Couples Who Invest Together: The Secret to Mel & Dave’s Real Estate Success

May 21, 2024

Title: “Couples Who Invest Together: The Secret to Mel & Dave’s Real Estate Success”

Episode: 233

In this Profit First for REI podcast episode, we feature The Investor Couple Mel and Dave! Today, we have Dave as our guest, and he shares incredible things about real estate investing.

Dave Dupuis of the Investor Mel & Dave are innovative real estate investors and award-winning mentors who have acquired over 240 apartments in just a few short years in Canada, the US, Mexico, and Costa Rica. He will tell about his real estate investing journey, how they creatively buy a deal and some of the things that make them unique in the real estate space.

Enjoy the show!

Key Takeaways:

[00:58] Introducing Mel and Dave

[02:12] What is it like working with your spouse?

[05:01] Getting into real estate

[07:47] Buying Mel and Dave’s first property

[15:33] Paying back with interest first

[21:55] The coaching structure

[24:42] Get a coach and keep books up to date

[26:24] Dave’s advice for real estate investors

[26:37] Connect with Mel and Dave

Quotes:

[05:53] “One of the biggest breakthroughs that they have with people is fear. Getting over that fear.”

[15:26] “The most important thing is I am looking at my time versus effort… and how much money I can make. Most importantly, because I’m using other people’s money, paying them back with interest first.”

[25:33] “Get a coach and make sure your books are up to date from Day 1.”

Connect with Mel and Dave:

Website: https://investormeldave.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):

If I’m not being the visionary and the guy that wants to go buy deals in Mel as well. If we’re not bogged down with, okay, now we’ve got to be bookkeepers, now we got to be accountants, now we got to be CFOs. It gives us more time back to pursue what we love doing and what we’re good at, right? Just like I don’t want to become a lawyer so that we’re an attorney just so I can, I pay them. That’s why. Same thing with you guys. It’s a service that helps so that I can do what I’m good at and I know what I’m not good at. So yeah, hundred percent.

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):

Today we have Investor Mell and Dave. Well, we have the Dave portion and they are incredible real estate investors. He has a firefighting background and he tells about his real estate journey, how he creatively buys a deal, some of the things that make them unique in the real estate space. And this is an episode where if you’re wanting to make more money, I know that he can help you and gave some very actionable advice. They’re also a husband wife duo and he gave the secret sauce to staying married while you’re working with your partner. So I hope that helps you as well too, especially if you’re working with your significant other. Thank you for being a listener of the prof. First RI show. Hey everyone, it’s David Richter here again of the Profit First RI podcast here with a super special guest here today. We have of the team investor Mellon Dave, we have the Dave portion, so we’re missing the MEL portion, but we will have to get both of you on sometime. But Dave, thanks for being on the podcast today.

Speaker 1 (01:49):

Yeah, David, thank you so much. And what’s funny, sometimes we do have to divide and conquer and I’ll actually get the question, oh, we wish we had Mel today instead of you. It’s like, alright, so thanks for not saying that. I appreciate that.

Speaker 3 (02:01):

Yeah, for sure. Well, I know you team, you are a dynamic duo, you’ve got a great team and you know what, before we even get into what you do, how is it working with your spouse?

Speaker 1 (02:12):

So a lot of people will tell me that, even friends, how do you guys work together all the time? And we learned in the beginning very quickly that just like any other couple will have disagreements, we’ll have arguments sometimes and I think our secret sauce is get over it. Is this getting us in the better direction or the worst direction and get over it. So I know sometimes I’m wrong, she knows sometimes she’s wrong, but we have our disagreements and we move on, we go to the next thing. So yeah, we get over it.

Speaker 3 (02:41):

Well, that’s pretty cool. So you came to that agreement. How many years did it come to that? Was that first year or was that 10th year?

Speaker 1 (02:48):

You know what, I don’t even remember. I don’t even know if we had the conversation. I think we just sort of, it happened and it worked and we both kind of know it worked. So I know what I’m wrong. I just eat it and keep going on. But any other married guy, but yeah.

Speaker 3 (03:05):

Okay, well that’s very interesting. I like that a lot. So how long have you guys been working together, I should say, and have this business where you’re helping a ton of people?

Speaker 1 (03:17):

Probably. Well, Mel quit her job in 2018 and I was shortly after I used to be a firefighter and she worked at our local college here. So yeah, probably 2018 right before Covid is when we kind of full-time nonstop all day every day together.

