How to Save Big on Taxes: Practical Advice from Shauna, the Tax Goddess

June 25, 2024

Title: “How to Save Big on Taxes: Practical Advice from Shauna, the Tax Goddess”

Episode: 238

In this episode of the Profit First for REI podcast, we have Shauna, the Tax Goddess. Shauna is a highly sought-after Tax Strategist who helps successful business owners, entrepreneurs, and high-wage earners reduce their tax burden.

If you need practical advice on keeping more money in your pocket and not paying too much tax, Shauna has a wealth of knowledge!

In this episode, she shares ways to save money on taxes and more ways to increase your profitability. Enjoy the show!

Key Takeaways:

[00:55] Introducing Shauna the Tax Goddess

[01:45] ‘The Tax Goddess’

[03:18] How did she become a tax strategist?

[07:25] Ordinary, necessary, reasonable

[12:28] Different tax strategies

[17:29] What is your aggression scale?

[19:51] Specific tips for real estate investors

[25:45] Performance vs Culture

[28:40] Connect with Shauna, The Tax Goddess

Quotes:

[10:49] “A lot of what you do as a business owner, you need to run through this filter of ordinary, necessary, and reasonable to determine if for you and what you are doing, you believe that you need those three.”

[16:24] “Which strategy will be the best depends on what you as a taxpayer want for you, your family, and your wife.”

[18:09] “Your aggression scale will determine which strategies you can use or don’t use.”

Connect with Shauna:

Website: https://taxgoddess.com/

Tired of living deal to deal?

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

Transcript:

Speaker 1 (00:00):

So we start then looking at layering these much bigger strategies. So great example is the 8 31 B, captive insurance. Ryan, you can put away tying us back to profit first. You can put away 15% of your gross revenue, 15% of gross revenue. For most people, that one move will wipe out completely their profit because their profit margin isn’t 15%.

Speaker 2 (00:27):

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 (00:55):

We have Shauna the tax Goddess. This is a great episode. If you need practical bottom line advice of keeping more money in your pocket and not paying too much in taxes, she has a wealth of knowledge. She’s one of, oh man, I think she said one of 15 people in the country that has a certain tax strategy certification where she has, she knows if you are at six figures, seven figures, eight figures, she works with nine figure companies too. She’s been doing this for 25 years. She knows what she’s talking about. I know that if you take away anything from this episode, you will be able to save money on taxes, keyboard money in your pocket and ultimately get to where you want to be. So this is a great episode if you’re looking for more ways to increase your profitability. Shauna, the tax goddess. I am super excited about this interview. Well, first I have to ask, where did you get that name, Shauna?

Speaker 1 (01:45):

Oh, so it actually happened completely at random. Okay. So I was in, this was way at the beginning of my business, like year three, I was standing in a networking group and I was not paying attention. I am a little bit of a chit-chat. So I was talking to somebody else and they put a microphone in front of my face and I stood up and I said, hi, I’m Shauna, the tax goddess. And 300 heads spun looked right at me and a very good friend of mine who is a marketing genius was sitting way on the far side of the room, came up after me after the meeting and said everything. Name the company, name the business name, all the things. And so we’ve been tax goddess ever since.

Speaker 3 (02:22):

Oh, cool. So that was just like a stroke of lightning hit you and you’re like, okay, I’m just going to say this. And it was like, boom. It was a stroke of genius. Lightning hit you, whatever it might be. So the Tax Goddess, and you’ve had that name for how many years

Speaker 1 (02:34):

Now? Geez, 17. A

Speaker 3 (02:38):

Really long

Speaker 1 (02:38):

Time. 17. Wow. There you go. We actually have to defend our name. We have it trademarked and we have to defend our name, get lots of other people that want to use that name.

Speaker 3 (02:46):

Okay, well very cool. So I like that you own it too. That’s definitely a topic for another day and lots of things that people do not do in their business. So that’s where I want to just get into your story. What interested me too that you’re a profit first fan. So I really love that. And that you said you’ve been using it for 20 years. So how did you even get to know about this or 20 years ago? Was it just that you had bank accounts or I’d love to go into that and then we can go into the tax saving strategies that you have for everyone.

