***Guest Appearance
Credits to:
https://www.youtube.com/@garretwong
“Startup Funding Explained: Everything You Need to Know”
https://www.youtube.com/watch?v=TzU9FmuVRDM
In the ever-evolving world of real estate investing, access to capital can make or break a deal. But what happens when traditional funding sources dry up or become too restrictive? This was exactly the dilemma faced by Jay Conner, a seasoned real estate investor in Eastern North Carolina, whose journey and strategies were explored in depth on a recent episode of the “Investing to Win” podcast with Garret Wong.
From Banks to Private Money: Jay’s Turning Point
For the first six years of his real estate career, Jay relied solely on institutional financing—local banks and traditional money sources to fund his single-family home deals. But as the 2008-2009 financial crisis arrived, Jay, like many investors, found his credit lines abruptly closed by the bank, jeopardizing multiple deals overnight. Instead of throwing in the towel, Jay asked himself a powerful question: Who do I know that can help me with this problem?
That introspection led him to Jeff Blankenship, a fellow investor who introduced Jay to the world of private money and self-directed IRAs. This new approach, Jay quickly learned, didn’t depend on bank approvals or credit scores but rather on relationships and transparency.
What Is Private Money?
Private money, as Jay describes, is direct investment from individuals, not institutions or hard money lenders. It’s a one-on-one relationship where investors loan funds secured against real estate, often using capital from personal savings or retirement accounts. Unlike hard money brokers who pool funds into lending operations (and charge higher rates and fees), true private lenders work directly with the investor.
Jay emphasizes that private lenders come from all walks of life. Most of his 47 active private lenders wouldn’t consider themselves sophisticated or accredited; many are teachers, civil servants, and retirees simply seeking better and safer returns on their investments.
Key Benefits of Private Money Lending
Why does Jay champion private money with such passion? He lists several compelling advantages:
- Flexibility and Speed: Without lengthy bank underwriting, deals can often close in as little as five to seven days—sometimes a lifesaver for properties facing foreclosure or competitive bidding.
- Fewer Restrictions: Private lenders don’t cap the number of deals or the size of your line of credit. Jay’s deals frequently involve borrowing up to 75% of the after-repaired value (ARV), and it’s common for him to leave the closing table with “excess cash to close”—funds above and beyond the purchase price, useful for renovations or reserves.
- No Appraisals or Red Tape: Instead of formal appraisals, Jay uses comparative market analyses (CMAs) to justify values to his lenders—trusted personal relationships eliminate most bureaucratic hurdles.
- True Win-Win: Lenders earn higher, predictable returns (Jay typically offers 8% straight, sometimes accruing during a flip or paid out monthly), while investors unlock funding quickly and efficiently.
Building Trust and Educating Lenders
The cornerstone of Jay’s approach isn’t just a promising rate—it’s education and transparency. He never pitches deals out of desperation or attaches a project to an initial conversation. Instead, he teaches potential lenders about the opportunity, shows them exactly how they’ll be protected, and only connects them to a specific deal when it matches what they want.
Notably, Jay suggests that new investors leverage the credibility of an experienced partner or mentor when starting. If you haven’t completed many deals yourself, align with someone who has. You can then confidently tell prospective lenders that you’re working with a seasoned partner who has successfully raised capital and executed deals.
Scaling With Integrity
Jay’s business model emphasizes not overcommitting—he manages the “queue” of available funds to ensure he never borrows more private money than he can put to productive use. Maintaining this transparency keeps his lenders happy and eager to reinvest after successful projects.
Final Thoughts
Jay Conner’s journey underscores the transformative potential of private money for real estate investors, no matter the size of your market or the state of the economy. By focusing on honest relationships, education, and a win-win approach, you can fund deals quickly and build a recession-proof investment business. As Jay puts it, true success is about doing what you love with integrity and creating opportunities for everyone involved.
Ready to ditch the banks? Consider private money, not as a last resort, but as a strategy to “invest to win.”
10 Discussion Questions from this Episode:
- Jay Conner emphasizes the importance of leveraging personal and business relationships when starting in private real estate money. How might someone with no real estate background begin to build credibility with potential lenders?
- The episode discusses the shift from traditional bank financing to raising private money following the 2008-2009 financial crisis. What advantages and challenges does private money offer compared to traditional institutional lending?
- Jay makes a clear distinction between ‘teaching’ about private lending opportunities and ‘asking for money.’ Why do you think this approach resonates so well with potential private lenders?
- Trust and relationship-building are recurring themes. What strategies did Jay mention for establishing trust with private lenders, especially those you haven’t met in person?
- The podcast touches on using self-directed IRAs as a source of private lending capital. What are some potential benefits and risks for both parties in utilizing retirement funds for real estate investments?
- Jay describes always borrowing more than the purchase price, provided the purchase is at a strong enough discount, and bringing home a check at closing. What are the potential pros and cons of this approach for both the investor and the lender?
- The hosts discuss accredited versus non-accredited investors, particularly regarding regulatory considerations. How does Jay structure his deals to avoid SEC complications, and what lessons are there for investors in other countries?
- Garret asks about the logistics of keeping private lenders’ money working continuously. What systems does Jay have in place to manage multiple lenders and ensure they remain satisfied with their investments?
- The episode highlights the importance of structuring deals and protecting both parties through the use of promissory notes and trusted intermediaries like closing attorneys. What risks arise when these safeguards are ignored?
- Towards the end, Jay defines success as “doing what you want, with whom you want, for as long as you want, and having a blast.” How does this broader definition of success influence an investor’s approach to business and partnerships?
Fun facts that were revealed in the episode:
- Small Market, Big Profits: Jay Conner operates in a target market of just 40,000 people in Eastern North Carolina, but still averages $82,000 profit per single-family house flip—proof that you don’t need to be in a big city to make big money in real estate.
- No Down Payment Needed: In Jay’s approach to private money lending, he never takes his own money to the closing table. He often borrows more than it costs to purchase the property, meaning he frequently brings home a check at closing rather than writing one!
- Private Lenders Aren’t Just the Ultra-Wealthy: The majority of Jay’s 47 private lenders aren’t accredited investors or wealthy elites. Many are everyday folks like retired school teachers and civil service workers who simply want better returns on their money outside the stock market.
