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Lessons Learned and how Profit First helped him through his hardest year with Brandon Neely

Episode 120: Lessons Learned and how Profit First helped him through his hardest year with Brandon Neely

The Profit First REI Podcast

October 10, 2022

David Richter

 

Summary:

Brandon Neely is an experienced entrepreneur and dedicated financial planner who runs the Wealth Wisdom Financial Podcast with his wife and business partner, Amanda.

After a difficult and emotional second year of running a coffee shop business, Brandon and Amanda started their foray into dedicated financial planning. This led them to Profit First and applying its principles in both their business and personal finances.

In this episode, Brandon shares his insight on the importance of valuing your work and your worth, and why you should start implementing Profit First into your life.

 

Key Takeaways:
[00:46] Brandon Neely and Profit First

[03:26] The Struggles Brandon Experienced During His Journey

[07:12] On People Devaluing Their Work and Not Paying Themselves

[11:11] The Infinite Banking System 

[16:05] On Passing on Profit First Principles

[20:40] On Lessons Learned After His Hardest Year 

[22:52] The Effect of Money

[26:28] The Importance of Quality Questions

[22:44] His Advice for the Real Estate Community

 

Quotes:

[06:30] “We need to start paying ourselves…as a business owner, we weren’t the only ones dealing with this not paying ourselves. It is like a plague.”

[07:54] “We devalue our own efforts or works…I think that sometimes, we don’t realize that we need to [stop doing] that.”

[15:28] “It’s just thinking about where you put your money so it can multiply.”

[23:18] “What are your goals?…The hard part is most people have not actually thought about them, or talked to their spouse about that.”

 

Connect with Brandon: 

Still Method- stillmethod.com

Profit First Real Estate Investors FB Group-https://m.facebook.com/groups/ProfitFirstREI/ 

Simple CFO-https://simplecfo.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:

Brandon Neely:

Putting in that Profit First system because that’s another muscle that we’re working and it’s paying myself. It’s almost like going to the gym and doing date night. It’s just another system to make sure all of those things are in line. Same with Faith, right?

Intro:

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

David Richter:

Hey everyone, it’s David Richter here. I have another special guest, Brandon Neely, who works with real estate investors, so it’s already great there. And then he works with the Profit First Methodology and he tells his story. It gets really emotional about the second year he was in business and it was the darkest year of his life. There were so many personal events that happened in business events that it is a miracle that he came out of that, but one of the biggest things he attributes it to was Profit First and getting back on track with the money and helping their marriage, helping the business, helping them get to the proper place. So I want you to listen to that story, how the number one thing that investors do that will help them get outta their rat race and will help them actually value themselves. So if you wanna value yourself more as a business owner, listen to this episode. It’s jam packed. I hope this episode impacts your life greatly. Hey, hey everyone. So we have Brandon live here with us on this podcast and I wanted to make sure that you got exposed to him because I have seen him and he’s helped a lot of people. He is someone that I respect in a lot of the groups that we’re a part of. But Brandon, great to have you on today.

Brandon Neely:

Hey, thanks for having me. I really appreciate

David Richter:

It. You bring the Profit First message as well. You’re also a Profit First implementer, which is amazing. What got you first excited about the Profit First message and like, why even go down this, you know, the rabbit hole of Profit First?

Brandon Neely:

Yeah. so, so a couple things. Knowing what happened with Covid being business owners ourselves and seeing like, oh my gosh, a lot of businesses need this system and they needed to have the system way before covid started. Yeah. But being coffee shop owners, I was like, Oh man. There is an opportunity and there there’s experience that we have. Not always good experience, but I would love to make sure that there’s, I don’t know, like the, the failure rate in businesses are not that they’re very high, right? Yeah. And a lot of times it’s because of cash cash flow and it’s because of, you know, the, the same old thing that we all deal with or, or we all think we’re, we’re unicorns about. And that’s usually paying ourselves, right? We say, I’m gonna reinvest in this, I’m gonna re keep redoing this and eventually that’s gonna pay off. And that was me. That was our business. And it’s so many people that I hear as we talk to business owners and, and real estate professionals.

