Welcome back to the Raising Private Money Podcast! In today’s episode, we have a special treat for all of you real estate enthusiasts out there.
Joining Jay Conner is Rod Wilson, who has an impressive track record of raising millions of dollars in private money for his real estate ventures.
In this episode, Rod will share his invaluable insights and strategies on how to secure the best private money financing. With over 30 years of experience in the real estate industry, Rod has mastered the art of locating new private lenders and initiating meaningful conversations that lead to successful financing deals.
In addition to his vast knowledge and experience, Rod will discuss his recent projects involving residential rehabs. He’ll dissect the process of obtaining construction holdback funds and shed light on the challenges he faced, including delays in payment and the impact on project timelines.
Jay and Rod will dive deep into the importance of quick and efficient access to funds, especially in today’s competitive market. Rod will also share his personal journey from self-funding his deals to the realization that utilizing other people’s money maximizes profits and expands business possibilities.
Throughout the episode, you’ll discover the power of building relationships with private lenders and traditional lenders, as well as the impact it can have on your net worth.
Rod will emphasize the significance of crafting a compelling story that builds trust with lenders, including sharing both numbers and personal experiences.
So, whether you’re a seasoned real estate investor or just starting out, get ready to take notes and absorb the wealth of knowledge that Jay Conner and Rod Wilson have to offer.
This episode is packed with practical tips, valuable insights, and a dash of inspiration to help you secure the best private money financing for your next real estate venture!
Timestamps:
01:19 – Raising Private Money For Your Real Estate Deals
03:22 – Private Money Academy Conference: Oct 25th, 26th & 27th, 2023 https://www.JaysLiveEvent.com
06:00 – Connect with Rod Wilson: https://www.Rod-Wilson.com
06:42 – Transition To Private Money, Transform Your Real Estate Business
10:20 – How Private Money Luncheons Can Help You Raise More Private Money
13:46 – Your Net Worth Has A Direct Correlation To Your Net Worth
14:19 – Raising Private Money Is All About The Shift In Mindset
18:04 – Keep Your Credit Score As High As Possible
20:11 – Focus On Telling Your Story
23:08 – How To Maximize Value On Your Fix And Flips
31:29 – What Is https://www.AnchorLoans.com and How It Can Serve You?
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
Private Money Fundamentals: Key Strategies for Success with Rod Wilson & Jay Conner
Jay Conner [00:00:01]:
Welcome to another amazing show Raising Private Money. I’m Jay Conner, the Private Money authority, also your host here on the podcast. And I’m so excited to have my guest here today on the show. He had me on his podcast not too long ago. I was so impressed with how such an amazing interviewer he is and so much experience in raising millions of dollars in Private Money for his deals. So we’re going to dive in and ask him what’s his experience. How does he go about locating new private lenders and how does he get the word out? How does he start conversations with potential private lenders? Well, in addition to that, my special guest has over 30 years of experience in all aspects of real estate, which includes remodeling buildings, managing, and marketing, and that’s both in the space of residential and commercial properties. And with all that experience, he knows what it takes to keep his lenders happy. And don’t we want to know about that? Well, his recent projects include residential rehabs, where what he’s done is he’s added square footage to the properties, fixing obsolete layouts, functional issues, and a unique design were the norm.
Jay Conner [00:01:21]:
Well, in addition to that, he is also the founder and general manager of what’s called Diversified Capital Partners, which is a real estate development and development company that specializes in real estate or residential real estate. He also is a partner in the company called Anchor Loans, which does loans for new builds for fixes and flips. And they even have a long-term rental financing program as well. In just a moment, you’re going to meet my friend and my special guest, Mr. Rod Wilson.
Narrator [00:01:59]:
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.
Jay Conner [00:02:28]:
Well, before I bring Rod on, I have a special announcement and a big event that’s right around the corner. This is the Private Money Academy Conference. The Private Money Academy Conference. It’s going on right here in our local area. Moorhead City, Atlantic Beach, North Carolina. And it’s October 25, 26, and 27. That’s a Wednesday, Thursday, and Friday, October 25, 26, and 27. And let me tell you, there’s no other event like this on the planet.
