Strategies for Success: Lessons Learned from Jeremy Beland’s 400+ Real Estate Deals

November 14, 2023

Title: “Strategies for Success: Lessons Learned from Jeremy Beland’s 400+ Real Estate Deals”

Episode: 206

“You need to continue to get better because the market changes, people change, and all that stuff.”

In this episode of Profit First for REI Podcast, we have Jeremy Beland. He is a real estate investor and a client of Simple CFO, who has acquired 400+ off-market properties since 2017.

Listen as he talks about how he got into real estate, what kept him in real estate, achieving REI freedom, and getting the right people in place. Listen and enjoy the show!

Key Takeaways:

[00:58] Introducing Jeremy Beland

[02:29] How he got into real estate

[07:10] Importance of self-development and education

[11:32] Jeremy starts wholesaling

[13:01] Helping other people through REI freedom

[19:20] Life look like before Profit First

[25:07] Time is more valuable than money

[29:03] Connect with Jeremy Beland

Quotes:

[06:44] “It wasn’t easy. I made a lot of mistakes, but I knew it was the way to go because I’ve wanted to be in control of my own destiny.”

[21:43] “As you grow, you got to build the team… hustling is just a season.”

[25:07] “There’s nothing more valuable than time.”

Connect with Jeremy:

Website: https://reifreedom.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:

Speaker 1 (00:00):

But it’s a skill we can learn. And like myself, not only did I not have the skillset anymore to teach those my guys, they were getting better than me, but I’m running my businesses. So a lot of business owners, they need to be on the business, not in the business. So be able to outsource that training so you guys continue to grow because let’s face it, we start growing, we start dying. So that training and education that never stops. I don’t care if you’re a rock star that’s done three, 400 acquisitions, you need to continue to get better because the markets change, people change all that stuff. So

Speaker 2 (00:31):

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 (00:58):

Hey, we have Jeremy Bland on the podcast today. He is a client of Simple CFO, but more importantly, he’s a real estate investor like you and he is doing these deals and helping a lot of people. But then he talks about his journey, how he got into real estate, what kept him in real estate, the importance of the acquisitions, and some key tips there on that side to give you real value and help you have less cancellations. I think he focused on that more than anything that I’ve heard anyone else. And I love that because how many deals fall out of contract? So this was really good stuff. Listen to this episode, gain that value from him. Thank you so much for being a listener and enjoy the episode. Hey, this is David Richter, the Profit First RI podcast. Super excited to have Jeremy Beland here. I’ve worked with him for now, I don’t know, it’s been almost two years I think that we’ve been working together. He’s an incredible investor. He’s a real estate investor just like you. He has NH home buyers. He’s got Coastal Florida home. He’s got REI Freedom, which we’ll talk heavily about today because he’s someone I really trust. That helps other people as well too, grow their teams and get the right people in place. But Jeremy, thanks for being on the podcast today.

Speaker 1 (02:03):

Yeah, man. Hey, thank you. I’m really happy to be here. Appreciate being a guest on your podcast. Super excited to be here today. Really, really super excited.

Speaker 3 (02:10):

Yeah, he brings the energy too. We were even revving up before we were getting on. I’m like, this is going to be an awesome one just because he brings the energy to the room and on the podcast. So this is good stuff, Jeremy. A lot of people might not know you, so tell a little bit about your background. How’d you get into real estate? What’s the high level journey getting to where we are right now today? Yeah,

Speaker 1 (02:29):

Awesome. Great question. My name’s Jeremy Belan. I’m based out of New Hampshire. My wife Shelly and I, we run a off-market acquisition company. We originally started out of New Hampshire. We’ve gone on to grow in a few different markets, but basically we started out as wholesalers. We started our coaching. We hired a coach late in 2016, and basically what I did is I was a single divorced dad with two kids at that time. I ended up selling my townhouse and moving my kids into a small little to make some money because I didn’t have any money to hire this coach to start my real estate business. Basically, I sold this house and made like $17,000. After living there for a couple years, I took $6,000, paid off some credit card debt, took $11,000, 5,000, bought me into the coaching program, which was Wholesaling Inc. Onto Tom Kroll at the time, which taught me how to wholesale my first deal. I took 6,000 bucks to that, started my LLCs, got my documents, and started my marketing and everything else, and I was off and running, got my first deal, which I still have my check here. In March of 2017. That was 90 days after I officially started my business. My wife and I opened up a few different markets, but since then, we’ve gone on to do over 400 off market acquisition closes, and that $11,000 as of today has grossed me over about $8 million in gross profits.

