Today’s guest is Jake Wiley, a seasoned real estate investor and founder of The Limited Partner. Their company is dedicated to helping individuals benefit from real estate and private equity investing without active management.
The Limited Partner started as a podcast and has grown into a platform providing tangible solutions and insights for building wealth in today’s uncertain world. They offer a fresh perspective on real estate investment and starting and minimizing risks.
Jake himself has raised two million in private money, and he joins us today as he shares his insights! Tune in as we discuss private money, passive investing, and more!
Key Takeaways:
- What is The Limited Partner
- The biggest lesson Jake Wiley learned: Why you should become a passive investor.
- The risks involved in becoming a passive investor.
- Real wealth is built in downturns.
- How to tell if being a passive investor is right for you.
- There are a lot of good deals coming in the market.
- Be prepared to jump in when the right deal presents itself.
Check out my book: 7 Reasons Why Private Money Will Skyrocket Your Real Estate Business and Help You Build Incredible Wealth!
Get it here for FREE: www.jayconner.com/moneyguide
Sign up for the Private Money Academy and get 4-weeks free: https://jay-conner.mykajabi.com/offers/AMM4hCPW/checkout
Connect with Jake:
Website: www.thelimitedpartner.com
Facebook:https://www.facebook.com/TheLimitedPartner
Instagram: https://www.instagram.com/jjakewiley/
LinkedIn: https://www.linkedin.com/company/the-limited-partner-podcast/
Twitter: https://twitter.com/jjakewiley
Youtube: https://www.youtube.com/channel/UCYyRprvcxi2GdrFrZTUEQOQ
Timestamps:
0:01 – Raising Private Money with Jay Conner
0:38 – Today’s Guest: Jake Wiley
2:26 – What Is The Limited Partner?
4:00 – Jake Wiley’s Greatest Lesson Learned In The Real Estate Business
15:52 – Jay’s Free Money Guide: https://www.JayConner.com/MoneyGuide
16:47 – Real Wealth Is Build In Downturns
22:19 – How To Tell If Being A Passive Investor Is The Best Thing For You
24:40 – Always Be Ready To Jump In When The Right Deal Presents Itself
28:15 – Connect With Jake Wiley: https://www.TheLimitedPartner.com
How Jake Raised $2 Million In Private Money
[00:00:00] Jake Wiley:
Going out pretty fast and I don’t know where it’s gonna stop, but I also firmly believe that real wealth is built in downturns.
[00:00:29] Narrator:
If you are a real estate investor and are wondering how to raise and leverage private money to make more profit on every deal then you are in the right place. On raising private money, we’ll speak with new and seasoned investors to dissect their deals and extract the best tips and strategies to help you get the money.
Because the money comes first. Now, here’s your host, Jay Conner.
[00:00:37] Jay Conner:
My guest today on Raising Private Money has already raised 2 million in private money. He is been an active real estate investor, actually 16 years for over now. He formed this podcast called The Limited. Partner podcast. Originally it was formed to share this 16-year shortcut to get all the advantages of real estate and private equity, and without having to become, a hands-on active investor.
[00:01:04] Jay Conner:
It started out just as a podcast. But it has grown past that in this current state of the market that we’ve got going on. There are a lot of people that are looking for something tangible. Something more. The Limited Partner podcast has quickly turned into this daily conversation about how to get started as a passive investor.
[00:01:26] Jay Conner:
Or if you’ve made investments before, how you can reduce yours? So if you are looking for a different conversation about building wealth, then the Limited Partner podcast is the place to be, and here’s why. 90%. Of the world’s millionaires, they’ve made the millionaires in real estate. But here’s the secret sauce.
[00:01:48] Jay Conner:
0% of the world’s billionaires that starts with a D actively manage real estate themselves. They have figured out where to find these opportunities to invest in real estate pass. So after this short message, you are about to meet my good friend and my guest, Mr. Jake Wiley, right after this.
[00:02:12] Jay Conner:
Jake, tell us more details about exactly what Limited Partner is.
[00:02:18] Jake Wiley:
The limited partner is a word that you probably heard floated around there. Maybe if you’re an experienced investor, you know exactly what it is. Maybe if you’re just getting into it, maybe you’ve heard it in conversations before.