Jay Conner [00:03:00]:
Listen, on these three jampacked days, I’m going to be there every day, all day. We’re going to dive deep into Private Money, how to raise Private Money for your deals, and how to locate private lenders. I’m going to have private lenders right there at the event for you to network with on the afternoon of the first day after we spend the first half day on Private Money, we’ll be doing a virtual rehab bus tour. So if you’re interested in renovations, we got that covered. And then on the morning of the second day, I’m going to teach you how we find real estate deals before other real estate investors even know about the opportunities. And then on the afternoon of the third day or second day, we’re going to be talking about self-directed IRAs and how you can get your deals funded with self-directed IRAs. I’m also going to be teaching how to sell any house in three days or less, even in this market today. So you’re never stuck with a house.
Jay Conner [00:03:56]:
And then on the third day, it’s all about automation. How can you run a multimillion-dollar business a year and work in it in less than 10 hours per week? Here’s the best part. In addition to all that, it’s a free event. It’s valued at $3,000. But because you are tuning in right now, it’s free with only a $97 registration fee. So you want to get registered at www.JaysLiveEvent.com. That’s www.JaysLiveEvent.com. Go right there and get registered.
Jay Conner [00:04:32]:
I look forward to seeing you in person at the Private Money Academy Conference on October 25, 26, and 27. And with that, let’s bring on my friend and special guest, Rod Wilson. Hey, Rod, welcome to the show!
Rod Wilson:
Thanks for having me, Jay. I love the energy and I appreciate the intro. That was probably the best intro I’ve heard.
Jay Conner [00:04:59]:
Well, that’s amazing. And I know you’ve been on a lot of shows as well, so I’m just so glad to have you on. You’re an amazing interviewer yourself. Since we’re talking about your podcast, let all of our listeners know what your podcast is and how to find you.
Rod Wilson:
Yeah, the best way is probably either my website, which is www.Rod-Wilson.com
and you could also see it on YouTube and whatever your favorite podcast. It’s The Optimized Real Estate Podcast. You could search that on YouTube and it’ll pop up.
Jay Conner [00:05:35]:
The optimized, say it again.
Rod Wilson:
The Optimized Optimized Real Estate podcast. Optimize your business yourself and optimize real estate values. A little bit of everything.
Jay Conner:
Well, you’ve been in all aspects for a lot of aspects and asset classes of real estate for three decades. Plus you’ve been Raising Private Money for a long time.
Jay Conner [00:05:58]:
What did your business look like before you started Raising Private Money way back when?
Rod Wilson:
Well, I met a guy that looked at my business. This was very early on because I was funding all my deals. I was using bank financing on the debt side and then basically all the equity or any additional capital needed to fund and complete my deals. I was doing it all out of pocket. And I had a very smart guy that looked at my business and said, you’re doing it all. Why are you doing everything as far as finding deals, funding deals, putting my name on the dotted line for debt, and then managing them? And so early on, I started looking at using other people’s money, and it kind of changed my business. Not only the amount of deals I was able to do but it was huge in that regard because you’re very limited when you’re using only your own money.
Rod Wilson [00:06:57]:
Even though I was also using debt, and at the time it was pretty low-leverage debt. I just wanted to be in a position where I didn’t maximize leverage and get in trouble if things didn’t work out perfectly. But the kind of discovery I made at the time was that there was just no need to do it all. I thought I had to do it all. I thought, who’s going to listen to me? I was fairly new in the business, and new in development, and I just thought I had to do everything myself, but found that to be untrue.
Jay Conner:
So let’s go back in your memory to when you first started attracting you and started Raising Private Money. How did you go about it? How did you get the word out? How did you start conversations?
Rod Wilson:
That’s a great question. In thinking back, I really kind of fell into a few relationships and it seemed like after reading your book, it opened my eyes after all these years on, I think, a much better approach to take as far as getting the word out there.
Rod Wilson [00:08:06]:
But it was literally like a few people who happened to know me and knew what I was doing and they had an interest. And I think you have to be a little careful with friends and family just because they can make for some awkward holidays and dinner conversations, I guess. But once you do a good job, you communicate, and they trust you, then it gets really easy. It’s almost a snowball effect to where you’ve got almost like salespeople working for you. They’re out kind of telling your story because they’re excited about the returns, they’re excited about how you operate. It’s kind of funny how I’ve also experienced where and at the time I was doing kind of higher-end projects, very nice. Either single-family homes. And then I did some apartments that were kind of signature properties.
