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How Profit First Changed His Money Mindset and the Hardest Lessons he has Learned in Real Estate Investing with Greg Helbeck

Episode 130: How Profit First Changed His Money Mindset and the Hardest Lessons he has Learned in Real Estate Investing with Greg Helbeck

The Profit First REI Podcast

November 1, 2022

David Richter

Summary:

Money management is a powerful thing for entrepreneurs—very often, it can mean the difference between living paycheck to paycheck and seeing profits. Real estate investors often operate without knowing there is a better way to manage their earnings by adopting a solid money management structure.

For our guest, finding success early in his life led to the need for stable finances. Greg Helbeck’s continued upward trajectory made him realize that he had to treat money with respect—and that’s where Profit First came in.

On this episode of Profit First for REI, Greg and I talk about his journey in money management and being a leader. Listen in!

Key Takeaways:
[00:43] Introducing Greg Helbeck

[01:53] On Knowledge He’s Gleaned From Reading 

[04:28] On How His Money Mindset Changed After Profit First

[08:50] The Hardest Lesson He Has Learned in Real Estate Investing

[11:04] On Managing a Team

[21:16] Greg’s Advice for Real Estate Investors

[23:50] Connect with Greg

Quotes:

[06:11] “If you are not prepared to have ups and downs from your cash flow, no matter how much marketing you do, if you don’t save that money, and you don’t have reserves, you’re going to really get mentally stressed out.”

[13:29] “ If you’re going to be a one-man show forever, that can work—you can make great money. But you’re never gonna get to a level where you’re making net seven figures [or eight].”

[21:55] “If you master lead generation and you master communication, you will earn income.”

Connect with Greg: 

Podcast: https://podcasts.apple.com/us/podcast/pave-the-way-podcast-with-greg-helbeck/id1459746507
Instagram:
https://www.instagram.com/grego_37

Website:

https://www.velocityhousebuyers.com/
Email:

greg@velocityhousebuyers.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 

Transcription:

 Greg Helbeck:

This is a great business. You can make a fortune. But if you are not prepared to have ups and downs from your cash flow, no matter how much marketing you do, if you don’t save that money and you don’t have reserves, you’re gonna really get mentally stressed out.

Outro:

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.

David Richter:

Hey everyone, this is David Richter again with the Profit First REI podcast. Have another amazing guest, Greg Helbeck. He’s got a lot of things going on. He’s in the real estate investing game. He does a lot of cool things too. He’s got the Pave The Way podcast, make sure to check that out. And he’s a real estate investor, voracious reader too. If you need some good books and you need to go to his Facebook page, he’s always posted on there the latest book he’s read and an overview of it. And he did that with Profit First for real estate investing, which I’m very grateful for Greg. So thank you for doing that. But just wanted to highlight that as well too. He’s someone that I go to for motivation and just, he’s always positive and upbeat. So Greg, thanks for being on the show today.

Greg Helbeck:

My pleasure, David, happy to have you here and big fan of your work and what you’re doing in the real estate business with Profit First because like I said, I think I told you this before and I read Profit First, the original book before you came out with the real Estate investing one and just implementing those habits in my real estate journey. Once I began, it changed my life financially, man. I mean just from allocating money and all that stuff, it’s serious stuff and a lot of people, they need to hear the message cuz it’s that important.

David Richter:

Well I appreciate that. So can you gimme some of those lessons you learned from the original and then I know you’re one of the early readers of Profit First for real estate and investing that has actually read the book now. So can you just give some of the lessons you might have gotten from the different books and how they relate?

Greg Helbeck:

Yeah, so the biggest takeaway I have is always allocating money when you receive it and not just taking income. Cuz in our business if you do marketing and you make a lot of offers, you make a lot of income. And even with rentals too, same thing. You pick up properties, you have some solid cashflow allocating that money and not just taking all the money you make and sticking it in your checking account and then letting it just dry up. It’s like literally on hundreds of deals, every single deal gets divided up, whether it’s a six-figure deal, whether it’s five grand on assignment fee. So every single dollar gets divided up into the tax bucket, into the savings account bucket. That’s really my profit account. The marketing bucket I have, the operations bucket, the give bucket, the fun bucket, the bills bucket. I have all these buckets and I have all these different accounts.