[00:02:28] Jake Wiley:
But the limited partner is truly a passive investor. And really the way the rules work is that there’s a general partner, you might have heard of ’em as a sponsor. They are active, they’re hands-on, they’re managing the property, they’re managing the in. It’s a limited partner. You’re on the back end.
[00:02:44] Jake Wiley:
You’re providing basically money into the deal. You have equity, you have upside, and you have returns that are coming back to you. But you have zero obligation to actually manage that property. And really, it reduces your risk in terms of what you’re getting yourself into.
[00:03:00] Jay Conner:
Jake, you’ve got a lot of experience here in this world. I really have two different audiences that are tuning in right now. Part of the audience is real estate investors looking to raise private money or more private money for their deals. The other part of my audience is people that would just love a way to be involved in real estate investing, but they wanna be passive and not have to go out and negotiate deals and find deals.
[00:03:26] Jay Conner:
And thus and so well, you’ve done. You’ve been an active hands-on operator investing in single-family houses in five different states and you also, now have experience in syndication. I want them, I want both audiences to hear your story and what lessons have you learned from your story.
[00:03:46] Jake Wiley:
Yeah, I would love to tell my story and it goes all the way back to, let’s call it 2000. It was when I first got into real estate investing. Like many of you out there, I read the purple book Rich Dad, poor Dad, and it lit a fire. It was an opportunity to say, I can do this. And at the time I was a CPA.
[00:04:04] Jake Wiley:
I was making really good money and had income coming in. The banks loved me. They would be able to give me, they were all about giving me loans. At that point in time. You can go buy as many houses as you want. Remember, this is pre subprime crisis. So money was. And the ability to go out and purchase a property, then take the money and the b r strategy before that even existed and just keep going.
[00:04:24] Jake Wiley:
And that was my model. And I left my job as a CPA to become a full-time real estate investor. So this is right around the 2008 time frame, so you can tell where this story’s going. And I was actually pretty excited because if you think about the, And Warren Buffet and all these folks have said, when there’s blood in the streets, that’s the time to buy.
[00:04:44] Jake Wiley:
And boy, there was blood in the streets. So 2008, and 2009 was great time to buy real estate. And it was just, you go out there, you find a good deal. You’ve got the contractors and everybody that are in your pocket ready to go. You put the deal together, then you just go do another one. And really, where the story gets interesting for raising private money is.
[00:05:03] Jake Wiley:
Right around 2009, and 2010 timeframe, the government, so Fannie Mae and Freddie Mac, were just back there gobbling up all the loans, right? If you qualified, and at a pencil, they would, they’d buy your loans. I called my bank one day and he said, oh, they just changed the rules. Now you’re limited to four.
[00:05:18] Jake Wiley:
You can have four loans out that Fannie Mae or Freddie Macel buy with your social security number. And I had six. Thankfully, they didn’t make me sell the other ones, but effectively they said, Hey, your business. Today is cut off, it’s over. So you’ve gotta start from scratch and I’m scratching my head.
[00:05:35] Jake Wiley:
I left my job and I was still in the early phases. Great track record things were looking promising, but again, this was 2008, 2009, 2010. Like the economy wasn’t in a great place. So it was a little bit scary. And for me, it turned out to be a blessing. And I’ll never go back and say, man, I wish I had done things differently because it forced.
[00:05:55] Jake Wiley:
To raise private capital. I had deals in the pipeline, I had to get ’em funded. I’d been out in the marketplace. I’d built a brand around myself. I was in New Orleans at the time, and, people knew me. I was at every single one of the investor’s real Estate Investors Association meetings. I had a little tent, back there showing all the deals we were working on.
[00:06:14] Jake Wiley:
And I just built this, positive brand and people were excited about Hey, what are you doing this week? leveraging that, I was able to roll that into raising private money. And it was scary at first, I’ll tell you, like to go to somebody and say, Man, this market’s crazy.
[00:06:27] Jake Wiley:
The bank used to just give us money and now they’re not doing that. Now I’m raising private capital. But it was the only way that we would eat young family. My wife and I, had been married only a couple of years at this point in time and it was, But that forced me, one, they cut my money supply off, and two, I had to eat.
