Episode 195: Private Money Success: $155,140 Profit in Just 5 Weeks with Jay Conner

When Jay Conner talks about making $155,140 in just five weeks using private money, he isn’t spinning tall tales. Instead, he’s sharing the transformative power of private money in real estate investing. Let’s dive into the methods and strategies Jay employed to turn an ordinary deal into a goldmine.

 

Finding the Perfect Deal: Leveraging Technology and Understanding Motivations

To strike gold in real estate, you need to find the right deal. Jay’s success began with pinpointing a motivated seller. He used Google ads to attract these sellers and stressed the importance of immediate follow-up in capturing potential opportunities. 

In this particular instance, Jay came across an oceanfront condominium located at 855 Salter Path Road, Colony by the Sea. The seller’s motivations were clear: inheritance issues and impending foreclosure. Understanding these motivations allowed Jay to negotiate more effectively.

With a realtor’s help, Jay discovered the property’s after-repaired value (ARV) was $600,000, while the seller asked for $425,000. This immediate gap presented a lucrative opportunity. Jay also found renovation costs to be relatively low at just $11,000 – making this deal even more enticing.

 

Breaking Down the Numbers: Understanding the Financial Landscape

Jay’s approach to financing this deal was through private money. Here’s a breakdown of the financials: 

  1. **Purchase Price:** $425,000
  2. **Renovation Cost:** $11,000
  3. **Realtor Fee:** $31,400

 

Using his strategy, Jay borrowed $450,000 in private money, ensuring he had $25,000 excess cash at closing – preparing him for any unexpected expenses and enhancing his liquidity. Jay’s golden rule is borrowing a maximum of 75% of the ARV, which, in this case, was sound due to the property’s valuation.

 

The Sale: Effective Marketing and Quick Actions

Jay employed effective marketing strategies to elevate the property’s appeal. Utilizing professional media including music videos and pictures, he implemented a ‘coming soon’ campaign to generate buzz and demand. The results were impressive. Though the initial offer came in at $615,000, a subsequent offer of $628,000 came through, which Jay gladly accepted.

Within just two weeks of listing, Jay closed the sale at $628,000. Such quick actions and strategic marketing not only led to a profitable transaction but also underscored the importance of agility in real estate.

 

Profit Calculation: Detailed Insights

When the dust settled, Jay’s meticulous planning culminated in a substantial profit. Out of a closing sale price of $628,000, we subtract the:

  1. **Purchase Price:** $425,000
  2. **Renovation Cost:** $11,000
  3. **Realtor Fee:** $31,400

 

Leaving Jay with a net profit of $155,140 – a testament to the power of private money and effective real estate strategies.

 

Key Takeaways for Aspiring Investors

Jay Conner distilled his experience into five crucial takeaways for budding investors:

  1. **Consistent Advertising:** 

Continuously running ads ensures a steady stream of potential deals.

  1. **Readiness of Private Money:** 

Having funds readily available allows for quick, decisive actions.

  1. **Maintain Relationships:** 

Good relationships with a real estate attorney, realtor, and general contractor are indispensable.

  1. **Effective Marketing:** 

High-quality media and ‘coming soon’ strategies can significantly influence buyer interest and property value.

  1. **Education Through Challenges:** Participating in training programs, such as Jay’s 7-day private money challenge (available at https://www.PrivateMoneyChallenge.com), can provide invaluable insights into attracting private money without selling or persuading.

 

Conclusion: The Road Ahead with Private Money

Jay Conner’s story is more than an anecdote of success; it’s a roadmap for aspiring real estate investors. By leveraging private money, employing sharp marketing strategies, and understanding the intricacies of deal-making, anyone can replicate Jay’s success. 

For those eager to dive deeper, Jay offers a free guide at https://www.JayConner.com/MoneyGuide, laying down why private money is a game-changer in real estate investing. And for more in-depth learning, tune into the next episode of “Raising Private Money with Jay Conner,” where the lessons continue to flow.