Timestamps:
00:01 Thriving in Small Markets
06:00 Teaching Private Lending for Success
08:53 Transitioning from Mobile Homes to Real Estate
12:54 Private Lending for Real Estate
14:55 Fast Home Sale via Private Lending
20:07 Real Estate Investment Risks
21:41 Stable Returns with Private Lending
26:08 Ensuring Lender Returns with Property Investments
28:39 Private Lender Queue System Explained
33:39 Conversation Starters for Financial Growth
36:17 Real Estate Referral Opportunity
40:09 Webinar for Raising Private Money
43:22 Partner With Experienced Real Estate Mentor
45:15 Self-Directed IRA Guide
49:45 Private Lender Risk Management”
52:07 Private Money Challenge: 7-Day Course
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 #RealEstateInvesting #RealEstateInvestingForBeginners #Foreclosures #FlippingHouses #PrivateMoney #RaisingPrivateMoney #JayConner
YouTube Channel
https://www.youtube.com/c/RealEstateInvestingWithJayConner
Apple Podcast:
Facebook:
https://www.facebook.com/jay.conner.marketing
Twitter:
https://twitter.com/JayConner01
Pinterest:
https://www.pinterest.com/JConner_PrivateMoneyAuthority
Funding Solutions for Real Estate: Raising and Managing Private Capital
Narrator [00:00:01]:
If you’re a real estate investor wondering how to raise and leverage private money to make more profit on every deal, then you’re 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.
Jay Conner [00:00:29]:
Leverage your relationships. First of all, leverage what you’ve already been successful at. If you’ve been successful over here in another industry, odds are you’re gonna be successful in this industry. And then leverage a business relationship. So, for example, if someone’s brand new, never done a real estate deal, you better not get out there and do that first or two or three real estate deals by yourself, raising money, and you don’t know what in the world you’re doing. Join forces with a real estate investing coach or mentor who knows what they’re doing, that’s already made hundreds of thousands of dollars in mistakes like I did, and join forces with them. And then you can honestly say, I’m brand new, and that’s why I’m doing business with my business partner, because we are relying on his experience or her experience.
Garret Wong [00:01:21]:
I’m Garrett Wong, and this is the Investing to Win podcast. How do you define success, and what does winning look like for you? Jay Connor, welcome to my podcast.
Jay Conner [00:01:31]:
Well, hello there, Garrett. Thank you so much for, inviting me to come along and talk about what I’m so passionate about, that being private money, because private money’s had more of an impact on our business than any other strategy, anything else we’ve implemented, since we went full time in this business in 02/2003.
Garret Wong [00:01:51]:
Excellent. Well, I am very excited about this episode as well. As my listeners know, I’m also a real estate investor, and private money is one of those sources that seems to be a bit of a mystery. But before we delve into the topic at hand, why don’t you give the listeners a bit of a background about yourself?
Jay Conner [00:02:08]:
Sure. Well, my wife, Carol Joy, and I we’ve been investing in single-family houses, as I said, full-time since 02/2003 here in Eastern North Carolina. We’re in a small market. Our total target market is only 40,000 people, if you can believe that. Wow. We do two to three deals a month. Our average profit, per single-family house, is $82,000. I don’t. Say that to brag at all. I say that to make a point.
Jay Conner [00:02:36]:
And that is, you don’t have to be in a big market to make big money as long as you know how to find those off-market deals. Well, from 02/2003 until February, those first six years, I used the local bank and just traditional institutional money to fund my real estate deals. That’s all I knew to do. All I knew to do was go to the local bank. I didn’t even know anything about hard money back then. Anyway, all I had to do was go to the local bank, get on my hands and knees, put my hands underneath my chin, beg, and pull up my skirt so they could look at my assets, pull my credit score, and all that. That’s all I knew to do, to abide by the bank’s rules. You know, the traditional way to borrow money is they make the rules, they do the underwriting, and so that worked out okay the first six years, until January 2009.
Jay Conner [00:03:35]:
I was sitting right here at this desk, Garrett, and I called in my banker, the same banker I’d been using for six years. I had two houses under contract to buy, and I found out on that conversation, Garrett, that they had closed my line of credit with no notice. And I said, Steve, what are you talking about? Closing my line of credit. We’ve had a great relationship for six years. Never missed payments. I still have a great credit score. And he said, Jay, don’t you know there’s a global financial crisis going on right now? I said, no. But now you just gave me a global financial crisis because I don’t have a way to fund my deal.
Jay Conner [00:04:11]:
So I hung up the phone, and I sat here for a moment, Garrett. I asked myself a very important question, and I wanna share this question that I asked myself with you and your audience. This question, and you know the powers of good questions. I asked myself this question, and this question will help you fix any problem you have in your life, from career problems, financial problems, health problems, relationship problems, and business problems. It doesn’t matter. And here’s the question I asked myself. I said, Jay, who do you know that can help you with your problem? And, by the way, these people are running around saying every problem’s an opportunity, which makes me want to throw up. I didn’t have an opportunity.
Jay Conner [00:04:55]:
I had a problem. Right? So when I asked myself that question, who do I know that can help me with my problem? I immediately thought of Jeff Blankenship, who liv, ed in Greensboro, North Carolina, at the time. Jeff is a very dear friend of ours. We know each other through church and singing events and stuff. Well, he was investing in real estate. I called him up. I told him my story. He said, Well, welcome to the club.
Jay Conner [00:05:19]:
I said, What club is that? He said, the club of having your bank close your line of credit. They shut me down last week. I said, well, how are you gonna fund your deals? He said, Well, have you ever heard of private money? I said, no. He said, Have you ever heard of self-directed IRAs and how individuals can use retirement funds to be a private lender and earn either tax-deferred or tax-free income. I said, No, I never heard of that world. So I learned about it. I studied it. And what I did, Garrett, is I put my program, my private lending program, together that I was gonna start teaching people in my network without any deals associated with them, but just teaching how they could become a private lender.
Jay Conner [00:06:00]:
So what did I do? I put on, excuse me, I put on my teacher hat, my private lender teacher hat. Well, then I just started teaching people how they could be a private lender and earn high rates of return safely and securely. And so I was able to raise $2,150,000 in the first ninety days of private money from individuals. And now today I’ve got 47 private lenders and 8 and a half million dollars that we just use from project to project. But we go about this on raising money without ever asking anybody for money. So, Jay, how do you get your deals funded without asking people for money? Well, first we teach them the program and how it works, how they can earn higher rates of return safely and securely, and how they’re protected and all that, without attaching a deal to it. You know, Garrett, desperation has got a smell to it. And the worst time to be raising private money is when you need it for a deal.
