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Lessons Learned on Money with Jack BeVier

Episode 123: Lessons Learned on Money with Jack BeVier

The Profit First REI Podcast

October 24, 2022

David Richter

Summary:

On this episode of Profit First for REI, we have Jack BeVier, a real estate investor with Dominion Financial Services. He has worked in multiple aspects of investment real estate, and has contributed to the growth of the company into a recognizable name in the national lending scene for real estate investors. 

 

Jack comes on the show equipped with an abundance of knowledge in a wide-array of real estate investment fields, finance, and business building, offering a wealth of value to the people listening. Catch the discussion here.

 

Key Takeaways:
[00:43] Jack BeVier and His Real Estate Journey

[08:20] On Starting Businesses and What He Would Do Differently in Hindsight

[13:47] His Lessons Learned on Money

[17:57] Advice for the Next Generation of People Getting Into Real Estate

[21:33] Dominion’s Loan Products Suitable for Real Estate Investors

[23:20] Last Piece of Advice for the Audience

 

Quotes:

[04:47] “I was fortunate to start young…In real estate, youth is a humongous advantage.”

[16:59] “In single-family real estate investing…it’s best to learn how to do a couple of different things that complement each other.”

[24:15] “Getting into hard assets where you can get attractive leverage and do it at a young age, you won’t help but be able to retire [early].”

 

Links:

Connect with Jack – rental-loans.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:

Jack BeVier:

Getting into hard assets where you can get attractive leverage and do it at a young age, you won’t help but be able to retire. Well. Before you know, your parents told you you would be at 65, you know at 50 you won’t help but be able to retire.

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, this is David Richter here again with the Profit First Rii podcast here with Jack Bevere. He is incredible real estate investor, works with an incredible group. He works with a Dominion group out in Baltimore and I’ve actually been there on several occasions seeing their operation. And it is a machine, it is an absolute machine and it’s probably been a couple years since I’ve seen it. They’ve even taken it further than where they were just a couple years ago. But they do a lot of different stuff. They do anything from the typical real estate investing that you think of to lending and you know, a whole bunch of different things. I’ll let him talk about it here on this podcast. But Jack’s a wealth of knowledge, front lines, building a business, building a real business with a lot of employees and, and just excited to have you on Jack.

Jack BeVier:

No, thanks David. It’s great to be here. I was really excited to get to join in today, so thanks.

David Richter:

Awesome. Well thanks for being here and appreciate that. And I wanna know first cuz so that way people who are listening get to know you a little bit. What got you started in real estate? When did you start? Like, and then what has that journey been? So you can go into that as well too.

Jack BeVier:

Yeah, yeah, sure. I’ll try to keep it brief. I, so my partner started Dominion in 2002. I actually interned for the company when I was in college for a summer.

David Richter:

Nice.

Jack BeVier:

And I came in, I was doing lending for a little bit. I drove around at some acquisitions, broke into houses, was crawling through ugly basements and I just thought it was fun. Yeah. and so I ended up doing commercial real estate for a couple years, but then coming back when I was 23 to Dominion and I started doing acquisitions and then moved to property management. Construction management was always very active in the lending business and kind of through the downturn learned a ton just cuz we got our butts kicked like everybody else. But we’re super fortunate to be able to make it through, kind of learned a ton of lessons and really kind of the, you know, the, the, the company was really kind of grown out of that crucible of the, the, you know, the post great recession. Yeah.

 and so we’ve just continued to grow it since there been a lot of funds. We have, we do a couple different things. We buy houses, we renovate them. We either keep ’em as rentals or we will flip ’em ourselves. We’ve been building our rental portfolio since 2002. We’re up to about 750 houses in Baltimore. And then we also have a sister company that is a lending business where we make fix and flip loans to investors nationwide. And then we also have a really attractive 30 year debt service coverage ratio, dscr loan for landlords that are built on their rental properties. That’s probably the thing I’m the most excited about right now. But yeah, it’s been a really fun journey and it was great to see you when you came to visit us in Baltimore. Yeah. We, we’ve kept, we’ve kept it growing and tried to keep building the platform and we’re just having fun with it. So.

