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Get More Money & Create Your Dream Lifestyle by Leveraging Profit First – w/ Short Sale Queen Nicole Espinosa

Episode 79: Get More Money & Create Your Dream Lifestyle by Leveraging Profit First – w/ Short Sale Queen Nicole Espinosa

THE PROFIT FIRST REI PODCAST

Mar 23, 2022

David Richter

 

Here’s a real kicker! Nicole Espinosa, a.k.a the Short Sale Queen, will give us pearls of advice in today’s talk. 

Nicole started real estate way back in 2011, and she has been processing short sales ever since. Throughout her years of expertise, she’s gone through several challenges and met seasoned real estate investors who shaped her to where she’s at today. She’s also written a couple of books that became a global hit and helped many. On top of that, Nicole is a full-time mom who has mastered the art of balancing her career and personal life. She always believes that consistency and perseverance to work hard are the way to victory. Curious about how she did it? Find out by listening to the full episode!

 

Key Takeaways:

[2:06] What got her started in real estate investing?

[3:26] She spent a lot of time perfecting systems processes and instilling education to real estate professionals to debunk myths about short sales.

[6:12] The advantages of specializing in short sales niche

[7:32] Why did she get into real estate?

[10:41] Did short-sale contribute to her success?

[11:50] Being consistent matters

[12:45] What early lessons about money did she learn? And how does it differ from her perspective today?

[15:49] Changing her perspectives on money: Working less and making more

[18:15] What does she want to pass on to her children about money?

[25:47] Have a bigger vision of what you are trying to accomplish and create 

 

Quotes:

[6:49] “Your reputation is your brand.”

[7:32] Why did she get into real estate?

[8:32] “I was not always the smartest person in the room, but I was always hard working”

[9:30] “You don’t know everything, you can always learn something from someone because they offer a fresh new perspective.”

 

Links:

 

Tired of living deal to deal? 

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

– David 

 

Transcript:

David Richter:

Hey, everyone. It is David Richter again here with the Profit First REI podcast. Have another special guest today, Nicole Espinosa. She is the short-sale queen. So now you’ve met her. If you are watching this online, you are officially seeing who the short-sale queen is, but she has done many, many short sales. She has written books about them that are best-selling books, which is … She has Short Sale Uncensored.

 

And she is an absolutely amazing person because … I know this because, in the masterminds that we’re a part of together, I hear other people talk, and that’s where … I’ve said this about several people on the podcast, and you know someone’s the real deal if other people are talking about them, and it’s not just their marketing talking about them. And that’s where Nicole, I feel like, is one of those people that does it, does it right, and then has the reputation of doing it right with other people. And so, Nicole, super excited to have you on today. Thank you for being here on the Profit First REI podcast.

 

Nicole Espinosa:

Thanks for having me, and what a good intro, so I appreciate that.

 

David Richter:

Oh, yeah, for sure. I …

 

Nicole Espinosa:

I’m excited to be here.

 

David Richter:

Yeah, I like having real people on that have been in the trenches doing it, and then teaching others that they can get out of the rat race and what can they do, and all that is well and good. I love the … Because I never read the bios that people send over to me as far as word for word on my show. But I do love here that your whys, those two children, Elias and Emma, that you have. And that’s … I absolutely love that.

 

I’ve got one daughter, a four-year-old, so that’s why I ask them the questions I do because sometimes it’s selfish just because I want to know how to raise her better and that stuff. So I absolutely love that. And so that’s what you focus on when you’re not doing the real estate transactions. But, first question, right out of the gate, what got you started in real estate investing?

 

Nicole Espinosa:

Yeah, so I got into the business in 2009, and it was mostly with foreclosures, so dealing with REO lenders. I was working at a real estate office, working with asset managers, and that was my first exposure to real estate. And it was one of the worst jobs I’ve ever had because we had to evict homeowners. We were on the complete opposite side of what we do now and really just in the trenches of these crazy deadlines where the lender would send us the legal description and say, “Figure it out. Figure out if you have to evict these people. Figure out what the situation is.”

 

But I learned. Just like anything else, you just sink or swim. Right? I was able to learn so much about how the banks worked and operated and then, from there, got my license. And just so happened that the first listing that I had, when I was trying to figure out what I wanted to specialize in and what I wanted to do, was a short sale. And, from there, I learned the process.

