How to be Financially Free FAST With Fewer Deals Than You Think featuring Vance Courtney

February 4, 2022

EPISODE 73: How to be Financially Free FAST With Fewer Deals Than You Think featuring Vance Courtney

THE PROFIT FIRST REI PODCAST

FEB 03, 2022

David Richter

Vance is the founder of SOS Home Offers. He found his purpose in real estate and has dedicated his knowledge industry to impacting other people and helping them see results and succeed in the real estate world.

Prior to that, he served in the military. He learned something from his mate, who is always buying a home whenever they move in order to keep it in the hope to have two retirements. That stayed with him even after he got out of the army. So he started buying homes with the intent of holding them. It had always been that way until 2016 when he realized it was a very long-term play. He wanted to get into the game faster and looked for turnkey investment properties, but it didn’t work so well for him – he even lost $40,000. Lesson learned.

He then started finding investment properties and created a rental business that earned him a lot of revenue. And this is where, like any other business, some financial management issues arose. But with the help of the Profit First model, he was able to get a deeper understanding and control of the financial side of his business and is now growing more than ever.

Listen in as we discuss how he effectively applied the method and how the whole concept helped him in directing money in his business.

Key Talking Points of the Episode

[02:22] Vance’s journey of getting started in real estate

[05:19] The “why’ behind getting into real estate

[07:43] How the finances play in bringing in the top dollars and keeping it too

[09:31] Finding his identity and purpose in the real estate world

[12:10] Understanding the metrics and the KPIs

[14:41] How Vance implemented the Profit First system and its result

[21:07] Vance’s recommendations to investors

Quotes

“If I’m doing the same thing over three times, I’m going to automate it.”

“I believe firmly that your wealth isn’t created in real estate. I really don’t believe that. I believe it’s preserved through real estate and wealth is created through businesses.”

“Making money is actually not the hard part. The hardest part I’m having is finding my identity, my purpose.”

“I believe that when you’re in a servant mindset, the money will follow. So I don’t stress or worry about the money and let’s just serve the people.”

Links

Want to know what your best marketing channels are and increase your profit by 2-3X? We’d love to chat with you to find out how we can help. If you’re interested in booking a call you can go here.

To learn more about Vancy, check out his website at SOS Home Offers

Transcription

David Richter – Host (00:23):

Hey, everyone. We’ve got another amazing guest today, Vance Courtney of SOS Homebuyers and I am super excited to have him on because he is a client of SimpleCFO. This is in our client series, but he is also a very good friend of mine. And not that any of the other clients aren’t, I have several good friends among the clients, but Vance and I have been a part of several different groups together and we’ve formed a special bond, so I’m really excited to have him on today. And he’s one of the biggest givers that I know. He gives and just the conversation we were having before this recording of how he measures how his company is doing and how … I’m not going to steal his thunder, so I’m going to let him talk about that.

David Richter – Host (01:08):

He’s got some awesome, what I call superpowers. I much want to get the clients to know and out there of what their superpowers are. What are you really good at? For him, we’ve got some exciting ones to talk about. He’s got a tech background, which is pretty amazing, so if you’re out there with your CRMs clunking around or whatnot, he’s done stuff like that before and he’s done a lot of cool things in the real estate space and outside the real estate space. Then we’re going to go into some of the stuff at the end there with Profit First and how he’s implemented that since this is a Profit First REI podcast, and then just a couple other questions.

David Richter – Host (01:44):

But Vance, excited to have you on. Thanks for coming on the show today.

Vance Courtney – Guest (01:49):

No, thank you so much. I really appreciate that, and man, the feeling’s mutual. I definitely love the friendship that we have and I love getting together and syncing up with you whenever we can.

David Richter – Host (01:58):

Yes. Vance is an avid game player, so there you go. The cat’s out the bag. If you want to play some board games like strategic games, Vance is the man. I love them too. If you’re looking at my picture right now, I definitely look like that type of person. I know Vance doesn’t. He’s got the cool man vibe, but I’m definitely a board game player, but he’s got some awesome, awesome stuff. He’s even got, we won’t go into it, but it was amazing. Some of the stuff that we were able to do and some of the trips that we take.

David Richter – Host (02:29):

But Vance, super exciting to have you on, but let’s get people knowing who you are, how’d you get started in real estate, where are you now, getting them to know you a little bit.