Jay Conner [00:07:02]:
You know, if I’m teaching somebody about private money and that opportunity, and I talk about a deal that I need funded, I already sound desperate, and I don’t, I’m not even trying to. So we separate the conversations between teaching about the opportunity and how it works. And then when we have a deal for them to fund, I call it the good news phone call. Garrett, let’s say you’re one of my new private lenders. I’ll pick up the phone, I’ll call you. I say, Garrett, I got good news for you. I can now put your money to work. I got a house in Newport with the after-repaired value of $200,000 under contract, and the funding required for the deal is and 50,000.
Jay Conner [00:07:41]:
That matches up to what you told me you wanted to start with. And closing’s gonna be next Tuesday. I need you to wire your funds to my real estate attorney’s trust account by next Monday. I’m gonna send you the wiring instructions. Now, that’s the end of the conversation. The most stupid question I could ask you is, do you want to fund the deal? Of course, you want to fund the deal. You’ve been waiting for the phone call to put your money to work, and particularly if it’s retirement funds that you’ve moved over to a self-directed IRA account, that at my recommendation, you’re not making any money until I put your money to work. So, the place to start in this world is getting your mindset right.
Jay Conner [00:08:21]:
You’re teaching, you’re serving, you’re leading with a servant’s heart and you,’re not begging, chasing, selling, or persuading anybody to do anything. You are offering them an opportunity, and it’s a win win for everybody.
Garret Wong [00:08:36]:
Love it. No. That is a lot of meat on the bone. I’m gonna be digging into quite a bit of that. You cover a lot of concepts that I’m also using with my private investors. But before we even go into that, I wanna back up just a little bit. Tell me what you did in your previous life before you got into real estate.
Jay Conner [00:08:53]:
So I was in the mobile home business, also known as manufactured housing, single wides, double wides, all that. I was raised in that industry. And then, long about 02/2002, ‘2 thousand and ‘3, most of the consumer financing for the product went away. The whole industry fell out of favor with Wall Street. And so, we had to shut that company down. I know if I ever got out of mobile homes, single-family houses, that I wanted to get into single-family, excuse me. If I ever got out of mobile homes and manufactured homes, I wanted to get into single family houses because back in 1993, ’10 years earlier of me getting into this business, good friends of ours that, live in the Eastern North Carolina, they flipped a house in ninety days and made $30,000, and I was trying to make $3,000 on a single wide. So I knew I liked 30,000 better than 3,000, but I had to wait ten years before I made the transition.
Garret Wong [00:09:54]:
You mentioned that your average profit is, like, $82,00.0. Are you talking about flips?
Jay Conner [00:10:01]:
Yes. Flips. Wow.
Garret Wong [00:10:02]:
In in a market of 40,000, that is, that is very impressive. Are you holding are are you a buy to hold guy at all?
Jay Conner [00:10:09]:
So it depends on how I buy the property and fund it. If I buy it with private money, I don’t want to leave private money buried in there. I’m probably going to cash out. And, of course, refinancing it through commercial, I’m not liking those rates these days either. Right? But if I buy the property on terms, creative financing such as subject to the existing note or with seller financing, then I’m probably gonna wanna stay in the deal. Because if I can buy on terms, then I’ll sell on terms, such as sell to a buyer on lease purchase or rent to own.
Garret Wong [00:10:42]:
Okay. Okay. Yeah. We can get a little bit more into that. Alright. So let’stallet’s talkrivate money. I really like the story about how, you know I mean, 02/2008, ‘2 thousand ‘9. Who doesn’t know that crisis? And that we’re, you know, people talk about the mini crisis that we’re in right now.
Garret Wong [00:10:59]:
It pales in comparison. Tell the listeners exactly what the definition of private money is. Sure. So private money is when a human being, an individual, none of this has got anything to do with institutional money, none of
Jay Conner [00:11:14]:
This has got to do with hard money. This is doing business on one. You are the operator, the real estate investor, the borrower, and you’re doing business directly with another individual, a private lender, that’s gonna loan you money on your real estate deal, and you’re not gonna borrow it unsecured. You’re gonna back that note with the real estate that you’re investing in. And so, there’s no broker. There’s no middle person. It’s a one-on-one transaction between you and an individual who’s gonna loan you money, either from their investment capital or their retirement funds that they already have. And for whatever reason, they’re not happy with the returns they’re getting on those retirement funds.
Garret Wong [00:12:01]:
Okay. Versus, you kinda went through the nightmare that the banks give you. But, I mean, again, I think most listeners have tried to get financed for something, whether it’s a car. But let’s talk about real estate. What does that journey look like?
Jay Conner [00:12:14]:
So, as far as walking into a
Garret Wong [00:12:17]:
Bank and trying to get a mortgage.
Jay Conner [00:12:20]:
Oh, my word. Well, first of all, I’m surprised anything ever closes, traditionally. I mean, what do they do with all the verifications that you already gave them, such as your verification of income, etc.? And so when you’re borrowing traditionally from the banks, we’re a hard money lender. Again, they make the rules. They do the underwriting. They tell you what the maximum is, what their maximum loan-to-value is, and what down payments are. You know, in this world of private money, we never take any of our own money to the closing table. There are no down payments.
Jay Conner [00:12:54]:
There, we always borrow more than we need to purchase. Now, that only works when you’re buying at a discount. Right? Because, for example, my maximum loan-to-value in my program that I teach my private lenders is 75% of the after-repaired value, not 75% of the purchase price. You know, traditional money, they do a maximum loan-to-value based on the purchase price, regardless of how good the deal is or how much equity is there. But in this order of private money, we borrow on a percentage of the after-repaired value. So, for example, on that little $200,000 after-repaired value example I gave, if I’m borrowing $150,000, well, that’s 75% of the after-repaired value of 200. I’m gonna buy that property at 50% of after after-repaired value. I’m gonna buy it, say, for a hundred thousand dollars And, if I borrow a hundred and 50, I’m gonna bring home round figures of $50,000 check, which is called excess cash to close on my real estate attorney’s check stub, which is my favorite phrase because I love me some excess cash.
Jay Conner [00:14:03]:
And so we always bring home a check instead of taking a check. So, another big difference is how fast transactions can take place. If you’re borrowing institutional money from the bank, from a hard money lender, etc., and by the way, I got some great friends that are hard money lenders. I say establish as many relationships as you can. But when you’re borrowing money from, as far as speed goes, well, I make offers that I can close in seven days. A couple of months ago, I bought an oceanfront condominium at Atlantic Beach, North Carolina, right here in our area. And, I bought it for $425,000, all funded with private money. And the rehab was a whopping $11,000. That’s way out of the ordinary.