Rod Wilson [00:09:05]:
And it’s funny that they feel like owners. As investors, they felt like owners and we’re very proud of what we were doing so they wanted to talk about it. So if I had had your book, Jay, 20, 30 years ago, I would have been able to do a lot more deals and raise a lot more money because I like some of the strategies that you have.
Jay Conner:
Awesome. Well, what are one or two of the strategies that popped out to you in the book that was sort of like an AHA to you?
Rod Wilson:
Well, the one that I’ve used a little bit, was more for real estate agents to create more deal flow. Were the luncheons just getting a few people in? You’re able to get the message out to more people without it being overly time-consuming because you have ten or 15 people. They’re not ten or 15 separate lunches. They’re just one lunch.
Rod Wilson [00:10:00]:
I think you also can leverage the fact that other people are there. If you have someone afraid to ask a question, you get people who will ask questions and take you down another path and get them more comfortable with what you’re doing. So I think that’s a great strategy.
Jay Conner:
Yeah, well, private lender luncheons have brought in a lot of Private Money. I mean, just one private lender luncheon alone, I’m thinking about we raised $969,000 just at that one private lender luncheon. And as you say, you invite people to lunch, you’re going to pay for lunch, and you’re going to be teaching them. I mean, I tell people all the time, we don’t ask for money. We don’t chase, we don’t beg.
Jay Conner [00:10:47]:
I put on my teacher hat, my Private Money teacher hat. I love it. And I teach people what Private Money is. I mean, the 47 individual private lenders that we have right now never heard of Private Money, never heard of private lending, didn’t know what it was. None of them had ever heard of self-directed IRAs. And over half of those 47 people are using their retirement funds. We introduced them to Quest Trust which we recommend all of our private lenders use if they’re using retirement funds. And those private lender luncheons, I’m not pitching a deal specifically.
Jay Conner [00:11:28]:
All I’m doing is teaching a program. As we talked about on your show, we separate those conversations between teaching the program and then actually having a deal to fund. And Rod, you can probably relate to this. The worst time to be raising money is when you need it for a deal.
Rod Wilson [00:11:57]:
No question. No question. And you do a great job of putting that out early on. And I could not agree more. And the strategy of just not chasing people, I mean, that was a big one. I have a background in sales, and if I look at a lot of the time when I was raising money, I did feel like I was chasing. And your attractive model is just spot on. I mean, it’s the way you want to do it, especially when you’re talking about people’s money.
Jay Conner:
Exactly. And when we’re talking Private Money, that’s different than hard money. You’re a hard money lender. I’ve got very good friends that are hard money lenders.
Jay Conner [00:12:35]:
Some of my dear friends who are hard money lenders use my strategies to raise money for their hard-earned funds.
Rod Wilson:
I bet I took a lot out of that book as well.
Jay Conner:
But here’s my advice, bottom line advice. At the end of the day, the more relationships that you have in place with Private Money lenders and traditional lenders, hard money lenders, et cetera, the better off you’re going to be. As we’ve heard it said many times, your net worth, right there’s a direct correlation to your net worth. Before we wrap up the show today, I want you to talk about the hard money lending fund that you have as well. But go back, I mean, how did you feel, Rod, when you were able to break through raising Private Money back in the day and realize that Private Money was the thing that was missing in your business and you started making all that doing so many more deals? How’d that make you feel walking around with money, burning a hole in your pocket?
Rod Wilson:
It is one of those things where it’s a shift in mindset and just the confidence of being able to go after deals and get deals in contract. And it went from being a scramble to more.
Rod Wilson[00:14:02]:
And I look at this from my experience anyway, is that I was just kind of winging it at the beginning and then it turned into a real business. When I had capital, I had even some admins and different resources. So growing beyond just kind of a onesie twosy deal at a time to a real kind of real estate business, I think the big thing for me was just the confidence. And so when I was at the offer table or I was talking to a homeowner or a realtor or whatever, it wasn’t this back in your mind going, oh no, how am I going to take this thing down? How am I going to fund it?
Jay Conner:
Exactly! Well, desperation has got a smell to it! Desperation has got a smell of me. I practice and I advise my members in my real estate investing Mastermind, my Platinum members as well, and my Private Money Academy membership, I advise all of them to listen. Don’t even talk to a new potential private lender that you’re teaching the program to. Don’t even bring up a deal that you’ve got either contract or you’re getting ready to have under contract or that you’re negotiating because even if you bring that up in the first conversation, you’re coming across by not even saying it, but you’re communicating, hey, I need funding for this deal, right.