Speaker 3 (03:32):

Yeah. Okay. So it’s been several years. Where are we now? 20, 24. So six or seven years into it that you guys are, can you believe it? That’s already 20, 24 it seems like just yesterday it was another year. But I like that secret sauce a lot where you guys have come together with that. I think a lot of people would be scared of working with your spouse too, because let me ask this, have you ever taken a personality test or whatever? Are you both the high A or the red or whatever it might be, disc high D. How do you guys fall on that? I don’t know if you’ve ever taken one of those.

Speaker 1 (04:09):

Yeah, we have. So I think I was like 95 or 98% D and then I think she was half and half di. That’s

Speaker 3 (04:20):

Awesome. That’s a very much you both seem like you might be drivers then she’s a talker too.

Speaker 1 (04:30):

Well she’s kind of the glue where I’m like, okay, let’s just go and okay, let’s go, but let’s make sure that she’s a little bit more of the break, but we’re still very much gasped, but she makes sure that the plan follows through and that it’s not just a pipe dream and another idea. So yeah.

Speaker 3 (04:47):

So then would you say you’re more visionary, she’s more like integrator operator in the business?

Speaker 1 (04:53):

100%. 100%.

Speaker 3 (04:56):

So whose idea was it to get into real estate and to go down this road?

Speaker 1 (05:01):

Well, okay, I love that. So this was something that was both of our passions. So I met Mel, she had a previous marriage, so we’re a blended family now. We have three kids. So she has two from her previous and one together. And one of the most attractive things to me about Mel was that she had income properties and I was like OMG, right? When I met her, I had bought in a single family home. I was living in it and I wanted to do it. It was a big goal of mine, but again, I didn’t have that integrator to do it and I was scared and nervous. So when we met it was like, all right, let’s take this to the next level. So yeah, it was both of our ideas. She was doing it performance, to be honest. You beat me, but yeah. Oh

Speaker 3 (05:42):

Well that’s very cool. And I love how you said that was attractive to you, someone who’s been out there and done something. I was just earlier on with someone and they said one of the biggest breakthroughs that they have with people is fear getting over that fear. And if someone’s already gotten down that road, gotten their first house, usually they’ve already conquered at least that first hurdle. So it seems like that was very appealing to you and you were a firefighter, so you came from the fire. Well that’s awesome. So how did you hear about real estate or was it through Mel or was it before that while you were a firefighter and you were reading? What gave you the bug while you were doing that other stuff?

Speaker 1 (06:23):

The first time I even thought or heard about income properties was when I was little. I was in high school I think, or even grade school or high school, I forget now, or middle school. And one of the guys on our hockey team, his dad had income properties and he lent me a book and I read it and it kind of planted a seed and it must’ve been what, 16 or 14 I guess doesn’t matter. But it planted that seed and as I was growing up and I kept hearing about it, I was like, ah. And then I think I met Mel when I was 25, 26, and that seed was still there. And more and more I was a firefighter and still I was like, Hey, I got my dream job. I went to school, bought a house, I should be rolling in it. And I think that’s when I was like, you know what? I got to get into this passive income. I got to get into real estate. It was a book from one of my hockey buddies on my hockey team and then met Mel and yeah,

Speaker 3 (07:16):

That’s pretty cool. I love that. Where I started, it was a saw star with a book for me it was Rich Dad, poor Dad. So I’m not very creative, so I got into it there, but that’s awesome. I love that journey. Then you partnered with Mel and sounds like became life partners too. And then from there, is that when it started growing because then you got involved as well because the visionary brain, it’s like you want to go a mile a minute in 16 different directions. So how did that go when you first started ramping up?

Speaker 1 (07:47):

So just like everyone else, we bought the first one together using our own savings. Then we refied a year later at the bank, and then we bought another, just the typical same story that everyone says and then the financial, and we were buying our own names back then. So the banks said, I think we had four or five, and they said, no, you’re maxed out. Head office says, no, you’re done. And we’re like, what do you mean we’re done? We have high income. Our total debt service ratios are good. What do you mean? So that’s when we found Rich Dad, poor Dad. I wish I read that book earlier. That’s when we found that rocket fuel and realized other people’s money and good debt. And then the second we found that we literally bought 12 properties in 12 months. So it was that ingredient of stop taking nowhere from the bank as a end all be all and other people’s money, right. Done properly obviously, but that was the rocket fuel, right?