David Richter:

Awesome. So what about that, that journey is quite the journey over the last, what, 15 years here. And I love that you interned at the beginning there. Not much that you hear someone interning and staying and, you know, growing this massive empire with someone that they interned with. Usually it’s like, you know, they’re there for a summer. Okay. Goodbye. You know, like going on, moving on. So how is that transition there? And then also just how, what would you attribute growing to the size that you are today and the different businesses in the arm that you have? What would you say that

Jack BeVier:

Yeah, sure. So I did, we, we, we did get, you know, really lucky when I, when I interned Fred, it was basically my partner whose name is Fred Lewis. It was Fred and five or six employees who were like, you know, assistants, you know, doing stuff. But he was really running the show and completely unbeknownst to us, Fred and I just happened to be kind of the classic visionary, an integrator combination. Mm-Hmm. <affirmative> we’re Fred’s the visionary and I’m the integrator. And you know, we didn’t know those terms at the time. We probably didn’t, you know, we didn’t know those terms for 10 years. Right. it just turned out that the dynamic worked you know, in that kind of classic way. And so he’s always pushing the company forward and I’m always, you know, building the systems and processes, making sure that everything’s tight so that we can then, you know, comfortably take it to the next level.

 So it’s been a really iterative process in that way. And I was fortunate to start young, right? Like in real estate, youth is a humongous advantage, right? Like, that’s just a, I think a crucial thing for folks who are thinking about getting into real estate. Like, you can’t start too young and hell, like the, the younger you start, you know, time has this way of really bailing out a lot of okay. Or not so great decisions in real estate. So youth is like a huge advantage. And I’ve just been a, you know, I just, I got in, I got into it very young and learned a lot in the very, in the beginning. And we’ve just been, we’ve been growing it there. So we were up to about 110 employees right now across the three different companies. And there have been lots of phases of growth and lots of mistakes. Lots of really hard lessons learned, particularly, you know, poster session and then, you know, just going through serious growing pains at every turn. And you know, really to this day, you know, we’re still, we’re still learning every day and just wing it. So, but having a good time. Yeah,

David Richter:

There you go. That’s what’s important. But I love that. I love that you’ve been doing this for a long time and you’ve seen the recession, you’ve seen that, you know, like you’ve seen the different things and you’re still in the business, you’re still going out there. I love what you said about time too, like the younger you are, the, you know, the more that you can, you know, get involved in real estate and have those mistakes be covered. But no matter where you are right now, it’s a great time to get your life on track with real estate investing and getting to where you want to be. So I love that. Absolutely. I love that advice. But before we go into like the money side of things and go into that on the profit first, why did you, why did you like real estate? Or what, why did you even intern? Like what, was that something that you chose or was that something where it’s like, well now I just really like the real estate game?

Jack BeVier:

I studied a little bit. I was like, I studied finance in school. Okay. And then I kind of switched over to real estate my senior year just cause I took a real estate class and I thought it was fun. And then I worked in commercial real estate for a couple years, but what I didn’t like about commercial real estate was that you didn’t get to do a whole lot of deals each year. You know, you’d spend a tr you know, I was working 80 hours a week underwriting deals constantly and maybe we’d get to do, you know, two, three deals a year. They were big deals, they were cool, but you know, it was a lot of grind for you. Really hope that something, you know, ends up working out. Yeah. But I kind of fell in love with single family was the, is this the deal junkie side of me?

Like just the, you know, the constant action. The fact that you can, you know, wholesale properties every single week, hell, you know, every single day if you, if you really get your systems input in place. And that part of it, you know, that was just the adrenaline rush, right? Like the dopamine hit of being able to do, you know, to do deals on a regular basis. I just found that really fun. I also really fell in love with the idea in single family real estate that the barriers to entry are a lot lower than commercial real estate or, you know, other larger industries that are also very capital intensive. And so I, I just really fell in love with the idea that if you develop a skill set in single family real estate investing, you can take that literally in any city or town in the country and apply that set of skills and put food on the table. You know, I didn’t have to have an organ, a huge organization behind me to get into that business and I didn’t have to go work for somebody either. Like I could pick up today and move to Wichita and be in real estate investing tomorrow and by the end of the month be putting food on the table. And I just really fell in love with that, you know, the idea that this was an industry that gave you that kind of entrepreneurial opportunity.