Speaker 1 (03:16):

Love it. Yeah, let’s talk about it. So I am a CPA, I’m an accountant, right? I’m absolutely a numbers nerd. I actually started off my life in astrophysics, so I’m all about the numbers, all about math. Wow.

Speaker 3 (03:29):

Yeah, no kidding.

Speaker 1 (03:30):

Love it, love it, love it. And so really when I first started my business, it really wasn’t at the time, it was a called profit first in my head. I went to my family, my advisors, my board of CEOs in the family, and I said, okay, listen, I’m starting a business. I want to make sure I don’t get in trouble. As a cpa, we like to follow rules. So what do I need to do to make sure that my business is running well, that it’s smooth. And one of the first pieces of advice I got was every dollar that comes in the door, you put away 10% for you and 20% for taxes. So 30% of all your money out of sight, out of mind, get it in a different bank, different bank accounts, put it somewhere else. And so I followed that from day one and it has saved me multiple times.

(04:17):

The economic crash in 2008, I’m like, oh, where am I going to get the money from? I had a pile of cash, did really well one year, massive taxes. I had a pile of cash. And so there’s something really comforting and very just so freeing about knowing you have a pile of cash. You right, it’s not locked up in some stock that you can’t sell without a gain. I mean you have a pile of cash and of course how you invest it, totally different matter. But yeah, I’m all about cash is king and cash flow, of course being the emperor. So all the depends.

Speaker 3 (04:52):

I like that. So let me ask this. I thought it was really interesting. You had a board of CEOs. Is your family entrepreneurial or were you the first one to go out there and you found these board of advisor type people or how did that work?

Speaker 1 (05:04):

Kind of a mix half and half. So yeah, definitely we have entrepreneurial in the blood, right? My mom’s an entrepreneur, my dad was an entrepreneur, so there’s definitely an entrepreneur in the blood, but I was very lucky. I’m not even sure what else to say. The people around me, whether it was my family or even just my friends, everybody kind of had this hustle way back before hustle. Culture was a thing. We had hustle. How are we going to make money? Always really big on real estate investing, even back then. So how do you make money to buy your first property, to have a rental property, to get passive income? All of these things were just kind of in the world that I grew up in. And so it was in a way almost expected. You start a business, you get real estate, that’s how you grow wealth go, right? So yeah, definitely from that end and then you just start attracting other people that have the same worldview as you do. So you start to learn all these awesome things as you’re going along through life. So

Speaker 3 (06:01):

Awesome. No, that’s really cool. I like how you said that you’re attract and the like-minded people. I think that’s what we’re all trying to find is that core group and that community and it’s so important. It sounds like that community and network has been very important to you over these years. Very,

Speaker 1 (06:16):

Very. You never

Speaker 3 (06:17):

Know from the cash to whatever run into,

Speaker 1 (06:19):

Yeah, you never know what problem you’re going to run into. And so if you can call, I call them the board of directors, certainly it was never a board of directors when I first started, but you call your peeps and you say, Hey, I got this issue. What did you do? How did you handle it? Did that work out well or not? Which way did this go for you? Yeah,

Speaker 3 (06:37):

That’s great. Sounds like you’ve got another board of advisor there. I dunno, is your dog on the board of advisors with you as well too?

Speaker 1 (06:43):

Yes. I have five. Five dogs, five

Speaker 3 (06:47):

Board of advisors right there.

Speaker 1 (06:48):

Five very loud board of directors, two German Shepherds, a great Dane Concorso and two boxer mixes. And side note, they’re all security write-offs for my business. So best way to get rid of some expenses there.

