From Chaos to Clarity: How Profit First Revolutionized Our Real Estate Business

June 27, 2023

Title: “From Chaos to Clarity: How Profit First Revolutionized Our Real Estate Business”

Episode: 186

From having one of his companies go from a chaotic mess to having more revenue and net profit to pay for taxes and other operational expenses, let us know more about Andrew Lucas’ transformation story!

In this episode, Andrew Lucas, a real estate investor who runs a family-owned business, shares his real estate investing journey that will give you hope from failure to success!

Listen as he also shares how his wife got involved and got her an outlet for her wonderful talent! Enjoy the show!

Key Takeaways:

[01:30] Introducing Andrew Lucas

[04:58] What his business looks like before Profit First

[11:20] Starting the wholesaling business

[15:51] Challenges Andrew and his wife had to face in the real estate investing journey

[21:30] Husband-wife team on their real estate investing journey

[24:32] Andrew’s Profit First story

[28:02] Get in touch with Andrew Lucas

Quotes:

[06:15] “They know they are making money, they don’t know where it’s going. They know they don’t have as much now as they thought they would.”

[25:40] “It’s easy to lose track, but when you implement this, you will have opportunities that open up.”

[26:14] “The people that succeed in real estate are the ones that can stick around the longest.”

Connect with Andrew:

Website: https://reidealfinders.club/

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:

I guess would’ve been 2021. Maybe that’s when you wrote the book. I’m not sure. Yeah,

Speaker 2:

At the end of the year is when it came out.

Speaker 1:

Yeah. Yeah. So we got it early on and started mentally changing the way we thought. Yeah. And processed. But as far as the full method, the full separate accounts and actually working them, we did it for one business all of last year.

Speaker 3:

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 r e I 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 2:

Definitely one of my favorite episodes here with Andrew Lucas. He dives deep into how Profit First helped one of his companies go from just a chaotic mess to having more revenue, not just profit, but more revenue, more net profit, extra taxes at the end of the year and extra operational expenses. And got his wife involved and got her a outlet for her talents and just their whole transformation and the story. So I know this is gonna be a great one for you. Gonna give you a lot of hope. Listen to Andrew and listen to what he has to say about Profit First to help you on your journey. Hey, we have Andrew Lucas here. I’m super excited about this because he is a real estate investor, runs a family owned business, but then also is a profit first fan, major profit, first fan, and is implemented. So we’ll definitely talk about that today. Maybe give some people some hope here. Don’t have to stay stuck where you are. So Andrew, thanks for being on.

Speaker 1:

Thanks David. I really appreciate it. And yes, profit, first, fan user and supporter. Where I’m, I I give the book away to new investors that come into our deal Finders club. It’s like y’all start with this <laugh> that’s you can have money when you end.

Speaker 2:

Yeah. Well I love that. That’s great. I getting that message out there and that’s what we’re doing here. But first, just give people a background who you are real quick so that way people are on the same page cuz real estate investor means different things to different people. So tell people what you’re into right now.

Speaker 1:

Absolutely. So I started right outta college. I got moved home with my parents for like a month and said, I don’t want this. Found a house near the college and bought it with no money outta my pocket. Didn’t know what I was doing. They just had a really good mortgage broker and he kind of just found all the fun things for me. Got me a really good package. So I got into a house and was renting a room to a roommate. Moved out, started renting the whole house and just kinda liked the idea. We weren’t making any money, but it was nice. It was retirement. And a few years later I met my soon to be wife, you know, right after that. Got another house, another house. And then that was 2007, 2015, 16. We had about five houses.

I think it was five houses where we just picked up, you know, slowly. And we figured that would be retirement income. We weren’t really making much, but at that time we had two kids, little kids two of ’em under three. One was cooking in, in Mama’s belly over there. And we said, you know what? We were painting one of the rental houses after a move out. We said, we can’t do this. This is not worth it either we go in and we make money with this or we get out. And so we said, well let’s make money with it. We set a goal to get rental houses, buy enough rental houses that we could supplement one of our incomes and quit, you know, retire from our day job. And that happened in 2018.

Speaker 2:

Awesome.

