Shifting from Employee to Business Owner Mindset

May 28, 2024

Title: “Shifting from Employee to Business Owner Mindset”

Episode: 234

Profit First helped a lot of investors. One of them is Trey Nixon, our guest for today’s episode.

Trey is a real estate investor, business owner, and successful entrepreneur. He implemented Profit First in his business and became successful in real estate.

In this episode, he will share how Profit First transformed his life. He will give you hope about this method and how it works. Enjoy the show!

Key Takeaways:

[00:57] Introducing Trey Nixon

[02:18] Life Before Profit First

[06:10] Marathon vs Sprint Mindset

[11:51] From employee mindset to thinking like a business owner

[20:19] Goal of helping other people

[25:14] The importance of systems

[27:16] Connect with Trey Nixon

Quotes:

[06:44] “There are two numbers that every investor needs to know. First, what do I need to run this business, and then what do I want?”

[11:05] “It took us a couple of years to get from employee mindset to understanding what Rich Dad wanted us to do… We were successful but living paycheck to paycheck.”

[13:14] “Be yourself. Be strategic. Organize and deploy your money, time, and energy strategically.”

Connect with Trey:

Website: https://www.skool.com/@treynixonofficial

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):

What I needed was I needed permission. I needed permission to go be successful to go do that, right? And I knew that I could do it, but even us, a guys type A driven people that can build a business, sell a business, whatever, it’s okay to just get permission from somebody. I needed permission from my coach to say, you are qualified. Go do this. Yeah,

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):

David Richter here. Have Trey Nixon on today who is a serial entrepreneur in the real estate investing space. You think you’re doing a lot just to listen to him. He also talks about how Profit First absolutely transformed his life and his business and how he went from waking up every night in cold sweats to actually being able to sleep through the night and just that process. So if you’re looking for a good episode to give you hope around the Profit First Method and how it’s worked, please listen to this episode to give you some of that in a shot in the arm. Thank you very much and enjoy the episode. Hey, welcome back to the Profit First RI podcast. Have Trey Nixon here today talking about Profit First for real estate investing and his business, but also what he’s doing in the real estate space. But I’m excited because I love when people have implemented and can give at least their perspective of what it’s done for their business and give you hope on the other end. So if you’re listening to this wondering what the heck Profit First is about, we’ll go into that. But Trey, thanks for being on the podcast today.

Speaker 1 (01:50):

Oh, David, thank you so much for having me. I’m excited to be here.

Speaker 3 (01:53):

Yeah, well, excited to have you because we know each other through a mutual connection that we both respect and that’s a mentor in both of our lives who also preaches profit first and making sure that we know where the money’s going. But I mean, how did you, let’s go right into it. How did you get into real estate? And I want to know, was there life before profit first or was there life you already had it implemented? I want to know, just go into a little bit of that story for people.

Speaker 1 (02:19):

Yeah, absolutely. My 32nd hero story, David, is I grew up dirt poor, made horrible decisions as a kid, and the judge said I needed some structure in my lifestyle. So I joined the Army right after high school and went around, saw the world, got to go to combat a bunch of times, lived in Hawaii 10 years. We had children in Germany all over the world. I didn’t start really investing in real estate until about 2011. I went full time in 2016 with house flipping because that was what was on HGTV and that’s what my wife wanted to do. And gosh, I fell in love with it, buying houses and renovating them and selling them, really just turning something old to new. And I was actually really good at it. I quickly learned that it’s the most capital intensive business on the planet. I have yet to find anything else that takes as much money and as much capital and as much energy and time as flipping houses.

(03:19):

I mean, you can do really great at it or it can just completely suck all the money out of your business every time you get some money. And so that’s what we realized is what we were chugging along and just throwing money at this thing. And in the background we’re like, wait a minute, we’re making money. We’re supposed to be rich, but it just doesn’t feel like it. And it was just sucking all the money out of us constantly and you really felt like if I don’t put this money back into it, the whole thing’s going to crumble around me. And that’s kind of what led me here to the book.

Speaker 3 (03:52):

Okay. So 2016 you started house flipping from when did you start the house flipping and intensively doing it to when you felt that emotion?

