Insider Insights: Mathew Pezon Shares Secrets to Profit First Mastery

February 13, 2024

Title: “Insider Insights: Mathew Pezon Shares Secrets to Profit First Mastery”

Episode: 219

“If I would have implemented Profit First sooner, I would have realized the potential that the business had a lot earlier than I did…”

In this episode of the Profit First for REI podcast, we have Mathew Pezon. He is a seasoned real estate investor, bilingual engineer, and businessperson. He shares his story of his leap of faith into real estate, where he is now versus where he was.

Mathew also digs into what he tracks to ensure he doesn’t waste his money. This episode includes KPIs, Profit First, and more cool stuff. Enjoy the show!

Key Takeaways:

[01:00] Introducing Mathew Pezon

[02:04] What’s new with Mathew?

[03:43] His Profit First Journey

[07:40] The transformative power of Profit First

[10:46] Tracking the numbers

[15:34] Mathew’s advice for people who don’t have fancy CRM

[23:21] Mistake that he made

[25:31] Asking the right questions

[27:17] His advice for people starting their real estate journey

[28:00] Connect with Mathew Pezon

Quotes:

[07:11] “For me the Profit First minds, it’s a mindset. It’s a continuous pursuit… It’s what we live every day.”

[11:33] “As we are putting together our financial projections in our budgeting, we budget a certain amount for direct mail. But if we are sending it to the wrong list, now we have data we can know that. That’s more profit we can keep by mailing to the right list.”

[17:32] “I would encourage everyone to do that math so that you know if the system is right or not.”

Connect with Mathew:

Website: https://www.pezonproperties.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):

I also think that if I would have implemented Profit First sooner, I would have realized the potential that the business had a lot earlier than I did because I high level knew my numbers, but I couldn’t pinpoint what channel was working better than the others. And so I didn’t know where I should focus training, and did I need to hire someone else to send more letters or should I be focusing more on outbound calls I didn’t know because I wasn’t understanding what the data was saying.

Speaker 2 (00:33):

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 (01:00):

We have Matthew Peon on today, and he really digs into what he tracks to make sure that he doesn’t waste his money. He’s been down that road before and does talk about that as well too, and where he is now versus where he was and taking the leap to entrepreneurialism and real estate investing. And then this numbers he’s tracking right now to make sure not only doesn’t go out of business, but he has the freedom he really wants. So it’s a great episode. Great practical steps here. Enjoy the episode. Thank you for being a listener and get ready. Hey everyone, it’s David Richter with the Profit First RI podcast here again with Matthew peon. We’ve had him in the past, but Profit First and that whole system has helped him immensely. So he wanted to come back on. He’s actually got some other cool things to talk about today, KPIs and tracking and different things like that. It’s going to be very practical episode. So really looking forward to diving in here. Matthew, thanks for being back on the show.

Speaker 1 (01:54):

Thanks for having me again, David. I’m excited to be here.

Speaker 3 (01:56):

Yeah, well, okay, so since we’ve talked last, has anything new happened in your life or what is the most exciting things going on with you right now?

Speaker 1 (02:05):

Yeah, right. So when we talked last, our twins were just born, so now they’re getting closer to five months old. So it’s definitely a lot at home, but that’s why it’s important to have the business processes, systems, finances, all organized. There’s a lot of disorder out there, especially with new twins. So trying to adjust, but keep things going on the business side.

Speaker 3 (02:30):

Okay. You have the Twits. How many other kids do you have or was this your first?

Speaker 1 (02:33):

So we have our oldest son. He is two and a half.

Speaker 3 (02:37):

Oh, wow. Are you getting any sleep at night at this point?

Speaker 1 (02:40):

As much as possible.

Speaker 3 (02:42):

As much as possible, yeah.

Speaker 1 (02:43):

Yeah, they’re getting a little older, so it’s getting easier, but it’s newborns. It is what it’s,

Speaker 3 (02:51):

Yeah. So we went on that journey a little bit. You were an engineer, correct. In your different life, and I remember our conversation. You were there for a while in doing real estate and that business at the same time, correct?

