Welcome to another amazing episode of Raising Private Money with Jay Conner, where we bring you valuable insights and strategies for successful real estate investing.
The conversation kicks off with Chaffee sharing his journey from corporate life to real estate investing and how coaching transformed his business.
He emphasizes the importance of finding a mentor or coach who can guide you through the process and help you achieve success.
The discussion then shifts to recent successes, including a deal closed by Banjo in Chicago.
Banjo shares his recent success of closing a deal and making a profit, even though the property sat on the market for a while. He highlights the importance of leveraging Private Money and discusses how real estate investors can still make money, even in challenging market conditions.
Meanwhile, Crystal debunks the misconception that putting cash in your pocket quickly is not possible with foreclosure deals. She explains how purchasing a foreclosure property and implementing strategies like lease options can generate immediate cash flow.
The episode also addresses a listener’s question on how to quickly put cash in your pocket starting from scratch in the real estate market.
So if you’re interested in gaining valuable insights into real estate investing, leveraging Private Money, and finding creative strategies to put cash in your pocket, this podcast episode is a must-listen.
Timestamps:
02:11 – Connected with Jay, and joined his coaching business.
05:24 – The fastest way to make money in 30-45 days.
08:42 – Massive action is needed to succeed in business.
11:32 – Age doesn’t matter, adopt a fresh mindset.
13:29 – Jay says buy a house, get three checks.
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How to Make $50,000 in Real Estate Investing: A Case Study
Chaffee Thanh-Nguyen [00:00:00]:
There you go. Buy right!
Erica Camardelle [00:00:02]:
I think we made 50,000 overall.
Narrator [00:00:06]:
If you’re a real estate investor and are 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.
Chaffee Thanh-Nguyen [00:00:33]:
Okay, so my name is Chaffee Thanh-Nguyen. I am a refugee from Vietnam. Came over, and growing up, my parents told me, to go to school, get good grades, and get a good job. And so being the good son I was, I did that, graduated with an engineering degree, and got a job in the corporate world making good money and didn’t enjoy pretty much any of it. So the only thing I did enjoy about working in the corporate world were the people that I worked with and hanging out with and spending 60, 80 hours a week with people. Hopefully, you can enjoy the people you work with. And so I did that. I was in the corporate world for about ten years, and during that time, I knew that I wanted to do something else.
Chaffee Thanh-Nguyen [00:01:22]:
I just didn’t know what it was until I found this thing called real estate investing. And so in 2002, I started transitioning into real estate investing from the corporate world. It took a few years, made a handful of mistakes along the way, and learned through the school of hard knocks. And when I started working with coaches and mentors, my business really took off. And that’s kind of why I fell in love with coaching and mentorship. Every single time I worked with a coach or mentor, the little light bulb came on, my businesses grew, and I love seeing those results, and I love helping people achieve those same results. So in 2008, I transitioned from full-time real estate to full-time coach. And that’s what I’ve been doing, coaching ever since that time.
Chaffee Thanh-Nguyen [00:02:11]:
And during that process, I went to an event, and I met this guy named Jay Connor, who was just starting off to become a speaker and still going through some training himself. And we instantly connected, as I know many of you who have met Jay will feel that instant connection, too, because he’s just the kind of guy that just attracts people to him, and very genuine, very real. And I knew I wanted to hang out with this guy. And so a couple of years later, when Jay started launching his coaching business, he said, hey, Chaff, I know you do this coaching stuff. Come join the party, help me out, and we’re going to have a good time. And we have ever since. So I’ve been at every single one of Jay’s events for almost a decade now. I help put together all the training coaching and mentorship programs at every single one of the Mastermind live events.
Chaffee Thanh-Nguyen [00:03:03]:
And I also am on this call as well. So love working with everybody and looking forward to seeing all of your successes as well. Has anybody with wins, as we mentioned before?
Crystal Baker [00:03:15]:
Celebration!
Chaffee Thanh-Nguyen [00:03:16]:
What’s going on, what’s happening? Anything?
Crystal Baker [00:03:20]:
Eric and Erica, celebration!.
Banjo Camardelle [00:03:22]:
We have a win in Chicago! We closed the deal today, so that’s definitely a win.
Chaffee Thanh-Nguyen [00:03:33]:
There you go. Buying. Selling what?
Banjo Camardelle [00:03:36]:
Sold it.
Chaffee Thanh-Nguyen [00:03:37]:
Some details.
Banjo Camardelle [00:03:38]:
Sold it. Don’t have all the numbers right off the top of my head, but it was a good, very light rehab. Held it forever. One of those things we bought where the median house that people are buying, it was above that by about 50 grand. 60 grand. And it just sat since December. Finally got a seller and a buyer in there, though.
Chaffee Thanh-Nguyen [00:04:02]:
And you bought it with Private Money?
