So Long, Corporate America: Paul Thompson’s Journey to Freedom and Abundance

August 29, 2022

Episode 108: So Long, Corporate America: Paul Thompson’s Journey to Freedom and Abundance

The Profit First REI Podcast

August 29, 2022

David Richter

Summary:

Paul David Thompson is always on a mission to help purpose-driven men and women entrepreneurs break the mundane corporate cycle by teaching them to start investing. He’s an expert in scaling up businesses to the next level by guiding aspiring real estate investors through the process of closing record-breaking deals. Today we dive into the finer details of how he’s able to incorporate the Profit First system so he can attain a life of abundance and live his life by design under his control.

Key Takeaways:

[1:56] How did he get started in his real estate career?

[4:42] How does he get passive income in a quicker way?

[8:34] What were his early lessons on money like, and how do they compare to how he thinks about money now?

[13:08] What money mindsets does he want to pass on to his children?

[16:36] What are his thoughts on the Profit First system and how did it help him through his business?

[18:30] What other benefits from Profit First has he found out and how does it give him a sense of clarity and control?

[23:08] Take what the market gives you

Quotes:

[3:50] “You’re constantly adjusting to the marketplace and to what marketing channels work, building systems and processes and people around having a business that does that consistently.”

[9:09] “When you find the opportunity to raise money in real estate, it’s not hard to make money.”

Links:

My Freedom Foundry –https://pauldavidthompson.com

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

Simple CFO –https://simplecfo.com

Tired of living deal to deal?

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

Transcript:

Paul Thompson:

Look for something else that might make sense for you run an experiment or go get the training that you need to understand that this new strategy and the principle of real estate investing that I wish everybody would take or understand is to take what the market gives you.

Intro:

Welcome to the Profit First REI podcast, where real estate investors, master financial management, eradicate entrepreneurial poverty, and learn to be profitable from day one. Now for your host David Richter,

David Richter:

Hey everyone. Welcome back to the Profit First REI podcast. This is your host at David Richter, and I have Paul Thompson here, another special guest, and he is an incredible human being. He has done real estate for a while. Now. He’s been, you know, he’s flipped, he’s done a lot of different things in the real estate investing world helped a lot of other people escape the rat race too, which is what is super exciting because he not only does the real estate, he helps other people get to where they want to be, especially busy professionals. If you are going like from a W2 job into real estate investing, this is your guy. And he’s also, he has the, My Freedom Foundry, which is the mastermind education portion. I’ll let him share about that. But I see Paul at several, the masterminds that I’m a part of, and we’ve kept in touch over the years here. And I just love what he’s doing. A lot of people respect him and I’m super excited to have him on a podcast. So, Paul, thank you for being on

Paul Thompson:

Well, I sure appreciate you. You, you having me, I’m real excited about our conversation. Yeah,

David Richter:

Yeah. Let’s so let’s dive into it. So who is Paul Thompson? Let’s get, let’s dive deep into this actually just from the real estate perspective, you can, he can keep the other stuff there. I’m just kidding. So like what, so what, how did you get started with real estate investing? Where are you now kind of like, just tell us your journey.

Paul Thompson:

Yeah. So I used to work in corporate America and it was an okay life. But I got tired of having to ask permission to go on vacation. So I wanted a way out and I found that real estate was my way to be able to control my time. And so now I take my kids to school. I pick ’em up from school and I’m, I’m a very present dad. And those, those time with your kids as they’re growing is just so precious and fleeting that I’m really trying to savor it as much as I can. So in real estate, I have rentals. I do flips, I wholesale, I do lending and I also have started a land business. So kind of got my, I got a lot of irons in the fire, but I’m always looking for like the next strategy. I, I, I just can’t help myself. So I’m always tinkering with new experiments to see what works

David Richter:

Awesome. So you, because you are still in real estate investing, so when did you start your real estate investing career? How long ago was that?