It was a pain in the ass to set them up and it still is a pain in the ass to set them up, but it’s just so great to be able to shuffle that money around. And then when tax comes or tax time comes around, having the money in your tax account when you have your profit account, when you’re doing a lot of deals that adds up and next thing you know look back and you say, wow, this is great. And it’s those small differences that really matter because how you manage your money, once you start making it, it will make all the difference for you whether you can go out and achieve wealth and have freedom or if you have to just keep doing deals because you’re burning through all your cash and you’re not allocating it correctly. The Real Estate Investing book, I really liked how you actually used a lot of case studies in our niche of a niche business because Profit First is more of a general business book and I think your ability to take that and communicate it to our niche of a niche business was phenomenal. I think the case studies in there were amazing and it’s a very well-communicated book. I’ve read obviously probably thousand books at this point and I can tell between people who are really good at writing and people who kind of write and they’re confusing. You did a phenomenal job articulating the great concept and using it in the real estate investing space. So I’m real proud of you

David Richter:

Brother. No, I appreciate that for sure. And that’s what we wanna convey. I love what you said about the allocations, just making sure, getting into, like you said, it’s those small habits that are gonna add up over time and not having to worry about the taxes and actually having a profit, a cash profit at the end of the day, not some number that someone tells you. So I absolutely love that. So then I guess before you had read Profit First and then comparing that to after you’ve read it, what is your mindset around money and managing it? How did it change it or where did you go from to where you are now? Yeah,

Greg Helbeck:

So financially speaking, I’ve made more money every year since. So I started in 2015 when I was 20 years old every single year. Knock on what I’ve made more money the next year than the year before that. But with what do they say with great power comes great responsibility. Yes they can. So once I started netting multiple, multiple six figures a year, number one, you got a lot of tax liability. Number two, you gotta start buying assets and number three, if you money your money like an MBA store, when you start making high income, you are going down the drain. So I have always, always been a big fan of just because you’re making a lot of money just cuz your net worth is jumping up, you gotta treat the money, you gotta have to respect money. You can’t just take the money and blow it around and listen.

I wouldn’t say I’m frugal, but I definitely don’t waste money and I spend money that I know I can afford to lose. And usually if I do something really silly, it’s from the fun account that I already have from Profit First. It’s not like I’m going out and paying cash for something insane from just one of my operating accounts. So it’s being able to understand that making income is one thing, that’s one skill set. And then managing and keeping money is a completely different skill and you have to have that, especially in a transactional based real estate business cuz most gurus will not say this, this is a great business, you can make a fortune, but if you are not prepared to have ups and downs from your cash flow, no matter how much marketing you do, if you don’t save that money and you don’t have reserves, you’re gonna really get mentally stressed out because you’re sometimes this business, you get a couple bad bounces, a couple deals have title issues, your marketing is still going out.

You might have a month where you don’t make any money and you gotta be able to weather that storm. And if you’re always on the fringe, I mean it’s a real tough way to live life and it’s saving that money and being able to properly allocate it and also know what you’re spending money on too. I look at my overhead every month and I’m like, is this critical? Is this essential? What happens if I cancel that? And if the answer is, oh, if you cancel that you’re gonna be in trouble. It’s not gonna get canceled. But if the answer is nothing, well guess what’s getting unsubscribe. Yeah.

