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How Profit First Helped Bob Lachance Grow His Virtual Assistant Company

Episode 163: Discovered How Bob Lachance a cquired the concepts of the system and effective money management.

The Profit First REI Podcast

March 13, 2023

David Richter 

Summary:

 

Being wealthy is more than just a full bank account. It’s about having a mindset of financial management to accumulate a resource that can continuously build on itself. Moreover, it has the potential to be taught and learned.

 

Our guest today understands the potential of a system like Profit First for himself and others. Bob Lachance learned of the method’s principles at a young age and has applied it to his ventures to this day. He is a real estate investor and the founder and CEO of REVA Global, a premier virtual assistant staffing company focused on the real estate industry.

 

Listen in as we discuss the importance of proper money management, the benefit of hiring virtual assistants, and Profit First.

 

Key Takeaways:
[00:50] Introducing Bob Lachance and His Real Estate Investment Journey

[03:19] Profit First and the Entrepreneurial Tendency to Burn Cash

[08:41] On Tracking Costs in Business and Experiencing Business Struggles

[12:16] Developing Better Financial Habits and Applying Profit First

[14:05] The Benefit that Virtual Assistants Bring to a Real Estate Investor

[16:39] Things to Consider Before Hiring a Virtual Assistant

[20:25] The Habit That Has Contributed to His Success the Most: Implement

[21:13] Hardest Lesson Learn as an Investor

[22:26] Connect With Bob

 

Quotes:

[13:03] “The great thing about Profit First is you can then give it to the individuals that work for you.”

[15:39] “If anybody is relying on a virtual assistant in a different country to close your deals, you will be out of business soon. That’s not their role. Their role is either admin TAs or lead generation.”

[21:46] “We start being successful when we start focusing first on that one thing. Instead of doing 900 things at once, you got to get good at that one thing”

 

Connect with Bob:

 

Website: www.revaglobal.com
Email: bob@revaglobal.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:

 

Bob Lachance:

And you’re right. Cause I know you talked to thousands and thousands of people that are like, by the end of the year, you’re like, Ooh, crap. Uh, well, I gotta pay the tax man and, uh, don’t have any money left. So you’re a hundred percent right on that side of it. And that’s the way I operate today. When I first started, I didn’t operate profit first side of it, but right now, obviously reading your book and understanding that whole concept, that changes a lot.

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:

Today we have Bob Lachance, who has an incredible background in the real estate world and doing over a hundred deals a year and uses virtual assistance. And he is also a provider of virtual assistant, but he also talks about his prophet first journey and how he learned it at a relatively young age, even before the book came out. So, which is very interesting as well too. So this is, might be something you could pass on to your future generations. I hope this episode provides value to you. Thank you so much again for listening. Hey everyone, thanks for listening. This is David Richter. We’ve got Bob La. Chance in the studio here. Thank you so much, Bob, for coming on the show today.

Bob Lachance:

David, thanks for having me. Appreciate it.

David Richter:

He runs Riva Global, which is a virtual assistant company, but he’s also been in real estate for a long time. He loves doing the deal, so I’m excited to talk about that. But he’s also a fan of Profit First and has implemented it and seen a work in his life. So that’s what we wanna focus on today, give other people hope in the real estate world. But Bob, why don’t you just give people maybe a minute overview of like what you’re doing and where you are in the real estate world.

Bob Lachance:

Sure. Real estate world. Um, last year we did 166 transactions. This year we’re set to do over 220 plus. I use my virtual assistant, you know, I, like you said, I have a virtual assistant company and I use my virtual assistants in my own business. I just think it’s very important, anyone who has a service business to make sure that they use their product.

David Richter:

Right.

Bob Lachance:

Whether it’s a pride or a service. I think it’s kinda like, you know, you’re writing your book profit first if you don’t actually live by, it’s kind,

David Richter:

<laugh>

Bob Lachance:

You know, it’s one of those credibility things. I think. So that’s a two second rundown of what I’m doing right now.

David Richter:

Awesome. So as you can see, he’s in the real estate space. Out of those 166, are those flips, wholesales, retails, rentals, multi-family?

Bob Lachance:

yup

David Richter:

What is that?

Bob Lachance:

Very good question. We are actually starting to build up our rental portfolio. We are at, I think it was either 26 or 27 doors. And then we looked at the market, we’re like, why the heck are we holding anything? You know,

David Richter:

yeah,

Bob Lachance:

We’re making 30, 40, $50,000 on each flip.