 

It was very interesting to me in this niche specifically where most people didn’t understand. And most people, because of a lack of knowledge, they were like, “Hey, just don’t even worry about it; don’t bother with it. You’re not going to be able to do anything. It’s a waste of time,” which some investors still say to this day that I’ll talk to you. They’re like, “Oh, short sales don’t close,” because of their experience. And so I’ve spent a lot of time this last decade perfecting our systems, our processes, and really putting a lot of education out there for real estate professionals, investors, and real estate agents to really debunk all those myths of: that things aren’t possible.

 

It’s just like, well, that’s your experience, but guess what? We have 10, 11 years of getting these approved and getting them closed. So there’s a resource out there to help homeowners and still make a profit, and so it’s a win-win.

 

David Richter:

That is awesome because that is … I’ve been investing now since 2012, and that was definitely one of the first things because we did all types of deals when I start first started investing. And that was one of the ones that we didn’t do a lot of was the short sales because of that stigma that it has on it, but I love what you’ve done. And it’s usually those places that a lot of people don’t flock to that you can really do a lot of good. You can help those homeowners, and then you can also make a good living and help yourself and those people too. So I absolutely love that.

 

I love how you got started in it, so talk about the journey then. That’s how you started. Tell the 10, 11 years later now. Where are you now, and what are you doing, and how are you helping? Do you still do short sales today? Just give it a little bit about that.

 

Nicole Espinosa:

So we are 100% referral based.

 

David Richter:

Wow.

 

Nicole Espinosa:

So I love what you said with the intro because that is so important to me. Our reputation is our brand. The fact that we follow through; we do what we say we’re going to do. We built an entire business on that. And, as far as the journey, it has been a wild ride because I created something that most people don’t understand or know how to do, which means that there wasn’t a lot of resources to get help when I would get stuck or try to fix any problems that we had. And so, for the longest time, just being so young and creating this business, I was so broke. I would spend so much time creating income and getting into that trap that most entrepreneurs do of creating money.

 

There’s always more money, which is why I love Profit First because, literally, when I would read that book, I was like, “Oh my God, there’s people like me; I’m not alone.” Right?

 

David Richter:

Right.

 

Nicole Espinosa:

“He thinks like we do.” And so I related so much to that, that we fall into this trap of just: Hey, we’ll just get another closing. Right? We’ll get more income and never really getting ahead or really creating a business because it’s just this constant trap of creating more income and spending it just as fast. And so it’s been a very difficult journey just because I had no financial literacy.

 

And so I was just a hustler, right? I was just hustling. I was hungry and driven and really passionate about creating this and then failing probably more than I’ve succeeded. Now, fast forward 10, 11 years later. Yes, absolutely, we do over 100 deals a month that we’re processing, and it’s all short sales, so we just specialize in that. We are in 14 states nationwide, so we do this on a very high level.

 

David Richter:

Wow, that’s awesome, 14 states. Just the impact that’s making, that’s incredible. Because that’s what I love to hear is how are you helping with the whole community, with what you’re doing? She’s in 14 states. This is something that’s a serious business. She’s not just teaching it; she’s doing it. And that’s what’s amazing. I love what you said too. Your reputation is your brand, making sure that you have that good reputation out there as well, too.

 

And I think that’s something a lot of people forget, that, once you start saying that you can make the money, it’s very tempting for a lot of people just to be like, “Oh, I could get an extra $500,000 here if I cut a corner or whatnot.” It’s like you’re blowing up what you could really be able to do with your business and with your life, ultimately, but love that.

 

Yeah, and I think you hit the nail in the head there, too, with what you’re saying about Mike Michalowicz and his book, Profit First and just how that describes so many of us. But I did want to ask a question, before we go into the money aspect and everything, is: Why real estate? Why did you get into real estate? And then I know your why now: It sounds like that’s your two children. But what was the original? Why did you originally get into it?

 

Nicole Espinosa:

I would love to say that I had this inspirational moment of always wanting to do this, but I just fell into it. I needed a job. I was working as an assistant for an agent and then working for the broker, and it just evolved. And I was really lucky to be able to do it at such a early age, to really see firsthand the opportunity and take advantage of what most people don’t. Right?

