Private Money isn’t asking, it’s offering the opportunity. In Jay’s Private Money world, you’re the bank. Protected and privileged. And the secret sauce? Self-directed IRAs for tax-smart moves!
In today’s episode of Raising Private Money, Jay joins Jeremy Dyers’ The Freedom Point Real Estate Podcast where he unravels the motivating force that fuels his impressive track record, including steering over $118,000,000 in transactions. Alongside his wife, Carol Joy, Jay spearheads a coaching program that orbits around the power of private funding, a revelation that will redefine your investment strategy.
Private Money: The Unconventional Teacher
Emphasizing education over solicitation, Jay Conner champions teaching people about private lending. By sharing knowledge with associates from various spheres of his life, he has not only facilitated high-return avenues for them but also profoundly impacted their retirement years. Jay’s approach demystifies the private money program, encouraging a seamless tax-free transition of retirement funds into fruitful investments.
Building Blocks for New Investors
Understanding the plight of investors in the context of the global crisis of 2009, Jay Conner advocates for investment strategies that are resilient and adaptable. His experience during this tumultuous time led him to harness private funds, underlining the importance of seeking solutions and growth during periods of difficulty. For new investors, Jay’s insights provide clarity on structuring investments and the inherent protection mechanisms akin to traditional banking systems.
Single-Family Investments: A Banking Perspective
In the single-family home investment paradigm, Jay Conner describes investors as ‘the bank’—lending money secured against real estate with terms highly favorable when compared to traditional banking products. This secured method, he says, not only yields higher returns but also maintains a conservative loan-to-value ratio, ensuring a buffer to protect the investor’s capital.
Private Lending vs. Syndication: A Comparative Glimpse
Jay Conner’s explanation of the stark contrasts between single-family investments and multifamily syndications sheds light for passive investors on the distinction between the two. While the former involves a direct lending process secured by individual properties, the latter pools investor funding into a larger fund managed in collaboration with an SEC attorney.
Securing the Investor’s Interest
The podcast delves into the safeguards inherent in private lending, such as inclusion in insurance and title policies, which Jay Conner emphasizes as critical to secure investors’ interests similar to any institutional lender. Innovatively, these protective measures provide a clear perspective on risk management in private real estate deals.
Future Prospects and Tax Implications
Tackling the question of plans, Jay Conner discusses how a self-directed IRA facilitates tax-advantaged growth for investors, though private lenders might miss out on certain benefits like tax depreciation. Nonetheless, a self-directed IRA remains a powerful tool enabling investors to direct their retirement funds into real estate without incurring taxes or penalties.
The conversation with Jay Conner and Jeremy Dyer not only illuminates the rich potential within the real estate market but also offers invaluable wisdom for both seasoned and aspiring investors. Unlocking the secrets to lucrative investments, Jay’s journey inspires many to consider private lending as a pivotal step towards financial liberty.
Mastermind Mentorship in Real Estate Investing:
“Nothing else gives me more, makes me more happy, and gives me more joy than making an impact in somebody else’s life, and being able to give back that which I’ve already learned.” – Jay Conner
Lessons learned from this episode:
- Private Money Efficiency:
- Use private money to finance real estate deals and avoid traditional banking obstacles.
- Raising Funds:
- Learn to attract private lending without directly asking for money.
- Education Focus:
- Start by teaching potential investors about private lending benefits.
- Secure Investing:
- Loans from private lenders are secured with real estate as collateral.
- Lender Protection:
- Private lenders are protected with insurance and conservative loan-to-value ratios.
Questions answered in this episode:
- How the feeling of constantly pursuing “what’s next” has shaped Jay’s approach to real estate investing and coaching?
- What are some critical elements for fostering effective teamwork in real estate investing, and how does Jay implement these in his mastermind group?
- The books “University of Success” and “The Go-Giver” have influenced Jay’s personal growth. What key lesson from each has been particularly impactful in Jay’s investment strategies?
- With Jay’s success in average profits per deal, what is his strategy for paying private lenders, and how does he maintain such high profit margins?
- Investing in a small market is a significant part of Jay’s strategy. What advice did Jay have for investors who are considering whether to enter larger markets or to focus on smaller, perhaps less competitive ones?
