Are you ready to unlock the keys to real estate success? Today, Jay Conner, The Private Money Authority joins Jake Wiley on The Limited Partner Podcast and is here to help you transform the way you think about property investment.
Jay Conner’s story begins with a crisis that became a catalyst for change. After unexpectedly losing his line of credit, Jay was propelled into the world of Private Money and private lending. His response was remarkable; he raised over $2 million within 90 days, pivoting from conventional banking to building a network of private investors. This turn of events not only salvaged his immediate transactions but also tripled his business by tapping into the surge of foreclosures that marked the period.
Adapting to Market Shifts
Jake Wiley and Jay Conner delve into the importance of flexibility in the face of market fluctuations. They’ve seen the financial landscape oscillate between periods of abundant financing and its stark absence. Their experiences underscore the need to adapt swiftly to shifting circumstances, whether it’s by seeking alternative funding sources or embracing new investment opportunities that arise in times of upheaval.
Private Money: A Double-Edged Sword
While Private Money became the vehicle for growth for Jake and Jay, they discuss its intricacies with caution. They highlight the relationships with private investors, emphasizing the necessity for clear communication and robust legal protections to safeguard all parties involved. Establishing conservative loan-to-value ratios is part of their conservative approach, providing some security against unpredictable markets.
The Role of Education
Throughout the episode, the importance of educating potential investors is evident. Jay Conner in particular evangelizes spreading awareness about self-directed IRAs and the concept of private lending. By equipping people with knowledge on how to invest their retirement funds into real estate securely, he has expanded his investment potential while providing valuable returns to his lenders.
Preparing for the Future
As the world once again enters a period of economic uncertainty, both hosts share insights on protective measures and smart investing tactics. They address the complexity of different real estate investments, from single-family homes to commercial properties, and the varying degrees of risk and management they entail.
Conclusion: Empowering Investment Decisions
In a world where economic tides can turn overnight, the episode focuses on the resilience of strategic, well-informed real estate investing. Wiley’s invitation to the audience to contribute and learn from their shared knowledge extends the opportunity for growth and success to anyone willing to adapt, learn, and invest wisely.
Real Estate Investment Safety:
“If you are a real estate investor, borrowing the funds, always give the private lender a mortgage or deed of trust, that mortgage or deed of trust will protect them. That’s the only legal recourse that they’ve got when they’ve been investing.” – Jay Conner
10 Lessons Covered on This Episode:
1. “Credit Crisis”: Even with a strong credit score, lenders can revoke credit lines without notice, triggering a need for alternative funding.
2. “Private Lending”: Introduction to private money lending as a powerful alternative to traditional bank loans for real estate deals.
3. “Quick Capital”: Successfully raising over $2 million in private funds within 90 days showcases the potential of private lending networks.
4. “Investor Care”: Diligence in handling investor money is crucial for trust and success in real estate investing.
5. “Leverage Time”: Utilize the expertise and time of others to maximize investment potential and work smartly.
6. “Market Cycles”: Recognizing and adapting to changing market conditions is vital for survival and prosperity in real estate.
7. “Educating Investors”: Educating potential investors about self-directed IRAs can unlock huge private funding resources for deals.
8. “Crisis Management”: Turning a credit line crisis into a business opportunity by tripling investment business with private money.
9. “Win-Win Scenarios”: Creating investment opportunities that are beneficial for both the investor and the operator can drive business growth.
10. “Protecting Lenders”: Ensuring legal and financial protections for private lenders is imperative for a sustainable investment model.
Fun Facts:
1. Jay Conner was able to raise and attract $2,150,000 of Private Money in less than 90 days after losing his line of credit.
2. Jay and his wife have been investing in single-family houses since 2003 and are averaging a profit of $78,000 per house transaction.
3. Both Jay Conner and Jake Wiley experienced cycles of financing availability in the real estate market, having to raise Private Money when banks cut off funding.
Timestamps:
00:01 – Raising Private Money Without Asking For It
06:17 –Discovering private money, teaching others, creating success.
07:26 – Losing credit led to a $2.15M private investment.
