Find Your Purpose and Leverage Systems: A Money Growth Strategy With Damon Remy

July 12, 2022

Episode 95: Find Your Purpose and Leverage Systems: A Money Growth Strategy With Damon Remy

The Profit First REI Podcast

July 12, 2022

David Richter

Summary:

If you’ve been around in the real estate space for quite some time, then you’ve probably heard of the software REI Blackbook. Through the years, it has served its mission to make marketing and sales the easiest way to run your business. And behind its unwavering success lies a superstar team run by Damon Remy.

Damon Remy is the founder and CEO of REI Blackbook. He’s on the show today to navigate the learning lessons, challenges, and triumphs that he has faced over the past 14 years. If you’re looking for some good advice, then grab a cup of Joe, put on your headphones, and start listening to this hotshot real estate magnet.

Key Takeaways:

[2:54] As a business owner, you have to figure out how to separate yourself from the competition.

[9:43] The value you get from leaning in to others

[11:19] Why does he love empowering others to pursue their passion?

[13:52] What are the lessons that he has learned around money and what does he think about money today?

[17:42] The most important thing he learned is: Once you really, truly get it, life changes. And money is just a tool.

[19:58] Having a system that manages that money and making sure that you pay yourself first.

[21:43] His advice to the real estate community

Quotes:

[1:58] “I love systems, and there are systems for lead generation, there are systems for follow up, there are all kinds of systems.” And absolute Profit First is a system for money. “

[13:07] “There’s no one in the world who doesn’t like money. What money provides for people is what makes it likeable.”

[22:10] “You cannot copy somebody else’s vision. You cannot copy passion, you cannot copy their purpose, so go get some clarity on that. “

Links:

REI Blackbook-https://www.reiblackbook.com/trial/?fpr=sergei27

Damon’s Facebook- https://m.facebook.com/damonr

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:

Damon Remy:

You know, you need the money to make that easier to go contribute. And once you kind of learn some things, which, what you have done with the Profit First model, you kinda got that figured out. So now you get to go contribute back to others, man. So

Speaker 2:

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

David Richter:

Everyone. It is David Richter here again with the Profit First REI podcast, another special guest today, Babin Remi. And he is one of the people that has been a huge influence on my life. I believe cuz I’ve, I’ve known him now probably maybe seven years, seven or eight years because we used REI Blackbook, which he created years ago and actually used it in the business. When I was, if you’ve heard me tell my story where we were doing 25 30 deals a month, that was one of the big systems we were using to manage the property. So I loved it. It was a great tool for what we were doing for, from the beginning to the end and this was years ago. So I’m sure it’s even catapulted since then for the system. But it, it was an incredible system. He’s an incredible systems person and just an incredible person. I get to see Damon kind of behind the scenes, you know, like at these masterminds and whatnot and just how other people respect him that are in our space, then how they treat him in that. He’s the real deal. So Damon, thank you so much for being on today, man.

Damon Remy:

Well, I appreciate it man. And I just wanna say congratulations, dude. I mean it’s a big moment, man. Yes. Launching, launching the book and I mean, I don’t know when this podcast is gonna air of course, but yeah. You know, either way, whether it’s launched already or just, I know it’s just about to launch so congrats, man. I love systems and there’s systems for lead generation there’s systems for follow up. There’s all kinds of systems and absolutely Profit First is a system for money, right? Yeah. So which probably one of the most important systems we need right. Is, is how the heck we manage, manage our money man, so we can keep it right.

David Richter:

So exactly. So I appreciate that. Appreciate that very much. And your support this whole time and for you being on here today, so let’s, let’s let people into your life a little bit, like what got you started in real estate or like going down this road and then going into software and you know, like what, what was that progression?

Damon Remy:

I think a little bit of desperation. Okay. A little bit of, you know, no sincerely man. I was in the mortgage business. So I mean, I, I do know money very well, but I used to sell money. Right. I mean, that’s, that’s what I did in the mortgage business for, you know, a decade and we had created you know, so one of the things we have to do, you always have to do as a business owner, you have to figure out how to separate your separate yourself from, you know, the competition, right. And in the mortgage business, all, all of my competitors, man, you turn on the TV, you turn on the radio, everybody’s talking about, you know, the lowest rate, lowest rate, lowest rate. Well, the truth of it is we’re all selling the same money. So we have access to the same rates.