Timestamps
0:01 – Raising Private Money Without Asking For It
1:45 – Real estate expert Jay’s impressive achievements summarized.
5:48 – Attracted $2.15 million in private funding without asking.
7:17 – Effective fundraising, high returns, retirement fund transformation.
10:41 – Private lenders have the same protection as banks.
15:25 – Move retirement funds to a self-directed IRA tax-free.
17:16 – Small market dominance leads to big profits.
20:50 – Hot North Carolina market leads to off-market buys.
27:23 – Started real estate coaching business, plans to grow.
31:21 – Success comes from service, not money motivation.
Connect With Jay Conner:
Private Money Academy Conference:
Free Report:
https://www.jayconner.com/MoneyReport
Join the Private Money Academy:
https://www.JayConner.com/trial/
Have you read Jay’s new book: Where to Get The Money Now?
It is available FREE (all you pay is the shipping and handling) at https://www.JayConner.com/Book
What is Private Money? Real Estate Investing with Jay Conner
http://www.JayConner.com/MoneyPodcast
Jay Conner is a proven real estate investment leader. Without using his own money or credit, Jay maximizes creative methods to buy and sell properties with profits averaging $67,000 per deal.
#RealEstate #PrivateMoney #FlipYourHouse #RealEstateInvestor
YouTube Channel
https://www.youtube.com/c/RealEstateInvestingWithJayConner
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https://www.facebook.com/jay.conner.marketing
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https://twitter.com/JayConner01
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https://www.pinterest.com/JConner_PrivateMoneyAuthority
Making Big Profits in Real Estate with Private Lending Strategies With Jay Conner and Jeremy Dyer
Jay Conner [00:00:00]:
And here’s what’s so cool. Once your account is funded by wherever you’re moving it from, you can make unlimited money per year for no taxes.
Jeremy Dyer [00:00:11]:
Welcome to the Freedom Point Real Estate podcast where we talk about creating more time freedom through passive real estate investing. Passive investing in real estate challenges conventional investment wisdom. We are passionate about learning and sharing resources with others who are ready to transform their investing mindset. Quick disclaimer as always, I am not a CPA. I am not an attorney or a financial advisor. This is not financial advice, not telling you or anyone else what to do. The views and opinions expressed in these podcasts are provided for education and informational purposes only and are not necessarily the views of my employer, ADP. I’m glad you’re here.
Jeremy Dyer [00:00:46]:
Now let’s dig in.
Jeremy Dyer [00:00:51]:
Alright. Welcome back, Freedom Point Podcast listeners. Thank you again for jumping into another episode of Freedom Point. Appreciate everybody who’s been, you know, really listening in and tuning in lately. Regularly, I’ll have people reach out to me and say that they’ve been binging our episodes. I had one gentleman, that reached out and said he listened to all 60 episodes so far, sitting in a tree stand, a deer stand out in the woods. So again, thank you to those that, are faithful followers of our our podcast. I have another fantastic guest with me today.
Jeremy Dyer [00:01:26]:
A guest, by the way, that I follow regularly as this guest also hosts his podcast. So without further ado, Jay Conner, thank you for joining the show.
Jay Conner [00:01:37]:
Jeremy, thank you so much for inviting me to come along. I mean, I’m so passionate about Private Money and talking about Private Money because, frankly, Private Money has had more of an impact on our real estate investing career than any other strategy or any other thing I’ve ever learned along the way.
Jeremy Dyer [00:01:57]:
Absolutely. Again, appreciate you jumping in here with us. So I’m just gonna give our listeners a real quick bio, and then we can kind of fill in some holes and gaps there. Jay’s been buying and selling single-family homes, since 2003 in a town of only 40,000 people with profits now averaging approximately $78,000 per deal. Jay has rehabbed over 475 single-family homes and has been involved in, get this, over $118,000,000 in total transactions. In addition to all of this, as I mentioned before, Jay is a two-time national best-selling author and a past president of Business Network International. He hosts his podcast, and he and his wife, Carol Joy, reside in Morehead City, North Carolina. Again, Jay, appreciate you being here.
Jeremy Dyer [00:02:50]:
What else can you tell us about Private Money, how you’re involved, how maybe people can get started, that sort of thing?