Speaker 3 (08:43):

Okay, that’s so cool. I love that you are on your journey and then basically the bank, which is hilarious, right? It’s like you said, high income, you’re still a great risk. The debt to income still up. It’s not like you were going wildly out and they’re just like, they cut you off at the knees to be like no more, which forced you to do something creative.

Speaker 1 (09:05):

Thank goodness they did that to me. Yeah,

Speaker 3 (09:07):

Yeah, yeah. It’s like when you’re going through it, it’s like what the heck is going on here? But okay, no, I like that a lot. And then you read Rich Dad pour and then you poured gasoline on that fire it sounds like. Then when did you get the passion that you wanted to teach people and get into coaching?

Speaker 1 (09:25):

Okay, I love it. And thank you for asking that question because Mel and I fell into it. Honestly, we were so now we’re all over social media, loud and proud and all that stuff, but we had scarcity mindset. We weren’t telling our parents, we weren’t telling our friends guys at the fire hall. And I’m like, don’t worry about it. You know what I mean? Just don’t worry about it. And then so bought the 12 properties in 12 months and then in 2018 we were actually on our way to Niagara Falls for a real estate conference and had a terrible accident. We rolled on the highway four times. Almost the police officers that attended were like, I can’t believe you’re walking out of this. This doesn’t even make sense. And not to get all cheesy on everyone here, but life does flash before your eyes. We had 18 properties at that point, I think about 76 doors.

(10:14):

And what was I going to say? Mel was so worried about I got to go to work next week and we’re traveling, but now I’m scared to travel. And that’s all she kept saying and I was like, oh my gosh, we’re alive. Don’t worry about work. And she just, anyway, she couldn’t get off it. So thank goodness we had real estate. So she was able to walk away from her employment, but at that moment is when we realized why are we scared? Why are we not telling people we have a system that works? And then we literally decided, no more scarcity. Our kids don’t even know how we’re buying buildings. We need to start helping other people and showing other people. And then literally we wrote a book, we started one off, we did two beta programs, beta a, beta V. I had maybe five or six people and they’re like, oh, people actually want to learn this stuff. And then we’re like, the second one had 20 people and next thing the action family was created. So it was literally backwards all from almost dying pretty much.

Speaker 3 (11:10):

Wow. Yeah, it sounds like a scary situation, but almost like where you said before the bank cut us off at the knees, but we got through that. It sounds like thankfully, because you were able to walk away from it and everyone is still here. It’s like that turned out for good as well too. It seems like it’s now how many people are you teaching at a time

Speaker 1 (11:33):

In the action family? At the time of this recording, I think we had 2080 students, so over 2000. I know if you had told me that at the hospital that day when we got cleared that you’d have 2000 students, I would’ve said Yeah, yeah, good one. You’re crazy. Yeah.

Speaker 3 (11:49):

Oh man. Okay, then what was that growth journey like? Because let’s be honest, you go out to Facebook, Instagram, there’s so many people that try to get into the coaching space that try and get out there. A lot of them don’t have 76 doors before they do it or have properties and have a good system. What made yours different that so many people have been attracted to it?

Speaker 1 (12:15):

What we hear a lot is because we’re pretty surface, Mel and I, it’s what you see is what you get. I think the difference, a lot of people will tell us, Hey, you guys just seem like trustable down to earth people and we stand behind what we teach, right? Because again, if we’re putting our face on something, we have three kids. I can’t be out there lying and doing bad things. I’m a dad first, so I agree with you. It’s honestly what we teach is exactly what we do. We now have over two, we’ve now purchased over 250 units and we’re doing it in five countries. And that’s literally what we show people how to buy properties, income producing properties, using other people’s money done properly. You got to pay them back first. You have to exit using no joint venture partners. That’s our biggest thing. So just like you, the profit first, I want to keep all the profits. I don’t have partners, I don’t join JVs. I do borrow money and I pay them right interest, but no partners, all we own everything.

Speaker 3 (13:14):

Oh man, there’s so much to uncover and explore here. The first thing I want to do is the JV partner. When did you take that stance? Did you have a bad experience that said like, no, or was this is the line is saying we don’t ever want to do this.