Speaker 3 (03:55):

Wow. Well, that’s quite the story. Okay, so you said you sold a town home. Is that what you sold?

Speaker 1 (04:04):

Yeah, so after I got divorced, I moved into a town home and we stayed there for a couple of years, me and my kids when I had them 50% of the time. And I was working a sales job, job, which I’ve done most of my professional career. I was definitely one of those guys that was hurt really hard by the recession in 2008, 2009, and lost everything. Went into the Air Force at 33, almost 34 years old in basic training with a bunch of 17-year-old kids. I needed to find a job, went from making six figures down to like $30,000 a year, and I was a dirt bag trainee in the Air Force getting screamed at by 24-year-old kids doing pushups. But it gave me a chance to feed my family and rebuild my life during that time. But then I got into sales and I was just traveling, and as I started to reach 40, you start to see a lot of people, their futures uncertain.

(04:51):

The more expensive their lifestyle becomes, the more money they make, the more replaceable they become. And I started seeing this more and more and I was getting really nervous, and I just realized that the 401k have, it’s not going to do anything. Whatever system I’m working on is not going to work. I don’t want to be in a situation where my company sells or I’m out of a job for whatever reason, and what do I do then? So I knew I always wanted to get into real estate. So I started just 15, 16 doing a lot of podcasts and reading and research and was a little nervous pulling the gun. I had the golden handcuffs and then eventually I burned the boats. I was all in and I joined the Wholesaling Inc. Under Tom Crow. It was the best decision I ever made in my life, and I started that business when I was 40 years old.

Speaker 3 (05:39):

Wow. No, I love that story. But I have a question because you said you were burned in oh eight and oh nine. Did you have reservations about signing up for Wholesaling Inc and getting into real estate going through such a horrible time in oh eight and oh nine?

Speaker 1 (05:55):

I was more scared about it not working than it working. So I guess the answer to your question is I wasn’t really worried about that. I knew I was going to make it happen. I was all in. I was going to scratch cloth, fight, whatever it took to get there, and believe me, that first year was awful, awful. I mean, I butchered every single deal. We only did 10 deals. I broke $77,000 that year. I did working a full-time job. Matter of fact, I grew my business in those first three years working a full-time sales job while I was traveling the country. My wife and I were a blending of family at that time. We moved three times in those three years, blended a family of kids and then had to build this business. So it wasn’t easy. I made a lot of mistakes, but dude, I knew it was the way to go. I wanted to be in control of my own destiny. If I was going to feel it was going to be because I failed and I wasn’t going to put myself in a situation where somebody says, sorry, you’re out of a job tomorrow. I’m never going to put myself in that situation again.

Speaker 3 (06:59):

Yeah. So then how you got into that. Did you have any entrepreneurial experience before that? I mean, the sales job is more like that.

Speaker 1 (07:08):

No, really just sales, honestly, I’m a high school dropout. I was a troubled youth. I ended up getting my GED dabbled with some college classes. I really didn’t even have any credit until I was well into my twenties. I got lucky and got my first sales job in my early to mid twenties. I didn’t even own a tie. I had to go out and buy a tie and a shirt and a pants for this interview. I landed it and I basically wore that shirt, tie and pants every day for three months because I had no money. I was just a broke young kid. So I really came from nothing, but it always made me really hungry and I’ve just always just tried to scratch and claw my way to success. But I’ve always relied on just trying to a lot of self-improvement, health and fitness, a lot of self-development through education and reading.

(07:54):

I dabbled a little bit into real estate in 2007, 2008, right before the recession actually took a Donald Trump University course. Nothing happened of it. I ended up wholesaling one deal right before I went into the military for like 500 bucks bucks. But because I was learning about real estate at that time, I was in the brink of bankruptcy and foreclosure, and I knew that because of what I’ve learned, that I could short sale my house with a real estate investors. So one of the real estate investors who’s currently on our buyer’ss list today short sailed my house back in 2009, 2010, right around that timeline and saved me from foreclosure and bankruptcy. And it was a hiccup for a couple years, but it wasn’t a devastating seven years, and it provided us a lot of value by giving us a lot of cash that we needed for the family for Christmas and school clothes.