Jay Conner [00:02:57]:
Well, the way I got into Private Money, Jeremy, I just didn’t wake up one morning and say, Hey, I think I’m gonna raise me some Private Money. You know, growth takes place in the valley. Growth typically does not take place when things are going fantastic. And so, as you said there in my bio, Carol Joy and I, started investing in single-family houses back in 2003. And the first 6 years that we invested, Jeremy, I did all I knew to do. And that, you know, in regards to getting funding for my deals, I went to the local bank. I went to an institutional lender. And for 6 years, I got on my hands and knees and put my hand underneath my chin.
Jay Conner [00:03:38]:
And I said, please fund my deal, give them my tax returns, all that stuff, you know. And so that’s what I did for 6 years until January 2009. I was sitting right here at my desk, and I know it’s hard to believe Jeremy, but we still have these things in Morin City called handsets with cords attached to them. It’s called a telephone. Anyway, I picked up my phone and I’ve been doing business with my banker. His name was Steve. I’ve been doing business with him for 6 years. He’d been funding my deals.
Jay Conner [00:04:13]:
I called him up and told him about these 2 houses that I had under contract that needed funding. Well, I learned very quickly that my line of credit had been shut down with no notice. And I said, Steve, what do you mean you’re cutting me off? He says, Jay, don’t you know there’s a global financial crisis going on right now? I said, no. But now I have a global financial crisis going on with my business. No way to fund my deals. So I sat here for a moment. Now, this was a pivotal moment in my investing career. I had a choice to make.
Jay Conner [00:04:48]:
And the good news is, we always have a choice. We are not victims, we’re victors, and we have a choice. So I could have quit and gone to the house, or instead, what did I do? I sat here and I asked myself the question, who can help me with my problem? By the way, Jeremy, these people are running around saying, oh, you ain’t got no problems. All you got is opportunities. I wanna throw up. Right? I didn’t have an opportunity. I had a problem. So I asked myself, who can help me with my problem? By the way, there’s a great book, Jeremy, I’m sure you’re familiar with it, called Who, Not How.
Jay Conner [00:05:24]:
So I immediately had a good friend come to mind. His name is Jeff Blankenship. He was investing in real estate in Greensboro, North Carolina at the time. And I called him up. I told him what had happened. He says, well, Jay, welcome to the club. I said, what club? He said the club is losing your line of credit. I said, well, how are you funding your deals? And he says, Well, have you heard of self-directed IRAs? And I said, No.
Jay Conner [00:05:48]:
He says, Have you heard of Private Money and private lending? And I said, No. So, I knew he had said something to me. So, I studied what Private Money and private lending was. And Jeremy, I was able to attract $2,150,000 in new funding, private lending money that I didn’t have before the problem came along. And you know what’s interesting, Jeremy? I’ve yet to ask anybody for money. I’ve never pitched a deal. And they say, Jay, how in the world do you have $8 a half $1,000,000 right now that you’re moving from project to project? Well, how I do it right now, Jeremy, is exactly how I did it, back in 2009. So, what I did was I put my Private Money program together as to what I was going to offer people.
Jay Conner [00:06:37]:
And you know what? The traditional way of borrowing money is to ask for a mortgage. I’m not asking, I’m offering a mortgage. Right? So, what did I do? I put on my teacher hat, and my teacher hat says, Private Money teacher. And I simply started teaching people that I already had an association with. I went to church with them, we’re in the Rotary Club, we’re in Business Networking International together. And I started teaching people about my private lending program and how they could make high rates of return safely and securely. So, I wasn’t pitching any deals. You know, desperation’s got a smell to it.
Jay Conner [00:07:17]:
And I’ve learned the worst time to be raising money is when you need it for a deal. So, you can’t be rejected if you’re not asking anybody for anything. You’re simply sharing with them. This way they can make high rates of return safely and securely. And so, I know how much they’ve got to work with. Maybe they need to be introduced to, a self-directed IRA company where they can transfer tax-free and penalty-free their retirement funds to a third-party custodian and then invest those funds. And so it’s just been fun making an impact in these individuals’ lives who had never heard of Private Money. And I tell you, Jeremy, we’ve gotten so many thank you notes and thank yous in persons from our private lenders for us changing and transforming their retirement years.