Damon Remy:

And so that really wasn’t a differentiator. And so, you know, it was probably about 2003, 2004. And we had really started looking at how can we, how can we separate ourselves? And we started building tools. So I had a background in technology. I was in the Marine Corps, did a lot of technology in the Marine Corps. And we said, you know, what, if we could, we could maybe separate ourselves a little bit. And we created technology tools to help real estate investors. The, the, the concept was really simple. If I could help you do more deals in less time, you would need more money and therefore you would come back to us more frequent frequently. Right? I mean, it was a really simple concept and it worked like gangbusters, man. I mean, we were doing, you know, a ton of loans.

Damon Remy:

We were, you know, national recognition top producing office in the country, all that good fun stuff until 2008 <laugh>, you know, so two, 2008 really kinda hit us pretty hard. And so we had tons of we were doing tons of loans, tons of volume, 2008 comes in, really smacks us upside to head. We didn’t see it coming. Wasn’t really prepared. Went from doing, you know, a hundred plus loans a month to doing 10 loans a month. And quite frankly, your income is equally proportionate to that. Right? Cause we were commission based and it was a 2008 was a really, really tough year. I’d actually, you know, just had my daughter. So my second, second child, she was born December 27th, actually 2007. So 2008, I’ve got two kids, a wife and just flat broke and not able to really monetize the software anymore.

Damon Remy:

These tools that we had created. And we just asked ourselves a simple question was, Hey, you know, do you think real estate investors would actually subscribe directly to the software? And so October 1st, 2009 we actually launched REI Blackbook as, as it’s known today. Yeah. It, it certainly wasn’t called REI Blackbook back in the mortgage days or anything like that. We didn’t even have a name. We were just literally giving, given the tools away for free. And we officially launched October 1st, 2009, took our first paying customer. And you know, we’re going on, I guess, 12 years now, man, we just celebrated 12 years. Wow. You know, thousands and thousands of customers across the country. I’ve got a really unique seat, which is pretty cool to see inside of you know, real estate investor businesses that are just getting started, investors that are, you know, like you guys, man, you guys were rocking and rolling, man, you guys were doing 20, 30 deals a month.

Damon Remy:

I mean, you guys were a really big office. I actually came out, I remember coming out and hanging out with your guys is, cause you guys were literally probably one of the biggest customers we had. And it was like, okay man. You know, I was so focused on these investors that were starting up. You know, we were the software for rich dad. Yes. You know, rich dad education. And so we had a lot of real estate investors that were just getting started kind of brand new in the business. Mm-Hmm <affirmative>. And so all of a sudden you guys came along and I’m like, wait a minute. You know, we’ve got this customer out in Indiana that is doing 25 to 30 deals a month. We need to go see what they’re doing, man. And yeah, I think that’s where, when we first met that was 7, 8, 9 years.

Damon Remy:

I mean, it, you know, you guys were pretty early on in my journey as far as getting the REI Blackbook started. But yeah, I mean, that’s, that’s the, that’s the story, if you will. That’s how I got started in real estate. So mostly a systems and software guy that was really kind of the heavy, heavy focus and really, you know, you know, took, took the money we made in real estate or I’m sorry in, you know, the software world. And now we do invest, you know, I’ve got my own portfolio, things of that nature. I I use the Profit First model in my own business. Right. So, you know, I’m, I’m certainly guilty of the bank balancing accounting, right? Like, you know, log in, look at the app. Oh, okay. That’s how much money I have sweet like make decisions based on that.

Damon Remy:

And then, then all of a sudden, next thing, you know, payroll hits and all these other things hit, I’m like, wait a minute. What happened? All the money? Wait, where where’d that? Where’d that go? So yeah, man. So I’m really excited, man. For you launching this into the real estate investing space, I think it is one of those, one of those spots that’s kind of blind for most business owners to be quite honest is, is really this whole Profit First. And it sounds good in theory, it’s like, everybody’s like, well, Profit First, how am I gonna take Profit First if I don’t wanna pay all my bills? Well, you know, if you ain’t first and foremost, man, if you ain’t taking profit, you ain’t got a business. So, you know, but exactly. But yeah, man, that’s how I got started, man. And yeah, going on 12 years, going on 12 years with REI Blackbook at this point and you know, I really get, it’s a really cool position to be able to see inside of so many different real estate investor businesses and see what’s working, what’s not working.