 

So most people get into real estate later on, in their second career or through meeting someone that opens their perspective of: Wow, look at all this passive income or however. And, for me, I was so young, I came from Florida to Texas. And I needed a job. I was like: I need something to do as far as my career path and try to figure out what I wanted to do.

 

And I wasn’t always the smartest person in the room, but I was always the hardest working. And so my tenacity is the reason why we’re here today. I was relentless, and I was always willing to learn. I have always had this perspective that I can learn from anyone. It doesn’t matter if this is your second week or your 20th year.

 

And I think a lot of people miss the boat on that because they feel like whenever you start a sentence with, “I’ve been doing this for 20 years,” I’m automatically checked out. I don’t need you to prove to me your knowledge; it’ll come out in the conversation. And being around so many millionaires and people that are so wealthy on such a high level, you realize that, really, their perspective is always the same. They’re always coming from a place of giving. They’re always coming from a place of: I’m the student as much as I’m the teacher.

 

And that perspective is key because you don’t know everything. You can always learn something from someone because they offer a fresh, new perspective. And I think that’s so important when you’re building something with your culture, with your organization, and really to your success. Because, if you feel like, you know everything, you’re not going to go very far.

 

David Richter:

Yeah, that’s the truth. So, absolutely, I love that because it is. Once you stop that learning process, you’re done. If you’re not learning and growing, then you’re dying. There’s a bunch of those sayings. It’s like you got to make sure that you’re on that path.

 

Love what you said, too, that you fell into it. So not everyone reads Rich Dad Poor Dad, or not everyone just goes off and does this. Or, like you said, it’s some people’s second career. So no matter where you are right now, this could be your first thing. This could be your fifth thing or whatnot. But real estate is definitely one of those great solutions. And I love that, where you came down with your niche of the short sale-ing.

 

And I guess just one more general question because now I’m just going down a bunch of questions in my head, but do you feel like you’ve been more successful because you picked a niche and you stuck in that niche for a long time of the short sales and being very laser focused on that? Do you think that’s contributed a lot to the success over the years?

 

Nicole Espinosa:

A hundred percent, so because I’ve been so laser focused on one thing, it’s done a couple things. The consistency has helped build my brand because people associate me with short sales. People associate me with this part of the industry. It set me apart because of just the consistency over the last decade. Right?

 

And so I think people underestimate consistency. They underestimate the value of being consistent with your message. And a lot of times we, as entrepreneurs, it’s like the next shiny object, right? Like: Oh, wow, this is exciting; and this is exciting. And we always want to create new ideas, and we forget to go back to the basics of what got us there. Right?

 

So, as we grow, instead of veering off to a thousand other things with our crazy ADHD, we need to stay with focused on one thing because if you are associated … If someone could say, “Hey, Nicole Espinosa does short sales; she’s the short-sale queen,” then I’ve been successful in my branding. And the cost of entry is so cheap to be able to be on social media and be out there, but people aren’t going to take you seriously unless you’re consistent with that.

 

And so, because of that, 100% with my reputation, just with the business, we’ve been so laser focused and because we went all in on this niche, we’re the best at it. We have over a decade of experience with this. And not only that, but we’ve done thousands of transactions, so we’ve seen pretty much every scenario. So we can do a lot of things that most people can’t because we’ve experienced it.

 

David Richter:

Oh, okay. I love that. And that allows you to write the books, like the books behind you that you have right there, if you can see. But being able to niche down and really get good at one thing, it is … You can’t plant a tree and then keep ripping it up and expect it to have deep roots and be there for a very long time. So absolutely love that. So, okay, I’ll get off my tangents. Let’s talk about money. So what early lessons about money did you learn, and how does that … Do you think differently today? And do you have any different thoughts about money today?

 

Nicole Espinosa:

Oh, 100%. I think that everybody has a unique perspective with money based on what they were taught. Right? So for some people, the bar is like: Hey, if I make $50,000 because of my perspective created my possibility, that’s the goal. Right? And then you meet someone else that’s making $100,000, and you’re like: Oh, this is what’s possible. And that’s very true for me.

