Redefining Success: A Story of Adaptation and Growth in Entrepreneurship

March 12, 2024

Title: “Redefining Success: A Story of Adaptation and Growth in Entrepreneurship”

Episode: 223

In this episode of Profit First for REI podcast, we have Jason Lavander. He has been an entrepreneur since 2016, flipping houses, building a team, learning the process, and getting coaching and training.

He shares about his journey of Profit First and what he is then versus now. He also talks about the evolution of an investor.

Listen because it will help and give you hope in your real estate investing journey. Enjoy the show!

Key Takeaways:

[00:53] Introducing Jason Lavander

[03:12] The up and down cashflow rollercoaster

[06:34] The Walking Wounded

[07:55] What he does before real estate

[12:20] The time he started Profit First

[17:03] Finding the right person

[19:45] How to know if your business is healthy?

[26:46] Advice for people who want to implement Profit First

[29:22] Connect with Jason Lavander

Quotes:

[07:26] “The system works for you. It’s your safeguard. It’s your bumpers on the bowling alley. It’s your safety net to protect you.”

[17:03] “As an investor, much of what I’ve learned is to find the right person. Put the right person in the seat.”

[26:50] “Ask yourself hard questions and give yourselves honest answers.”

Connect with Jason:

Facebook: Jason Lavender

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):

For the entrepreneur that’s listening, and if you resonate with I’m my own worst enemy, I’m the kid in the cookie jar, then yeah, if you’ve got false starts in this system, delegate it to somebody else. I mean, as an investor, I mean much of what I’ve learned is find the right person, put the right person in the seat. I just need to understand what the heck it is and then I can delegate it and oversee it.

Speaker 2 (00:26):

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

Speaker 3 (00:53):

Hey, it’s David Richter of the Profit First, REI podcast. Have Jason Lavender on today, and he dives into his journey of Profit First. He’s been an entrepreneur for several decades and he’s even had what he calls some false starts with profit first, where he started to implement it then didn’t really, and then eight months ago everything changed and he goes into life before Profit first. What it felt like afterwards, where he is now versus where he was, businesses he’s had to shut down in the past and where he wish he would’ve had profit first in place. He really dives into what I believe that can help you and give you hope. Thank you for listening to the podcast and enjoy the episode. Hey everyone, it is David Richter of The Profit First I podcast. Have a special guest today, Jason Lavender, which I’m super excited to be on because he was telling me before of how he loves Profit First and since, well, he said a love hate relationship, so we’re definitely going to dive into that. But he also sends us out to the people he works with. He’s been in real estate since 2016 ish, so it’s like he’s got a lot of experience. Super excited to have you on. Jason, thanks for being on the podcast today. Thanks for

Speaker 1 (01:54):

Having me, man.

Speaker 3 (01:55):

Yeah, yeah, for sure. Well, I want to dive into this, give people a brief overview, who you are. Then we’re just going to hit the ground running with your introduction to profit first, why you send it to people and all that stuff.

Speaker 1 (02:06):

So yeah, Jason Lavender. I’m in the Wichita, Kansas Market small market here in Midwest, so started out as a house flipper, as you said at 2016 and Dove full force into 2017. And yeah, I caught the bug, real estate bug was my new addiction. From there, continued to flip houses, building a team, learning the process, getting coaching and good training, started wholesaling and then acquiring rentals. So kind of the trends, evolution of an investor, but the whole time I’ve had broken processes and systems and the finances were always a big part of that. So yeah, fast forward to now we’re flipping and wholesaling. We’ve got some mentoring coaching, and as you said, you alluded to, I have a love-hate relationship with this, but I told you one of the books I give out the most, and so I’m so thankful to the principles and stuff in here and yeah, excited to talk about it.

Speaker 3 (03:01):

Well, okay, so let’s dive into that. You said the finances are a big part of it. Were you in your real estate company and were you seeing a lot of what I talk about in there? The up and down cashflow roller coaster,

Speaker 1 (03:14):

Big time. I mean, I was a victim of my own decisions, did the bank balance accounting method, that was my go-to, I’d log in if I had some money in the bank, I’d go buy something, go buy an investment property, go say, Hey, well, we can throw a little bit more icing on the cake on that remodel because hey, guess what? We had a good month. It was terrible. It was flawed from the beginning and we just fumbled forward. And so, and putting some good boundaries and parameters honestly saved my business without a doubt.