Speaker 3 (07:02):

That’s great. So is that one of your suggestions is get the types of dogs that are security dogs and then you can write them off or I would love to go into the tax side there. The details. The details, yeah,

Speaker 1 (07:14):

Absolutely. Well, so let’s back up. So every deduction, doesn’t matter what deduction it is, every single deduction gets approved by the IRS if it meets three qualifications. So ordinary, necessary and reasonable. Okay, now I’m going to use. And so it’s specific on your case, on your business, on what you do. Okay, so I’m a CPA, right? I’ve got tons of client information, I’ve got servers that have secure information. So security is a big deal we want to make sure we’re protecting. So security numbers, birthdays, all that information. I also will have people come to my home, my entire firm of a hundred something people is digital across the globe. So people will come to my home if they live local, if they’re flying in to come see me, whatever it is, which means I have two points of security type things. I have personal security for me. What if I don’t know this vendor and I’ve got client security. So security is a big deal, okay?

Speaker 3 (08:14):

Especially in this

Speaker 1 (08:14):

World. When you walk up to my home and you see 120 pound big, black, great Dane concorso, two German shepherds and two boxer mixes looking at you through the front window, right? So I don’t even need to explain, okay, secure now. So we have ordinary, is it ordinary in the course of business for CPA to secure stuff? Yes. Right. I have an alarm system and all these things. Is it necessary? Yeah, protecting my client’s information is pretty necessary. I’m pretty sure the IRS actually has written documentation about security methods for client information so necessary. Absolutely. Is it reasonable? Okay. Five dogs. Maybe we could have gotten away with three big dogs. I dunno.

(09:00):

So maybe I’m missing on the reasonable side. But yeah, so really those are the three categories, and it really doesn’t matter what industry you’re in. The famous case, and I don’t know if I can be, can I be a little risque? I’ll try to keep it professional with a little. Okay, so the most famous IRS case that is specific about ordinary, necessary and reasonable is actually related to a professional dancer, a female professional dancer. And so if we all know what I’m talking about here, she went to a doctor and got some enhancements and she wrote off the enhancements as a business deduction because for her ordinary, necessary and reasonable for her to make more money, IRS didn’t like it. They took her to court.

Speaker 3 (09:47):

Okay?

Speaker 1 (09:48):

IRS said, no, absolutely not. That’s a personal thing. Has nothing to do with it. The judge, and it’s my, this is why it’s my favorite course case. Judge literally in writing, it’s in the transcript, looked at the IRS agent said, so you’re telling me that she made you more money, paid more taxes, but it’s not a deduction for her business. And the IRS backed off because of course, ordinary, necessary,

Speaker 3 (10:10):

Reasonable should

Speaker 1 (10:11):

Pay more tax on it. So why are you upset? What’s the problem? So it really, really, really does come down to ordinary, necessary, reasonable, and this is where so many people start. It’s basically missed deductions. Nobody ever explained it to them this way. So things like, obviously for you, you have a microphone, ordinary, necessary and reasonable. You have to have it to do what you’re doing, right? Right. Exactly. But what about the decor in the background, right? Do you have to have this sign? Do you have to have what if you have your company logo, right? That would be ordinary, necessary, reasonable advertising. Hi. So a lot of what you do as a business owner, as an investor, this works for investors, it works for real estate professionals. A lot of what you do, you kind of need to run through this filter of ordinary, necessary and reasonable to determine if for you and for what you are doing, you believe that you meet those three categories.

Speaker 3 (11:05):

Yeah, that’s really easy. I like bottom of the shelf type stuff that anyone can go and implement. That’s really good. Is it ordinary, necessary and reasonable? And honestly, your story there, that’s like if they haven’t made a movie on that, that seems like something that’s movie material for going out there and especially to make a tax case. Interesting. That would definitely be an interesting one to cut. And especially what the judge said. I mean, you could just see a cousin Vinny out there, out there with the judge and talking to him. That’s great. That’s just what I picture. Okay. So that’s great. That’s a great framework for knowing if there’s something that you can write off and running that filter through your head. Now, when you reached out and we got together, I liked a lot of the bullet points that you have great bullet points of what you teach on. Out of all those things, what do you think is the most actionable there? Is it the 10 strategies to save 10,000 on their taxes? Or I like this one, how a hundred million dollars companies unlock 6% annual tax rate and what other entrepreneurs can learn from them. I’m like, there’s so much good stuff there. I’m like so much. What do you want to focus on? Because I feel like you could give a ton of value with a lot of these different bullet points. I

Speaker 1 (12:20):

Love it. Well, and so let me see if I can weave those two together. We’ll see what we can get here. Even

Speaker 3 (12:25):

Better.

