Welcome to another amazing episode of the Raising Private Money podcast!
Today, Jay Conner and Kenneth Webb discuss the topic of real estate investing and leveraging private money through Business Networking International (BNI).
Jay and Kenneth share their insights on how to find deals and raise private money using networking strategies like BNI. They delve into the specific workings of BNI, distinguishing between leads and referrals, and the powerful impact of BNI in just a short span of two weeks.
Here’s what you can expect from this episode:
- Understanding BNI: Jay and Kenneth explain how BNI has been a game-changer for finding motivated seller leads and securing private money for their deals. They emphasize the importance of relationship-building and the concept of “giver’s gain” in BNI.
- Differentiating Leads and Referrals: Kenneth sheds light on the value of referrals over leads, sharing how BNI has provided him with highly qualified referrals that have elevated his real estate investing opportunities.
- Quick Results: Kenneth’s firsthand experience speaks volumes as he shares how, within just two weeks of joining BNI, he’s already seen multiple referrals and is on the path to success with creative financing deals.
If you’re looking to transform your real estate investing game by mastering the art of networking and accessing private money, this episode is a must-listen.
Keep building those valuable relationships and leveraging private money for your real estate ventures!
Timestamps:
0:01 – Find unique deals and private money through BNI.
6:07 – Build your network, build your net worth.
7:14 – Real estate group sharing leads and networking.
11:49 – Building relationships by giving valuable leads and information.
19:01 – Referrals connect highly qualified leads between 2 people.
20:15 – BNI leads to a successful real estate partnership.
23:20 – Jay Conner’s Free Money Guide: https://www.JayConner.com/MoneyGuide
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Unleashing the Power of Business Networking International for Real Estate Investments
Narrator [00:00:02]:
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 [00:00:31]:
How to find deals That you ordinarily would not have and how to find Private Money that you ordinarily would not have By using BNI. So if you don’t know what BNI is, BNI stands for Business Networking International. What is Business Networking International? What it is? How it works? And my Lance, isn’t finding deals a hot topic today? Because if your market is like my market, There ain’t nothing in the multiple listing service that you can buy or you want to buy, or there’s nothing in there, period, because there’s no inventory. That’s the way it is in my market, in most markets that I visit with our mastermind family members and our platinum members. And so there’s never been a time more important than to have lead sourcing that is motivated by Seller leads that are from owners that do not have their properties in the multiple listing service. And so how do you find those? Well, there are all kinds of ways to find motivated sellers. I mean, I do a lot of, Google leads. I do Facebook ads.
Jay Conner [00:01:57]:
I do direct mail. I do the outbound calling. But this thing called networking, talk about, you know, light on the cash, but heavy in leverage on your time and your investment of time. This is a way you can get leads that you otherwise wouldn’t have, and Private Money as well. So that’s our topic for today. Alright. As a mentor of mine told me years ago, it’s now time to stop the gab and get on the pad. So get your notepad ready Because I’m gonna give you some actionable items.
Jay Conner [00:02:34]:
I’m gonna give you foundational information right now on what in the world Business Networking International is all about. And, you know, in our Mastermind and Platinum, groups, we drilled out on this Big time. But I’m not just talking about business networking internationally. I’m talking about any kind of networking group or any kind of group that may give you a networking opportunity. So first let’s start with BNI. BNI, standing for Business Networking International, First of all, has given me over $1,000,000. I lost count of the number of deals That I got over the years. And here’s the way it works.
Jay Conner [00:03:21]:
BNIs are specifically in existence to share leads in your local group. Some areas will have more than 1 BNI. Morehead City’s a population where we live of 8,000 people. Our county has got 65,000. My target market is 40,000. I mean, we got a BNI, as small as we are. And so the way BNI works is it is not in existence For the purpose for the sole purpose or primary purpose of civic service, of raising money for good causes in the area. It is a business organization.
Jay Conner [00:04:14]:
Now for example, unlike Rotary, and by the way, Rotary and civic groups play a big part in our networking as well as in what we do. But I’m focusing right now on networking groups. With BNI, BNI will only allow 1 person per profession. In contrast to the rotary club, the rotary club, they’ll give you a professional title, but if there’s another Person in the rotary club that’s got your, professional seat, then they’ll make up a seat name for you. Right? If you want to come in and serve the community. But BNI, there truly is only one Realtor, which is always a very, very important seat. There truly is only 1, real estate attorney. There’s 1 in there.