Jay Conner [00:15:32]:
So that’s why we separate. Teach the program, they love the program. They’re on board the program, have they got retirement funds we need to introduce them to our Quest Trust rep out of Houston, Texas. They get their account funded and now they’re sitting by the phone waiting for you to call them with the good news that you can now put their money to work in my lands. If they’ve moved their money over to Quest, the self-directed IRA company, they’re not making any money until you put the money to work for them. You’ve got an ethical responsibility to put their money to work for them because they moved it over to their retirement, move their retirement funds over to Quest. So they’re waiting for you to put it together. So, again, you said it exactly the way I believe it, Rod, a few minutes ago, it all starts with the right mindset here, right? We’re not chasing, begging, selling, persuading.
Jay Conner [00:16:36]:
We’re leading and serving means. You know, my wife, Carol, Joy, and I, have gotten countless thank yous. Either in person or handwritten thank you notes as to how we’ve changed people’s lives. Right. Their retirement years are when they could travel and do all this fun stuff whereas otherwise if they’d have their money just sitting in a CD in the local bank, they sure not going to live off of that. And so it’s all about creating these win-win scenarios. Now, one thing that I know you can speak to, Rod, you’ve borrowed a lot of money, right? You’ve raised a lot of Private Money. You are a lender now as well.
Jay Conner [00:17:21]:
From your experience, what’s the best advice you can get on how to get the best hard money financing?
Rod Wilson:
Great question. And I tend to have this. I bring this up a lot because I don’t think people think of I feel like the world of hard money gets so focused on rate and points, it’s probably a function of the advertising, what the average hard money lender does, which is fine. I mean, it’s important. You don’t want to pay more than you have to for anything. But there are so many things that come with getting the best financing from your hard money lender. Most hard money lenders focus primarily on credit and experience. So my advice is always obviously to keep your credit score as high as possible.
Rod Wilson [00:18:14]:
And actually, I did a podcast with a credit expert and she had some great advice in there. But I’m always amazed, I mean, I can’t even say that I focus that much on my credit. For decades I had very high credit, but it’s amazing how quickly that can go sideways. I went through the fun times of the financial meltdown in eight, so had some challenges through there and my credit took a pretty good hit. And it was amazing how long it took to get that backup. So there are just little things you can do to protect your credit. That seems super. It’s not any groundbreaking advice, but I think it would help most investors just to focus a little bit on their credit and make sure that their score is super high it’s not just missing payments, but it’s also just how much you’re utilizing your available credit that can keep your credit score low.
Rod Wilson [00:19:18]:
The second one is the experience. Again, I usually tell these stories because I was guilty of this, but I’m very surprised at some fairly established investors, and developers that don’t have a bio, they don’t have a list of past projects, they don’t have any details on performance. And I took my advice, which was, you’re busy. It’s the last thing you want to do. When you’re scrambling to go get either debt or even get if a Private Money lender wanted to see what your experience is and your performance and whatnot it’s not the first thing you want to do, right? You’re managing your business, you’re chasing deals, you’re doing projects, construction, whatever is very time-consuming. So to sit down and go back through all the HUDs and all the addresses and what’d you buy it for, what you put into it, what’d you sell it for. And so I literally, for a weekend look like I don’t even know what you want to call it. A working vacation, I guess.
Rod Wilson [00:20:26]:
And just basically locked myself away with no distractions and focused on I call it telling your story, which includes all the things I mentioned, plus just the why. Why you’re doing what you’re doing, I guess share how much you enjoy it. I think that goes a long way for people to really what you’re trying to do is create trust. And to do that, it includes the numbers, but it’s also more than just the numbers. So just understanding kind of why you’re doing what you’re doing and even explaining in the commentary or however you’re doing it, I would recommend like, a resume bio. But even if you’re just putting together a list of properties, explaining some of the things you did, meaning how you created value and how you made it a successful deal, as well as just talking about some of the challenges and how you overcame them. I mean, everyone knows real estate isn’t perfect and there are going to be challenges. And as an investor, if I’m going to invest with someone, I want to know that not everything is so rosy. Because usually if that’s the story, it’s usually not the truth, or at least not completely the truth. And I want to know how they dealt with challenges.