Speaker 1 (13:29):

Well, okay, so we’ve never done a jv and I’m not against JVs. I’m not here. I have a lot of friends that make a ton of money, so I’m not here, don’t take it as Dave’s saying, we’ve never done a jv. And I think going back to your Dave, what’s your personality, you and Mel, but having the d and di in the beginning when we’re like, okay, let’s take this to the next level, everyone kept saying, oh, well if you want to do that, you have to have joint ventures, you have to have JVs. That’s the only way. And we’re like, but I don’t want to share the money and I don’t want, more importantly, the decision making. So I think we took our hard stance there was let’s do it. You still using other people’s money and show people wrong? And we made that decision and never went back on it. That

Speaker 3 (14:11):

Was both your Ds coming out of, they told me we have to do it this way. What’s a different total way that we can do? That’s great. I love that. That’s that entrepreneur spirit in you. And so you teach a lot of people how to buy the income producing properties. Now are these a lot of single family multifamily? What kind of properties are you teaching?

Speaker 1 (14:30):

We specialize multifamily. I love multi, however, we do have people that do single family homes. We just bought a single family home in Ohio and Iceberg project. But yeah, our specialty, our main lane is the multifamily. Yeah.

Speaker 3 (14:44):

Awesome. And when you say multifamily, is this a big unit? Is this small five plus units or just so because I say multifamily and some people might be thinking the smaller ones or is it It’s like a massive building and you got a bunch of apartments

Speaker 1 (15:00):

And Oh gosh, we have all of the above. So I shouldn’t say that. Not hundred. Our biggest building at this point is 50 units. So someone might think that small, someone might think it’s huge, but I’ll still do a duplex and a triplex. David for example, we’re doing a flip in Cape Coral, Florida, write a single family home. We’ve got a triplex under contract in Akron, Ohio. We’ve got stuff in Texas and Canada. To me, the most important thing is I’m looking at my time versus effort and all that and how much money I can make and most importantly because I’m using other people’s money, paying them back with interest first, right? My exit is I can’t stress enough is my most important, but honestly, if it makes money and it’s a low hanging fruit and I can execute it, it doesn’t matter to me if it’s a 10 plex or five plex.

Speaker 3 (15:46):

Awesome. So it sounds like you’re teaching investors wherever they are on their journey too, whether it’s like they’re just getting in and it’s getting started and they could buy a smaller building or the 50 unit if they’re down the road. It’s like because you teach to buy these creatively, correct?

Speaker 1 (16:02):

Yeah, exactly. So our go-tos are three are seller financing, so seller financing, owner financing, they have names everywhere, carrybacks, vbs, whatever. Basically all the same thing using retirement funds and then also as mortgages and then also promissory notes. So those are our three key go-tos that we’ve scaled our portfolio and then we’re showing other people as well.

Speaker 3 (16:24):

So then you’re showing people how to use or how to structure the seller finance offers. That’s very interesting. On the IRA one or the retirement account one, do you teach people how to find those people that will fund deals for that or what does that specifically just if someone has never heard of using that to buy real estate?

Speaker 1 (16:45):

Yeah, so both, right? We’ll show you how to find structure, negotiate with these types of investors. We’ll show you how to make sure that the deal can actually support it because not every deal can support close to or a hundred percent financing. So we show that as well. And then I can’t say it enough how to exit it, how to pay everyone back with interest. So all of the above,

Speaker 3 (17:05):

David. Okay, well this is awesome. Well, it sounds like as I’m digging and digging, why more people keep joining because you’re really getting to the brass acks and you’re getting it to where it’s on people’s level. And I love the node JVs where you even equated it to profit first, making sure that you’re taking home as much as you can versus Well, I love how you said it too, because you have lenders, so you share a little bit of the money with them, but the decision making process is with you guys where I feel like you really made that distinction where JV is like partnership, but it’s partnership of money and mind. You have to run everything past them all the time and you got to try and that’s a lot of partnerships if you just go down that road.

Speaker 1 (17:46):

And David, if I can give you a quick example of something. Yeah, for sure. One of the buildings we just refinanced, so Mel’s oldest daughter’s gone to college. We had that, we had to do some house renovations, lake house renovations, and we had a building sitting there that had interest rates back from 20 20, 20 21, I forget exactly where they were very low and we wanted to do a refinance at a higher interest rate with our payments going up and our cashflow going down. But we were taking out a large sum of equity. We thought Mel and I laughed to ourselves, yeah, we’re okay to do this because it’s already a racehorse property and we’re still going to cashflow but less, but it’s going to help with our lifestyle, different things. We said imagine we had a joint venture partner and we went to them and said, Hey, can we refinance this at a higher interest rate making less cashflow? And I know it might not be the best business, but we knew that we could do so. And again, it wasn’t our first deal, but the JV partner would’ve laughed us out of the room. They would’ve said, why are you kidding me? So again, this is the benefit of having a hundred percent decision making where we were comfortable with it. We use you guys simple CFO obviously, and you guys helped us look at the numbers and make sense of it. But that’s just an example of recently of yeah,

