From Feast-and-Famine to Financial Stability: How Profit First Revolutionized Real Estate Investing

July 4, 2023

Title: “From Feast-and-Famine to Financial Stability: How Profit First Revolutionized Real Estate Investing”

Episode: 187

In this episode of Profit First REI, Dave Dubeau joined us to share his knowledge on how to put more money in your pocket, as he does!

Dave is a huge Profit Fist fan who now helps people in the real estate investing world raise capital through his new podcast.

Learn more about Dave and how Profit First helped him a lot!

Key Takeaways:

[00:50] Introducing Dave Dubeau

[01:41] Implementing Profit First for the first time

[09:46] Increasing visibility to raise capital

[12:51] What is the 30-second elevator pitch?

[15:07] Don’t go cheap on business cards

[18:56] Exposure to other people’s media

[28:03] Connect with Dave Dubeau

Quotes:

[12:42] “Just dress business casual when you are speaking with people about money.”

[14:56] “Figure out something short and sweet that’s gonna create curiosity and get the conversation going.”

[15:10] “If you are looking to raise capital, don’t go cheap on the business cards.”

Connect with Dave:

Website: https://www.daveinterviewsyou.com/

Tired of living deal to deal?

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

Transcript:

Speaker 1:

Lots of big benefits to being interviewed, and this is what I’d, I’d like your input on there, David. But the ones I’ve come up with that are kind of the biggest reasons for even just regular folks investing in, in real estate to get interviewed is that it’s a great way to boost your credibility, not just to the audience of the podcaster, but to your own network.

Speaker 2:

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 3:

Hey, this is David Richter, profit first, r e i podcast. Have Dave Debo back on here again because he’s a huge profit first fan. He’s also helping a ton of people in the real estate investing world. He’s got a new podcast that since the last time we talked of raising Capital 1 0 1, like I, he’s got a bunch of good stuff going on. He’s also gonna be talking about an awesome new thing that he’s talking about to make sure that you’re putting more money in your pocket too, being seen getting the green in your pocket. So I’m really excited about that. Dave, welcome back to the show.

Speaker 1:

David, it is always a pleasure. Thanks for having me on.

Speaker 3:

Yeah, well, I love being able to talk about this. You’ve been a huge proponent of like getting the profit first message out there. And before we go into, you know, like all that other stuff, do you wanna just give a brief overview, like when did you implement Profit First? Was it a few years ago

Speaker 1:

Inside of your business? Yeah, not, not long enough ago.

Speaker 3:

No, long enough ago. <Laugh>. Yeah, that’s what a lot of people

Speaker 1:

Said. I, I kinda, you know, was, was late to, to looking at Profit First and I think it wasn’t that long ago. Maybe like, I interviewed you a couple of years ago. I think I was only like six months in or maybe 12 months in at, at that point. But yeah, what did you know? Cuz I’m a dunderhead when it comes to the, the numbers and all that kinda stuff. Not, not that bright. And I was floundering. So the, the whole profit first thing just got me straightened out. It has had a huge positive impact in many, many ways in my life. So

Speaker 3:

Can’t say. Well then let’s talk about that because if you were only six or 12 months into it at the, the, you know, like December, 2021 or whenever that was that we talked last, like what, how has that journey been since then? Like what improvements have you seen or like has there been any new updates or just talk about that journey?

Speaker 1:

Well, yeah, but I mean, prior to that it was the whole feast and famine type thing when things were great, you know, I was paying myself and over fist and having a great time and when times sucked they really, really sucked. And always coincidentally, you know, I mean all this gray hair on, on, on, on my head, you’d think I was smarter, but I’d conveniently forget about the Tax Man until I got the bill and it was like, holy shit, you know, now what? So it was, it was just like this constant challenging situations of, of ups and downs. So what Profit First has done for me is forced some discipline into my life, but made it easy, right? So it’s, I mean mm-hmm <affirmative> people think about discipline and having to change habits and all this sort of stuff being really, really tough. I found this one to be quite simple, you know, setting up the different accounts and then just as soon as money comes in, knowing that right off the top, ding, ding, ding, ding, ding, it’s going into all of these different accounts has been a game changer for me.

