Credits to:
https://www.youtube.com/@peer2peerrealestate434/featured
Peer 2 Peer Real Estate Show 255: How Private Money Saved Jay Conner’s Business
In a compelling episode of the Raising Private Money podcast, Jay Conner, the renowned Private Money Authority, shares invaluable insights from his transformative journey in real estate investment. With a focus on the potent lever of private money lending, Jay Conner narrates how he turned adversities into opportunities, spearheading a movement that redefines funding in real estate.
The Shift to Private Money
After facing the harsh reality of traditional bank financing limitations—highlighted vividly when his credit line was unexpectedly closed—Jay embarked on a new path. His discovery of private money lending not only salvaged his pending deals but also unlocked a reservoir of untapped financial resources. Within just 90 days, Jay notably amassed over $2 million from private lenders, a testament to the efficacy and urgency of this alternative financing.
What Makes Private Money Different?
Jay Conner’s story emphasizes the distinction between traditional hard money lending and private money loans. The latter provides personalized negotiations on interest rates and loan terms, offering both flexibility and control to real estate investors. Unlike hard money which often comes with stiffer terms and higher interest rates, private money can stem from acquaintances, family, or individual investors, imparting a more lenient and adaptable funding structure.
Strategic Advantages of Interest-Only Payments
A significant advantage Jay discussed is the option of making interest-only payments to private lenders. This approach benefits lenders with consistent returns and offers investors better cash flow management, enabling them to maximize their capital on multiple projects. This symbiotic financial relationship fosters growth and sustainability in the investor’s portfolio.
Extending the Network
Venturing beyond his immediate circle, Jay leveraged networking events and platforms like
www.QuestTrust.com to connect with prospective lenders who are specifically interested in funding real estate ventures. He highlighted how these venues serve as fertile ground for cultivating relationships that extend beyond mere transactions, enhancing his financial strategy and broadening his investment footprint.
Empowering Through Education
Understanding the critical role of knowledge and skill in leveraging private money, Jay Conner also promotes his Private Money Academy. This platform serves as a cradle for budding and experienced investors alike, providing education, resources, and live consultations to navigate the nuances of private money lending successfully.
Conclusion: A Testament to Perseverance and Innovation
Jay Conner’s narrative is not just about financial gain but also about the resilience and strategic innovation required in today’s real estate market. His journey underscores the importance of adaptive financing strategies in a landscape fraught with challenges. For those looking to delve into real estate or enrich their understanding of innovative financing methods, Jay’s experiences and insights offer a valuable compass.
Innovative Real Estate Financing:
“Private money is the biggest and fastest way for even a new real estate investor to get a great big check-in their checking account to fix your cash flow problems.” – Jay Conner
10 Lessons Covered in this Episode:
- Private Money Basics: Understanding fundamental differences between private and hard money for real estate investments.
- Securing Private Funds: Strategies to secure $2,150,000 in private money quickly and effectively.
- Importance of Networking: Leveraging networking events to connect with prospective private lenders.
- Interest-Only Payments: Benefits of opting for interest-only payments to maximize cash flows and investor profits.
- Finding Private Lenders: Effective tactics to discover lenders in warm markets and through specialized data feeds.
- Utilizing Self-Directed IRAs: Tapping into self-directed IRA funds by networking with account holders at relevant events.
- Step-by-Step Guidance: A structured approach to engaging potential private lenders without directly soliciting funds.
- Educational Resources: Advantages of joining Jay Conner’s Private Money Academy for ongoing real estate education.
- Creative Financing Options: Exploring creative real estate financing methodologies outside traditional banking systems.
- Commitment to Impact: Sharing personal motivations for real estate, emphasizing the potential to serve and impact positively.
Fun facts that were revealed in the episode:
- Jay Conner started his entrepreneurial journey in real estate at the age of 40, and just within 90 days, he secured $2,150,000 in private money to fund his deals.
- Despite a major setback when his bank closed his credit line unexpectedly, Jay managed to bounce back and now works with 44 private lenders, handling about $8,500,000.
- He still uses a landline phone as of the time of the interview, which is quite unusual in the age of digital communication.
Timestamps
00:01 – Raising Private Money Without Asking For It
05:22 – Seek, find, ask. Believer in karma’s power.
07:35 – Real estate magazine featured vivid property listings.
12:11 – Impressive story of action and perseverance.
14:11 – Transitioned to the creative side after the first 6 years.
21:50 – Establish a relationship with a self-directed IRA for investing.
24:14 – Private money puts you in control financially.
29:55 – Private money is necessary when the seller requires cash.
31:58 – Real estate investors need cash for purchases.
36:22 – Provide high returns safely and securely. No volatility.
40:21 – Note term varies depending on the source of funds.
41:33 – Use private money, keep notes open, and substitute collateral.
45:08 – Find existing private lenders through public records.
48:05 – Find private lenders in public records easily.
51:56 – Making impact, serving, church, college, no retirement.
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
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https://www.pinterest.com/JConner_PrivateMoneyAuthority
Transform Your Real Estate Game with Private Funding Insights from Jay Conner
Narrator [00:00:01]:
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.
William Morales [00:00:49]:
Hello, everyone. Welcome to Peer to Peer Real Estate Show. I’m your host William Morales. And on today’s show, I have Jay Conner. He is known as the Private Money Authority. Jay, how are you? Thank you so much for being on the Peer-to-Peer Real Estate Show.
Jay Conner [00:01:00]:
Oh my lands, Will. I’m doing fantastic. I’m so excited that you invited me to come on here with you and talk about my favorite subject, which is private money and private lending.
William Morales [00:01:13]:
Well, it’s becoming my, favorite subject too, especially when we we did have a little chat before the recording. So, Jay, tell us a little bit about yourself. Did you know that you wanted to be a real estate investor?
Jay Conner [00:01:30]:
When I graduated from college way back when I went to work for a restaurant chain for a couple of years, and that just about killed me. And then I went to work for a corporation for a number of years in the mobile home business. But I knew if I ever got out of the mobile home manufactured housing business, I wanted to be an entrepreneur and start investing in real estate, and single-family houses. I’ve done commercial, shopping centers as well, but primarily single-family. So it wasn’t until I was let’s see here now, I’m gonna date myself. But it wasn’t until I was about 40 years old that I said, you know what? I’m 40 years old. I want to make my own rules. I want freedom.