Speaker 1 (03:07):

That’s right, and that’s how I learned. So I learned from multinational companies how to manage grow businesses and do it sustainably, processes, procedures, and I was running a big operation center with eight direct reports and stuff. So I did that for six years, took what I learned, and now I’m applying it to my business. But I like to say I’m a recovering chemical engineer at this point. There you go.

Speaker 3 (03:32):

Love that. Still

Speaker 1 (03:33):

Recovering.

Speaker 3 (03:36):

And then just for people who may not have listened to the first episode, tell about your Profit First Journey before we go into what we have planned for today.

Speaker 1 (03:43):

Yeah, absolutely. So I was double hating for 10 years. I graduated Chemical Engineering School. I did a Fulbright scholarship, and that’s where I learned about business. I came back to the US in 2014. That’s when I started double hating. So we’re now in 2024. It’s been about 10 years. And so Profit First for me, I was working basically nights, weekends. I was a weekend warrior for a long time, and so I was doing my main job as an engineer, and I was using that to have that W2 and really get the cash out refinances. But I wasn’t fully looking at real estate as a business. I was a weekend warrior. I was answering the phones myself. I wasn’t tracking my metrics. I definitely didn’t have individual KPIs even for myself. What’s my callback rate? How fast am I getting back to sellers? What’s my marketing spend?

(04:34):

What’s my profitability per deal? I didn’t have any of that. I was just trying to get by. And so finally last year, I was able to say, okay, the opportunity cost of remaining in my W2 is too high. I’m going to go full time. So for about a year now, I’ve really been building out processes systems, really the last 12 months have been transformative for me. And now we have eight direct, or I have eight full-time employees that report to me and I’m in the real estate business, and we’ve had to build out our CRM phone systems, processes, procedures, training programs, our financial metrics. So we’ve built it all over the last year.

Speaker 3 (05:14):

What was the difference before till now? What made you make the like, oh, I really need to track this stuff? It’s like you said, I was running Gunning It and Weekend Warrior. What made that switch to what I should use my engineering brain actually track these numbers and know where I stand?

Speaker 1 (05:32):

My overhead was going up and I wasn’t getting the corresponding deal flow that I had expected or projected to justify that overhead. So I was seeing that, okay, my costs are going up. Where are the deals? Where’s the money? It’s not in my account, so where is it? Right? And that’s when the overhead, the money was going out and I had a training cycle, I had an onboarding cycle, and I didn’t have good processes in place yet. And so the money was going out, but it wasn’t coming back. It used to when it was just me, and that’s when I’d say middle of last year, I really had to take a look and say, well, okay, show me the money. Where did it go? And that’s when I really started digging into our metrics.

Speaker 3 (06:16):

Okay. Is that when Profit First came about as well too? That’s

Speaker 1 (06:19):

What it did, yes. Yes. I’ve read the book I think at least two times and I’ve parsed through a third.

Speaker 3 (06:25):

Yeah. So did you read it the first time when you were going through that stuff, or did you read it before and then you were like, Hmm, I should go back?

Speaker 1 (06:33):

I’ve read it before, and it was one of those things that I knew I needed to implement, and then I really started digging in and implementing it over the last year. So I had read it previously a couple of years ago. It was something that I knew I needed to implement as I was getting full-time into the business, but, and it’s not something that I, maybe I take a step back. It’s not something that I just read and implemented and now it’s over. It’s in place. It a constant, it’s an everyday pursuit, and we are finding ways this month to really tweak our tracking, our metrics get more granular for our campaign. So it’s not for me, the profit first. It’s a mindset and it’s a continuous pursuit. It’s not something that I just read a couple of times and put the book back on the shelf. We live it every day.

Speaker 3 (07:23):

Is that why, because we’ve talked before multiple times over the course, not even outside of the podcast, and you’ve said it’s been transformative for you. Is it that mindset shift of actually living Profit first on the daily basis and having it be incorporated? Or why would you say it’s been transformative for you?