Speaker 1 (12:26):

Even better in the world of tax strategy. Okay, let me back up. There are 660,000 CPAs in the entire US according to Google, okay? Wow. Every CPA does a different thing. You could have them be a CFO, they could be an auditor, they could be a tax person. So just because you know, A CPA doesn’t mean they know tax. When you start to go up the chain of specialty into tax, you get CPA, you get master’s in tax. There’s only 60,000 that have specific masters in tax. Then you start getting into the tax strategy. So certified tax coach, certified tax professionals, certified tax strategists. When you get up to the CTS certified tax strategist, there’s only 15 1 5 15 people in the entire US that run tax strategy at that level. So really what you’re looking at when you look at tax strategy, the 6.92%, we call it the 6% life. It’s the book that I wrote last year goes through all the strategies, Ryan, the

Speaker 3 (13:29):

Way and can’t people get that on Amazon?

Speaker 1 (13:31):

Amazon, yep. A hundred percent. 6% life. We actually beat out Think and Grow Rich for bestseller, which was pretty cool.

Speaker 3 (13:38):

Yeah,

Speaker 1 (13:39):

That was very pay taxes. So pretty cool. But yeah, the way that you get to 6% is you have to layer strategy on strategy on strategy on strategy. So if we stick with writing off my dogs, five dogs probably cost around $20,000 a year. Food training toys, not destroying my furniture, that kind of thing. So $20,000, if your tax rate is let’s say 30 or 40%, you’re saving $6,000 in tax. Well that’s great, but maybe it took me from a 45 to a 44% tax. So how do we chunk that away? And so when you look at tax strategy, there are some tax strategies that are small and they’re easy to do. So paying your kids, having an accountable plan to write up your home office, doing the master’s exemption, the 14 days of free rental on your primary home, these are what we consider to be low hanging fruit.

(14:37):

These are the baby basics that even a brand new strategist, somebody that’s been doing it for a year or two should be able to bring up to you. Okay? When you start needing to write off $2 million worth of revenue, 5 million worth of taxable income, you need some bigger strategies, right? You’re writing out the dogs and the kids only get you to about a hundred thousand. The baby basic strategies should get you to about a hundred thousand. So we start then looking at layering these much bigger strategies. So great example is the 8 31 B, captive insurance. Ryan, you can put away tying us back to profit first. You can put away 15% of your gross revenue, 15% of gross revenue. For most people, that one move will wipe out completely their profit because their profit margin isn’t 15%. So if we can get you to zero, your tax rate’s now zero.

(15:34):

So it really depends. A lot of tax strategy. The answer in the tax world is it depends who are you? What are your circumstances? Are you married? Are you a real estate investor? Do you follow fire? Do you follow profit first? Right? Do you have the cash reserves to put away 15% of your gross revenue into your own private bank with an 8 31 B, right? So yeah, really to get to that 6%, it’s all about understanding the details, the values, the goals, different people are going for different things. Even if we just look at the profit first is I want to have the money to spend the way I want to spend it. The fire people, financial, independent, retire early. They put away 50 to 70% of their money so that they can retire at 35. Two hugely different goals. And so which strategy is going to be best is dependent on what you as a taxpayer want for you, your family, your life. Yeah,

Speaker 3 (16:32):

That’s really good. So then there’s some that are basic when you go over the 10 strategies. So it’s like those first three, the basic ones, and do they get more advanced as you get up to the latter free

Speaker 1 (16:42):

Teach, I include, yeah, I try to include, listen, there’s over 1500 strategies that we look at on every single case. If you’re coming to us, we look at all the things, but if I wrote 1500 strategies in a book, it’d be the new Bible, right? I mean, right? Yes, it would. So tax bible with the tax goddess, I don’t know. Anyway, right, there

Speaker 3 (17:02):

You go. That’s an option.