[00:06:44] Jake Wiley:
So I was out there, shaking hands, coffee, breakfast, lunch. Wasn’t really affording dinners at that point in time, but raising money to buy real estate. So I did, and it worked. And I tell you, sometimes, it takes a situation like that where you really have to be forced to do it and get out of your comfort.
[00:07:04] Jake Wiley:
So for those of you that are out there listening that are thinking about raising money, or you wanna raise money and you’re nervous or you don’t know how to ask I don’t know. We’re going into an interesting cycle. Now you might get the benefit that I have where you had no choice, but, fast forward a couple of years, it was continuing to grow and through the recession, the great recession back there, my model changed from buy and hold in the long term wealth strategy of buying a house.
[00:07:28] Jake Wiley:
The market was coming back and every house that I bought like it was basically almost equity in my pocket the day I bought it because it was just inching back. So renovating and putting a little bit of love and my niche was always a little bit of green, right? We did foam insulation before.
[00:07:44] Jake Wiley:
The foam insulation was cool. We looked at solar, we did windows, and that was always the market, right? And we were bringing it back and we’re saying, Hey look, we’re in a marketplace where people are flipping homes, left and right, and remember I just said I was in New Orleans. This. Four years past Katrina, when literally everybody was flipping houses in New Orleans because they were rebuilding and our quality and our product were just different.
[00:08:05] Jake Wiley:
The average home bill, and power bill in New Orleans at that time was like $400 even for a small house because you basically turned your air conditioner on and just blew right through the floor. And we changed all that. So we built this model and we were flipping houses and we were growing.
[00:08:19] Jake Wiley:
But we are also, every once in a while we find a good gem that we’d pull in and say, okay, we’re gonna hold onto. And we were flipping houses and I had, properties and I think at one point in time we had five different states, 11 properties that were renting a bunch of properties they were renovating.
[00:08:35] Jake Wiley:
And I tell you that like my stress levels just kept going up and up. And it wasn’t about raising the money because I think we built, a good track record and it was always consistent, honestly. Like the more we did, the less I actually had to raise, which some of you out there would probably be like, you should have leveraged everything.
[00:08:50] Jake Wiley:
But at the end of the day, When you’re running one z, two Z properties like you are the man you’ve got, people will tell you all day long that like you find a great property manager and it’s hands off. It’s never hands-off. Things don’t break at an opportune time. The air conditioner only goes out when it’s a hundred degrees right?
[00:09:08] Jake Wiley:
And you can’t wait five days for, the property manager to maybe get their handyman to go out there and see you’ve gotta take action. You gotta be there. The roof only leaks in a month. You gotta take action to protect your property. Pipes, break, appliances, break, you gotta be there. And ultimately, I was running myself ragged, and a week was canceled.
[00:09:27] Jake Wiley:
I don’t know how many vacations, like any time I thought we could get away, we’d try and sneak away. A boom phone would ring and I’d have to be right back there dealing with something, putting out fires. And it was really hard. And did this for 15 years and it was, it was wearing all, I and again, like I’m in this world also.
[00:09:45] Jake Wiley:
Where I’ve raised large amounts of money, but I’m looking at the billionaires. I’m like, what are they doing? Because they’ve got portfolios and now you see single-family portfolios in like hundreds of thousands of homes. Like they have all these portfolios. I know they’re not dealing with this. I know they’re not pulling their hair out.
[00:10:00] Jake Wiley:
I know they’re not missing vacations. I know because they’re on the front cover of the magazines going really cool places, and it turns out that there’s this other. Syndications where, you know, once you, and for the most part, like this is where it gets interesting, is that you need to be an accredited investor, to jump into syndications.
[00:10:17] Jake Wiley:
That’s not a hundred percent the truth. There are ways through that. But it gets more difficult. But the point is if you are a high-income earner and you’re thinking about how do I increase your wealth? How do I retire early? How do I take care of things? How do I put something into something that’s tangible?