Paul Thompson:

So since 2015 bought my first rental property, and then I just started buying a lot of rental properties. And along the way, I kind of realized that to replace your day job with the single family rentals all by itself is possible. But you need a lot of properties, especially if you’re using leverage. I mean, you really need just a huge portfolio to have that have the cash flow from rentals, be all that you have for income. So I look for other ways of making more of an active income to replace my day job. And that’s where I got into the flipping and the wholesaling more. And then I just found it as a way as a viable way to find my own deals is to become the, we buy marketing type person, whether I actually wholesale or not. Isn’t the point it’s finding in and being control of the deal. And that’s where I’ve spent most of my time, because that is a constant algorithm. You’re, you’re constantly refining, right? I mean, you’re very familiar, familiar. There is not a set, forget it strategy. You’re constantly adjusting to the marketplace into what marketing channels work and building systems and processes and people around having a business that does that consistently.

David Richter:

Oh yeah. Yeah. It is a constant, it is something you are constantly refining. We are not in a big corporate conglomeration that, you know, has these systems, processes, procedures down and we’re not, McDonald’s you make the same burger every single day. It’s you are constantly reinventing that burger and can we make a better one? Can we help people in a different way? So I totally understand that. So then in your real estate investing journey, then with where you are now, then you mentioned the single family residences, you know, it will take a while to get there. So have you branched out besides flipping in wholesale, like to get more of the passive income or to get more of that, you know, like, I don’t know, multi-family or syndications, or like what, what is your take on trying to get there in a quicker way than like you said, the long slog of single family?

Paul Thompson:

Sure. So there’s a couple of ways to do about that. There is a strategy I like about buying like portfolios of, of, of single families. Okay. And I’ve bought a couple of small of those. Some of the people I work with in my mastermind, they have kind of gone into that full boar and they’re buying like 20 and 40 at a time from old landlords. Yeah. So that’s an interesting strategy. I haven’t bought really quite that volume and I have seriously considered multifamily among multiple times. I’ve been in transactions that ended up not going to plan and we had to ended up having to back out because the numbers didn’t check out after due diligence. Mm-Hmm <affirmative> so I’m, I’m very much studying that, that part of the, of the business, but I’ve yet to find the deals that make sense. Right. So in this current market cycle, finding deals in like finding a multifamily that has, that is trading in a decent cap rate that you can do a value add too.

Paul Thompson:

It’s just really hard to come by. And I haven’t spent all of my time energy in that because I’m not really sure. I really want to be a, I wanna manage more properties. I’m just not sure I’m into that. What I am into is building businesses and being a kind of like an entrepreneur. That, to me, that’s much more interesting than holding more units. Like, you know, I have enough units, so like I have consistent cash flow. I don’t need more units, but I like building businesses. And I like learning what it becomes to be the inter entrepreneur that can successfully run businesses. So my current endeavor, I guess I have two endeavors. One of them is, is lending, which really in this scheme of think is pretty easy. Because you learn how to underwrite deals instead of doing yourself, you lend it.

Paul Thompson:

So I have a very small hard money lending business where I have a couple investors and we just lend to people here in Arkansas. Now what’s really new and interesting for me is a land plays. So I am buying properties like farmland and converting it into residential development. So that to me feels like a blue ocean strategy. Whereas the whole selling business is a red ocean and it is like, it is so competitive. The market is so tight and it’s in where every you’re kind of being impressed on all fronts when it comes to the whole selling side of things. And, and I think you probably would hear that from most of the people you talk to, it’s a consistent theme. Like I don’t think what we think of whole selling now will be the same way in five or 10 years. Like it’s just gonna be legislated out of practice. We’re gonna have to double close and everything. And it’s just gonna be a harder business to get involved in. And I’m trying to, I’m looking for kind of that, that next blue ocean strategy. And I think that the residential development is a huge opportunity in the marketplace in nearly ever every major major market.