Speaker 3 (03:47):

Okay, so let’s talk about that. What got you interested in profit first at the beginning?

Speaker 1 (03:55):

So I had read Michael’s book, Mike Mic’s book, and it was an eyeopener, and so I had a few false starts. I mean, I got to be honest, I had a few false starts on implementing profit first. So early on, it was shortly after it came out, somebody had recommended it to me, and I’m a education junkie. I’m always wanting to learn something, and that was a huge hole in my business and my life and my personal life. And I had gotten into trouble with finances, so I’d read that book and had a false start on implementing it. It’s so funny. I did all opened all the accounts and everything and had the best intentions and just never implemented it. So that was false start number one. Then when your book came out, I had false start number two, but I knew the concepts were, they were idiot proof.

(04:44):

I mean, they were exactly what I needed. They were exactly what my business needed, what I needed personally, because I’m a typical a DD type of entrepreneur and I’m my own worst enemy. And so I had to put in to practice and stick to it. And actually I’ve got a funny story. I don’t even, I’m not actually the one that implements this. I’ve delegated. I would sabotage it time and time again. As I said, some of my false starts. I would sabotage this process if left to my own devices, so I had to delegate it to my assistant and it’s worked perfect since then.

Speaker 3 (05:22):

Okay. How long ago did you delegate it to your

Speaker 1 (05:24):

Assistant? So we’re about eight months in on this now, and this is after reading your book twice. I’m kind of thick headed, but yeah, we’re eight months in and seeing the process work.

Speaker 3 (05:39):

So I want to dive in then a little bit there if you’ll let me, because I feel like a lot of people will resonate with that. The false starts the I’m a DD, I’m going down this road. It’s like, I don’t know if I could do this. So talk about that, because you’ve been in business since 1617. If you read Mike’s book, did you have the concept even back then when you first started real estate investing or know of it then?

Speaker 1 (06:04):

I’d been in business. I’ve been an entrepreneur for a long time or my whole life. I mean, the last real job I had was in high school that I worked for somebody else, so I knew the concepts, but no, it’s like anything, I explained this to people, business in general, you’ve got to be able to put the pieces of the puzzle together, and I knew that there were pieces on the table. I just didn’t know how to put it all together. And so we bandage things together as an entrepreneur and we just moved forward and it’s like the walking wounded. I mean, it was a dumpster fire, if I’m being honest. But then

Speaker 3 (06:37):

What was the dumpster fire? Was it the real estate or what you were doing before real estate?

Speaker 1 (06:42):

Both. Both. I

Speaker 3 (06:44):

Appreciate your honesty.

Speaker 1 (06:46):

Yeah, no, and again, being a serial entrepreneur and I had done several different businesses and I’ve always been taken care of. We’ve always had food on our table and just been fortunate to cut my own path. But as far as building a legacy and doing things the right way and actually owning a business, I mean, I didn’t own a business. The business owned me. And that paycheck to paycheck mentality, that, and real estate can give you that. I mean, real estate can give you those big hits, and so you think you got the Midas touch. Well, guess what? You don’t, if you’re not planning and prodding ahead and implementing a system, I mean, the system works for you. I mean, it’s your safeguard. It’s your bumpers on the bowling alley. I mean, this is your safety net to protect you. In my case, from my own stupidity and lack of foresight. And again, this is why I delegated it out because I’m, I’m still sometimes my own worst enemy.

Speaker 3 (07:48):

Well, let me ask you, do you mind me asking, what did you do before real estate as an entrepreneur? What businesses were you involved in?

Speaker 1 (07:56):

Yeah, so I had a painting and remodeling company for the majority of my life. We also owned a bookstore, so used bookstore. It’s a fun gig, but it’s not much money in used books. We did some e-commerce and some Amazon, some FBA stuff. I mean, as far back when I was a kid, I was always cutting grass and door to door selling something. I mean, I’ve always kind of carved my own path, but yeah, primarily a painting remodeling company, which was my segue into real estate investing.

Speaker 3 (08:26):

That’s what I was going to ask, what made you make that segue from painting and ramada into real estate?