 

10 Discussion Questions Based on this Episode:

  1. Deal Sourcing: How essential do you think Google ads and immediate follow-up are in finding motivated sellers quickly? Could Jay have managed without these tools?
  2. Seller’s Motivation: The seller’s primary motivation was inheritance and impending foreclosure. How would handling a seller with different motivations affect the deal-making process?
  3. Property Appraisal and Renovation: Jay discovered the after-repair value (ARV) to be significantly higher than the asking price. How important is it to work with a knowledgeable realtor to ascertain the accurate ARV, and what are the risks if this step is skipped?
  4. Renovation Assessment: Jay found the renovation costs to be only $11,000. How can investors ensure they are making accurate estimates for renovation costs, and what might be some pitfalls in this assessment?
  5. Marketing Strategies: Jay used a “coming soon” strategy along with professional media. How effective is this strategy in creating demand, and what other marketing techniques could amplify a property’s appeal?
  6. Private Money Borrowing: Jay borrowed more than needed to cover the purchase price and brought home a check. What are the benefits and potential drawbacks of borrowing more than the purchase price using private money?
  7. Quick Closing: The use of private money allowed Jay to close the deal quickly. How critical is the speed of closing in competitive real estate markets, and how can private money give a competitive edge?
  8. Professional Team: Jay underscores the importance of maintaining relationships with a real estate attorney, realtor, and general contractor. How do these relationships contribute to the success of real estate investments?
  9. Profit Calculation: After selling the property for $628,000 and deducting all expenses, Jay made a net profit of $155,140. How crucial is it to have a clear understanding and meticulous tracking of all the expenses involved?
  10. Education and Challenges: Jay offers a free guide and a 7-day private money challenge. How valuable are such educational resources for aspiring real estate investors, and what differentiates expert advice from other available information?

 

Fun facts that were revealed in the episode: 

  1. Jay Conner emphasizes that his net profit of $155,140 is real and fully accounted for, unlike the exaggerated claims often seen on reality TV.
  2. The oceanfront condominium at 855 Salter Path Road, Colony by the Sea, is designed in such a way that you feel like you’re on a cruise ship when looking out the windows.
  3. The property was inherited and facing foreclosure, providing a unique investment opportunity that Jay acted on quickly using private money.

 

Timestamps:

00:01 – How I Made $155,140 With Private Money In Just 5 Weeks

04:20 – Google Ads target motivated sellers for leads.

08:55 – The condo needs minimal renovation, and it costs only $11,000.

12:05 – Quickly renovate, create buzz, use “coming soon.”

16:34 – Beautifully furnished condominium saves staging and furniture.

19:21 – Private money financing, made extra cash from property.

20:28 – Borrowing formula: 75% of $600,000. Purchased for $425,000.

22:46 – The Five Big Takeaways and Lessons From this Deal

27:16https://www.PrivateMoneyChallenge.com  

 

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 #RealEstateInvesting #RealEstateInvestingForBeginners #Foreclosures #FlippingHouses #PrivateMoney #RaisingPrivateMoney #JayConner

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 Success: $155,140 Profit in Just 5 Weeks with Jay Conner

 

 

Jay Conner [00:00:02]:

Welcome to another amazing episode of Raising Private Money. I’m Jay Conner, your host, also known as the Private Money Authority. In this episode, today, I am going to unpack for you, step by step, how in the world it is that I made $155,140 in only 5 weeks by using private money. Now this deal just happened a few weeks ago. I just cashed out of it. And I’m gonna break down for you in this episode, first of all, how did I find this real estate deal? Secondly, what were the seller’s motivations? And then, thirdly, the very, very important key takeaways and lessons learned from what you can learn from this deal. There are 5 big ones. 5 big takeaway lessons.