David Richter:

Yeah.

Bob Lachance:

And, or we’re gonna make what, 3, 4, 500 bucks a dollar per month?

David Richter:

right

Bob Lachance:

I’m like, it doesn’t make any sense. So we decided to sum all just because of the, where the economy was.

David Richter:

Right.

Bob Lachance:

Uh, but we also do wholesaling. We do whole tailing things like that. Couple fix and flip, not as many. Um, but that’s pretty much of a makeup of our business.

David Richter:

Okay. Very cool. So, well that you’re using your own product and that you’re doing a ton of deals in getting that, uh, in the real estate space. So let’s, let’s focus on profit first. What got you even excited about the Profit first message?

Bob Lachance:

Yeah, you know what’s funny? Um, I actually, that whole principle, you know, going back,

David Richter:

yeah

Bob Lachance:

I kind of learned that from my father back in the day.

David Richter:

Okay.

Bob Lachance:

Um, yeah, you kinda look at, in the way I break down Profit first, I think it’s really important. And I used to run a real estate education company as well. Um, and talking to students, the first thing I would say, because everyone would be all over the map on where they would come in, right?

David Richter:

Yeah.

Bob Lachance:

They would be, they’d say, all right, listen Bob, I want to quit my job here and jump into real estate. I’d say, whoa, hold on. Before you do that, let’s decide, you know, look at what your finances are. What is your, so if I have to break down profit first for me, and I know anyone, everyone in this world probably has a different answer, right? So I look at Profit first and all right, first we have to identify what your total overhead is. You know, even if you’re single, you’re family. It’s the same thing. What’s your total overhead? Once you figure out where your total overhead is, now you gotta figure out in real estate, how are you going to take care of that total overhead. So, if it’s, um, flipping properties or wholesaling, if it’s 10 grand, you can figure that out pretty easy. But if you wanna start buying and holding and take care of that passively, then you’re gonna have to mix wholesaling and take, you know, 10, 20, 30% of each check and figure out what it costs you to buy a property and how much you’re making per door. So you really have to start chunking it down and breaking it down to where you can offset that $10,000 to where, you know, I can’t say you’re finance, you’re free at that time, but you’re taking care of all of your overhead. So if you take your money, you know, your check here, profit first says, you know, you’re gonna take a percentage that put it away here, and then you take it a next step further. If you’re looking at buying and a holding passive income, you gotta figure out in your area how much is it per door that you’re gonna make, right? So,

David Richter:

Yeah,

Bob Lachance:

You kind of peel back the layers on that side of it. And I would do that with every single student that we would have, and it would just make sense, because I never want to put anyone in a bad spot. Right? Right. I mean, if you’re making, let’s say you’re making a hundred thousand dollars in a non real estate business and you wanna join real estate, how are you then going to offset that money because you’re using that money for something when it’s living expenses or take care of your family?

David Richter:

Yeah, Makes sense. So then a lot of people in the real estate space, once they jump in, they think that real estate’s gonna be the end all, be all in, you know, fix all their financial problems.

Bob Lachance:

yes

David Richter:

Why do you think a lot of people jump in and they start a living deal to deal?

Bob Lachance:

Yeah, it’s, um, cuz it’s very easy to burn cash. It’s very, very easy. And that’s why you, that’s why it’s a good question. You asked me about buying and holding and things like that. I think, and I’m a huge believer that you have to have passive income in this business because if you’re only a wholesaler, you’re gonna have months where a deal falls apart and you’re like, oh, you know, how am I gonna pay my bills? Let’s say you have a hundred grand in the bank today, you know you’re doing well, you’re doing well. 200 grand, 300 grand. Well guess what? Market changes. And then you hit a little roadblock. If you have passive income, you’re making that $10,000 a month, guess what? You’re always able to pay bills. You’re always able to feed yourself. You’re always able to, you know, everybody needs some of that, whether it’s a business or passive income. Think about that. Right. I have a virtual assistant company that also is profitable. I also have a real estate company that’s

David Richter:

yeah

Bob Lachance:

profitable. So if one kind of takes a roadblock and takes a little dip, the other one offsets it. So that’s kind of how I look at it.

David Richter:

What do you think about people that have those multiple businesses and one is hurting, you know, like how long before you go out back and shoot it? Or have you ever seen

Bob Lachance:

yup

David Richter:

Businesses that they, uh, they’re just in business with the one because it’s profitable and it’s just giving the other one life support? Have you ever seen that before?