(08:40):

I had two young kids at the time, and now I have a business where I’ve been able to do that hundreds of times over for other people because distress happens for a lot of people for different reasons. They’re not always just bad people falling on bad times. Good people fall on bad times and everybody in between. So my businesses now, we get to provide a lot of value helping out people in the community, give them a lot of reset buttons, buy a lot of houses, make some good money in the process. It’s a wonderful industry that’re in. I get up every day, I’m so excited. I’m like, today, we’re going to help more people. We’re going to make some money. What can we do? I love it, man. You can tell. It just gets me all worked up. I’m excited about it.

Speaker 3 (09:16):

See if you’re listening, I told you he was going to bring that excitement, that energy. I love this. I love, dude,

Speaker 1 (09:21):

It’s life changing. My life completely changed and I changed people’s lives. What more could you ask for?

Speaker 3 (09:26):

Right, which I want to ask. So you went Air Force, then you had the sales job, then you took the risk on Wholesaling Inc. What was that thought process like? You went from super structured to where sales is a little less structured, where entrepreneurship is like wild, wild West. Where did you say, do you ever remember a time where you were like, was it when Tom was talking about Wholesaling Inc, or was it before then where you said, no, I’m going to take my, no matter if I do wholesaling ink or not, I’m going to take the risk on myself. Was there ever that moment that you can remember where the flip has switched?

Speaker 1 (09:57):

I can’t think of any specific moment where I flipped the switch for a while. I was listening to stuff. I was like, I want to be a buy and hold investor. I guess that’s what we all think. When we were all sat, I want to be a buy and hold investor until we stopped buying and Holden, do I want to flip? Then I didn’t really even know what wholesaling was. The deal that I wholesale fell of like 500 bucks in oh eight or whatever. I didn’t know what I was doing. It just happened. And so as I decided, listen to Tom Crow, I’m like, oh my God, all right, this makes sense. I have no money. How can I get into this without any money? And I said to myself, well, if I can at least find out how to get deals at the lowest level and become really good at acquiring off-market deals, then I can exit out of those properties any way I want.

(10:42):

I can wholesale ’em, I can wholesale ’em, I can flip them, I can keep ’em as rentals. So I need to get really good at acquiring off market properties. And still to this day, that’s all I care about is getting better and better, not just me, but my team, the people we coach in our coaching program, it’s all about acquiring off market properties because then you have limit very abundant amount of exit strategies that could fit your lifestyle, fit your goals. So for me, it was just like, I need to figure this out. And I’ve been all in on that ever since. And that was kind of the moment I said, alright, I’m going to make this work. And I did.

Speaker 3 (11:18):

When did you make the decision to sell the townhome and invest some of that money into Wholesaling Inc. At that point? Was that after you had heard about Wholesaling Inc? Or were you, you were already in the process of selling and then you were like, oh, this was something, one of the things I want to invest in. I’m just wondering if that was part of

Speaker 1 (11:33):

Your plan or not. I remember, listen, I was driving a lot down, up and down the Mid-Atlantic, and I would listen to his podcast all the time. Tom, if any of you guys don’t know Tom Kroll, he’s a very exciting, magnificent person, very genuine. He’s the type of person that makes you want to get out of bed and accomplish things. And this guy has tremendously impacted my life more than probably anybody else. I am forever indebted to his program. But listening to his podcast, I just said like, oh my God, I want to do this. I want to do this. But I was afraid. And then I said, you know what? I called, matter of fact, Chris Rude was who’s a big investor now, was one of the sales guys for him back then called me and we talked over the stuff. I was like, oh my God, it’s 5,000 bucks. To be honest, it’s a lot of money. I didn’t have any. I said, there’s only one way. In September of 2016, I put my house on the market. We closed December of 2016. January, 2017, I was off and running. So I said, the only way I’m going to do is I’m going to sell my house. I’m going to go into a little apartment. I’m going to take that equity, and if it doesn’t work, I’m screwed. So I have no choice. We’re going to make it work. And I did.

Speaker 3 (12:41):

Yeah, that’s awesome. Well, you got a lot of growth going on along that time. And it sounds like too, because you even mentioned coaching program that you were inspired after you were doing all these deals and you turned that five, $6,000 into the 8 million or whatever, that big number that you said. So now you’re helping other people write through REI Freedom.