Vance Courtney – Guest (02:37):

Yeah, absolutely. So My getting started in real estate started back when I was in the military and I heard a statement from a guy who was doing 20 years and he said, “Look, every time I moved every couple years, I’m buying a home and I’m just going to stay in that home and keep it. So that way I have two retirements when I get out.” So I thought I was going to do 20 years, in the military. Well, only four years in and I ended up getting out and that still stuck with me though. Technically my first home was my personal home that I bought in 2008 and I bought that with it, being a three, two, great school district. I didn’t have kids. It was just me, so always focused on all right, buying with intent of holding.

Vance Courtney – Guest (03:15):

We did this all the way until about 2016. It was like, “All right, time to start fighting for some rental properties,” and realized that moving and holding was a very long term play, it was just too long. I wanted to go a little bit faster. Sometimes you got to slow down though. I think it was the end of 2018 I bought my first turnkey investment. I’m in Augusta, Georgia, which is a great rental market, right? You know, good, good old Midwest. I hear I should have bought somewhere else at a better, cheaper rate, not always in your backyard. So I bought in Detroit, Michigan.

Vance Courtney – Guest (03:55):

Let’s just say that I bought it and the turnkey insert turn. So turnkey, the tenant left flood stuff stolen out of it. Lost pretty bad on that one. I was all right, well I cannot be buying turnkey. How do I find a discounted property? Right? Like I want to find out how to get a discounted property for my investing. And so after that one, that was like a $40,000 loss. That was like the most, a very brutal lesson learned and was how do I source the deals in my own backyard? And then no, through like a mutual error, like Tom, Tom pro classic learned through his methods. And to be honest, when I realized that finding discounted properties, I have a tech background, like you were saying is a very repeatable thing. And I have a rule of three where if I’m doing the same thing over three times, I’m going to automate it. And so I looked at something very similar. I’m [inaudible 00:04:41] the properties seems to be very repeatable. And so instead of just focusing on just finding the investment properties, we focused on again, creating a business out of this. And that’s like the story of how I’ve got into the real estate and we’re now picking up some rentals along the way. And yeah.

David Richter – Host (04:57):

Awesome. I love that. That where you say, if you do three things in a row, or three things over again, you look to automate it. if you just take that snippet, as, if you’re listening to this right now and implement that in your business, that’ll help you scale a whole lot faster.

David Richter – Host (05:13):

Yeah. And from that perspective. So that was great. Thank you so much. That was a, that was a great snippet there then. Okay. Let me ask you this. Why real estate, why did you get into real estate and like what’s the why behind it?

Vance Courtney – Guest (05:25):

Yeah, absolutely. So I actually was still doing the stock market since I was like 18 or 19 putting in the 5% using the TSP at the time, military like 401k type and then was always, actually all the way until 2018 – 2019. I actually still invested into 401ks well about buying these rentals. And I figured, well, one of them’s going to fail. The only one’s got to succeed. Right. And then I was doing just a classic, traditional method of 401k, wait till I’m 65. And in 2018 it hit me. It was okay. I hit it in a pinnacle, like a good spot in my career. I was making good money in the tech field. I was okay, I’m maxing the 401ks. You know, if I just pick up a couple homes, this great. I was I just got to do this for the next 40 years.

Vance Courtney – Guest (06:10):

And I was rinsing and repeating for the next 40 years without changing anything did not sound very enticing. So I was how do I do this in five years? So then it was just that whole, how do I shrink that timeline? And I realized that putting the money in the stocks and man I’m telling you, I should not be in the stocks for sure. Because when I ran since 2002, my realized returns, it was 4% actual returns. Most people don’t, you don’t look at, but I looked at my actual rate of return consistently was 4%. I’m oh no, this, this isn’t going to work anymore. And so we stopped with that and then went into the traditional real estate. And then we do some lending as well, just for the higher percentage rate. It just started realizing of, I believe firmly that your wealth isn’t created in real estate.

Vance Courtney – Guest (06:58):

I really don’t believe that. I believe it’s preserved through real estate and wealth is created through businesses, right? I believe that flipping it’s in wholesaling, which is what I primarily do. They’re transactional, real estate’s just a product of the business, but to invest into rentals, you have to have capital and you have to generate that through a high income or through business. And I believe that’s the real wealth generation. And then the preservation through taxes, appreciation, appreciation is through real estate. Why you don’t get all those benefits in the stocks. And that’s why my choice in real estate.