[00:10:33] Jake Wiley:
Jay, like you, mentioned at the top of the. Real estate is the place, and that is an area where I think that we want to be, most of us want to be, obviously if you’re here, you want to be in real estate, but there is a myth that like when you invest in a property, that it’s passive. It’s not passive at the end of the day.
[00:10:50] Jake Wiley:
For me, I found that I was always out there, the one that was on call when things were going wrong. And when you flip over into becoming a truly passive investor as we talked about, what is the limit? You’re finding a sponsor or a general partner that is professional, this is all they do. This is their life.
[00:11:07] Jake Wiley:
They invest in larger properties where there are economies of scale and property management, like multi-family, self-storage, industrial, and even retail is coming back now and office, which is a little bit taboo in this current market, but that used to be the gold standard. They invest in those. They know how to operate them.
[00:11:24] Jake Wiley:
Their property management costs are so much. Their ability to turn and buy things in quantity, like it’s all right there. I was able to find returns that were coming back to me that were the same or better if I was renting my own property out and all I was doing was writing a check. And that’s the magic, and that’s where the limited partner came from, is that I don’t want those of you that are out there listening, that is thinking, I don’t really have a lot of time.
[00:11:48] Jake Wiley:
I’m investing in real estate because I want to free up more time. I want to be more available for my family. I want to take advantage of it. I want you to think about maybe being a passive investor and working with and trying to find some limited partners or sponsors that become a limited partner with Jay.
[00:12:04] Jake Wiley:
I hope that answered some of the questions that you asked.
[00:12:06] Jay Conner:
I’m so glad you told your story, Jake because your story is my story. And here’s what I mean by that. My wife, Carol, Joy, and I, started investing in real estate single-family houses full-time in 2000. And from 2003 until January 2009, all I knew to do was go to the local bank and borrow the money so I had a line of credit.
[00:12:32] Jay Conner:
Even pr like when I started out in 2003, four and five, I had unsecured. Lines of credit. Can you imagine? Back then if you could fog a mirror they’d give you a line of credit as long as you had a decent credit score. And but when you were telling your story about calling up your lender and finding out that okay, now you’re limited to four deals at one time.
[00:12:57] Jay Conner:
Jake, I called up my banker in January 2009, and I had two deals under contract, single-family houses representing over a hundred thousand dollars in profit that I was gonna make on those two deals. I wasn’t limited to four. I found, I, I had nothing. It was gone, it’s like the global financial crisis was going on.
[00:13:18] Jay Conner:
I didn’t know we had a financial crisis going on until now. I got a crisis. And so like you, I was forced, it was a necessity. I could quit. That was one choice, but it wasn’t a choice for me. So I was forced into finding a better way and a quicker way to fund my deals and to put me in control, much more control of my business than Mr. Banker being in control, I found out real quick who was in control of my business, the way my business model was set up at the. Jake, my definition of coincidence is God’s way of staying anonymous. And so in less than two weeks of losing my line of credit at the bank, I was introduced to this world of private money.
[00:14:04] Jay Conner:
And I’m not talking hard money. I’ve got some great friends that are hard money lenders and hard money brokers. I’m not talking hard money. I’m talking about doing business with individuals, and human beings. Just like us that invest our investment capital and or our retirement funds. Hello. Over half of my private lenders are using their retirement funds to earn either tax-deferred or tax-free, depending on what type of retirement fund I’ve got per year by investing in our real estate deals.
[00:14:33] Jay Conner:
Jake, right now I want to, before we wrap up the conversation of talking to real estate investors that want to raise private money in just a second, I wanna move to, People, they wanna be passive. But if you want to raise a lot of private money quickly and you make the rules, let me teach you how to do it without asking anybody for money, I just recently wrote my new guide, which is called Seven Reasons Why Private Money will Skyrocket your real estate business and help you build incredible Wealth.
[00:15:05] Jay Conner:
If you wanna raise private money, you can download this for free. Get on the fast track to private money at www.JayConner.com/MoneyGuide. That’s www.JayConner.com/MoneyGuide. Again, that’s www.JayConner.com/MoneyGuide which will show you how to raise private money for your deals. Now, Jake, let’s switch the conversation and talk specifically to people that are interested in being passive, like the billionaires that start with a B. So first of all, what would you say the risks are? Like when someone’s looking to be a passive, private lender investor what should they be? What should they be careful about?