Jeremy Dyer [00:08:08]:
So Jay, let’s talk a little bit more about what this looks like for an individual investor who might choose to invest in one of your upcoming opportunities. Are they investing directly in an entity that owns multiple homes? Is it a one-to-one ratio? Kinda talk us through the difference of investing with you on an individual home basis. Is there a value-added component to the strategy? You know, what’s the exit plan look like? As opposed to what most of our listeners are familiar with, and that is investing in multifamily through syndication.
Jay Conner [00:08:48]:
Sure. Yeah. And when you’re doing multifamily, that’s the way to go. You’re going to have syndication. Your investors are going to invest in a fund. You’re going to have your SEC attorney draw up your private placement memorandum and all that. In my world, it’s very different when it comes to single-family houses. Everything we do is what’s called one-offs.
Jay Conner [00:09:11]:
So what in the world is a one-off? If an investor is not investing in a fund, then what are they doing? Well, they are the bank. So, they’re not investing in a stock or investing in a fund. What they’re doing is they’re actually, they’re the bank. It’s like they’re taking their money and they’re putting it in a CD in the bank. It’s like that, right? Except, of course, the rates of return are much higher. And so, they’re loaning money. They’re loaning money is what they’re doing. They are acting in the same capacity as a bank would.
Jay Conner [00:09:46]:
So, they’re loaning money and they are not loaning unsecured funds. Now, they could legally, but we don’t do that. We don’t allow our private lenders to loan us unsecured funds, but just a promissory note. We back all the notes and collateralize the notes with the real estate that our company is investing in. We have a very, conservative loan to value. So, you know, when someone’s loaning money, now we’ve got to have language and conversation about loan to value. So, we have a very conservative loan to value, which means we do not allow our private lenders to loan on any deal more than 75% of the after-repair value. So we got a nice 25% equity cushion there in each property.
Jay Conner [00:10:41]:
The private lender is also protected by not only the mortgage in North Carolina, it’s a deed of trust, but the private lender is also named on the insurance policy. So that piece of real estate is insured, and just like the bank, remember the private lenders acting just like the bank. Oh, when a bank loans you money on real estate, they are named on the insurance policy as a mortgagee, another layer of protection. Same thing with our private lenders. They’re named on the insurance policy on that property as a mortgagee. They’re also named on the title policy as additional insured in case there are any title issues down the road. So again, we’re protecting our private lenders with the same requirements that a commercial institutional bank would have.
Jeremy Dyer [00:11:29]:
Yeah, absolutely. So these are, for the private lender, these are promissory notes. Are there any, are there any ownership interests involved here for the private lender? Is there, you know, talk a little bit more about maybe what the, you know, value add, you know, strategy would be, you know, with this type of investment strategy. And then let’s maybe talk about, are there any depreciation, passive loss depreciation benefits, you know, onto the private lender, that chooses to get involved?
Jay Conner [00:12:00]:
Right. So, the private lender does not have any ownership of the properties. Again, they’re like the bank. They know exactly what their rate of return is going to be. Opposed to investing in a fund or syndication, one thing that gives our private lenders flexibility is, again, it’s like putting your money in a CD in the bank, except you get a much higher rate of return. There’s a way you can get your money back early in case you have an emergency come up. So we give all of our private lenders and we put it in the promissory note. We have what’s called a 90-day call option.
Jay Conner [00:12:36]:
And we don’t charge a penalty. You know, if you put your money in the bank, in a CD, you can draw it out early, but you’re going to pay a penalty. A lot of operators charge a 5% penalty if the money is withdrawn early. In my program, we don’t charge any penalty. We want to make it easy for our private lenders to do business with us.
Jeremy Dyer [00:12:58]:
So, this would be an investment that would be not illiquid. Meaning, that if an investor chooses to get involved in really passive real estate investing in single-family homes, there would be an opportunity for that investor to pull some or all of their capital off the table. Am I hearing that correctly?