Damon Remy:

And then we take that and then we try to automate and systematize it as much as we possibly can. And yeah, that’s it. Yeah. So that’s what we got going on.

David Richter:

And I love what you said there, that you came out to us. I know what, like you said, we were probably one of the bigger customers and I, I see that trend with you this whole time of like really, how is this going to help the investor? This isn’t just another software of like, okay, what’s the wor the least we can do, you know, like just to scrape by or whatever, and just, you know, it’s really about the focus on the customer. Like what, what can, how can we make this better for them make it better? You know, like then the other platforms that are, are out there and really customer focused. So I, I appreciate that. And I’ve seen that during these years and it’s been incredible because then you see, because you see the people on the other side using this system that it’s actually transformative to their life. It gives them that structure gives them a way to sell the deals, acquire the deals and like gives them those tools. So I just wanna say also back, thank you for covering that area, those areas for a lot of people, to be able to be successful in their real estate career, because as important as Profit First is a system for your money, you gotta have money coming in. You gotta have the deals closed. It’s yeah. You gotta get those deals. So they go hand

Damon Remy:

In hand, you don’t have deal flow. If you don’t have deal flow, you’re not gonna have any money to manage. Right. Exactly. So yeah, 100%. Yeah. So, yeah, man, I, I appreciate that. I I’ll tell you, I wish that I could tell you that 12 years ago, whenever I started REI Blackbook, I had this grand vision of exactly where I’m at today. But you know, I don’t know that I had hundred percent clarity on, on any of this. I mean, it’s, it’s honestly way bigger than I ever, you know, imagined possible. Which is pretty damn cool, but somewhere along the way you know, mentors and, and tons of lean just leaning into to others, man. And you know, I think that’s why I’m really excited for you to, to go out and launch and get this thing started, man.

Damon Remy:

And, and like have people lean into you to really understand how to manage their money, right. Yeah. I mean, that’s a really important part, but for me, man, it was, it was leaning to other folks and mentors and somewhere along the way, I think that what really transitioned for me is getting clear on the, of why the hell I was doing this and what I recognize, because at some point, man, the money is just, it, it there’s an abundance of money. Right? it wasn’t always that way. Right? So in the early days, the Profit First model was extremely important to be able to ultimately pay myself first and really kind of go backwards in, in what the traditional mindset is on money. So it was Uber important in the beginning, but at some point, right, and especially if you follow that system, then the money really becomes abundant.

Damon Remy:

And then you start scratching your head. It’s like, well, there’s only so many things that I can buy, right? There’s only so many because money really is just a tool and you gotta ask yourself and get some real clarity on why the hell do you exist right on this, on this earth. What is your purpose? What’s your passion? What do you really love to do? And I’m very, very fortunate to have had a mentor that really pushed me really super hard probably six to seven years ago to just dive deep into that. And what I realized was that, you know, I, I, I do enjoy money. I’m not gonna lie, man. I love the nice stuff. Oh yeah. Right. I like the, the lake house and the vacations yeah. With the, you know, the wife and the kids and you know, all of that stuff for sure.

Damon Remy:

But really man, what I, I think I, well, it’s not, I think I know what I love to do most is really empower others to pursue their passion. And so that’s, we lean really hard into that and REI Blackbook. So that’s why we go out and for, for folks like, you know, when, when you guys were over there in Indiana, I was like, and you know, we’re in St. Louis. It wasn’t that big of a drive, but it was like, you know, let’s just jump in the car, let’s drive over, let’s see what these guys are doing. What’s, what’s working for them. Cuz if it’s working for you guys, chances are, I’m gonna learn something that I can take and, you know, show folks that are just getting started and, or automate and systematized, cuz if I can help you solve your problems doing 20 to 30 deals a month, then that’s gonna help the investor.