Speaker 1 (07:41):

Yeah, that’s such a good question because it’s something that can easily be a mindset that someone could slip back into. So if I say, oh, yes, for now, or this quarter, this half of a year, I’m going to focus and think like a business owner. And then maybe over the course of the next 6, 8, 12 months, that mindset shifts and folks fall, fall back. So for me, it’s just the Profit First Mindset is something that I’m just continuously ingraining in the culture of the company and setting up systems and processes and our metrics that we’re tracking for each role, both individually and financially to really drive the Profit First mentality into everything that we do at Peace on Properties. So it was something where we got to a certain point, we plateaued, and now we’re really starting to get down to the campaign level, what’s our return oi on what’s our ROI on each investment channel? And that way we don’t slip back. So it’s a continuous pursuit.

Speaker 3 (08:44):

So you saw a plateau at one point where you’re like, Hey, this is working now, but now it’s like, okay, did we hit the peak? You had that thought at some point in the past?

Speaker 1 (08:53):

Yes, yes, absolutely. Because I was looking at, so to get specific, I was looking at, okay, what’s our return on investment for direct mail and how do we compare that to Google Ads, just as an example. Okay, well, direct mail is very broad. So we’re mailing to delinquent taxes, we’re mailing to delinquent mortgages, we’re mailing to IRS, liens, pa, department of Revenue, liens, other campaigns, credit card judgements, divorces. We’re pulling all that data. So I was looking at, I was saying, okay, well profit first. I’m looking at this marketing channel. Is this delivering the return that we need? How juicy are those deals and how much are our costs? But there’s all these subsets within that data. Well, maybe divorce isn’t getting us any return at all, and maybe all of our marketing should, or maybe more of it should be focused on delinquent taxes.

(09:46):

So we’ve really been getting, and as we go over time, we’ve had limitations where, well, we’re not mailing to people from 2021 anymore. So we had some hiccups in our CRM where we were then having to pull multiple years in and it was becoming a nightmare. So we created a campaign type. And so we’re really digging into each direct mail type to say what’s working, what’s not, what’s delivering a return, what’s not? Because we want the money to be in our bank accounts at the end of the day to profit first, but that starts at the marketing funnel. So we really want to be marketing to the right folks and using that data.

Speaker 3 (10:23):

So you’ve really dug in on the marketing side to see what each individual channel is. It’s not just direct mail, it’s giving us this return. It’s what the different things that you’re even mailing to. That’s what I’m hearing. So it’s like you’re digging in that granularly, and how are you doing that? Do you have a software system or is this paper and pen? Is this a spreadsheet? How are you getting a lot of these numbers just so people can follow?

Speaker 1 (10:46):

Right. At first it was spreadsheets, but a few years ago we purchased a CRM. So we work with Left Main, but there are many different types of CRMs. I personally love Left Main, and so we’re able to track all those things. And so when we get a call and we put in the property address, we can identify that lead and we could trace it back to which marketing list they came from. Then we could see how many leads, and then we could see how many opportunities, then how many appointments signed deals and transactions closed. So we have a marketing funnel for each direct mail list that we’re pulling so that we could see what’s working, what’s not. And that’s really the difference for us this year is how can we get into the details? Because whether as we’re putting together our financial projections and our budgeting, we budget a certain amount for direct mail, but if we’re sending it to the wrong list, now we have data and we can know that. So that’s more profit we can keep in our pocket at the end of the day by mailing to the right list,

Speaker 3 (11:47):

Mailing to the right list, and doing the deals where they actually are versus just spraying and praying. Most investors do. You’re shaking, shaking your head, have you been there? Have you been where it’s just like,

Speaker 1 (12:01):

That was me for years. I know what that’s like. And I just had, it was, I think Q3 and more control as well, because my prior marketing coordinator took that approach. And then the lead intake coordinators weren’t actually categorizing the new leads that we had based on their campaign. So they were all labeled direct mail in the system, and it went on like that for two months before I noticed it. And so it comes back to, and I’m confessing some of the mistakes that I made so that everyone can learn, but you can put these things in place, but if you don’t have clear training and a clear continuing education program, the data, you don’t get the clarity of data that you think.

Speaker 3 (12:44):

Yeah, which is not helpful when you’re running a business and all the businesses tracked by numbers and the money that goes in and money goes out. So that’s the other thing I wanted to ask you Left Main a lot, does Left Main connect to QuickBooks on the money side too?

Speaker 1 (12:59):

It does,

Speaker 3 (13:00):

Yes. Okay. Now, do you connect it to where you see leads come in, they come into a channel and then you can see how much you made from it? That’s pulling QuickBooks data too.