David Richter:

Yeah, I love that. That’s great cuz it is that skill. Once you have that skill, it’s transferable to where, where you are. So I really like that. So then you, you and Fred have created a lot of different types of businesses like that are very complimentary, you know, inside of there. And was that a byproduct of like, Hey, you know, like our business is growing and we need this thing. Why don’t we just create this company? Or like, I know a lot of real estate investors go down that road. How did you navigate when it was time to start one of those companies? Would, would this take focus off, you know, like from your other thing, just the, the questions that a lot of listeners I’m sure have in scaling a business in scaling multiple businesses?

Jack BeVier:

Yeah, sure, sure. I mean, originally it was Fred’s conception to start a platform that was in different business models and those different, all but all centered around distressed single family real estate, where those business models were complimentary to each other. You know, the thought was that, you know, if you, if we’re, if we’re buying houses for ourselves, if we don’t win the bid, we can go up to the guy after the auction and be like, Hey, do you wanna borrow money on that? Cuz I know the asset, I had a number on it, so I already know what I’m comfortable lending on it. And then we had you know, when we started building the rental portfolio, you know, the idea of wealth creation was always in, in, in the forefront of our mind. So we’ve always been very focused on building the rental portfolio because we really feel that that’s a strong, you know, the, the, you know, in our opinion, the best way to, to build long term wealth in, in real estate.

And so from a control point of view, we needed to build the property management company. I’d say that that was the hardest part, right? Cause like at least we didn’t get into the property management business because we love the property management business. We did it because we wanted the control over our largest investments now, certainly. Oh. And, and so, and to be able to do that, we opened it up to third party property management. Now that’s got ancillary benefits in terms of, you know, we’re talking to investors, we can wholesale houses to them. We could sell them turnkey real estate, we could offer them lending services. And so there were, you know, ancillary benefits. So, you know, trying to, we try to create this ecosystem where each of the business models were referring business to each other. And to be honest, it was hard.

Like, it was really hard to grow all those things at the same time. We did it through a lot of brute force and working really hard. You know, I’m not gonna sugar coat it. Like, it wasn’t like, oh yeah, we figured out this brilliant mechanism to do it. It was as hard as starting three different businesses at the same time. But the momentum that once we got through a point where you started to get some momentum in those businesses, it really started to like pick up speed. And so there was a, it was a tough, you know, I would say the first eight years, honestly, like from being honest, first seven, eight years were a really tough getting the momentum and getting all the systems and processes built before we felt like we had any real momentum. But then things have, you know, really, you know, continued in, in that vein. So yeah. Nothing, nothing sexy about it though.

David Richter:

Would you go back and do anything different now that you’ve, you’re on, you know, 2020 hindsight’s 2020, right? So what would you do differently, you know, while building those businesses, maybe not to make it so hard or difficult for those seven or eight years?

Jack BeVier:

Yeah, we do lots of, made lots of mistakes. We do lots of stuff very differently. One of the things that we didn’t figure out until maybe three, four years ago, and we’re still figuring it out, you know, we haven’t solved this, is in terms of hiring people. We had a really tough time putting the right people in the right seats on the first try. Mm. and that’s been, you know, a lot of, and a lot of, a lot of wasted energy, a lot of investing in the wrong, in the wrong people or having the wrong people in the wrong or the right people, but in the wrong chairs. Yeah. You know, we’ve made every combination of those mistakes possible. There’s a couple systems that I really like. We use Culture Index. Predictive Index is, is very similar in terms of the math behind the, the surveys, the personality surveys.