Damon Remy:

That’s just getting started, solve those problems and hopefully never have those problems. Right. Right. So, so really that that’s honestly at the end of the day, man, that truly is the secret of our success is just leaning in learning lessons and taking those lessons and not like hoarding them and saying, oh no, this is all mine. Right. Mm-hmm, <affirmative> my precious. Right. Not just hoarding those and saying, Hey look, this is a really valuable nugget. Let’s go share that with others. And, and they will be able to gain value from it. And the more that we can do that that abundance mindset, it’s just pretty damn crazy what happens. You do the right things for the right reasons and then more of that Profit First keeps coming in. Right. You know? Yeah. So yeah, it’s been a pretty cool journey, man. So

David Richter:

Yeah, no and I, a couple takeaways there, the mentorship, you know, having a mentor, kick your butt to say, to be focused on, you know, getting diving deep into that. And then you actually executing that and diving deep in there and listening to what they said and then actually taking that action of putting that customer first and knowing what they want and really helping them. Because how many, like you said, there’s no one, I don’t think really that doesn’t like money, what money provides for people, you know, for us. Yeah. So it’s like, that’s where we all want to get to. And that’s why we start a lot of what we do. But then if you get the focus on what you’re passionate about and how that really helps other people, but then it is taking that, that action, that consistent action focused action. So there you go.

David Richter:

If you, if you need, if you need a kick in the pants, just there you go. There’s about five minutes here. Just rewind it and listen to that, that little speech right there. That was really good mentorship. And then taking that action on helping others. So Damon, just a couple questions here around money since it’s, you know, first I, I podcast. So let me ask you what early lessons did you have, you know, did you learn about money or mindset about money versus how you think about that today or lessons that you have around money today?

Damon Remy:

Well you know, so if, if I really think about the early lessons of money, I would probably go back to like childhood, right? So I actually grew up on welfare man, you know, single mom, my dad was in and outta prison pretty much my entire li entire life childhood growing up. And so money was not very abundant. In fact, you know, I remember the first time I learned about taxes actually. Hmm. So my mom, she was a heavy smoker and I remember she would give me food stamps to go and I would go up to the little convenience store. We, we lived in a very, very small town, so I’d take the food stamps. And back in the day, you know, today I think they have cards and debit cards and stuff like that, but this was like paper kind of, it was fake money, right.

Damon Remy:

It was food stamps. Like literally had denomination, very similar to like dollar bills and stuff like that today. And I go to the grocery store and what she would have me do is she would go have me buy something. And then whenever it was like, let’s say I had a dollar and it was, you know, if it was 40 cents, then they would gimme, they, they didn’t have coins right. In food stamps. So they would have to give you real change back. Right. So then you could use that real money to go buy whatever you wanted. And so my mom actually would send me to the, to the store to go buy something. And ultimately she really wanted to get that change back cuz she would save that change up enough to go buy a pack of cigarettes. Right. And so whenever I learned about taxes for the very first time I actually learned that food wasn’t taxed because I go in and I, I remember finding something, it was like 97, 90 8 cents or something, you know, whatever it was, it was like a dollar 90, whatever it was.

Damon Remy:

Right. And, but I knew this like, Hey, after taxes, this is gonna be like $2 and 2 cents. Right. So I’m gonna get like 98 cents back in real, real money. So my mom’s gonna be super happy and super proud of me. And then I remember I gave them the, the money or whatever it was, you know, the, the food stamps and they gave me 2 cents back. I was like, wait a minute. What about the taxes? I actually wanna pay taxes. Right. And they’re like food isn’t taxed. I was like, what? I didn’t, I didn’t know that. I didn’t know that. So it’s interesting, you asked that question and that kind of came to mind. Honestly, I haven’t thought about that years, but that really is, you know, the first lesson I think I had on, on taxes and understanding that not everything is taxed, but really I think what, what comes to mind is whenever I think about that is I didn’t have an education quite frankly, on money.

Damon Remy:

Yeah. Right. And so not having an education on money and not really understanding money, I think especially in the early days, being young and getting started in entrepreneurship and everything else, I mean, everything was really about money and it was like, all right, if I can make a hundred thousand dollars a year, then I, man, I’m gonna be so wealthy. Mm-Hmm <affirmative>, I’m, that’s gonna be it. And then, you know, you, you, I achieve that. And then, you know, I keep going. It’s like, okay, well, okay, that didn’t solve all my problems. I still have problems and I have money now. I made the a hundred grand, but man, there’s a lot of money still going out. So I still am spending more than I’m making, you know, so I just increased my lifestyle with the money and then, you know, eventually, you know, started REI Blackbook and then it was like, okay, if I can make a million dollars in a year, then I, there’s no way I’m gonna have problems.