Bob Lachance:

Oh, I have a hundred percent have seen it a lot.

David Richter:

Yeah.

Bob Lachance:

You have to identify and you have to say, listen, you know, if you’re burning cash three, six months, then you really have to take a step back. Cuz sometimes, a lot of times it’s a pride thing for us. You know, for any entrepreneur, sometimes it’s a pride. You’re saying, well this is my baby. Well, sometimes that baby is, uh, should be, you know, should be let go.

David Richter:

Right.

Bob Lachance:

You know?

David Richter:

Yeah.

Bob Lachance:

Because it’s just part of business. You have, we all have to be realistic and put our ego aside and say, Hey, listen, there’s a time and a place and we should let that go. Um, however, here’s the challenge you run into as well, because

David Richter:

yeah

Bob Lachance:

Real estate investing, when you’re brand new, it’s gonna take you six months to get ramped up. Don’t quit, keep going. That to me is not a baby. Right?

David Richter:

Yeah.

Bob Lachance:

That’s not like a new baby. That is something that’s a long term investment. So for me personally, if you’re gonna start something brand new, I don’t look at real estate investing. If you’re gonna start from tomorrow to six months, that’s not brand new. We’re talking about, you know, if you’re gonna invest in um, I don’t know, uh, currency, or you’re gonna invest in coins or gonna invest in that, and guess what? It’s, you’re losing money, losing money, losing money. Take that money out back and put it back in a real estate, you’re never gonna lose in real estate. I mean, let me rephrase that. You’re never going to lose 100% of your money if you invest in real estate cuz you have a hard asset. I’ve never seen a property go from a hundred thousand dollars a zero in my life and I don’t think we’re ever gonna see it. Cause you know, it’s an asset that can be traded.

David Richter:

Yeah. Buy real estate and wait, that’s for sure.

Bob Lachance:

Yep.

David Richter:

So in your business, it sounds like you had these principles, you learned them from your dad and that way you were able, toran did. When you started your businesses, did you have that cash management in place? Or like, did you have some way to make sure or did that come later on? Or did you read profit first down the road? Or like how did that happen to where, you know, hopefully you were profitable for, you know, a long time?

Bob Lachance:

Yeah, So I read Profit First along the way. So,

David Richter:

yeah

Bob Lachance:

In let’s look at my virtual assistant company, it’s the same thing as what we just talked about prior to that of offsetting your income. When you start any business, let’s say hypothetically, it’s gonna take you, um, I dunno, you’re gonna budget $10,000 a month for that one business. It’s an investing company cuz you got marketing costs, all that stuff. If you’re a solopreneur, you’re gonna say, okay, uh, David, I’m gonna take, uh, I’m gonna take an investment of $60,000 and per month, it’s $5,000 per month for marketing costs, right?

David Richter:

Yeah.

Bob Lachance:

Then you’ll know how long you actually have until you have to start generating revenue. Same thing with a virtual assistant company. You have to look at how many clients it takes you to break even cuz you ha in any business, you have a cost, you have a fixed cost,

David Richter:

Right,

Bob Lachance:

So that’s the way I look at it a little different. Maybe I look at all what’s it gonna cost me per month, and then how many clients does it take for me to offset that cost of where I’m going to be profitable? Does that make sense?

David Richter:

Yeah, Totally.

Bob Lachance:

Yeah.

David Richter:

I get where you’re coming from. What about paying yourself and making sure you have money for taxes? Like, do you factor all that into your fixed costs or is that like,

Bob Lachance:

yeah

David Richter:

Okay, I want to cover my overhead, but then here’s what I need for making sure we have above and beyond that?

Bob Lachance:

Yeah, so I’ve done both of ’em to be 100% transparent. I’ve done both of ’em because when you’re a startup mode, man, you’re just like, all right, how am I gonna break even then I’ll figure out the tax side of it. But now once you’re established, um, you build all of that in to where you have to put money away, especially for taxes. And you’re right. Cause I know you talked to thousands and thousands of people that are like, by the end of the year you’re like, Ooh, crap. Uh, well I gotta pay the tax man and, uh, don’t have any money left. So you’re a hundred percent right on that side of it. And that’s the way I operate today. When I first started, I didn’t operate profit first side of it, but right now, obviously reading your book and understanding that whole concept, that changes a lot.