Jay Conner [00:02:20]:
I want the work. When I want the work, I wanna do what I wanna do, when I wanna do it, with whom I wanna do it, for as long as I wanna do it. So I was about 40 years old when I really started focusing on the path. So I was a late bloomer. But focusing on the path of being my own person, my own entrepreneur, and, so that’s when I started focusing on it. And, so, yeah, it’s been fantastic. I mean, right now, you know, we’ve been full-time in real estate investing since 2003. So, we’ve been doing it for quite a while.
William Morales [00:02:54]:
Were you nervous about going out on your own? Did you, you know, you had the 9 to 5 before, you know, you’re getting that steady paycheck as they say. Were you nervous going out, out on your own? Did, you know, did you get
Jay Conner [00:03:07]:
a headache? I would say the better adjective would not be nervous. The better adjective would be excited.
William Morales [00:03:16]:
Oh, okay.
Jay Conner [00:03:17]:
You know, just, I mean, it was like the world was opening up. And I had I mean, it’s like, now I can do whatever I wanna do. Right? And, so I wouldn’t say I was nervous. I’ve got a very, very strong faith in God and trust, and I believe I’m gonna be provided for because of my faith and trust. I’m a hard worker. So I didn’t know how it was gonna turn out. We never know how things are gonna turn out until we actually live through them. Right.
Jay Conner [00:03:47]:
But I put my plan together. So, you know, nervousness comes about when someone doesn’t feel prepared. Right? I think. So I was more excited, about the opportunity and, opportunities than anything else.
William Morales [00:04:03]:
No. Sounds good. Did you get the support that you needed? Was the support there for you once you knew you were gonna be on your own? You’re gonna be you know, you’re excited about this new challenge of being an entrepreneur, getting into the real estate business. How was the support? Or
Jay Conner [00:04:17]:
Oh, I’ve never I’ve never been asked that question, and I’ve been on 100 and 100 and 100 podcasts. That’s a great question. So I had the support this is a writer downer. I had the support I needed because I sought after the support. Like, nobody came knocking on my door saying, Hey, Jay, let me support you in your new venture. Right? It’s like friends. Nobody’s gonna come knocking on your door saying, Hey, Will, I want to be your friend. So I got all the support that I needed, but I sought after the support.
Jay Conner [00:04:56]:
I sought after people who had already blazed a trail. They had already been in real estate investing. So I sought after fantastic mentors and coaches to work with so that I didn’t have to like to make stupid, big mistakes by being able to work with other people. So yeah, I had all the support I needed, but I went and looked for the support.
William Morales [00:05:22]:
I remember one time I saw it, I think it was Jim Rohn. I’m a big fan of his. Tony Robbins studied under him, and Jim Rohn said I think it and I’m paraphrasing here, but it’s like in the Bible, if you seek, you shall find. Absolutely. You know, you know, you search, you find, you ask, you know, you’ll get the answers, and I and II I’m just like you, Jay. I really believe in that. You know, I’m a I’m a big believer in the power of karma and just treating people the way you wanna be treated. So I love that story that you sought for your, mentors, your guidance.
William Morales [00:06:01]:
You know, you weren’t afraid to be out there and say, you know, for lack of a better word, make a fool of yourself because you didn’t care. You knew you knew what your path was, and I love that that you knew it. So let’s talk about private lending. Right? So you got into real estate in, was it, 2003? Correct. So how was it, can you talk about your first deal? How did that go? For those of you that that happened, if you see this, Jay is smiling. So I don’t know if this is a good thing or a bad thing.
Jay Conner [00:06:32]:
Well, that first deal that first deal has got more than one lesson out of that first deal. So I’ll give you the short version. So my very first deal, all I had done at that point in time now this was 2003, February 2003. And all I had done at that point in time was I had a lot of experience in the manufactured housing and mobile home business, helping people own a home. I’d done that for years. But I never invested in single-family houses and all. And I had never rehabbed and renovated houses. So my very first deal, I’d all I’d done was read books.
Jay Conner [00:07:10]:
So I’d read a few books about being a real estate investor. So at least I got a little bit of education before starting. Right? So I read in one of the books to look in the now this is gonna date me, Will. This is gonna lead me. Okay? So it said, look in the Holmes Magazine. Now
William Morales [00:07:31]:
Oh, I remember those. Yes. I remember. Yeah. I remember that. Yeah.
Jay Conner [00:07:35]:
For your listener that does not know what a Homes Magazine is, back in 2003 years ago, the local board of realtors and realty companies, would publish monthly magazines in your local area with colored pictures of all the listings of the houses Yes. And little write-ups about them, and they were in color and the list price and all that kind of stuff. So I went and got this prior to the Internet days. So I went and got a copy of the local magazine, a local realtor magazine. And I looked through, and that book told me to look and find the ugliest, nastiest, smelling house I could find. And, I found it. I found it.
William Morales [00:08:22]:
Okay.
Jay Conner [00:08:23]:
So I’m right here in a small market, Morant City, North Carolina. Our total target market is only 40,000 people. But today, we do 2, or 3 deals a month, averaging $71,000 a deal per month. Right. So those numbers work out. Anyway, so I find this house on Mayberry Loop Road here in Morehead City. It had been on the it had been on the market for 9 months. It had had over 60 showings.
Jay Conner [00:08:50]:
It was a bank-owned property and, no offers. I said, sounds like my house. That’s what I read that’s what my realtor was telling me.
William Morales [00:09:00]:
Right.
Jay Conner [00:09:00]:
So I went and looked at it. I’m so excited. Now it was a piece of junk, let me tell you. But it was all cosmetic. It was all cosmetic. So, anyway, I I put that house under contract for $50,000. Now bear in mind, how did I fund it? Back in 2003, if you could, like, you know, fog a mirror by blowing on it, they’d give you a line of credit unsecured. So I had a $250,000 line of credit burning a hole in my pocket.
Jay Conner [00:09:29]:
And so I went under this house. I put it under contract for 50,000. The renovation was gonna be about 50,000, so I’d have 100,000 in it. And the after-repaired value at the time was $140,000. So not a huge big deal, but first deal, you know, I’m all excited about it. Well, hey, look. I knew my wife, Carol Joy, was gonna be all excited about this first deal. She hadn’t seen it.