Speaker 1:

And before 2018, in between 2016 and 2018, we found wholesaling, found out what that was. We had no idea before everything else was m l s. So we found out what wholesaling was and we both quit our jobs. My goal was to start the wholesaling business and that would be our income. Yeah. And she was quote retired, which that doesn’t really mean anything cuz she was also in the wholesaling business. Yeah. And now it’s been five years I guess of that. So we now have a little over a hundred rental units. We have a wholesaling company with a team that we’ll do. We’re going for, we’re gonna say 2 million this year. Last year was a little over one. So we’ve got a little growth coming this year and we have a retail agency with real estate agents here. And of course we fix and flip along the way. Yeah. So that is our big picture where we are now.

Speaker 2:

Okay, awesome. So let’s talk about, that’s the big picture. What did the business look like before Profit First?

Speaker 1:

Well, it’s, I mean, a jumbled, a jumbled mess of, of <laugh>, you know, it’s, and and I say it and people don’t understand, I heard it before too, right? I, I was in circles of other investors, thankfully. 2018 we started the deal, the local deal finders live here to get connected with other investors. So I heard, hey, be careful with all the funds coming in. You wanna make sure you have funds at the end of the day. And starting a business that I’d say successful, like where revenue is being generated. Yeah. it can get like you just kind of go with the flow revenue’s coming in, all right, well we got money here, we could send it out to go this, do this thing that we wanna do. And what you end up looking at, and we never struggled to eat or to pay our bills or anything, but we weren’t building a profitable business. We were building a business that just kept putting money back in. And now with some maturity, I’ll say, my wife may not agree, I’ve matured some, but <laugh>, when people say, oh, I just rein, I just reinvest everything back in the business. Yeah. What the really saying is they don’t really know where the, they know they’re making money. They don’t really know where it’s going and they, they know they don’t have as much now as they thought they would <laugh>. Yeah.

Speaker 2:

So let, let’s go a little deeper though. Like on your situation, it was a jumble mess. So like how many flips were you doing beforehand or like, were you doing the wholesales and like, was it like money going in, money going out? Were you doing the reinvesting, like when you say jumbled mess, what was going on in your situation specifically?

Speaker 1:

Yeah, so we had we’ve always done about 20 to 25 flips every year. Yeah, that’s great. So whatever that looks like and the wholesale business. So of course we, you know, I’m smart entrepreneur, we separated the bank accounts. Yeah. Right. So the wholesaling business wasn’t coming in to the fix and flip and Yeah. Isn’t going into the good the home or to the retail, but, but that’s just, you know, that’s like basic 1 0 1. Yeah. That’s what everyone tells you to do. But, but that really doesn’t help you manage that business. Right. individually. So for instance, the wholesale business, which is the most profitable, you know, the, it’s a wonderful business. It takes a lot of work, you gotta hustle. Yeah. But that the revenue, the wholesale fees would come in, but we already had marketing set up and marketing is being paid out so that marketing automatically comes out.

Right? Yeah. So the wholesale fees come in and it’s just kind of like, it’s like a, I think of a bucket of water. You keep putting the water in the top and then the marketing fees keep coming outta the, the, the bottom, right? Yeah. And, and you don’t, and what what we saw is that it would just, the bank balance would just kind of stay about the same. And we knew we were making money, but we would find ways to spend it Yeah. If it’s in the account. And, and we’re kind of getting deep into the profit first model now. Yeah. But, but you know, if it’s in the, if it’s there and it looks available, we’ll find ways to spend it and we spend it on the business. Right? Yeah. And, and that’s how we justify it. Because we did, if we didn’t have it allocated for something, well hey, we could, we could buy this for the business. We could buy that for the business and not even not wasteful things. Right? Yeah. I’m not, it’s not like we bought a Lamborghini for marketing. Right. That’s right. That’s not it. And which is why I love your the method, the book, the message, because it’s the little things in our business, the little things in the, the like new marketing things, the, the little expenses that keep adding up. And we find ways to spend that money when it comes in unless we allocate it right away.

Speaker 2:

Okay. So a lot of money was going out the door. It sounds like, you know, it was coming in, going out. What year was that? Like what year before you know, profit first?

Speaker 1:

So we did, we went all of 2022. So last year our goal was to implement it into multiple businesses. We actually got it up and running and did the whole year in one. Yeah. That’s so great. Which is the retail retail agent business. Mostly because my wife took on that one <laugh>, she nice. She like ran with the ship. And so we, we did that one for the whole year. So in 2020, I guess it would’ve been 2021 maybe that’s when you wrote the book. I’m not sure.

Speaker 2:

Yeah. That the end of the year when it came out. Yeah.