 

Jay Conner [00:00:56]:

After that, I’m gonna walk right through the numbers for you of exactly, how much I paid for the property, what we sold it for, what the realtor fees were, the rehab cost, purchase price, how much the private lender interest, the closing cost to buy and sell, and then the net, net, net. So when I’m sharing with you a net, net, net of $155,140, I’m not sharing this with you to brag at all about this deal. I’m sharing this number with you because, first of all, this is a real deal and secondly, the numbers are net, net, net. This is not television, Hollywood, pie in the sky, smokescreen full of hogwash and baloney. This is accounting for all the real costs. Because I tell you, the shows that you see on TV, that is not that’s not real life. The only thing real about reality TV is that none of it’s real. But I’m breaking down here with you right here in this episode all the facts on this deal and, as I said, the very, very important takeaway lessons that you can get from this.

 

Jay Conner [00:02:12]:

So, let’s go ahead and jump in. First of all, this property you can look it up, on the tax on tax cards on public record. The address of this property is 855, Salter Path Road and it’s in a development called Colony by the Sea. Now this is a beautiful oceanfront, oceanfront condominium, oceanfront right there on the beach. It’s on the top floor and I’m telling you, when you are standing in this condominium, you feel like you are on a cruise ship out in the Atlantic Ocean. Because when you look out, at the windows and the way that it was architecturally designed, no matter which room that you are standing in, you’re looking oceanfront. So, they have the condominium that’s sort of built at a 45-degree angle to the beach. And that way, the living room, the bedrooms, all the rooms, you got a beautiful ocean view.

 

Jay Conner [00:03:18]:

So how did I find this deal? Well, this lead, this seller lead and by the way, this is what we call a for sale by owner lead off market. I mean, in this market, there’s nothing in the multiple listing service. I haven’t bought anything in the multiple listing service in years. We rely solely on finding our deals, our single-family house deals, off-market for sale by owners. So, where did this seller lead come from? Well, this seller lead came from a Google ad and I love Google ads because what happens is the owners of these properties, they’re going to Google, and there are about 75 different phrases, that we use and attract when people are searching in Google. They’ll, like, you know, say, how to sell my house fast, or how to find a buyer for my home fast. That type of thing. Well, I love Google leads because the sellers are looking for us.

 

Jay Conner [00:04:20]:

Right? I mean, this is very different from, outbound calling, cold calling, very different than a Facebook ad that just shows up in somebody’s news feed. It’s very different than direct mail or direct mailing postcards. All that. Google Ads, these motivated sellers are looking for you. So, the seller goes to Google, types in the keywords and we get the lead. So an important thing about how we use Google is as soon, and this is so important, as soon as the seller puts the information, on the Internet, they’re on the website, and they hit the submit button, immediately, me personally, my acquisitionist that talks to all the sellers, we are immediately texted and emailed that a lead has come in from the Google campaign and so it’s very, very important to immediately get back with that seller. Because if you wait even a couple of hours, they’re going to forget what they did. So, we have an option of the Google service that we use that we can immediately when that text comes in, we can immediately hit the button on our smartphone that says call the lead now.

 

Jay Conner [00:05:42]:

So, we’re calling that lead immediately right after they have hit the submit button. So, we get them on the phone. So, my acquisition is Kim. She’s been with me for 18 years. She gets to sell her on the phone. Well, why was he looking to sell this condominium? Well, he had 2 big motivations. One big motivation is that it was an inherited property. Both of his parents had passed away and he was an absentee owner now.

 

Jay Conner [00:06:13]:

He didn’t even live here in the area. Didn’t have much of an interest in using, the condominium. And then, another huge motivation was the property, the condominium was going to the courthouse steps in a foreclosure sale only 2 weeks after contacting us through the Google ad. So he had to do something fast. He had to get it so fast because if it was, going to be sold at the courthouse steps, he wasn’t going to get any money. So while we were on the phone or while my acquisitionist was on the phone with the seller, she, of course, asked, what’s the least that you can take if we close in just a few days? And so the price that the seller was asking for was $425,000. So, she may know that and she says, well, let me tell the seller, let me do a little bit of research and we’ll get back to you right away. Well, how do we get our research done? Well, we have an excellent relationship with our realtor.