Not just in the tax department, but it’s so nice when tax time, no, nobody likes tax time, but having tax time come around, getting that bill, hearing from your accountant how much you owe, and having that already put aside in the bank mind boggling change in, in my world, that’s, that’s been fantastic. The other thing that’s, that’s been great is just getting the discipline around how much I should pay myself, right? So yeah, having the owner’s compensation account in there and then just ding certain percentage goes off there having a great month, Hey that accounts looking pretty good, not having such a great month. Hey that account sucks. And that’s, and it’s very, very visual so you know, hey, I need to tighten things up. It’s also really impacted me by just tightening things up, right? Really looking at where are, where’s the money going, where’s we’re talking, when I interviewed you a little while ago, that black hole account, right?

Where all the money just gets sucked away, right? Where’s it getting sucked away and how can I, how can I look at that? So I took a hard look at things and just looked at all the monthly recurring charges for crap I’m not using anymore and, and cut that out and then bang, you know, over, over the course of the month to month, not all that big, but over the course of the year that’s like 10 grand in unnecessary expenses that were just kinda filtering away. So all of these different things have forced me to become a much, a much better business person.

Speaker 3:

And it sounds like it gave you clarity, sounds like it gave you clarity to be able to see and make those decisions on a dime. Like you open up the accounts and where

Speaker 1:

Are we? Well, yeah, and, and also not just, you know, with employees, with, you know, contractors or like, are you pulling your weight? Is is this person really doing the job I want them to do or is it just kind of another money suck? Right. So, so I’ve I’ve, I’ve become much more astute with that.

Speaker 3:

Awesome. So I’m assuming you have a profit account set up with the profit

Speaker 1:

First system? I do, I do. Okay. I’m still getting my head around dipping into that guilt free. I, I tell you why. Okay. I, I’m having a hard time with that, but I do have the profit account set up and okay. And that’s the first thing that comes off the top as well. So

Speaker 3:

Talk about that. Cuz the other listeners I’m sure have gone down the prophet first road and been like, yeah, I’m a little bit guilty. You know, I feel a little guilty dipping into that. Do you want, let’s talk about that if you’re okay with it. Well, you know what

Speaker 1:

I do you feel guilty about when I just interviewed you on my podcast, you said something, you’re like, I think my thing was you don’t have to take all of the profit outta that account and use it. And that’s kind of what I had in my back mind. So I’ve been, I’ve been thinking of that profit account as the rainy day fund, as the crap hits the fan fund and, and I haven’t been taking very much out of that. So now what I’m gonna do is give myself permission good to dip into that on a quarterly basis and have some fun, but still leave a big chunk in there just in case, in case there is some sort of crisis that I, you know, that I, that I need to access

Speaker 3:

That for. No, that’s a great, I love that. It’s like, it’s a peace of mind account it sounds like for you. Exactly,

Speaker 1:

Exactly. Make sure, yeah.

Speaker 3:

Make sure there’s money there when I need it. Okay. Now that you’ve, you, you’re going down this road and you’re actually going to take action on that. Yeah. What’s something you’ve always wanted to buy with your profit account when you can feel guilt free about it? Like is there something that you’ve always wanted? Here’s, here’s the

Speaker 1:

Crazy thing, David. No there isn’t because not so much. It’s because do pretty well financially. So like, like the owner’s compensation counts, accounts pretty good, <laugh> good. Yeah. And then the other thing is, you know, my, my wife and I, we really love traveling. Yeah. But we’re doing that anyhow, so it’s, it’s not like I need to really, but maybe, you know instead, instead of traveling coach maybe I dip into that and we travel first class, you know, that sort of thing. There go, that might be kind of fun.

Speaker 3:

So yeah, I was gonna say make make the travel a little bit nicer and not be stuck there then cattle cars, so Exactly. Oh man. No, that’s good stuff. Okay, well good. I want you to leave some have

Speaker 1:

To convince her of that. She’s very frugal though. So that’s <laugh>,

Speaker 3:

It’s from the profit account, I promise.