Speaker 1 (08:32):

I was 42 years old. It was probably my midlife crisis, but I saw that there’s no 60 and 70-year-old painters on a ladder. My story is I had to get off the ladder. I was on my job sites every day. I had a great crew. We had a good company, we had great clients. I had a good thing going, but every day I was still up on a ladder and running my job sites. I had to get off the ladder, man. I mean, that’s as honest as I can get. I just saw the writing on the wall. I had to get off the ladder.

Speaker 3 (09:00):

So then you went into real estate into your own company. Did you shut down the painting and remodeling or did you keep that as an arm of your real estate?

Speaker 1 (09:08):

So yeah, I kept them both afloat because when you’re first starting, I wasn’t making anything. So for two years I was flipping houses, nights and weekends trying to figure it out. I was working my job sites. I’d have my guys come over if we were slow, but no, I ran ’em both consecutively through 2019, right up into 2020. I burned the ships and let it all go, and then covid hit, and so that was interesting. It worked out. Nobody saw the unprecedented Covid real estate rise in the market. But yeah, that was my story. I didn’t consecutively for a couple of years before I literally, my burn the ships moment was I sold all my equipment, I put it all, I drug it all out of the shop, took a picture of it, put it on marketplace, and the first guy that came and gave me 2,500 bucks took it all and that was it.

Speaker 3 (10:05):

Oh wow. So how long had you been doing that, the painting and remodeling company?

Speaker 1 (10:10):

25 years. Wow,

Speaker 3 (10:12):

So 25 years. So you were young then when you first started and

Speaker 1 (10:18):

Getting that on the ground? I was 19 years old. Again, it was something easy. I didn’t know I was setting myself up for a 25 year career in painting, but if you know anything about construction, you know that sometimes the painters aren’t the sharpest tools in the shed. It’s kind of the low totem pole and the construction vine, and that was, anyway, I jumped in, landed a few jobs and a few people, and they just kept me busy and I accidentally started a painting company that I kept going for 25 years.

Speaker 3 (10:54):

Yeah. Well then looking back now, if you would’ve had profit first introduced to you back in the painting company, do you think you’d still have that painting company or do you think you would’ve sold it for more than 2,500?

Speaker 1 (11:07):

Yeah, absolutely, a hundred percent. Because I would’ve had a systemized accounts receivable and the whole thing. I mean, I was the painting company, I was the arm, the face and everything of it. So when I shut down, all I had was the equipment to sell. But yeah, honestly, if I had implemented these principles, I would’ve been able to sell a profit. I had great clientele, but the moment I said, I’m not going to show up and I’m getting off a ladder, I’m not going to show up. That was the end of my painting company and I had painting equipment isn’t that expensive, so I essentially had that. Yeah, hindsight 2020, I wish I could still be running that. Since then. I love multiple revenue streams. Hindsight being 2020, I wished I had kept that. I could have kept that as a, I mean now we’re flipping a lot of houses. I hire a lot of painters. It would’ve been great to have my own have an arm. Yeah.

Speaker 3 (12:04):

Okay. That leads me to the next question. What was the watershed moment eight months ago that made you start profit first finally after knowing about it for so long? Reading originally Mike’s book and then my book twice. Why did you say it’s time?

Speaker 1 (12:20):

Yeah. Well, again, this is my third start, so I always knew it was time. It was a matter of whether this was going to stick and I was going to take it serious. So what it was is just looking at my balance sheet and my financials and know that I was acquiring property. We were flipping tons of houses. We had healthy years doing really well, but much like I’ve heard you say in others, if you look back on your year and you’re like, well, I made a lot of money, where did it go? I was like, I would say that every year, well since 2020, I mean we had a great year, where did it go? So I knew that I couldn’t do it again the third time the way that I had tried before, and so we implemented it. My assistants actually, my daughter, she’s so great.

(13:08):

She runs the whole thing. I see some of our accounts, but I don’t even have access to the other accounts, and I’m okay with that. I’m totally okay. She tells me what’s going where. We link everything to our tax account. I just don’t see it. Now, I could ask for it and she would tell me, and I have periodically just to make sure we’re still good and she’ll send me a screenshot, but that’s what works for me, man. I can tell you if anybody listening is your own worst enemy and you’re going to sabotage it, and I mean, it’s the same reason I can’t keep fricking Oreos in the kitchen, dude, if I had Oreos in the kitchen, I’d be in them. And so I just know if we’ve got Oreos, somebody’s going to put ’em away. And it’s the same thing with the finances. It works for me. It may sound ridiculous to some people, but I can tell you what’s works for me because I literally just had her read it and explained everything, and I was like, you understand? She’s like, okay, yeah, it makes simple. What’s the big deal? I was like, exactly what’s the big deal? And she takes it and runs with it. Our business has never been healthier and attribute much of it to just playing smart and doing the blocking and tackling of the business and the simple stuff.