David Richter – Host (07:28):

Okay. Well, that’s an awesome, I love the way that you put that. That was very simple. That was very clear, concise that is so true that the wealth really is created from the business aspect of it. Then you preserve it through the real estate. That’s that’s awesome. But then, so then that’s a great transition into then what makes up like a real business then? And part of that is the financial side is knowing the financial side. And since this, as a profit first for real estate investing podcast, let’s talk about that. Like when did that white bulb click for you? That it is the business that you create the wealth and then how the finances play into that as a whole of not just learning to be the CEO and bring in the top dollars, but then learning to keep it too.

Vance Courtney – Guest (08:13):

Yeah. When I, when you comes back to reverse engineering it, right? You find out what your financial freedom numbers, some people call it that, right? Whatever that magic number is, or you don’t have to work over the rest of a day in your life. And I realized that if I picked up properties with very little or equity, there’s a little equity in there, right. I’m going to be getting you’re shooting for what, one, $200, however, many, how much dollars per door then I was oh, okay. So I need like 36 doors. It’s a lot of doors. That’s a lot of time to try and get to that. So then it came down to what, what is causing that? Why do I need 36 doors and why not just eight doors? Right. And it’s because of the cash flow and the equity.

Vance Courtney – Guest (08:51):

And so that’s what came to the plan. It’s well, I need to generate money. And I personally, you can generate a lot with an income, right? You do not have to have just a business, but a very high income and limiting, a little bit conservative to capitalize on that. Right. So like being in the tech field was one of them, but it wasn’t fulfilling anymore. So that’s why I looked at something else, which we, I can dive in a little bit more about why the business side, but through the wealth like generator, right. That’s, that’s pretty much where I believe over the real estate where I wanted to have smaller doors, more than just how many doors I can have, and actually look at the cash flow of how to get to that retirement number, if that makes sense.

David Richter – Host (09:29):

Yeah. No, I love that. So let’s go into the why of the business side and yeah, yeah. Go.

Vance Courtney – Guest (09:34):

That was so to be honest, it’s I really enjoy helping others and serving others. So when I started the business, oh man, I got to give, I’ve got another shout out for this book. The four spiritual laws of prosperity. I started this business for pure greed. If I’m just to be honest, I was oh, I got to make a lot more money. I can make more money than I did in tech. Right. But as I started generating doing, I’m okay, again, if I just repeat this for the next, 10 years you start losing, it’s okay, once you know how to make money making money is actually not the hard part. The hardest part I’m having is finding like my identity, my purpose, right. Everybody’s that you’re looking for. And I love serving. And one of the life changing books was the four spiritual laws of prosperity really changed me finding actually after I read that book, it was no longer just about the money.

Vance Courtney – Guest (10:19):

And for me, it’s more about God’s work. Right. And I have this, like I desire, I love helping people and I’m going to be honest. Like I, my favorite thing is I’m probably the most selfish person you’ll meet. Right. And I say this because if helping people maybe feel bad, I probably, we wouldn’t help very many people.

Vance Courtney – Guest (10:39):

Our thing is I feel good when I help somebody and I see the results and the impact that I can have. I feel good of that. And it’s that’s my high. And that’s what I want more of. And so for me, I was just getting started. So I’m a big thing of, I advocate of I got to produce results before I can help others and coach, and I just, my own personal mentality of like before I coach or help others, I want to have a track record of success in that field.

Vance Courtney – Guest (11:01):

Right. What I found through business though, is there’s a way of like my leadership style is through coaching. And so I found that I wanted to grow the business. And I got a mission that when, and I told this to the people, right, that come on with SOS that I want SOS my company, SOS home offers kind have a bigger impact on your life forever than you’ll have in the short duration that you’ll be staying with us. Right. And I set that realistic. Like they’re going to move on. I want them to grow, even if it’s within the company. Great. But I want that lifelong impact. And to be honest, like that’s where I feel like I’m fulfilling. It’s that’s my fulfillment. And that’s the paycheck I actually look forward to that’s my, so that’s why the business I’m how do I grow this and start impacting these people? And that’s my favorite part.