Banjo Camardelle [00:04:05]:
Yes, sir. Fully funded with Private Money.
Chaffee Thanh-Nguyen [00:04:07]:
And you’re going to still make money with it even though it sat?
Banjo Camardelle[00:04:10]:
Oh, yeah.
Chaffee Thanh-Nguyen [00:04:11]:
There you go. Buy right!
Erica Camardelle [00:04:13]:
I think we made $50,000 overall.
Banjo Camardelle [00:04:17]:
Repairs didn’t really take that long. It was mostly because, from my experience, I believe that the reasoning is coupled with the interest rates being high and the higher-priced houses around us.
Banjo Camardelle [00:04:37]:
The Median house purchase for that area is around 170 and this house sold for 260. And we’re experiencing that most of the houses that are well above the median are going to be just sitting there for a whole lot longer than normal.
Reynaldo Ruiz [00:04:53]:
So this was out of- a state purchase or do you live in Chicago?
Banjo Camardelle [00:04:58]:
No, I live in Pearl River County, Mississippi.
Reynaldo Ruiz [00:05:02]:
Okay, so, yeah, out of state.
Banjo Camardelle [00:05:04]:
It wasn’t out of was when I said I had a win in Chicago, I mean Chaffee Thanh-Nguyen. Sorry for the confusion.
Reynaldo Ruiz:
No problem.
Chaffee Thanh-Nguyen [00:05:17]:
He was cracking a joke.
Reynaldo Ruiz [00:05:19]:
All right, back to you, Chaffee.
Thank you, Banjo
Banjo Camardelle [00:05:23]:
Yes, sir.
Crystal Baker[00:05:24]:
The question you asked last time is that if you’re starting from scratch in your market and need to get 5000 to 10,000 in your pocket in the next 30 to 45 days, what would be the best and fastest way to do this? Please list the steps from A to Z to accomplish this mission. So, first of all, Tim, this call is not long enough for A to Z answers, so I just want to say that right at the outset. So I don’t want you to feel like I’m not answering you. That’s a great question to also bring to the Facebook group because you can get some more responses. But for the purpose of this call, of course, there are things such as wholesaling, wholesaling, types of options you can work on getting smaller amounts of money. But what you said over here in the new chat was which I thought I said, I really want to speak to that right now because it was like, perfect. And that was what’s the best way to find regarding finding deals if you want to put cash in your pocket, you said since I don’t think you can put cash in your pocket in 30 to 45 days starting from scratch on a foreclosure deal. What would you do if you were starting from scratch and needed to put cash in your pocket in 30 to 45 days? So I mentioned a couple of things that you could do that with, but I just want to debunk what you said.
Crystal Baker [00:06:44]:
You can easily put money in your pocket in 30 to 45 days on a foreclosure deal. The reason that you can do that is you do the purchase on the foreclosure. You can either, depending on the price point, if it needs rehab, obviously, you’re going to be too limited. Right. That’s not going to give you a window of time. But if you put it in there and it doesn’t need much done to it and you can put a tenant buyer in there, you can put a tenant buyer in there and work for equity or put a tenant buyer in there if it’s relatively pretty, it just needs paint. I don’t paint them, by the way. If I’m going to do that, they’re going to give you a nonrefundable option fee.
Crystal Baker [00:07:18]:
That nonrefundable option fee is money in your pocket. So I just sort of want to debunk that thought process.
Chaffee Thanh-Nguyen [00:07:25]:
Crystal let me add to that, if you don’t mind, if you’re following Jay and you know Jay can close a deal in seven days or less, right, as long as you have Private Money. Right. And if you’re following him, you know that he gets paid when he buys a property. So when you’re talking about you can’t do it with a foreclosure. Well, you can buy a foreclosure and get money at the closing. So you can make more than $5,000 in 30 days or less if you’re following Jay and do what Jay tells you to do.
Crystal Baker [00:08:01]:
Yes, if you’re using private lending. Absolutely. So he collects checks at that time and when it sells, so he can collect a check when you close it in the beginning, he can collect a check when he inserts it in a buyer and he can collect a check when you sell it. But to speak to you can you get it done, get money early? Oh, absolutely. Then I prefer to do it that way because I don’t really like to give away all my money, all my profits. So if the deal has an option where I can actually either put a private lender on it and get some money there, put a tenant buyer in and then get some money there, and then I’m going to get a much bigger cash out on the end. I would much prefer to do that than to wholesale and let somebody else make all that.