Speaker 1 (13:11):

So the way that that works, there’s an integration and Left Main can help set that up. And so within left we say, okay, this person was direct mail, let’s say, and they were on our list. Then we have different vendors for direct mail. So we might purchase a list from one vendor and someone else might send the letters and all those costs sit on our p and l, but they flow into Left Main and Left Main is able to associate the vendor with the lead source type. And so what we do then is we say, and those two things flow all the way through from a prospect to a lead to an opportunity to an appointment, to a signed contract, to a closed contract, we trace those vendors and lead source types all the way from the start of the funnel at the top to a closed deal at the bottom.

(14:04):

And so we can see what was our cost per lead, our cost per opportunity, our cost per signed deal, our cost per close deal, all the way down the funnel by that lead source type. And then we can also see how much gross revenue did we generate from that lead source type and for that campaign. And so we’re able to see, well, maybe we signed a deal, but there wasn’t as much of a deal spread for direct mail versus another marketing type. So we almost create a p and l within the marketing channel itself where we say, what’s the gross revenue that we generated from those expense dollars? And so it can tell us, we focus more of our budget on this. Maybe it’s on the divorce campaign or on the delinquent tax, but there’s almost an individual, we’re not there yet, but we’re building an individual p and l for each marketing channel. That way we can see what’s working and what’s not.

Speaker 3 (15:07):

So if someone doesn’t have Left Main, how would you go about doing it? Would it just be a little bit more manual or, I just want to make sure if someone’s out there, this sounds awesome. So it’s like, yes, plugging Left Main, I know the owner, I like them a lot. They have a lot of people like Matt who use this system and who use it effectively. He does to match the numbers up. But what would you say to someone who doesn’t have a fancy CRM and how they could, what are you really trying to get at or how could they do something like that?

Speaker 1 (15:35):

So first of all, that was me for seven years. So if I were speaking to my younger self, I would say that you could either to measure that efficiency, you could either have different phone numbers for different mailing campaigns. So I had multiple Google Voices, and then I would track who responded and how many letters I sent, and I knew about how much it cost per letter. So if I got a call on this number, it was from this campaign. If I got a call from that number, it was that campaign. And then I could measure which campaign was getting me the most calls. I would recommend as you start adding marketing channels that you do consider A CRM, but I handwrote my first 600 letters, so if you’re at that phase or anywhere in between, trying to differentiate whether it’s phone numbers or other ways to track and separate out which caller came from which campaign, that’s what I did. I had multiple numbers,

Speaker 3 (16:36):

So that’s helps. You had something tied to each different marketing channel and then you just saw as it came in, you tied it to that, which makes a lot of sense. I think the principle we’re driving at here and what you’re trying to get at is know your numbers, know what’s worth it or what’s not, because even something like that that you were doing is better than just sending money out the door and hoping it comes back. Would you

Speaker 1 (17:00):

Agree? Oh yeah, that’s so true, because I did that for a while as well, and I didn’t have multiple phone numbers or different ways to look at things. And then when you add either Google Ads or Facebook ads or SEO stuff like that, you can, as you get these leads coming in from the different sources, you can parse them out. You don’t need a CRM. You can look at, well, what was my monthly spend and how many leads did I get? How many opportunities did I get? But having a system that automates those things is much simpler, but you can’t do the math by hand. And I would encourage everyone to do that math so that if the system’s right or not, I find errors in Left Main sometimes because I know what our costs are, and I’ve done the math by hand many times.

Speaker 3 (17:42):

Okay. So it sounds like, again, you’re saying we’re in the principle, so you could go back and make sure you, what’s really going on in your own business? I like what you said before, it’s like you got to be the business owner consistently. It can’t just be like one month you’re on, one month you’re off. It’s like this is what a business owner does. And it seems like it’s like that mindset you really grasp onto really embracing, I’m going to be the business owner, I’m going to know the numbers, and I’m going to know what’s happening in the business. That was a light bulb moment.

Speaker 1 (18:14):

It was. And I wasn’t as disciplined with myself as I should have been. It was really when I started hiring employees, acquisitions managers, intake coordinators, to, that’s when I got a lot more serious about the process. But I should have been when I was a solopreneur, I should have been implementing these principles then. So I got a later start. But the principles are the same.