Jay Conner [00:09:54]:
So I took her to the house. She wouldn’t even get out of the drive she wouldn’t even get out of the car. What? I said, why don’t you go look at this house? She says you see that neighbor? Do you see that neighbor? I’m not getting out of the car. I said, well, to be sure my dad will be all excited. So I went to get my dad. We went to lunch. I put him in the car. I took him to the house.
Jay Conner [00:10:14]:
He got out of the car, walked up to the driveway, steps inside. You have to, like, crawl over trash everywhere. He looked at me. He says, Jay, have you lost your mind? I said I don’t know. I’m getting ready to find out. So, anyway, I renovated that property. Well, what are you supposed to do when you go to sell a house? Put it list it with a realtor. Right? Sure.
Jay Conner [00:10:36]:
So I listed it with a realtor. In Jan so it went it was on the market for 45 days with 0 showings. And it was beautiful. It was beautiful. I had it looked brand new. It was all staged and everything. And so I read in one of them books, if you put an ad in the paper, advertising owner financing, your phone will ring off the hook. And it did.
Jay Conner [00:11:01]:
I put the ad in the paper, my phone rings off the hook. I talked to this guy named Earl. Earl says I wanna go look at this house. I said, Well, Earl, it’s sorta hard to find. Well, it really wasn’t hard to find. If you come down this side of Mayberry Loop, you’re looking good. You come down that side of Mayberry Loop, not looking so good as far as the neighborhood. Right.
Jay Conner [00:11:20]:
I said, Earl, you meet me at the C code gas station, and you can follow me into the house. Earl followed me into the house. I took him in. He looked around. He absolutely fell in love with it. He looked at me. He says, Jay, I’ll give you an $18,000 lease option deposit right now. I didn’t know what a lease option deposit was.
Jay Conner [00:11:41]:
Right. But the buyer did, and my daddy told me when somebody offers you money, take the money and you’ll figure it out. I said, Earl, you write me that check for the $18,000 option deposit, and we’ll figure this out. Well, long story short, I was a mortgage broker at the time, and I was able to get Earl financed. I got him a mortgage. He had a mid-score of 585. I cashed him out and, profited $40,000 on my first deal, and I really didn’t know what I was doing.
William Morales [00:12:11]:
Wow. That’s a that’s a great, great story, Jay. I love that. I love the fact that you got your first deal pre or you you sold your first deal on creative financing, and you and, basically, you were like, okay. We’ll figure it out from there. See, and that’s the thing I noticed, Jay I mean, talking to you right now is that you took action, and then you figured things out later. I think a lot of us I know I’ve done it where we do this analysis paralysis, and we just keep on going and going, and then no deals happen because we’re just analyzing the crap out of everything. So let’s talk about that.
William Morales [00:12:47]:
Right? So got you you sold your first deal on creative finances, owner finance, lease options, and what did you do more of those deals, moving forward? And so talk about some of those and then your transition into private money. Like, what made you switch to private money? And then we’ll ask you, what is private money? I know that’s a lot to take, but let’s talk about your creative deals first.
Jay Conner [00:13:10]:
Sure. So I actually, Will, didn’t start doing creative deals until 2009. I didn’t know anything about creative deals. I mean I mean, that that that lease option deposit that Earl offered me, thank goodness, I was able to get a mortgage for him and apply that $18,000 to his closing cost and purchase price because I didn’t know what rent to own or lease option was, rental 2,009. So learning about creative financing and learning about private money really all came about at the same time, and here’s how and here’s why.
William Morales [00:13:50]:
You were doing I’m sorry, Jake. So you were doing more conventional?
Jay Conner [00:13:53]:
Oh, yeah. I was I was relying on the local bank.
William Morales [00:13:56]:
Right.
Jay Conner [00:13:57]:
Right. In my first 6 years, from 2003 to 2,009, I relied on the local bank to fund my deals, and I just put them in the mobile listing service and cashed them out. That’s all I knew to do the
William Morales [00:14:11]:
first 6 years. The first 6 years. So then you transition into more of the creative side 6 years later. So did you take the first lesson of that 2003 lease option deposit, and then you realize, hey. There are more deals to be done this way than the conventional way. Because, like, you in your bio, folks, Jay talks about just being at the mercy of the bank. You know, you’re talking about you gotta put maybe 20% down, or if you put less than now you gotta pay, what, private mortgage insurance. So, you know, that adds to your course. That’s how I look at it.
William Morales [00:14:49]:
So talk about the transition. That again, this is an amazing story.
Jay Conner [00:14:53]:
Sure. So here’s how it played out. So I just didn’t wake up one morning and say, I think I’m gonna go I think I’m gonna go raise some private money. So here’s what happened. In fact, this difficulty, this challenge, this pain was the biggest blessing in disguise in my business. Because you know, quantum leaps, growth really comes from challenges, and being able to press forward and find a better way to do your business. So I remember it, Will, like it was yesterday, in January 2009. Again, from 2003 until the beginning of 2009, I relied on local banks to fund my deals.
Jay Conner [00:15:40]:
So I remember, in January 2009, I called up my banker, and it was actually from this very landline phone. You know, we actually still have landlines in North Carolina.
William Morales [00:15:50]:
Jay, we do too here in New York. I mean. Because there’s you know, and the funny thing is, Jay, we’ll get back to your story in a second. When you get a cable package, they still include the phone. And I’m like, why would I need a phone? Oh, you can use it for business.
William Morales [00:16:09]:
It’s okay. I’ll stay with my cell. If I could always get a Google number, or if I have to get a different of of a second phone for my business, I’ll do that and have a landline. So go ahead, Jay. Sorry. That’s good. And Jay and, folks, Jay showed me his landline, so this is incredible right there.
Jay Conner [00:16:29]:
So, anyway, so I called up my banker, right? And I had had this conversation, Will, many times for 6 years
William Morales [00:16:39]:
Right.
Jay Conner [00:16:39]:
With my banker. I had 2 houses under contract to buy. I told him about the deals. They represented over $100,000 in profit that I was gonna make on those deals. My banker went quiet on the other end of the phone, which is never a good sign when your banker goes quiet and won’t talk to you. Right. And, anyway, he finally cleared his throat. He says, Jay, I’m sorry to tell you, but the bank has closed your line of credit, and you have no funding available for your deals.