Speaker 3 (19:00):

And I love hearing that thought process. Like if we had a jv, we would never do this and it might not have made the best business decision, but I love what you said even before you’re a father first. So it’s making sure that the business is supporting your life and your lifestyle and helping the people in your family versus at that point, if you had a JV partner, they’re your veto. You have to take care of them first, even before your family. If I put it in that perspective, you have to ask their permission to do right by your family. So I really liked that. I like that a lot. So like I said, as I pulled back the layers that why you guys get, you got so big and you have so many people following you because you are, you’re a man of your word and woman, I can’t leave Mel out of here just because you’re not here.

(19:49):

You both are a powerhouse team. You stand behind what you teach. I love that time versus effort because we’re investors, but like you said, we’re family people. We’re human beings first. What monikers do we put on ourself? And then I do like how you said you always are taking care of those lenders. I think that’s also if you’re going to be in real estate and you’re going to be in there a long time and you’re going to help a lot of people, you have to have high integrity and especially with the people that lend you that money. So this, it’s been a lot of fun talking about that. You did bring up simple CFOI did wonder how has that helped you make financial decisions during this time? It sounds like for that one it was working through the numbers, but just being able to have someone on your team to help you through financial decision making process, if you don’t mind me asking.

Speaker 1 (20:39):

No, a hundred percent, a hundred percent. David, I can’t say enough good things about you guys and your company and how you’ve helped us. I’m so glad we met. Just again, I’m a real estate guy. Mel’s a real estate lady as well, and these forecasting and all this stuff, I was a firefighter, I wasn’t an analyst. I like buying buildings and I know how to make money and pay people back. But all these projections and making sure that p and ls and all this stuff you guys have made it so much easier because of that. Which okay, think about this. If I’m not being the visionary and the guy that wants to go buy deals in Mel as well, if we’re not bogged down with, okay, now we got to be bookkeepers, now we got to be accountants, now we got to be CFOs. It gives us more time back to pursue what we love doing and what we’re good at. Just like I don’t want to become a lawyer so they’re an attorney just so I can, I pay them. That’s why, same thing with you guys, it’s a service that helps so that I can do what I’m good at and I know what I’m not good at. So yeah,

Speaker 3 (21:41):

That core genius. It sounds like your core genius is working with over 2000 students there. Do you mind me digging in just even a little bit more on the coaching side? I’d really love to know, do you do lives with people weekly? How is the coaching structured in the fact of you get the information to people? Do you have a bunch of coaches on your team? And I’m very curious how you structure it for the people, a lot of people you work with.

Speaker 1 (22:10):

So a lot of different ways. So there’s a lot of group learning. There’s obviously some videos and documents people need to get up to speak with.

Speaker 3 (22:15):

I like that.

Speaker 1 (22:17):

So there’s some group learning as well. Then there’s the networking community. There are some one-on-one aspects as well. If people choose to do so, excuse me. And then there’s always bonuses. Mel and I are always trying to over-deliver and how you stack and so we’ll have special guests. I’m thinking you’re going to come talk to the action family as well. Teach them the ways of how to profit first and all that. We’ll have attorneys and mortgage brokers and insurance brokers, all the professionals that they would need. They’ll come in on bonus sessions, just help them. We introduce ’em to the same people we use so they don’t have to reinvent the wheel. Whole goal. When we had the car crash, it was literally what do we wish we had when we started? And that’s what we went down the rabbit hole and that’s what we created is just yeah, went from I love

Speaker 3 (23:08):

That. Yeah, so you’re meeting people where they are, it sounds like. It sounds if they need the self-paced and they can do that. And then there’s the group aspect, which you got to love a network. Your network is your net worth. So you’re facilitating that. And then it sounds like if people want more one-on-one time with someone, it’s like you’ve got that avenue as well and then you’re cultivating the relationships you wish you would’ve had and you’re helping people get to where you were just faster because now you’re helping them cut down on that learning curve a lot. So sounds like an awesome thing. And like I said, peeling back the onion of why you have so many students with you that love you guys because I only hear great things about what you’re doing too. And obviously we get to see behind the scenes and it’s like these are real investors and that’s what I love about this is when people like you who have such an influence also care about your own business and your financial house and the people in your family.