That was really a game changer for us, from a hiring point of view. After we really implemented that and trained our managers, trained ourselves and trained our managers on, on, on those systems, our hit rate for putting the right person in the right share on the first try really went up very significantly. And the, and the turnover within the companies decreased very significantly as the managers understood. You know, we gave ourselves a vocabulary to talk about personalities, which we didn’t really have before. You know, like we, we, we would work with Disk or Meyers Briggs, We were familiar with those, but I just didn’t feel like they were quite robust enough as, as as, as systems to be able to have give managers a com a a vocabulary to talk about personality type. And when you’re growing a business, you are leveraging other people’s time. That is the nature of growing a business. And so having the right, you know, finding the right people and putting ’em in the right chairs and managing and communicating with them in the right way recognizing differences between personality profiles, personalities, types, It was a super, it was a late learned lesson for us. And we could have really accelerated in, in retrospect, I think we really could have really could have accelerated a, the trajectory of growth had we learned those lessons a lot earlier.

David Richter:

Yeah. No, that’s, that’s great advice. Great advice. If you’re listening to this right now and going through those pains of making sure you have the right people in the right seat at the right time, making sure you’re doing that. And that can save you a lot of, a lot of hurt and heartache, I think, along the way. I think that’s a great, great lesson. Let’s go into the money side of things a little bit since it’s pro first for real estate investing. What early lessons did you learn about Money Jack that now you think differently about money or compared to how you think today?

Jack BeVier:

Yeah, like I didn’t grow up in, I didn’t, you know, my mom is a school teacher. My dad worked for the federal government, you know, not entrepreneurial people. I, you know, it, it’s cool, you know, they, they we didn’t, we didn’t talk about money growing up. It was, you know, what kind of job were you gonna get? And so I didn’t have those lessons early in life about investing and building businesses. And so the learning curve, kind of like getting into, you know, I just happened to have entrepreneurial, you know, spirit. And so those have been kind of like lots of like learned lessons on the fly in terms of how to build a business and how to think about money and investing in cash flow. All that stuff was not stuff that I, you know, kind of grew up with.

 I think the hardest part about that particularly is, you know, as it relates to folks who are growing their real estate business is cash flow management in the context of growing a real estate business, because we were, we’ve always been very focused on growing on building wealth, right? And I got into it young, so I love that idea. But building a rental portfolio is a cash flow negative activity you have to do. You can’t just get into real estate and be like, I’m gonna go build a rental portfolio because payroll is every two weeks and you and the rent and your mortgage is due and your rent is due, and you have to feed yourself. And in the long term, the rental portfolio does those things, but in the short term it is cash flow negative. So we’ve always had to figure out ways, and for us it’s been wholesaling flipping, and then the lending business where those create those generated current income and paid for the people, frankly, you know, paid for the platform that allowed us to build the, to grow the rental portfolio.

But that’s had to be, that’s been a balance, right? Like we couldn’t just grow the rental portfolio as fast as we wanted to. We had to temper that with cash flow management. And those are, you know, so we felt poor for 15 years because everything that we made, we were syncing it into building the rental portfolio. And until you get to that inflection point where your net rental income greatly exceeds your mortgage payments, you feel really poor growing a real estate business because cash flow is always tight. You have equity, but you don’t really have cash flow until you get the portfolio like past that inflection point. So that’s a, that’s not a, that’s not a two year plan or a, or even a five year plan that’s a 10 year plan before you really feel the freedom of that. So that was a hard earned lesson.

David Richter:

Okay. How, what was your inflection point there? Or like what would you say for, now that you’ve gone through that, what is, what is a good inflection point? Is it different for different, you know, rental companies or what would you say?

Jack BeVier:

Yeah, yeah, sure. And, and like, you know, if you’re, depending on the market you’re in, some, some people are gonna be in, in higher cash flow markets and they, you know, it’s, it’s more property management intensive business, right? But, but the cash flows better versus if you’re in those lower cap rate markets, you’re really focused on equity and you’re really looking out maybe 15 years before you’ve got like, you know, true material net cash flow. So I think, you know, it’s good to focus on not just one i, I, I think it’s really hard to be a one trick pony in single family real estate investing. I think you really need to, or it’s best to, to learn how to do a couple different things that compliment each other, both in terms of maybe the, the, the kind of leads that are generated between the two businesses as well as, you know, the cash flow profile of those businesses. You can’t just do long term investing and only long term investing because you might not, you know, might give up because you just, you know, get tired or you need to send the kids to private school or whatever. So you know, focusing on a combination of things, maybe wholesaling and adding rentals or flipping and adding rentals is a good way to have some balance and so that you can make it through different phases of the business.