Jay Conner [00:05:09]:
There’s only 1 financial planner. There’s only 1 electrician and 1 plumber, and you get what I’m getting at. 1 1 landscaper, 1 water softener, you know, person, etcetera, etcetera, etcetera. And so with each seat only being occupied by 1 person, then there’s no conflict of interest. There are no direct competitors in the BNI group in your local area. So the way the meeting works is it typically is either an hour or a 90-minute meeting. That depends on the local chapter you have. And so the format of the meeting after the welcome, most BNIs will have an educator, that’s assigned to give a 3 to 5-minute educational moment on how to be a better networker.
Jay Conner [00:06:07]:
And of course, I believe All of you would agree there’s a direct correlation between your network and the value of your network Directly correlating to your net worth. Right? The most valuable assets we have are our relationships, period. Not your checkbook balance, But your relationships. Right? So the format of the meeting, you have an educational moment and then Every week during the meeting, you go around the room, and each person, depending on the group, has either got 45 seconds, 60 seconds, Maybe 90 seconds to introduce yourself and to tell your fellow members who you want to get in front of. You know, what kind of lead are you looking for? So everybody does that. And then also at each meeting, there typically is a 15 to 20 minute Highlighted presentation by one of the members. So when it’s your turn on that, you don’t have 60 seconds or 90 seconds. You have 15 or 20 minutes to tell your whole story.
Jay Conner [00:07:14]:
Now we have Platinum and Mastermind members who have filled the seat as a real estate investor most of the time. I can pretty much promise you that we’ll hear from others here in this session. I can pretty much promise you there’s not another real estate investor Like that seat in the group. So in all likelihood, there’s probably gonna be a good chance That you’re gonna be able to be accepted into the group. And so then during the meeting, you pass leads to each other. So think about this and imagine what would it be like to have 20, 18, or 25 other Fellow members in your local b and I that are giving you leads for the type of business you’re looking for. Now I’ll just give you a little, side note here. MBNI, if you fill the seat as a real estate investor, Then obviously, you’re going to want to have a clear understanding with the realtor in that group So they do not perceive you as a competitor.
Jay Conner [00:08:27]:
Right? That there would be a collaborative and synergistic relationship between you and the realtor. And so you’re getting leads Of people that wanna sell their house. Right? Well, how does that work with a realtor? Well, if you’re doing a relationship with that realtor, Any lead here’s one way you could work it. Any lead that you get in BNI from one of your fellow members, Then if you buy that house, since it came from a BNI member, you can tell your realtor, hey. Interlead, I get here in BNI. You’re gonna get the listing if I decide to put it in the modemable listing service. So all kinds of ways that you can work together Collaboratively. And first of all, I’ll just tell you.
Jay Conner [00:09:12]:
On the big picture, when you have an abundance mindset, There is no competition and there are no competitors. It can all be a collaborative relationship and working together. So Now, of course, what works when you have the right mindset of being a giver? A gentleman by the name of Ivan Meisner established and created and started BNI Way back when. And he’s written some fantastic books on networking. I recommend you get his networking books. They will make you a better networker Very, very quickly. Ivan Mizner.
Jay Conner [00:09:56]:
So by the way, just as a reminder, use the chat if you’ve got any questions coming to mind on networking, and You’ve got a networking experience or story that you wanna share. So be sure and use the chat. It’s become a long year. So Since the the, philosophy that Ivan Meisner put into b and I, Here’s his philosophy, it’s called giver’s gain. Giver’s gain, which means you come into this group Not seeking to get? You come into the group seeking to give first. Leading with value. Serving. Offer to volunteer.
Jay Conner [00:10:44]:
Ask, the president And the people who are running the group, how can you serve in this group? Because as you know, the first is last and the last is first. You start serving, then you’re the cream of the crop. You rise to the top. So excuse me. How do you serve? Well, the main way you serve is you start bringing leads To your group. Well, for example, if you’re flipping houses, right, If you’re flipping houses or you’re buying houses or whatever, do you need a water softener service? Do you need a landscaper? Do you need another relationship with a realtor? Do you need another real estate attorney relationship? Etcetera, etcetera, etcetera. I mean, there are a lot of people in the local b and I that you can have a symbiotic relationship with because of the business that you’re already in. Right? And, you know, in BNI, you learn how to make introductions.