David Richter:

Oh that’s great. I love that. I love what you said too about the fun account because a lot of people, I think I mentioned this in the book, where people think the envelopes or the bank accounts or whatever might be restrictive and it’s like, well now you can have an account for fun and not feel bad about going out there and doing the fun things, knowing that you have that money there. So I think that was a great point of having that account and just, I think the freedom that gives people when they, it’s

Greg Helbeck:

Great. And I’ll give you an example on what I do with that. So every year I live out here in California, so there’s a lot of nice places in Southern Cal. So every year I take money usually from my phone account and I go out to really nice hotel for the night and I just sit, relax and think about life, think about growth, think about where I’ve gone, where I’m going, what’s on the horizon, what lessons have I learned and I’m able to put myself in a really nice hotel for the night in a crazy environment that makes me think bigger. And I don’t feel bad that it was 500 bucks for the night because I already had that money saved up from the fun account. I’m not just using my regular bills to pay for that. Cuz that’s kind of ridiculous, right? No matter how much money you’re making, that’s expensive to stay there for the night, but when you use your fun account it it’s like it gets you to think bigger than you’re gonna make more money so you can go do it again. So it’s like this upward cycle.

David Richter:

Yeah, no man, I love that because it is, it’s all about making sure you have the right things in place and you’re actually able to take advantage of them and why you got into business was to do stuff like that to be able, and I love what you said there about sitting and thinking how many entrepreneurs would use their fund money just to go and sit and think. And that’s a great example of thinking bigger, putting yourself in that environment, making sure you could actually sit there and think and putting yourself to, I need to think bigger, I’m gonna put myself there. So there’s a lot of a little lesson jam packed into what that story you just told. So that was pretty awesome. So speaking of stories and lessons, what’s the hardest lesson you’ve learned, learned in real estate investing? Could be financially or could be just anything that you’ve gone through.

Greg Helbeck:

Yeah, that’s a good question. I think in terms of lesson, I think that not my personality, a lot of real estate investor personalities are ready, fire aim people where they’re just like, let’s go, let’s figure it out. That’s my natural tendency. So I think being able to actually, I’ve made a lot of mistakes on real estate transactions I’ve bought. So for example, I just lost some money on a commercial building that I bought and was intending to keep as a rental, but ended up having that flop on the floor and I sold it technically at a loss even though on paper it was a gain, but with the rehab it was a loss. So I think just not doing my homework before I buy properties, before I get involved in deals and having that come back to bite me in the butt, did the same thing on a property in California, lost some money on that one.

So just basically not doing my due diligence and not thinking through why this transaction makes sense and just doing a deal because I want to do a deal or because I can do a deal. So let me give you an example. Number one is the California property. I did that deal because the seller would do seller financing. That’s the only reason I did the deal. Didn’t make any sense for the most part, I had no idea what I was doing, but because the guy did seller financing with no interest, I’m like I’ll do the deal, why not? Right? Stupid. That’s an emotional decision. And I lost money. Same thing with the property in New York. Commercial building. I wanted to do a commercial deal. That was my definition of success. And I had a commercial deal fall on my lap, made no sense. All these red flags, big building, vacant building, I thought I was some tycoon, no idea I was getting into, ended up getting kicked around. So just being not as diligent as I needed to be has cost me some cashish in my career so far. I’m getting better now. Getting much better.

David Richter:

<laugh> one, you keep bringing up the word think, hey I go there to sit and think or if I would’ve thought through this before the beginning. So would you say, what’s your highest return on investment right now in your business? Is it the acquisitions or is it being the CEO or is it putting the team together? In your opinion, what would you say is your highest and best use in your real estate investing business right

Greg Helbeck:

Now? Yeah, it’s definitely leading my team because they do most of the negotiating and all that stuff. So it’s being able to really help my team move the ball forward on our transactions that we’re doing. Whether they’re rental properties or whether they’re flips or wholesale, whatever. It’s being able to really sit down, for example with my acquisitions guy Brett, who’s an awesome team member and being able to help him move the ball down the goal line and giving him specific steps on what he needs to do that that are in his control to move the sale forward. And then sometimes I’ll jump in and help him. I’m not one of these guys who’s gonna be like, oh, go figure it out. No, it’s like, it’s our business, we’re a team. I’m helping you together and we’re rowing the boat in the same direction. So it’s being able to help him move the ball down the goal line on the deals we’re working on and also being able to help him disqualify opportunities that are gonna be a waste of his time. It’s like, hey man, they’re not motivated. There’s no way they’re selling a discount. Let’s move on from this one and go find a real motivated seller. So being able to be a leader from that perspective has been a high return on my time and return on my money as I started hiring a team.