Jay Conner [00:17:11]:
And it’s like, I said, Steve, what are you talking about? What do you mean I don’t have any funding? I said I’ve made payments perfectly for 6 years. I got an 800 credit score. Why are you closing my line of credit? And he said, and bear in mind, I only had $1,000,000. I only had $1,000,000 Right. That I was, you know, rotating. -Sure. -And, I said, What happened? He says, Well, the bank’s just not loaning money out of real estate investors anymore these days. Well, you see, first of all, I wish I had known that prior to putting 2 houses on the contract.
Jay Conner [00:17:44]:
Right. And, Will, in 2009, in North Carolina in 2009, when you put earnest money down, you couldn’t get it back in 2009. The laws have changed since then. Sure. But, I mean, like, I’m stuck. Right? My second thought was so I hung up the phone I hung up the phone with Steve, and I sat here for a second. And I tell you what, Will, I had a new mantra come to my mind that I have repeated in myself ever since. And my new mantra that morning, when I hung up from a banker, that mantra became, It is impossible for you to fail until you choose to quit.
Jay Conner [00:18:26]:
It’s impossible to fail until you choose to quit. Quitting was not an option for me. So I sat here for a second, and I said, you know what? Jesus said, ask and you shall receive. So who do I need to ask for help in this situation? So I thought of my friend, Jeff, who lived in Greensboro, North Carolina at the time. He was real estate investing. We were good friends. We went to church together at different events. So I picked up the phone.
Jay Conner [00:18:57]:
I called Jeff. I told Jeff what had just happened to me at the bank. Jeff says, well, welcome to the club, Jay. I said, what club? He said, the club of losing your line of credit. My bank cut me off last week. I said, well, how are you gonna fund your deals? He told me a phrase I’d never heard before, private money. And I said, What’s private money? I’d never heard of private money. And so I learned about private money and what it is, and within less than 90 days, what a blessing, in less than 90 days I had $2,150,000 in private money available to me from private lenders for me to make offers and buy houses.
Jay Conner [00:19:44]:
And by the way, for those 2 houses, I only had one under contract, I closed on those 2 houses with private money and did not miss out on them. And since that time, Will, I’ve never missed out on a deal for not having the funding. So, you know, if it hadn’t been for that difficulty so today, my wife, Carol Joy, and I, we got 44 private lenders. You don’t need 44 private lenders. Start with 1 or 2. Right. 44 private lenders funding our deals. We got about $8,500,000 in private money that we moved from project to project to project.
Jay Conner [00:20:18]:
I got about 7 houses going right now simultaneously, you know, all funded with private money. I get my rehab money upfront. I get a check upfront. I never take money to the closing table. And it’s just been the biggest blessing. If it had not been for me getting cut off from the bank and choosing not to quit, you and me, Will, today, would not be having this conversation.
William Morales [00:20:40]:
No. No. I definitely agree. I love the again, I love the fact that you sought again. You sought out for help, and you found your friend, and he told you, hey. You know, private money. So for those who might not know what private money is, can you explain quickly what what are the what’s the gist of private money?
Jay Conner [00:21:00]:
Sure. So private money, first of all, is not is not hard money. Private money does not equal hard money. Hard money is typically a broker of money. They’ve raised up, they have a fund. They loan money out, that hard money out to real estate investors, and the hard money lender or brokerage has raised private money for their fund. So who’s a private lender? A private lender is a human being. A private lender is an individual, just like you, just like me, that loans us real estate investors money from either their investment capital, just their liquid funds investment capital, and or money from their retirement accounts.
Jay Conner [00:21:50]:
So learning about and establishing a relationship with a self directed IRA company that has account holders, that have retirement funds in their self directed IRA is huge. Because, first of all, when you run across somebody in your network that has retirement funds and they’re not happy with their rate of returns, you wanna be able to introduce them to the relationship that you have with a self-directed IRA company, where they can transfer their funds penalty free, tax-free, and then they can invest their funds with you, the real estate investor, and they can earn unlimited returns per year, penalty-free, at least tax-deferred, and depending on the type of retirement account, they earn tax-free. I have one private lender that has earned $65,000 a year from me, and our company, tax-free because of the type of retirement account. So it’s really important to have that in place. So a private lender, again, is an individual loaning us real estate investors, investment capital, and or their retirement funds for our real estate deals.
William Morales [00:23:04]:
Now you could with these, individuals, you could set an interest rate or no interest rate. It’s all negotiable. Right? Instead of where, you know, you go hard money, it’s a hard 15% and 4 points down, and I want the money back in 2 in 2 weeks. I know 6 months, but you know what I mean. I’m just kidding.
Jay Conner [00:23:22]:
But Yeah. So go ahead. World of difference. It’s a world of difference. So with a hard money lender, if you’re borrowing money from a hard money lender, the hard money lender makes the rules. The hard money lender sets the interest rate. The hard money lender sets the length of the note, as 6 months, or 9 months. They set, you know, 14%, 12%, 15%.
Jay Conner [00:23:44]:
The hard money lender is gonna charge origination fees or points, Right? 4%, whatever. So you know, on average, if you if you’re with a hard money lender for a year, you’re gonna be all over 20% for a year. Well, in this world of private money doing business with individuals, they don’t set the program. They don’t make the rules. You make the rules. Right? You set the interest rate that you offer. In my case, I pay 8%.
Jay Conner [00:24:14]:
And it’s interest only. We can structure deals to where I don’t pay any interest and no payments until we cash out. Do you think that’ll help your cash flow? I always borrow more than I need to buy or purchase and more than I need to renovate if renovation. I always bring them a big check when I buy. Who wants to get paid to buy properties and never bring any of my own money to the closing table? There are no origination fees. And it just really puts you in control of your business and puts you in control of your cash flow. You know, private money is the biggest and fastest way for even a new real estate investor to get a great big check in their checking account to fix their cash flow problems. So private money, hands down, I put my stake on the cover right here.
Jay Conner [00:25:05]:
Private money can and will make the biggest impact on anything in your real estate investing business.
William Morales [00:25:13]:
Yeah. No. I could definitely I mean, I don’t I definitely know more about that because I know I have some friends that do rely on private money. I haven’t used one yet. So, you know, it’s funny because, when I downloaded your book, I started, like, looking at it. I’m like, oh, yeah. This is a good read. You know? So you had said something before we recorded, which, I mean, really hit home.