Speaker 1 (13:01):

That is correct. Yeah. So when I was getting, going early in my career and learning how to wholesale, there’s a lot of good coaches out there. Tom was one of them back in the day. Still a lot of good coaches today who could teach you how to wholesale, but it’s really hard to start scaling that into a business. But it’s also, it’s really hard to find education to get really good at learning how to handle the acquisition stuff. So as we started building out a team, acquisitions came somewhat easy for me, I guess, because it was just one of those skill sets I was kind of blessed with. But that’s not the case for everybody. So I trained all my acquisition guys that came on, but then it came to a point where they did more deals than I did. And I was like, well, I have nothing left to teach you guys.

(13:44):

You guys are more advanced than me. I’ve taught you everything I know, but we can’t stop our self-development. So I started going everywhere to try to find coaches that taught acquisitions to train my guys. And there any was one other person who now sold his business that did a sales training, but it really wasn’t specific for what we wanted to do. And that’s when Tom again said, you need to talk to my brother Dan Toback, which was again, probably the second best thing that the guy ever did for me. And we talked to Dan Toback. He came in, I hired him to be a coach for my guys in my company. My acquisition guys skyrocketed. We ended up hiring him to be our director of sales and dispositions in our company, and then we opened up our Florida market. And then just working with day to day, I’m like, Dan, you are good.

(14:32):

You are literally a hall of famer guru in this industry. You are the Master Jedi of acquisition skills. And that’s when we decided to build REI Freedom, because there is a need for people to get better at the acquisition skills in this world, in this industry that you want to do. And he’s the only person, because he’s been doing it for almost 10 years. He’s done close to a thousand acquisitions under two of the best coaches in the country, Todd Toback and Tom Pra. I mean, he comes from a pedigree of incredible talent and coaches and some companies that have had success that have done a million or a thousand acquisitions. I don’t know if there’s one single person in this country who’s literally themselves actively still doing acquisitions that have done 1000 acquisitions. So he has built just an experience and repertoire that nothing else. So now we’re teaching people how to get better at that because you need to, if you want to get really good at one deal, that’s great, but if you want to start acquiring 2, 3, 4 deals a month on your own or you want your team to, so you can really build that wealth, man, there’s a lot of nuance and techniques to go into talking to sellers.

Speaker 3 (15:42):

Yeah, no, that’s awesome. And that is a needed skill, and I like that you train the teams too, where it’s like the acquisition training for them and not just the owner. It’s like, okay, how do you build out the team and what is the team? How do they actually close the deals? Because like you said, not everyone’s born with it. Some people are. So no,

Speaker 1 (15:59):

But it’s a skill we can learn. And like myself, not only did I not have the skill set anymore to teach my guys, they were getting better than me, but I’m running my businesses. So a lot of business owners, they need to be on the business, not in the business. So to be able to outsource that training so you guys continue to grow, because face it, we start growing, we start dying. So that training and education, that never stops. I don’t care if you’re a rock star that’s done three, 400 acquisitions, you need to continue to get better because the markets change, people change all that stuff.

Speaker 3 (16:30):

A hundred percent agree with that. And I love that you said becoming the business owner and working on the business. So let’s talk about the money side. Yeah,

Speaker 1 (16:37):

That’s why we’re

Speaker 3 (16:38):

First side appreciate. So, okay. When did you get even the whiff of that profit First was out there and that there was something to help on the financial side?

Speaker 1 (16:49):

So obviously I read Profit First, Mike Mitz, right? Pronouncing that right, his original book, and that’s when I came into it. I tried doing it myself, struggled with it like year two of my

Speaker 3 (17:00):

Business. Okay, year two, August,

Speaker 1 (17:02):

The second year of the business, as we saw, again, some traction because again, there’s a coach that teach you how to wholesale Inc. Or how to wholesale. There’s not a coach out there that says, this is how you run a business. So I didn’t really know, right? Again, I had no education. I didn’t go to school for finance or any of that stuff for business. So I was just really winging it and I realized that I desperately needed some help over this journey. I’ve been very much a student on how to get better at running a business. What I realized is that being a business owner, one of the best ways to get better at business is not being an expert in everything and hiring or outsourcing experts in things that can be a resource for you. So after reading that book, I tried doing it myself.