 

Growing up, in my generation, we were taught you have to go to college; you have to get a degree. And if you’re making six figures, you’re successful. Right? And so it was this narrow path of: This is the path to success. And then, once I was exposed to real estate, and I was exposed to these entrepreneurs of: What’s six figures every month?

 

And then my mind was blown because I’m like, “I’m sorry, what? You’re making six figures in a month.” And then it’s like, “No, I made that in a day,” and so I think my view of money and really creating wealth has changed drastically over the last decade because of the rooms that I’ve been in. And it’s no coincidence that the more I’m surrounding myself with people that are doing much better than me, that are a lot smarter than me, that my perspective created so many possibilities for my business. And it changed the standard for money for me.

 

And, from the very beginning, I felt a like I didn’t have a good relationship with money. Right? Because I was like … I had this scarcity mindset where I was like, “I’m just going to spend it because I don’t have that much.” So I would just constantly spend because I felt like this was short term, right? I’m doing really well, but we don’t know how long this is going to last and really just having a self-employed job. Because I was a slave to my business and really just from one commission to the next.

 

And then I woke up one day, and I was like: You know what? I don’t want to keep living like this. It was back … It was like six years ago, five or six years ago, when I couldn’t make payroll. And I’m like: This is ridiculous. I’m getting these awards tonight at this banquet. And I have to borrow money from my dad to pay payroll tomorrow. This is crazy. I felt like such a fraud.

 

And I finally sat down with him, and I’m like, “I need to figure this out, my financial situation, because, at the end of the day, it doesn’t matter how successful, quote/unquote, I look. If I have nothing to show for it, if I’m not creating real wealth, all of this is just a show. All of this is just like everybody thinks I’m successful, but I’m not actually making money.”

 

And I think so many people get caught up in that image of success instead of actually being successful. I don’t need you to think that I’m successful. I want to actually be successful. And, to me, success is buying my time back and having income coming in regardless where I don’t have to think about money. Right?

 

And so I wanted to get to this place where now my mindset shifted to: Okay, I want to actually work less and make more because I want to be present with my family. I want to be well rounded. I want to be able to sleep and not have to stress out about whether everything’s going to go in flames because I didn’t answer my phone. I’m going to take a vacation and turn my phone off

 

So there are so many things I’ve shifted in the last decade, and it was no coincidence of the fact that I had to change my perspective of money, my really relationship with money. And Profit First was a huge part of that, of like: Okay, I am in this trap of … I know I’m good at creating income. And so I’m in this trap of: I’ll just make more instead of keeping what I have. Instead of focusing on saving as much as I can, I was worried about creating more. And so that, I guess, is a long answer.

 

David Richter:

No, no, it’s a good … There is no wrong or long answer there. That is amazing because that’s exactly what we want to do as entrepreneurs. We want to get out of that rat race. We usually jump out of the rat race and then build ourselves a bigger mouse trap. So that’s where I want to make sure. Those are great mindsets. That’s exactly what all business owners want to strive for, and sometimes we lose our way. We lose our way of like: Okay, no, this is the hustle; this is the grind that everyone talks about. And there might be a season of that, but that should not be your lifestyle for the rest of your life.

 

Nicole Espinosa:

And you hit the nail on the head. That’s a season, and I am all for hustle and grind. Roll up your sleeves. You have to do that. You have to do the work, but that is not permanent. That’s just to build it, and we get so caught up in that hustle and grind because it’s sexy, right, to post, like, “I haven’t slept. Team no sleep. I’m on caffeine,” or whatever. No, I like my sleep.

 

David Richter:

Right?

 

Nicole Espinosa:

To me, that’s not cool. Go to bed.

 

David Richter:

Nope. Right, exactly. Yeah, I see that stuff, and I’m like: what are you talking about? I’ve got a four-year-old. I’m like: There’s been nights where I can’t … I don’t choose to go to sleep or not. It’s because of a little one. It’s like: Just get your sleep when you can. But, yeah, it’s being intentional, being intentional with the money, being intentional with the time. Saying, “This is what we’re going to do.