Damon Remy:

It’s a million dollars, not a hundred thousand dollars. It’s a million dollars. And then, you know, finally I hit that and I achieved that and I still have problems and I still have struggles. And it’s like, what is the deal? Like, I’m like how much money does it take? Right. and then, you know, somewhere along the lines, again, leaning into mentorships and you know, I, I’m a very big believer in masterminds and surrounding yourselves with, with others and leaning in and at some point along the way I think probably the most important thing I learned and, and people say this, and it’s easy to say, but once you really truly get it, then life changes and money is just a tool. Hmm. Right. Yeah. Money is really just a tool. And I know people say that and it’s really easy, you know, concept to say, okay, yeah, money’s a tool, but you know what, man, I’ve certainly been broke.

Damon Remy:

Right. I grew up very poor. I, you know, I’m very blessed. I have an abundance of, of money today. But being broke and having an abundance of money, like I still had problems. Yeah. And, and, and understanding finally that like, Hey, look, you can, you can, if you really leverage the money and understand that it J is just a tool. And, and quite frankly, you need a system to manage it. You know, cuz the more money I made, the more money I spent, you know, like that kind of concept and everything else. And it just, you know, all the stuff, right. You know, you get the boat, you get the cars, you get the, you know, the motorcycles, you get the, the big palace, you get all of that stuff. And you know, it’s, it’s going out as fast as it’s coming in and it still creates this, this amazing pressure and stress to keep it going and everything else.

Damon Remy:

And so somewhere along the way, somebody kind finally kicked me in the butt and said, Hey dude, you’re, you’re, you’re playing the game wrong. Right. And you know, and I’m a super competitive person to you, man. So once I kind of equated it to a game and really just, I needed to better understand the rules to play the game to win. And I was just trying to run up the scoreboard with money and you know, that’s, that’s a game that you’re not gonna win man. Right. And so I think that’s probably the, the biggest thing I would say that I learned, you know, early lessons was, I didn’t have any lessons. Right. Didn’t understand money at all. Yeah. And just thought that the more of it I had, the easier life would be, and then, you know, it made lots of money and those problems still existed.

Damon Remy:

And then somewhere along the way, just figuring out that money is a tool. And it really is a tool. It’s not the key to happiness, but that’s also not to say that, you know, again, I’ve been broke and I’ve had money and I’d rather have money for sure. Right. Yes. Right. I, I would rather I’d rather deal with those problems. Yeah. For sure. But but you’re still gonna have problems. Right. and so again, you know, having a system to manage that money, to make sure a that you’re paying yourself first, what does that really look like? But really finding your purpose on, on this earth, man. What, what the hell were you put here for why do you get up every day? You know, and I think you’re personally, man. I, you know, I’ve been around you for a long time and I really am excited for you, man, because I think you’re just like you are, you’re just starting that journey.

Damon Remy:

Yeah. Right now. Right. Because you know, we, we there’s six human needs. Right. And we, we need certainty. We need uncertainty, we need significance. Right. We need love connection. We need growth and we need contribution. And if you can get to that contribution part and really start giving back and leaning into other people, then that is, that goes beyond money. But, but you know, typically it, you know, you need the money to make that easier to go contribute. And once you kind of learn some things, which, what you have done with the Profit First model, you kinda got that figured out. So now you get to go contribute back to others, man. So that’s pretty damn cool. And it’s super exciting, man.

David Richter:

Yeah. So, and that’s what, and I, I totally get where you’re coming from too, cuz it is, it’s like you have to find that thing that you’re passionate about, but that also provides a lot of value to other people. And it’s like, then just beating that drum then just over and over again, just saying, here’s how you do it. Here’s, you know, this is how it can change your life. So yeah, it’s just, it is, it’s been a fun journey. And like you said, you’ve seen it from when I was working back there to what we’re doing now. And it’s just, it’s, you know, it’s fun to watch each other’s journey along this way and just seeing where, where we’re ending up. But now I appreciate that. And the lessons that you’ve learned, this has been, this has been really, really good. So I just have a couple last questions here. Do you have any other advice, just general advice for the real estate investing community that is listening to this podcast?

Damon Remy:

Well, you know, I think I think you said something earlier, that was really important. You know, I, I, I talked about mentorship and I kind of talked about that, but you, you said something really key is that I went and got mentorship, but I took action mm-hmm <affirmative> right. So I think the most important thing for real estate investors is to take the action, you know, seek advice, seek others, you know, success does leave clues, right? Success leaves clues, but here’s the one thing I want everybody to understand is you cannot copy somebody else’s vision. You cannot copy their passion. You cannot copy their purpose. Yeah. So go get some clarity on that of, of your purpose and your passion. Right? So take, take some massive action to go get clarity on that. But here’s the really cool thing. Once you get clear on your passion and your purpose, you can copy systems, right?