Speaker 1:

Like this is exactly

Speaker 3:

It. Skill free. Oh no, that’s good stuff. Well I love that, that it’s helped. Sounds like it’s helped you from that perspective to have a peace of mind account, to have clarity, but then also like the tax side too, like peace of mind on that because huge, when we were interviewing on that, you kinda laughed at when I was talking about the tax account. Have you been in the past where taxes have been a really big issue in the past? Like, did you ever have a big bill? Like Oh yeah, I hear that story all over

Speaker 1:

All the time, man, consistently it was, it was always playing catch up and it seemed like, right? So now it’s like, bam, paid off, done. Don’t have to, let’s, let’s move,

Speaker 3:

Let’s move

Speaker 1:

On, let’s move. Plus not only paid off, but there’s something leftover in there for the next year. Ooh. So I’ve got a headstart on it. So that’s that’s wonderful.

Speaker 3:

Yeah. That, that is fun cuz why don’t we, we’ve seen some, especially if you hold real estate too. We’ve seen some clients that are like, they have a very, a lot of excess funds in there and it’s like, okay, you don’t even need this much for next year. Like, then you get to move it to the profit account. There

Speaker 1:

You go. Hey. It’s

Speaker 3:

Like, yeah, good stuff. But nice stuff. No, I love it. But thank you. I love hearing people’s journeys. It’s, that’s a good update. So Dave, like I said, you could go listen to Dave’s first podcast that’ll give you more about his background and all that, but I want him to come back on, give the update on Prof first. But then I want you to talk about what you’re into now. Cuz I love <laugh>. I love when you email me, it’s like, we should get back together because be seen to get the grain <laugh>. So what’s that all about? Like how do we make sure that we’re doing that? Like what are you into right now that’s that’s helping a lot of people.

Speaker 1:

Yeah. So a lot of your listeners and followers are what I would call mom and pop real estate investors or everyday people investing in real estate. Yeah. And everybody sooner or later hits that wall, runs outta cash, runs outta credit to buy more properties, even if they are following profit first. Oh yeah, for sure. Right? You gotta come up with big chunks of cash to buy properties. So instead of always self financing, people are starting to look at O p m, other people’s money. How do we bring on private capital, joint venture partners, private investors, whatever that looks like. But most folks don’t have the famous clue of how to get started with that. So what I, what I’m enjoying showing people these days are, you know, what I, what I call be seen to get the green eight different ways to raise your profile in order to raise capital.

So if you’re okay with it, David, let’s kind of go over these very, very briefly. I know you’re a pro at a lot of this stuff and this will resonate with you. So Uhoh I’m looking forward to your input on it, but yeah, for sure. But we’ll start with easy stuff first because not everybody can be a bestselling author and a podcast rockstar like you, right? So where, where can people start to increase their visibility and, and show up as a real estate professional? So one of the things is just exactly how we show up, especially when we’re talking with somebody who is a prospective investor, prospective private lender, joint venture partner, what have you. So I recommend that if you’re talking with somebody about your deals, that you dress up a little bit. Mm-Hmm. You don’t have to go over the top, but if you put on a, like, guys, I, I won’t speak to women.

I, I, I won’t give any female grooming advice whatsoever, but guys, sounds good. We can, we can typically step it up a notch or two, throw on a blazer, nice pair of shoes, good pants show. That’s going to number one, show the other person respect. And number two, it’s going to get some respect back from them right off the get go. So right or wrong, people do judge a book by, by its cover. So do the best you can to put forth the best image you can. Great story around this, David. Back in the day I was working in as the marketing guy for an up and coming real estate guru up here in Canada, kind of Canada’s version of Robert Kiyosaki, right? That, that idea. Yeah. And we put on events all across the country, 300, 500,000 people would come out to these things and he’d always pick two real estate investors from the crowd.