David Richter – Host (11:43):

Awesome. No, I love that. That’s I, and you were even talking about how you were reverse engineering. How many people do I need to serve in order to, really get where we need to be. And it’s that’s just a totally different frame of reference than any, any quarterly meeting or any annual meeting that you hear out there. It’s okay, how many doors do we need to sell? Or what is our profit per deal need to be? You know, it’s like those types of questions, but I love how you had frame that before we were on that call. You’re how many people do I need to serve in order to get [inaudible 00:12:14]

Vance Courtney – Guest (12:13):

Right? And that’s like with the sellers. Right? Cause just to give that background is, I never feel good with okay, I want to hit this. I know we have to have metrics and KPIs to measure right. Something tangible. Right. And so the biggest one is always going to be your revenue, right. Gross and net, that’s fine. Like that’s, that’ll be the next fun part. But I didn’t ever like saying, oh, we’re at this, this much revenue. I didn’t feel good. Trying to convince people when my admission statement is, helping distress sellers, in need and providing their best option, even if we’re not in. Right. And what really disturbed me is when one day somebody came up to me and says, is this still really worth pursuing? I mean, we’re only going to make
$1,600.

Vance Courtney – Guest (12:54):

And it sat with me cause it was I mean, well, yes, we’re here to serve the people. It doesn’t matter. Like we broke even on deals before. And the fact that it wasn’t clear. And so instead of talking about how much revenue we’re hitting and how many deals we’ve done, it’s how many families did we serve? And we now set a metric based on the number of families we serve. So that way, if it’s, even if we don’t make money on it, they, when they come back to that question, I can then simply say, well, does it serve the family? Yes, it does go serve. Right. And that’s what I like. And I believe that when you’re in a servant mindset, the money will follow. So I don’t stress or worry about the money and let’s just serve the people, both again, the sellers. And then we do the same thing with the buyers. And then of course the people on our team.

David Richter – Host (13:34):

Yeah, no, I love that. And Vance is a leader. You know, like this is leadership. This is what a business owner. And we’ve had this on our podcast before where people say, the CEO is a skillset. It’s something that you learn to do. And it’s learning to be that leader. And Vance has definitely done that. And he is taken that leadership from every aspect of his business from just sellers to the people on his team. If we had more time, we talk about the culture that he’s created. He’s created an incredible culture with his team and the stuff that, the stories that he is talked about. And it’s just, you need to follow Vance Courtney, you need to follow, see what he’s doing. He’s going to spoil. He’s going to be doing he’s coaching and will be helping people because I believe Vance has something different.

David Richter – Host (14:22):

He’s just not going to tell you how to make money in real estate. He’s going to tell you how to, how to be fulfilled as that owner and how to not only be fulfilled as the owner help other people feel fulfilled as human beings, too, if they’re on your team or that seller on the other end, that’s goi through a horrible situation, it’s that’s what it’s really all about. So if we had more time, we’d go into culture. But Vance, let’s talk a little bit more about profit first, the profit first for real estate investing and really about that system and how you’ve implemented it. And what has that whole concept meant to you from the business aspect and being able to direct your money and your cash?

Vance Courtney – Guest (14:58):

No, it’s game changing, to be honest. So when we first started off revenue started coming in and, as always, you’re taking in all these different books and I look at books as a solving my current problem. Right. I pick book based on what’s my current problem I want to solve. Right? Yep. So I have, over a hundred books lined up for, okay, what’s my next problem. Go pick from that solution right there. Right. And one of them was I want to make sure I have a profitable company when I first started. And so from almost, I’d say day one, but like from the minute we got our first paycheck, I read into profit first and we implemented that right off the bat. Matter of fact, this will be fun because we self-implemented the profit first model and we were doing pretty well with this.

Vance Courtney – Guest (15:39):

Right. And I hope you don’t mind. I’m going to share up your story. I love the story. It’s one of my favorites, to be honest.

Vance Courtney – Guest (15:45):

Yeah. So we, I ended up signing doing really well and we had a great, this is just me and one other person. So didn’t have a lot of overhead or anything. And we had like a 63% profit margin and I was all right, well I heard about, SimpleCFO was oh they, they follow profit first. I need to go with SimpleCFO. Right? I got to check this out, let me go into it. And that’s when David and I first went, was through this connection here. And it was only a few months while I was testing, going with it, working with it. I’m you know what?