William Morales [00:25:35]:
If you could repeat that, Jay, when we talked about, where 87% of sellers prefer this type of method. So if you could talk more about that versus 13%, and so this way my audience could really, you know, hear, how much the difference of doing private money versus conventional or Yeah. Or, should I say, creative?
Jay Conner [00:26:00]:
Sure. So I learned about private money, and that year in 2009, I actually went to my very first real estate investing seminar. Okay. Right? No. No. No. Been in the business for 6 years and have never been to a seminar. So I went to a real estate investing training, and at that training, I learned about creative financing, and how to buy homes.
Jay Conner [00:26:22]:
Now, we’re not in creative financing, you ain’t buying them out of the modem listing service. You’re buying them directly from the owner, for sale by owners FSBOs. So I learned about seller financing. In other words, how a seller, an owner of a property, would be willing to sell their house or their property. By the way, private money works for commercial deals and apartments as well. We just structure it’s all the same money. We just structure we just structure it differently. So creative financing, the seller of a house, and for the sake of our conversation, agrees, and I know you’ve done a ton of this, Will, you’ve done a ton of this, agrees to sell you their property and take a note back, and let the seller be the bank, instead of going to the bank to borrow money.
William Morales [00:27:07]:
Right.
Jay Conner [00:27:07]:
I bought houses with no down payment and zero interest. And the payments go 100% towards the principal. That’s creative financing. Another big creative financing is buying what we call subject to the existing note. I know you and your audience know all about that, Will.
William Morales [00:27:23]:
Right. Yeah.
Jay Conner [00:27:23]:
But that’s where the seller has a mortgage. They have a mortgage on their property. They agree to transfer ownership and title to you, your entity. And they agree to leave the mortgage in their name, and you agree to make their payments. Yeah. And people ask me, particularly the new students, who in the world in their right mind would it be agreeable to give them ownership of their property and trust me to make their payments while the mortgage stays in their payments? I mean, stays in their name. It’s simple. A motivated seller that’s looking, that’s looking for debt relief and to get out from underneath that property.
Jay Conner [00:27:59]:
So then you have options, you know. Creative financing, you get an option on a property. You can do a sandwich lease option in some states, where you buy on a lease option. You stay in the deal. You turn around and sell it on terms of the lease option. And you sell it for more than you contracted to buy, and you make a cash flow in the middle. Right. That’s a longer conversation, but that’s the gist of it.
William Morales [00:28:24]:
Right.
Jay Conner [00:28:24]:
So that’s all that’s all the creative financing. So anyway, those are the big pieces. Well, so I’ve done a ton of those deals, but now, Will, I forgot what your question was. No.
William Morales [00:28:35]:
No. We were talking about early
Jay Conner [00:28:37]:
Oh, yeah. I got it. I got it.
William Morales [00:28:38]:
I’m sorry.
Jay Conner [00:28:40]:
So here’s here’s
William Morales [00:28:41]:
That’s a good story though.
Jay Conner [00:28:43]:
But here’s what I’ve discovered about trying and buying houses with creative financing. And this is gonna lead right into private money.
William Morales [00:28:52]:
Right.
Jay Conner [00:28:52]:
So don’t miss this. Don’t miss this, my friend. So not you, Will, your listener.
William Morales [00:28:58]:
Right.
Jay Conner [00:28:59]:
So yeah. So I have reviewed thousands of property lead sheets. What’s a property lead sheet? It’s got all the information of the seller and the property, the for sale by owner, on it. You know, who’s the seller, what’s their asking price, how much they owe in their mortgage, the condition, all that kind of stuff. And so after reviewing thousands of property lease sheets, I went back and looked at my statistics over the years. And what I discovered and by the way, me and my acquisitionists, I’ve had the same acquisitionist for 15 years
William Morales [00:29:33]:
Right.
Jay Conner [00:29:34]:
That negotiates with my sellers, my for sale by owners. We discovered that only 13%, 13% of for-sale owners that we talked to are willing and were able to convince to sell us their property creatively like I just talked about.
William Morales [00:29:55]:
Right.
Jay Conner [00:29:55]:
But what in the world do the other 87% of for sale by owners require? All the cash. And so, some people, some real estate investors, some seminar trainers, teach that you only need private money for the ugly house business, for the renovation of houses and stuff. Nothing could be further from the truth. You use private money here’s a rider downer. You use private money when the seller of the property requires all the cash, regardless of the condition. Mhmm. Regardless of the condition. I buy houses all the time, When the seller won’t sell to me creatively, and it’s a pretty house, and it doesn’t need any repairs, I’ll pay y’all cash with private money.
Jay Conner [00:30:44]:
Now I’m gonna need to buy it at some discount because I’m not gonna totally leverage that property at 100%. I’m gonna protect my private lender and have some equity in there so it’s not fully leveraged. But the bottom line is, if you don’t you know, I have new I’ll have new real estate investors sometimes say, Jay, I don’t need any private money. I don’t need any private money because I’m just gonna do the pretty house business and just do creative financing. And I go, great. If that’s what you wanna do, that’s a business decision. So do that if you wanna miss out on 87% of the deals.
William Morales [00:31:19]:
I know I have. So because of, like you said, it’s it owners want you to know, it’s and it’s what you said too. They don’t know you. They don’t know that you’re gonna make the payments. You know, I’m in New York, and I tried to buy a property in Toledo. I’m just throwing this and they don’t know who the hell I am. So if, you know, cash is king. So I love this, Jay, that you talked about.
William Morales [00:31:45]:
Just, hey. You know, you got the private lenders. 87%, which is a statistic I have to put down, they want the cash. They wanna get out. They don’t wanna wait 2, 3, 4, 5 years. They wanna go.
Jay Conner [00:31:58]:
So You know, Will, just real quick, on top of that, if you, as a real estate investor, buy anything out of the Loanable Listing Service, such as a bank-owned property Sure. And they’re coming back this side of COVID, such as a bank-owned property or a short sale or anything with the multiple listing service, of course, you gotta have the cash. Right? Right. So, you know, auction.com. I love auction.com. So auction.com is free leads. You can sign up in your area, anywhere in the nation, and put in the ZIP codes that you wanna be notified of any houses that are being put up for auction. But guess what? Ain’t no need to get any leads from auction.com unless you’ve got all the cash.