David Richter:

It’s both those things we wanna make sure it’s a return on investment but also your return on your time. And that’s why I think even when you said setting up those bank accounts, it’s a pain in the butt to do that. But then also it’s pain the butt training people too. Same concept.

Greg Helbeck:

There’s no guarantee that it’ll work out, right?

David Richter:

Exactly. On the one hand with the money, as long as you’ve got money coming in, at least you’ve got a system on the other side. It’s like you’ve got the training and whatnot and hopefully you’ll see them be able to take stuff off your plate and get that return on your time back. So I think there’s a lot of similarities there being that leader and with the profit first and then also with building that team and getting that return on time back. Cause I think that’s what we all really want. That is that return on time. What if I didn’t have to work 40 hours in my business or 80 or 10 and had a team like that? So totally it’s

Greg Helbeck:

A different skill. And that’s the thing I’ve noticed in this business with new investors, why they struggle is they’re used to fighting on their own. And I’ve been there, done that, everyone’s been there, done that. But it’s at the end of the day, what’s the alternative? If you’re gonna be a one man show forever, that can work. You can make great money, but you’re never gonna get to a level where you’re making net seven figures got eight figure net. And I’m not saying money’s the most important thing cuz there’s other things in life that are important. But still, if you want to grow your financial scenario, if you have one, if you don’t have any employees, there’s a low chance you’re gonna be netting seven, eight figures a year. That’s just not gonna happen most likely cuz it’s just the mechanics don’t make any sense.

The system really allow, unless you’re flipping skyscrapers or something. But not a lot of people are doing that. So I had this objection for a while. Oh I don’t wanna hire someone, it’s a lot of time. What if they don’t work out? But it’s like where if they do work out and how do I become a leader to where I can train somebody to where I maximize my upside and minimize my downside? So making recordings of videos and sending those recordings that are basically training them without me having to physically get on a zoom call and train somebody and just letting them kind of fail on their own and helping them. So there’s ways you can minimize your time in the beginning so you don’t spend 70 hours training somebody and then having them just flake out on you. But yeah, it’s an art and science.

David Richter:

It really is. And like you said, it’s a different set of skills. It’s going from real estate investor to business owner. It’s like the e-myth every Yeah,

Greg Helbeck:

Yeah, yeah. Literally it’s like manager. Exactly. But here’s another myth I will say that people talk about that and that Keith Cunningham talks about this in his book, the Road Less Stupid. Oh yeah. It really resonated with me. It’s people have this dream of never having to step in their business again and that’s usually a hunk of horse crap because they, number one, even if they wanted to do that, they would go mentally insane. I would go mentally insane if I wasn’t working. I would be like, listen, if I could sit on the beach all day, I would do that for two weeks. That’s great, but I’m gonna wanna get back and do something that’s gonna stimulate my senses and it’s gonna want to make challenge me. So a lot of people can get their businesses to where they don’t need them on the day to day, but usually they’re gonna start coaching at that point. They’re gonna start something else, they’re gonna start lending money, they’re gonna do apartment syndications or something like that. They’re not just gonna do nothing. Yeah.

David Richter:

Oh man, that’s so good cuz it is. It’s where, you know, have that skill now if you have that team so that way you can go start something else. Yeah, exactly. Coaching or whatnot and it’s like, okay, do I wanna build a team around this or do I just doing this? And Exactly. But it is, it’s that progression. If you wanna do that too quickly and you don’t have the team and the skills and the right people in place, then it’s like then you keep getting sucked in. You keep getting sucked backed in. So no, that’s great. This is awesome stuff here. So with your current business and with you where you are now, what would you say with your employees and not that some challenges that you’ve gone through recently as far as growth or is it growth money, is it the systems, the processes? What would you say are some of the things that you’ve been working on?