 

And I even like calling it the Profit First life. Are you putting in the things that matter first, into your calendar, before you do everything else? So absolutely love that. So let’s talk about … There’s one other question I want to ask you, since you’re a parent, and since I’m a parent. So I ask this one selfishly. What do you want to pass on to your children about money? Some of the lessons because there’s a lot of good lessons there. So I’m sure it’s still a lot of the same lessons that you just said, but what do you want to pass on to them?

 

Nicole Espinosa:

Well, I want them to understand that money is just a way to … Is just opportunities. It creates opportunities. It’s not the end all, be all. Right? So, once you start making money, you realize it’s not really important. What’s important about money is that it creates opportunities to do what you want with your time, to be able to create wealth, to impact people’s lives and however that looks. Right?

 

The more money and more successful my company is, the more I can bless the people that are in it, the more that I can bless the people around me. And, really, I want their perspective to be: What do I want to accomplish? What are the things that I’m passionate about that I can align that with income? And really just no limits, right? Because I grew up with these limitations of like: Hey, $50,000 is really attainable. And you’re considered successful from where I’m at.

 

And, if you make six figures, oh, my gosh, you’ve arrived. Do you know what I mean? There’s so many limitations. Even when I go back home, people are like, “Oh, my gosh, I got this really good job; and I’m making $75,000, and I’m super successful. And that’s just the perspective because they’re so limited.

 

And so I want my kids … And even now I’m starting to teach them just to have an open mind of ideas of entrepreneurship and how to really create their own income with whatever ideas that they have. And my son, all the time, is like, “Hey, let’s sell this. Let’s do this,” and I’m always trying to encourage that because they have this opportunity where they don’t see the limits. They see their mom creating this whole life, traveling and also incorporating work with it and the things that we do.

 

And so it’s super exciting for me to see them grow up and to see the impact that just my mindset now has on them. And really them being able to walk into real wealth and to be able to further that, and not in an entitled way but like: This is my opportunity; I’m going to work for it, but this is my opportunity that I can now take off whatever I want to do. And I didn’t have that. I had to create that.

 

David Richter:

Right.

 

Nicole Espinosa:

And so, for me, I think that’s going to be the biggest impact for my kids is how they see money, and how they view just life in general.

 

David Richter:

Yeah, I love that. Absolutely amazing. So let’s go into Profit First for a real estate investor. So let’s go into that mindset and how that … You already said how it helped you, but did you implement the system? Did you see, what are some of the benefits that you’ve got from using that or from the mindset or other things from Profit First?

 

Nicole Espinosa:

Well, everything is accounted for, right? So before I read that, I had no budget, it was robbing Peter to pay Paul, right? That kind of lifestyle. And everything is separate, so all of my organizations are separate. Every single organization’s on a budget. They talk about having different accounts, allocating different amounts for different accounts. I implemented that right away, which is so great too, because a lot of times you would see a big lump sum. And then you’d be like, “Oh, okay, cool. I’ve got all this money. I can relax and not be motivated or spend more.”

 

And so I think also having the multiple bank accounts that he talks about also allows you to still be motivated to get out there and create more income because you don’t really see it. Because it’s spread out, so I think that has helped as well. Really, the biggest thing is budgeting out with all the different companies because I didn’t have anything in place with that. So that was probably the biggest impact that book had. Plus, getting out of … I talked earlier about: Oh, I’ll just create more income. Right? I’m now more focused on: How much can I keep?

 

David Richter:

Yes.

 

Nicole Espinosa:

And I think that’s the biggest lesson, is your success is how much money you keep, not how much money you make.

 

David Richter:

Right, exactly. And do you feel that this system has giving you more control over your businesses?

 

Nicole Espinosa:

A hundred percent because, when you have the cashflow, you can do anything. When you don’t, you have no options. And so, really, I think … Here’s the deal, like with COVID, I think it weeded out so many businesses because I think people thought: If I’m over-leveraged on paper, and it doesn’t matter if I don’t have the cashflow; if I’m over-leveraged on paper, I’m successful. And then COVID happened, and they couldn’t even make payroll

 

And I’m like: You have … Really, to me, yes, of course you want to have assets, you want to have investments. I have all of that. But if you don’t have the liquid cash to be able to survive, to pay three to six months of expenses, how can you tell me that you’re doing well? You know what I mean? And all those businesses that couldn’t even keep afloat, I was mind blown, like huge corporations that couldn’t go one month of payroll because of cashflow. And so, for me, I was like: Wow, this really weeds out a lot of people of their version of whether they’re doing well and whether they’re success or not.