Speaker 3 (14:28):

So then, because we’ll go back, I like what you said there, healthier than I want to definitely talk about that. But before we go there, just at least one or two more questions about life beforehand. So before that, when there were false starts and stuff, have you ever thought during that time that you wanted to throw in the towel in real estate investing? It sounds like the last few years before this, it was up and down still. Where did all that money go?

Speaker 1 (14:57):

Yeah, I don’t know if I’d ever want to throw in the towel, but I mean, I definitely had many phases in my investing career where I was like, this is terrible. I mean, I may not want to throw in the towel, but I might be done for,

(15:12):

So again, just not doing things wisely. I’m doggedly determined. I would still be fumbling forward in a very patchwork type of system. So throwing the towel, no, but paycheck to paycheck. Well, when we close this house, then we’ll pay the bills on that one, and if that wholesale deal comes in, then we’re going to double down on some marketing and whatever. I would’ve still been in that boat, which is, it’s a lot of anxiety, man. I tell you, those are some of the thoughts and feelings I had previously. It’s just unnecessary anxiety and it’s not needed. I’m going to turn 50 this year, man. I’m going to get too old for this stuff. I just need the stupid easy, what is it, kiss, keep it, keep it simple, stupid. That’s what we do now.

Speaker 3 (16:06):

Okay, well, I appreciate you opening up about that. I feel like that’s where a lot of people live in that state of anxiety and like you said, you don’t have to live there. That’s not where you have to live, and for you, it sounds like a big solution was bringing someone into your life that would help you take it to the next level, even if it was just implementing it and hiding stuff from you, which is great. I love that because Mike references that a lot in his book, and I mentioned it in my book as well too, where you might have bank accounts or something at a different bank, and it is that added level of discipline. It sounds like you’ve built your own system for that in your business.

Speaker 1 (16:46):

A hundred percent. I mean, some safeguards again, for the entrepreneur that’s listening, and if you resonate with I’m my own worst enemy, I’m the kid in the cookie jar, then yeah, if you’ve got false starts on this system delegated to somebody else. I mean, as an investor, I mean much of what I’ve learned is find the right person, put the right person in the seat. I just need to understand what the heck it is and then I can delegate it and oversee it, and that’s exactly what we did. Somebody else is, I don’t, don’t have access to the cookie jar, put it that way.

Speaker 3 (17:21):

That’s great. And it sounds like you feel like you’re in a healthier place than you’ve ever been in your business.

Speaker 1 (17:28):

A hundred percent. Oh, without a doubt unequivocally, because those safeguards are there and they’re necessary for me, and I understand that’s not for everybody. I know plenty of investors that own the whole process and they’re the ones setting it and they’re the driving force of the whole thing. I do what I’m good at. I’m allergic to spreadsheets, hate numbers, math, I suck at math. All of that. I doubled down on my strengths and this is necessary, but was never a strength and I had to own that. I’m okay with that. I’ll just, I’ll go do things that I’m good at and I’ll make sure that people are doing the things well that I’m not good at.

Speaker 3 (18:13):

Well, I commend you for that because I feel like honestly, you’re in the majority of people that feel like that whole, what you said, allergic to spreadsheets as the entrepreneur. That was great. And so I feel you’re in the majority there, but I also feel like you’re in the minority of the courage to say, I’m not good at this and I need someone else to help me with this, or shouldn’t I know the numbers? Because a lot of people feel ashamed like, oh, I know this stuff. I have more money. I’m a business owner. I should take the reins here. And it sounds like you had the courage to step out and say, I need help here. Read this book and please, for the love of God, hide this money from me. It’s like, I need that here. So I wanted to commend you for that.