David Richter:

Okay. Now I like that a lot. So, depends on where you are, depends on what that ratio is, depends on your specific situation as well too. So that’s really good. So as far as like the money, you know, lessons about money and whatnot, what do you, what would you want to pass on to maybe the next generation of people, you know, or like people coming up now getting into real estate, Like what would you say around money and that mindset or a cashflow flow like you’ve been talking about?

Jack BeVier:

Yeah. One of the things that has happened most recently and, and our business, this relates to some, some of our business something that we do in our business is in the past we’ve always had to, as we’ve grown the rental portfolio, we’ve had to we were borrowing from local banks, right? And you, you can go to your Fannie Mae loans and you get the nine properties in your personal name, but then you cap out there and then you start, we want to buy properties in your llc, and you go to your local bank and, you know, the, the service level from local banks isn’t great, hasn’t been great for 10 years, doesn’t seem to be getting better. And that’s, that’s been a tough thing, right? Like that’s held a lot of people back in terms of how quickly they could grow their rental portfolios.

What I think has changed in the past, just this year, in the past eight months, the, you know, poster session, a lot of Wall Street money has come into single family real estate investing with that Wall Street money buying houses means that the big banks and Wall Street lenders are also lending on that same, in this same asset class, which is just brought more capital to the business. And so we’re, as starting in, when Fred started in 2002 and until last year, we’ve always had to go to our local and regional banks in order to get refinance money. Now you can go into their products. Now the Dscr loan is the one that I think is the best in the market right now where those loans are being issued and then sold into the secondary market. And basically Wall Street bond buyers are buying these loans.

And what that’s done is it’s driven rates down in that product to the point where it is, you get the same rate now in that product as you would from your local bank. And it’s a 30 year fixed rate loan. So you’re gonna get a, you, you’re gonna get a rate in the for, with a four handle on it, just like a bank loan, but it’s a 30 year fixed rate loan. It’s to your llc. And you don’t have to go through the pain and suffering of have to having to convince your banker to, to make you a, you know, $150,000 loan on your next rental property. This program is really designed for that. If Dominion, I say that to answer your question, is that if Dominion had had access to that lending product, oh my gosh, we would’ve gotten to 750 freaking six, seven years ago.

 We’ve had to like always had to make enough money to satisfy the bankers and provide and, and show global debt service coverage and just deal with the, you know, that particular loan officer or loan committees comfort level with single family real estate. And that’s a tough thing, right? Like they want to, they want to do big loans, they wanna do commercial real estate, it’s just easier for them. So doing single family is, has gotten tougher and tougher. I think that this is really a tide change in the industry and I think that young real estate investors have an tremendously exciting opportunity to add rental properties at a faster pace and get to that inflection point faster. Yeah. Then, then we, then I ever saw. So I’m really excited about that. I think it’s gonna change the nature of the industry, frankly. I don’t think over the course of the next two years, I think that local banks are gonna be completely out of the lending to small real estate investors market because their products just not as good as what’s being offered right now. So we’re really excited about that. We’re doing a ton of those loans and I just frankly think it’s for the future of the industry.

David Richter:

Awesome. So then let’s talk about that, cuz I’ve only got a couple last questions here. So where, how do they get ahold of you to talk about that product to see if they’re interested in like, you know, going down that road if they’re building under the rental portfolio for themselves?