Jay Conner [00:13:17]:
That’s correct. That’s correct. Now, what I discovered I mean, it makes it nice. It’s a nice exit strategy, if they need to, for whatever reason. But what I’ve discovered since 2009, in the 100 and 100 and 100 of these deals that we’ve done, I’ve only had 2 notes called due early. I mean, the lenders don’t want the money back. If they get the money back, what are they gonna do with it? So I’ve had 2 small notes, called early because of medical emergencies and bills that had come up. But we have that in the program, you know, just in case they need to get it back for whatever reason.
Jeremy Dyer [00:13:53]:
Do you perform a cost segregation study on all of the assets in the, you know, the portfolio that you manage to provide, and then those tax depreciation benefits back to the investors? Or would there be no, tax depreciation benefits available?
Jay Conner [00:14:07]:
There would not be any tax depreciation, in these deals. However, if they’re loaning their money out from their retirement account and they’ve moved it over to a self-directed IRA, there are no taxes. Right? The IRS doesn’t even require my company to send out a 10.99, on someone that’s using their retirement funds.
Jeremy Dyer [00:14:31]:
Do you think you could do our audience, some justice here, and in justice here and in about a minute or less explain what a self-directed IRA is and why it’s a good potential strategy for investors to look into if they don’t have enough dry powder on the sidelines, but they want to diversify into real estate.
Jay Conner [00:14:48]:
I never heard of liquidity called dry powder. That’s pretty good. So, yes, I will shoot for 60 seconds or less on what is a self-directed IRA company. It’s also known as a third-party custodian. So there’s a handful of companies approved by the IRS in the nation that allows you, if you’ve already got current retirement funds, current retirement funds, and they could be any kind of IRS designated retirement funds. They could be in a pension. It could be in a previous 401 ks and a previous employer. If you’ve been with the employer long enough, it could be a current 401 Ks.
Jay Conner [00:15:25]:
You would just need to ask your plan administrator if you have the option to move out a percentage of those retirement funds. But you can move your current retirement funds over to an IRS-approved self-directed IRA company, tax-free, penalty-free. And here’s what’s so cool. Once your account is, funded by wherever you’re moving it from, then here’s the cool thing. There’s no limit to the amount of money that you can earn per year. And it’s either going to be tax-free or tax-deferred, depending on the type of account you’ve got. If you’ve got a Roth IRA that you are, you know, that you’ve got the self-directed IRA company, then you can make unlimited money per year with no taxes. That’s pretty amazing.
Jeremy Dyer [00:16:16]:
Yeah. It is. And, just to clarify for the listening audience here, you can’t take funds from an active 401 ks typically speaking, and you also can’t invest directly from a 401 k plan or an IRA, you first must employ a self-directed IRA custodian if it’s in your interest to deploy that strategy. So Jay, let’s talk about this for a minute. So you’re operating in a town of 40,000 people. That’s a fairly small town in Morehead City, I assume. Is that correct?
Jay Conner [00:16:48]:
Yep. Morehead City only has 8,000 people. In our county, the census just came out this past weekend. Our county has 69,000 people. So, the 40,000 is just the target market that we’re investing in. So, we don’t do that many deals. We do 2 to 3 deals a month that average 78,000 per deal. And I don’t share that dollar figure to brag.
Jay Conner [00:17:16]:
I share the $78,000 average profit to let our private lenders know, well, how can we pay the rates of return that we do? Well, it’s because we’re making big profits. Right? And so, how can we do 2 to 3 deals a month in this small market? Well, you got to dominate the market. Clearly. And another part of this story is, you don’t have to be in like a huge city to be making, you know, significant money on deals. There’s a big advantage to investing in a small market Because, you know, Jeremy, I would much rather be a big old fish in a teeny tiny little pond than, you know, a teeny tiny fish in a huge pond. And so, you know, I don’t have that many real estate investor competitors here locally. Do other people invest in real estate around here? Of course. But I don’t have the number.
Jay Conner [00:18:13]:
But we have all kinds of channels, marketing channels, where we have motivated seller leads coming in all the time. Facebook ads, paid Facebook ads, Google, you know, pay per lead, SEO. I’ve got the same website for 19 years. My website is almost older than the internet itself. But I got the same URL, the same website for all these years. So my SEO, search engine optimization, I’ve got people finding us all the time organically. We do, outbound calling. We do direct mail.