12:09 – Conservative loan-to-value: protect lender, don’t exceed 75%.
14:17 – Secure private lending with mortgage and insurance.
19:26 – Private lending depends on the operator’s math.
22:11 – Quickly evaluate properties, make offers, move on.
26:24 – Invest in knowledgeable operators with good sources.
27:11 – Trust brokers, buyers, and operators for deals.
Connect With Jay Conner:
Private Money Academy Conference:
https://www.JaysLiveEvent.com
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
Apple Podcast:
https://podcasts.apple.com/us/podcast/private-money-academy-real-estate-investing-with-jay/id1377723034
Facebook:
https://www.facebook.com/jay.conner.marketing
Twitter:
https://twitter.com/JayConner01
Pinterest:
https://www.pinterest.com/JConner_PrivateMoneyAuthority
Conservative Strategies for Real Estate Wealth: Advice from Jay Conner
Jay Conner [00:00:18]:
I had lost my line of credit. I’ve been shut down. No notice. It sure would’ve been nice if somebody from the bank had called me and told me that I’d lost the spotlight of credit. Had nothing to do with my credit score. In less than 2 weeks, I was introduced to this world of Private Money and private lending. I’d never heard about it. And so, I put my private lending program together, that being a program that I would offer and teach people in my center of influence, how they could get high rates of returns safely and securely.
Jay Conner [00:00:51]:
So I was able to create many win-win scenarios. I was able to raise and attract $2,150,000 in less than 90 days of losing my line of credit.
Jake Wiley [00:01:02]:
Now that was Jay Conner. Stay with me on this one. I know it’s a little bit different because we are gonna be talking about raising funds for single-family homes, which is not something that we typically cover on the limited partner podcast. But I was on Jay’s show maybe a month or so back, and we had a great conversation. And his story resonated with me and reminded me a lot of my story, kind of growing up in the single-family market. And one of the things that resonated with me about Jay’s story is his care and diligence in taking money from his investors. So I wanted to bring Jay on to have a conversation about what that means to him what that looks like and how you can take that information and be a better investor with it. So stay tuned.
Jake Wiley [00:01:43]:
Enjoy the show. This is Jay Conner.
Narrator [00:01:46]:
The limited partner shares in the potentially outsized returns of a well-planned and executed investment, but as a passive investor has the maximum leverage on their most precious asset, their time. And that is why we’re here together. 90% of the millionaires out there built their net worth with real estate. However, 0% of billionaires are hands-on managing their real estate assets because there simply isn’t enough time. My name is Jake Wiley, and for the past 16 years, I’ve been investing in real estate, and I’ve learned a thing or 2. But the most important lesson is how to leverage the expertise and time of others to maximize your investment potential. Welcome to the limited partner podcast.
Jake Wiley [00:02:26]:
Alright. Partners welcome, mister host Jake Wiley. This week, I’m joined by Jay Conner. And I had the pleasure of being on Jay’s podcast probably a month or so back. So if you’re out there and you’re looking for a little bit different angle, love for you to check that out. And, Jay, I’ll let you talk about your podcast. But Jay and I have similar backgrounds. We started investing pre 2,008, and both live through an incredible cycle of you’re there’s money, let’s go buy real estate, there’s financing to a period where there was no money, no financing, the banks cut us off, and we are both forced to go raise Private Money, You know, reach out and find folks that are didn’t wanna be in the stock market, or looking for an outlet, and invested through a really interesting cycle.
Jake Wiley [00:03:17]:
And I think that this show is gonna be very timely because we are at the beginning or kind of in the throes of another very interesting cycle. And Jay and I both lived through it. But this week, you know, Jay is gonna tell us a little bit about his backstory, and then we’re gonna get into some of the pros and cons of investing right now and then how to do it right. But, Jay, welcome to the show.
Jay Conner [00:03:41]:
Jake, thank you for having me come on and have the opportunity to talk about my favorite subject and what I’m most passionate about. And of course, that’s Private Money and private lending. So thank you for having me on.