[00:15:57] Jake Wiley:
I think the first thing that you need to know is, It’s not completely hands and it’s not completely passive in the beginning.
[00:16:05] Jake Wiley:
There’s work and the risk is most of us are used to the message of you go to work at a company, they’re gonna Hey, we’ve got a 401k, we’ve gotta match, put your money into it. And by the way here’s the guy that you talk to, right? That’s how we’re trained. And that whoever we’re talking to that’s represented by the company or the mutual fund or whatever, is gonna put your money in whatever they think is best for you and possibly what’s even best for them.
[00:16:29] Jake Wiley:
But that’s a story for a different day. But the point is that it’s really okay like I made that money and it’s now over there and it’s in good hands, I think. And then if you watch the stock market, you realize maybe it’s not a. So the transition from investing like that, right? Just taking your 401k, having the money coming out of your paycheck, going somewhere, and investing.
[00:16:48] Jake Wiley:
And for the last decade, if you started investing in the last decade or investing in 4 0 1, like you, you think you’re probably a genius. And this is very hard. It’s been a very long cycle. We’re going through a correction now. The risk is that you choose your own partner too. So I like that on the show, we focus on three things.
[00:17:05] Jake Wiley:
I call it the MSA model. So that’s the market. There’s the sponsor, and then there’s the asset class. And I think of those, the sponsor is the most important, but I think, the other two angles are the other legs of the stool, right? You can’t sit up without all three. But finding the right sponsor to work with somebody that understands, one, the market that they.
[00:17:28] Jake Wiley:
What’s happening? Have they been through a cycle? If they haven’t been through a cycle, do they have a mentor or somebody on their advisory team that has, what’s the plan? Frankly, a lot of people have started this business. A lot of people have jumped into the syndication business in the past, call it five to eight years, because there’s a lot of money to be made and a lot of people did, right?
[00:17:50] Jake Wiley:
And the rising tide rose a lot of boats. Now we’re in a place where the tide’s going out and it’s going out pretty fast. And I don’t know where it’s gonna stop. But I also firmly believe that real wealth is built in a downturn. That’s where real wealth is built when you buy the assets and then you get to basically either, put some blood, sweat, and tears into ’em and then, improve it and then ride the tide back up.
[00:18:14] Jake Wiley:
Or you just ride the tide back up. But you gotta know how to buy. You gotta have a plan. And, one of the things that are, or big issue right now is, you and I were just talking about as. The debt markets for commercial deals are a mess like the commercial banks don’t know what to do.
[00:18:29] Jake Wiley:
The federal government’s kind of stepping over their shoulders saying Hey, we don’t wanna see too much of this. We’re not buying a lot of that. I read the Mortgage Banking Associations thinking that lending next year or 2023, so this year is gonna be down by 15% of what it was before. 34% of the deals that are out there in the market are coming due in the next two years in terms of their debt structure.
[00:18:50] Jake Wiley:
Because a lot of these commercial deals have bridge loans, which are only three years. You gotta have a sponsor that knows how to navigate all of those things and de-risks that. So there is a lot of homework and it’s very similar. I like to take it back to the conversation we were having before about raising private money.
[00:19:08] Jake Wiley:
You gotta do a lot of, handshaking, you gotta do a lot of coffees, a lot of dinners, a lot of lunches. But now you’re on the other side, right? You’re listening, but you gotta get in there and you gotta probe and you gotta ask your questions because once you write your check, that money’s in there five, seven, maybe even 10 years.
[00:19:24] Jake Wiley:
It’s liquid. It’s very hard to get it out. And if you want to get it out, you’re gonna pay a price for that. It’s not gonna be to your benefit if you need to get that checkout. The first thing you need to do is start figuring out like you, you can Google search, and there are all kinds of data on which markets are out there.
[00:19:39] Jake Wiley:
There are resources, there are guides that show which markets are improving. You can get some basic comfort there. There are resources that talk about which asset classes are doing well. Industrials doing phenomenally right now. Multi-family has been doing really well, but I think there are some bumps in the road office.