Speaker 1 (04:03):

The first year or two, you’re really on this high, it’s your honeymoon. Everybody and everybody in town’s like, oh, you’re great. Look at your products. Every lawyer I talked to was like, don’t stop. Don’t stop. If you need money, borrow it. And so I had to partner with people with local real estate agents that would say, Hey, I’ll give you all the money to buy it and renovate it and we’ll split the profit. And then I was like, wait a minute. I’m doing all the work and just keeping this little slice. Or if we don’t do great, oh man, that was a lot of work for nothing, but at least my exposure was down. And then we got into buying rental properties and other real estate and businesses. And so that’s when your profit just really starts dwindling away. You get shiny object syndrome when you make a little bit of money and you’re like, I can do this and this and this, and pretty soon you just watch that profit dwindle and dwindle.

(04:55):

But after those two years of really flipping full time is when I just kind of stepped back. We were going into that pandemic, that 21 timeframe when I was like, this sucks. This sucks. I should have just be dripping in cash. And then we got to that, the grass is always greener. I was envious of other people’s businesses, but I didn’t even know that they were completely out of cash too. And it was sucking them too. But I really was looking at let’s say wholesaler businesses saying, oh, I wish I was just doing that because they must have so much money. They’re not trying to buy 30 rentals and apartment complexes and laundromats. And those guys were looking at me going, wow, I have great revenue, but I have no assets. I really wish I was that guy with all the rental property and the apartment complexes. So there’s a real fine line that we had to figure out until we started paying ourself first, and it took years to figure that out.

Speaker 3 (05:53):

So what was the catalyst though? Was it that you were just sick of it and you found a system? I also beforehand you had said, Hey, I read Profit first after I had implemented kind of like the system already, your version of it. So what made you even decide to do something like that? Was it just like you were sick of it at that point? You were like, Hey, something has to change?

Speaker 1 (06:12):

Yeah, I had a really great mentor. His name’s Jim Hadden. He’s one of the best real estate agents in our market. I’m in the Augusta, Georgia market. It’s one of the best media markets in the entire country, especially in 17, 18, 19, 2020. And he’s the one that pulled me aside and said, look, you have to pay yourself first. I know it’s going to hurt when you get that check and you have all those bills and everything to pay, but you have to cut out what you intended to pay yourself. You make a great point in your book that there’s two numbers that every investor needs to know. The first one is what I need to run this business and then what I want, and I just kept whatever I needed came before what I wanted. And so eventually we would just get a check and I would say, you know what? We’re keeping that 10,000 that we said we wanted to, wanted to make 30,000 on this. I know that the next flip needs this whole check today just to finish the flooring and everything, but we have to take what we want first.

Speaker 3 (07:15):

So then you actually did it. It sounds like you implemented and started taking what correct. At that point

Speaker 1 (07:21):

I did, and that’s when everything changed. I started having some, I can sleep at night. Okay, well, we wake up in the morning and everything starts coming your way. You’re kind of like, but we have money. Like, hey, our bills are paid because we paid ourselves first. Now I’m not perfect. So we still, sometimes there’s times where we can’t pay ourselves first. There’s literally, and as investors, we tell ourselves, but if I just take all this profit and put it into the next deal, it’ll be way bigger. When we come out of that deal, guys, there’s always that next deal that needs funding. So if you don’t pay yourself first, it’s going to keep snowballing deal after deal after deal.

Speaker 3 (08:00):

Yeah. So you woke up one day after that mentor and it clicked and you started doing that. So how hard was it to maintain that? Like you said, sometimes even today it’s like, hey, sometimes it’s tough to do that because I think you hit the nail on the head too. You said it’s hard to take that mindset and think like, I’m scared. I’m scared to take money out of my own business and pay myself first. So what helped you to keep that mindset when things got tough?