Jake Wiley [00:03:55]:
Yeah. This is gonna be a really fun show and super timely, like I mentioned before. But, Jay, for those of my listeners out there who don’t know you, I’d love to give you a few minutes. Let’s let’s talk about your backstory. Let’s let’s talk let’s go back to when it started and bring us up to date on where we are today.
Jay Conner [00:04:11]:
Sure. Well, my wife, Carol Joy, and I, we’ve been investing in single-family houses, since 2003. So, we’ve been doing this for a couple of decades. And, we’re here in Eastern North Carolina. Our target market is only 40,000 people. We do 2 to 3 deals a month, for single-family houses. Most of them are funded with Private Money. We do some creative financing as well, but most of them are funded with Private Money.
Jay Conner [00:04:40]:
And our average profit right now, with a median price point of $300,000 we are profiting $78,000 average on per house transaction that we do. So from 2003 until 2,009, the 1st 6 years that we were in the business, all I knew to do was to go to the local bank, traditional mortgages, and, borrow money from the local bank to fund our deals. That’s all I knew to do. Well, in January of 2009, I remember it just like it was yesterday. I called up my banker. I had 2 houses under contract to, get funded. And for each of these houses, or combined these 2 houses, the profit was going to be over $100,000 on these two houses. And I called up my banker, he and I had had this conversation many, many times, over these initial first 6 years.
Jay Conner [00:05:41]:
And I told him where the houses were located, the funding that was required, to fund the deals. And I learned very, very quickly, Jake, on that telephone conversation that I had lost my line of credit. I’ve been shut down. No notice. My first thought was, you know, it sure would have been nice if somebody from the bank had called me and told me that I’d lost my line of credit. Had nothing to do with my credit score. I had an 800 credit score, still got a fantastic credit score. And, I didn’t know that we were having a global financial crisis until now I’ve got a crisis.
Jay Conner [00:06:17]:
I didn’t have a way to fund these deals. And so, I hung up the phone, and I tell you Jake, my definition of coincidence is God’s way of staying anonymous. In less than 2 weeks, I was introduced to this world of Private Money and private lending. I’d never heard about it. And, so I put my private lending program together, that being my program that I would offer and teach people in my center of influence, people I go to church with, people that, you know, I interact with. I would teach them what Private Money is, and how they could get high rates of returns safely and securely. I put on my teacher hat and I started teaching people here in the local area what self-directed IRAs are and how they can move a portion or all of their retirement funds over to a self-directed IRA company, and then they could lend money out to me on my real estate deals, earning high rates of returns safely and securely, all secured and backed by the real estate that we were investing in. So I was able to create many win-win scenarios.
Jay Conner [00:07:26]:
I was able to raise and attract $2,150,000 in less than 90 days of, losing my line of credit. So since that time, right now, we’ve got about $8 a half $1,000,000 in Private Money available that we use on different deals. We’ve got 47 private lenders, individuals, and human beings just like us, that are investing in our deals, getting a high rate of return. And so it’s just been the biggest blessing in disguise since we’ve been in the single-family house investing business. The biggest blessing in disguise was losing our line of credit. In fact, in the first 12 months, after losing our line of credit, our business tripled. Because back then, we had all the foreclosures that were hitting the market. Banks were not lending money, but we had all this Private Money available.
Jay Conner [00:08:23]:
And so, we’re actually able to triple our business by having Private Money available and, being able to buy all those foreclosures. So, you know, if it weren’t for that big blessing in disguise, Jake, you and I wouldn’t even be here visiting today. Yeah.
Jake Wiley [00:08:40]:
I think that I love your story because I know we talked about this a little bit on your podcast, but it’s the same thing that happened to me. Overnight, you got nothing. Right? Your whole business model’s turned upside down and you’re forced to go out and do something differently. And it is, you know, for me, prob like you, it helped me to think bigger and better. Right? And and be more, I guess, in the market then. But it is you know, I think we’re in an interesting time because you’re right. Like, at that point in the history of the world, you could go out and find houses left and right because they were foreclosures. And they’re that.