Greg Helbeck:

That’s a great question. I think in terms of the growth, it is me kind of knowing when to let them figure it out and when to jump in. I think sometimes I get a tendency to where I want to jump right in and start putting on the gloves and fighting. But I know my team is capable of fighting on my behalf and then coming to me for advice. So that’s something as we’ve started to amp up our marketing, we’re getting more deals than we ever have and we’re really making a lot of progress. I am definitely, I come into this scenario a lot where I wanna just jump in and help and it could be the right thing to do now, but if I train them then that’s what I’m gonna do. Then they’re always gonna be relying on me jumping in when there’s a problem.

So learning how to properly responsibly, not get as involved as normal. Cuz I still do a lot of the stuff in my, I don’t do a lot of the selling and the admin stuff, but I’m still raising money. I’m still putting a lot of the deals together when they get crazy, I’m selling the deals, I’m selling them on the wholesale side, which doesn’t take a lot of time. I’ve been saying in this market a good wholesale deal will sell itself. I mean you don’t really try that hard to sell a wholesale deal 2022 with the way things are. But yeah, that’s been a challenge for sure. And I’m always looking for a way where when there’s a problem I always look at it like, okay, this might be a problem today, but once this problem gets solved I’m gonna have a gym to put into my puzzle. So now that problem can always get solved in perpetuity and then I’ll find another problem that I’ll solve and then the more problems I solve in my business, the more we’ll all grow together.

David Richter:

Yeah, no that’s really good. I think a lot of business owners struggle with that and once they’re growing a team, cause there’s a couple different reasons. Did you ever have a W2 job or were you an entrepreneur all the way? Basically.

Greg Helbeck:

I mean I was a lifeguard when I was in high school and I put floors in grocery stores when I was 19. I had never had a corporate job out of college. I did this since I was a young kid.

David Richter:

So work, we all know this, reading all the books we do and getting into real estate and whatnot that were conditioned from school to high school to college to those W two jobs. Then you start as the business owner, that entrepreneur that’s first starting out. It is, it’s all on your back. You’ve got a specific duty, you’re the one that has to jump in, then you have to unlearn all of that. You

Greg Helbeck:

Have to learn that. Yeah, it’s hard.

David Richter:

I have to go through that process. So what you’re talking about is great. I’ve seen it in myself. This is something you can take care of. I’m hiring you now to think and not to just do a job. So I’m hiring you for your brain, not just for your hands anymore. Once I heard that on a podcast for me I was like boom, that’s exactly who I need to be going with. The leadership team should be hiring thinkers, not the doers. So that’s always definitely revolutionary for me cuz I do, I have the tendency too, jump in, I could do this,

Greg Helbeck:

I can help.

David Richter:

It’s easy. Yeah, it’s easy. I could get it done. And I love what you said there. It’s the piece of the puzzle. Well now it’s in there. If they know that they’re empowered to do this and they won’t bring me as many of those questions or they’ll bring me solutions instead of questions now, which is definitely fun to see when they start doing that and they’re like, no, here’s what we’re doing and here’s how we’re doing. And it’s like, this is amazing. So I’m not

Greg Helbeck:

Little man. Totally. And another thing I’ve noticed too with hiring people and you gotta just figure out what they really wanna achieve, where they at. How can your business actually serve them? I was reluctant to hire people for a while cause I didn’t know if I had the system to fulfill their dreams and desires and you know, gotta get to know them, you gotta get close with them. So it’s like what do you want to achieve? What you’re looking to do? How can do I work for them and have them not work for me? I’ve always called ’em team members. I don’t say employees, I don’t say it’s our business. I’m big on language and how I communicate with people, especially people close with me. And that’s a big deal too because I wanna make sure that I have an opportunity for them to achieve what they want.