Vance Courtney – Guest (16:13):

Like as much as I like this, I want to have a friendship with Dave, but I’m I don’t pay for friendships. I’m I got to find an ROI in this. Like I got to see the return. I mean, I’m not a five percentage profit. Why do I, why do I need this service? This was a mistake. Because once the growth started happening, it fell out. Want to, we started growing the teams and growing my time of like invested with the company. Guess what first started to take wayside was my attention to that detail that I was paying attention. That counts splitting it out. Yes. Just having it set up with the discipline went away when I wasn’t being held accountable to certain things. And so after a few months I was oh my goodness, I haven’t split this up for, I haven’t done this. And I realized I wasn’t paying attention to it.

Vance Courtney – Guest (16:56):

And what, as the saying goes, you know what you give focus to. Right. You know what you inspect, you expect right. Something along those lines.

David Richter – Host (17:03):

Yeah.

Vance Courtney – Guest (17:03):

And I was oh no, this just isn’t going to work out. And we still stayed friends. That’s my favorite part about this whole thing is once we were done with the business, we stayed connected. Cause I was look, it’s nothing personal. And it wasn’t, we became more friends and I’m you know what, let me give this back a shot because I started seeing a decline to the point where I was not actually I didn’t know where I was. And so if you were ask me, well, how did your profit decline? I didn’t know what my profit was.

David Richter – Host (17:27):

Hmm.

Vance Courtney – Guest (17:27):

That’s the decline. And so I brought in somebody again, came back and I was all right, well I need to do more than just, and then here’s a big tip.

Vance Courtney – Guest (17:35):

I know I’m going to go a little bit off rail here is don’t look at like a SimpleCFO, which is a fractional CFO company as a glorified bookkeeper. That was my mistake that I made the first time. I was oh, all they’re doing is double checking books. I got a bookkeeper. No, you need to find the right person that matches. And we’re doing like variance reports. Now we’re doing well strategy. It’s more than just looking at the numbers. The numbers are being double checked for sure. But I’m leveraging it for more now. And we’re sitting with a healthy company with multiple people. I only work a few hours a day in the business now. And we’re sitting at, well over 50% net profit right. In the company. And that’s because I’m working with, I’m going to shout out to Rocky, working with Rocky.

Vance Courtney – Guest (18:17):

I love working with him. the guy is hands down helpful and we’re consistent together. And he holds me accountable. And that’s the piece that you need. It’s most people well, I don’t need a CFO. Right. And I thought this, this is what I’m going to get at. I was I can’t afford it. Right. Well, this is where fractional comes in. It’s perfect for the small business. Right. And then it came down to but I mean, I know what, I know how to split it out. I know how to do the target allocation. It’s more than that. And I realized that it’s just your basis for it. And it’s I need the CFO. I, my, the most dangerous thing is not knowing what you don’t know. Right.

David Richter – Host (18:53):

Hmm. Yeah.

Vance Courtney – Guest (18:53):

And that’s the part where he was well, we could try this and brought the ideas and it turned into where now we have leadership meetings. He is my CFO for all intents and Purposes.

David Richter – Host (19:02):

Yeah. No, I love that. And thank you. I tell everyone, we don’t pay people to say this, so I appreciate you.

Vance Courtney – Guest (19:09):

Oh yeah.

David Richter – Host (19:10):

That about us because yeah. We want to make sure that people are held accountable. That’s one of the biggest things that we do is just hold people accountable because so many people just need that in order to get to where they want to be. we want Vance to be successful in order to help those people. Vance is like on the back end here, like we know, we know vision, we know his values and like the people that he is serving and you can’t do that. If you’re running around like a chicken with your head cut off and you don’t know what your profit is and you’re stressed all the time. So yeah. It’s that’s why our mission is to help these owners get to that place where they’re Hey, we’re rolling.

David Richter – Host (19:45):

I don’t have to work in the business as much. I can really focus on what I’m really good at. So yeah, appreciate that Vance. And then the pro first system, just, just the act of splitting out those accounts and getting that in place, knowing where your money is going so that’s just another huge point. If you didn’t hear there too, Vance is a reader, and he reads for the solutions to his problem, not just to read which, like a lot of people read, might read or might not read, but he’s very intentional before we got on the call, he told me the next book that he’s reading right now. And I know that’s because he wants to focus on this area of his life to be able to get into that.