Speaker 1:

Yeah. So we, we got it early on and, and started mentally changing the way we thought. Yeah. And processed. But as far as the full method, the full, yeah. Separate accounts and actually working them, we did it for one business all of last

Speaker 2:

Year. That’s awesome. So then I guess beforehand too, cuz it is, it’s very easy to have all the money go out the door. You had said a goal was to have enough rental income from 2016, you know, and then by 2018 you had retired, you know, it was your wife at that came on board, correct? Like was she full-time at that point? That’s like you retired like her income in 2018.

Speaker 1:

Yeah, so we were both full-time up to 2018 and I did the math basically we did the math that said if we got 35 rental properties Okay. You know, at a 150 to $200 a door, then we could her after tax salary we could replace. Right. Okay. And then reduce a little bit of expenses here and, and we kind of made it work. And so that’s how we did that. And so the rental properties were the, the right there at the beginning we said this can support us. Now we never actually used it because we started the wholesale business and we started drawing.

Speaker 2:

Okay. Cuz that’s what my question was like, did you start to draw, like when were you running it, like where you could actually pay yourself, you know, like, so it sounds like from the wholesale business you were able to start paying yourself and you actually did, cuz a lot of people don’t. So were you paying yourself from the wholesale business?

Speaker 1:

Yes. That’s how we started paying ourselves straight from the wholesale business. You know, we had some great mentors, great great coaches to help us get started on there and that launched really well. And, and so we, yeah, we were immediately able to pay ourselves from that. And, and this kind of goes to what I was talking about earlier, like, oh, I reinvest everything. That’s the way I thought about our rental properties. Like oh, just keep buying and reinvesting. Well, rental properties could also be paying us Right. You know, if we set the system and put it in place, there should also be a place for payment for the owner each month, each year from the rental house. Right. Rental properties. But, but we kind of put it to the side and said, no, this is where we’ll get our money. That’s fine wholesaling, we’ll keep buying rentals and and do that. Yeah. And, and without the method, without the the plan in place and just, they’re in your face every day. Yeah. It’s easy to let it go. It’s easy to let the money, you know, not necessarily go negative or, or lose money in the rentals but not send it to us <laugh>.

Speaker 2:

Right. Yeah, exactly. Now and that’s where I was wondering like what did you do with that money there, but sounds like it went to just either sitting there or did you ever do capital repairs from that stuff? Or like, you know, did, did you have a nest egg, you know, at that time or were you spending all the money from the, the rental company as well too? Cuz like you said, it’s hard for investor to just have money sit any place.

Speaker 1:

Exactly. Like when it, if it sits there in the account, you’re like, oh wait, I could do this, I could do that. Because there’s always something you, you can, you can find something always to do with the money. What we continue to do is to buy rentals, thankfully. So continue to grow the portfolio. Yeah. right now we’re at a little over a hundred units, so Awesome. You know, we’ve grown, we’ve Yep. Bought some, sold some and we continue to do that. And with using that rental account for like you said, capital expenditures and taxes Yeah. And that sort of thing. But still not, cuz we, we didn’t implement the full thing for the whole year. We’re still not taking owner’s pay like we should. Right. Yeah. From the rental account.

Speaker 2:

So then what was the tur, was it getting the book proffers for real estate investing that made you say, Hey, we’re gonna finally set this up inside of the business. Like what was the catalyst for like saying, Hey, 2022, we’re gonna do this

Speaker 1:

A hundred percent. Yeah, it was the book. It was <laugh> and not, not to be a fan girl or anything. Right, sure. But it was the book, the, the ease of getting through it. I, I probably read it on a plane coming back from where you launched it in, in Tampa or something. Yeah, yeah. So it, it was the ease of that, it made it simple, it made sense to us. It was kind of what it was, the structure we were looking for. Yeah. Before, before I was went full-time in real estate investing, I managed hotels, I managed multiple hotels as a GM where we have budgets and we have things, you know, we have p and ls and balance sheets that we review and that’s how we ran our business. Right. We would, we would do everything and look at the p and l at the end of the month.

But what we weren’t doing is saying, okay, here’s the budget in the forefront and let’s make the buckets, let’s put the, when the money comes in, put it into that bucket so that it stays in that bucket. Right. as a manager of the hotels, it, I didn’t necessarily have to worry about that part. Right. So, because when the money came in, you know, I guess they dealt with that, the ownership, the, the VPs stuff, they dealt with that part. I had to worry about expenses. Yeah. And so it’s different. And so I think a lot of entrepreneurs, when you get into that position, if you’re not paying attention on the forefront, on the front end, having a plan for the money coming in, like I said, it’s, it’s easy to find some how to spend it on the business.