David Richter:

Awesome. I love that. And I love what you said about businesses and like going that route versus just the single family residential all the time, because that’s where most people, like if they read the rich dad, poor dad or these different types of books, it’s like, that’s what we automatically go to. Oh, that’s the passive income that mm-hmm, <affirmative>, everyone’s talking about. It’s like, well, no, not necessarily because maybe for you, it is, or maybe for other people it might be, but then there’s people like Paul who are like, no, this business can provide me some measure, a passive income. And sometimes businesses are better at providing that because if you’ve got, you know, maybe a technology business or a service based business that other people are running for you, then it’s like, okay, then this might be more passive than even some of those rentals, cuz unless you’ve got a great property manager, right. You’re probably never gonna be passive truly with a single family, you know, property. So that’s what I love what you said there about acquiring or you know, like going after that and building the businesses, being that entrepreneur. So I think that’ll resonate very much. So I want to get into the money side a little bit here. Mm-Hmm <affirmative> since the private first podcast. So I always like asking now what early lessons did you learn about money and how does that compare to how you think about money today?

Paul Thompson:

Well this is not necessarily about managing money, but it’s more about the, the mindset of money. Yeah. And that it’s, it’s abundant and it is, there are tons, it’s not the limiting resource that most of us think it is. So when you learn how to provide value and focus on the value first and figure out how to create a solution to a problem that people are willing to pay for the money tends to follow mm-hmm <affirmative>. And when you find the opportunity in our business in real estate, it’s not hard to raise money. There’s lots of people who don’t know how to be at the entrepreneur and or don’t have the time or the energy or the inclination to do so. And they’re happy to get a reasonable yield on their, on their money for you and let you use it in all different ways.

Paul Thompson:

You can do private money, you can do syndications, you know, there’s all of different permutations of that. And that’s what I’m doing with my hard money lending businesses. I have some money, my money in it, but most of it is other people’s money. And there that is now funding a lot of the deals that I’m doing. So it’s very funny to like I write businesses are like, I write the promise or note mortgage to myself. So I’m the signatory, both as the borrower in as very strange, but sometimes we lend to other people as well. And so when we lend to other people, then we are we’re what we’re doing is we’re offering an opportunity to other people who have gone out and found the deal. And so that gives me the opportunity to then be passive. And so the money’s abundant.

Paul Thompson:

So the finding the, the deal is really the, the, the magic sauce in our business kind of better. It’s very competitive and find when you find a deal, then you have like the, the really the limiting resource. It’s not access to capital. Now, when it comes to more of the mechanical aspects of, of money, I found myself being very guilty of being a new entrepreneur and just using the making decisions based on the bank balance. And I was inept at QuickBooks and I, I would probably consider myself still INEP to QuickBooks, but I have someone in place to my team now who is a, you know, former compro for a large company. And she’s my personal kinda like financial assistant now. And she runs my books. And so I go to her now and say, okay, I need to understand what’s happening in my business.

Paul Thompson:

Here’s what’s happening in QuickBook or, but are here. I think I’m reading QuickBooks correctly. Like I all the reports and I kind of run everything by her now. And that is kind of my way of having kinda like a, a third party to talk to that has a lot of experience and is able to allow me to know my numbers clearly, because naturally I’m not, I, I mean, I know numbers, but I’m not a numbers guy in that I don’t sit around. I’m not an accountant type. Like I I’m, I’m a visionary. I make a decision and I move on. Right. But I, I need to make a decision based on good data.

David Richter:

Right? Yeah. That’s so good. Cuz how many of us do that? We just look at the, you know, we’re, we’re not in control of what’s going on in the business because you know, we don’t have that train. We’re not accountants. Like we didn’t become entrepreneurs to become accountants and numbers people we were going after that deal. Now what you said too, about the deals like that is the limiting resource. And that is once you figure out, like you said, how to provide value, that is the limiting resource. A lot of people don’t sit and think and think, how does this provide value? How much value does this provide? Is there a market out there for this value that I’m looking to provide? And is there someone actually willing to pay for the value out there as well too, and starting to test that? So love that.

David Richter:

That was great. I think if you just take that away from this podcast, if you’re listening right now, then you can back that up, you know, listen to that a couple times over and just like, that is the real limiting resource. It’s what you create. It’s what you’re creating with that value and how you go out there. Whether it’s a deal, a property, a big multi-family, you know, syndication or whether it’s just a new business idea that you’re like, oh wow. Like while I was doing real estate, I figured out there was this one huge need in the real estate investing world that, you know, or whatever, you know, that could help anyone. So that was really, really good. Then I like to ask too, cuz I have a daughter, but how, again, you mentioned you, your children wanna pass things on to them and like spend time with them, which I love that. That’s like why we build businesses right. To free up our time and like actually spend more time with our kids. What do you want to pass on to them when it comes to money? Like the mindsets around money and like, what do you wanna pass on to your children?