 

Jay Conner [00:07:21]:

I’ve been using the same realtor for 19 years, right here in our local area, here in Morehead City, North Carolina, Eastern North Carolina. We’re in a small market. Our total target market is only 40,000 people. And so, we get up with our realtor and we ask for the after repaired value. Now, we haven’t been in this unit yet. We don’t know the condition of it. The seller tells us that it’s in excellent condition, but we don’t know for sure we haven’t been as of yet. So, we asked our realtor to pull the comps and tell us what’s the after-repaired value.

 

Jay Conner [00:07:56]:

Well, Chris came right back to us, the same day and he said, Jay, this unit will sell, if it’s in excellent condition, will sell for $600,000 would be the recommended list price. I’m going, for goodness sakes. The seller is asking $425,000. I mean, this place must be a wreck in horrible shape. So, anyway, after we see that spread, I mean, right there, not knowing what the renovation costs are going to be, the spread right there is $175,000 less realtor fees, carrying costs, etc. So we set an appointment right away to go and look at this condominium. Well, who goes? My realtor goes and my general contractor goes. Well, the seller, who was the son of the deceased parents, who now is the heir of this property, told us, it’s going to sell in 2 weeks.

 

Jay Conner [00:08:55]:

We can only do this if you can close fast. So he gave us the lockbox code that is located right there to the left of the door, the front door. So, my team goes over and takes a look at it and they report back some of the best news I’ve heard in a long time. The total renovation from my general contractor is only going to cost $11,000 That’s unheard of. The only thing this condominium needed, and by the way, this is a 2 bedroom, 2 and a half bath, condominium. Each of the bedrooms is a light principal bedroom with a private bath. He says, Jay, my general contractor says, Jay, the only thing this condominium needs is interior paint, some sheetrock repair, and perhaps either painting or getting a new front door. That’s it.

 

Jay Conner [00:09:45]:

That’s all it needs. We can’t do anything to the exterior because that’s covered by the condominium. Homeowners Association can’t do anything to the deck. In my lands, that deck is a beautiful view, out there as well. It’s only $11,000. And so, once, we get those numbers, I know that we can make an offer, or that we can pay the 425. And, I’m gonna go over all the numbers with you here in in a in a few minutes. Let me go ahead and give you, well, let me give you the numbers.

 

Jay Conner [00:10:14]:

Let me give you the numbers and then I’m gonna give you the key takeaways from this deal. Unless you’ve got these lessons learned, and ready to implement in your business, then I would have missed out on this type of deal. You will miss out on this type of deal. So, I’m gonna give that to you in a second. But first, let’s go over the numbers. So, here are the numbers. I hope you’re writing these down so you can follow along. So, we sold it not for 600,000 or $595,000.

 

Jay Conner [00:10:47]:

I mean, we listed it. I mean, listen. From the time that we closed on this, and that was another thing, I closed on this condominium in it was less than a week. Less than a week I closed on this, but I had to. Had to stop the foreclosure because it was going to sell within 2 weeks of the seller contacting us. So, we closed on it quickly, within a week, and so I knew they were gonna list it. Now, here’s one thing. Here’s a key takeaway.

 

Jay Conner [00:11:16]:

I’m gonna go ahead and tell you right now. I always get a beautiful music video done, and I use Lighthouse Videos here locally. I get a beautiful music video done and about 50 professional pictures. Don’t ever try to take pictures music video, the walk-through video done, I get that done for $400. And my realtor pays for that. Right? So, we got the beautiful music video done. So, my general contractor got the renovation done within 1 week of my closing. You see how this is all coming together of me being in this deal only 5 weeks from the time I bought it until we cashed out.

 

Jay Conner [00:12:05]:

So, got the renovation done very, very quickly. Got the music video done, and then we put it in the MLS. Now, I want to give you a big secret right here, as to how you can build up demand and build up a lot of excitement and urgency for people to come see your properties. So, we get ready to go in the multiple listing service and we go in the multiple listing service on Mondays And here’s the category that my realtor puts it in the mobile listing service. We go in a category of what’s called coming soon. Coming soon. So your realtor should know what a coming soon, listing is or category. What that means is, that someone can look at the listing in multiple listing services.