Jay Conner [00:18:53]:
And, we direct mail. We’ve got an 8-letter direct mail system that we send out to all people that are facing foreclosure. And we’re looking to serve those people and not take advantage of anybody. Help them get back on their feet and create win-win scenarios.
Jeremy Dyer [00:19:09]:
This question is mostly meant to be a little bit on the lighter side, but have you purchased any billboards yet?
Jay Conner [00:19:17]:
Not for my real estate investing company. I have purchased billboards, for when I was flipping land, And I put the billboard on the property. And long ago in my previous life, I was in the manufactured housing mobile home industry. Used billboards for that. But typically, billboards are going I have found are good for directional. Right? Directional versus a direct marketing response.
Jeremy Dyer [00:19:46]:
Yeah. So you’re buying 30 to 40, homes per year, and you’re spinning, you know, out maybe 30 to 40 or maybe 50, you know, per year, depending upon what volume looks like. Are these typically, you know, hold periods of months? Do these hold periods of years? And then second to that, as it relates to kind of the value add element, are you vertically integrated in kind of the management of those properties and the building construction side of those renovation efforts? What does that look like?
Jay Conner [00:20:18]:
Yeah. So, first, as far as how long are these notes? So all of our notes are either 2 years or 5 years. They are 2-year notes if someone’s using what you call it. White powder? Investment capital. Dry powder. Dry powder. I don’t know if it’s white or black, right? Dry powder. So if someone’s using investment capital to your notes, and then if they’re using retirement funds, we’re just going to put that on a 5-year note. The market determines what we’re doing with the exit strategy.
Jay Conner [00:20:50]:
And the market also determines how we buy the property. So in this market, here in North Carolina, Jeremy, we are still in a very, very hot, hot market. There’s no inventory in the multiple listing service. And so all the properties that we’re buying, we’re buying off-market directly from the owners of the properties that don’t have them in the multiple listing service. So if there is a major rehab involved, you know, 40,000, 50,000 or more rehab, then I’m not going to bury money in that property for the long term. We’re going to flip that property. So from start to finish, due to, contractors being backed up and etcetera, we could easily be in a property for about 9 months, right? Seldom is it going to be 6 months? So it’s probably 9 months to 12 months, depending on the extent of the rehab.
Jay Conner [00:21:47]:
However, if it’s not a major rehab, then we may sell that home on a rent-to-own basis, also known as a lease purchase, where we help the buyers get a mortgage. They’re not ready for a mortgage when they move in. And we’ll have them get ready for a mortgage and then they can cash out and cash us out and our private lenders get cashed out, you know, typically within 2 years. So, I am vertically integrated, but not totally. So, we do self-manage. We do, I do have a project manager who oversees our projects. We’ll have about 6 houses to 7 houses in the process going on all the time. We do have our crews, but we also do business with general contractors as well.
Jay Conner [00:22:33]:
Because the crew that I got can only be doing 2 houses at one time. So I do business with 2 other general contractors. So, by and large, except for the rehab inside, we are vertically integrated and cover it all.
Jeremy Dyer [00:22:48]:
Let’s talk to that passive investor that wants to continue to crush their day job, max out their, you know, w two, but they also have this little itch that they wanna scratch. And that is they want to get into real estate investing. They’re just not sure if they wanna go active or passive. This is very much a softball question for you, I’m sure. And that is what type of advice would you have for that high-income earner who is considering buying a single-family home to renovate themselves and maybe become a landlord versus considering partnering with somebody like Jay Conner and allowing and having you do the work?
Jay Conner [00:23:31]:
Well, it just depends on what your objective is. You know, when you invest in a, say, for example, a single-family house yourself, then you’re going to make a lot more profit, right? You are the operator, right? You’re the gal. You’re the guy. And, I mean, I’m a private lender too. I like to use my retirement funds to loan out. But I’m typically, I’m gonna make a whole lot more money over the deal. But it depends on, number 1, what’s your tolerance for risk? What’s your tolerance for pain? Everything’s got a price. My average profit of $78,000 comes with a price to pay.