William Morales [00:32:41]:
Right. No. Exactly. So should we ask family and friends about lending us money? Is that a wise decision at the beginning of our career? Do we need some type of, what’s the word I’m looking for, some experience? I mean, can a new investor
Jay Conner [00:33:01]:
get private money? Absolutely. So I get asked all the time, and it’s a good question. If someone is brand new, they haven’t done many deals, or maybe they haven’t done any deals. -Right. -It’s very I mean, it’s a natural question for someone to ask what’s new: Jay, who in the world, what private lender in the world, would loan me money on a deal, and I’ve never done a deal? Why would they do that? The answer is very simple. First of all, yes, they will do it. And here’s the second reason that they or here is the reason that they will do it. Here’s a rider downer.
Jay Conner [00:33:41]:
If you don’t pay the private lender, the property does.
Jay Conner [00:33:46]:
What in the world does that mean? What does that mean? If you don’t pay the private lender, the property does. Here’s how that works. If you don’t pay them, they’re going to get the property. How are they going to get the property? We don’t buy we do not borrow any money from private lenders without securing the promissory note. So we collateralize the note with either a mortgage deed or trust. It’s the same thing, depends on the state that you’re in. Right. And so that gives the private lender the legal right to foreclose on you and get the property in case you do not pay them.
Jay Conner [00:34:26]:
And that’s why we’re gonna give them an equity cushion and not fully leverage that property. Now as far as family and friends go, that’s an excellent question right there, Will. Where are private lenders? I mean, who are they? Where do you find them?
William Morales [00:34:42]:
Yeah. It’s funny that I was gonna segue into that a little later. Where do where are the best places to find private, lenders? But let’s talk about family and friends first, and then we’ll so what do you think about that?
Jay Conner [00:34:54]:
Yeah. Well, family and friends are part of the first category.
William Morales [00:34:59]:
Okay.
Jay Conner [00:34:59]:
I’ll find the first category in a minute because you want me to talk about family and friends.
William Morales [00:35:04]:
Oh, yeah.
Jay Conner [00:35:04]:
Some people don’t wanna borrow money from family and friends. They’re scared they’re scared to death that they’re gonna screw up the deal, and the private lender’s gonna lose money. Listen, your private lender cannot lose money if you do 2 things right. If you buy right, and if there are repairs if repairs are estimated correctly. I said 2 things. There are really 3 things. Right. And thirdly, you don’t over-leverage the property.
Jay Conner [00:35:38]:
Right? So my rule of thumb is, I don’t want to borrow more than 75% of the after-repaired value.
William Morales [00:35:46]:
Okay.
Jay Conner [00:35:46]:
I didn’t say 75% of the purchase. I said 75% of the after-repaired value. So my lens, my wife Carol Joy, and I, we got a ton of private lenders that are families and family and friends. Here’s the deal. When you come along and you’re gonna be paying, like in my case, right now I’m paying 8%. Right. The local certificate of deposit at a bank is gonna pay maybe a quarter of a percent today. You pay them 8%, that’s 32 times more money than they can get in the local bank on a certificate of deposit.
Jay Conner [00:36:22]:
Why would you not take care of your family and friends and give them high rates of return safely and securely? Where else are they gonna get this kind of return safely and securely? Look, we got family and friends that have written us handwritten letters, thank you letters, how we have changed their retirement years by being able to give them high rates of returns, safe and securely. Because private money, it’s not volatile like the stock market. They know exactly what they’re gonna get. So you don’t have to borrow money from family and friends. Now I’ll tell you, Will. Sometimes sometimes I’ll have a new real estate investor say, Jay, all my family and all my friends are broke. My people ain’t got no money.
William Morales [00:37:08]:
Yeah. First
Jay Conner [00:37:08]:
of all, first of all, I don’t believe them. Right? Secondly, you don’t have to borrow from family and friends. There are 2 other big categories where you find private lenders in addition to family and friends.
William Morales [00:37:23]:
Okay. So we’ll get to that in a minute. So when you pay your private lenders, are you talking about interest-only payments or interest in principal? You do a balloon payment at the end of the term that you guys negotiated. How how how how is that note, negotiated?
Jay Conner [00:37:40]:
Sure.
William Morales [00:37:40]:
And the terms.
Jay Conner [00:37:41]:
Yeah. Well, first of all first of all, it’s not negotiated. There is there
William Morales [00:37:45]:
is no negotiation. I forgot. You are in control. That’s too, Jay. I forgot about that.
Jay Conner [00:37:49]:
There is no And look, quite frankly, they need us more than we need them. Yeah. Look, there’s more money out there on the street than ever before in history. There’s 31 $1,000,000,000,000 right now before the White House prints any more money in the basement. There’s $31,000,000,000,000 on the street right now, just in self-directed retirement accounts Wow. Looking for a home. Right? So there’s so much money. I’m sorry, Will.
Jay Conner [00:38:17]:
What was the question? I got derailed. No. No. No.
William Morales [00:38:20]:
I was asking if, when you pay your
Jay Conner [00:38:23]:
Oh, interest only. Yeah. Yeah.
William Morales [00:38:24]:
Yeah.
Jay Conner [00:38:25]:
So here so here’s what we do. If the private lender needs payments, monthly payments, quarterly payments, and some do. Some are elderly and they’re relying on that income
William Morales [00:38:39]:
Right.
Jay Conner [00:38:39]:
Like to live off of. They don’t want to touch the principal. They don’t want anything to come out of the principal. They wanna live off of the return or help their principal grow.
William Morales [00:38:49]:
Right.
Jay Conner [00:38:50]:
So when we make payments to our private lenders, they are interested only in payments, and here’s why. It’s a win for the private lender, and it’s a win for us, the real estate investor and borrower. Here’s why. When you make interest-only payments to the private lender, it’s a win for them because they make more money. If you make principal and interest payments to your private lender, you’re paying down the principal loan amount, which means they don’t have their full principal still invested with you, and therefore, they don’t make as much money on that, you know, on that investment. It’s a win for us, interest-only payments. It’s a win for us because when you make interest-only payments, interest-only payments help your cash flow.
William Morales [00:39:41]:
Right.
Jay Conner [00:39:41]:
Interest-only payments are smaller than principal and interest payments. So we either make interest on any payments, or we accrue interest.