He’d say, Hey, who hears an active real estate investor? Bunch of hands would go up, he’d pick two people. He always picked one person who was dressed sharp and another person who looked like a complete slop. You bring him up on stage and just <laugh> and a little bit of a scary for these people. Sure. But you say, okay, everybody based on what you see, nothing else just based on what you see, who would you be most likely to have a money conversation with? And then he’d point to the well-dressed person, all the hands would go up, he’d point to the slob, the slobs wife would half-ass hand would half-ass go up, <laugh>.

And that was about it. And it was just, bang, it’s not right. It’s not the way it should be. And sometimes the slobby person had way more experience and a bigger portfolio than the, was usually the sharp dressed young buck that was in there. But it’s human nature, right? Yeah. So people do judge the book by the cover and yeah. So that’s, that’s, that’s something that’s easy that we can do. You don’t have to go and get a whole new wardrobe, just dress business casual when you are speaking with people about money. Next thing is the infamous 32nd commercial or elevator pitch. Have you heard that David? We should all have our own pitch elevator pitch. Yeah, I remember I learned that and I was doing rent tone deals at the time. So I, I had this pitch, all this elevator pitch all polished up.

So hit me with it. Say, Hey Dave, what do you do? Hey Dave, what do you do? Well, thanks for asking David. I help deserving local families who can’t quite get into, into their own home right now, get into their home of their dreams years earlier than they could on their own. While at the same time helping my investor partners and myself get an above average return on our money back by a solid tangible asset, real property. And how about you David? What do you do? So anyhow, that was my, that was my 32nd elevator pitch. But here’s the challenge that might be okay, like as far as el el elevator pitches go, that, that fits all the parameters. Yeah. But it sounds like a commercial. It sounds completely unnatural. Like if you’re in networking with a bunch of other real estate investors who’ve learned about elevator pitchers Yeah.

Then, or network marketers, then yeah, it sure people get it. But you go out and you talk to regular quote unquote civilians and they’re gonna give you the weirdest look cuz just, nobody talks that way. Right? So here’s what, here’s the best one I learned. I I have a, a good friend and also a real estate trainer type person. Her name was, is Julie Broad. And she was teaching and training people about elevator pitches, but also feeling crappy about it, doing it herself. And finally one day somebody asked her, Hey, well out on the street, she was running a marathon or something. Somebody said, Hey Julie, what do you do? And she just came up with this on the spot. She said, I collect houses. Huh? Done. It’s like, what do you, what do you mean you collect houses? What porcelain houses on the wall? But it started the conversation, it created curiosity. Yeah. So that is a much, that’s a two second non pitchy thing, right? So that is so much better. So don’t be worrying about these elevator pitches. You’re probably not gonna use them. People are gonna look at you as they’re weird. Figure out something short and sweet that’s gonna create curiosity and get the conversation going. Alright,

Speaker 3:

That’s really

Speaker 1:

Good. Yeah. Another big tip. Something super simple, David. Business cards. Business cards, especially if you’re looking to raise capital, don’t go cheap on the business cards. I can’t tell you how many networking and real estate meetups and groups and s that I’ve been to, you know, usually at the back table there’s a bunch of business cards out there and some of them look like they’re printed on a 1980s dot matrix printer for crown. They’re just crappy homemade jobs. Have you seen those? You know what I’m talking about, right? Yes. Yeah. Homemade. And it’s obvious. Well, if you’re trying to get somebody to invest 50 or a hundred grand with you, don’t go cheap on your business cards. So where this really hit home for me is my good friend who has since become a YouTube sensation is, is guy’s name is Dan Locke. Well, back in the day before Dan kind of blew up on the YouTubes, you know, he was a teach people how to get money, make money on the internet kind of guy.

Mm-Hmm. <affirmative>. And he had a business card that people were jumping over themselves to get ahold because he wouldn’t give him to everybody. Right. They were, there was special. And I found out why they were special because they’re really quite expensive. So he had these really nice black plastic business cards with gold foil inlay that he got done in England. They cost like three bucks each for crying out loud. Yeah. And people would get these cards and they would hold onto them. I don’t know. Is is your, is your audio is your podcast audio and video?