Jake Wiley [00:09:29]:
And we’re starting to see the headlines come through of some pretty significant, you know, keys being turned over. One of the largest asset owners in the world turned over keys for over $1,000,000,000 in loans. Just last week in Texas, you know, a large multifamily just went into foreclosure for over $350,000,000 It’s coming, guys. And I think that what’s important to know is how to invest through these periods. And what I’m excited about, you know, Jay, about this conversation is talking through that. You know, you and I have both lived through a cycle. We’ve both invested through a cycle. We’re both better from that.
Jake Wiley [00:10:10]:
But now, you know, we’re in a period where, you know, I’ve got folks calling me up and asking me, like, hey, you know, my deal’s going bad. The distributions that I was expecting have disappeared. I think they’re gonna start asking, you know, for capital calls. Or we might have to turn these keys back over. What should we do? So, you know, I’d love to get your perspective as one that lives you know, lives it. You do this. You’re not just a teacher, but you’re also teaching future Jake Conners and Jake Wileys out there how to raise money. And we’re in an interesting market now.
Jake Wiley [00:10:45]:
And I’d love to get your perspective. And, you know, what are you doing yourself and what are you teaching your students about taking people’s money at this point and then actually putting it to work?
Jay Conner [00:10:57]:
Well, I’m glad you asked, Jake, because in this world of Private Money, I mean, all 47 of, the private lenders that are investing with us and have been for years, they are relying on me to protect them. They’re relying on me to, be conservative, you know, with their with their investment. I’m, you know, I’m very blessed to say not one of my private lenders has lost 1p. They’ve gotten every dollar that was due to them since we started investing. And so the question comes up is, how do you know, there are 2 sides to the coin? You have the borrower, the real estate investor, and then you have the private lenders themselves that are investing. You know, how do we make sure that everybody is protected? And of course, yes, there’s risk in anything that you do, but you want to hedge, you know, against that. So first of all, whether we’re in a hot market or we’re in a slow market, it doesn’t matter.
Jay Conner [00:12:09]:
First of all, always have a very, very conservative loan to value. So let me explain what that means. So a conservative loan to value means how much are we borrowing? How much are you, as a private lender, lending on a deal? My rule of thumb is I do not allow my private lenders and investors to loan more than 75% of the repaired value of a single-family house. Now, most of the Private Money deals that we do are in the world of single-family houses. So most of the time, there is a rehab or renovation that’s involved. So, for example, if I am, borrowing money on a repaired value of $200,000 on a single-family house, I’m not going to borrow more than $150,000 the reason for that is I want to protect my private lender, my private lenders. There’s a $50,000 cushion between the value of that house, as to when I put it on the market for sale and the amount of money that I’m borrowing. Alright? So that’s the first thing that comes to mind.
Jay Conner [00:13:25]:
Make sure that it is a conservative loan to value. The second thing that comes to mind is when if you are a private lender and you’re loaning money on a single-family house, we call it one-offs. Right? You have syndication where an operator will raise money for a fund and you’ll have, you know, several private lenders, investors that invest in that fund. Well, the way I do the business is everything we do is what’s called one-offs. We have a private lender or maybe a couple of private lenders that are loaning money on a particular single-family house. When we do one-offs, we always give a deed of trust or mortgage, depending on where the property is located and in what state. So we’re not borrowing unsecured funds. We can.
Jay Conner [00:14:17]:
We can borrow unsecured funds legally, but I don’t do it. I don’t teach it. I don’t recommend it. If you are a private lender, if you are a real estate investor, borrowing funds, always give the private lender a mortgage or deed of trust and that is going to protect them. That’s the only legal recourse that they’ve got when they’ve been investing. Also, how else do we protect the private lenders? We name our private lenders as the mortgagee on the insurance policy. So, when we get insurance on the property, of course, we’re always going to get insurance on the property, the private lender is named as the mortgagee, which means if there is a claim against that insurance policy for that particular property or house, well, when the insurance company makes a cuts a check for that insurance claim, not only is my company, the real estate investor, the borrower named on that check, but the mortgagee, the lender, is also named on that check, which means the private lender has got to sign off on that check before the real estate investor borrower can cash it. Well, that’s another layer of protection for the private lender.