Speaker 1 (08:29):

Really, it’s my wife. She’s such a stud. She’s still our CFO today. We’ve got bookkeepers and accountants, but no ones or zeros come through any of our businesses without her seeing them, knowing them. I mean, she’s just, A lot of people don’t like to work with their spouses or really say, Hey, you’ve got to hire all that stuff out. But if you love it, it’s something about it. So she’s really the one that says, Hey, we need money. I know you’re a serial entrepreneur and every time we hit a lick, you want to go start a new business or buy a new property. But that’s not the goal of this family. I’m the one that knows, that’s centered, that knows what this family needs, and we need income. So it’s great to be out there and say, I’ve got all this stuff and everything, but really my wife was the catalyst that says, we can’t keep doing this.

(09:19):

You can go get a great job. If you want a great job, go get a great job, Trey. But if you want to be in this for a marathon, not a sprint, we’ve got to make money. We’ve got to make money every day, every week. We have to make money in flipping houses. You’ll go 90, 120 days without a paycheck, guys, without a plan in place for that. You can’t do that for long. We are in a time where you can no longer just live on debt. In 2019, 2020, it was nothing for me to go out and borrow more money whenever we needed it. Those rates are different, times are different, and you just can’t do that nowadays, and that’s not sustainable for a marathon. So she was really the catalyst, and she still is today. I just had lunch with her and she was the one that said, great last week. Now what are you doing this week? I’m really proud of you for last week, but what’s coming in this week? And so she’s the stud.

Speaker 3 (10:15):

Yeah. Well that’s interesting. So where was she during those first few years? Was she not a part of the company yet and didn’t know the inner workings of the, I’m just trying to see the paint the picture before your mentor steps in and says you got to pay yourself. And then it sounds like the picture after is, I love what you said there that she’s like, this is the goal of the family and what we’re doing here. If you go down this road, that’s not the goal. I love that. And the marathon versus sprint mindset, but paint before that. And it sounds like you didn’t have someone in your life doing that for you at that time. Yeah,

Speaker 1 (10:50):

We were employee mindset. We were W2 guys. She’s a graphic artist by trade. I was in the army, so every two weeks we got a paycheck and you got up every day and you did what you were supposed to. So I think it took us a couple years to get from employee mindset to understanding what Rich Dad wanted us to do. So we were poor dad, we were successful, but living paycheck to paycheck, you’re talking about two 20-year-old kids with no kids making 150,000 combined and living paycheck to paycheck. It is what it is. I’m not scared to admit it. And I think that it took us a couple years to go, okay, we’ve got to do something different. Right, because we made a ton more money and we’re acting like employees, not business owners.

Speaker 3 (11:38):

Yeah, that makes sense. So was it then Jimmy Hadden, I think you said, was that the big change there when he said you got to pay yourself first? Or where was the catalyst for starting to think more like business owner than employ and W2 mindset?

Speaker 1 (11:54):

Well, like you say in your book, it’s a struggle. It’s a struggle to go from real estate investor to business owner. And I think it’s a natural fruition that we all go through as investors that come kind of where I came from as employee to weak weekend hobbyists to I’m leaving my job and I’m going to take this on full force. And so yeah, Jim was one of the masters of that and a guy that, not like me, but he gets up at 10 o’clock in the morning, he’s kicking it. He might play golf, he might do this and that, but he’s always okay, and he’s always levelheaded and he’s got his rentals and he’s got his businesses. And just watching him the way he did his life and his business and meeting more and more people that paid themselves first, because you step back and you go, how do I get to that place? How do I get to where you are? I can do it mentally, but there’s something tactical about it that I’m missing, right? And that was really paying myself first. So full honesty, full transparency, I still have struggles with that today. I do because I want every time, let’s say I get some money, I want to go do something else with it. What can we roll this into? And you don’t have to do that guys. Pump the brakes, pay yourself, be strategic, organize and deploy the money or deploy your time and energy strategically.

Speaker 3 (13:19):

So it was seeing people that had actually gone down that road and you saw his life signs. I was like, huh, that’s interesting. Or other people like him that had paid themselves first. That seemed like another catalyst as well too, to having to be like, okay, I want to do that. And you say you still struggle with it today. Now, today, what are you doing? Are you flipping still? Are you wholesaling? I know you’re coaching and helping other people. What all are you doing today in the real estate world?