David Richter:

Hmm. So, and I definitely resonate with you there. We could go on and on and on about that all day long. I wanna know first though, what were some of those struggles that you had in the coffee shop? Or like you touched on that like, you know, that you went through some hard times or challenges. Do you mind sharing with the crowd here?

Brandon Neely:

Yeah. So I remember the second year of our business was the worst ever in my life. Mm. You know, my grandmother died, my wife had a miscarriage. My father had a, I think I heart attack mother-in-law to stroke. There was just a lot that happened and then people will come in and say, How’s, how’s business going? And you’re like, It sucks. Well, you can’t really say that because no one really wants to hear it anyway. Right. But that was happening. And then, you know, what I, what I’ve been learning is, you know, the market world day say, Well you need to be investing in 401ks doing all of this. And my biggest investment was in ourselves. So we needed to still be saving. So that’s where we started like the infinite banking kind of idea. Mm-Hmm. <Affirmative> of making sure we’re saving.

Brandon Neely:

And we used our policies to get out of some bad business debt, credit cards. Cuz in order to start a business you need money. Right? Usually in a coffee shop is very intensive on cash needed up front. So, I don’t have a rich relative, a rich uncle or anything. Yeah. So we ended up doing a lot of credit cards and we’re, we were idealistic entrepreneurs and we were like, Yeah, you know, in six months that 0% interest is all we need because in six months we’re gonna be making a lot of money. Right. and six months goes by and we’re like, Oh, now it’s 17% interest. We need to start. And we were on the rat race as a business owner. Yeah. Right. And then as I was going through the system, we’re saving a little bit for our future, trying to make sure we do it right.

Brandon Neely:

Talked to an attorney friend of ours and we’re like telling him, Hey, we’re awesome. We paid off all of our debt, We are doing this. And he said, So how much are you paying yourself? And we’re like, Well that’s not to worry about that. And he’s like, Well, no, seriously, how much are you paying yourself cuz you wanna work with the end of mind? We’re like, well, less the minimum wage. Pretty much. And so we, that was an eye opener. Then I’m listening to this podcast Profit First podcast. Told my wife about it, got the book for free because he offered it for free. If I write a review and I was like, I don’t have any money this is really great. I’m gonna write a review. And I gave it to my wife for Christmas Best Chris Christmas present I could ever give.

Brandon Neely:

She loved it and it didn’t cost me anything which was even better. And then we’re like, Oh, we need to implement Profit First. We need to start paying ourselves. Doing all of that and realizing as a business owner, we weren’t the only ones dealing with this, not paying ourselves. Yeah. It is like a plague or something. It’s just epidemic all over epidemic. Yeah. There you go. That people are doing this all the time and then they think they’re, they’re unicorns that, oh, it’s different for them. It’s, I’m like, no. And I felt really good about at least feeling a tribe of people that are like, Oh, something’s wrong. We need to do something. And that’s how we ended up embracing Profit First. It’s not that easy

David Richter:

Though. So why did you, why do you think it is such an epidemic? Why do you think people don’t pay themselves and live in their rat race? Like, what is, what’s the appeal <laugh>, you know, to that side or like, why do so many people embrace that? It’s like,

Brandon Neely:

Yeah, I think some is we’re told like, you know, if you wanna invest, go invest in Amazon stock, go invest in this. And we don’t really take ourselves that serious and realizing that even the Profit distribution that is a, like you would get a distribution from any other business. Right, Right. As a quarter. Yeah. Same thi same principle. And we devalue our own efforts or works. And I think that sometimes we don’t realize that we need to be valuing that. And especially nowadays as more and more people, even if they’re working for Amazon, right? They, or they think they’re working for, they’re working for Amazon, but they have a truck that’s they’re driving that is really a business owner kind of deal. You know, they’re really a business owner, private contractor. Right. But they just really are Amazon employees just not with the benefits. Pretty much so, and if you are one of those people, don’t get mad at me, but it’s kind of where I’m thinking and it’s moving and how do, how do we help those people make sure that they are taking care of themselves from a profit method

David Richter:

Guess. Yeah. I love what you said there. They devalue their own efforts and work like how many, cuz you work with real estate investors as well too. And how many real estate investors have you seen that devalue their work where they’re not paying themselves hardly anything or definitely not celebrating over profit in their company because of what they’ve been able to build. Like do you see that in the real estate investing world too?