William Morales [00:39:52]:
I see. And at the end of the term, is there a balloon payment that comes with it, or you refinance? Do you ever refinance with a bank to get the money out to pay your private lender, or do you borrow another set of money from a private lender to pay the previous private lender? Sorry if my question went all over the place.
Jay Conner [00:40:11]:
Right. So the length of a note, since it’s the program that we create, the length of the note is either 2 years or 5 years.
William Morales [00:40:20]:
Gotcha. Okay. The length
Jay Conner:
On those liquid funds, I am probably gonna be cashed out well in advance for 2 years. Right? I gotcha. Yeah. 5 years, if they’re using retirement funds from a self-directed IRA account that they have, I just do a longer term because the returns and the interest payments that we’re paying back to them do not go to them. Those interest payments go directly to their retirement account, so they’re not looking for those payments that we pay them to live off of. Right? That’s going into their retirement account. So when we do we reserve the right to cash out a note early with no penalty to our private lender when we have a cash-out buyer.
Jay Conner [00:41:10]:
Right? So if it’s a smaller amount of money, like 30 or $40,000 that we’ve just used for rehab, that we’ve just used to renovate a property, We will do a lot of substitutions of collateral. What in the world is that? It’s also called a loan modification. By the way, the private lenders never want their money back.
William Morales [00:41:30]:
I heard that story. Yeah. I heard that story too. Yeah.
Jay Conner [00:41:33]:
It’s like it’s like they say, can’t you just keep the money? Can’t you just keep the money? Cause they know when they get the money back, they’re not earning any money on their money while the money is sitting in their checking account. So on these smaller amounts of money, you know, you could put private money in a junior or second position. So we’ll put private money just for the renovation piece in a junior position underneath the primary private lender. I gotcha. So to keep that money and keep that note open, we’ll sell the property, and then we will keep the money, and we will I mean, keep the note open, keep the money, and we will just substitute the collateral. We will now collateralize that note with another property and keep their note open so that they don’t have to get their money back. And don’t worry. You don’t know how you don’t know you do not have to know how to do that, because your real estate attorney handles all that for you.
William Morales [00:42:29]:
Okay. No. That’s good. We’re talking with Jay Connor, the Private Money Authority. So what are where are some places to find private lenders? What are good, places? If you can name maybe 2, 3, 4, whatever you think, that’s a 3. 3 primary. Okay.
Jay Conner [00:42:44]:
So where in the world are these people? Where are they? Where are they? So the first category is what we call your warm market. So family and friends are part of your warm market. But that’s not all of your warm market. Who’s in your warm market? Everybody on your cell phone is a potential private lender. You’ve got some kind of contact with them. Everybody on your email list is a potential private lender. Everybody in your social connections, Facebook and I don’t mean your fake Facebook friends, I mean people you actually know. Your Facebook friends, Instagram,
William Morales [00:43:27]:
LinkedIn, Snapchat, whatever it is. Any social media, there you go. They are your friends, not the fake friends. I love that. Yeah.
Jay Conner [00:43:35]:
Exactly. So those are your connections. You know, who do you go to church with? What groups are you a member of? Who do you play poker with on Tuesday nights? Right? All those connections, right? Do you have a day job? Who are your coworkers? Who are your peers? Who’s your boss? Who are your subordinates? Who are your high school friends? You know, any connection you have, all that is your warm market, right? And by the way, I’m gonna give away for free my brand new money guide here in a little bit that will take you through step by step how to talk to these people and exactly what to say. So they’re chasing you, and you’re not chasing them. Because, look, I’ve never asked anybody for money since 2009. People say, Jake, how do you get 8 and a half $1,000,000 in private money and you never ask anybody for money? It’s simple. I put on my teacher hat. I teach them about private money, private lending, and self-directed IRAs.
Jay Conner [00:44:36]:
Now they’re chasing me because they can’t get this anywhere else. Anyway, the number 1 category, is the warm market. The number 2 category is what I call your expanded warm market. Well, what in the world is your expanded warm market? Get involved in your community. Join the Rotary Club. Get involved in the Chamber of Commerce. Get involved in your civic groups. Get involved in your local church, whatever, and expand your warm market so you have more connections to use the 5 steps of getting private money from those individuals.
Jay Conner [00:45:08]:
The 3rd category of private lenders is what we call existing private lenders. These are individuals who are already loaning money out to real estate investors. Well, how in the world do you find them? Three places that you find existing private lenders. Number 1, you can find them the way I started out. I don’t recommend it because it’s sort of labor-intensive. Right. I hired my real estate attorneys, and paralegals, to search, public records looking for individuals, not companies, not LLCs, not corporations, but individuals that were loaning money out and being secured by a deed of trust or mortgage. Well, those individuals are private lenders.
Jay Conner [00:45:54]:
If you’ve got an individual name loaning money out secured by real estate on public records, that’s a private lender. Well, in 90 days, I found 2 people.
William Morales [00:46:04]:
Yeah. That’s a long way. Yeah. Right.
Jay Conner [00:46:07]:
So the second way is and here’s a big secret. Big secret. I’m gonna pull I’m gonna pull the curtain back right now. Network. So and here’s what I mean. It’s easy. So self-directed IRA companies, self-directed IRA companies have networking events. They’re on Zoom today.
Jay Conner [00:46:28]:
Now this side of COVID, they’ve opened back up in person. Well, did you know that over 70% of account holders at self-directed IRA companies are wanting to loan their money out to you, the real estate investor?
William Morales [00:46:45]:
Wow. Okay.
Jay Conner [00:46:46]:
That’s what they wanna do. Over 70%. So when you go to a networking event by the way, Will, do you recommend a particular self-directed IRA company?
William Morales [00:46:58]:
I mean, there’s a few that I’ve heard.
Jay Conner [00:47:00]:
I mean, do you recommend one that’s nationwide?
William Morales [00:47:03]:
Oh, yeah. Yeah. Of course.
Jay Conner [00:47:04]:
Okay. Anyway, I’ll leave that up to you to whoever whoever you No.
William Morales [00:47:08]:
I would say probably Entrust is 1. Trying to remember what what was the other it was like Yeah.
Jay Conner [00:47:13]:
I use I use questtrust.com. They’re out
William Morales [00:47:16]:
of Quest. That’s another one that, through my local Ria, they talked about them. Yeah.