 

Jay Conner [00:12:52]:

They can go to realtor.com, and search for properties. They can look at pictures. They can watch, the the video, but they can’t get in the house. Now, realtors will start making appointments to see the property as soon as it is listed and coming soon. But, you see, we’re not going to go active until Friday at 8 AM. So you see, we want the build up demand, excitement, and interest. And I want people to have appointments lined up back to back to back on Friday of people just waiting for their appointment to get in and see this property. So, that’s a big tip right there.

 

Jay Conner [00:13:34]:

That’s a big tip right there on building up demand. Have your realtor go, Come in soon on Monday, and then go act them on Friday. Well, we did that. Well, I didn’t, so I listed it at $595,000 Listing it for 5.95. Now, follow the numbers so far. I bought it for 425,000. By the way, I’m going to show you the magic of private money here in just a minute as to how important it is to have private money so you can close quickly. Remember, I had to close in less than a week.

 

Jay Conner [00:14:07]:

So, I listed it for $595,000 We went coming soon category on Monday. Well, it was going to go active. It was going to go active, on Friday morning at 8 o’clock. On Thursday night, I got an all-cash offer, sight unseen, but it was a lowball offer. It was, like, for $525,000. I said, that’s ridiculous. So I didn’t even I didn’t even I don’t think I countered on that offer. And then on, it goes active on Friday.

 

Jay Conner [00:14:42]:

So we’ve already got multiple showings lined up. We had 7 showings lined up when it went active on Friday. So then, at about 7 o’clock on Friday evening, I’m out to dinner with Carol Joy, and we have an offer come in above the list price. So it was all cash, closer than 2 weeks, and the offer was $615,000 That’s $20,000 above the list price of 5.95. So I sent a text back to my realtor to accept the offer. Thank goodness he didn’t communicate that within one minute to, the buyer’s agent. I get a text back from my realtor going, woah. Woah.

 

Jay Conner [00:15:28]:

Woah. Hold up. Hold up. Just had another all-cash offer come in for $628,000 all cash, with no appraisal, no inspection, and, closed within 2 weeks. So, thank goodness, my realtor didn’t accept the first offer that I told him to accept. So, we went under contract for $628,000 Now, let me pause for just a second and tell you a little side story to this, and then I’ll wrap up. I’ll give you the rest of the numbers. How we get to net, net, net, $155,140 in profit.

 

Jay Conner [00:16:05]:

Then, I’ll give you the key takeaways. So, anyway, let me tell you just a little short aside here that’s pretty funny. So, my general contractor finishes the renovation, the interior paint gets it all ready. And, you know, we always stage. We always stage our properties, our single-family homes, to the hilt. And so, I’m talking to, Chris, my realtor over the phone. My general contractor, Tom, has finished the renovation. And, this is in the 3rd story.

 

Jay Conner [00:16:34]:

He’s got an elevator, but I say to Chris, I said, Chris, how in the world are we gonna get furniture and staging 3 stories up in this condominium? And Chris started laughing. He said, Jay, don’t you know that this condominium came furnished with interior design, beautiful paintings on the wall, and high-end luxurious furniture? It doesn’t need anything. It’s ready to go. I said, well, you know, I just never asked anybody on the team if it had the furniture in it. And so our interior designer, Beth, didn’t have to hardly do anything. I mean, beautiful. So, anyway, I didn’t even know I had a furnished luxurious condominium until we were ready to, you know, do the music video.

 

Jay Conner [00:17:18]:

So, anyway, I got that all-cash charge for $628,000 and we did. We closed in less than 2 weeks all cash. So, let me give you all the numbers and then I’m going to give you the key takeaways. So, here’s the numbers. I sold it all cash, $628,000 Now, my realtor fee, I pay my realtor, Chris, 5%. Well, in the realtor community, he splits that 3% to 2% with whoever the buyer’s agent is. But, my total realtor fee is 5%. Now, around here, most realtors charge 6%, but I paid Chris 5% because of the relationship that we have and we’ve been doing business for 19 years and he gets a volume of business.