Paul Thompson:

It’s so interesting because children come out how they come out. Like they have their own little personalities. If you have more than one, you recognize this you think that you can pass on some information and sometimes kids just have to learn stuff the hard way mm-hmm <affirmative>. So my, my oldest spends it as soon as it gets it, my youngest is a constant save room, so it’s and they are just gonna have, that’s just the way they are. So it’s easy to feel like, well, I’ve done a good job with my daughter because she’s a saver. Well, no, it’s not me. It’s her personality. Right, right. Whereas with my son, it’s like, you know, I, I can’t seem to get through doing like the idea of, of spending money as he earns it and put, puts it away. And you know, it just, I don’t know.

Paul Thompson:

Once I figure out how to raise kids effectively when it comes to money, I’ll, I’ll write a book about it because I sure don’t know. The one thing that I would say that I have learned is to let them make mistakes, is to give them experience with money at a very early age, as soon as you can and be allow them to kind of suffer with the mistakes that they’ve made and don’t come in and rescue them for every, every time they make a mistake, don’t don’t swoop in. And like, like this, this thing, like, you know, don’t raise a prince, right? Like let him suffer, let him go through the hard knocks of not having what he wants. And he has to go figure out a way to earn the money. That’s the best thing that happened to me when I was growing up is I was 16.

Paul Thompson:

And I had realized that I had to earn money and it’s like, oh, that’s when it hit me. That, that how I started developing my, my money patterns then, and my parents were very good at, by telling me don’t get into debt and you know, I’m go, I’m going to college. So it’s kinda the same thing from, for my, my son, don’t go into debt and you’re gonna college come one way or another you’re you’re, you’re going, going to college and, and we’ll, we’ll help you get there, but we want you to try and figure out a way to get there yourself.

David Richter:

Yeah, no, I love that. Those, those are great principles. Great ideas. And one thing I thought of when you were saying that, you know, like with the personalities of like saving and spending, isn’t it funny because even if you come from an entrepreneurial background or, you know, like your kids are growing up in probably a different environment than a lot of other, you know, kids in with their parents, especially the people that you help, those busy professionals of, you know, just go to work, get a good job, but then we grow up and then if they get the entrepreneurial bug, they’ve still got the same tendencies saving or spending. And that’s what we all are as entrepreneurs. It’s like, we’ve still got that. And that’s why, that’s why we love this system too, to like help people get no matter where you are, which end of the spectrum, if you’re a saver, learning how to spend on the right things, you know, and if you’re a spender learning how to save for the right things and for the right time.

David Richter:

So love that. Love how you said it. They are who they are. And I just have to guide ’em and then making mistakes. Like that is one of the biggest things that I feel like school trains out of us right. Is like that it’s wrong to make mistakes. And then, but if you have good parents, good emotionally intelligent parents that say, no, it’s okay. You made a mistake. Guess what? Good. You know, like that just makes you, you, you are one step closer to actually succeeding, but then, you know, I love that, that mentality that’s really good. And really helping, not just for, I that’s, that’s not just a good lesson for children. I think anyone listening to that, that’s good. Make those mistakes, get out there, do the things that you need to do in order to get to where you want to be. Mm-Hmm <affirmative> so let’s talk about then Profit First in that system. How long have you been using that? Cuz you’ve been using it for a little while here with, since we’ve talked even yeah. A

Paul Thompson:

Couple

David Richter:

Years ago and like how that system has helped you and what just your thoughts around Profit First in real estate investing?