Damon Remy:

So whether it’s lead generation with REI Blackbook, you can copy, you know, the lead generation, the lead nurturing and the systems inside of REI Blackbook, and you can copy the Profit First model, right. It’s a system to help you manage your money, right? Yeah. So that’s the really awesome thing, man. And I think, unfortunately I think a lot of investors, you know, they may be watching this, this podcast and everything else and, and YouTube, whatever, wherever you’re gonna post this out. And it’s like, all right, I’m gonna copy these guys. Well, look, you’re not gonna be able to copy. You know, you’re not gonna be able to copy, you know, your passion or my passion or your purpose. And you need to go figure that out as a real estate investor, you know? So take the action to figure that out and then copy our systems. Right? Copy the stuff that we’re telling you, Hey, go copy this, just do this. And you know, it’ll shorten, it’ll shorten the journey and probably avoid some headaches. Are you gonna still have challenges and problems? Absolutely. The good news is the only time you lose is when you quit. Right. And that, that you have a choice, right? Yeah. So that, that’s probably what I would tell most folks.

David Richter:

That’s. That is so good. Cause I’ve had a mentor recently, you know, be kicking my butt that, you know, you need to make decisions from your purpose and not from fear, you know? Like, and once you have that purpose, it’s a lot easier to make decisions, the tough decisions and follow through with them. But you have to have that. You have to be confident that it’s yours and you aren’t just copying someone else’s and you know, making it your own. And I love what you said there, take action. Take that massive action because sometimes you don’t find that purpose until you’re doing the things that ultimately uncover what that is. So, you know, I was doing this for, you know, real estate for the last 2012 was my first house that I bought. And it’s like Profit First. Wasn’t on my radar until just a few years ago.

David Richter:

So it’s like, you know, you’re just taking that action over and over again. So love that you honed in on that. I think that is key, super key to all real estate investors and just human beings. Just figuring out why do you get up in the morning? What is that for? What is that purpose that you’re, you’re here for? So thank you. This has been incredible. Lots of great gold nuggets here then. So obviously you got REI Blackbook, but I wanna say, how can the listeners provide value back to you? How do you want them to connect, talk about REI Blackbook or talk about whatever that you have going on right now, David?

Damon Remy:

Yeah, I mean, REI Blackbook, obviously, Hey, you know, if you’re in real estate investing, we’re gonna make your life easier. Right? We’ve got systems that you can copy from, you know, automation, delegation, you know, whether it’s a, do you need, you know, lead lead management with a CRM, do you need phone systems? Do you need website? Do you need dispositions? Do you need the management? Do you need deal analysis? You know, it really is an all in one platform. You know, go check that out. Our, a block book.com sign up for a free trial, pretty easy to do that. But you know, I’ve been doing this a long time, a long time. And quite frankly, the biggest difference that I really truly do wanna see is I wanna see people going and taking that massive action. Right. You’re gonna take imperfect action.

Damon Remy:

And then, you know, frankly, I just wanna hear the success stories, man. Yeah. Because you know, that’s actually and it, it, it may sound cheesy at this point, but there’s nothing better, man. Whenever you hear those success stories, I actually, in the last month I’ve had three people, well, not, not three people this month, but I’ve had three people and probably this year that that have reached out and told me they’re canceling their REI Blackbook subscription. And I’ve never been happy. Right. Because they reached out to cancel their REI Blackbook subscription because they had achieved their financial goals. And, you know, they were basically entering into retirement. Oh, wow. And like, Hey, Hey dude, we don’t like I, and I’ve got a letter that I keep on my desk, man. And it’s framed because they, they wrote this like letter man, it’s a handwritten letter.

Damon Remy:

And they’re like, Hey man just wanna let you know, we’re, we’re gonna cancel our, I, I block book subscription. Not because it’s not amazing. And we, we loved enjoy, you know, enjoyed the community aspect, but quite frankly, man, we’re gonna, you know, we’ve hit our goals and we’re gonna jump in an RV and we’re gonna start traveling the country. I’m like, cool. Like, I mean, you know, what better, what better story of somebody canceling your software, canceling your subscription? You know, then, then that. And so, you know, if, if, if you are listeners somebody watching this right now I’m not even not even kidding in the least bit. You want to make my day, then cancel the software like that. Right. Yeah. Call me and call me and cancel because you hit your financial goals. You, you, you listen you know, you listen to Dave, you took Profit First, right?