 

Jay Conner [00:18:04]:

So, the realtor fee to sell was $31,400 and you say, for goodness sake, oh my lands, Jay, why in the world would you pay $31,400 in a realtor fee? Well, guess what? I don’t want to mess with it. I don’t want to be doing the negotiation with the buyers and dealing with different offers handling the paperwork and having to go through my real estate attorney to get all that drawn up. Hey, listen. I am more than happy. And, look, if you have a problem paying 5% or even 6% to the realtors to sell your properties, then you paid too much for the property. Right? It’s as simple as that. So, I sold it for 628,000. Realtor fee, 31,400.

 

Jay Conner [00:18:49]:

Now, the purchase price, as you know excuse me. The rehab or renovation, was $11,000. Told you that. That was the interior paint, a little bit of sheetrock repair, etcetera. Not much to it. The purchase price, as I mentioned, was $425,000 $425,000 Well, here’s the big takeaway. I mean, do you think that was the money that I paid for this property? Well, of course not. It was private money.

 

Jay Conner [00:19:21]:

I took no money out of my pocket and I always bring home a big check when I buy properties because I always borrow more from my private lenders than I need to purchase the property. So, how much did I borrow on this property? Well, I borrowed $450,000 So let’s follow the cash. Let’s follow the math. Okay? If I bought it for 425,000 and I had my private lenders wire into the closing $450,000 Well, that’s $25,000 in excess cash needed to close. And let me tell you, that’s my favorite phrase on my realtor’s check stub. I mean, my real estate attorney’s check stub is excess cash to close, and I love me some excess cash. So what did I do? I brought home a check from the closing. I mean, who wants to get paid to buy properties? Right? I brought home a check when I bought this condominium for $25,000 less a little bit of closing costs.

 

Jay Conner [00:20:28]:

Well, what’s my formula? The maximum that I’ll borrow is 75% of the after-repaired value. Well, my realtor, Chris, had already told me the after repaired value was $600,000 Well, what’s 75 percent of $600,000 $450,000 So that’s how much I could borrow. Well, that was 25 $1,000 more than the purchase price of $425,000 I already knew the renovation was only 11,000 so I pulled some equity out of the property, even when I bought it. So, back to the numbers. Purchased it with private money for $425,000 Then, what’s the other figure we got to take out of this? Private lender interest carrying cost. Private lender interest carrying cost. Well, I only had it for 5 weeks. Well, run it.

 

Jay Conner [00:21:20]:

I borrowed $450,000 and I pay 8% interest. Right? So take $450,000 times 8%, divide that divide that by 52 weeks. Multiply that times 5 weeks. That’s the only time I had the private lender money. So, my carrying cost was exactly $3,460 For those 5 weeks, I only paid the private lender the interest for when I’m using it on a property. Then my closing cost to buy and sell this property was only $2,000 So, how do you figure this is not television junk? This is the real deal. Right? How do you figure the net net net profit? Well, here’s the numbers.

 

Jay Conner [00:22:09]:

I take $628,000 from what I sold it for. I subtract $31,400 in realtor fee. I subtract $11,000 for rehabbing and then I subtract my private lender interest of $3,460. So I subtract that. And then I subtract, my closing costs to buy and sell, which was $2,000 So when you subtract all that, the net, net, net is $155,140 So, now, let me give you the 5 big takeaways and lessons from this deal. Number 1 big takeaway, is consistent advertising. Consistent advertising. You see, with those Google ads, I got those Google ads and I use 5 different vendors.

 

Jay Conner [00:23:06]:

5 different vendors to keep my Google ads going. I mean, I want to be a big fish in a small pond. If you don’t have advertising going every day if you don’t have consistent seller leads coming into your pipeline every day, you have a hobby and you do not have a business. Alright? So consistent ads. So important. You wanna have your net out there fishing for motivated sellers all the time. That’s number 1. Number 2, the key takeaway, is having private money ready to go to fund your deals.