Brandon Neely:

Oh yeah. All the time. I see it. Or, or people use credit cards, 17% interest credit cards to do a fix and flip cuz they think they’re gonna be this other guy and, and I’m like, dude it’s all one wallet. Right? And I like to think about that always. It’s all one wallet. You may be making 10% on this deal or whatever you think you are, but it’s probably not because, but you’re also being charged 20% to, to do the flip or what Anyway. And, I think about the whole system, right? And how do we best have clarity in the system that we do and how do you make sure that’s again, why I love the infinite banking system is because I know if I borrow for myself, my loan cost is 5% simple interest, Right? That’s easy to calculate versus a credit card or other things. And so using that, that idea of other people’s money, I kind of think of myself as a split personality and my business as doing one thing. I’m also leveraging and using both sides. So anyway, that’s kind of, I’m always thinking all one wallet, right? Yeah. In investing in you, first and foremost, you the business owner.

David Richter:

No, I like that a lot. And I like what you said there about the infinite banking and that’s where you’re kind of your own investor, but you kind of have to think of yourself as another investor. But you’ve got other, you could also have other investors that I invest with you, but it’s like, that’s a different level of the game where I feel like Profit First gives you that, that clarity up front and then infinite be takes it to a new level of this is gonna be one of the things where I can start investing in my own deals. And it’s, you know, like you said, it’s the simple interest. So that’s another thing that I feel like, especially in the real estate world, is a great tool to use is the infinite banking concept. Do you wanna just touch on that a little bit? Maybe give a, and I know it’s probably the one of the hardest ones to give a simple, you know, a simple answer of what it is, but do you have that simple description of what that is? So people listening could, you know, if they’ve never heard about it before, could get a brief overview.

Brandon Neely:

Yeah. And some people might turn it off right away because they’ve heard Dave Ramsey say something on the other lines, Right? But it’s, and I’m a bank of yourself authorized. So that is like there’s some, some, there’s only 200 of us, right? It’s kinda like profit for specialists, right? There’s only a few of us that are Profit First certified. So being banking yourself certified is like, we have this system in place where we are building policies that are used to maybe I’m, I’m, I’m insured as a life, as a again, it’s life insurance. So I’m ensuring myself I am the greatest, biggest investment and the biggest risk in my business, right? Mm-Hmm. <affirmative>. And so I, I’ve been, I think a lot about that in that we would always ensure a cash machine if our cash machine broke, we would be pissed, right?

Brandon Neely:

So we wanna ensure that you are the cash machine for your business. Make sure it’s insured and make sure it’s efficient, right? And, and what I love about this, it’s kind of like buying, buying versus renting. Renting and buying, right? Mm-Hmm. <affirmative>, I love whole life insurance because it’s buying, right? I wanna buy instead of just rent, right? And then I can fund a policy, take a loan out for like taxes for example. I have to always pay taxes. So I’ll, I’ll put it through a policy and I might use the cash value piece to do a deal, pay a tax bill or whatever is in there. But you always, always want to be making sure you are thinking strategic when you do loans, Right. Or fill the policy.