(17:44):

And then when your book came out, I read that book in three days. It was a tremendous book. If you guys haven’t read the book, you guys need to. It’s one of the best real estate books out there I saw in the back of the CFO coaching. I called right away. I signed up, didn’t even hesitate, signed up, said I need to do this. You guys gave us our CFO representative who’s been with us for two years. She’s been instrumental in our business and our growth, especially as we’ve scaled into other markets, closed out of other markets we use in our coaching program today.

(18:16):

And more importantly, this year alone has been one of the toughest challenges we’ve had in our business with the rise of the interest rates, which has created a lot of different challenges in dynamics. I’ve seen a lot of businesses go out in this past year. She has helped us navigate difficult waters thanks to basically making sure we set aside money for reserves and all the allocations. That was stuff that we weren’t really diligent doing because sometimes money comes in and you can spend it faster than it comes in. So, oh man, dude, tremendous book, tremendous program. I will never ever stop using it no matter what other business. We’re thinking about starting a roofing business next year. I’ve already talked to her. We’re going to profit first that we’re going to profit first, everything with the CFO program,

Speaker 3 (19:00):

Man, I really appreciate that and I love that. I love what you said too, becoming more the business owner and learning the business owner type of things versus just running and gunning it, because a lot of people don’t have that education on the financial side. So what did life look like before Profit First? I mean, you were doing lots of deals, it sounds like, and you had starting to ramp up

Speaker 1 (19:18):

Month to month, that’s what it was. Months living. Yeah, we were growing and everything, but it was really hard to, especially early on, I’m trying to get deals myself. I’m handling the marketing, I’m handling my administrators. I’m going on appointments, I’m handling rehabs, I’m handling dispositions. And for me, I was working full-time job as well. It was really, really tough. We ended up bringing a business manager into our team who decided I was a bookkeeper for us because we needed that, but we needed somebody that could really help us. We needed to continue to scale and grow. I didn’t want, again, if you’re not growing, you’re dying. So I had these aspirations that I continue to grow my businesses, and we needed help to do that. So before then, we’re month to month. Now we can build out plans. So when we started out Florida through our CFO coach, we could really forecast a whole year of what it was going to look like for us from a profit wise, how much revenue we were going to generate, how much marketing we need to spend, how we needed to allocate this, how we allocate that, and we’re ahead of those projections.

(20:27):

Some of the people may know how to do that. I knew nothing about any of that, nor do I want to. I’m trying to learn those things, but I really, I want to spend time with my family. I want to spend time doing things that I enjoy. I don’t want to be sitting in front of an Excel spreadsheet that’s like, I do it way too much already, but it’s like death to me. I look like the kind of guy to hang out with,

Speaker 3 (20:48):

Speaker 1 (20:49):

So I needed somebody who was really good at that stuff, and they’re tremendous. And our Florida market has been doing really, really well. Thanks to obviously Dan, like I said, the Master Jedi. But your CFO program has been critical and instrumental in our growth, and now we’re at a point where we’re hiring two more acquisition guys as we speak. So we’re going to go into 2024 way ahead of projections and have three salespeople. Wow.

Speaker 3 (21:15):

I love

Speaker 1 (21:16):

It. Without you guys.

Speaker 3 (21:17):

Well, I really appreciate hearing that, but it sounds like you said something key there. You said you had Dan Toback, master Jedi on the acquisition side, then you had us, but it’s like you have the yin and the yang. You can’t have one without the other. You have to be really good at bringing the money in. Then you have to keep the money too, because usually do you see this out there that some people are really good at the one but not the other? Yeah, one

Speaker 1 (21:38):

Of them. That’s why as you grow, you got to build a team, and when you start out, you’re hustling. But one of our coaches will say, hustling is just a season you’re grinding out early on, but you got to start delegating. You delegate some administrative stuff early on. You delegate your marketing, then you delegate your bookkeeping. But investing into a CFO program is especially somebody who wants to get out of spending time in front of a computer where they should really be in front of a seller generating revenue or closing a deal or flipping the house or whatever is their revenue generating revenue first generating activity. They should always be doing that. A set of crunching numbers that isn’t where your skillset is. So spend the money work, have that monthly meeting. Let that person know what your vision is and let that person help you create that vision by all the X’s and O’s and the ones and zeros and all that Excel spreadsheet magic that they do. And all you do is do what you’re great at, and that’s bringing in revenue, leading people, and growing your team.