David Richter – Host (20:27):

And if you’re wondering, it’s deep work by Cal Newport, I believe is his name, amazing book. How highly recommend that book, please go out and buy it. It’ll make you want to throw your phone in a link after you read it. So just a heads up there, a spoiler alert, but there you go. So that was just another nugget that I wanted to pull out of there that read to be intentional. If you’ve got an issue, someone, I say this all the time in the business, every business issue is solvable. Like someone’s had that issue before. They’ve just had it at either a different level than you or at your exact same level. So go read, go get that person or go read about it. So there you go. There’s another tip from Vance. That was awesome. So then just coming down to the last few questions here, is there anything else you recommend or like encourage investors to do, or like just in general, whether it be personal, professional, financial, whatever.

Vance Courtney – Guest (21:20):

No. First is just, implement profit first. You can pick up the profit first book where you can even pick up the profit first for real estate investors. Like actually focusing on your niche if you’re in investment, but more than just pick it up, if anything, right. Just implement the allocations. That can even be a Google search away. Right. Implement the allocation starting off. And another comment I want to make is you, even if you’re say you’re the attention to detail type person and you’re ah, I’ll never let that slip. I’ll always do my bookkeeping and then do my target allocations. There’s one other real big piece I want to say is, don’t forget that a good CFO also has a powerful network. Right. And that’s the other part. So when you’re starting to grow and you’re getting more, instead of just trying to research, whether you want to go into like any again, legacy wealth building from, an infinite banking concept, any of these things, there’s people that will connect you with somebody, with your circle of trust in your network. Right. And that trustful network is almost invaluable to me. So that’s another thing that I want to say about regarding the financial side, for sure.

David Richter – Host (22:23):

Awesome. Well, wish we had like hours and hours to keep talking, because really Vance could be go on about a lot of the things in his business. A lot of things that he does personally, he’s got Vance. Also, just to shout out here, very family conscious, make sure that he does, the business does not hinder him from the life he wants to live. It is fueling the life he wants to live. And so this is someone that I truly believe in. We’ve had a lot of good talks before deep talks, deep conversations. So I can talk about this a little bit more with Vance, which brings us to my last question. Is there any way our listeners can provide value to you? And I’ve already, I’ve already asked Vance. So I know the answers before this. So I’m going to tell you right away, just very bottom line, want to learn.

David Richter – Host (23:09):

He learn how to buy, flip and sell businesses. That’s one big thing. So if you are in the market, or if you know someone who does that and trains on that, he’s always looking for that, but he is also doing coaching as well, too. So if you want a coaching mentor, someone that will get you from maybe zero to, your first, million dollars or whatnot, Vance can do that. Vance is not only going to help you from a lot of the times. It’s just getting out of your own way. It’s getting out of your own way. And Vance is amazing at that his team, the culture that he’s built, I’m building him up huge because I truly believe in Vance, but I want to know if you are a listener on this podcast, if Vance, is there anything else? Is there anything else you’d like to say or maybe how they could connect with you if they want to connect with you or anything else that you’d like to add?

Vance Courtney – Guest (23:55):

Yeah, absolutely. You can just reach out to me, connect@soshomeoffers.com. And to be honest, if you even just have some questions, anything I can do to help, or it doesn’t have to be like direct coaching, just even just a few guiding principles and maybe you’re just torn between a few things, please reach out. Like it’s really nice to get that outsider’s perspective. I know that even when I was starting off, maybe you didn’t need like any of the direct coaching, just having somebody to bounce off with your intentions in mind. Right. Without any other side that I’d love to be able to help out from any like strategic questions. I don’t mind at all technical anything please.

David Richter – Host (24:29):

Yeah. So what was the contact again? Just to make sure, sure.

Vance Courtney – Guest (24:33):

Yep. It’s connect@soshomeoffers.com.

David Richter – Host (24:37):

There you go. connect@soshomeoffers.com. We’ll make sure to put that in the show notes as well, too. So that way people can connect if they want to connect, but Vance is very humble, but he can help you no matter what, whatever you’re going through. And if you’re at that beginning stage, for sure he can help you get to where you want to be. Vance has been very humble, but thank you so much, Vance, a lot of knowledge and wealth strategy drop, dropped out a lot of bombs today that were really good and really appreciate you serving this community. Hopefully this is another thing that just helps you get closer to your goals of helping more people. Because I believe a lot of people will be definitely help from this, from this episode. So thank you so much for coming on and joining us today.