(18:59):

I feel like you took a step that a lot of people don’t. You even have false starts. You’re like, I’m going to do this. I’m going to do this. We’re going to get it done, and then it’s like, okay, falling off the tracks. I’ve heard that so many times before, but you found what worked for you and what sticks and what really keeps you. I did want to say too, because when I brought up the word healthy, you brought up safeguards as what healthy means to you, meaning that you’ve got someone there and they’re helping you and keeping those safeguards around your money. Is there any other word or anything else when you think of that your business is healthy? You had mentioned before where you were living deal to deal paycheck to paycheck or not paying yourself as much or whatever. Is there anything else you associate with the business is healthier or is it just those safeguards? That’s a big one too.

Speaker 1 (19:46):

Well, yeah, the safeguard protects the finances, but yeah, it’s healthier because I’m healthier. It’s healthier because I’ve got more clarity. I mean, I did an audit, I did an audit in my business last year that led to a lot of this, and I hired a coach and she helped me find, and the word for me was clarity. I found so much clarity because the finances are just, they’re one of the barometers that you can test things by, but it’s not the only barometer. I mean, I think we make a huge mistake as entrepreneurs if that’s our only litmus test, if that’s our only measuring stick, I mean, my gosh, I’m buying back time. I got grandkids on the way, man, so over the finances being the only measuring stick, and they were for a long time because I was failing at it, so I felt the pain every time because I was failing at it.

(20:39):

But yeah, now healthy rhythm is I live on my terms. My wife and I have started traveling a ton finding systems and processes, not just with our finances, but with our teams and our projects and everything. It’s like an evolution of an investor. You start out, or me anyway, I start out with a bullheaded idea and figured I could work it out and kept failing forward, fail forward, fail forward, and after a while you just get so many bruises. You’re like, all right, there’s got to be a smarter way to do this. And I had enough foresight to know that your book was the way to do it, even if I couldn’t be the captain of the ship, that’s okay, I’ll sit on the deck. Somebody else can captain the ship. I’m just along for the ride.

Speaker 3 (21:26):

Yeah. Well, when it comes to the finances and it’s like you needed to do what you were good at, which you’re allergic to spreadsheets, but you’re not allergic to deals and making the money and bringing it in, so it’s like that’s where you shine and putting the pieces together. So I asked for the watershed moment eight months ago, and you said two things there that didn’t come up before. You said you did an audit of the business and you hired a coach, so I want to dive into that a little bit. Was it the coach that made you do an audit or was it vice versa? I’m doing an audit and I think I really need some help from someone, like a coach out there to help me.

Speaker 1 (22:01):

She made me do an audit.

Speaker 3 (22:02):

Okay, good. There

Speaker 1 (22:04):

You go. Yeah, I sat down about a year ago. It was the beginning of the year, 2023, and I sat down with Anita and she laid it all out and that’s fine. I’ve worked with her before, so she called me to the mat on everything and it really, you said it right, a watershed moment. It allowed me to see, open everything up completely before and just be super vulnerable. I, and I already knew it. I mean, I already knew I had flaws everywhere. I mean, my whole business is just, it’s full of flaws and that’s okay. I mean, I used to have this mindset. I was keeping up with the Joneses or you can get investing circles and you’re like, you think you’re dooo, don’t stink. Well, everybody does. So I knew that warts and all, I was enjoying what I was doing and we were having a modicum of success, but she really opened everything up.

(22:55):

We audited everything. We audited our process and everything. We had a lot of changes, and one of the biggest ones was the financial piece and team members and streamlining some things and getting some clarity. For me, that was important because I was kind of on this track of following what I felt like I was living somebody else’s dream or trying to live through somebody else. Like, oh, this is what I’m supposed to do. I guess I’m supposed to grow a wholesaling company to a buku amount of money, and I was like, I hate wholesaling, wholesaling, sales and marketing. We do it because it makes good money, but I was tripling my marketing spend and it’s like, Hey, this is terrible. I don’t want to sit on these calls and train these people. So yeah, just clarity and then that auditing process was really a part of it, but it was Anita Greenwood. She’s like a firecracker of a British lady and she’s five foot tall pack of dynamite, and she kicked my business into shape.

Speaker 3 (23:59):

Well then did you ever do an audit like that before in your past of the business finances?