Speaker 3 (22:42):

Yeah, no, I love to hear that because that’s where you shine and where a lot of the owners shine. They need to be doing that stuff, but then they get sucked into what the heck is really going on or don’t have clarity. They don’t even know what to focus on. So yeah, no, I like that a lot. So let me ask, did you ever think being a real estate investor, you’d have a CFO on your team?

Speaker 1 (23:01):

No. No, of course not. No. It is crazy, and I can’t imagine a life without it now.

Speaker 3 (23:08):

Yeah. Well, I appreciate hearing that because what we strive to do, it’s like if you’re going to make all this money and you’re going to go out there and bust your butt, you might as well keep it and know at least where you’re going. Especially you are a great example of you’re doing different things, you’re opening different markets. You want to try a new venture. It’s like doing all those things and having the numbers in place beforehand versus I hope this works out.

Speaker 1 (23:34):

Right, exactly. Which I’ve done and it has worked out. But you’re not going to continue that path, and you have to have a great team and great personnel on that team. But A CFO is not only a great team member, but that CFO is also a coach. And obviously I have a coaching program and I’m very passionate about, but I’m also very passionate on having coaching for myself. My CFO is a coach. I have a CEO coach. I have another coach for my coaching business. I’m always investing in coaching. I spent so much money and coaching this past year or two. Sometimes it makes me want to get sick. But the ROI has been tremendous because without these coaches, these things would never happen, especially in the shortened timeline. You maybe get there, but it could take you years. Now you could do it in a fraction of that time because you have these great coaches. So I am constantly investing in coaching. CFO coaching is what, as I consider it, your program, CFO coaching is one of those great investments that helps me grow my business and allows me to work a handful of hours and live a great life of time freedom so I can do the things that I want to do in my late forties rather than the things I have to do like Excel spreadsheets.

Speaker 3 (24:46):

Right. I love hearing that. I was going to, it’s great that you actually said that because my next question was going to be, have you seen that time freedom of not having to do as much of the yuck in the day-to-Day type stuff and being able to say, okay, do stuff with family or whatever it is that you want to do.

Speaker 1 (25:02):

A hundred percent. And not only do you get the rewards and listen, in my opinion, there’s nothing more valuable than time. Money is great, but if you give me an hour or a minute or a dollar, I’ll take the minute all day long. The time is more valuable. It’s not infinite. We can always go out and make more money. We can’t go out and create more time. We’re losing time every day. So we only have so much of it left. So I want to spend as much of my life doing the things that I enjoy, spending time with my wife and my kids and the activities that I enjoy and being around people that I want to do traveling, building businesses and helping people and having all that experience. But outside of all those wonderful things that I get to do now because I’m not working in the business, I also could step away.

(25:47):

I can focus on what the business needs. My wife and I take a lot of walks and during the business day when a lot of people would be working in or on their business because they got to get time sheets in or their purchase or p and ss and whatever else they need to do and month end stuff and all the reports, I’m thinking about how we can handle this problem, how we can go in this direction and how we can grow. I could take a step back because I’m not cluttered with all these numbers and everything because I have people that are working on that that I trust that are proving that to work. So I can also work on the business, work on my personal development, work on my growth, and I have a ton abundance of time. I literally have an abundance of time.

(26:28):

And if it wasn’t for learning how to acquire properties off market and then building a team, and again, I didn’t know how to build a team, had to hire coaches, had to read, had to learn all those things to do it. And obviously I’m not perfect. I still make a lot of mistakes. We have our bad months, our bad times, but I’m constantly trying to get better at it so I can get more and more time. Dude, I’m 47 years old. My life has changed from seven years ago when I started this business. I’m thinking still seven years ahead, I’ll probably be working. I love what I do, but I want to be doing it on a boat with my wife traveling around while my kids are all in college and doing different things. I don’t want to have to be worried about X’s and O’s and one’s and zeros and all that other stuff, and how am I going to make this month’s rent on this or any of that stuff. I don’t want to worry about any of it.

Speaker 3 (27:15):

Yeah, no, that’s great. And I love the action that you take. You’re an action taker and you do the things that you need to do in order to get to the time that you want, which I absolutely love. So I’ve only got a few last questions here. Yeah,

Speaker 1 (27:28):

Bring ’em brother. Bring them.

