end result that we actually wanted and it really drove results.

 

Tiffany High:

Yeah. And I’ll never forget some of the first events we went to the industry. And they spend like three hours and throw all these spreadsheets and blow everyone’s mind with all these KPIs. And what happens is, it results in all these students walking out the door and instead of focusing on the actions that get the results, they’re having all these anxiety attacks over, “Oh my gosh, I’m not tracking these 500 KPIs.” Very few KPIs are what impact the actual bottom line of your company. And it’s not that you shouldn’t have sheets that are tracking other KPIs, but your primary KPIs, that individual folk, that every individual on your team focuses on, should be three to five at max.

 

Josh High:

One thing we do a lot is, we do an exercise. So if anyone’s listening, grab a pen, grab a paper and start to write down this example. A lot of times people ask, “Hey, how do I get to six-figure months?” So if you want to have $100,000 a month, there’s six or seven KPIs that you need to know. First and foremost, you need to know your average profit per deal. You need to know how many leads you need to create, to create a deal or a contract. You need to know how many offers you’re going to create or how many offers you have to make in order to land a contract. So then when you’re able to backtrack, “Okay, my average profit per deal, I have a $100,000 deal divide that by my average profit per deal. That means that I have to have X amount of deals. In order to create this many deals, I have to this many leads and I have to make this many offers.” So now we can backtrack to the exact week, down to the exact number of offers that we need to make and how many leads we need to create, to create enough opportunity to make the right amount of offers, to have that six-figure month.

 

Tiffany High:

So let’s say, someone out there has two closers on their team and the data is saying that it takes 24 offers to hit your goal. So if you divide that by two closers, now your closers have a number that they’re held accountable to on a weekly and daily basis. So if they have 12 offers, they have to make this week, then they know how many on average they should be making a day. So if you’re having daily consistent meetings with your team going over yesterday’s metrics, you can’t get too far behind when you’re making all of your management leadership decisions based on data. So if someone’s not performing in your company, but they have metrics they’re held accountable for, it’s not a surprise if they have to go, cause you’re constantly meeting with them leading them and managing them by data. So that’s on the acquisition side.

 

Tiffany High:

Once a deal closes, we have some key metrics that we close or that we pay attention to. How long was the lead in the system until we landed it? So let’s hypothetically say that cold calling leads, on average, for the last year, have taken 165 days to go into contract, let alone turning into money 30, 60 days later. I track that by campaign, I track my cost per lead by campaign. One big thing we have in our company is what we call file specialists in a closer. And some companies call it setter/closer, they have all different names. And we pass off how much revenues coming from those follow specialists to that. So let’s say my company closes two million dollars, but 1.9 million of the 2 million came from a file specialist passing on to a closer.

 

All these data sets tell me a story and tell me where to focus my time, energy and investment into the future. But back in the day, when I first started in the industry, I would go to these events and they’d be tracking just crazy Cape. I don’t even know if it was like a sales tactic, on some guru ends where they would get you so freaking confused in an event that they would try to upsell you or something. But we try to keep it really simple. Now, obviously there’s other data that can give you red flag indicators to help you manage your team. But ultimately there should be some very core KPIs that your team’s held accountable for in every single role in the company.

 

David Richter:

Yeah, no, I love that. And you can’t manage without that data and build that business. And like you said, those numbers tell the story, it tells a real story. There’s no sales tactic that a salesperson can bring to you and cover up when you’re looking at the raw data right in front of you. So absolutely love that. Then I think another key piece there that you said is those daily meetings that you have with the team, because it’s those daily things that turn into weekly, quarterly, yearly wins to when you eventually, if you ever sell your business or whatever, and score, grand slam, home runs, whatever, because it’s usually people think, “Oh, I just have to put in this small amount of effort this time, and I’m going to see these huge results.” It’s not, it’s these daily things, over and over again. The daily measurements and holding those people accountable.

 

So you guys have provided an insane amount of value here today on this episode, so I really appreciate that. I have one more question and then we will wrap it up here. Since you provide so much here that I could just go on and on, but is there anywhere our listeners can provide value back to you? How can they connect with you? What are you working on right now? I know that you do mentor, and highly endorse Josh and Tiffany here. So please follow them, follow their social media if you just want to be encouraged. Tiffany’s always posting, I see her posting a lot about the ups and downs. Just the real things that have gone on in her life of like, “Here’s what it is. Here’s how you can do better.” So follow them on social. But then what would you say they can get in touch with you or how they can provide value to you?

 

Tiffany High:

Yep. You can follow our social media. We both have Instagram, it’s @tiffanyhighofficial, and then @joshhighofficial. Our website is tiffanyandjoshhigh.com. And you can read about, or you can see a link there about, our monthly virtual group and then our two-day workshop. We also have a six-month program. But one thing that probably is a little bit different about us is, I’m a big believer that people, I don’t care if you do three deals a month, 20, 30, 40, it doesn’t matter to me, that it all starts in a foundation in the systems and then from there we build a team upon it and then from there we train our team and continue to build upon that. So I get a lot of people that come to me doing 30 deals a month in my program, and I still make them start at square one. So I don’t just take money to take money, I believe in the process. So I make everyone follow the process, but you can find us there. We both have Facebook. Is there anything else I’m missing? We do have TikTok, but we don’t have very many followers, so it’d be great if you all followed us.

 

David Richter:

There you go. There’s one way you could blow up their TikTok. So listen to this episode, go follow them there. Then we’ll make sure that we have those in the show notes too. If you missed that, we can make sure that you can reach out to them. Josh, Tiffany, this was an amazing episode. Thank you so much for providing the value that you did today and thanks for sharing your thoughts.

 

Tiffany High:

Thank you.

 

Josh High:

Thank you for having us.

 

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? Can 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 in 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 our Facebook group right there.

 

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 links 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 want to 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.wpengine.com/apply, or just go right to simplecfo.wpengine.com. And there’s an apply button right on there. If you want to 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 on 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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