Jay Conner [00:21:36]:
Well, you’re right. Whether it’s a private lender, an individual that is looking to invest in your deals or loan you money, or if it’s hard money, if you’re not credible, if you’re not telling the truth and telling it as it means, I’ve heard other people say look, I want to hear the ugly stuff. So tell it like it is. One of your talents, Rod, is knowing and having a lot of experience in maximizing value in a fix and flip. And we’ve got a lot of listeners here on the show that do fixes and flips. What are some tips that you can give through your own experience on maximizing value?
Rod Wilson [00:22:42]:
Well, yeah, there’s a lot we could talk about there. I did a podcast with one of the top real estate agents in the Bay Area in Los Gados, Saratoga, area. And she had a concept that she called check all the boxes. And there are certain boxes in a and this depends on the segment of the market you’re focused on. So it’s not going to apply to everything if you’re on the low end to the medium, to the high end of the market. There are different things you want to address related to kind of the broader appeal to your buyer. So you have to think about the buyer. But I was primarily in the kind of higher-end fix and flip space. And in that space, there are just certain things you had to quote, unquote, check the boxes.
Rod Wilson [00:23:32]:
The certain boxes. And I should probably qualify for this. This doesn’t apply to every deal. Some you want to get the market’s so hot, literally it’s paint and carpet and you’re out and you do very well. So I’m not saying that do this strategy on every deal, but most of the ones I did, I applied this practice which was dealing with some of the functional obsolescence. I mean, you can put the nicest tile and the greatest master bath and do whatever, but if the layout is funky, it’s going to be hard to maximize the exit. So functional obsolescence is a big one. Mistakes I see a lot of developers make is it’s not finished.
Rod Wilson [00:24:21]:
And the way I approached it is, I think I want to have the house done in a way that the buyer is going to want to come in there in the next week. They’re going to want to have all their friends over for you know, a lot of developers will leave the landscaping not done, know they don’t create outdoor spaces. And I was in California, so this doesn’t apply across the country. But I want them not only to feel good and be able to move in the next day, but I also want them to be so proud and so excited that they want to show off the property to their friends and have whatever, a barbecue, a party, whatever it is. So I usually would invest a couple of bucks in making some outdoor spaces. I wouldn’t say going over the top on landscaping, but for sure the frontage. I’m always looking to get that money shot for the listings. So that would include making sure that at least the front yard landscape was pretty dialed in.
Rod Wilson [00:25:26]:
I can’t even think of a time when I didn’t do the backyard as well. But you don’t go over the top. You can go crazy on landscaping and spend a lot of money that I don’t think you get back. Another big one is just looking for opportunities inside a property for just additional square footage. And one that I’ve done a lot is taking, like hall closets. If it’s a house that doesn’t have a lot of storage space, you may want to think about not doing this but in a lot of cases, I was able to take either little niches or hall closets and make larger master baths and showers. As you know, in a lot of the older houses, especially on the West Coast, the master shower back in the, whatever, forty’s. Fifties.
Rod Wilson [00:26:23]:
Sixty’s was very small. And that’s just not something a buyer is going to want these days. So look for areas that you can and a lot of them are not expensive. You’re going to redo the shower anyway. I mean, to pop into a closet and do a little bit of framing and sheet rock and tile and whatever, it’s not hugely expensive, but, man, it can make or break your deal. Because when someone walks into that master bath and they see how tight that shower is, the first thing the brain does is want to visualize yourself in that thing. And it’s not what they want or not what they want to pay for. And so I think that’s an area to create some value and some kind of upside on the price.
Jay Conner [00:27:10]:
Yeah, you and I have got the same philosophy and practice on the landscaping point. When I’m doing a fix and a flip and I want to get top value in the Multiple Listing Service, I always make the front of the yard, particularly, I mean, like a showplace. Right now, today, my average, like, if it’s just a regular bread and butter house that’s got 1200, 400 bed, two bath, I won’t be investing probably $2,500 in landscaping, which is new landscaping up around the foundation of the front of the house, down the side, fresh mulch going in color, really making it pop. Well, before we wrap up, Rod, I want you to share with folks about your company, which is called www.Anchorloans.com, and what that lending arm is all about.
Rod Wilson:
Yeah, thanks for asking. One thing came to mind, Jay, when you were just talking, and I used to call it my secret weapon. And my secret weapon in fix and flipping was my wife.