Speaker 3 (27:29):

What would you say to someone who wants to implement Profit First? What would the first thing that you would tell ’em to do?

Speaker 1 (27:36):

Do it now.

Speaker 3 (27:37):

There you go. I like that

Speaker 1 (27:39):

Answer. No, if you haven’t read the book, honestly, reach out to you guys in your CFO program. Listen, everything comes at a cost and it’s really hard. A lot of people, they struggle with spending money, but you have to look at what the ROI is at on that money is spent. It’s going to allow you to grow and it’s going to allow you to have time. And both of those things together have a compound effect. So you may not see it in the first few months, but believe me, in a few years you will see it. But really do it now. Don’t be analysis paralysis. Don’t be at home working late at night on things that you should be paying somebody else to do because you should be spending time doing the things either you want to do or that are driving in revenue. And if you’re not doing those two things, you need to be paying somebody else to do it for you.

Speaker 3 (28:24):

Awesome. Well, I love that. Of course. And then that book, get the book if you haven’t, like you said, just start somewhere. So start somewhere where you can. So then from here, you’ve dropped a lot of great stuff today, going through your journey and going through the mindset that it takes. I liked hearing your personal story of how you invested in yourself and what you had to overcome. I’ll need to get you back on too, because there’s some other things where we could dive deep into what you talk about and what I would love to, we were talking about, so we’ll need to do that again, but you’ve dropped a lot of knowledge here, a lot of great stuff. How can people give knowledge or value back to you? Where do you want to, what’s the next step if they want to learn more about REI? Freedom.

Speaker 1 (29:02):

Yeah. Yeah, listen, man, the best thing you could do is go to REI freedom.com. It’s the best way to reach out to us. Also, you can find our Facebook group where we give a lot of free coaching techniques and guidance on acquisition at our REI Freedom Facebook group. But I’m going to give everybody here today a special offer, if that’s okay with you, David, you got me very motivated. I want to get people building their lives and getting where they need to do. And the only way they could do that in the beginning is to get better acquiring off market properties. We have a small group coaching program where we’ll teach you all the techniques to get more deals, bigger deals, and less cancellations, where you don’t have to fumble and lose another contract and have another one fall out of escrow or long in the days of $5,000 assignments, I want you guys to get $50,000 assignments, hundred thousand dollars assignments.

(29:54):

That’s what I want you thinking. Come to our coaching program and RI Freedom, type in the code word Profit first, and our program that is $7,500 a year for the small group coaching program. I will give it away for $5,000. I will give you a $2,500 discount for the whole year if you come and sign up with us for the small group coaching. But you have to use the code word profit first. And on top of that, if you go to our website also, you can just type in your information and we’ll give you the top five techniques that allows you to get more deals, bigger deals, and less cancellations. That’s free. I’ll give that away guys. We have a ton of value to give you. Come work with us. Come work with CFO. Let’s make a lot of money. Let’s change lives. Let’s get freedom of time back so we can do the things we love to do.

Speaker 3 (30:44):

Awesome. That’s so cool. And I love that you gave the profit first. Make sure you type that in that discount code. But then also, I also have people on here that I respect because Jeremy not only is making the money, but he has a CFO to keep it on the backend. You know how many gurus out there that I know that really don’t run a great operation behind the scenes of they can stand up and say, yeah, we’re doing a lot of money, but then they’re crying later. They don’t know where it’s going or have no clarity, and Jeremy’s not like that. Jeremy knows that he can not only help you there, but he keeps his money on the package and has those people to guide him. So this is someone I believe in. So go to REI Freedom, do that discount code, sign up with him.

(31:23):

This is someone that’s the real deal in the real estate space. Yeah, I fully endorse him. Then if you’re like Jeremy too and you’re like, what the heck is the CFO coaching all about? I want to keep more money. I want to do that. Head over to simple cfo.com. Book a call there because we’d love to at least see are we the right fit? Do we need to get you someone in the real estate space or on the financial side? Just want to provide that value to you. So if you’re making the money but feeling broke, let us help you get to where you want to be. So go to simple cfo.com. Thank you so much for listening today and being a great listener and for listening to the Profit First RI podcast. Remember to make Profit A Habit in your business. And Jeremy, thank you for being a great guest and so much value today. It’s been awesome.

Speaker 1 (32:06):

Thanks so much.

Speaker 2 (32:08):

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.