Speaker 2:

Okay. Yeah. It’s a hundred percent. So then you started implementing it in the retail side. What, was there any hurdles that came up? Like maybe for your wife as she spearheaded it where she was like, oh, what do I do here? Like, I didn’t realize this was gonna happen or like, this is not, you know, like I just wonder if there’s any roadblocks that she faced.

Speaker 1:

The only, you know, the only roadblocks, I’d say not roadblocks, but maybe little speed bumps was getting it set up with the banks. Getting the process for QuickBooks. Yeah. Like reconciling how we, what, what does this mean, not transferred or whatever. So figuring that out. We spent some time doing that, we’ve gotta figure it out now. And so those were kind of the little speed bumps. And honestly, you know, it’s one of those things that maybe some people quit when they hit the speed bumps. Right. And like, this is too hard or ah, this isn’t worth it. But my wife would not have quit. She’s, she’s gonna plow through and get it done. So, so that’s why she spearheaded it. Yeah. And, and so we, we were able to get through that, put it in place and then, you know, there weren’t any more other speed bumps. There were some prizes, some surprises.

Speaker 2:

Yeah. Talk about those then. What were the surprises?

Speaker 1:

Yeah. As in, as in good surprises, which is like at the end of the year we look and like the owner’s tax had a whole bunch of money in it where we didn’t have to pay taxes on, you know. Yeah. We didn’t have to spend that much money on, on taxes. Yeah. operating expenses, the retail business doesn’t really have a whole lot of expenses, but we put some in there and, and we had opportunity to spend it. Right. Yeah. Some of those things. And of course the profit <laugh>, the fact that there was profit in the profit account at the end of the year. And so we, Michelle, my wife, she’s like, and she, I don’t, she didn’t know, like, you know, that’s our money. She’s like, what do we do with this now? I’m like, what do you mean it’s ours? Like what do you wanna do with it? <Laugh> <laugh>. She’s like, well I, but she likes seeing it grow, you know, she’s like, oh, I wanted more. And, and so we, I think we took half of it out Yeah. And did something with it. So what’d

Speaker 2:

You do with it? Everyone’s

Speaker 1:

Gonna wanna I ask that question. Yeah. Right. I had no idea. Okay. <laugh> she probably knows. Yeah.

Speaker 2:

Get Michelle on here.

Speaker 1:

Yeah, I know, right? So I mean that those were the surprises because

Speaker 2:

Yeah. Good surprises.

Speaker 1:

Yeah. Cuz instead of, instead of it dripping out the bottom of the bucket slowly into like all these expenses just coming Right. Without us really knowing it was the opposite effect where it was, it was building up these other buckets really, you know, slowly small bits at a time. And those surprises were great at the end of the year. Yeah. When you can say, man, you know, well that profit thing just kept adding up. And so when I think I told you this, when I went towards, at the end of the year, we did our review of everything, all the financials and pulled up the, the Excel spreadsheet for profit first and we were $5,000 off. So $5,000 off of what the owner’s pay was gonna be from Nice. That account. So have it just so close, be right in line. Yeah. And, and all the things worked out. So that’s that’s when I told you when, whenever I saw you last. I don’t remember when that was or when you were on our podcast. Maybe I was talking about just how exciting that was to see that it worked and that we had the money at the end of the day we had extra to, to use it with and, and we had owners pay, we had pay coming home on a regular defined interval. And

Speaker 2:

So how long have you had the retail business up and running?

Speaker 1:

So about, well three is be three years in July, so,

Speaker 2:

Okay. No, so that’s all. So you’ve got to see it beforehand, like how the business was running before and versus now. So that, I guess is that a big difference of feeling for that specific business too? I mean, do you like the retail side anyway and this just makes you love it? You know, I don’t know, like Yeah. Explain that feeling of it as

Speaker 1:

Well. That’s a, that is a great question and and I’m glad you asked that because before, before last year before we really looked at it and said, oh my gosh, we, we did what we said we would, the retail side, we started really as just support for our wholesale business and our flipping business. Yeah. We just wanted agents that were here in the office that we could say, here you go. Right. Just support. We, it was never, there wasn’t a profit mindset. It wasn’t like, sure this was gonna be a revenue generator, but after doing the, after reading the book, putting it together in the spreadsheet and saying, you know what, there’s no reason why it shouldn’t provide profit. Right? Yeah. And so looking at that then changed our minds and said, well let’s run it like it’s going to provide profit. And, and so we did, and now it’s completely changed my viewpoint on the retail agency where so much so that we, we grew it, we brought in new agents and we’re looking to add more to make so that we’ll be, you know, another arm of the business versus just support.