Jay Conner [00:14:55]:
All it needed was interior paint and some Sheetrock repair. Put it in the multiple listing service and sold it for $628,000. I was in and out of the deal in five weeks. But here’s the point of the story. When the individual contacted us on one of our Google ads, pay-per-click, it was going to the courthouse auction foreclosure in two weeks from the time we. And so I closed that deal in five days from the time that the seller contacted us. Well, you can’t close a deal in five days using traditional money. Right? So that’s another big benefit of private money: closing fast. Another big difference is that there’s no limit to the number of private lenders or limit to the amount of private money you can use.
Jay Conner [00:15:44]:
When I was borrowing money from banks traditionally, there was a limit to my line of credit. All I had was a million dollars, which, you know, if you’re gonna do multiple deals, that’s gonna run out pretty fast. So, speed, you make the rules, you set the interest rate, and you close quickly. There are no appraisals in this world of private money. We use CMAs, comparative market analysis, from our realtors. So private lend private lending just allows you to move so much quickly, more quickly. No limit to the number of deals that you can be doing simultaneously. There’s a long list of benefits of private money.
Garret Wong [00:16:24]:
Okay. Lots of questions here. You had just answered one, actually,y because you mentioned appraisals and CMAs compared to market assessments, because that was my first question. And, again, I’ve used private lenders. I have my own, you know, Rolodex, so to speak. But I’m trying to ask the maybe not-so-obvious questions for the benefit of the audience and some people who are maybe a little bit afraid to get into the world of private lending. When you have a private lender, maybe you have a good relationship, maybe they’re brand new, they’re just trying you out, versus a bank with an actual appraisal. They can read it.
Garret Wong [00:16:58]:
They can touch it. What’s the trust factor there for them to you just say, hey? I’ve got a property that’s gonna be worth $200. Will you fund me on it?
Jay Conner [00:17:08]:
Well, I didn’t ask them if they would fund me. I told them what to do.
Garret Wong [00:17:12]:
Okay. Fair enough. No. But I mean, that’s a fair question on the value.
Jay Conner [00:17:16]:
Right? The trust factor is huge. Huge. Huge. That’s why I’ve never had one of my 47 private lenders ask even ask to see an appraisal, even ask to see the comparative market analysis. Now, I’ve got a lot of private lenders I’ve never met in person, but there’s this thing called the trust bridge. Trust bridge. By the way, if my private lender wanted to see an appraisal or wanted to see a comparative market analysis, I’m glad to share it. I got nothing to hide, at all, of course.
Jay Conner [00:17:52]:
But since that trust is so huge in the relationship, they know they’re gonna be getting, that I’m not borrowing anything unsecured. But and your question, the relationship and the trust is paramount. Paramount.
Garret Wong [00:18:10]:
Okay. Let’s you, you mentioned self-directed IRAs. In here in Canada, we have RRSPs, retirement savings plans. We do have the same options, I believe. Are you using lenders specifically with self-directed funds or are they, you know, more accredited investors and wealthy investors that just have money to to lend?
Jay Conner [00:18:32]:
So, of the 47 private lenders I have, the majority of them would not be accredited investors. Interesting. I got I got a small handful. But, these are just regular people. I mean, these are retired school teachers. These are civil service workers. These are everyday people. And some people only have $50,000 with me.
Jay Conner [00:18:59]:
I’ve got, I got a couple that’s a retired school to; both of them are retired school teachers. That’s got $1,250,000 with me. So, these are, and what’s interesting, Garrett, I doubt any of these 47 people that are my private lenders, I doubt any of them even know what the accredited investor definition is. Probably. Probably, you know. So, no. These are not sophisticated investors. These are everyday people who lead a life, people who are just looking for better returns on their money.
Garret Wong [00:19:32]:
Okay. So, I’m gonna ask you a challenging question then. But first, let’s define an accredited investor for the listeners.
Jay Conner [00:19:39]:
Sure. So, an accredited investor is going to have a net worth of at least now, that’s here in the United States. I don’t know about Canada.
Garret Wong [00:19:47]:
It’s very similar.
Jay Conner [00:19:49]:
But here in the United State is going to have a net worth of at least a million dollars, not including their primary residence where they live. And, they’re going to have earned at least $200,000 taxable in income the most recent two years.
Garret Wong [00:20:07]:
Okay. Yeah. Very, very similar to Canada. So, I mean, I think the idea is people with that kind of net worth and that kind of disposable income can handle the risk of lending money in a so-called quote unquote risky real estate investment. Correct? Correct. Okay. So then, where this challenge comes in is that out of the 47 investors, how I mean, I believe there are some arms-length rules of what a non-accredited investor is and, you know, to be on side with the Securities and Exchange and things like that.
Jay Conner [00:20:42]:
Well, that’s the great thing about here in the US, with what I’m doing with single-family houses. The SEC doesn’t have any rules for what I’m doing because what I’m doing is what’s called one-offs. So, when I say a one-off, you’ve got a single-family house, and you’ve got one or maybe two private lenders that are funding that deal. Each of those private lenders has its promissory note. Each of them has their mortgage here in North Carolina. It’s called a deed of trust. And so, they’re not investing in, say, a syndication type of thing. Right? And so, the SEC rules do not pertain to these one-off deals.
Garret Wong [00:21:26]:
No. That’s great. Okay. So let’s move forward then. When you are like, are you finding a potential lender? I thought I heard you say you’re teaching them how to pull those funds and put them into a self-directed
Jay Conner [00:21:41]:
Yeah. If they have retirement funds, already current retirement funds, such as maybe they’ve got retirement funds at Vanguard or Schwab or any of the large brokerages, and it’s dedicated retirement funds that are invested in the stock market. And maybe they’re tired of the volatility or the value, right? And that’s another big reason that our private lenders love the private lending program is because it’s like putting money in a CD in a bank, a certificate of deposit, and they know exactly what that rate of return is gonna be. And so, the value of their investment is not going down. It’s not going up. It’s like they know exactly what that rate of return is gonna be, which by the way is 8%, a straight 8%, no points. And so, they like knowing what the return is going to be and don’t have to worry about the value going up and down. So, as I say, that’s one of the big benefits.