David Richter:

Yeah. And I love that because it’s, especially in the real estate world, it’s not just you’re taking the money from that, the cash value and just blowing it or whatnot. It’s like, especially if you could do it something that’s gonna give you a return like a deal, you know? And like you’re able to have that, you know, like working for you instead of you just working for that money that’s out there. You know, like it’s, it’s you, what you said making it more efficient. And we, that it’s way deeper subject than for us to go down the rabbit hole here. But it’s, if you’re in the real estate world and you’ve heard of this concept before and especially like if you’re a Dave Ramsey fan and he just poo poo’s whole life, I was in that camp, like I was totally in that camp of like, whole life is horrible like trash fish because that was someone that was teaching me, you know, like that from this, the big stage like Dave Ramsey, once I really studied it, I’m like, there’s really some good leverage here and some good, you know, efficiency. Especially when you get into, especially paired with Profit First. You know, it’s almost like with Profit First you’re building the habit and discipline and then with the banking system, like an infinite banking policy, you’re building the efficiency of that, of that banking system that you set up with Profit First. You know, like in the get

Brandon Neely:

Bigger and bigger, which is exactly amazing to me. Like for me I self escrow, right? And instead of having an escrow account, cuz if you do an escrow account is like a couple thousand dollars just to, for set up fees. Right. And, and even whenever I did my mortgage, the mortgage guy was like we wanna do our own escrow. And they’re like, What? You can’t do that? I was like, No, you can, we wanna do it. And if you understand how that works and you’re good at that part of the system, we just pay our taxes on it. Right. We do that and it just happens to go through our money system first before we pay it out. Yeah. and then we build more wealth. And so it’s just thinking about where you put your money so it can multiply.

David Richter:

Yeah. Which if you’re still wondering like, what the heck we’re talking about, reach out to Brandon afterwards or reach out to us afterwards. We can have that conversation with you. Because it’s something that, like I said, and can set you up literally for your life, your children’s, your grandchildren’s life. Like you get this in place. This is something the Rockefellers do and very wealthy families that have been wealthy for generations. It’s, we talk a lot about Profit First being a wealth habit. There’s other wealth habits and principles to learn as well too. So speaking of next generations and whatnot, I always like asking where you’ve got, you’ve got almost a four year old, I think tomorrow is the official day. Yeah. Right. So I want to know which happy birthday to them, but what money principles do you want to pass on to them now that you’ve, now that you’ve had your own business, you’ve seen the ups and downs, you’ve seen Profit First, like you’ve implemented some good things in place, What do you wanna pass on to them?

Brandon Neely:

Yeah, so he is four. So he has these banks, these three banks and it’s saving giving and what is the other one? Savings, Giving and spending. Awesome. and he gets to choose which ones he’s putting his money into, savings, giving and spending. Right. and, and so he knows he doesn’t really understand it too much yet. Right. But, but it’s a, it’s almost like the Profit First system a little bit. Oh

David Richter:

Yeah. 

Brandon Neely:

Is different buckets that he’s able to do. The other thing that I know is he’s already has a life insurance, infinite banking policy set up on him. Mm. What’s awesome is I’m not paying anything because his grandmother’s paying for it. Which is even awesome because she’s putting in that money every month and it’s his adulting fund. Right. And so I’m trying to figure out as he grows, you know, how do I teach him how to even make money? Mm-Hmm. <Affirmative> like I, I told him the other day and he’s three he’s like, I want this, I want that. I’m like, Well, you better go, go get some money if you want it. <Laugh>. Yeah. And, and started even telling him, Hey, in about five years you see all these yards around here, you should get lawn mower and, and, and start a business. You know, just heating it for him now. Mm-Hmm. <affirmative>. And, the other thing is teaching him that the whole world doesn’t revolve around him. That’s, that’s a hard thing to do as Americans,

David Richter:

But Yeah. And a hard thing to do at three years old too, you know, like when it feels like everything is, is definitely centered around you. Cuz I have a five year old daughter, so I totally get, totally get where you’re coming from with this stage of life. But I also think it just sparks something when you were telling me that, where you set up the three different accounts with him, like the three different buckets or three little banks with him, how many times growing up, you know, like maybe if you’re listening right now, as in the audience, you might have practiced Profit First at some point as a child, maybe your parents like set up those bank accounts or, or those little like jars or piggy banks or whatnot and instead saving, spending, giving, you know, or whatever it might be. Or maybe you never had that. And that’s why some of these concepts sound so foreign because there was never that in your life at any point in time. And how cool would it be if you listened to something like this, what Brandon just said and implemented that if you have a young child right now and you can literally transform that next generation with how they view money, and I love what you said brand, like what, what you’re trying to instill with them. So I love what you’re doing