Jay Conner [00:24:15]:
And what’s that price? Well, his name is Murphy. I don’t know if you’ve ever met Mr. Murphy or not, but Mr. Murphy shows up in all of my rehab projects. Mr. Murphy, by the way, is the guy who originated the saying, Anything that can go wrong will go wrong. Because when it comes to rehab in houses, you never come in on budget. You never come in on budget.
Jay Conner [00:24:40]:
I mean, you can have the best home inspection in the world. There’s always going to be Murphy, also known as UPS, right? So in my formula for calculating what’s the maximum that I’ll pay and invest on any property, I got a line item called Murphy Factor, the Murphy Factor, right? So I’m accounting and I’m budgeting for, you know, that extra surprise that comes along. So, you know, if, if you want to sit back as an investor or a private lender and just let the checks come in the mail, or if you just want to watch your retirement, balance go up, that’s the way to go. Be passive. Now there’s a whole nother conversation about who you decide to do business with. But let’s assume you know someone such as Jeremy that’s got a great reputation. He’s got the integrity. He’s got the experience. You know he’s got a great guy.
Jay Conner [00:25:39]:
He’s got the you know, he’s honest. And he knows what he’s doing, right? Well, that’s the way to go. You’d be passive. But if you like an adventure and you want to make even more money, then come over to my side of the table and let and let’s invest in some real estate and be the operator.
Jeremy Dyer [00:25:59]:
Yeah. That’s great. And I appreciate that plug, Jay. For the record-listening audience, Jay and I just met. So, very kind words of you and I appreciate you saying that about me. I’d like to know now, Jay, you know, what’s what’s what’s next? What’s Jack what’s next for Jay Conner? Any upcoming projects or goals, you know, on your, in the next chapter of your real estate investing journey?
Jay Conner [00:26:22]:
Sure. You know, it’s funny you said the word, what’s next, the phrase, what’s next. My wife, Carol Joy, and I were out in Texas, in Wichita Falls, Texas, visiting her family not long ago. And, one of her brothers just loves to throw these out of the, you know, out of the left side questions out of nowhere. And so, he’s going around the dinner table and he’s saying, What would you say is the number one thing that motivates you? And what’s the number one thing that motivates you? Well, my answer was simple. What motivates me is what’s next. Because my Achilles’ heel is I get bored very, very quickly. And once I have figured out something and I got somebody else in charge to run it, then I want to go figure out what’s the next thing. So, what I’m spending most of my time on, in addition to the real estate investing business, is my coaching program with other real estate investors.
Jay Conner [00:27:23]:
Carol Joy and I started our coaching business for other real estate investors back in 2011. We have different levels of coaching, but the group that I’m so excited about is we now have a mastermind group right at 40 or so individuals from all across the nation, where we work together, work on deals together, etcetera. So what’s next for me is growing my, coaching, growing my mastermind membership. Now why am I interested in doing that? I can tell you why. Nothing else gives me more, makes me more happy, and gives me more joy than making an impact in somebody else’s life and being able to give back that which I’ve already learned. And by the way, back to your question, Jeremy, what should you do if you’re starting in real estate investing and you want to do that? For goodness’ sake, don’t do it by yourself. Right? Work with somebody who already knows what they’re doing, learn from their mistakes, and don’t go through that kind of pain yourself by yourself.
Jeremy Dyer [00:28:34]:
Yeah. No. I appreciate that. And you’re exactly right. I mean, real estate investing is 100% a team sport. You know, I’m a real big fan of people, you know, that is in my inner network, you know, connecting with other people that are doing the same thing that I’m doing, you know, certainly connecting with other sponsors, listening to other, you know, people’s podcasts as well. I mean, in full disclosure, I regularly follow a dozen, you know, other podcasts, you know, platforms because I’m able to learn, you know, in a very short period, a lot of information out there largely for free. Right? You just have to be willing to go, you know, know where to look for it, number 1.
Jeremy Dyer [00:29:10]:
And number 2, spend time, pursuing it. So along the education line, what would be 1 or maybe 2 different book recommendations that you’d recommend to that you know, investor that’s looking to diversify, you know, out of Wall Street and into to Main Street, so to speak?