Jay Conner [00:22:40]:
But what was the question? I sidetracked myself.
Garret Wong [00:22:43]:
No. That’s okay. No. You did answer it. I wanted to, before we delve a little bit more into the self directed things, to talk about the different categories of private lending that that an individual might encounter because there are different different types. Could we maybe explore that a bit?
Jay Conner [00:23:00]:
Well, now when you say categories, are you talking about where these lenders come from, and how do you find them?
Garret Wong [00:23:07]:
Well, I had already said accredited investors. We’re talking about people with maybe, you know, they’re gonna be putting their retirement funds into more self-directed things. And there are private lending institutions. Right? I believe up here, at least, they call them B and C lenders. What comes to mind for you when I’m talking about that?
Jay Conner [00:23:30]:
Well, yeah. So, what comes to mind is you’ve got hard money lenders here in the US, which is institutional money. And, of course, what the hard money lenders do, most of them are brokers. Most of them are brokers. And, what they do is establish a fund, and then they go raise money from individuals to invest in their hard money lending fund. And then, the hard money lender or brokerage oversees those funds and then lends that money out to the real estate investors. Right? So, the real estate investor or entrepreneur is not in contact directly with those private lenders or investors that have invested with the fund. They’re just doing business for the brokerage.
Jay Conner [00:24:13]:
And, of course, the brokerage is making their money on charging a higher interest rate, perhaps charging origination fees or points and that type of thing.
Garret Wong [00:24:22]:
Correct. I have used several, I guess, institutionalized private money, I guess. And it is a lot easier than the banks. I mean, I’m making a phone call. There’s a relationship. Usually, I can get funds within a week, but you’re right. It is a higher interest rate. There are fees associated.
Garret Wong [00:24:43]:
But let’s back up again. Did I hear you say 8%?
Jay Conner [00:24:46]:
Yes. 8%.
Garret Wong [00:24:48]:
Okay.
Jay Conner [00:24:48]:
And that’s either accruing if we’re doing a flip Sure. W.ithout even having to make payments, or, if I’m gonna be in the deal a little bit longer, I may be making interest only payments monthly or quarterly.
Garret Wong [00:25:02]:
So it depends on how you are presenting this to your investor.
Jay Conner [00:25:05]:
Right. Well, I’ll let them decide because I’ve got some private lenders, individuals that are you that need the monthly income to live off of. Right? Okay. And so, you know, if I’m bringing home a big check when I buy the property, then actually, initially, their cash flow and their monthly payments that I’m making. Sure. You know? Yep. But, you know, different private lenders have different objectives. If they’re not needing it for the income, then as I said, we may just let it accrue, or make, you know, quarterly, interest payments to them.
Garret Wong [00:25:40]:
Okay. Let’s talk about, from a private lender’s point of view, making your money work for you. And what I’m specifically referring to is if you get out of a deal, you’ve repaired it, like you said, $11,000, and now it’s on the MLS. Now it sells very quickly. You’re paying your private lender back. Now their money is not working for them. How do you recycle that for them? Because they’re gonna be hungry for more. Sure.
Garret Wong [00:26:05]:
Well, there are two answers to that. And, typically, I mean, that five weeks is
Jay Conner [00:26:08]:
Very, very out of the ordinary. No. Yeah. Typically, I’m using the money for six to nine months from starting to cashing out, because I may have a property sit there for three months before we start the renovations. After all, we’ve got so many projects going on. Right? Yeah. But, in answer to your question, two answers to your question. First of all, part of the program and the opportunity that I offer my private lenders is that I put in the promissory note, I put what’s called a minimum of six months of interest on any deal. So the the note says, if I cash out in less than six months from the time of borrowing your money, I will promise to pay you at least six months of interest even if I didn’t use it for six months, Or, if I have another property that I’m either getting ready to purchase or has got a lot of equity in it and, and I need some rehab money or whatever, then I can substitute the collateral, do a loan modification, keep their note open to where they’re still earning money.
Jay Conner [00:27:17]:
But, what w do is we just change out the collateral that is collateralizing that note. So, either going to pay them a minimum of six months or if I’ve got another property to recollateralize that note, we’ll just keep their note open to where they don’t miss any interest.
Garret Wong [00:27:34]:
Okay. No. That’s, that’s that’s great. I love the flexibility. What I’m asking also, though, is that I’ve come up against this with my private lenders, again, you pay them back. Now their money is not working for them again. You’ve got 47. What if you run out of projects? I mean, that’s, I guess, a good problem, but then you run the risk that your private money is gonna go and find other investors.
Jay Conner [00:28:03]:
That’s right. So it’s been a juggling act since 02/2009. Deals money. Deals money. Deals money. So one thing is, don’t agree to have too many private lenders or too much private money that you can’t put to work. I have an exercise that I have my students and membership walk through. And what I teach them to do is to calculate, and I’ve got a formula for it, calculate how much private money you need to raise, you know, to where you can keep your private lenders happy.
Jay Conner [00:28:39]:
So, a couple of thoughts come to mind. When I have a brand new private lender that I’m bringing in and I’m gonna be using their money, they go to what I call the top of the queue. Well, what’s the queue? The queue is who’s next in line to use their money? Right? So, when I pay off a private lender, they go down to the bottom of the queue and work their way up. And, of course, a variable of that is, well, how much private money do they have? You know, if somebody’s only got $50,000, I’m not gonna be able to use that money as quickly as, say, a hundred or 200,000 because I can use a hundred or 200 to purchase properties. Right? Those lower amounts, I’ll bet I could just use for renovation and, you know, rehab projects. So, I have a new private lender. They go to the top of the list because I want to prove to them that I can perform and I can, you know, put the investment, you know, capital to work. So the first answer that comes to mind is, don’t be agreeable at all. By the way, all this initially is a verbal pledge.
Jay Conner [00:29:46]:
Someone says I got $200,000. I’m not asking them to sign any paperwork. They’ve just told me. And then we go simply to our Excel spreadsheet, and it says, Garrett has got $200,000, we’re gonna put his money to work, you know, for him as soon as we can. So, it’s managing knowing how much private money you need, given the amount of deals that you’re doing, given the, what’s your average price point that you’re purchasing properties for, what’s your average amount that you’re borrowing on a property. And, there’s a very, very simple formula to, I mean, it takes about ten to fifteen minutes to go through it. But, know how much you need and make sure you’ve got consistent lead flow coming in from motivated sellers. Because if you don’t, you’ve got a hobby and not a business.