Paul Thompson:

Well, I love it. I, as soon as I found it, I thought, oh, okay, this, this is like a systematic approach to solving the, the problem that I was guilty of, which was making decisions based, based on the bank balance and not looking at my reports in QuickBooks and not having clear numbers. And so I’ve tried several iterations of Profit First. And I think I may have mentioned in the last podcast that I’ve never bounced so many checks or really any checks until I switched to crop Profit First, because then you take all this, this capital and you spread it over all these accounts. And in that transition time, you, you have to like keep the car running. Right. And so I would, I would cut checks and, and the money wasn’t where it was supposed to be at the right time. And I was like, oh, it was quite the system. And I have actually switched to running Profit First inside my QuickBooks system. And I don’t now don’t, don’t have the six bank accounts. I have one bank account operating account. And then I do everything else outside of it in, in, in QuickBooks, which I know isn’t necessarily the way it’s taught, but it’s, it’s, it’s the same principle. So instead of it being actual different buckets, it’s just virtual buckets inside of QuickBooks. And so now when I make decisions, I go to QuickBooks, I make decisions based on the sub-accounts that are in QuickBooks.

David Richter:

Awesome. Cause yeah. That’s, unless you are Paul and can get that discipline, you know, that or know how to manage QuickBooks, that is definitely like more way, way, way down the road. Yeah. And I just yeah, but it’s amazing that once you start looking at that, that way of like spreading it out over the accounts that it is like, okay, I have this much for this specific expense or this for the profit or this for the, my pay or whatnot, and becomes a lot clearer where, where that money’s going. So what other benefits from Profit First, have you found, you know, like as you’ve been on this system, does it give you more clarity control decision making? What is some of the big things that would stick out to you?

Paul Thompson:

Well now would I make investments on new, the way I used to make investments for how to do this whether or not I’m gonna go into a new mastermind program that I pay for, right? Yeah. Or whether or not I go and do a new experiment with marketing and managing the marketing budget, which can be quite high in our business. I, I used to just kind of do that off the cuff. I would just like, it feels right now I’ll, I’ll give it a go. And so now I like have an allocation for that. Like I have a, like, this is my education bucket. See, what’s nice about, about doing it in QuickBooks is like adding a second seventh, eighth, ninth, 10th bucket doesn’t matter anymore. Right. Mm-Hmm <affirmative> because it’s so easy. So lie. You’re not having to involve the bank in it.

Paul Thompson:

So it becomes just a whole bunch of buckets. Basically the envelope system that we’ve all heard about from, from we were kids, right. And it’s just a virtual envelope system and inside of QuickBooks, and again, I’m not the one that’s actually creating this. I’m like telling somebody else I wanna do this. And they do all the work for me and I’m paying them to do so. And when I thought about hiring a, basically a bookkeeper that was not just like a $25 hour VA type, and this was like an experienced, you know, constant professional, I’m paying her, I think $55 an, I mean, it’s like, it’s, it’s not champ change. So that was a decision that I made based on what I was at the time was doing with the the what I would consider the more traditional private first system. When I had bank accounts, I was like, okay, this is money that I have set aside for this, basically a hire.

Paul Thompson:

And now I want this hire to go put it, get my books in order for one, and then create a system where I’m not having to bounce actual digits in between accounts and the bank account. Right. Because I’ve found that I find that to be a bit cumbersome, like part of the, the, the design of private first is that it’s meant to be cumbersome. So you can’t like, do do yourself wrong by just being cheat, you know, by cheating, you know, well now I have to talk to somebody else anyway to do it. So I can’t even move the money. Like I have to talk to my comptroller to like move money. Right. Mm-hmm <affirmative> so, so I’ve kind of created that same approach to where I, I have to interface with somebody else to override my bad behavior. <Laugh> right. And that’s really what we’re all about, right?

Paul Thompson:

Yeah. This private first system is this overriding kind of this default bad behavior that we, some of us tend, tend to be, or most of us probably tend towards. So having an allocation for the right kind of investment, typically in marketing or hiring somebody new. And like, if we do this, we actually make projections on what, what kind of revenue this would come out of it. And then we set experiments. So by January 15th, I’m currently running experiment, but January 15th, if I don’t get the results I have for it, that, that that’s a failed experiment. And we pull the plug on that marketing channel and we do something else. Right. So that systemic and, and we meet a lot of this is like different systems overlapping, but it’s like the Profit First system, knowing your numbers and then having consistent meetings and then having measurable outcomes for your experiments. When you overlay all those things together, it kind of prevents you from being kind of dumb in your own business, right? Yeah.