Damon Remy:

You, you, you, and you’re able to live life and really follow your dreams, man, straight up. It’s awesome. It’s as cheesy as I can get, to be honest, but at the same time, man it really is hard to understand until you get those letters and you sit there and you feel that you, and, you know, quite frankly, at the end of the day, again, you got six human needs, man. And that contribution piece, it’s like, okay, cool, man, can I, can I contribute back in some little way? And, and help people, you know, along their journey then that’s it, man. That’s the goal.

David Richter:

That is that, that is, that was our incredible stories. I, yes, cancel the subscription. Just make sure you get to that place first and get to that place of retirement. So that is, that is incredible. So REIBlackbook.com and then you can follow Damon he’s on, you know, Facebook or whatnot too, and he’s got good content out there. So just, you know, follow what he’s doing as well, too. This is a good person to mentor and, you know, as, and model from what he’s done as well, too. And just like he said, take that massive action. Do that one thing from this podcast, pick out one of the many golden nuggets from here and go out and do something with it. So Damon, thank you so much for being on here today and really enjoyed having you on thank you for providing so much value.

Damon Remy:

Thanks for having me, man. I appreciate it. And, and good luck on your journey, bro. I appreciate it.

David Richter:

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

David Richter:

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

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

Episode: 242

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

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

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

Listen and enjoy the show!

Key Takeaways:

[01:01] Introducing Jay Conner

[05:00] Introduction to private money

[08:30] The Great News Phone Call

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

[13:18] Maintaining relationships with private lenders

[15:40] Private money vs traditional money

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

[25:18] Advice for real estate investors

[29:01] Connect with Jay Conner

Quotes:

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

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

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

Connect with Jay:

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

Tired of living deal to deal?

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

Transcript:

Speaker 1 (00:00):

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

Speaker 2 (00:34):

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

Speaker 3 (01:01):

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

Speaker 1 (02:07):

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

Speaker 3 (02:24):

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

Speaker 1 (02:43):

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

(03:38):

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

(04:27):

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

(05:18):

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

(06:10):

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

(07:02):

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

(08:11):

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

(09:06):

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

(10:04):

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

Speaker 3 (10:38):

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

Speaker 1 (11:17):

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

Speaker 3 (12:22):

Right? Yep.

Speaker 1 (12:24):

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

Speaker 3 (12:33):

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

Speaker 1 (13:22):

I mail ’em checks.

Speaker 3 (13:25):

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

Speaker 1 (13:33):

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

Speaker 3 (13:41):

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

Speaker 1 (13:50):

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

Speaker 3 (14:00):

Yep.

Speaker 1 (14:01):

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

Speaker 3 (15:27):

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

Speaker 1 (15:32):

Options. Does that make sense?

Speaker 3 (15:34):

Yeah, that makes sense. A hundred percent.

Speaker 1 (15:37):

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

Speaker 3 (16:14):

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

Speaker 1 (16:33):

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

Speaker 3 (17:33):

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

Speaker 1 (18:04):

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

Speaker 3 (18:20):

Yeah, me either.

Speaker 1 (18:22):

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

Speaker 3 (18:53):

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

Speaker 1 (19:12):

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

Speaker 3 (19:17):

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

Speaker 1 (19:20):

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

Speaker 3 (20:25):

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

Speaker 1 (20:50):

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

Speaker 3 (21:53):

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

Speaker 1 (22:07):

Well pay ’em on time.

Speaker 3 (22:08):

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

Speaker 1 (22:12):

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

Speaker 3 (22:42):

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

Speaker 1 (23:03):

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

Speaker 3 (23:06):

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

Speaker 1 (23:10):

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

(23:37):

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

Speaker 3 (24:31):

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

Speaker 1 (25:18):

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

(25:26):

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

Speaker 3 (26:11):

That’s so good.

Speaker 1 (26:13):

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

Speaker 3 (27:08):

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

(27:55):

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

Speaker 1 (29:01):

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

Speaker 3 (30:31):

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

(31:13):

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

Speaker 1 (31:51):

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

Speaker 2 (31:54):

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

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