David Richter:

Well then, back then, was there times that <laugh> that you thought about throwing out the baby with a bath water or get

Bob Lachance:

Uhhuh <affirmative>

David Richter:

Throwing in the towel on either real estate or the VA company?

Bob Lachance:

So on the real estate side, yeah. So I started in 2004.

David Richter:

Okay.

Bob Lachance:

My first deal was a fix and flip. I made, I think it was $32,000. That was pretty cool. But after that, I didn’t make money for another year

David Richter:

Wow

Bob Lachance:

Because I joined, I dunno if you know, uh, pat Precourt, but I joined him,

yeah

David Richter:

Um, in the short sale world and I door knocked for a year straight. But my, thought process was, um, and I didn’t ask him for a penny, I just wanted to join a team and I wanted to start a company. So I ended up being partners with ’em after our first year cuz I earned it. Um, but I never asked for our paycheck after that, of course I started making money, but my thought process was, I’m gonna learn the business from ground up and then I’ll earn my keep. It’s kinda like the whole concept you give before you get

Bob Lachance:

Yeah.

David Richter:

And uh, obviously in this case it worked out because Pat offered me 50% of the company, uh, back in 2005. So that worked out that way. Um, but I think, it’s important, that’s another concept. I think you talk about this on your show too, is understanding, um, how to, before you get in our industry, people are at they look it that way.

Yeah. A lot of people are takers, that’s for sure.

Bob Lachance:

Yep,

David Richter:

Okay. So then along the way then, sounds like later on you got into the better financial habits and the systems and the processes so that when you read Pro first, maybe a little, you know, a few years ago or maybe, I don’t know, even recently, and then it would started to turn around or like, have you been profitable for a while and this just helped you ramp all that up? Or like, did it just give clarity? What helped you in the most?

Bob Lachance:

Yeah, you know what’s interesting? So for me, I’ve been profitable for a long time, um, just

David Richter:

yeah

Bob Lachance:

Cause I started so long ago. Um, but the Profit First and where that actually works is the individuals that work for me. So educating them on what Profit First means, like for me, I was implementing it. I was fortunate to be able to implement it, like we talked about, learn that from my father, learned that from my mentors, learn that from my business partners, things like that. But on this side of it, the great thing about Profit First is you could then give it to the individuals that work for you. So for instance, in this whole literally that the kind of the model I was just talking about, I’ve had these conversations with our guys in our office, they wanna start buying or Holden. I said, all right, cool. You’re gonna start buying Holden. Look at exactly what your household costs are.

David Richter:

Yeah.

Bob Lachance:

And look at your commissions, take a portion of that, put it over here and look at the average price per house in our area or per door. What is your down payment need if needed? And then so now they can run it backwards and figure out how many houses they can buy per month or per year.

David Richter:

Yeah, I like that a lot because

Bob Lachance:

Yep.

David Richter:

A lot of people don’t know those numbers, just to be able to say, what in the world do we need? So,

Bob Lachance:

right.

David Richter:

It’s a very good,

Bob Lachance:

And the great thing about profit versus is you could anchor back to a real, you know, a book a strategy, you know, show ’em online. It’s always good to be able to show them because then they’re like, oh, now I get it.

David Richter:

Right

Bob Lachance:

Rather than tell them.

David Richter:

Yeah, exactly. Okay, well then let’s switch to your VA business. So what do you see the most, you know, like what does a virtual assistant help with the most for real estate investors? Is it the time saving? Is it the, you know, processes, systems automation set up? Is it, you know, just taking off those $10 an hour tasks? Like what do you see now being in this world for a long time that one of the biggest benefits people getting from working with the virtual assistant?

Bob Lachance:

Yeah, I think number one, it’s taking time off their, you know, because everything, you know, time is limited. You know, a lot of us now, although we get, we start having families, you start, you know, you have spouses that wanna go on vacation, your phones, you know, we’re so connected with our phones that it’s sometimes it’s almost a curse, right? You’re on,

David Richter:

sure

Bob Lachance:

Vacation and you can’t hide. I mean, you can’t hide anymore. Think about this, oh, I got a hot deal, you know, we need an answer to this. You have someone in the office. Like, it doesn’t stop. It just keeps hammering. You got the social media that doesn’t stop all that kind of garbage that’s just,

David Richter:

Yeah.