Jay Conner [00:15:35]:
In addition to that, we name the private lender as an additional insured on the title policy so that in case of if there’s ever a title issue down the road, then the private lender is protected as well. So, bottom line, we give all the same protections to our private lender as a bank would require if they were loaning money out for a mortgage.
Jake Wiley [00:16:04]:
You made some great points in there too, What I want to highlight a little bit, is that there are a lot of things that you can do or get by without doing is probably the better way to put it. But when you think about it like, for me, I’ll I’ll put my put my hat on here. When I was taking you know, borrowing private monies and doing the same thing for single-family houses and multifamily houses. I wanted my private lenders to be so protected and so comfortable in the deal that if anything went wrong, like, there was just there’s a cascading event of effects that they were always a part of the conversation. Now I didn’t have to do that, like you mentioned. And a lot of times, my private lenders didn’t even know that that was there. Even if I explained it to them, they didn’t even really know what it meant. And I think that that’s what’s interesting.
Jake Wiley [00:16:55]:
And even when you take this to the commercial level, there are a lot of things that you should be thinking about. Like what is what is your security? Right? When you put the money in the deal, what is the security? Is it the asset or are you just basically putting money into a fund? So, you know, when you put the money into the fund, the fund buys the asset. Right? And then it has a loan. So you’re typically sitting in 2nd place behind the loan. And I think what’s kind of interesting to you is that where people are getting in trouble in the commercial space is all about the loans. Right? Because the loans have all the power, and they get these bridge loans. And this is not something that you have to worry too much about in the rest space, especially if you’re flipping and you’re turning it quickly. But these loans, you know, they may have a 3-year, 5-year expiration date on them.
Jake Wiley [00:17:44]:
And they were purchased at, you know, 3% interest rates back in the day and the rates have risen and they might have adjustable rates in there or they might just be terming out. Right? So it’s time to refinance. And the banks are looking at these things similar to how we invested back in 2,008, 2,009. And the banks just are saying, no, we’re not taking that risk anymore. So it’s just a different, you know, ball of wax where we are now. But you, a listener out there who is thinking about putting money into it, you do need to understand, like Jay mentioned, what is your security. What happens if, what happens if the syndicator disappears or, you know, he leaves? Like who owns the property? What happens if there’s a fire or a catastrophe? Like, what happens with the insurance money? Those are all great questions, and especially in this current economic environment, being conservative is the name of the game. And I think the other bridge is that, let’s go back in time 2 years. Like, this cushion, you know, this 25% cushion that you had, a lot of these syndicators, they didn’t have any.
Jake Wiley [00:18:51]:
Right? The margin was, you know, a point or 2. Right? Because you were buying at the market and just hoping for the best, and cash flows are rising. Like I said, it didn’t exist and it’s starting it’s starting to come back. You’re gonna start to see some margins. But Jay, what else? What else are you teaching, especially folks that are getting into the market today that are gonna take other people’s money? Or are you looking at their personalities and saying, like, hey, You need to have some humility and understand that you’re you’re not without fault? Or, like, how do you help people like that?
Jay Conner [00:19:26]:
Yeah. So, you know, when a private lender is investing, what that private lender is investing in is the operator, the decision maker. Right? They’re looking to, they’re looking to the person that is, you know, deciding on what that money is going to be invested in. So since that’s the case, then the operator, the borrower, the real estate entrepreneur, really better have their math and their formula dialed in on really what, you know, what is the value of that asset? What is the value of that property? And, you know, that’s for one reason we don’t borrow more than 75% of the repaired value. But, you know, are you doing business with a person who knows that it is the math that makes the decision and not the emotions of a deal? That’s one of the first lessons that I learned 20 years ago. It’s got to be the math that makes the decision. For example, when I’m paying all cash, meaning I’m borrowing Private Money, when I’m paying all cash for a property, then, I mean, in today’s market, Jake, I tell you, I’m buying the houses right now at 30, 40, 50 percent of the after repaired value. And, you know, Murphy lives in every property and you know who Murphy is.