Brandon Neely:

And the reason we even sold our coffee shop back in the day, and we used our policies to get through emergencies. We had a flood that happened. We were ultimately able to sell it because of our policies. Basically. We had that emergency fund set up that we could take a loan and use, but my wife was pregnant at the time. Oh wow. And I realized when we had the flood that, hmm, I need to make a change. This is not the lifestyle that I want to have. And so again, beginning with the end of mind, what kind of family do I want? And all of that, and thinking about this, even when he wasn’t even born yet, we started making the transition out of the coffee shop world into this because we also knew the numbers. Right? Hmm. And saying, Hmm, I can eat ramen all day long. Probably not healthy for a newborn. Right. You know, those kinds of things.

David Richter:

<Laugh>. Oh, that, that man. Just good stuff. Good, good stuff. Warning here on this podcast here with you, Brandon, I wanna ask you then, we heard some of like the hardest year. It sounds like that was a rough year of your life, that second year in business where everything was going wrong. What was, and you might have even said it, but I want to, I want to reiterate again, what do you think was the one biggest lesson coming out of that year that Yeah. Helped you?

Brandon Neely:

What I learned is putting myself as a priority. So I almost ended up in the hospital, my marriage almost fell apart. We weren’t paying ourselves. Right. Those things weren’t done. And our marriage like almost fell apart. And what, what my mentor, and we were also church planning at the time too, which was crazy. Don’t follow my steps for sure. But my mentor said, you know, what is kind of like, what is God saying? What are you, what are you doing? And, and realizing all of this stuff I’m trying to accomplish doesn’t matter. Like really the the business this if I’ve not taken care of myself and my wife. Right. And so what I learned from that is put in things that are bedrocks, right? So dating every Friday night we do date night, right? Friday and inside or Saturday night date night, don’t talk about work. We are business partners, right? We can’t talk about work going to the gym regularly putting in that Profit First system because that’s another muscle that we’re working, right? And it’s paying myself, it’s almost like going to the gym and doing date night. It’s just another system to make sure all of those things are in line. Oh, same with faith, Right? Does

David Richter:

That make sense? So good. That yeah, that makes total sense. Because the reason a lot of people get into those situations is they don’t have those systems in place and you start doing them, you can start seeing those results and then it’s like years later and you’re like, holy crud. You know, like the compound effects of those results are even bigger. You know, like the marriage being the best it’s ever been, the bank account’s being the best it’s ever been. And I I wanna ask you that, do you see with yourself, with your own experience and working with other people that money is one of those root causes of absolutely either bringing people down or bringing people to where either on their knees or two, you know, like a better place?

Brandon Neely:

Absolutely. I mean, I talk to people all the time doing financial analysis like you probably do, and asking them, what’s your goals? You know, and, and the hard part is most people have not actually thought about that. Hmm. Or talk to their spouse about that. Yep. And, and you’re like, Dude, really? And they’re, they ask all the time. I hear that’s an in, that’s a great question. I’m like, you should be asking that question. I don’t know, daily, pretty much. And, and I just find that interesting that we’re just kind of sleepwalking through life or hoping that this deal’s gonna do this and solve this. But again, it’s that reverse engineering, what kind of life do I want? What kind of grandparent do I wanna be? You start building that muscle with a four year old. Right. because that’s going to show the family that you want.

Brandon Neely:

Right. My, that’s really son, my son has mantras. You know, every family has a mantra, mantras in general, and he knows that Sundays are adventure days. We go out and we’ll go to a park or something and we don’t know even know what we’re gonna see, but we put those into place every Sunday and he knows it’s Family Day, Adventure day Right. And I’m hoping he sees that. And he knows date night is Saturday. Right. he knows that we do the Profit First system even though he is four. All those things. And, and he also knows, Oh, he doesn’t know yet, but I’m again, building the system. He’s gonna be pretty dang wealthy. So again, what the, what the Rockefellers do, at least compared to me what I’ve built, like what I have, I know I’m setting him up and some people say, Yeah, but I don’t wanna give them money. I’m like, well, I want my son to have a better life than me. So I wanna have that. And, and so building that life insurance is important to me.