Speaker 3:

Yeah. On the YouTube, but a lot of it’s the other too.

Speaker 1:

Oh, well if you’re watching this on YouTube, you’ll see an example of, of the business card. So I went out and swiped his idea. Nice. And this is, this is a plaque, black plastic business card, feels kinda like a credit card, same kind of size, same texture, and people feel guilty throwing that away. So go a little bit above and beyond with your business cards. Don’t be cheap. Have something classy there. All right. So it leaves somebody something. I

Speaker 3:

Wanna throw one thing in there. Yeah. If you wanna go above and beyond with that business card, go to my metal business card.com and stand out because like I, I did that for the first year of business, had metal cards. Nice, nice. And everyone was like, what the freak is this? You know, like, and it’s metal, so it’s like a little bit, it’s it’s he and it’s like what? It’s Yeah,

Speaker 1:

It was, they’re never thrown that away. They’re

Speaker 3:

Never throwing that away. Never throw that away. Yeah. It’s good. Yeah. So I, I definitely resonate with that one. Don’t go cheap if you’re gonna do business cards and you go down that road, that’s a really good point. So don’t go

Speaker 1:

Cheap on. Yeah. Well I love your idea as well. That’s probably even better. Another easy one for you is get professional photographs taken. Right? Not just the, but full body shots. Get a variety of different poses. And don’t go to Walmart to get these done. Like <laugh>, you’re gonna have to invest a, a couple of hundred bucks, but it’s money well invested. And make sure that you talk to the photographer and that they photograph you on a, on a white background or a black background so that they can turn that into a P N G image and be able to pull your image off of that photo. So get a bunch of those done up. It’s not gonna cost a heck of a lot and update them about every five years, I would recommend. Right. And just use that. You can use your, those images on your website.

Use them in your pitch deck presentations, PowerPoint presentations, use ’em in your materials that you’re gonna be leaving behind with. People. Use them all over social media all over the place. Right. So invest in really good headshots. So those are some, some easy things that people can do that are pretty inexpensive. And then if you’re, if you’re ready to really start kicking it up, then the next one is, and David, you’re, you’re, you know all about this and I know all about this and it’s getting free exposure using what I call the other O P M. So most people know o p M as other people’s money for this one I’m talking referring to other people’s media, other people’s media. So for example, I have the honor and the pleasure of being interviewed by you on your pod on your podcast, right? Yeah. This is your media, this is your platform.

And I’m jumping on and just because of the fact that you’re interviewing me, whether people know me or not, I’m automatically seen as an expert and an authority, because otherwise why would you be getting interviewed? Right. So it’s right, it’s, it’s kind of piggybacking on that as well. So all sorts of ideas here. There are people that have YouTube channels, people who got podcasts, people who got both people who got Facebook groups, they do Facebook lives. Any chance you can to get interviewed by somebody on their platform, definitely, definitely take that. And yeah, some, some tips there about that because a lot of people say, well Dave, I don’t, you know, I’m not an expert. I’m not like Mr. Richter there, who’s got this bestselling book and all this kind of stuff. Who wants to interview little old me? Well, lots of people do, right?

They’re, you’ve got experience, you’ve got a track record, you’re doing something different. For example, on my podcast, I really enjoy interviewing what I call everyday investors, everyday people investing in real estate. I just find they resonates with our listeners. They can relate to those kind of folks. Mm-Hmm. <affirmative> even better than the rock stars. I’ve, I’ve interviewed Kiyosaki. That’s great. But he’s kind of at a level that most people kind of see him as this, this unattainable kind of level, right? Right. But if you’re hearing somebody that’s more or less at the same level or just maybe a step or two above you, it gives you even more inspiration I’d find. So lots of big benefits to being interviewed and this is what I’d, I’d like your input on there, David, but the ones I’ve come up with that are kind of the biggest reasons for even just regular folks investing in, in, in real estate to get interviewed is that it’s a great way to boost your credibility not just to the audience of the podcaster, but to your own network. Because yeah, if you take that podcast interview and you tell everybody that you know about it, put it on social media, email people about it and say, check out my, my interview, then that’s going to give you much better credibility and authority within your friends, your family, your coworker within your existing network. What are your thoughts on that, David?