Vance Courtney – Guest (25:20):

All right. Thank you so much for having me here. I love it. And let me know if there’s ever anything I can do.

David Richter (25:25):

Thank you so much for listening to today’s show. If you found this episode valuable, could you do me a quick favor? Could you give us an honest rating within iTunes and be honest, you could say whether you liked it or not. And obviously with iTunes, the more reviews and ratings we have, the better it is for other people that are searching for a profit first and a podcast. So we’d love to be ranked on there and that’s thanks to your help. So we would really appreciate that if you would like to go give us a rating. Also, if you’re looking to connect with us further, I would highly recommend checking out our Facebook group profit first for real estate investors. And that’s literally what it’s called. So you can type in profit first for real estate investors and you’ll be able to find our Facebook group right there.

David Richter (26:07):

So for come join active real estate investors who are supporting each other and growing their businesses and profits together. That’s what that group is all about. The link should be in the description below. And if you’re interested in working with us and implementing profit first in your real estate business, we offer coaching and guidance. So if you want to work with someone who’s actually profit first certified and who works right now, currently it with real estate businesses, you can actually go start your application process by going to www.simplecfo.wpengine.com/apply or just go right to simplecfo.wpengine.com and there’s an apply button right on there. If you want to actually start your profit first journey with someone who can actually walk you through those step by step and help, and grow your cashflow. Thanks again for joining us for another episode of the problem. First REI podcast. See you next episode.

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

Episode: 242

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

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

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

Listen and enjoy the show!

Key Takeaways:

[01:01] Introducing Jay Conner

[05:00] Introduction to private money

[08:30] The Great News Phone Call

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

[13:18] Maintaining relationships with private lenders

[15:40] Private money vs traditional money

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

[25:18] Advice for real estate investors

[29:01] Connect with Jay Conner

Quotes:

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

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

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

Connect with Jay:

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

Tired of living deal to deal?

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

Transcript:

Speaker 1 (00:00):

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

Speaker 2 (00:34):

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

Speaker 3 (01:01):

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

Speaker 1 (02:07):

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

Speaker 3 (02:24):

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

Speaker 1 (02:43):

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

(03:38):

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

(04:27):

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

(05:18):

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

(06:10):

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

(07:02):

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

(08:11):

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

(09:06):

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

(10:04):

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

Speaker 3 (10:38):

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

Speaker 1 (11:17):

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

Speaker 3 (12:22):

Right? Yep.

Speaker 1 (12:24):

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

Speaker 3 (12:33):

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

Speaker 1 (13:22):

I mail ’em checks.

Speaker 3 (13:25):

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

Speaker 1 (13:33):

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

Speaker 3 (13:41):

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

Speaker 1 (13:50):

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

Speaker 3 (14:00):

Yep.

Speaker 1 (14:01):

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

Speaker 3 (15:27):

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

Speaker 1 (15:32):

Options. Does that make sense?

Speaker 3 (15:34):

Yeah, that makes sense. A hundred percent.

Speaker 1 (15:37):

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

Speaker 3 (16:14):

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

Speaker 1 (16:33):

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

Speaker 3 (17:33):

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

Speaker 1 (18:04):

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

Speaker 3 (18:20):

Yeah, me either.

Speaker 1 (18:22):

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

Speaker 3 (18:53):

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

Speaker 1 (19:12):

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

Speaker 3 (19:17):

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

Speaker 1 (19:20):

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

Speaker 3 (20:25):

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

Speaker 1 (20:50):

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

Speaker 3 (21:53):

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

Speaker 1 (22:07):

Well pay ’em on time.

Speaker 3 (22:08):

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

Speaker 1 (22:12):

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

Speaker 3 (22:42):

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

Speaker 1 (23:03):

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

Speaker 3 (23:06):

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

Speaker 1 (23:10):

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

(23:37):

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

Speaker 3 (24:31):

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

Speaker 1 (25:18):

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

(25:26):

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

Speaker 3 (26:11):

That’s so good.

Speaker 1 (26:13):

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

Speaker 3 (27:08):

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

(27:55):

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

Speaker 1 (29:01):

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

Speaker 3 (30:31):

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

(31:13):

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

Speaker 1 (31:51):

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

Speaker 2 (31:54):

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