Speaker 1 (13:47):

Yeah, let’s go down it because it’s not what normal people should be doing. But yes, I’m flipping houses. I’m building new construction rentals. I’ve bought seven apartment complexes in the last year and a half. I own laundromats, Airbnbs vacation rentals, long-term, single family rentals. I own a massive wholesaling business with acquisition managers and disposition managers. I wake up at four 30 and I go to bed about midnight every night. So I’m not telling everybody else to do what I do. I’m just one of those psycho people that you meet occasionally. You’re like, now I know why. Your life is a snowball and everything’s going crazy. And so probably about two and a half years ago, maybe two years ago during the pandemic, a good friend of mine named Paul Rush gave me your book and said, read this. And I thumbed through it. I didn’t read the whole thing.

(14:37):

And actually, I’m just being honest, I didn’t read it again fully until about two or three months ago. I was at my beach house and I spent the whole week reading it. I think I sent you an email and I was like, Hey, wow. And it completely opened my eyes again to some new businesses. You’re right. I just launched a coaching business in the last six months, and it’s income driven, which is one of my first businesses that’s income driven. And I’ll break that down for our audience is like I didn’t have to go in my savings account. I didn’t have to go into gobar and get into debt to start this business. I went out, I made sales, and I used that income from the sales to build the business. And I literally, I pay myself first before I buy anything else before another monthly subscription to Zapier or A CRM, I get paid. And you know what that does that allows my wife AKA, my CFO to go get it, daddy, good job. You didn’t take any of our money to go launch that new business. So I really like it. We’re putting some systems in place for that business that maybe we didn’t implement in our first couple businesses in the beginning.

Speaker 3 (15:45):

You are in all the things. Could I ask you how open and honest you’re willing to be on the podcast? No one will hear this. This is just between you and me. Just kidding. This is where I’m wondering why four 30, why midnight? Is this a deeper why in reason and something you’re building towards? I’m just very curious. I started writing down what all you’re doing, and then you started talking. I’m like, I can’t write it down. And I wrote down all the things,

Speaker 1 (16:12):

Right? Alex Har said, he wants to niche slap me. I dunno if you’ve ever heard of that. Yes,

Speaker 3 (16:17):

Yes.

Speaker 1 (16:18):

And even Tom Kroll, our friend, our mentor, he is like, you’ve got to niche down. You’ve got to niche down. I mean, you’ve niched down to profit first. I’m the kind of person that you can’t tell me how it’s going to feel, right? I’ve got to go feel it, and I always think that I can do more, and I’m working on that. I really am. I’ve seen some things recently that I really want to niche down and get into, but I spent a long time about 14 years in the Army. So getting up early is what I learned is my quiet time for sure. Even if I’m tired, I get up at four 30, and not that I go to the gym every day, but I’ll get up and I’ll read a book. I quietly with a cup of coffee. I get two hours to myself before anyone needs anything from me.

(17:04):

I really live my life and I wake up every day going, how can I be? My family’s number one servant and I would, here’s some free chicken for your audience. It’s like, guys, if you’ve been married, I’ve been married for about 17 years, wake up every morning and say, how can I be the number one servant to my spouse? You don’t have to tell her that. Just go and figure it out. It do it. And so that’s good. I’ve painted myself into a corner of waking my children up every morning at six 30, cooking them a hot breakfast. I drive them to school at seven 30. Awesome. I’m in the office by eight 30. I’m home every single day at four 30 in the afternoon. I cook dinner almost every night of the week, and I’m there to put them to bed every night. And that’s most important to me. That’s my why. Awesome. And I’m telling you, if you think you’re out there and you’re crushing it at a job and you think you to create a business where you’re never going to be home and you’ve got to work 70 hours a week away from your family, you’re wrong. You can focus on what you want and do what you want to do to grow outside of those hours. But my why is so that dad can be there whenever I need to.