David Richter:

Oh no, I like that. I like that a lot. So that’s what it’s all about. It’s creating those habits, discipline systems to keep you from not stealing from your stuff to get, to be actually profitable in your business. And I like how you set that up, even though it might not be the physical bank accounts that you have, you still have to go through someone to be able to right. You know, to go through that. So then that’s what it’s about. It’s making sure that you have those systems in place. So now this has been awesome. So Paul, just a couple last questions here, then what, just give some last minute advice here to the real estate investing community, listening to this podcast, what would be something that you would wanna impart to that?

Paul Thompson:

Well, if you’re in the market right now, you’re, you’re probably wondering what the market’s going to do and what makes sense is what you’re doing now. Like I I’m finding what I’m doing now is not working as well as it used to. And it might be time to pivot or it might be time to double down. And it’s kind of like the, the space that I fi I find a lot of people in. So I like to do that via experiments. Like what’s the minimum viable outcome that I would like to run this experiment and figure out if this new, in my case land deals makes sense. So I, I, if for those of you who are out there, look for something else that might make sense for you run a, an experiment or go get the training that you need to understand that this new strategy and the, the principle of real estate investing that I that I wish everybody would take is, or understand is to take what the market gives you.

Paul Thompson:

And this is not the kind of business where you’re gonna be. You’re gonna be in one business for the entire time and never do anything else more than likely. So if you have long term rentals, could you run some of those long term rentals as corporate rentals, which is an experiment that I’m doing right now as well. So I’m taking like two or three properties for my portfolio that are long term rentals have been steady, such consistent long term rentals, but they happen to be near hospitals. Could I not convert those over at put $10,000 into it, and then convert those over into corporate rentals for, for traveling the nurses typically and, and double or triple my income by doing that one thing by spending $10,000. And if you do the, the return on investment, it’s, it’s a, a compelling argument. That’s an experiment that’s taking what the market gives you. Right. So look at your portfolio, look at your strategy. Is there something that isn’t working in the market right now that you could adjust to work with? What is working in the market right now?

David Richter:

Awesome. No, I love that. So that’s there’s been a lot of value provided here today. You’ve heard a lot from, you know, from money is the abundance and making sure that, you know, that your, the thing that you have limited access to is your mind the value that you create, the deals that you can secure. And that’s really what it’s all about too, then right there, like looking for what you are good at and what can running those experiments. And I love that. We don’t talk about that enough. We, if you’re in the marketing world, you hear that all the time. Yeah. Run split, test, run AB test. You know, like if this doesn’t work, tweak this, and it’s like, same thing in real estate, like we have to be, you’re ultimately marketing a product you are marketing to purchase and you’re marketing to sell, or you’re marketing for rent or whatever it is. Mm-Hmm <affirmative>, mm-hmm <affirmative> so just learning those, those foundational principles. So Paul, since you provide a lot of value, how can listeners provide value back to you? What are you doing? I love what you do with busy and professionals. So like talk about what you’re doing right now.

Paul Thompson:

Sure. So I, I, I run a community of, of investors who are either busy professionals right now, looking to transition out of the corporate world into being real estate investors or real estate entrepreneur entrepreneurs. And a lot of the people in, in the community are also existing full-time real estate investors. And I have a mastermind around that. So we talk about real estate all the time. And if you want to hear any, anything about all those programs or products you can go to my freedom, foundry.com,

David Richter:

My freedom Foundry. You wanna spell Foundry? So people

Paul Thompson:

Let’s see F O U N D R Y. Okay. So it’s where we forge freedom. Mr. Foundry will re forge freedom.

David Richter:

Myfreedomfoundry.com is where you can find him. I can’t endorse Paul enough. Thank you so much for coming on today. Paul imparting your wisdom and for being on the podcast with us,

Paul Thompson:

David, it’s been a pleasure.