Garret Wong [00:30:41]:
True. Okay. What about larger properties? Could you take a few of these lenders and pool some money together to buy, let’s say, a small apartment block?
Jay Conner [00:30:51]:
It depends on how big a project it is. My rule of thumb is that the answer is yes, depending on how big the project is. You know, let’s say that I’m going to buy a small apartment, you know, that’s got just a few doors or, you know, a, you know, a fourplex or a twoplex or whatever. My rule of thumb is if you’re gonna be, like, up to a million dollars, then you’re okay to have, you know, two or three private lenders and have that property, securing and collateralizing their notes. But if you’re getting up in that 2,000,000, 3 million range, I’m going to strongly recommend you do syndication, which is another conversation, but you do syndication and establish a fund, get a SEC attorney to draw up your private placement memorandum, and then you can have your investors investing in the fund instead of doing these one offs that we talk about.
Garret Wong [00:31:50]:
Okay. And, why would you recommend that when you’re getting up into the $3.4000000 range?
Jay Conner [00:31:56]:
Because when you’re getting up into the 3 and $4,000,000 range, odds are you’re going to be having to do a lot of promissory notes and a lot of deeds of trust. And, the, it just be it would become paperwork-wise, in my opinion, cumbersome. Mhmm.
Garret Wong [00:32:14]:
Yeah. No. It’s, I guess, five, ten, 15 different sets of documents versus one. Right? Correct. Okay. What are the first steps, maybe if somebody’s trying to do this other than taking your course? But let’s outline some steps for the beginner. If they’re trying to approach a private lender, what are the nuances of trying to do that?
Jay Conner [00:32:38]:
Well, the very first step, I say it’s gonna be hard to own real estate until you own the real estate between your ears. So, you gotta get your mindset right. Right? So, remember, this whole framework is that we’re not begging and chasing and selling. Right? But, you know, the real estate investors will ask me, they’ll say, Jay, how do I get over the fear of rejection? And I’ll say, well, let me answer that question with a question. How can you be rejected if you’re not asking anybody for anything? All you’re doing is teaching what private lending is, offering an opportunity. And, you know, if that’s not for them, that’s fine because there’s a whole lot more money than there are deals. So you’re stepping out there looking to make a difference in people’s lives, where they’re gonna be earning money on this program, where they can’t get this kind of return anywhere else. So, again, you’re not applying, you’re not selling, you’re offering an opportunity.
Jay Conner [00:33:39]:
Right? And, you’re not attaching, remember, you’re not attaching a deal to that. So, we want to have our mindset we want to have our mindset straight. So Interesting. Once you’ve got that, right, then what are the actual activities and strategies to attract the money? Well, first of all, how do you start conversations with me? If you’re doing just one conversation, how do you start a conversation? Well, I love did you know questions. I love did you know questions. So one of my favorite did you know questions is, let’s say, I’m just having coffee or I’m having lunch with, you know, a a friend of mine or a business relationship, And, just amid that question, I may say, by the way, Garrett, did you know there’s a way individuals, individual people can earn unlimited money per year tax free? Well, if you’re an average person on the street, you’re probably not gonna know the answer to that question. How can you earn money, tax-free? And then my follow-up question to that would be, well, have you ever heard of self-directed IRAs and how people can use their retirement funds to invest in real estate and earn that money either tax-deferred or tax-free? It’s self-directed IRAs. So it’s so I ask, well, have you ever heard of self-directed IRAs? In all probability, they haven’t.
Jay Conner [00:35:08]:
So, now I can have a conversation about, well, here’s how people can use retirement funds and move them over to self directed IRA company, and that’s how that works. So I love starting conversations like that. I’ll share a short story with you, Garrett, and your audience about how I got my first dollars 500,000 in private money when I was cut off from the bank. I was going to church for Bible study on a Wednesday night. My wife, Carol Joy, and I are very involved in the local church. And, I was going to speak to a gentleman named Wayne, whom I had known for a while. So I walked into the foyer of the church. I saw Wayne.
Jay Conner [00:35:50]:
I walked up to Wayne. I said, Wayne, I said, I got something I want to talk to you about confidentially after church. Can we get together? And he said, well, sure. So, we got together and here’s exactly what And, we went down to the nursery, shut the door, and I’ll tell you exactly what I said to Wayne. I said, Wayne, you know everybody in this town. And, he did. He was the original Zenith television dealer. And, if you don’t know what the Zenith television dealer was, this is that.
Garret Wong [00:36:15]:
Is, unfortunately.
Jay Conner [00:36:17]:
You are too young to remember life before Walmart came to town. Anyway, Wayne has the zenith of television leadership. I said, Wayne, you know everybody in this town. You’re, you’re well-connected in the Rotary Club, and here’s the magic phrase. I said, Wayne, I need your help. He said, Well, what do you need? I said, I just wanna let you know I’ve now opened up my real estate investing business by referral only, and I’m now paying insane high rates of return for folks that want to invest in my deals. So, Wayne, when you run across somebody that’s complaining about the rates at the local banks and the CDs and the and the volatility of the stock market, would you refer them to me and I’ll share my program with them as to how they can earn high rates of return safely and securely? Well, what do you think Wayne said? Wayne said, Well, now, brother Jay, what you got in mind? And I said, Well, are you saying you might be interested? He said, Well, we might. My wife and I are losing money in the stock market, and we’re only making 3%, and that’s what it was in 02/2009.
Jay Conner [00:37:27]:
We’re only making 3% in the local bank. What kind of returns or interest rates are you paying? And I said, Well, you know, that sort of depends on the deal. I said, Wayne, what sounds high to you? He said, I don’t know. Maybe 5% or 6%. I said, Wayne, I can’t pay you five or 6%, but I can pay you 8%. He said, Put me down for $250,000 So I went to his and his wife’s home the next day, and I put on my teacher hat again and I shared the program, Remember, without any deals attached to it. And so I shared the program with them over coffee. Well, that $250,000 quickly became $500,000, so let’s unpack and undress what I just shared.
Jay Conner [00:38:14]:
I didn’t ask Wayne for any money. I didn’t ask Wayne to be a private lender. I asked Wayne to help spread the word, and I used the magic phrase, I need your help. And then, he was interested himself.in And by the way, he and his wife did spread the word big time. I got, I don’t know how many referrals from them of other people that wanted to be a private lender after they had experienced the program themselves.