 

Jay Conner [00:23:46]:

Now listen. These educators out there running around saying, oh, just get the deal under contract. The money will show up. That makes me want to throw up and run headfirst into a brick wall. For goodness’ sake, give me a break. Where’s the money gonna show up if you’re out there work I mean, there’s always gonna be deals. There’s always going to be deals. So, I practice and I say get the private money lined up first.

 

Jay Conner [00:24:14]:

The money comes first and just think how much more confident, motivated, you know, how many more offers are you going to make because you know you can close quickly and you’ll never miss out on a deal because you got the private money ready to go. You see, if I hadn’t had private money ready to go, I would have missed out on this deal. I mean, there’s no way I could have borrowed institutional money, hard money. And, by the way, I say have as many relationships in places as you can. Some of my best friends in the world are hard money lenders. But if I was using institutional money or, for goodness sake, the bank, there’s no way I could have closed on this deal. That’s you having private money ready to go is the key to me being able to get this deal and close in less than a week. That’s the second big takeaway.

 

Jay Conner [00:25:06]:

Have private money ready to go. Number 3 big takeaway, relationship with a real estate attorney. There’s no way I could have closed this deal in 7 days if I had not had if I didn’t have a relationship with a real estate attorney. Of course, in most states, you’re going to close with a title company. But, you still need a relationship with a real estate attorney to prepare your closing documents. And because I’m a private lender, they don’t know how to prepare a closing package, for goodness’ sake. You have to have the real estate attorney prepare that. So, either you’re using a title company or you’re using a real estate attorney to do the closing.

 

Jay Conner [00:25:44]:

Well, without that relationship, I mean, the worst time to be looking for a real estate attorney to prepare documents is when you need it for a deal. The worst time to be looking for private money is when you need it for a deal. You want to have all this lined up in place. So, having these relationships in place is critically important. And then, another big takeaway. Number 4. My realtor. Having a relationship with your realtor.

 

Jay Conner [00:26:11]:

You see, we got up with our realtor, Chris, and immediately he pulled comps and gave us the after-repaired value on this property so that we could close on it very, very quickly and we knew what we were working with. We do not rely on any online comping values at all. My realtor knows exactly how we want our properties to look, so my realtor is going to always give me the after-repaired value of the properties. So, you want to have that relationship in place. Another big takeaway is a relationship with your general contractor or contractors. I mean, again, the worst time to be looking for a general contractor, if you’re going to be doing any renovations, is when you need one. Right? So, you wanna have those relate that relationship or those relationships upfront. Those are the big key takeaways right there from this deal.

 

Jay Conner [00:27:05]:

Net, net, net, $155,140 in and out in 5 weeks. And what I just shared with you are the key lessons. Now, if you would like to learn more about how to get private money, how to get it very, very quickly, how to attract private money you know, when I say private money, I’m talking about doing business with individuals, not institutional money. How to raise it very quickly and how to get all the private money you would ever want without ever having to ask for money? Well, here’s how you can find out. I’m so excited. I just recently finished videoing and filming my brand new 7-day private money challenge. And what is the private money challenge? Well, here’s what the private money challenge is, and I’ve recorded 7 training videos that are only 15 to 20 minutes long. And in these 7 video trainings, you enroll at privatemoneychallenge.com.

 

Jay Conner [00:28:04]:

As soon as you enroll, you will immediately get the very first video training in your email inbox. And then the next 6 days in a row, at 9 AM EST, you’ll get each subsequent video training. I’m laying out all the foundational, pieces to getting private money. I go into mindset. How to get all this money without ever having to sell, beg, persuade, or try to talk anybody into anything? It’s all about attracting and not chasing. And in addition to learning about private money, I promise you, you’re going to have a lot of fun because I’ll be right there on the videos with you, engaging with you. And, I say, if you can’t have fun while you’re doing it, then don’t do it at all.

 

Jay Conner [00:28:48]:

So, come and roll with me. Have a good time. Get private money at www.privatemoneychallenge.com. And I can’t wait to see you in the private money challenge on the inside. Thank you for joining me. I look forward to seeing you right here on the very next episode of Raising Private Money with Jay Conner.

 

Jay Conner [00:29:12]:

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.