David Richter:

Well, and you’re also building the good character habits. I mean, you’re, you’re living out at least a good example, if he messes up, it’ll be on him. Like you’re doing everything you can to put the proper things in place, it sounds like, to give him the best chance to be a good human being as well too. So there’s also that, and you can

Brandon Neely:

Build trust. What would the Rockefellers do as a great book? And that can build some barriers or, or guidelines like the Profit First system. But in the end, I mean, after a couple years generations, I don’t know what’s gonna happen, but I wanna make sure I’m leaving the world a better place.

David Richter:

Right, Exactly. And I like what you said too, like, these are the questions you should be asking yourself every day. But a lot of those, the entrepreneurs or the real estate investors listening now, especially on the financial side, don’t know what question to ask. They don’t, they honestly don’t know that. And for me, I wouldn’t have known 15 years ago, you know, like as a dumb kid, like, you know, like, what questions should I be asking myself to make sure that I’m successful? And it’s like, unless you have someone like that in your life that is mentoring you, like you’re doing with your son, and like I’m trying to do with my daughter and with the people we’re working with, it’s like, unless you have that person, they’re not gonna know those questions. So that’s where I feel like the work that you’re doing, that we’re doing, like trying to get this out there, it’s, it’s trying to get people to ask those better questions. Because I don’t know if you agree with this, but do you think it’s the quality of the questions really determine the quality of our life?

Brandon Neely:

Oh, for sure. Yeah. It’s all about questions, right. And asking the right ones. And that’s where my wife is better at doing this job than I am because she’s, I guess female and a lot better at a questioner or something. Being a good listener is important. And, and I just think that that is, is as, as we think about personal trainers, Right. Or nutrition coaches. Right. It’s the same thing. Yeah. Right. Except the only difference is money and finances touch everything. Well, every part, every park. Right. And we, the, the way I kind of think about it as your job, and my job is to be personal trainers, really mm-hmm. <Affirmative> and we’re asking good questions and saying, Hey, you know, if you do it this way, your form’s a little off, but if you do it this way, you’ll be better. Right. and

David Richter:

Or you’re doing this and it’s totally sabotaging your success. Yeah. So yeah,

Brandon Neely:

Stop eating the, and this is my part. I go to the gym, my diet sucks and I know it because I have a four year old who brings home everything and I’m eating it and, you know, but I also know, and, and being self-aware, and so having those people around you that can help you become more self-aware.

David Richter:

Yeah, that’s good. So I’ve got one final question for you. I’m gonna turn the tables a little bit, but this has been an awesome episode. I mean, you got real there with how hard that year was in your life, but then what you learn from it, of making sure people are making themselves a priority too, because you can’t, you can’t be helping other people if you’re gasping for air. You gotta make sure that, So that was really, really good. We devalue our own efforts, you know, like making sure that you’re valuing yourself too. You know, like not just thinking of yourself first, making sure you get the property place, but like making sure that you’re, that you’re doing something tangibly too for that. We talked about the systems to put in place. We talked about the marriages, you know, like the, what we are modeling for our children as well too. I loved every single part of this. And then, then don’t know what questions to ask, you know, and like how do you ask those proper questions and have those people in your life. But branding, you’ve dropped a lot of knowledge here. So is there any way our listeners can provide value back to you? Like what are you working on? How can they get in touch with you? Give the whole load down.