Jay Conner [00:29:28]:
Well, generally speaking, so I’m not thinking of a specific real estate investing book other than my own, Where to Get the Money Now. So self plug right there. But, just, I mean, and I’m an avid reader. I love reading, not for the sake of reading. I love reading for the sake of personal growth. The book, book, Jeremy, which had the biggest impact on me when my life was a total mess, a hot mess, a wreck was, written by Og Mandino. And the name of the book is University of Success. And it just really fixed my mindset.
Jay Conner [00:30:12]:
You know, I tell new real estate investors, you’re not going to have an easy time being successful at real estate investing until you own the real estate that is between your ears. So, the University of Success fixed my mindset and my outlook. Another book that comes to mind, and I was so, honored to have the author on my podcast, Raising Private Money, was, Bob Burg, co-author of The Go-Giver. I’m sure you’re familiar with that book, Jeremy. And, I never heard of The Go-Giver till probably about 6 or 7 years ago. And, what a wonderful book when it comes to this world of service. And, you know, Jeremy, another thought just comes to mind that I would give out from my own experience as advice, and that is don’t ever get involved in a money-making opportunity unless your only interest and your only passion is to make the dollar. I’m talking Now, I’m not talking directly about being a passive investor.
Jay Conner [00:31:21]:
I’m talking about getting involved in a venture and working on something or a project. And I tell you, the reason I say that is, and thank goodness I learned this years ago when I was younger, but every time I got involved in a project or an opportunity, and my only interest whatsoever was the almighty dollar, I’ve failed miserably. I never launched. I never even got off the ground with it. So, that being said, don’t lead with money being your motivation. Lead with service, lead with having a servant’s heart, making a difference. And as long as the business plan is sound, it’s going to come back to you tenfold.
Jeremy Dyer [00:32:05]:
Yeah. I’ve seen that in my own life as well. And, those are a couple of great book recommendations. We’ll put them, in the show notes of the podcast episode here. Outside of maybe a couple of the different ways that, you know, you’ve mentioned, that our audience can connect with you. You know, what would be maybe kind of the main different ways we can learn more about what Jay’s got going on?
Jay Conner [00:32:28]:
Sure. Well, I’d love to give my book away, if that’s all right, Jeremy. And my book is called Where to Get the Money Now. So if you are looking to raise Private Money yourself, on the other side of the coin, this walks through step by step how I do it without ever asking anybody for money. You can pick it up for $20 at Amazon, where you can get it for free. Just cover shipping. By the way, the postal service is still in business. So we mail this priority mail, 3-day delivery.
Jay Conner [00:32:59]:
You can pick up my book at Jay Conner. By the way, I’m an ER, not an OR. www.JayConner.com/Book. I’ll autograph it and we’ll ship it to you 3 day priority mail. You can also follow me on my podcast, which is called Raising Private Money with Jay Conner. And in addition to that, Jeremy, I got a $3,000 value gift for your listeners. I put on a live event in person, not virtual, 3 times a year.
Jay Conner [00:33:32]:
It’s called the Private Money Academy Conference right here in Eastern North Carolina, on the coast, at the beach, and, 3 times a year. It’s a $3,000 ticket, to come to the event. But your audience can come for a $97 registration fee at www.JaysLiveEvent.com. Go check out that URL. It’ll tell you all about the live event.
Jeremy Dyer [00:34:06]:
Great. Well, thank you for that gift for my audience. And, also, regarding the book recommendation, where to get the money now, I’ll be acquiring that book here in the next 24 hours. So appreciate that. And also appreciate you just being here with us, on the Freedom Point podcast show.
Jay Conner [00:34:24]:
Jeremy, thank you so much for having me. What an honor. Thank you so much. God bless you and all the listeners.
Jeremy Dyer [00:34:32]:
Yeah. Thank you, Jay. And listening audience, thank you again for joining us on another episode of The Freedom Point. We look forward to having you join us on the next episode.
Jeremy Dyer[00:34:42]:
Thank you for hanging out with us today and for listening to the Freedom Point podcast powered by Starting Point Capital. This show is for entertainment purposes only. Nothing said on this show should be considered financial advice. Before making any financial decision, please consult with a professional. This show is copyrighted by the Freedom Point podcast. Written permissions must be granted before syndication or rebroadcasting. If you’re interested in connecting, you can find contact information at www.startingpointcapital.com.