And I don’t want them to feel like they’re just capped out with me and I’m in some dead end scenario. It’s like I want to be able to wear when the company does really well, we all do well. I get more pumped giving them money on deals than I do myself sometimes because listen, I’ve been there, done that. I can wheel and deal. I’ve learned that skill set. But empowering others and when other people, I’ve noticed this, when you can get other people to make a lot of money within your organization, that’s when you’re grown as a business owner. Because if someone’s making six figures working with you mean then you. You know what I mean? So it’s, that’s where, that’s the level I’m trying to get to where I can have my team members making serious, serious money and helping.

David Richter:

Man. That is so good. There’s been so many good nuggets on this one. It’s just, it’s about yes, managing your cash, managing the people, leveling yourself up and learning a lot of the things you’ve learned, really becoming that leader, being excited about your team members, really good stuff. So I just have a couple final questions. Sure. Last minute advice here would you give to the real estate investors listening to here now that they’ve heard your lessons and all those things, what other advice that you want to impart?

Greg Helbeck:

I would say that depending on where they are in their journey, if they’re new, so I’ll give you if you’re new and then if you’re not new. So if you’re brand new, I would say number one thing if you want consistent income is you need to master the skills that actually matter in this business. The fundamentals, like the most basic skills, which is lead gen and communication. You need to master lead gen and communication. I’m not saying sales cuz sales, it’s just kind of BS communication, right? And you communicate well if you master lead gen and you master communication, you will earn income so you don’t have to have your job period. That’s what I would do. So figure out what lead gen you think is the gonna be the easiest for you to achieve and execute. And then just learn the basics of communication.

How to have a conversation with someone, how to qualify somebody, how to negotiate. There’s a lot of books on that. I do podcasts on that. And then if you’re not new and you’re doing deals, you gotta figure out number one, what do you want to hit? What do you wanna achieve? What is the target? Is it a net worth thing? Is it an income thing? Is it a deal volume thing? I don’t like the deal volume thing at all. I think the income thing is way better just from experience. What is the target? And then who do you need to bring on and who do you need to become as a person to get to that target? So let’s say the target’s a million net worth or something like that. Okay, who do you need to become as a person from financial spending standpoint to be worth a million bucks?

And then who do you need to bring on your team so you can earn the type of money so you can save the type of money to hit that net worth goal. And that’s kind of the advice I’d give someone who’s not beginning, who just they want to grow and get to the next level. No, and then also you gotta be consistent. One more thing, this is, if I forgot to, this is the most being consistent, one of my favorite books of all time, the Compound Effect by Darren Hardy. He literally lives down the street here in California. I drive by his house once in a while. Don’t tell anyone I know where he lives. <laugh> between you and me and anyone listening here, you gotta be consistent. And the consistency and the momentum are really what’s gonna move the ball down the goal line because you can do cold calling one day, but you’re not gonna be making the type of money you wanna make unless you’re cold calling every day. And it becomes part of your daily habits. 30 calls a day, that’s 60 calls in two days, that’s 90 calls in three days. You see where I’m going. And you do that for 90 days. I mean, it would be impossible to not do a deal if you, you know what I mean? If you consistently did the right things every day.

David Richter:

Yeah, no, that’s great. This is great stuff. So you’ve provided a ton of value here. How, this is the last question. How can the listeners provide value back, I know you’ve got Paved the Way podcast, I dunno if you’re looking for anything in your business right now, people, processes, systems, whatever, or just wanna connect with people, how can they provide value back?