Jay Conner [00:21:03]:
Sometimes Murphy shows up, and sometimes Murphy’s cousins and aunts and uncles show up as well. So you want to make sure as a private lender that you’re doing business with someone that has got, you know, has got the experience and knows exactly what’s the maximum amount that they should be paying for a property. You know, sometimes new real estate investors allow the emotions to get involved and they just want that first deal so bad. So, you know, know that you’re doing business with what I call a conservative operator. I love that point. I think, Mark, it’s back to my investing.
Jake Wiley [00:21:46]:
One of the best words I ever learned when I was investing was the word next. And it was, you know, you make an offer and you make the numbers work. And if they don’t work, you just move on to the next one. And it’s a volume game. And that’s just the way it is. And, like, you have to be out there working, working. You know, fill in the top of the funnel with opportunities, but you make your offers. And if they don’t work, you just move on to the next one.
Jake Wiley [00:22:11]:
And it to your point, like, it’s very easy to, you know, look at a house and, you know, go, oh, this is gonna be amazing. Or look at a property and like, oh, I see it. You know, like, I this I want this one. And for me, just getting to the point where it’s like, we make our offer and we move. Right? And if we’re ready to write the check, and if they’re not going to take the check, then we just move on to the next one. So Jay, let’s talk a little bit about volume. Because I think that’s a really, probably another angle is that, you know, you’re not winning all the deals that you get. You’re probably looking at a ton.
Jake Wiley [00:22:42]:
You know, what should investors be thinking about volume? Because a lot of times, this was the other thing I learned, is that your investors never know how many you turned down or moved through to get to the one that worked. Right? They just see the one that you’re calling about.
Jay Conner [00:22:58]:
Yeah. So, as I said a few minutes ago, right now, we do 2 to 3 houses a month. We’re in a small market, 40,000. But so that ends up being about 30 houses a year. The average profit is 78,000. Those numbers work out okay. So how many leads do we have to look at before we buy an actual house or a property? Well, it depends on the lead source. So we do a lot of pay-per-click, Google pay-per-click, ads that drive so the majority of our deals that we do they’re not in the multiple listing service.
Jay Conner [00:23:41]:
Right? There’s nothing in the multiple listing service. There’s no inventory. And speaking of inventory, I’ll come back to the lead source in a second. I’m in a mastermind group, and we had a keynote speaker address us a week before last. He is brilliant. His name is Jason Hartman, Hartman. If you’re not following Jason Hartman, I recommend you do. He’s got a fantastic podcast.
Jay Conner [00:24:07]:
Brilliant. He is a forecaster. And, I mean, he nails it. And one thing that he told us about inventory, that I had never thought about it this way. He says we are going in the nation, we are going to have a shortage of housing inventory for a long time for more than one reason. Well, one reason he said, stop and think about it, all those people in the recent years that got those 3%, 2.5%, 3.5%, 4%, even 5% Mortgages, they’re not gonna sell their house. If they sell their house and go somewhere else, what kind of mortgage rate are they gonna have today? They’re gonna be hanging on to that stuff. So, he listed a bunch of other reasons as well.
Jay Conner [00:25:01]:
But with the shortage of inventory, if you are a real estate investor, where are you going to get your leads? Well, it’s going to be off-market houses, Right? It’s going to be the older population that is looking to downsize or perhaps, you know, baby boomers. They’re getting older and older and older. I mean, the demand for, assisted living and the like is just going to grow and grow and grow. So those houses are going to be coming on the market. Those are going to be a big market where you have the opportunity. But anyway, back to lead sources. Lead sourcing, I do a lot of pay-per-click, as I said, Google Ads, I do a lot of Facebook ads. So, you know, how many people have I got to talk to? Well, it depends on where the lead source is coming from.