Speaker 3 (18:42):

Do you think that if you would’ve implemented these principles back then your hires would’ve been different going into your first few hires?

Speaker 1 (18:49):

If I do, I also think that if I would have implemented Profit First sooner, I would’ve realized the potential that the business had a lot earlier than I did, because I high level knew my numbers, but I couldn’t pinpoint what channel was working better than the others. And so I didn’t know where I should focus training and how I should, did I need to hire someone else to send more letters or should I be focusing more on outbound calls? I didn’t know because I wasn’t understanding what the data was saying. So I think I could have grown the business faster if I would have implemented Profit First sooner and more profitably.

Speaker 3 (19:36):

Yeah. Yeah, that’s good. It’s like you’re growing fast, but then also more profitably where you stand, which would’ve helped you figure out, who do I really need for what role versus, because at that time, do you remember when you first hired someone, was it more to take a headache off your plate, or was it more like, I am growing so fast, I need the help, or I don’t know. What was the first thought when you did hire without knowing a lot of the stuff that you have implemented now?

Speaker 1 (20:04):

When my first hire was a lead intake coordinator, and so I was still working. I double-headed like I had said, but I started ramping up this company so that when I left my corporate role, I had grown something to move into. So the first thing that I needed was, Hey, I’m still at my W2. I need someone to answer the phones. So I brought in a lead intake coordinator to answer phones and do different activities. That was my first hire.

Speaker 3 (20:35):

Okay. So that was your first hire. Would that have still been your first hire if you would’ve had a Profit First system or knew your numbers in place? Probably same.

Speaker 1 (20:43):

Probably not. Well, maybe, but I would’ve hired an executive assistant or a personal assistant first

Speaker 3 (20:50):

Because

Speaker 1 (20:51):

There were there so many things that I was doing that including email responses, dragging and dropping files into folders and renaming them. Just so many things that I think as the business owner, going back to, well, what’s the most profitable activity? And how do I do more of that? I didn’t see my own value to the company just yet because it was so new. So I probably would’ve hired a personal assistant to start responding to emails, saving files, putting together documentation, loan packages so that I could focus on growing the team versus doing the work,

Speaker 3 (21:37):

Growing the team. And if your first hire was a personal assistant to help, would you have then had more time to focus on the lead management, like a revenue producing activity? Would you have had more time to potentially grow it a little bit either faster, better, more profitably, whatever? It might’ve been

Speaker 1 (21:57):

100%, and I would’ve been able to work on the structure of the business, build out Left Main. My CRM get this data, the data clarity, my financial clarity sooner. But unfortunately, I was responding to got a minute type emails and I was doing scheduling. Oh, going back and forth on five times on, oh, I can’t do 3:00 PM on Tuesday. How about four 30? Oh, no, I’m busy. That’s where my time was spent. And so I was getting caught up in those things, which they’re important, but I wasn’t able to implement my profit First Journey as fast as I could have if that would’ve been my first hire.

Speaker 3 (22:42):

Right. It is, right. Looking back is 2020, what hindsight is 2020? It is. These are the things, this is why I appreciate you being honest. These are the things that if someone’s listening to this, this could be make or break for them. Maybe it is that personal assistant so they could focus on that stuff. Because if you hired your lead manager first, did that help you at the beginning or did it create more chaos because now you had more leads to sift through or you had more opportunities and so more scheduling, so now you’ve got more on your, I don’t know. I’m very curious.

Speaker 1 (23:19):

So the mistake that I made was I thought, I’m just going to grow this thing, throw money at marketing, and then I’ll continue to do the same number of deals that I used to do with a similar marketing spend, but I just won’t have to do the work. And it’s going to be exactly what all the gurus talked about, that it’s all going to be great, and you just run your own business. It’s just why work for someone else? And I had a proven model, but I threw too much money at marketing and I didn’t have enough training and a program in place to support. And even the onboarding and the hiring processes were okay, but I hit the accelerator and I needed to tighten up a couple bolts in the vehicle before really hitting the accelerator. So I didn’t crash and burn or anything like that, but I definitely wasted resources that I could have invested if I would’ve just slowed down a little bit.