[00:19:54] Jake Wiley:
As you can imagine, 30% of the offices that are out there are no longer occupied. That’s gonna be a big problem, and I think that’s gonna be a. So pick an asset, but really spend your time finding a sponsor and you gotta get in there. And Jay this will be a good conversation for us to have too, is that when you’re raising private money, which is basically the other side of the coin, how do you know that you’re working with the right person?
[00:20:15] Jake Wiley:
How do you feel comfortable with that? And you need, as a passive investor, you’ve gotta feel very comfortable with a sponsor. And you need to ask all the questions. And the number one thing that I always hear from sponsors that’s so surprising is how few questions people ask. Some people write checks and never ask a question.
[00:20:31] Jake Wiley:
They attend a webinar, they write a check, and they’re like blown away. So they’re expecting questions and they’re actually really surprised and it makes them a little bit nervous if you don’t ask questions. So you gotta pick your time and that’s before you write your check.
[00:20:46] Jay Conner:
Jake. Describe the person that may be listening or watching this podcast, that would be an ideal person that would really want to connect with you, and why would they want to connect with you?
[00:20:59] Jake Wiley:
I think, one, I want you, whoever this ideal person is, who I’m about to describe to be successful, and I want you to live the life that you want. And that’s really the journey is freeing up time. But if you’re a hiring individual, right? If you’re a partner, If you’re an accountant, you’re a doctor, you know you’re making good money and you know you’re effectively hourly rate, which you’re able to bill out to somebody else versus, what you’re taking in for that is relatively high.
[00:21:26] Jake Wiley:
And you’re thinking, Hey, look go back to my story. I was plunging toilets. I was standing on the roof with this, you know that Lexi Steel stuff that Billy Mays used to sell, like that’s in, in today’s market, we’ll call it $20 an hour work, and I was giving. Multiple hundred dollars hour of work to do that.
[00:21:42] Jake Wiley:
So if you’re like me and you’re thinking like, Hey, that’s not really how I want to spend my time and be really unpredictable, then I think being a passive investor might be the right thing for you. And what it does is when you find the right sponsors and you find the right deals, you grow your wealth and you grow it at returns that are a little bit higher than what you’re seeing on the open market, generally speaking.
[00:22:03] Jake Wiley:
All right. The caveat is that you never know what’s gonna happen in the. But you have an opportunity to grow. You have an opportunity to keep reinvesting this money. There are also 10 31 exchanges, which I’m sure Jay, you’ve talked about on the show a million times, where you can take your money and keep the tax, defer, and reinvest this over and over again.
[00:22:20] Jake Wiley:
There are all kinds of strategies where you can grow your wealth really quickly in real estate that you don’t have on if you’re just gonna go mess around with a stock market. So if you got a good job, everything’s good, and you’re looking at retirement. Or you don’t want to get your hands dirty, or one, you’re just not handy, or you don’t wanna do all that work.
[00:22:39] Jake Wiley:
I think being a passive investor might be a great place for you to start.
[00:22:44] Jay Conner:
And the way to connect with Jake Wiley is at his website, which is www.TheLimitedPartner.com Jake, what’s your opinion and what’s your crystal ball say about our current real estate market that we’re in and where are we going?
[00:23:05] Jay Conner:
Of course, that may, your answer may depend on the asset class you’re talking about it.
[00:23:10] Jake Wiley:
It does and I think that, if I want to, let’s go back to the point that I made earlier, which is that real wealth is built in downturns. I think that the crystal ball says that we’ll continue to be some blood in the streets that’s coming out.
[00:23:24] Jake Wiley:
So be prepared for that. There are a lot of people out there that are just doing deals. Similar to Jay, how you and I were where we were just rocking through the last procession and it’s fine, but there’s gonna be a lot of people that jumped in because look. know, Real estate prices have gone through the roof over the past three years and it’s like nuts.
[00:23:42] Jay Conner:
And it doesn’t, no pun intended, I’m sure. No pun intended I’m sure.
[00:23:47] Jake Wiley:
But it’s been nuts and it doesn’t make any sense. And it’s gonna adjust and it’s gonna correct. But I think that when you’re looking, my crystal ball says that there will be a lot of really good deals that are gonna come on the market.