Speaker 3 (18:04):

Yeah, no, I love that. No, that’s great. I’m glad that your family isn’t a part of that. I’ve had some times where you ask people and they’re just like, it’s the go. I want to work now so I don’t have to work again. It’s like, I’m glad you’re also building the life that you like today and that your kids see you during the day as well too, which is very profit first mentality. It’s putting in first things first, and you’re doing it in your own life now. That’s good. That’s good stuff. And I do, I agree that quiet time is very important in the morning, having those couple hours where you can just think.

Speaker 1 (18:36):

Yeah, and I’ll add to that. People hear that. They go, oh, four 30, I got up at four 30 this morning. I didn’t get up at four 30 Friday morning. So I get burnout. I’m 42 years old. But guys, we’re not getting up and digging ditches. We’re not getting up and breaking up concrete from big rocks to little rocks. But the mental part can get you just as well. So give yourself the time. This is what I tell people, stay at home moms. You have a harder job than anybody that I know, but if your kids wake up at six 30 and you wake up at six 30, that’s not how to start your job. Get up a little bit earlier and be ready for ’em. We would never walk into a bank job that you have to be there at nine. We would never wake up at 8 42 and throw in our clothes and just walk into our job.

(19:21):

We would have to backtrack a little bit. So give yourself some time. Give yourself some grace no matter what your job is and prepare yourself. So it’s not like I’m up early doing pushups and yelling. I look forward to it. I wake up and I look at the clock and I, I could go back to sleep for two hours, or I could get up and have my coffee and in the living room with the lamp on and no one’s here, and I can look at my social media and I could do my emails and I can make my power list and everything that I want to do that I know will make me successful because I’ve implemented already before, previously. It’s exciting.

Speaker 3 (19:54):

Yeah. Well, I love it. You’ve got a lot of drive there. You’re still going. Yeah, that’s good stuff. You’re in all the things. Okay. You said also you might want to niche into some things. Is it things you’re currently doing or is it new things that you aren’t doing?

Speaker 1 (20:10):

Yeah, what I realized is I’ve got the real estate thing. We’ve got it. We’re doing large syndications. I’m looking, my next acquisitions a $15 million apartment complex that we’re going to close on sometime in the second half of this year. We got that. What I didn’t realize was helping other people fill my cup up so much, David. I mean, I was antico, right? I was like, I don’t need a coach. I’m not paying for a coach. I can learn everything on YouTube and I’m smarter and I’m stronger and I can work faster. And then I humbled myself and I paid for a coach. I said, you know what? Let me just try it. And I changed my life. I have added hundreds of thousands of dollars of revenue in areas that I never thought I could just by hiring a coach and someone that’s better at it than me.

(20:56):

And so that passion right now is coaching, is helping other people learn how to start or scale a real estate business. And that’s not niched down. Starting a real estate business is the big open wide aperture. But ultimately, I’m just getting filled up by it and I love it. And I don’t know what the niche is going to be. I’ll tell you, I haven’t told anybody else on any podcast, but I really love exit strategies. I love the philosophical thought through process of exit strategies, meaning we have so many people that are getting into wholesaling, right? Lead generation, wholesaling is so hot right now, but they paint themselves into a box. If it’s not a three, two brick on a slab, 1100 square feet, I don’t want to even want to hear it or see about it when we really need to look at our exit strategies and say, Hey, is this a wholesale? How do we wholesale this? Is this an assignment a double close? Do we joint venture jv? Is this a good candidate for a burr? So I’ve got a top 10 exit strategies that I love to go down with my students and my clients, and it’s just I watch their eyes open up and then within weeks they go, Hey, this is a great one for this exit strategy. So when I think about my niche all the way down there, it’s really about getting people exit strategies down where they are, if that makes sense.

Speaker 3 (22:13):

Yeah, no, I like that a lot. You’re helping people niche into their own niche, it sounds like. What makes sense for them? And the thought process of what do I do with this property once I get it in the door and what’s best for me, my situation or profitability or whatever it is that they have. I like that a lot. Yeah. Well, you’ve done all the things. So now it’s like if you do all the things and you have the different exit strategies, you can also help in that way too. You’re not just saying words. You’re actually saying, this is what I’ve done. This is where I’ve gone. And being able to be a better coach to those people and a mentor as well too. I do how you said that you had to humble yourself to pay for a coach. I think that is so key because so many people are out there.