David Richter:

Thank you so much for listening to today’s show. If you found this episode valuable, could you do me a quick favor? Could you give us an honest rating within iTunes and be honest, you could say whether you liked it or not. And obviously with iTunes, the more reviews and ratings we have, the better it is for other people that are searching for a Profit First and a podcast. So we’d love to be ranked on there and that’s thanks to your help. So we would really appreciate that if you would like to go give us a rating. Also, if you’re looking to connect with us further, I would highly recommend checking out our Facebook group Profit First for real estate investors. And that’s literally what it’s called. So you can type in Profit First for real estate investors, and you’ll be able to find <laugh>, you’ll be able to find our Facebook group right there.

David Richter:

So come join active real estate investors who are supporting each other and growing their businesses and profits together. That’s what that group is all about. The link should be in the description below. And if you’re interested in working with us in implementing Profit First in your real estate business, we offer coaching and guidance. So if you wanna work with someone who’s actually Profit First certified and who works right now, currently with real estate businesses, you can actually go start your application process by going to simpleCFO.com/apply, or just go right to simpleCFO.com. And there’s an apply button right on there. If you wanna actually start your Profit First journey with someone who can actually walk you through those step by step and help, you know, and grow your cash flow. Thanks again for joining us for another episode of the Profit First REI podcast. See you next episode.

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

Episode: 242

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

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

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

Listen and enjoy the show!

Key Takeaways:

[01:01] Introducing Jay Conner

[05:00] Introduction to private money

[08:30] The Great News Phone Call

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

[13:18] Maintaining relationships with private lenders

[15:40] Private money vs traditional money

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

[25:18] Advice for real estate investors

[29:01] Connect with Jay Conner

Quotes:

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

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

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

Connect with Jay:

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

Tired of living deal to deal?

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

Transcript:

Speaker 1 (00:00):

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

Speaker 2 (00:34):

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

Speaker 3 (01:01):

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

Speaker 1 (02:07):

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

Speaker 3 (02:24):

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

Speaker 1 (02:43):

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

(03:38):

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

(04:27):

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

(05:18):

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

(06:10):

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

(07:02):

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

(08:11):

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

(09:06):

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

(10:04):

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

Speaker 3 (10:38):

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

Speaker 1 (11:17):

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

Speaker 3 (12:22):

Right? Yep.

Speaker 1 (12:24):

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

Speaker 3 (12:33):

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

Speaker 1 (13:22):

I mail ’em checks.

Speaker 3 (13:25):

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

Speaker 1 (13:33):

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

Speaker 3 (13:41):

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

Speaker 1 (13:50):

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

Speaker 3 (14:00):

Yep.

Speaker 1 (14:01):

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

Speaker 3 (15:27):

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

Speaker 1 (15:32):

Options. Does that make sense?

Speaker 3 (15:34):

Yeah, that makes sense. A hundred percent.

Speaker 1 (15:37):

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

Speaker 3 (16:14):

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

Speaker 1 (16:33):

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

Speaker 3 (17:33):

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

Speaker 1 (18:04):

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

Speaker 3 (18:20):

Yeah, me either.

Speaker 1 (18:22):

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

Speaker 3 (18:53):

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

Speaker 1 (19:12):

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

Speaker 3 (19:17):

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

Speaker 1 (19:20):

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

Speaker 3 (20:25):

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

Speaker 1 (20:50):

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

Speaker 3 (21:53):

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

Speaker 1 (22:07):

Well pay ’em on time.

Speaker 3 (22:08):

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

Speaker 1 (22:12):

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

Speaker 3 (22:42):

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

Speaker 1 (23:03):

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

Speaker 3 (23:06):

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

Speaker 1 (23:10):

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

(23:37):

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

Speaker 3 (24:31):

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

Speaker 1 (25:18):

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

(25:26):

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

Speaker 3 (26:11):

That’s so good.

Speaker 1 (26:13):

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

Speaker 3 (27:08):

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

(27:55):

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

Speaker 1 (29:01):

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

Speaker 3 (30:31):

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

(31:13):

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

Speaker 1 (31:51):

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

Speaker 2 (31:54):

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

So Long, Corporate America: Paul Thompson’s Journey to Freedom and Abundance

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