Garret Wong [00:38:42]:
You know, I’m gonna back up a second here because I’ve held these as well. And, I mean, let’s talk about webinars. Okay? Now, webinars everybody knows something that’s advertised. You go and you attend it, you learn something. Right? But a lot of webinars that I see are very deal-specific. K? Send out. I just did one on you know, I have some, some, apartment block in Florida that I’m a co-GP on, general partner. And so I also presented a webinar on the deal itself. What you’re talking about is not doing the deal itself in a webinar or whatever, because then you’re asking for money, and you’re just saying this is a program.
Garret Wong [00:39:24]:
I’m I’m liking what I’m hearing here.
Jay Conner [00:39:26]:
Yeah. Interestingly, you brought up the word webinar. I don’t I’ve been I’ve been a guest on over 800 podcasts talking about private money. I’ve never had a host bring up the webinar term, and I’m glad you have because I want to share a short little story here. So, I started coaching and working with other real estate investors to help them raise private money, for it was back in 2011 when I started doing it. And so, one thing I do with my real estate membership, that want to work with me do a webinar. We don’t do Zoom. We do, you know, a traditional webinar.
Jay Conner [00:40:09]:
And so, what they do, I’ve given them the scripts and everything. They invite people from their connections, their warm market, people they have already established an association with. They invite them to this webinar to learn about private money, private lending. And so, I have done this webinar with my real estate investing coaching members hundreds of times since 2011. And, the purpose of that webinar, first of all, is, you know, for my members to learn how to do this themselves, learn how to present the webinar and teach it themselves. But, in addition to that, the other purpose is to raise private money from their warm market. And, I’m thinking of Stu and Harriet Baldwin right now, who live up in Elmira, New York. And, they came to me to work with me on raising private money.
Jay Conner [00:41:03]:
They already had a hundred houses in their portfolio, and they had already raised quite a bit of private money. But, you know, I had a new approach. So, we started working together. That webinar alone, you see, we do it live, but then we record it and make it evergreen. Now, they have a link that they can send out forever to new potential private lenders and their connections. Just that one webinar with Stu and Harriet has raised them over $2,000,000 in a short period by just inviting their connections to the webinar and sending it out, you know, you know, evergreen sending out links. So, yeah. I’ve never used a webinar to pitch a deal or to sell a deal, or to offer the opportunity on a deal.
Jay Conner [00:41:53]:
But, I’ve done hundreds of webinars where we’re just teaching the program to new potential private lenders, that my, you know, coaching members, invite to the webinar.
Garret Wong [00:42:05]:
I’m going to be the devil’s advocate. Okay? I mean, you and I are of the older variety. Let’s say that somebody’s brand new. Right? Little green behind the ears. They look very youthful, even. They go through your program. They do the webinar. What are the objections that they’re going to get on again? It’s how many deals have you done? Can you give me referrals on how many investors you have used your money with and things like that? Because it’s a chicken and egg.
Garret Wong [00:42:33]:
What would you give your advice to your students?
Jay Conner [00:42:36]:
Leverage your relationships. First of all, leverage what you’ve already been successful at. What have you already done in your life that you’ve been successful at doing? Right? So, leverage your own experience. I mean, if you’ve been successful over here in another industry, odds are you’re going to be successful in this industry. Right? And then leverage a business relationship. So, for example, if someone’s brand new, never done a real estate deal, then you better not get out there and do that first or two or three real estate deals by yourself, raising money, and you don’t know what in the world you’re doing. I mean, you might have read a book. You might have been to a conference.
Jay Conner [00:43:22]:
You might have been to a seminar. But, for goodness’ sake, join forces with a real estate investing coach or mentor who knows what they’re doing, that’s already made hundreds of thousands of dollars in mistakes like I did when I started. Right? And, join forces with them. And then, you can honestly say when somebody asks you, well, how many deals have you done? How many private lenders do you have? You can say, well, my business partner and whoever that is, Garrett, Jay Connor, whoever your business partner is that you’re working with. Me and my business partner and I, together, we’ve raised 8 and a half million dollars, or you can just, or just talk about your business partner. My business partner has raised 8 and a half million dollars and has rehabbed over 500 houses, and has 47 private lenders. And, so, I’m brand new, and that’s why I’m doing business with my business partner, because we are relying on his experience or her experience.
Garret Wong [00:44:24]:
Okay. So, chicken and egg; you leverage somebody else’s experience. I mean, this is not a foreign concept to people. Right? I mean, I advise on this all the time to a brand new investor who doesn’t even know real estate, like the joint venture partnership and things like that, where you’re gonna partner with somebody. So you just for the sake of learning, what you’re saying is to partner with somebody to be able to get that credibility as the project manager, so to speak.
Jay Conner [00:44:52]:
Exactly. Exactly. Love it.
Garret Wong [00:44:55]:
Okay. So when somebody is trying to structure one of these deals, can you kinda go over what you suggest for structure? So, structure as far as how to borrow or how much to borrow? Yeah. When it looks like I mean, let you know what? I’m changing my question. Let’s back up a second and get into more.e
Jay Conner [00:45:15]:
Of the definition of how somebody self-directs some of these funds, so we can kind of lay the framework for that. Sure. So self directing or or having a self directed IRA, the private lender, the new private lender would have an established retirement fund either at, you know, one of the big stock brokerages or, they could have a four zero one ks retirement fund at a previous employer, and now they’ve left that employer and they wanna move that previous that, four zero one k retirement fund somewhere else. So what I do is they’re interested in learning about that, so I introduce them to a representative at a self-directed IRA company that I’ve done business with, and I know they’re reputable and trustworthy. And so, I’ll introduce them and they’ll get their questions answered about how the funds can be transferred without triggering any kind of tax effect, no penalty, that kind of thing. And so, then they will transfer their funds, which normally takes two to four weeks to get their account funded at a self-directed IRA company. And then, once that account is funded, of course, I’m going to put their money to work for them as soon as possible. So, when I’ve got a deal for them to fund, I’ll call them up with the good news phone call that I shared earlier.
Jay Conner [00:46:36]:
And so, what they will need to fill out is what’s called a direction of investment, a DOI, direction of investment. And so what a direction of investment is, it’s a document that typically just uses DocuSign from the self-directed IRA company. And that direction of investment promissory note and the deed of trust or mortgage. So we know who the lender is. It’s that retirement account. So we’d have the interest rate on it, the principal loan amount, the length of the note, and the frequency of payments. So, that direction of investment document is exactly what it sounds like. It is giving the self-directed IRA company a direction on where to send the client’s funds.