(23:01):

I could just YouTube all the things you were saying. It was just so good. I could do all this, but I needed a coach as well. And I say that I resonate a hundred percent with that. I needed to make sure I had good mentors in my life. We share, like I said, we share a mentor. We have Tom Kroll in our life and other people in our lives as well too, that just help us on that path. So I think there’s really, if you’re wanting to build a real business, you have to have people that have been there that can help you navigate those waters as well too.

Speaker 1 (23:31):

I would say that what I needed was I needed permission. I needed permission to go be successful to go do that, and I knew that I could do it. But even us, a guys type A driven people that can build a business, sell a business, whatever, it’s okay to just get permission from somebody. I needed permission from my coach to say, you are qualified. Go do this.

Speaker 3 (23:57):

Yeah, yeah. It’s all out there, right? All the people that you see posting about, oh, they just got started and now they’re just coaching. And sometimes we need validation from those people in our life like, Hey, is this time, is it time to go out there and do this? If you’re been in real estate, we have ups and downs that you’re part of it still today. You’ve got the ups and downs of real estate. It’s like, am I qualified to do this and to teach people? And I love how you said that sometimes you just need someone who’s good, who’s a guy that helps you make those decisions and be able to say, you know what? Yeah, go out there. Help people. You’ve got something to bring to others as well too. Now, this has been great. I love this because I love the journey.

(24:36):

It sounds like you got into real estate, had the W2 mindset, then really walked that path and started to feel the pinch and then had good mentors in your life pointing you to like, no, this is a better way to man some money on the backend. Then you’ve also got who else here? You got everything changed when you were able to pay yourself first, then your wife helped you. So it’s like having the help from home. That’s huge too. We could probably spend a whole episode just on the spouse relationship as being an entrepreneur, especially if they work with you as well too.

Speaker 1 (25:09):

A hundred percent. And I will say that one of the things that new investors or new business owners don’t realize is the importance of systems, systems and processes. You have a quote in your book, it’s a Dan Kennedy quote, but it’s something like All wealth is created through systems or processes or something like that. I love Dan Kennedy, and you put that quote right at the beginning of what chapter in your book, and I circled it in the book, and I remember being like, what are my systems? What are my systems? And guys, we don’t even know that we have systems because we haven’t written them down. We haven’t formalized them, we haven’t taken, and it’s not some super secret process where you’ve got to go buy yourself away from your family and lock yourself in a room and figure this out. Some gurus might tell you, man, it’s literally just writing them down. Take a binder and a notebook and just start writing down what you do during the day and work and create ’em from that. But as soon as I started putting those systems in processes, not just on paper, but into practice and it takes discipline, that’s when I started being able to pay myself first or profit first in real estate investing.

Speaker 3 (26:19):

Yeah, sounds like you had that system for your cash, so it helped you a lot there. Man, this has been great. So let’s see. Jim helped you a lot. Tom has helped you a lot. You got your wife helping you a lot. It’s like so many people right in our lives that have helped us along the way.

Speaker 1 (26:34):

And David Richter, man, you took the time to write this book and teach people, man, and I’m grateful for that. And thank you very, very much for that. And if you’re listening to this and you haven’t read his book, it’s a simple, easy read. Grab it on Amazon today. It’ll absolutely change your mindset if you’re struggling right now with your cash monster.

Speaker 3 (26:54):

Yeah, I appreciate that. You’ve probably quoted the most to me of my own, but this is good stuff. I appreciate that a lot that you didn’t just read it, but you took notes and came prepared as well. So Trey, how do people get ahold of you if they want to get more of Trey in their life, whether it be for coaching or whether it be, I don’t know, just connecting with you or whatever you want to do.