Rod Wilson[00:28:25]:
And the reason being, she’s an interior designer, which I do recommend having someone and this is just my experience, but most fix and flippers, most contractors, I think they don’t see the whole vision of a house, of an interior. And I think that’s what a designer brings to the table, as well as the secret weapon, part of it is color. I think the biggest miss in whether it’s ground-up construction or fix and flipping that a lot of flippers or developers will make the biggest mistake is the colors. And they either try to do too much or too little, or they just try to get maybe too creative and use a color that just doesn’t work. And there’s a feeling you get when you walk into a house, you want it to be warm, and you want it to appeal to a broad audience. And I think that’s just because the color selection is so huge on top of the other things I mentioned. So anyway, I just thought I’d throw it in there.
Jay Conner [00:29:34]:
Well, I’m glad you did. That’s another example of how we have the same philosophy. We’ve had the same interior designer on our team since 2004. Her name is Beth Garner. She chooses all the colors and she tells the contractor what to do. It’s worth every nickel for sure. Yeah. And I still stage our houses to the hilt. We have four climate-controlled storage units that have the staging stuff we’ve been collecting for years.
Jay Conner [00:30:07]:
And she knows based on what we have in storage as to the staging she’s going to put in there, the pictures and all that, that helps drive some of the color coordination. But anyway, go ahead, and tell us about Anchor Loans.
Rod Wilson:
Well, and the staging is we can go on and on, but that’s a huge nugget and that’s a huge mistake that I see guys making where it’s not either staging every bedroom or not staging the outdoors. So yeah, I agree 100%. Yeah. So getting into anchor loans. Anchor Loans is a hard money lender focused primarily on fix-and-flip and ground-up construction developers. We focus primarily on one to four families.
Rod Wilson [00:30:49]:
The company has been around for 25 years. We’re in about, I think it’s 48 states today. 47 or 48 states. So we cover the whole country. Yeah. The one thing about Anchor is that I’ve used a lot of hard money in the past and the reason I’m at Anchor and like Anchor and think that we’re kind of the best option is just the experience. Number one, this company was built to provide a service to originally it was ground construction lenders I’m sorry, developers. And as a developer, you want the cheapest money you can get.
Rod Wilson [00:31:34]:
You want to keep your costs as low as possible to maximize profits. But the one thing that a lot of people don’t, I guess, appreciate until you don’t get it is just the speed at which they operate, which is funding on the front end on the purchase so you’re able to write tighter contracts and be more competitive on the offer. The huge one is fund control. I’ve had absolute nightmares, and I won’t mention any names, but some of our competitors have just had absolute nightmares about dealing with fund control. If you can’t get your money and this is my big pet peeve and actually why I like your strategy for Private Money is I can do my job, meaning do a fix and flip or a new construction deal, you know, quickly and efficiently and everything else. But if you’re, if your money is not there when you need it, I mean, it can impact, obviously, your time frame. But then your cost of overall financing, if every draw takes an extra few days or. Weeks to get your money and you’re not able to pay subs and it slows things down.
Rod Wilson [00:32:44]:
And believe me, I have missed the market a couple of times. Looking back, you can’t blame the lender because maybe I should have had more cash to keep things rolling, but they made the process of getting the construction holdback funds so painful and time-consuming. I mean, not only was I and my staff spending a lot of time to get them what they needed, but you’ve got subs and contractors that have schedules, and if you’re either not getting them paid or you’re slowing them down, they may have to go jump on another project. And that couple of day delay turns into a couple of weeks. And we all know what that turns into when you’re trying to get a product to market.
Jay Conner:
Absolutely. So, again, that’s www.AnchorLoans.com and Rod Wilson is here, my guest on the show today. Rod, thank you so much for joining me and bringing all the value to this amazing podcast.
Rod Wilson [00:33:45]:
I appreciate it. It was great, Jay. That was a lot of fun.
Jay Conner:
Absolutely. Thank you, Rod.
There you have it, my friend. Another amazing podcast Raising Private Money. I’m Jay Conner, the Private Money Authority, and we appreciate you being here and tuning in.
Jay Conner [00:34:03]:
You make all the difference to us being able to bring back more amazing guests all the time. So if you happen to be watching on YouTube, be sure to subscribe and click that bell so you don’t miss out on future episodes. If you happen to be listening on iTunes, be sure and follow me on Spotify as well. And so we’re looking forward to seeing you right here on the very next episode of Raising Private Money.
Narrator [00:34:32]:
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.