(24:04):

I love that illustration that you just gave of refinancing. It might not have best the best business decision, but it was for what we needed for at this point with our daughter. And it’s like I love absolutely love stuff like that. That’s why I cannot recommend you guys enough. I want to get you guys out there. I know we’re doing more things with you to try and get your stuff out there. You guys do an incredible job. I did want to ask just a couple last questions is if you had to start all over again, is there anything that you would incorporate or bring on or whatever if you were starting real estate day one again?

Speaker 1 (24:41):

Okay, great question David. So I’ll say two things. I’ll talk about it from the real estate side and then also from the bookkeeping side is get a coach or mentor. Don’t look at it as paying money. You’re literally buying time and you’re avoiding mistakes. It’s going to pay for, I wish I got a coach and mentor in the beginning. Those 18 properties in our own name were a disaster. Yeah, anyway, bad advice. But yeah, so definitely you’re buying time back and you’re buying avoiding mistakes. The second thing is because of our personalities and growth in fifth gear and Brooks and all of that kind of stuff that doesn’t, I’m not strong in, was in first gear. I strongly recommend from day one, make sure your books are solid and then everything’s up to date because at the end it’s going to stop your growth, right? And it’s going to stop doing what you love. So get a coach and make sure your books are up to date from day one. Smooth. What is that saying? Smooth is slow or no, what is it smooth

Speaker 3 (25:40):

Or what is it? Slow is

Speaker 1 (25:41):

Smooth. Smooth as fast. Yeah, hundred percent.

Speaker 3 (25:45):

That’s good stuff. Well this means a lot coming from you because you’ve built something, you’ve built something great, you’re helping other people and it’s like a lot of people out there in the coaching world just like all the time just go full out, play full on. It’s like we want you to, but you also have to make sure you’re building what you want around. And that’s what I’m hearing from you is really get someone to save your time and then also make sure you’re building what you want and the numbers reflect what you’re trying to go after. So nah, this has been really good. Do you have any other advice that you’d like to get out there? And then I’d like for you to point people how can they get in touch with you?

Speaker 1 (26:23):

Yeah, no, I agree with you. Stabilization periods you can have peaks of growth, but at some point you’ve got to stabilize your portfolio and reposition it and make sure that’s more important than growth in my opinion is making sure you’re solid. And then yeah guys, we’re all over social media. Definitely reach out to us. I know David, I’m sure you’ll put a link as well. And guys, if you’re ever interested in joining the Action family, please reach out to us, make sure we actually have a bonus. David, we chatted about it. So because thank you so much for having me on your platform, David, we have a bonus for you guys, right? If you’ve been following David and you’re coming from simple cfo, excuse me and David, let us know. We have an exclusive bonus for you guys that we’ll chat about and if ever you guys do book a call. So yeah, don’t be shy and make sure to mention Simple CFO and we’ll let you know the extra bonus that we’re giving to David and his audience. I love it. Awesome.

Speaker 3 (27:16):

Well, and you can find them, it’s Investor Mellon, Dave, all over social media and all over everywhere. So if you want to look them up, we’ll also put the specific link in the show notes and probably email this out too. This is a good episode, really good actionable advice and just where you are right now, I feel like you gave a lot of stuff the secret sauce to marriage, forgive and forget, move on, keep going if you’re going to be married and working together from that all the way to just have integrity, do what you say you’re going to do, put that family in first position and don’t have the JVs that hold you back from even doing that and doing the stuff that really matters to you. Make sure you have the books and the numbers and the clarity so that way you’re building the business you really want to.

(27:57):

Lots of great advice here. Stabilize the business. It’s been really good. And if you’re out there and you’re wondering like, okay, how in the world do I get something in here so I know my numbers and whatever, go to simple cfo.com. You can actually go to for this episode, go to forward slash mel Dave, because they were promoting us here. I want to promote them back too. But if you go there, you can book a call with our team as well just to help you get your head around the finances a lot of people need and just those baby steps, the baby step to financial clarity in your business. But Dave, thank you so much for being here today. I really hope in the future we can get both you and Mel on just because I like your dynamic together as well too. So we’ll have to do another one. It’s just an excuse to get you back on as well too. So I’d love to do that with you both. But thank you so much for being a great guest here today.

Speaker 1 (28:49):

Thanks for having, I was going to say, awesome, so you staying us. Thanks for having me on David, I appreciate it.

Speaker 3 (28:53):

Yeah, and then like I said, if you are out there, follow Investor Mellon Dave, and then also remember to make Profit a habit in your business.

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.