Chaffee Thanh-Nguyen [00:08:42]:
Let me add one other thing, too, that there’s no way anybody here can put $5,000 in their pocket in 30 to 45 days unless you take massive action. Let me just throw that out there, right? You could read about it, you can learn about it, you can go out and talk to a few people, go to a couple of networking events, and unless you’re extremely lucky and you hit the lottery the only way you’re going to find a deal, raise the Private Money, find a deal and do all that kind of stuff within 30 days is you go out there and you burn the midnight hour kind of deal. Right? You go out there and you do this business and when you have that kind of massive action and you go out there and talk to as many people as possible and you have different ways of generating leads and you call sellers, then you’re going to find that deal. Then you’re going to raise that money and just realize that it’s not normal, right? Most people aren’t going to spend 60, 8100 hours a week in this business to find that. And if you do, trust me, you don’t have to be the smartest fry in order to get a deal, right? You just have to open your mouth and talk to a lot of people and do the right things. But it does take massive action. And that’s the key with any business, if you want to succeed in this business as well as any business, is that you got to go out there and you got to take action. So I applaud you all for coming on this call.
Chaffee Thanh-Nguyen [00:10:09]:
I applaud you all for learning and continually educating yourself. And the real rubber that meets the road or whatever phrase you want to use is that you going out there and doing this business and making it happen versus just learning. Learning. So action.
Crystal Baker[00:10:26]:
Absolutely. And I love what you said, Chaffee because obviously, we make a point of that. And the key here is to do what you’re told to do. So not just go out and just be doing a whole bunch of stuff, but if you’re told to do something specifically like J system says do A, do B, do C, do those things. And that’s what made the difference for me. Every super-successful student that we have, really just knocks it out of the park. It’s because they don’t question, they do the stuff. And it’s when you start questioning and you step back and you wonder about this and you think about that and you decide about this and you’re not taking that really intense action, you’re not just moving, moving that.
Crystal Baker [00:11:15]:
You struggle and there’s no need to struggle. Do what he said to do. Take those actions. And as long as you’re doing massive action and it’s designed toward an endpoint that you know what that is, then you’re going to get there. So I love that you shared that.
Chaffee Thanh-Nguyen [00:11:32]:
Yeah, and let me just add another thing, too, because I’m the mindset guy. Remember, you’re only as old as you think you are. And a lot of times people think, oh, I’m too old for this or I’m too tired, or all that kind of stuff. I tell you, sometimes I love working with 20-year-olds, 25-year-olds, and kids that are just at that age because they don’t question a lot of things that I ask, and they just do it right because they don’t know any better to question. Whereas when you’re my age or when you get older, all of a sudden you have all these life experiences that come in, and now you’re like, well, maybe I should do this, maybe I should do that, or what if this or what if that. So you start questioning all this stuff, and then you don’t go do what you’re told to do. If you just back away from that and say, hey, you know what? I’m brand new to this. Or even if you’re not brand new, take that mentality, take that mindset that you’re brand new because you want to follow a system that works.
Chaffee Thanh-Nguyen [00:12:32]:
And we know Jay’s system works, right? And so once you follow Jay’s system step by step by step, just like Crystal did, just like Banjo and Erica did, then you start seeing those results. And when you have a question of what if, what if? Well, what would Jay do? Or what would Jay tell me to do, right? And then if you don’t know what Jay would do or what Jay would tell you, you know, ask in the Facebook group or if you’re a mentorship, know, email Crystal or ask Jay himself, depending on what level you’re at, and figure out what Jay would do. And then do what Jay would do, right? And if you follow that process and set aside all those questions, set aside all your rights, then you’ll start seeing success. Then you’ll start seeing results happen. And the key, again is, as Crystal said, to do what successful people do. Set aside your questions and just have faith in that process, and you’ll start seeing results.
Scott Paton [00:13:27]:
Can I jump in for a second?
Chaffee Thanh-Nguyen [00:13:28]:
Absolutely.
Scott Paton [00:13:29]:
One of the things that Jay says is he gets three checks. And the first check is when he buys the house. So when I’m listening to someone say, well, how can I make this much money? Know, whatever the time period is, the answer is simple. Buy a house. And you have to buy the house on Jay’s way. And that’s why we have Chaffee and Crystal, because how do I do that? Well, get a hold of them and figure it out. But if your goal because when I first heard the question, I was like, oh my goodness, how do you do that? Because got to buy a house, you got three months to rehab, and you got to sell it. All this and then I thought, hold on a second.
Scott Paton [00:14:10]:
Your goal is just to make ten grand. So if you use Private Money and you come back away from the deal, from buying the property with ten grand in Private Money, you solved your problem. And so it’s just the first step of the three parts because you’re going to make more money in the next step and more money in the third. It’s. But you need to decide what you want to focus on like Chaffee was saying. But if you just focus on, okay, I got to buy a house and I have to have Private Money now you just got two things to do, and you’re going to solve your problem.
Crystal Baker[00:14:44]:
Absolutely.
Chaffee Thanh-Nguyen [00:14:45]:
Thanks, Scott.
Crystal Baker [00:14:48]:
And to your point, your only limitation is you. You determine what your limits are. So as long as negative thinking is just really negative goal-setting.
Narrator [00:15:01]:
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.