Greg Helbeck:

Yeah, I appreciate it, man. It’s always cool being a guest on podcasts. I always tell the hosts, I’m like, I like being a guest more than being the host because I can just sit back and talk, right? I don’t have to be nervous about what to ask or whatever. But yeah, if they want to connect with me, they can follow me on Instagram, @Grego_37. That’s a pretty active there. Sometimes I will delete that app and I’ll be off the grid for a while, but for the most part I’m relatively engaging there. The podcast is called Pave the Way podcast. I have great guests like David on bring one episode a week out. And then if you wanna do business with me, if you want to maybe sell me a property like I’m a cash buyer, I’m not a fake cash buyer. So if you’re in San Diego or you’re in the Hudson Valley region of New York or in the eastern Pennsylvania market, if you wanna sell me a house, greg@velocityhousebuyers.com, I’ll buy it if it’s a good deal or if you want a JV on it, I have great lists there. So I’d love to work with some of your listeners. They wanna do some real estate transactions together, so Awesome. That’s the best way to get in touch with me. There

David Richter:

You go. There’s how you can get in touch with Gray. Great stuff here today, man. Thank you so much for being on and appreciate you getting the message out there too of profit first.

Greg Helbeck:

My pleasure, David. Thanks for having me on

Outro:

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 at simplecfo.com right now. We’ll see you next time on The Profit First for REI podcast with David Richter.

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

 

Episode: 242


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

 

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

 

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

 

Listen and enjoy the show! 

 

Key Takeaways:

 

[01:01] Introducing Jay Conner

[05:00] Introduction to private money

[08:30] The Great News Phone Call

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

[13:18] Maintaining relationships with private lenders

[15:40] Private money vs traditional money

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

[25:18] Advice for real estate investors

[29:01] Connect with Jay Conner

 

Quotes:

 

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

 

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

 

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



Connect with Jay:

 

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

 

Tired of living deal to deal? 

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

 


Transcript:

Speaker 1 (00:00):

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

Speaker 2 (00:34):

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

Speaker 3 (01:01):

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

Speaker 1 (02:07):

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

Speaker 3 (02:24):

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

Speaker 1 (02:43):

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

(03:38):

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

(04:27):

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

(05:18):

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

(06:10):

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

(07:02):

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

(08:11):

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

(09:06):

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

(10:04):

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

Speaker 3 (10:38):

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

Speaker 1 (11:17):

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

Speaker 3 (12:22):

Right? Yep.

Speaker 1 (12:24):

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

Speaker 3 (12:33):

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

Speaker 1 (13:22):

I mail ’em checks.

Speaker 3 (13:25):

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

Speaker 1 (13:33):

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

Speaker 3 (13:41):

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

Speaker 1 (13:50):

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

Speaker 3 (14:00):

Yep.

Speaker 1 (14:01):

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

Speaker 3 (15:27):

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

Speaker 1 (15:32):

Options. Does that make sense?

Speaker 3 (15:34):

Yeah, that makes sense. A hundred percent.

Speaker 1 (15:37):

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

Speaker 3 (16:14):

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

Speaker 1 (16:33):

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

Speaker 3 (17:33):

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

Speaker 1 (18:04):

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

Speaker 3 (18:20):

Yeah, me either.

Speaker 1 (18:22):

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

Speaker 3 (18:53):

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

Speaker 1 (19:12):

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

Speaker 3 (19:17):

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

Speaker 1 (19:20):

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

Speaker 3 (20:25):

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

Speaker 1 (20:50):

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

Speaker 3 (21:53):

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

Speaker 1 (22:07):

Well pay ’em on time.

Speaker 3 (22:08):

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

Speaker 1 (22:12):

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

Speaker 3 (22:42):

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

Speaker 1 (23:03):

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

Speaker 3 (23:06):

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

Speaker 1 (23:10):

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

(23:37):

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

Speaker 3 (24:31):

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

Speaker 1 (25:18):

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

(25:26):

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

Speaker 3 (26:11):

That’s so good.

Speaker 1 (26:13):

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

Speaker 3 (27:08):

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

(27:55):

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

Speaker 1 (29:01):

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

Speaker 3 (30:31):

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

(31:13):

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

Speaker 1 (31:51):

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

Speaker 2 (31:54):

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

 

 





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