Bob Lachance:

You know, thrown at us every day. So when you have a virtual assistant to help you out, it allows you to have time. And there’s so many different tasks in our business that need to get done on a consistent basis. And if they don’t get done, you’re gonna fall behind your competitor right down the street that is consistently doing these things. So it’s really important. You got obviously time freedom. You got, um, businesses that wanna scale or businesses wanna become more efficient. So those are the three things that I see, um, that are very beneficial by working with a virtual assistant.

David Richter:

Do you think, or do you have virtual assistants that close deals, or do you think that’s more of an in-house type thing?

Bob Lachance:

That’s a very good question. I would challenge anybody in this. If anybody is relying on a virtual assistant in different country to close your deals, you’ll be out of business soon.

David Richter:

Hmm.

Bob Lachance:

That’s not their role. Their role is either admin tasks or lead generation.

David Richter:

Yeah. Right.

Bob Lachance:

And there’s other tasks of course, inside there, but I’ve had a virtual assistant company for since 2014. I’ve tried every role, like every single role. And if I as a business owner are gonna, are going to rely on a virtual assistant to close my deals, I am gonna be, I’m not gonna be, um, I’m not gonna end up in the right side of being a successful business owner because this is our business. It’s my business. It’s, um, you know, there’s people in the office that are gonna be looking at me, going in every single day in the office and they’re gonna rely on their paycheck. And if I rely on somebody else to do that I don’t directly manage

David Richter:

mm-hmm. <affirmative>,

Bob Lachance:

Um, I just say shame on me on that side of it.

David Richter:

Okay. What do you think are some of the mistakes that people do when they first onboard with a virtual assistant?

Bob Lachance:

Uh, wrong expectations.

David Richter:

Mm-hmm. <affirmative>,

Bob Lachance:

I think, you know, you have to know exactly what role you want. For example, um, if I’m gonna bring on a virtual assistant because, um, let’s say I’m cold calling all day long, that’s gonna wear me out as a solopreneur or a business owner because we all know that phone work, consistent calling is gonna bring in consistent leads.

David Richter:

Yeah.

Bob Lachance:

So if I’m gonna take that off my plate and give it to a virtual assistant, now my expectations are I’m gonna have somebody calling either four hours a day or eight hours a day. That’s an expectation that, you know, if I’m gonna take that off my plate and give it to somebody, that is something that 100% I have to know that they’re gonna do. And then there’s end of day reports they could send in to make sure that you know, hey, how many dials, how many connects, how many leads did you send over? So it’s that simple, but it’s, as an entrepreneur, it’s being very clear on what you want that virtual assistant to do as per that task that you want and the end result.

David Richter:

Okay. That makes a lot of sense. Then the virtual assisted company, uh, if someone’s just getting started out, what would you say is one of the best roles to bring on, you know, right away that maybe a virtual assistant can handle?

Bob Lachance:

So it all depends on what your end, like we said, what is your end goal? Do you need leads? If it’s you need leads, then I would recommend that they cold call, they text message. Right?

David Richter:

Okay.

Bob Lachance:

Um, they take inbound calls from your direct mail or they take inbound calls or they, if you’re PPC and you have new leads, they could pre-screen ’em before they send ’em over to you. So if that’s lead generation or if it’s, guess what, you need branding and you need your face out there all the time. They can help with social media, they can help with posting, whether it’s LinkedIn, Facebook, Instagram. They can help with all that. Um, if you have a podcast as an example, I know you’re not, if you do a podcast, I’ve dealt with some clients that are new, uh, or newer, um, and they have podcasts. Guess what? There’s so much stuff. Once we do this podcast, there’s a whole list of stuff that

David Richter:

yeah

Bob Lachance:

Needs to be done

David Richter:

Right

Bob Lachance:

To cut up all of these and send ’em on social media to send them. Because obviously this is branding. What we’re doing right now is marketing and brand. It’s really branding and then it starts with the marketing side because people are attracted to what you offer. So there’s a laundry list of stuff that, um, virtual assistance do. Uh, within this podcast. Uh, if you’re a property manager, guess what, uh, if you’re a brand new property manager, there’s so many tasks on the property management side. You have tenants calling. If you’re managing for other clients, you have clients calling you. You have, uh, to make sure that all the properties are leased. You have tenant screening, you got leased renewals, you got a bunch of different stuff that happens within different niches of real estate.