Jay Conner [00:11:49]:
You just don’t give leads. Like, one of the most important things I learned years ago Being an actively engaged BNI member and valuable BNI member is before I gave a lead, and here’s a writer downer, Before I gave a lead at my b and I meeting, I would call up The person that I’m gonna be referring to, you know, the water softener service or whoever, And I say, hey, I just wanna let you know there’s somebody I think will be valuable for you to talk to, and I just want you to know, or you might wanna ask permission. Can I have permission to give your contact information To my friend who’s in the x y z business, I think it would be valuable for you to talk to him. I think they could serve you, at least it’s worth you considering. And so here’s the sweetest sound in any language to your fellow BNI or networking member. Here’s a writer’s downer. The most sweetest phrase they love to hear. Let’s say that Crystal and I are in the local networking group. And I came to Crystal and I gave her a lead on a lead sheet and b and I tracked the dollars that have been referred in the group.
Jay Conner [00:13:09]:
And I walk up to Crystal. I say, Crystal, I just want you to know that a friend of mine, named Norman, I think Norman would benefit from your services. And I just want you to know I’ve already talked to Norman, and here are the sweet words. Norman is expecting your call. So it’s called opening the door for your fellow networking members. Right? So get the door open for the referral Before you, you know, hand it off. So that’s sort of just a feel. So I want to set the stage as to what this b and I think is.
Jay Conner [00:13:51]:
Now how do you get Private Money? Well, I’m not standing up in front of the group talking about Private Money ordinarily. Private Money comes about in what’s called the 1 on ones. Well, Well, what in the world’s a 1 on 1? I’m gonna let Crystal or, Eric, Banjo, or, Kenneth or Eric, I’m gonna let you tell them about what the 1 what the 1 on ones are. But Private Money is sort of in the backdoor that comes about from the relationships. Alright. Enough of my introductory comments, but I want everybody to understand what this thing is we’re talking about. With that, Kenneth, you’re gonna be up 1st. So Kenneth, just so y’all know who Kenneth is, Ken, came into Mastermind and Platinum.
Jay Conner [00:14:37]:
Officially in October. Just,
Kenneth Webb [00:14:41]:
June When was July?
Jay Conner [00:14:42]:
Oh, was it July? Time flies now. So Kenneth came in in July and or June. And, so I mean, he’s just off to the races. He’s out there in Abilene, Texas. He’d already been doing some real estate investing. Nonetheless, Kenneth just recently joined b and I. Kenneth, I know a little bit about your experience, but I don’t know the whole story. So, Kenneth, Here’s what I want you to do.
Jay Conner [00:15:09]:
Tell your story. Tell your experience and share it with people’s takeaways. What are the lessons That you have learned so far from being in BNI?
Kenneth Webb [00:15:22]:
Okay. Well, it’s funny that we’re talking about this because I’m on my cell phone texting right now. After all, the president of my chapter BNI chapter is texting me requesting a 101 tomorrow morning. And it just so happens he’s a certified financial planner and, is, responsible for about $100,000,000, that that he invests for people. And, you know, when we’ve I first joined, he was a little Skeptical about, what it is I was doing with real estate investing and and the Private Money. And just With a very short 5-minute conversation, I quickly put his mind at ease, and now he’s requesting a 1 on 1 with me and He’s like, wow. That sounds interesting. It’s not at all what I thought it was. This sounds great.
Kenneth Webb [00:16:13]:
I’m interested in hearing. And, so this is the 2nd financial planner that I’ve spoken with from BNI, as for a different BNI chapter because there’s only 1 in each. I do just wanna very briefly say that I started here in PMA, and they kept talking about Some platinum plus master people. I didn’t know. I figured I would like to be a master at something.
Jay Conner [00:16:37]:
So Hey, look. We just changed mastermind family to master People. I love it.
Kenneth Webb [00:16:43]:
Yeah. So, yeah. So I started asking questions, and I said, what in the world is this Platinum plug? What does that mean? I just know that they’re answering all the questions. So I started where you are and, And, came into the family. And, and that’s that’s what that’s what you need to realize. It’s it’s the family. And Crystal said that earlier, and, You know, I was an I came to Private Money because of Jay.