Speaker 3:

No, I love it. No, that’s really good stuff because if you wanna be seen as that professional, and especially if you’re gonna be going after significant sums of money to make sure that you can get those deals in the door, that I think this is very, very practical advice. Like I wish more people would just give this type of advice when they’re going out to, to do this type of thing. Because like you go to a local meetup and that’s where I think a lot of people will start. They’ll go to a local meetup and you’re going to have some private lenders there. You’re gonna have some people that you know, might be your first introduction or know someone else. And if you don’t show up like dress for success and knowing what you want and really going through a lot of these things, then I think that’s gonna just put you put you a little bit farther behind.

But this is really good because a lot of people just don’t know how to start off. And these are a couple just great first steps. And I love what you said about the elevator pitch. Like, just keep it short and sweet. You’re, you’re a normal person talking to another normal person. <Laugh>, that was such a great, it was like, unless you’re at a real estate event where everyone’s been trained like that or a network marketing event and you’re gonna sound like a robot to most other people. Like, can you just, can you get the conversation started with someone That was such great practical advice. Cuz I think a lot of people have that fear that if you’ve seen this, the fear of talking about them, the money and you know, like the deals and how do I even introduce that? It’s like, well you want to make sure you’re talking about them and get them talking about that. But then also like, okay, here’s what I do and here’s really simple, you know, like I, I do, I collect houses or like if it’s as simple as that, that was such, I think that was such such great advice. The business cards don’t go cheap on those, the professional headshot. So that way on Facebook it’s not you shirtless like in a, you know, like

Speaker 1:

<Laugh>. Nobody wants to see that at least, least, right, exactly. I’m not showing anybody myself shirtless anymore. That’s

Speaker 3:

What, oh man. Yeah. It’s like to be, because people are going to do, I, I literally had someone reach out to me today and they said, can I get some of these connections that you were wanting? And I said, do you want me to introduce you? They were like, no, just send me their name. I wanna look ’em up on Facebook, you know, and I wanna look. And I’m like, oh my gosh. Like due

Speaker 1:

Diligence. Right, exactly.

Speaker 3:

It’s the due diligence. So it’s like, you gotta be thinking about that too, because if you’re wanting to get where you want to be, then that’s the persona that you’re gonna put out there too. It’s like, okay, where, what, what am I putting out there? I thought that was great about the headshots then the O O P M. I love that too. Other people’s media.

Speaker 1:

Well I mean that that’s something that you’ve done. So talk a little bit about that because when you’re launching the book, you were doing a whole podcast tour. I i I lost track. How many different podcasts were you on and what kind of an impact did that have

Speaker 3:

For you? Oh yeah, I, it was easily, I think at least a hundred either podcasts or virtual speaking events. Yeah. In 2022. And then it was like 40 in-person things. But the thing that I did honestly, like I joined a couple masterminds that had good connections that connected me and then they are network connected me to them. You know, it’s like yeah. Once you know you have some things and, and if that’s, I don’t wanna feel unattainable as well cuz if you’re not writing the bestselling book or wanting to build that, if you’re wanting to stay local, you could become your local expert too. Yeah. Like get on the podcast that are in your area. Find the people that have that voice. Is there a podcast? Can you start one? Would you even wanna go down that road? Like if you’re in some town or something,

Speaker 1:

Start, start, start by being a guest first. It’s so much easier, right Dave? It’s so

Speaker 3:

Much easier to do that, to at least see what other people are doing. Cuz then you can actually see okay, how do they interview? But that’s where it’s like in your local market you can at least start there cuz that’s where usually exactly you’re gonna shake hands with the people you’re gonna do that. Like if you’re doing the business there in your local market, like get to know them and that’s where I would start with the other people, media there. But yeah, it’s, I mean it depends on how big you want to take it too. Like where, what are your goals? It all ties into what to make sense for you cuz might not make sense to fly around the country. Like if you’re not trying to do that, if you’re just trying to like, hey I’m just trying to buy the properties here. You know, and like I’ve got a good network of, of lenders and people that I trust in this local area. So it’s like also looking at that. But I, I think that’s, I love absolutely love these ideas cuz I think that last one you said is gold. I mean if you actually get out there and you start talking people that the, if you have opportunities, money is attracted to those opportunities. Definitely. And if you’re not talking about that and if you’re not talking about like who you are and what your core values are like that, then people won’t know that, that those opportunities even exist. So that was great. And then

Speaker 1:

Let leverage that exposure. So when you do get interviewed, especially if you haven’t been interviewed on podcasts very much take us, do take advantage of it before, during and after. Right? What do I mean by that? So let people know before you’re gonna be interviewed. Hey, so excited, I’m gonna be on David Richter’s show, you know, I, I can’t wait. And then, then as you’re being interviewed, take a screenshot of you and the host. Most people are doing this stuff on Zoom or Riverside or something like that. So take a screenshot, post that up. Hey, just had a great time getting interviewed by David Richter. Wait, you know, wait till it comes out. I’ll let you know when it comes out. So then when it comes out, make a big deal about that, right? Because that is what creates the buzz and that’s what really helps elevate you not just to the podcasts podcasters audience, but to your own connections. They’re gonna take you much more seriously.

Speaker 3:

Yeah, no that’s really good. That’s great advice. I love this. This is very practical. Like at the beginning of this we were like, okay, here’s profit first. Here’s the going from feast or famine to here’s where we can be and like all the stuff that you talked about, the clarity, the peace of mind account, like making sure, I love what you said at the beginning too forced discipline into your life, but it made it simple. Yeah. That was such a good statement. Then going from that to like, here’s some practical steps. If you wanna go out there, you wanna raise money, you wanna go because PR first, like you said, is going to help you build a battleship of a business. But you don’t always want be using every dollar that you make. We,

Speaker 1:

Well we wanna help you make more profits and the way you make more profits and real estate is buy more property, more deals, deals to

Speaker 3:

Do the properties and without using your cash all the time. Exactly. So this was so great, the practical steps of Dress for Success. Get that short elevator pitch that was so great. Like just treat people like normal human beings. Then the business cards, get them, don’t go cheap. The headshots and then the exposure from other people’s media. Opm, the other opm, that was so good. So Dave, this has been awesome. Thank you so much for being on here today. And remember if you’re listening to this and you resonated with him, like I don’t have clarity, I don’t know where my money is, like where in the world, like I want what Dave has, like what is this profit, first of all about go to simple cfo.com, like book a call with our team. Like we could point you in the right direction. Like at least get you hooked up with a good profit, first person that knows what the heck they’re doing to give you more profits at the end of the day. Make sure you catch Dave’s show and stuff too as well. So at the end here, I’m gonna have him tell about like where all that is. But I wanna make sure Dave, like this was so good, there was so many Dr. Bombs dropped here. How can they, if they wanna listen to you more or like, do you have a website or how do

Speaker 1:

People get in touch? Yeah, thanks. Thanks David. Here’s what I’d like to offer your, your listeners is the opportunity to be interviewed on a podcast. Cuz I’m looking for everyday people investing in real estate. Love to have you on my show. If it’s your first interview experience, I’m gonna make it super simple, su super easy for you and you can find out more and just fill out a quick little questionnaire@daveinterviewsyou.com. Again, Dave interviews you.com, let’s get you on your first podcast.

Speaker 3:

It’s good stuff. So go to Dave interviews you, he’s got why if you are in the real estate world, this is a great way you’re literally doing this last step that he talked about. This can at least get you out there. The more you practice, the better you get too. So it’s like take any opportunity that you can, that would be a great first step. Thank you for listening and remember, make Profit a Habit in your business. Thanks again Dave.

Speaker 1:

Thank you very much, David.

Speaker 2:

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.