Jay Conner [00:47:22]:
So, in my case, on a real estate investment, they’re going to loan that money out, so those funds would go directly to the closing agent’s trust account. So, this makes a big point. We, as the borrower, never have funds come directly to us from the private lender to our company. It’s a big no-no. We want everybody protected. So, the private lender is going to send either their investment capital or their retirement funds, like we’re talking about. And, they’re going to be wired from the self-directed IRA account directly to the title company’s trust account or the real estate attorney’s trust account, whoever’s doing the closing. So, now that money comes in, and now we have the closing.
Jay Conner [00:48:07]:
And then, after the deed of trust or mortgage is on public record, that’s when funds will be dispersed to the seller. And then, of course, the excess cash will be dispersed to us, to our company. But that’s after closing, after everything’s on public record.
Garret Wong [00:48:29]:
You know, there is a lot of I mean, I’m just gonna call it like it is fraud out there. And I think maybe some of it is not even intentional. What you just said is something I also practice, using a trust lawyer. Like, that’s how I just do everything. I presented it that way to my private lenders. But some people just will take a check. They’ll put a promissory note on a piece of loose-leaf paper, and they’ll they’ll just do a deal like that because they happen to know somebody.
Garret Wong [00:49:01]:
I mean, can we talk about that a little bit and the dangers of it?
Jay Conner [00:49:05]:
It’s very dangerous. It’s very dangerous. I mean, first of all, I mean, thank goodness there’s a promissory note.
Garret Wong [00:49:12]:
I mean, I mean, Well, if there is.
Jay Conner [00:49:14]:
If there is. And, I mean, I’m I mean, there are people out there doing business on a handshake. Hey, here, I’ll wire you to money. Yep. Very dangerous. So, first of all, I don’t want to put myself in the position of the borrower not having my lender protected because, you know, what if things go awry? By the way, I’ve never had, never, I’ve had an after doing over 500 rehabs. I’ve never had a project come in on budget. It’s always more.
Jay Conner [00:49:45]:
Right? Now, I protect my private lender by not borrowing more than 75% of the after-repair value. So, there’s gonna be a 25% equity cushion. Right? But, I just want to put myself or my lenders in any kind of risk or predicament where that note is not collateralized. I mean, I want to protect my private lenders so that, like, if let’s say I don’t pay them. I don’t pay, let’s say I don’t for whatever reason, I don’t pay them. Maybe I have a cash flow issue. Maybe I intended to pay them, but I got a cash flow problem, and now I can’t pay them. Well, here’s the bottom line.
Jay Conner [00:50:25]:
When they are protected and that note’s collateralized, if I don’t pay them, I at least know and they know the property will pay them. They at least can at least property and they’ve got the legal recourse.
Garret Wong [00:50:40]:
I think people can understand that model too, because that’s exactly what the banks do. The bank’s not going to lend you money to buy a home without securing, you know, something on on title against that asset. Right?
Jay Conner [00:50:52]:
At least in today’s market. Now, when I started back in 02/2003, when it was the wild, wild west, I got a $250,000 unsecured line of credit in 02/20 And you could do that in 02/2003 if you had a decent credit score and you had a relationship with the bank, but that ain’t happening today.
Garret Wong [00:51:12]:
Yeah. No. I’ve had those as well. No. I love the transparency. I mean, again, this is everything that I do with my my investors as well. I’m gonna before we wrap up, I’m gonna allow you to sort of why don’t you give the listeners a little bit of a, outline of how your program works and and what the benefits are?
Jay Conner [00:51:33]:
Sure. So, now you’re talking about what I offer my private lenders or what I offer my coaching members? Your coaching. Sure. So, I’ve got all different layers of coaching, but let me tell you, let me keep it simple, Garrett. Let me tell you what I’m so excited about. I just finished recording my brand new Private Money Challenge. So, what in the world is the Private Money Challenge? It’s a series of seven videos that are only fifteen to twenty minutes long and late. So, they’re very digestible, easy to follow along.
Jay Conner [00:52:07]:
And so, when someone enrolls in the, I call it the seven day private money challenge, when they enroll in it, immediately in their email inbox, they get the very first video, which again is only fifteen to twenty minutes long. And then, every day for the next six days in a row at 9 AM Eastern time, they will receive each subsequent video on training. So, it’s a great foundational introduction and training on private money. So, I invite your audience, Jared, to come join me in the Private Money Challenge at www.privatemoneychallenge.com. It’s that simple. Just go to privatemoneychallenge.com. And not only will you learn how to raise private money, but we’re going to have a lot of fun too. I’ll be engaging with you on the videos, giving you a bit of homework.
Jay Conner [00:52:59]:
I, one of the day, walk you through that exercise I talked about of figuring out how much private money do you n to raise. And, so that’s one of the videos. I’m so excited about it. It’ll give your audience a great start and a great foundation.
Garret Wong [00:53:14]:
Okay. Well, we’ll get some information, post-show, and I’m going to be putting that into the show notes. Anything else that you wanna talk about your programs?
Jay Conner [00:53:23]:
No. I think that’ll, you know, they come into the challenge. Obviously, by the end of the challenge, I will talk about different ways that folks can work with me and that type of thing. But this privatemoneychallenge.com is
Garret Wong [00:53:34]:
A great way to get introduced. Okay. Perfect. Alright. So to wrap things up, I always ask every guest this question, and I do wanna hear what you have to say. This is the Investing to Win podcast. How do you define success, and what does winning look like for you?
Jay Conner [00:53:50]:
I define success and winning as being able to do whatever you wanna do with whom you wanna do it for as long as you wanna do it, and you’re having a blast and you’re having fun while you’re doing it. That success is enjoying life and having joy while you’re doing it. Right? You know, any venture or opportunity, Garrett, that I’ve gotten involved in throughout my life, if I were only doing it for the money, I failed miserably. I never even got off square one. So, my definition of success is being passionate about what you’re doing, giving back, making a difference, and making a really good income while you’re doing it, and creating win-win scenarios.
Garret Wong [00:54:39]:
Love it. Well said. Well, you certainly brought the energy to this podcast. Woke me up on this Monday morning, so I do appreciate that. I’d like to thank you very much for coming on today.
Jay Conner [00:54:49]:
Garret, thank you so much for having me on. God bless you.
Narrator [00:55:04]:
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 Jay Conner.