Speaker 1 (17:05):

So in the book, I’ve tried to include some baby basics, some medium ones. I’ve included one or two of the really big ones. And I think in the book, in my personal opinion, one of the most important things you can take out of the book, of course strategies are great, helpful. We give you the pitfalls, what you need to be looking at, how to do it, how not to get into trouble. But one of the most important things that you need to know as an individual is what is your aggression scale? Okay? So if you think about zero to 10, zero meaning the IRS never calls you, never ever and 10 mean we’re all going to jail.

(17:43):

Where do you want to be on that scale? Okay. Because everybody’s different. Okay, now, if A is going to jail, a nine is doing Al Capone, we’re doing some shady stuff and we’re hoping we’re not getting caught. Okay? And an eight is legal, a hundred percent court case backup, all the documentation. An eight is legal, but you might get a call, right? The IRS might say, Hey, can you show us the documentation on X, Y, Z? So your aggression scale is going to determine which strategies you use or don’t use, right? Like an 8 31 B as an example. The really big one, there’s a level 4, 8 31 B, that doesn’t save as much. It’s still good. It’s still 5% of gross revenue, which is still really big. And there’s a level 8, 8 31 B, which is 15%. So where you are, where does your spouse sit? A lot of people out there right now are listening going, oh yeah, I’m an eight. I don’t care if call if I have all the legal backup. Yeah, your spouse might be a two, might have to go to a six. So yeah, does that help?

Speaker 3 (18:46):

That helps for being able to know the person’s situation and where they are, and then the aggression scale of how aggressive you want to be. And then it sounds like you never suggest going past that eight because eight is where the legal

Speaker 1 (19:01):

Stops. Yeah, I’m a CPA and I’m a redhead, and red and orange do not look good together, right? We’re not doing it. So we have had clients call us and say, listen, I don’t care. I’m moving to Belize. They can come get me. I’m going to go, what was the McAfee guy living in the sand dunes? Listen, if that’s the life you want, okay, we know that stuff. I know all the things. I have seen everything under the sun. I’ve been doing this for almost 25 years now. So I’ve seen a lot of things. But yeah, you have to decide. And I’m not signing that tax return Uhuh, right? Because I still like my life in freedom in the us, right? Yeah,

Speaker 3 (19:40):

Yeah, for sure. Yeah, that makes sense. So then we’ve talked about a lot of the general tax stuff. What about for real estate investors? So is there any specific tips for that community?

Speaker 1 (19:51):

Yeah, well, so one of the biggest ones, now I don’t want to recover basics, right? I mean, I’ve listened to lots of your episodes and so I don’t want to cover basics. You guys already know about the passive versus active versus real estate professional. And if you want me to go into detail, let me know. You’ve already got, I’m sure, the short-term rental. So the Airbnb strategy, the VBO strategy, how can you use that to offset W2 income? Fantastic strategy. We often talk about getting married or divorced, legally married or divorced, not actually in real life kind of thing. But if you’ve got a friend who’s a real estate professional and you want to get married to get the best tax benefit of them being a real estate professional and you having a really high W2 or wherever your income’s coming from, great do that.

(20:44):

So use marriage and divorce as a strategy strategy. One of the ones that we see missed the most is actually if you buy a building that your business is going to be in. So if you ever run into that combination, there’s a really cool little known strategy. It’s called the aggregation rule. And it effectively says that even if you’re not a real estate professional, if you have the business and you put it in a building that you own, you can actually aggregate those two and you can take cost segregation and it will offset all the profits of your business, which is very little known. And so most people don’t do it. And so we see often from the real estate investment side, yeah, I’ve got my primary business, great, can you move the headquarters every two years? Can you do something to continually every other year, get this deduction and write off with cost?