(24:17):

But that’s why I say that. And my assistant helps me with heat. He’s very familiar with all of our finances. I look at the high level reports, but he’s actually, he’s quite good. He’s doing our bookkeeping and categorizing expenses and everything like that and seeing how it flows into our reports. So he’s really talented and that’s why I’ve kept that task with him. But I was still doing our books. It was even up until about two and a half years ago. So it’s one of those things that I either was fearful, I didn’t trust others, I didn’t have the right training program in place, but for whatever reason, I just thought, okay, I’ll hire these people and they’ll all be trained and then we will just go. And that’s not how it works.

Speaker 3 (24:59):

That is not how it works. Oh man, this has been great. I feel like the big lesson from today is how much your numbers really determines if you’re asking yourself the right questions. Who do I need to hire? Where do I need to spend the money? Where do I need to reinvest? I feel like as you’ve grown on your entrepreneur journey, you’re now asking yourself better questions. You’re asking yourself the right questions. Would you say that’s helped you a lot with a lot of the systems you’ve put in place?

Speaker 1 (25:32):

That’s a great summary, and that’s absolutely true. And we’ve been focusing on the marketing side, but on the portfolio side, which properties do I need to sell? Where is there equity sitting around that I could put to better use? That’s absolutely true. And as I’ve gotten a little bit further removed from the day-to-Day and have better reporting, I’m able to ask those critical questions that when I was so busy sending scheduling emails I wasn’t thinking about.

Speaker 3 (26:02):

That’s great. It sounds like at this point you do have a little bit more time to think about the business rather than just working the worker bee mentality all the time. Is that true too?

Speaker 1 (26:13):

Well, that’s right, because now that I have my Profit First system in place and my mentality, I’m able to say, okay, there’s overhead allocated to these certain roles. People are doing those roles, and instead of me building reports and dashboards, I’m able to use that information to make strategic business decisions. And when I was so busy building all of those things, it was all consuming and it was burning me out.

Speaker 3 (26:41):

That’s good. I’m glad you’ve utilized it to achieve a level of freedom that a lot of people never get in business ownership. So it sounds like you’ve got some time freedom to work on it more or to be the dad and to be the husband, but also to have the money freedom too, to be able to know where your money’s going and utilize it to the best of your ability, which is awesome. So then saying that, I just have one final question here. What advice would you give to someone looking to either implement Profit First or to get wherever they might be on their journey?

Speaker 1 (27:18):

Well, the advice that I would give is implement the system. It works. I firmly believe in the Profit First system and the clarity really of the business decisions that you can make when you have the right information. You have your financial reporting, you’re setting up your different accounts to save funds in. It’s freeing and it can seem daunting, but implementing a new thing. But I found freedom from the structure and organization, and I would encourage others to do the same.

Speaker 3 (27:46):

Yeah. Well, good stuff. So just start where you are. I like that. I like that advice. That’s good stuff. So then, okay, how do people reach you? Or if you want people to connect with you, what’s the best way to get ahold of you?

Speaker 1 (27:59):

Yep. There’s a form on our website@onproperties.com, and I’d love to connect and talk real estate.

Speaker 3 (28:05):

Awesome. So there you go. PE on properties.com, there’s a form to talk real estate, and I’m sure he’s running real estate, so if you’re a buyer or lender, sell whatever it might be, wants to talk to you or if you’re looking to get into it. So this is good stuff. Thank you for the advice he gave here. If you’re also listening to this and you’re like, what the heck? I am running around like Matthew was years ago with a chicken with my head cut off. I don’t know my numbers. And you need that help. We have a fraction CFO team to put on to help you get that clarity. Sometimes you just need to talk to someone. If you don’t have an engineering background, maybe you were hustling or something, you might need to talk to someone that can walk you through some of this stuff as well too. We’d love to help you. Simple cfo.com, that’s where you can go there and schedule a call with our team. I do. If you’re going to make the money for the love of God, please keep some of it as well too. You’re working too hard for it, so please do that. Remember to make profit a habit in your business. And then Matthew, again, thank you for being a great guest today on the show.

Speaker 1 (29:05):

Thanks for having me, David.

Speaker 2 (29:07):

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):

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.