Brandon Neely:

Yeah. So you could go to still method.com. That is a framework that we’ve created still method.com. And that’s can you spell that? S t i l l. Okay. Sim it’s almost like a simplified Profit First. So excite your sites, track your in and out, inspect your progress, look for 1% adjustments and live deliberately. Awesome. That’s the still method. Yep. So go to still method.com, download that. It’s a lot of questions that you can ask yourself to implement this. And if you do that with your spouse, with your business partner, it will change your life, guaranteed. So still method.com, go to Wealth Wisdom Financial podcast or channel we have YouTube videos and, and all of that. And my wife is, she’s a very good, articulate person. So she writes a lot of the content. So if you hear, I’m usually going back and forth with her, but she’s the, she’s the brains in our

David Richter:

Business. There you go. So if you’d wanna listen to her, there’s a couple different places too where you can find then your wife’s name’s Amanda. Correct. So if they’re looking up the, you know, Brandon and Amanda Neely. So if you’re looking for those and you can find them, so awesome. Thank you so much, Brandon. This has been incredible. And if you’re a real estate investor listening to this right now, and you need one of those people in your life and you want someone to help you, ask those better questions to make more money, put more in your pocket, get that less stress, you can also head over to simple cfo solutions.com. Got a full team there. You could book a no obligatory discovery call and we’ll, if we’re not the right fit, we’ll put you with the right person there. Whether it’s branding someone else, a bookkeeper or cpa, whatever connection you need on the financial side. But remember this, if you’re listening, make profit a habit, not just an event in your business. Thank you so much.

Outro:

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



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

 

Episode: 242


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

 

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

 

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

 

Listen and enjoy the show! 

 

Key Takeaways:

 

[01:01] Introducing Jay Conner

[05:00] Introduction to private money

[08:30] The Great News Phone Call

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

[13:18] Maintaining relationships with private lenders

[15:40] Private money vs traditional money

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

[25:18] Advice for real estate investors

[29:01] Connect with Jay Conner

 

Quotes:

 

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

 

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

 

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



Connect with Jay:

 

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

 

Tired of living deal to deal? 

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

 


Transcript:

Speaker 1 (00:00):

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

Speaker 2 (00:34):

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

Speaker 3 (01:01):

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

Speaker 1 (02:07):

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

Speaker 3 (02:24):

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

Speaker 1 (02:43):

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

(03:38):

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

(04:27):

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

(05:18):

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

(06:10):

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

(07:02):

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

(08:11):

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

(09:06):

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

(10:04):

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

Speaker 3 (10:38):

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

Speaker 1 (11:17):

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

Speaker 3 (12:22):

Right? Yep.

Speaker 1 (12:24):

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

Speaker 3 (12:33):

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

Speaker 1 (13:22):

I mail ’em checks.

Speaker 3 (13:25):

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

Speaker 1 (13:33):

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

Speaker 3 (13:41):

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

Speaker 1 (13:50):

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

Speaker 3 (14:00):

Yep.

Speaker 1 (14:01):

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

Speaker 3 (15:27):

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

Speaker 1 (15:32):

Options. Does that make sense?

Speaker 3 (15:34):

Yeah, that makes sense. A hundred percent.

Speaker 1 (15:37):

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

Speaker 3 (16:14):

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

Speaker 1 (16:33):

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

Speaker 3 (17:33):

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

Speaker 1 (18:04):

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

Speaker 3 (18:20):

Yeah, me either.

Speaker 1 (18:22):

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

Speaker 3 (18:53):

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

Speaker 1 (19:12):

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

Speaker 3 (19:17):

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

Speaker 1 (19:20):

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

Speaker 3 (20:25):

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

Speaker 1 (20:50):

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

Speaker 3 (21:53):

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

Speaker 1 (22:07):

Well pay ’em on time.

Speaker 3 (22:08):

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

Speaker 1 (22:12):

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

Speaker 3 (22:42):

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

Speaker 1 (23:03):

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

Speaker 3 (23:06):

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

Speaker 1 (23:10):

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

(23:37):

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

Speaker 3 (24:31):

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

Speaker 1 (25:18):

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

(25:26):

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

Speaker 3 (26:11):

That’s so good.

Speaker 1 (26:13):

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

Speaker 3 (27:08):

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

(27:55):

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

Speaker 1 (29:01):

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

Speaker 3 (30:31):

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

(31:13):

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

Speaker 1 (31:51):

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

Speaker 2 (31:54):

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

 

 





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