Speaker 1 (24:06):

I mean, much like my false start implementation of profit first. So yeah, I quasi audit. I mean, it wasn’t a serious deal changes and change until you change. So yeah, I had audits of things and changes that I was going to make, but they didn’t get implemented, so I wouldn’t call ’em an audit because nothing happened. It would

Speaker 3 (24:26):

You also say that was what you said, people think that your stuff doesn’t stink or whatever. Did you think that, I don’t want to do this. It would be painful to dive into that. Oh

Speaker 1 (24:38):

Yeah. Yeah. Okay. Yeah, a hundred percent. I mean, I’m wired as aversion to painful processes is probably just about as anybody. I’m growing in that understanding that the painful process is where growth happens most, but if I’m being honest, yeah, I mean I still hate it and avoid it oftentimes.

Speaker 3 (25:00):

Yeah. Well then I love that you hired a coach. She made you a cover what really needed to go on, and this is what set you on, it sounds like the profit first path that has stuck because you were like, not only do we need to change and make things so we don’t feel like we’re making money feeling, but feeling broke here. We also need to make sure it’s recurring and how do I do that? Oh, you can help me set this up. Great, get that set up and then just it’ll allow me access to these accounts. Well, I love your journey. I think your journey is very typical, but people don’t understand that. They don’t understand that there’s lots of Jasons out there just like them where if they would just look at it or have someone guide them, they could be in a much better place.

(25:46):

I love what you said. You said you feel better. It’s like you’re able to take the trips, you’re able to do the things. You have someone that’s there safeguarding you as well too, making sure you’re on the right path so you can see if something’s coming down the pipeline and it’s not that great. So this has been awesome. I think this is the perfect episode of what I’m looking for because you give people hope. This is perfect. You give people hope that no matter where you’ve been, you’ve, you’ve been an entrepreneur for years and years and it’s like you took the dive you into this. So I want to say thank you. Thank you for sharing and being open because some of this stuff, I’m sure it’s not always fun to open up the cookie jar too and be like, oh, shoot, there’s just crumbs in there and going into the past. So I really appreciate that and to land the plane here. Is there anything you would suggest to people looking to implement Profit First or any last minute advice here as we wrap up?

Speaker 1 (26:46):

Yeah, so one thing that my coach would tell me is ask yourself hard questions and give yourself honest answers, and so that’s a good sober. If you are the person that can buckle down and implement the safeguards and the practices that your business needs, that’s great. If you’re not, find somebody that can find somebody who can, I mean, I always say real estate’s a team sport. I think there’s something to be said for solopreneurs. That’s great. Sometimes we carve our own path in the whole, if I want it done right, I’m going to do it myself. I mean, that’s fine. I am of the opinion. Real estate’s a team sport, so find somebody that can help you do it. I mean, just to be quite honest, and that’s what worked for me. So that would be my recommendation.

Speaker 3 (27:33):

Awesome. Well, I love that. So just to recap, if you’ve been listening to this, he talked about the decades of being an entrepreneur and then even knowing that this was out there, but then those false starts, but then getting someone in his business really helped, first of all, it sounds like to help just shine the light. It’s like we’re all scared of the darkest kids, right? It’s like just she helped you shine the light on, look at your numbers, look at what’s going on. Then from there, you took the extra step. You said, we’re going to make sure it sticks now, and we got someone in place, and then it was like, okay, going from living deal to deal to I feel healthy, which means to you safeguards in place, but also you feel healthier as a business owner taking the trips, doing the things you want to do.

(28:19):

So I think this was great. I just sit back and this is why Mike wrote the book, this is why I wrote The Profits for Real Estate Investing. We want to give people this hope, and we don’t want to give people a better chance for their business, not to just be something where they’re making money, but where did it all go? So I want to thank you again. I also want to say if you’re listening to this episode and you’re like, what the heck? I need an Anita Greenwood in my life, or I need someone like that to whip me into shape because I want to do the hard thing and I want to go and actually have a light shown on where I need to go. We do that@simplecfo.com. We can install someone like that in your business. It’s really a financial coach that shines a light on you. So if you need that help, you want to get to where Jason is now, we can help be Anita and we can help be his daughter who’s helping him with the actual day-to-day of it as well too. So if we can help you, simple cfo.com and then Jason, I don’t know if there’s a place you want people to connect with you or if you’ve got a website or however you want people to follow you or whatever it is that you’re looking for.