Right. Yeah. It’s just kinda like support

Speaker 2:

And Oh, that’s awesome.

Speaker 1:

So really, yeah, I mean it’s opened up our eyes to a revenue piece of revenue that we weren’t really tapping into.

Speaker 2:

That’s awesome. Because see that’s what I, I love hearing those stories cuz it’s like the surprises, those surprises, it’s like you might not even realize the benefits of once you have that money sitting, there’re giving you options and the different things that you’re able to do with it. So I really like that. That’s that’s great. So let me ask too, since Michelle has gone through this process, what are her thoughts on this whole system and like her feelings of like having the money there and you know, like seeing it actually grow over the year. Like, I just wanna know from your perspective getting to see what, if she has any thoughts on that.

Speaker 1:

Oh, she, she loves it. Now I’m the entrepreneur at the high level the Yeah. We’ve talked about earlier like <laugh> we were joking in the office, you know, maybe she’s the ooc D or you know, like things gotta be in line and things are straight and and she’s like, you don’t care about anything. I’m like, I care about some stuff <laugh>, but, you know, and, and that’s great. And that’s, that’s why we’re different. That’s what, you know, God gave us some good, some talents to match. Yep,

Speaker 2:

Exactly.

Speaker 1:

But she loves having a handle on it. Security is one of her drivers, I guess is the word. Right word. Yeah, sure. And, and having that security, having the buckets fill up and not be emptied constantly and knowing that no, we’re not touching this bucket. It is off limits. And having the security to know that that’s possible really changes the way she functions in our business. There, and this is probably getting, that’s awesome. This is getting a little bit high level or whatever, but in this entrepreneurial world with me kind of running all over the place, like yeah. She almost was like, I don’t, I don’t fit in. Like this is not for me. Wheres my space? Yeah. Because we didn’t have that kind of structure in that part of it. Sure. And so now she has that structure in that space and that’s kind of built, we’re able to build outta that more places and things that kinda get me out of it <laugh>. Yeah. Because my chaos is tough for, for people like her.

Speaker 2:

No, I get it. Yeah. It’s a, it’s a classic visionaries versus integrator operations, you know, executor for, you know, for the business. And I I love that. I love that connection you made of like, it helps her feel like she has a spot and it’s like a very good spot to be able to have there and like to make sure that the holes aren’t going outta the bottom of the bucket. Man, this is why I, like I said, this is why I love hearing these stories cuz it’s like these other things where, you know, husband, wife team sounds like just like, like you said, the high level, it helped to become more of a husband, wife team, like gave her a place on that team. Would you agree? And

Speaker 1:

Would Absolutely. With the

Speaker 2:

Oh yeah. Okay. Awesome. Well no, I, we do, we we need to get Michelle on here. Like, everyone that’s listening now is like, I want to hear Michelle’s side of the story.

Speaker 1:

You wanna hear her side of the story,

Speaker 2:

Right? I, yeah, everyone’s gonna wanna hear what she has to say as well cuz it sounds like it helped her find the place of the business and have a good outlet for her talents too to be able to shine through. Mm-Hmm. <affirmative>. No, that’s awesome. Cuz I love the husband wife teams. It’s just sometimes it is, it’s a struggle cuz sometimes it could be, you know, in the reverse. Like the wife is like, Hey let’s go gun ho and that husband’s like, Hey whoa, we gotta make sure the money’s in the bank and doing this stuff. So it’s like, it’s it’s fun to hear the dynamic of the different situations, but, oh yeah. No, that’s awesome. I just have a couple last questions. Sure. In order, now let’s save that one. Is there any other either surprises or good benefits or anything else or a pr first story that you have before I ask you My final two questions?

Speaker 1:

I don’t know if there’s any other surprises, but I would say the whole story, the, the good story is that we’ve been able to give it to some of our students and awesome peers and say start here. Yeah. And just to hear kind of how it’s opened their eyes from the beginning. Right. We, we work with a lot of people that are just beginning. Yep. And so being able to help people start there from the beginning. I I really appreciate how easy it is to digest the, you know, the way you kind of wrote it and the, the templates, the forms, all that is is great because it’s hard to, some people don’t wanna get into the math and the numbers right? Yeah. So it sometimes it’s hard to convince people to do that, but you made it really accessible.