(21:39):

Of course, write off huge amounts of money in the first five years, right? Yeah. So those are kind of the big things. And I think on the other end when people, because now you’ve taken ec, you have this huge depreciation, how do you not pay tax when you sell? It would be the other end of it. Things like installment trusts, crat, clat, crut, CRTs. There’s about eight different kinds of trusts that you can use to sell something and not pay tax. So if you’re going to do the 10 31, great. Do that. Okay. But then your basis is this big, you can’t cost seg. Again, if you want to get out of it by a new building, there’s the trust end of all of this, which allows you to sell, pay zero, tax, zero even on the depreciation, recapture in the year of sale. So some awesome strategies on that end,

Speaker 3 (22:34):

Which a lot of people just don’t know. They hear the more general stuff out there, but I feel like then a lot of people aren’t getting the, like you said, if there’s only 15 cts is out there, the strategist, then yeah, there’s not a big pool of, especially even for content, the content people are popping up all the time, but not for that type of stuff.

Speaker 1 (22:55):

And it’s one of the things that, I mean, listen, let me back up. I love the content folks. I really do, right? The tiktoks are giving you a 32nd because what are they doing? They’re triggering you on, oh, I should go learn about that. I am all about the education. I love the education, but big star caveat, blinking lights, please do not try to do it on your own without the proper items. Because the 32nd TikTok that tells you to put your kids on payroll, even the baby basics tells you to put your kids on payroll, does not tell you if you don’t file this form, you’re in trouble. If you don’t pay them this way, you’re in trouble. If you don’t have a proper job description with proper duties, you’re in trouble. You just can’t get 25 years of knowledge into a 32nd TikTok. You just can’t,

Speaker 3 (23:43):

Especially for a topic this big too, and that’s constantly changing and updating and that you need someone that’s the strategist there that is constantly going to be updating themselves too along that journey versus the flash in the pan.

Speaker 1 (23:57):

Exactly. I mean, many people don’t realize every morning I get three emails, one from the IRS, one from a conglomeration service about all of the states, and one specifically about the IRS going after bad people. You don’t want your name in that email, right? Yeah,

Speaker 3 (24:15):

Kidding. That’s a wrong in,

Speaker 1 (24:17):

Right? And so every morning I read through on average, let’s say 30 court cases in this state, this happened at the federal level, this happened, this happened to this change. Ryan, most CPAs, even most people that call themselves, and there’s lots of tax strategists out there, my CTS, my ct C, my CTPs, right? There’s lots of this out there. 607 total. How do you have enough time? I mean, I am lucky in the fact I’m blessed in the fact that I was able to build a business of 100 plus staff. I got peep. So my brain can focus on what’s the court case, what’s going on, what’s the change? Oh, we need to change this strategy in this way to make sure we are not on the IRS bad list. So you really got to be looking at who’s talking, how much research are they doing, and what kind of team do they have behind them? Those kinds of things.

Speaker 3 (25:07):

Yeah. And do you run your company all virtually

Speaker 1 (25:09):

At this point? We do. Yeah. We went all digital 13 years ago actually. So yeah, we’ve got teams, like I said, a little over a hundred people in 17 different countries at this point. So we’re allowed to pick from the best of the best around the globe, which is great.

Speaker 3 (25:24):

Yeah, that is very cool. So then building that company, I’m sure there was lots of bumps and bruises along the road. Do you have any lessons, maybe the biggest lessons you’ve learned in your business growth and the entrepreneurship and all the different things that you’ve gone personally, not just the tax side?

Speaker 1 (25:45):

I love it. I love it. Alright, so the biggest one in growing a company, we follow a performance versus culture, and I’m literally going to call it a church. Every three months, everyone in the company, including myself, gets ranked by other people on their team or whoever’s doing the ranking, get ranked on a performance level, but also on a culture fit level. Now as a person, and you said it could be a little bit risque, I don’t like dealing with assholes. Most people I don’t. So if you fall, performance is performance, are you good at what you do? Do you have the technical knowledge? Do you get it? Can you do it? And do you want it? Those three, right? The culture standpoint is very much about tax Goddess. As a company, we have a very open culture. I expect people to ask for help.