 

David Richter:

Yeah, no, I love that. So, okay, well, I absolutely love that. Put control back in your hands, getting your arms around the budgeting for the different businesses, really giving you that clarity. Is there, with the profit account, because that account is for you, have you bought anything cool with the money that you’ve actually made from the business? Is there anything that you’d be like, “Yeah, this was for me.”

 

Nicole Espinosa:

So I actually just got my car, which I really could care less about cars. I just got my dream car, and I felt so ridiculous doing it. But it was one of those things where it’s like: I just want to check it off.

 

David Richter:

Yes.

 

Nicole Espinosa:

So I got my Mercedes. And so, for me, it is a personal like achievement of like: Oh, look, I did this; I bought the car that I’ve always wanted. I don’t really care about things. What I want to invest my money in, what gets me excited is the fourplex I bought last month.

 

David Richter:

There you go. Yep.

 

Nicole Espinosa:

And the fact that it’s going to be cash flowing. Those are the things that are exciting to me. So yes, I bought the cool car it’s a car. So after like a month, I’m sure the coolness will wear off.

 

David Richter:

Right? Now it’s just getting me from point A to point B.

 

Nicole Espinosa:

Right.

 

David Richter:

No, I totally get that, very cool. So just a couple last questions here. Do you have any other general advice for real estate investors?

 

Nicole Espinosa:

Treat it like a business. A lot of times people come in, and they try to be casual about it. And they’re wondering why they’re not really achieving results, and it’s because they’re not time blocking. They’re not going in with it looking like: Hey, this is a business. This is how I need to schedule my time, my expenses, all that. And I think they’re too casual.

 

So go into it with that mindset we talked about earlier. Save more than you spend. Your true success is what you’re keeping, not what you’re making. Don’t get caught up in the social media posts of like: Oh, I did six figures or whatever. Because, if they’re netting $1,000, $10,000, that doesn’t mean anything. Right? I’d challenge the people that you’re following of like: Hey, what’s their net; what are they actually bringing home? What are they making?

 

So it’s just much more than that. Have a bigger vision for what you’re trying to accomplish and what you’re trying to create because that’s what’s going to keep you in the long run. Because it’s the daily stuff is not sexy, right? The follow-ups, the working 12-hour days. That’s not sexy. But when you see the long-term vision, when you keep going at it every day consistently, the journey is the best part.

 

David Richter:

Yes, that is so good because that is definitely what we endorse here on Profit First for real estate investing. Make sure that you have those systems in place. Make sure that you have that mindset. I absolutely endorse everything about that. So, Nicole, since you provided a ton of value here, like laser focus. I thought that was great. Talking about just how that has helped you, helped your career, and that is so, so good.

We all need to hear that over and over and over again. Just stay away from the shiny objects, the mindsets that you have around money and how you’re passing that on, how Profit First has helped you. So a bunch of value that you’ve created here today. How can the listeners provide value back to you? I know they need to go get your books, Short Sales Uncensored and How to Master Short Sales. So you need to be going out there. They’re on Amazon, right? They’ve got to be on Amazon. Okay.

 

Nicole Espinosa:

Yes, on Amazon, and you can also go directly through the website too, TheSSQueen.com. And, honestly, just go to YouTube. YouTube, you’ll find, if you just look up the Short Sale Queen, we have a ton of resources for real estate investors on sourcing deals, on making better calls, how to connect with sellers, and pre-foreclosure. Just a ton of things, ton of value for them. So you can always go to YouTube to find us as well.

 

David Richter:

Awesome, so you could go to YouTube and then TheSSQueen.com, correct? That was the website. Go to Amazon; get her books, or go to the right there to the website and check out her content. She’s got incredible content. She’s the real deal. She’s doing this in 14 states and teaching and has those books. She is the authority on short sales. So, Nicole, thank you so much for being here today and for providing so much value.

 

Nicole Espinosa:

Yes, thanks for having me. I enjoyed the conversation.