Speaker 1 (27:13):

Yeah, yeah. We got all kinds of crazy content out there right now. You can on any social media channel, you can find me at Trey Nixon official or at Fearless Flipping is our community. We’ve started an amazing free community that’s centered on real estate investing. So if you’re interested in launching or scaling a real estate investment business, this is a free community there doesn’t cost anything to join. There’s hours of courses on there. There’s free weekly coaching calls with myself on there. Every Tuesday night after dinner before the kids go to bed, you can jump on and talk about real estate with me. We have a couple hundred members in there, but like I said, it’s absolutely free. So if you’re looking for another resource in your life, find me on school. School is a new platform. It’s S-K-O-O-L, and I’m fearless flipping, so you’ll find me on there and I look forward to seeing you.

Speaker 3 (28:03):

Cool. So you can find ’em on the school platform. I love school. School is such a great way to disseminate information, and I love that you’ve set up that free platform to get people started off there. So go to school and then you would just type in the search, fearless flipping, and then you can follow him on his socials. Trey, this has been awesome. And if you were just like Trey and you were feeling like making money, but where the heck is it all going and all that stuff, you can head over to simple cfo.com. We could get you started at least with a financial leader to give you and speak business owner and just tell you where’s your money’s going and how can we set a profit first in your business and really making sure you know where your money’s at, because that’s really the power, the magic of not only making it, but keeping it as well too. So simple cfo.com, thank you for being a great listener and making sure that you as a business owner make profit a habit in your business. And then, Trey, thank you again for all the wisdom that you shared on this episode today.

Speaker 1 (28:55):

Thank you, David, and God bless.

Speaker 2 (28:57):

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

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

Episode: 242

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

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

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

Listen and enjoy the show!

Key Takeaways:

[01:01] Introducing Jay Conner

[05:00] Introduction to private money

[08:30] The Great News Phone Call

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

[13:18] Maintaining relationships with private lenders

[15:40] Private money vs traditional money

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

[25:18] Advice for real estate investors

[29:01] Connect with Jay Conner

Quotes:

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

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

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

Connect with Jay:

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

Tired of living deal to deal?

Transcript:

Speaker 1 (00:00):

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

Speaker 2 (00:34):

Speaker 3 (01:01):

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

Speaker 1 (02:07):

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

Speaker 3 (02:24):

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

Speaker 1 (02:43):

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

(03:38):

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

(04:27):

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

(05:18):

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

(06:10):

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

(07:02):

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

(08:11):

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

(09:06):

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

(10:04):

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

Speaker 3 (10:38):

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

Speaker 1 (11:17):

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

Speaker 3 (12:22):

Right? Yep.

Speaker 1 (12:24):

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

Speaker 3 (12:33):

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

Speaker 1 (13:22):

I mail ’em checks.

Speaker 3 (13:25):

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

Speaker 1 (13:33):

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

Speaker 3 (13:41):

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

Speaker 1 (13:50):

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

Speaker 3 (14:00):

Yep.

Speaker 1 (14:01):

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

Speaker 3 (15:27):

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

Speaker 1 (15:32):

Options. Does that make sense?

Speaker 3 (15:34):

Yeah, that makes sense. A hundred percent.

Speaker 1 (15:37):

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

Speaker 3 (16:14):

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

Speaker 1 (16:33):

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

Speaker 3 (17:33):

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

Speaker 1 (18:04):

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

Speaker 3 (18:20):

Yeah, me either.

Speaker 1 (18:22):

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

Speaker 3 (18:53):

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

Speaker 1 (19:12):

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

Speaker 3 (19:17):

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

Speaker 1 (19:20):

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

Speaker 3 (20:25):

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

Speaker 1 (20:50):

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

Speaker 3 (21:53):

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

Speaker 1 (22:07):

Well pay ’em on time.

Speaker 3 (22:08):

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

Speaker 1 (22:12):

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

Speaker 3 (22:42):

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

Speaker 1 (23:03):

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

Speaker 3 (23:06):

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

Speaker 1 (23:10):

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

(23:37):

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

Speaker 3 (24:31):

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

Speaker 1 (25:18):

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

(25:26):

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

Speaker 3 (26:11):

That’s so good.

Speaker 1 (26:13):

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

Speaker 3 (27:08):

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

(27:55):

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

Speaker 1 (29:01):

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

Speaker 3 (30:31):

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

(31:13):

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

Speaker 1 (31:51):

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

Speaker 2 (31:54):

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