Speaker 1 (29:22):

I’m an old guy, so I’m on Facebook. There you go. Yeah. Jason Lavender on Facebook, Wichita, Kansas. Look for the blue check mark. There’s a couple out there. But yeah, man, I want to thank you for having me on. I want to thank you for writing this book. I want to thank you for fulfilling the mission that you’ve been given and seeing through because it is pretty profound. I mean, it’s changed me and how I view business, and it’s set me up. Anyway, I just want to thank you, so keep doing Fighting the Good Fight and do the work, and I appreciate you having me on.

Speaker 3 (30:00):

Well, I appreciate that you also have a Facebook group, don’t you? That’s growing and like a community, how do people get access to that? Or if they’re like, I need Jason to whip me into shape or help me get to where I want to be.

Speaker 1 (30:13):

You can go to our website, elevate mentoring.coach, and there’s all their information there. So Elevate Mentoring Coach.

Speaker 3 (30:20):

Cool. Well, then I want to give people a chance to get more Jason in their life because I like when, well, honestly too, when people come on and are very honest and vulnerable like that, and then also have the systems in place, not just to make the money but keep it. I like sending people that direction. It shows you want to be a better business owner than most people out there, so I just want to say thank you for that. So that was Elevate Mentoring Coach, coach, which very cool. I like that. The coach, so you could find him on Facebook. You could go there for the mentoring and the coaching, and then just follow Jason on the socials with Facebook. Then from here, all of them, just go out there and find ’em. Thank you so much for being on here and for sharing your story, and thank you for listening. I hope this was encouraging to you as a listener. Remember, to make Profit a Habit in your business.

Speaker 2 (31:11):

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

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

Episode: 242

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

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

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

Listen and enjoy the show!

Key Takeaways:

[01:01] Introducing Jay Conner

[05:00] Introduction to private money

[08:30] The Great News Phone Call

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

[13:18] Maintaining relationships with private lenders

[15:40] Private money vs traditional money

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

[25:18] Advice for real estate investors

[29:01] Connect with Jay Conner

Quotes:

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

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

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

Connect with Jay:

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

Tired of living deal to deal?

Transcript:

Speaker 1 (00:00):

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

Speaker 2 (00:34):

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

Speaker 3 (01:01):

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

Speaker 1 (02:07):

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

Speaker 3 (02:24):

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

Speaker 1 (02:43):

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

(03:38):

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

(04:27):

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

(05:18):

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

(06:10):

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

(07:02):

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

(08:11):

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

(09:06):

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

(10:04):

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

Speaker 3 (10:38):

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

Speaker 1 (11:17):

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

Speaker 3 (12:22):

Right? Yep.

Speaker 1 (12:24):

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

Speaker 3 (12:33):

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

Speaker 1 (13:22):

I mail ’em checks.

Speaker 3 (13:25):

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

Speaker 1 (13:33):

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

Speaker 3 (13:41):

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

Speaker 1 (13:50):

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

Speaker 3 (14:00):

Yep.

Speaker 1 (14:01):

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

Speaker 3 (15:27):

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

Speaker 1 (15:32):

Options. Does that make sense?

Speaker 3 (15:34):

Yeah, that makes sense. A hundred percent.

Speaker 1 (15:37):

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

Speaker 3 (16:14):

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

Speaker 1 (16:33):

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

Speaker 3 (17:33):

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

Speaker 1 (18:04):

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

Speaker 3 (18:20):

Yeah, me either.

Speaker 1 (18:22):

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

Speaker 3 (18:53):

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

Speaker 1 (19:12):

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

Speaker 3 (19:17):

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

Speaker 1 (19:20):

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

Speaker 3 (20:25):

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

Speaker 1 (20:50):

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

Speaker 3 (21:53):

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

Speaker 1 (22:07):

Well pay ’em on time.

Speaker 3 (22:08):

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

Speaker 1 (22:12):

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

Speaker 3 (22:42):

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

Speaker 1 (23:03):

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

Speaker 3 (23:06):

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

Speaker 1 (23:10):

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

(23:37):

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

Speaker 3 (24:31):

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

Speaker 1 (25:18):

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

(25:26):

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

Speaker 3 (26:11):

That’s so good.

Speaker 1 (26:13):

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

Speaker 3 (27:08):

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

(27:55):

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

Speaker 1 (29:01):

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

Speaker 3 (30:31):

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

(31:13):

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

Speaker 1 (31:51):

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

Speaker 2 (31:54):

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