 

David Richter:

Thank you so much for listening to today’s show. If you found this episode valuable, could you do me a quick favor? Can you give us an honest rating within iTunes, and be honest. You could say whether you liked it or not. And, obviously, with iTunes, the more reviews and ratings we have, the better it is for other people that are searching for Profit First in a podcast. So we’d love to be ranked on there, and that’s thanks to your help. So we would really appreciate that if you would like to go give us a rating.

 

Also, if you’re looking to connect with us further, I would highly recommend checking out our Facebook group Profit First for Real Estate Investors. And that’s literally what it’s called, so you can type in: Profit First for Real Estate Investors. And you’ll be able to find our Facebook group right there. So come join active real estate investors who are supporting each other and growing their businesses and profits together. That’s what that group is all about. The links should be in the description below.

 

And, if you’re interested in working with us and implementing Profit First in your real estate business, we offer coaching and guidance. So if you want to work with someone who’s actually Profit First certified and who works right now currently with real estate businesses, you can actually go start your application process by going to SimpleCFOSolutions.com/apply, or just go right to SimpleCFOSolutions.com.

 

And there’s an Apply button right on there, if you want to actually start your Profit First journey with someone who can actually walk you through those step by step and help you know and grow your cashflow. Thanks again for joining us for another episode of the Profit First REI podcast. See you next episode.

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

 

Episode: 242


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

 

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

 

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

 

Listen and enjoy the show! 

 

Key Takeaways:

 

[01:01] Introducing Jay Conner

[05:00] Introduction to private money

[08:30] The Great News Phone Call

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

[13:18] Maintaining relationships with private lenders

[15:40] Private money vs traditional money

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

[25:18] Advice for real estate investors

[29:01] Connect with Jay Conner

 

Quotes:

 

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

 

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

 

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



Connect with Jay:

 

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

 

Tired of living deal to deal? 

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

 


Transcript:

Speaker 1 (00:00):

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

Speaker 2 (00:34):

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

Speaker 3 (01:01):

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

Speaker 1 (02:07):

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

Speaker 3 (02:24):

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

Speaker 1 (02:43):

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

(03:38):

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

(04:27):

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

(05:18):

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

(06:10):

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

(07:02):

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

(08:11):

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

(09:06):

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

(10:04):

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

Speaker 3 (10:38):

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

Speaker 1 (11:17):

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

Speaker 3 (12:22):

Right? Yep.

Speaker 1 (12:24):

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

Speaker 3 (12:33):

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

Speaker 1 (13:22):

I mail ’em checks.

Speaker 3 (13:25):

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

Speaker 1 (13:33):

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

Speaker 3 (13:41):

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

Speaker 1 (13:50):

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

Speaker 3 (14:00):

Yep.

Speaker 1 (14:01):

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

Speaker 3 (15:27):

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

Speaker 1 (15:32):

Options. Does that make sense?

Speaker 3 (15:34):

Yeah, that makes sense. A hundred percent.

Speaker 1 (15:37):

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

Speaker 3 (16:14):

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

Speaker 1 (16:33):

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

Speaker 3 (17:33):

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

Speaker 1 (18:04):

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

Speaker 3 (18:20):

Yeah, me either.

Speaker 1 (18:22):

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

Speaker 3 (18:53):

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

Speaker 1 (19:12):

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

Speaker 3 (19:17):

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

Speaker 1 (19:20):

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

Speaker 3 (20:25):

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

Speaker 1 (20:50):

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

Speaker 3 (21:53):

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

Speaker 1 (22:07):

Well pay ’em on time.

Speaker 3 (22:08):

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

Speaker 1 (22:12):

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

Speaker 3 (22:42):

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

Speaker 1 (23:03):

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

Speaker 3 (23:06):

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

Speaker 1 (23:10):

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

(23:37):

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

Speaker 3 (24:31):

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

Speaker 1 (25:18):

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

(25:26):

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

Speaker 3 (26:11):

That’s so good.

Speaker 1 (26:13):

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

Speaker 3 (27:08):

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

(27:55):

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

Speaker 1 (29:01):

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

Speaker 3 (30:31):

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

(31:13):

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

Speaker 1 (31:51):

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

Speaker 2 (31:54):

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

 

 





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