David Richter:

Right? Yeah. That’s good stuff cuz that sounds like they can handle a lot of different aspects. So you just don’t want ’em closing the deals. So it sounds like

Bob Lachance:

Right, everything else that can be manager the that’s repeatable a VA would be a good fit for

And lead generation is different than closing a deal, right? Closing a

David Richter:

yeah

Bob Lachance:

Deal is, you know, you’re the final one that’s negotiating because think about this David, in any one of our businesses, you know, you may be dealing with a rehabber that’s a little different. Exit strategy, you gotta buy it a different number,

David Richter:

Right.

Bob Lachance:

You deal the wholesaler a little different number, whole tail cuz you’re gonna fund it out yourself and re-list it. There’s just little different nuances in within that bucket that I think that, you know, you and I can handle better on the closing side than somebody that is virtual my opinion.

David Richter:

Yeah. I would say that as well too. Awesome. Well, good stuff there. Just a few final questions then. This is more general. Since you’ve been in business for a while, what would you say has been one habit that has contributed to your success the most over the years?

Bob Lachance:

I think a habit of actually implementing and actually doing, instead of just over educating yourself, you have to implement. If you implement and you fail, you’re still moving forward. So what I mean by that is, you know, a lot of us take too much time analyzing stuff and don’t take enough time to take an action.

David Richter:

Yeah.

Bob Lachance:

You have to take action because if it doesn’t work the first time, it’ll work the second time. It doesn’t work the second time, it’ll work the third time. You just have to keep going and going and going. I think the action side of it’s extremely important for all of us entrepreneurs out there, no matter what industry you’re in.

David Richter:

Yeah. Yeah. Big time. How about the hardest lesson you’ve learned as a real estate investor?

Bob Lachance:

Hardest lesson is actually, um, and I was talking to at a podcast yesterday, mark de Latour, good buddy of ours. Uh, I know you know Mark very well and, um,

David Richter:

Yep.

Bob Lachance:

He asked me a similar question. I think it’s the shiny object syndrome.

David Richter:

Mm.

Bob Lachance:

It’s, there’s so much crap out there on the internet, right?

David Richter:

Yeah.

Bob Lachance:

That they’re selling you on the next best, best thing. Next best thing here, next best thing there. It’s staying focused. Um, you know, in our real estate business, even in our, my va side of my business, when we started being successful and we started focusing first on that one thing.

David Richter:

Yeah.

Bob Lachance:

Right? Instead of doing 900 things at once, you gotta get good at that one thing and you could always add on to that next thing. So if you’re looking at wholesale, guess what? Get really good at wholesale, which means you gotta get good at marketing, you’re good at marketing, the leads are gonna come in. If you know in a wholesale, then guess what, huh? If you have access to money, then you could buy that property and resell it if you have to. Or you could add in a construction team and start rehabbing. But you gotta get good first at that one thing before you add on, uh, other things.

David Richter:

Yeah. That is very true. So then just the last question here, since you’ve provided a lot of value here, there’s been a lot of good things. I mean, if you haven’t learned something from this episode, you need to go back and listen to it again. But what would you say is the best way to get ahold of you, either with a virtual assistant company or I don’t know if you’re looking for anything else?

Bob Lachance:

Yeah, I would say very simple. Um, check out, check us out on our website, which is revaglobal.com. Revaglobal.com. You can check us out. We’re on LinkedIn, we’re on Facebook, we’re on Instagram, we’re all over the place there. You can send me a direct email if you want. It’s bobrevaglobal.com. If you have any questions, I’d be, you know, and I can help you out more than, uh, more than happy to do that.

David Richter:

Good stuff. We use virtual assistants in our business and they are, you know, it is, uh, I’ve worked with one for eight years now, so I really enjoy, uh, working with them as well too. So, if you are a real estate investor and you’ve been listening to Bob and how he was, he got that, uh, the profit first message early, it sounds like his dad had that, that mindset and then now worrying about and implementing it more. If you need that in your business, go to simplecfo.com. We’d love to help you with our fractional CFO service. If we’re not the right fit, we’ll get you to someone good in the financial space cuz don’t want you losing anymore money, don’t want you doing more deals, thinking that’s gonna solve everything. I wanna make sure you have every dollar going and where it’s supposed to. Then if you listened here as well too, go to revaglobal.com. If you’re wanting the virtual assistant help, then thank you so much for being on here, Bob. Uh, it was a great episode. Uh, enjoyed having you on here today,

Bob Lachance:

David. Thanks for having me. Appreciate it.

David Richter:

Yeah, and remember, if you’re listening, make Profit a Habit in your Business.

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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