[00:23:58] Jake Wiley:
And they’re gonna come on and they’re gonna go through, they’re gonna be, deals that were by very respectable. I. They need to clean up their balance sheet, right? There’s an accounting piece to this. There are, debt-income ratios and all those things, and they need to clean it up. Or maybe their loan’s not gonna renew at rates that they want to, and they just wanna move on.
[00:24:16] Jake Wiley:
Those are gonna happen quietly and quickly behind the scenes. Good brokers are gonna know the folks that they can call, they can take those deals down. I’m watching me, what I’m looking for is, I’ve got a handful of sponsors that I know that are really good in there. And I’m waiting for them to call me on some of those deals that say, Hey, look, this just popped up.
[00:24:35] Jake Wiley:
We gotta take it down. There’s no competition in the market right now, but we’re gonna make it happen. Get your checkbook out and that’s the way it’s gonna work. It’s gonna move very fast. So I think Mike Cristobal says that, be patient in this marketplace. Don’t just jump in and find, there are a lot of people that come to me that are just ready to jump in, right?
[00:24:53] Jake Wiley:
They’re thinking like, I’m finally ready. I don’t wanna do this anymore. This market’s nuts. I wanna put all my money into tangibility. Be patient, right? There’s a little bit of diversification which says, which is a bit of timing, right? So wait for the right deal. But when the right deal comes, don’t him and haul, you got to go.
[00:25:09] Jake Wiley:
And that’s one of the number one lessons I’ve learned in real estate is that every time I go look at a property, I’ve got my checkbook in my pocket, right? And if it’s the right deal, I’m leaving a deposit on it. I’m letting those people know I’m serious and I’m picking up the phone on the way home and I’m calling the people I know they can fund.
[00:25:25] Jake Wiley:
And if you are one, you wanna be on that list and you wanna be ready for it. And I think that if one, taking it to the other course if you were a real estate investor or you’re raising capital because you want to do single families and you want to do those flips, same thing. Look, when you see it and you know it, jump on it.
[00:25:40] Jake Wiley:
Don’t wait. Real estate is cyclical. Yes, there might be a little bit of a dip before it comes back. But when the right deal comes along, you gotta move quickly. And that’s, the bulk of my net worth came from the last recession and I’m living proof that you can get through it. But I had to be patient.
[00:25:55] Jake Wiley:
I do sweat a lot. I grew some gray hairs that I didn’t have before, but, life is good.
[00:26:04] Jay Conner:
What you just said, Jake reminds me that one of the traits and characteristics. Of a successful real estate investor, and I’m talking about an operator, is resiliency resilient? We have the belief quitting is not an option.
[00:26:21] Jay Conner:
We’re going to figure out a way. My guest today on raising private money is Jake Wiley. Connect with Jake at www the limited partner.com. Jake, thank you so much for taking the time to come join me on the show.
[00:26:36] Jake Wiley:
Jay, this has been a great conversation. Thank you for trusting me with your audience.
[00:26:41] Jay Conner:
Absolutely. There you have it, my friend, another episode of Raising Private Money.
[00:26:47] Jay Conner:
I know you don’t wanna miss out on any more amazing episodes, so if you happen to be watching on YouTube, be sure and click that bell, or tap that bell so you don’t miss out. And that’s of course after subscribing and I always appreciate you sharing the episodes as well. If you happen to be listening on iTunes or Spotify.
[00:27:07] Jay Conner:
Be sure and follow me so you’ll be tuned in on all the upcoming episodes. I’m Jay Conner, your host, also known as the Private Money Authority. I’m wishing you all the best. Hopefully, this episode is helping you take your investment career to the next level, and I’ll be looking forward to seeing you right here on the next raising private money.
[00:27:32] Narrator:
Are you feeling inspired by the knowledge you gained in this episode? Then head over to www.JayConner.com/MoneyGuide That’s www.JayConner.com/MoneyGuide and download your free guide that shares seven reasons why private money will skyrocket your real estate investing business right now. Again, that’s www.JayConner.com/MoneyGuide to get your free guide. We’ll see you next time on raising private Money with J Conner.