Jay Conner [00:47:20]:
Let me tell you, they are amazing. And listen, Quest Trust and I don’t wanna make this show and podcast nonevergreen. But I will tell you, coming up within the next few weeks, questtrust.com. That’s 2 T’s back to back. They have got a networking event. It’s either 2 or 3 days. They’re expecting 1,000 attendees. And can you imagine being in an event that’s got 700 people, 70 percent of a 1000, that has money wanting to loan to you, the real estate investor? Do you think that might be a good event to network out?
William Morales [00:48:02]:
I definitely think so.
Jay Conner [00:48:05]:
So that’s a place to find existing private lenders, in addition to public records. And then the third way is just to use my private lender data feed. I’ve got a software, service. We get every private lender loan from the public record every month. And we got the private lender’s contact information, how much they’re loaning out, the interest rate that they got on the deals. So my inner circle uses the private lender data feed that just makes everything simple. So, again, that’s all coming from public record. So how do you find them? Self-directed IRA companies and public records.
William Morales [00:48:42]:
That’s amazing. First of all, Jay, I wanna thank you so much for being on Pay2Pay Real Estate Show. I mean, my god, I could talk to you probably another 2 hours. So, and before I let you go, just a couple more things. Talk about your Private Money Academy. I know you have, I think, a course or, or, you know, talk more about that.
Jay Conner [00:49:00]:
Sure. So I have a membership, a membership site and a membership with me live on Zoom twice a month. Mhmm. And I’ve got all kinds of real estate training on the membership site. But the most exciting thing is I that my entire team, and I go live on Zoom twice a month, on the second and 4th Wednesdays of every month. And I talk private money, just like I’m doing with you right here.
William Morales [00:49:27]:
Right. Right. Right.
Jay Conner [00:49:28]:
And I answer any questions that my membership has. We’ve got almost 400 active members right now all across the nation. We dissect deals on those Zoom calls. So, yeah, it’s a whopping $37 a month. But for your audience, I’ve got the first 30 days absolutely free. They can check it out. Come on join me on Zoom, and see how they like it. And if they don’t wanna stay in, that’s no problem.
Jay Conner [00:49:53]:
Just cancel out. But that 30 day trial in the Private Money Academy membership, your audience can, take advantage of that at jayc0ner.com. That’s jayc0ner.com forward slash trial, the word trial, and that’ll give them 30 days, free in there. Come hang out with me on Zoom and see how you like it. Yeah.
William Morales [00:50:20]:
I know. I’ll definitely put that on the show notes. And before I let you go, just, again, a couple of more questions, and thank you for that. What keeps you motivated? I mean, I already could tell. You know? But what is it that when you wake up in the morning and you know you, you know, you’re gonna hustle and bustle, what’s that motivation for?
Jay Conner [00:50:38]:
Sure. Well, let me answer it with a short story. So I was riding down the road, actually, this was some time back, with a really good friend of mine. His name is Neil. We go to church together. We’ve known each other for 25 years. We’re riding down the road, and all of a sudden, out of the blue, Will I mean, just out of the blue, Neil says, Jay, when is enough, enough? Mhmm. I said, Neil, what do you mean what is enough, enough? He says, well, Jay, you know, you’re doing all these real estate deals.
Jay Conner [00:51:10]:
You don’t need the money. You’re, you know, you’re training and teaching and coaching other real estate investors how to get all the private money they’d ever want. You don’t have to do that. What when is enough enough? Why are you doing all that? And I said, Neil, now I understand your question. And he went on to say, he said, Jay, how do you reconcile the scripture in the Bible from the apostle Paul that says to be content no matter what state you’re in? How do you reconcile that scripture with everything you’re doing? I said, Neil, that’s a fantastic question. Here’s the answer. Enough is never enough when it’s not about you.
William Morales [00:51:53]:
I love that. Never about you. Yes.
Jay Conner [00:51:56]:
So, You know, what motivates me is making an impact, making a difference, serving others, giving back. Right? And if I stop doing what I’m doing, I’m not going to be I’m not going to be able to keep making that impact and making a difference. Our church is very, very important to us. We’ve got a college down in Florida that is very, very important to us. And, you know, I’m starting to get to the age, Will. I’m starting to get to the age where every now and then, somebody will say, Jay, when are you gonna retire? Retire? What in the world is that? What in the world would I do? I don’t play golf. I don’t go boating. We live right here on the beach, in the ocean.
Jay Conner [00:52:32]:
I don’t go boating. Am I gonna sit home on the sofa and eat Cheetos and watch Andy Griffith three times? You know, what am I gonna do? I would much rather be motivated getting up, going wide open all day long, you know, making an impact, doing real estate deals. And you know what? Living the definition of freedom. Doing what you wanna do, when you wanna do it, for how long you wanna do it, with whom you wanna do it, and you set the rules.
William Morales [00:52:59]:
No. I love that. And if somebody wants to get in contact with you, what’s the best way?
Jay Conner [00:53:03]:
Oh, the best way to get in contact with me, I’m so excited, is to download it for free, and you get my contact information.
William Morales [00:53:10]:
Yes, I do. I put it on the show notes. Yeah.
Jay Conner [00:53:12]:
Brand new money guide, private money guide. It’s called 7 Reasons Why Private Money Will Skyrocket Your Real Estate Business and Help You Build Incredible Wealth. You can get it absolutely free. It’ll put you on the fast track to private money, never missing out on a deal for not having the money, and you download it for free at www.JayConner.com/MoneyGuide. That’s www.JayConner.com/MoneyGuide.
William Morales [00:53:45]:
Yeah. I know. I’ll definitely put that on the show notes. Well, again, Jay, thank you so much for being on Peter Pierre Real Estate Show. I really, really appreciate it.
Jay Conner [00:53:53]:
Hey, Will. Thank you so much for having me. I had a blast.
William Morales [00:53:56]:
Me too.
Jay Conner [00:53:57]:
And I and I tell you what, man. You are a fantastic interviewer. And, Well thank you.
William Morales [00:54:02]:
Much appreciated.
Jay Conner [00:54:05]:
Who knows? Maybe we’ll do it again sometime.
William Morales [00:54:06]:
Oh, we definitely will. I’ll definitely, contact you in the next 3 to 6 months. Believe me. Thank you, Jay.
Jay Conner [00:54:13]:
Thank you.
Narrator [00:54:15]:
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.