Speaker 2:

Well I appreciate that and that’s where it’s like, just wanna make, make it as simple as possible for people to get inside there. So I guess that’s, that’s usually my next to last question is what advice would you give to a real estate investor looking to implement profit first? Like how would you get them to, to start it?

Speaker 1:

Well, yeah, I mean that’s, that’s usually when I tell people to get started is I kind of give the story of, you know, we have multiple businesses and it’s easy to lose track, but when you implement this you will have opportunities that open up because you have funds still in the bank. Yeah. So that, that’s kind of how we usually tell people. But it’s, and it’s really just, just open it up, get started. We spend so much time on, on marketing or negotiations Yeah. How to get the deal or you know, where to find the deal and sometimes people kind of gloss over this business aspect. Yeah. Which really in order to stick around and the people that succeed in real estate sticker are the ones that are just able to stick around the longest. Yeah. You can make it through whatever craziness is going now and where everyone else falls out. If you can make it through because you had a solid business and solid bank account, then you can succeed. And those are the ones that are just continue to keep going and, you know, real estate we always say you can’t really, you don’t lose money in real estate unless you get out too soon. Right, right. Yeah. So if you could stay in long enough, which means keeping money in the bank long enough you will succeed, you’ll, you’ll win.

Speaker 2:

Well I cannot agree with that anymore than all those words that he just said. That was, that was great because if you are looking to implement private first, like you gotta start and you gotta make sure that you know that it’s possible and then it’s like if you want to be around for a long time, you gotta fix those holes in the bucket. And so that was just, that was so good because I do this whole podcast is exactly for what you just said. Like I want people to build just solid businesses so they can, so they can do what they love for a long time. So now that was a great way and then I will do is you’ve man, there’s so much good here I feel like from the husband wife dynamic and then you opening up about like this helped my wife find a place like she could, you know, exposes her talents and like helps her to see this to you.

Like hey, I’m the crazy chaos guy and it’s like, it’s great to know that the, where the money is and like on the back end then it’s like all the other stuff that like going from a jumble mess to knowing where stuff is and just seeing the possibilities, passing it along too. I wanted to ask how can people get ahold of you? Like how can they provide value back to you if they’re interested in real estate? Cuz I definitely endorsed Andrew and his wife and like what they’re doing. So how can they get in touch with you?

Speaker 1:

The best place, the easiest place is probably deal finders club.com really easy deal, find deal finders club.com. Of course we’re on Facebook with our group deal finders group as well. So those are the best places to find me and you know, you can contact me through any one of those places,

Speaker 2:

Deal finders club.com, make sure to go there and see if you want to work with Andrew cuz this is awesome. Like I love this. I love when people give profit first. It’s one of the key foundational things cuz I feel like you’re saying them up for real success for a long time. It’s not just about like, yes Andrew’s gonna teach you to get deals in the door and get money to flow into your bank account, but then he is gonna give you a tool to make sure it doesn’t flow right about <laugh> out, out again and you’re just stuck where you were, you know, when you first started. So I absolutely love that. And if you are listening to this as a real estate investor and you’re saying, I want what Andrew has, like I want a place for my wife, I think she could do great at this, or my husband or I could, you know, like I want clarity around the finances.

I want extra profit, I want extra taxes in my tax account. I wanna know that I have extra opex for all my expend and that it’s not all going out the door. You could go to simple cfo.com, we could put a fr a fractional part-time CFO on the team to make sure and hold you accountable to set it up and that you have extra profit at the end of the day deal month like quarter, making sure that it’s there. That simple CFO would love to see if we’re a good fit. If not, we can p it to someone good. Maybe you need to start making money, maybe we pay you to Andrew to make sure that you can actually get up and running first. But I just wanna give that outlet to you as well. Then go to deal finders club.com for Andrew stuff. That’s a great place to get started if you’re started in real estate. And then no matter what, I want you, if you are listening to this make profit a habit in your business. Andrew, thank you so much for being on here and providing so much value today.

Speaker 1:

Thanks David, it was great. Appreciate it.

Speaker 3:

This episode of The Profit First for r e I 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 r e I 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):

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.