(26:33):

Don’t spin your wheels, no emotional blackmail, no gossip, that kind of thing. I will not tolerate that anywhere near me or anywhere near my company. So if somebody falls on that culture scale, but they’re really high performer, they get booted. We don’t keep those kinds of staff, we don’t keep those kinds of clients. We don’t work with vendors like that. So I’m very much kind of a chill. I like chill, happy. So yeah, I think that would be the biggest deciding in your own mind and agreeing what you as the owner of the business will and will not tolerate. That would be my biggest lesson where people get into trouble. This person’s a great performer, but I can’t replace the body. I need somebody to do the work. And so they put up with toxic behavior and it’s never worth it. It’s never worth it.

Speaker 3 (27:27):

Well, there you go. That’s good stuff. It sounds like you have a process and system in place to make sure your core values are carried out throughout the organization and on a regular basis too. It’s not just a one time, oh yeah, this was a good thing that we did. Then dust it off three years later and say, yeah, we should do that again. So it sounds like this is a quarterly occurrence. Absolutely. This was really good stuff. So lots of information here. I love that you gave the overview at the beginning, the qualifications, ordinary, necessary, reasonable, the aggression scale. I thought that was great too. Do you really need to know what kind of advice you want to seek based on who you are as a person and the dynamic, especially between if you’ve got someone that’s a significant other in your life, lots of good stuff here.

(28:12):

You need to go back and listen to it again to get some of those sound bites and information there. This is a great episode. You’ve got your book, the 6% Life, which is on Amazon, and she’s showing it on camera too, the 6% Life. So go and look that up as well if you want more info on that. And then Shauna, how do people get ahold of you? If people want to say like, okay, this sounds like something I need in my life for Shauna and her company and what they’re doing, so how do they reach out?

Speaker 1 (28:40):

So super easy to find Tax goddess.com, super, super duper easy. From that end, that’s easy, and especially because we’re talking about Profit First. If anybody is looking for an app specifically to run Profit First automatically in the background, cash goblin.com, that app is currently in beta and it should be going live here pretty soon, so check this

Speaker 3 (29:02):

Out. Very cool. Yeah, so that’s where you can find her tax goddess.com, and then the cash goblin, that’s cash goblin.com. Cash goblin.com. Yep. For that. I love that name. That’s great. Cash, Compli one. Oh man, good stuff. But this has been really awesome. We’ll probably have to have you on again because there’s just a wealth of information and knowledge and it’s like this is really good stuff, and especially for the real estate investing community, just want to make sure that they’re keeping more in their pocket. This is a great episode to try and keep more in your pocket based on where you are on your journey, and then really taking a dive into that. And I love those qualifications. Ordinary, necessary, reasonable, make sure it fits those three criteria, or it’s on the fence. At least three dogs versus five dogs, that type of thing too.

(29:44):

So, so you know, you heard it from the CPA’s mouth. This is good stuff. Shauna, thank you for being on today. You’re a great guest and I want to just tell you, if you’re listening to this, thank you for listening. If you need help on the cash side, you need Profit First implemented in your business, like what the heck are you guys talking about? I just found you randomly and it sounded interesting. Then reach out to us@simplecfo.com. We’re there to help you implement Simple, the Profit First System, give you that forward facing information and make sure that you’re working with people like Shauna too, that actually know what is going on on the tax side and can help you get to where you want to be and keep more money so you can reach out to us as well. Shauna, thank you again for being on and providing a lot of value to our listeners.

Speaker 1 (30:27):

Thank you so much for having me. This was nothing but fun.

Speaker 3 (30:30):

Awesome. Thanks, Shauna.

Speaker 2 (30:32):

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.

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

Episode: 242

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

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

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

Listen and enjoy the show!

Key Takeaways:

[01:01] Introducing Jay Conner

[05:00] Introduction to private money

[08:30] The Great News Phone Call

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

[13:18] Maintaining relationships with private lenders

[15:40] Private money vs traditional money

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

[25:18] Advice for real estate investors

[29:01] Connect with Jay Conner

Quotes:

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

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

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

Connect with Jay:

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

Tired of living deal to deal?

Transcript:

Speaker 1 (00:00):

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

Speaker 2 (00:34):

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.