Jack BeVier:

Yeah, sure. Absolutely. It’s a really simple product. We only need like five data points to the value, the address, the rent, the property taxes, and the insurance and your fico. There’s no tax returns. It’s amazing. There’s no limit on the number of properties you can, you can use you can borrow on. It’s a really phenomenal product. So it’s very easy to get a quote our website. So we offer these loans, we do a lot of it. Our website for this product is www.rentalloansplural.com, and there’s a web form there. You fill out some real basic information, can talk to one of our loan officers and with those five data points, they’ll be able to get you a quote in less than 24 hours we were to the appraisal and as soon as the appraisal comes back, we’re closed in the following Friday. So it’s a, it’s a, you know, it’s meant to be a very easy, seamless process and, you know, we want to make these loans, you know, you’re not, by the time you close this loan, you wouldn’t have gotten the loan committee yet. So I think it’s gonna make, it’s gonna allow small real estate investors to move a lot quicker than they have in the past.

David Richter:

Wow. Yeah, that’s incredible. That’s, I’m really glad we’re talking here. We we’re in other masterminds too, and if you’re listening to this, Jack, you know, has been talking about this and it’s been incredible. So I wanted him to share about it on this podcast. Gonna talk about it with our clients, probably like, have Jack on there to like, to talk about specifically to them. But this is an incredible product. Make sure I love that website too. Rental-Loans.Com, That’s pretty great. That’s pretty simple to remember. Rental-Loans.Com. Then before, my final question is, what is last, last piece of advice to real estate investors as they’re listening to this podcast? What would say, what would you give as your last piece of advice here?

Jack BeVier:

I’m a big fan of the start early thing. Just as soon as you can, when you’re young, adding rental real estate, the time works for you. Like the time is gonna, does the heavy lifting for you. So get in early, make some mistakes, it’s gonna be okay. You know, you can, you can be into the house for a little bit too much if you’re keeping it as a rental time’s gonna work that out for you. You know, like it, it’s, it’ll be all right. Yeah, just keep operating it and, and equity will can, you know in it’s, it’s a great inflation hedged asset. That’s a big thing that we’re worried about right now is what inflation’s gonna look like over the course of the next couple years. I love being in hard assets right now. So I would say, you know, getting into hard assets where you can get attractive leverage and do it at a young age, you won’t help but be able to retire. Well before, you know, your parents told you you would be at 65, you know, Yeah. At 50 you won’t help but be able to retire if you start young. So that’s my, that’s my best advice.

David Richter:

Awesome. Love that. So the last thing is I usually ask is like, you provide a lot of value here, how do they provide value back? So definitely go to rental-loans.com, but is there anything else that you’re, I don’t know, anything else that you would want or to put out there as far as what you’re needing right now as well too?

Jack BeVier:

I mean, I, I think that, I think that getting the word out on the lending product is what I’m most focused on right now. Because frankly for, you know, we, we had, we’ve seen a couple different phases of the business. I’ve been doing it for 15 years, my partner’s been doing it for 20. And, you know, this is the most exciting thing that we’ve seen in terms of how it’s gonna change the game, so to speak, for real estate investors going forward. And the product is still very new. It’s, you know, just started less than eight months ago. Yeah. So I still think that the word isn’t really out on that, and people are still going to their local banks or still thinking that, that, that you know, that that, that they’re gonna have to deal with the pain of, of working with local banks or that they can’t get a loan because they have to get a Fannie Mae loan.

And I think this really is bringing the barriers to entry to, to building rental portfolios down significantly. And this, it’s the most excited I’ve been about something since you know, when, when you’re the deals we were getting in 2011. Awesome. So I think just really kind of getting the word out on this, letting people know that there are, there are alternatives to borrowing from banks and that we, there’s a product in the market now that has designed for small and mid-sized real estate investors, which has really never existed before, you know? So I’m just really excited about

David Richter:

That. No, that’s amazing. So thank you so much, Jack. This has been incredible. Love that product, love that. And then love all the information you gave here today, the ups, the downs, everything in between. So really appreciate it. Have you on the podcast today?

Jack BeVier:

No, David, really appreciate it. I enjoyed it a lot. And congratulations on the book launch. That’s super exciting. I look forward to picking your brain more on that entire experience. But thanks again for having me.

Outro:

This episode of The Prophet First for REI podcast is over, but there are plenty more where that came from. Are you ready to learn? 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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