Kenneth Webb [00:17:13]:
I was interested in PMA with Chaffee and his engineering background, But the one thing that kept drawing me back because I’m medical as well. I spent 20 years in anesthesia. I’m a nurse with a doctorate in anesthesia is I kept hearing over and over and over every time that Crystal would say, I was an occupational therapist and leadership. I have 23 years of experience, and I’ve done all this. I made so much money, and I was and And, but I’ve just run my life to death, and my job is raising my family. And, so These are real people, and, they’re wonderful people, and I’m glad to be a part of it. So maybe you’ll join us. So being
Jay Conner [00:17:52]:
Thank you thank you for sharing your experience, Kenneth. Go ahead.
Kenneth Webb [00:17:55]:
And I’ve never heard of BNI ever. So being in in medicine, Particularly in anesthesia. I don’t take referrals. I don’t need networking. People come in, whatever comes in the door, we take care of them. Now surgeons need referrals, But anesthesia does not. So I’m not used to that at all. This is very new to me and, I joined about 2 weeks ago.
Kenneth Webb [00:18:18]:
And, what I’ve learned is and I’m so glad that I get to correct Jake Conner, the main man, because I learned the difference between a lead and a referral. I would say, oh, I’ve got this deal. Yeah. I’ve got these this lead came in and, someone referred it to me, and I used those terms interchangeably, and they’re not the same thing. Leads are they could be they may be qualified or unqualified leads. Hopefully, you’re getting at least qualified, but they’re only between 2 people. Someone just sends you a lead. They send you a name.
Kenneth Webb [00:19:01]:
They send someone who may Be in the market for what you have so that you can help them solve a problem. A referral, which is what BNI is based on is to refer people to each other, involving 3 people. And Jay did give that example. He said He would call the other member and say, I have this person for you, which is a lead and they are expecting your call. A referral requires 3 people. It requires the lead and then the 2 other people who are exchanging the lead. So it’s the referral is so much, so much higher quality. They are highly, highly Qualified leads that are exchanged between 2 people, who are referring business to each other And, the money and, the opportunity, that is the opportunity, the value that is there is from a referral versus a lead is incredible.
Kenneth Webb [00:20:15]:
It’s incredible. So you can buy leads, you know, you guys know, you can buy list, you can get leads, you can just send out direct mail. You can cold call. That’s not what BNI is about. So I have, now I know that I have about 8 qualified Leads and, I’m currently working on 3 referrals, and it’s a Kind of a trifecta because I am the real estate investor and, our general contractor Of the group and our realtor. All 3 of us are working, and referring to each other. Just yesterday, we walked a property that, was me, the realtor, and the Contractor, all 3 of us are BNI members and, passing referrals, and we were all there at the same time. So it’s a wonderful relationship.
Kenneth Webb [00:21:21]:
And here’s the thing, I’ve got a sub-two deal, which We’re not talking about stuff 2 today, but taking over payments. It’s just creative creative, financing. And I’ve got other owner financing with 0 down so I could potentially get in this with 0 money. Here’s the key. This is the difference between a lead and a referral. These are referrals. So the people referring, this lead to me, I now have, a position of authority and what’s the word? They they there’s a trust. I have trust.
Kenneth Webb [00:22:00]:
So these people are telling them that when this guy says that he’s going to take over your payments, he’s gonna take over your payments. When this guy says, If you will owner finance the carrier, the note, he’s going to make your payment. He’s going to service the loan. And if he does not take care of my clients, then he’ll be removed from BNI, we have a strict code of ethics, and we have to service each other well. That’s what we’re there to do. We’re there to serve. Givers gain. We give.
Kenneth Webb [00:22:26]:
We’re not there to take. We’re here to give. So I’m immediately placed in a very high position, a respectable position. And I honestly feel that these 3 creative financing deals are going to, get across the finish line because they were referred specifically through BNI and my relationship with those individuals.
Jay Conner [00:22:52]:
And all this within 2 weeks.
Kenneth Webb [00:22:54]:
2 weeks. Absolute. And there are more deals. I just told them, hey. I said we got those other 4 deals. We’re just gonna have to wait because I’ve got 110,000 of Private Money burning a hold of my pocket, but I can’t buy all of them right now. I can I can only manage? Let’s just do 3, and let’s see how we can do with the others. But, yeah, I’ve got I’ve got other referrals sitting in the pipeline.
Kenneth Webb [00:23:15]:
So, It’s wonderful. It’s wonderful.
Narrator [00:23:20]:
Are you feeling inspired by the knowledge you gained in this episode? Then head over to Jay Conner dot com/ money guide. That’s www.JayConner.com/MoneyGuide, and download your free guide that shares seven reasons why Private Money will rocket 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.