Jay Conner [00:25:50]:
If it is a Facebook ad, I have to get between 15 and 20 Facebook leads of a Facebook ad to buy a house. On the other hand, if I’m getting a Google lead, I. E. A pay-per-click lead, I’m only having to get, like, 7 of those leads to buy a house. So again, it all depends on the lead sourcing. And again, it’s those for sale by owners as the actual deals that we’re closing and buying. Jay, that’s super helpful. And I think that
Jake Wiley [00:26:24]:
a lot of times what we talk about on the show is, one, you brought this up, is that you’re investing in the operator, the sponsor. Right? Do they know what they’re doing? And then 2, does the sponsor operator have their sources? Right? Where are they getting their leads? Like, if they’re just out there looking on loop net, it’s way too late. Right? You know, they need to see things that are coming in, you know, in the market sooner rather than later or before everybody else. And there are ways to do that. But you have to be an experienced operator in the market. Because there are a lot of deals, especially as the market turns, there are a lot of really well-known big brand players that have some property that they have to liquidate. And they want to do that quietly. They want to do it behind the scenes.
Jake Wiley [00:27:11]:
They have trusted brokers that they work with, and those trusted brokers have trusted buyers that they know can complete the deal. And they can get them done before it hits the fan. Right? And then it goes to the bank and it becomes public. So that’s happening right now as we speak. So knowing who your operator is and does your operator has the sources. And like you, you’ve got, you know, a unique I don’t know if we had may have had some of that back when I was doing the single-family stuff, but it was just coming online. I think that’s fascinating. But Jay, is there anything else that you think we should be worth sharing to make this episode complete for our listeners out there who are trying to figure out how to invest in this market?
Jay Conner [00:27:51]:
Absolutely. So, if you are listening here to the limited partner and you’re a real estate investor and you want to be an operator and you want to potential private lender, then I’m so excited about this Private Money guide that I recently finished writing. It’s called 7 Reasons Why Private Money Will Skyrocket Your Real Estate Business and Help You Build Incredible Wealth. If you want to raise more money than you can put to work, this guide will put you on the fast track to Private Money. You can download it free by going to www.JayConner.com/MoneyGuide again, that’s www.JayConner.com/MoneyGuide. Download my Private Money guide to get on the fast track to getting and raising all the Private Money you would want for your real estate bills.
Jake Wiley [00:28:59]:
Well, that’s awesome. And thank you for sharing that with the audience. And we’ll put that in the show notes too. So if you guys need just a clickable link, it’ll be in the show notes for you. But Jay, we finished every episode with a little bit of gratitude because none of us got to where we are today without somebody giving us a leg up and probably a leg up we didn’t deserve. So I wanna allow you to give a shout-out to somebody or a couple of somebodies that maybe helped you out along the way that maybe you haven’t had a chance to acknowledge publicly before.
Jay Conner [00:29:27]:
Absolutely. Well, my shout-out would go to the one and only Ron LeGrand out of Jacksonville, Florida. We had been in the business for those first six years, 2003 to 2009, lost my line of credit, and it was Ron LeGrand who told me about Private Money, taught me about Private Money, told me what it was all about, and all the creative financing strategies as well. So, Ron LeGrand has taught me more about real estate investing and everything that goes along with it, including Private Money, than anybody else on the planet.
Jake Wiley [00:30:09]:
Well, that’s awesome. I’ll second that shout-out. Ron LeGrand had a big impact on my investing career as well. And for those of you who have never interacted with or read Ron LeGrand, I mean, it might seem a little antiquated now, but, I mean, all of his concepts are spot on. And the way he approaches businesses is fascinating. But, Jay, thank you so much for being our unlimited partner. We appreciate you being here.
Jay Conner [00:30:36]:
Jake, thank you so much for having me. God bless you.
Narrator [00:30:40]:
I hope you’ve enjoyed today’s episode, and I’d love for you to contribute to a future episode. If you have a question you’d like answered or a topic or a guest to bring to the show, please email me at jake@thelimitedpartner.com. Now I realize there’s a lot of lingo that’s thrown around on these shows, so I’ve created a cheat sheet for you with the top 26 terms that come up most often. Head on over to www.limitedpartner.com/lingo for the list. Enjoy, and we’ll see you next time.