***Guest Appearance
Credits to:
https://www.youtube.com/@larryshakman
“The Real Estate Radio Show | Jay Conner | The Private Money Authority”
https://www.youtube.com/watch?v=PdyWho_RwPg&t=244s
In the world of real estate investing, access to funding is crucial. Jay Conner, a seasoned expert in private money lending, brings a wealth of knowledge to those looking to elevate their investing game. On a recent episode of the Raising Private Money podcast, Jay Conners joined Larry Shakman on the Real Estate Radio Show and shared how private money transforms the landscape for investors and why it could be a game-changer for those looking to enter the market without depending on traditional bank loans.
The Concept of Private Money
Private money in real estate revolves around securing funds from individual investors rather than institutional lenders like banks. Jay explains that this approach provides unparalleled flexibility. As a borrower, you can set the terms and conditions, including interest rates, loan periods, and the loan-to-value ratio. This power dynamic shift is significant compared to the traditional loan process, where banks dictate terms.
Why Choose Private Money?
Jay outlines several strategic advantages of using private money:
- Control Over Terms: As the borrower, you establish the rules—eliminating the tedious approval processes and credit checks typically required by banks.
- Fast Access to Funds: Investors can close deals quickly, often within seven days, making their offers more competitive in fast-moving markets.
- Unlimited Potential: Because there is no limit to the number of private lenders you can work with, there’s also no cap on the amount you can borrow. This provides a pathway to scaling your investment portfolio more aggressively.
Building Relationships with Lenders
Jay emphasizes the importance of cultivating relationships with potential lenders, often within one’s personal or professional network. Many individuals are not aware of the benefits of shifting their investments from traditional savings to real estate through self-directed IRAs or liquid capital. By educating them, investors open up new avenues for funding. Jay shares an anecdote about raising over $2 million in less than 90 days just by teaching his network about private lending.
Finding Motivated Sellers
Understanding where to find deals is as crucial as having the funds to purchase them. Jay discussed how he connects with motivated sellers, focusing on for-sale-by-owners (FSBOs) and properties not listed on the traditional market. He leverages Google pay-per-lead vendors, ensuring that potential sellers reach out to him, creating warmer and more fruitful conversations. This proactive approach not only saves time but also enhances negotiation power by making investors a welcome guest rather than an unsolicited cold caller.
Structuring Deals for Maximum Profit
Jay outlines a threefold strategy for maximizing profits on deals:
- Buying Right: Use private money to purchase at a discount and always aim to buy a property at 50% or below the after-repaired value.
- Efficient Selling: Whether flipping or opting for a rent-to-own agreement, the goal is to secure a substantial return on investment quickly.
- Receiving Multiple Checks: Jay’s method ensures investors receive payments at different stages—when buying, holding, and selling. This flow of funds supports the cash flow and adds to the profitability of each transaction.
Conclusion
Jay Conner’s insights on private money reveal a blueprint for real estate success that goes beyond traditional financing methods. By tapping into private money and strategically approaching deals, investors can achieve greater control, speed, and profitability. For those eager to explore this exciting avenue, Jay offers resources and guidance to get started.
Whether you’re a seasoned investor or just stepping into the expansive world of real estate, understanding private money could be the key to unlocking a future of exponential growth and opportunity. Jay Conner’s expertise is a valuable resource for transforming your approach to real estate investing.
10 Discussion Questions from this Episode:
- How does Jay Conner’s approach to using private money in real estate investing differ from traditional methods of obtaining funding?
- What are some of the key benefits of using private money for real estate transactions, as outlined by Jay Conner in this episode?
- How does the concept of self-directed IRAs contribute to the effectiveness of raising private money for real estate investments?
- In what ways does Jay Conner suggest establishing terms with private lenders, and how can this benefit real estate investors?
- What are some of the strategies Jay uses to find motivated sellers for his real estate deals, and how do these strategies contribute to the success of his investments?
- Jay mentions that he offers potential private money lenders an opportunity rather than having to apply for a loan. How does this approach impact the investor-lender relationship?
- How does Jay Conner ensure that he maintains good relationships with his private money lenders, especially in terms of handling unexpected situations?
- What role does empathy play in Jay Conner’s interactions with potential property sellers, and how does this impact his success in the real estate market?
- How does the process of receiving multiple checks in a real estate deal work according to Jay Conner, and what strategic benefits does it offer to investors?
- Discuss the importance of having a diversified approach to finding private money lenders and motivated sellers, as highlighted by Jay Conner in this episode.
Fun facts that were revealed in the episode:
- Jay Conner and his wife Carol Joy experienced a significant snowstorm in North Carolina, getting nine inches of snow — something that hadn’t happened in over thirty years!
- Jay Conner mentions that in North Carolina, they still use handsets with cords, highlighting a regional charm.
- Private money allows investors to create their own lending rules, making the borrower effectively “the underwriter” of the deal. This unconventional approach contrasts sharply with traditional bank lending.
Timestamps:
00:01 Exploring Private Money Lending
08:53 Financial Crisis Reflection
11:34 Self-Directed IRAs: An Overview
13:21 Investing in Real Estate via IRA
17:35 Leveraging FSBO for Real Estate Gains
19:27 Assessing For-Sale-By-Owner Homes
24:40 Pay Per Lead for Qualified Leads
28:48 Housing Issues and Financial Hardships
30:03 Empathy in Property Dealings
32:55 Earning Multiple Checks Explained
36:21 Real Estate Financial Planning
41:41 Consistent Private Lending Rates
44:32 Private Lending Fundamentals Explained
47:32 House Flipping Timelines and Strategy
50:30 Investor Assurance and Flexibility
55:45 Passive Real Estate Investment Strategies
56:32 Insights from Jay on Real Estate
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
https://www.youtube.com/c/RealEstateInvestingWithJayConner
Apple Podcast:
Facebook:
https://www.facebook.com/jay.conner.marketing
Twitter:
https://twitter.com/JayConner01
Pinterest:
https://www.pinterest.com/JConner_PrivateMoneyAuthority
Real Estate Funding Redefined: Jay Conner on the Impact of Private Money
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.
Narrator [00:00:29]:
Welcome to the real estate radio show. Your ultimate guide to everything real estate. Whether you’re a first-time buyer, a seasoned investor, or thinking about selling, we have the insights you need. Your host, Larry Shagman, the real estate therapist and a top-producing broker will break it down weekly. We’ll dive deep into market trends and speak with industry pros about everything from pricing and negotiation strategies and staging tips to financing options and home inspection. This fast-paced ever-evolving market doesn’t have to be overwhelming. We are here to guide you through it. Today’s show is brought to you by trustedagentUSA.com.
Narrator [00:01:06]:
Get your market value, explore your selling options, and choose your closing dates. Go to trustedagentUSsa.com and do real estate your way. You’ve got options. Licensed in Illinois. Number 475145795. Now let’s dive in. Here’s Larry.
Larry Shakman [00:01:32]:
Alright, everybody. Thank you for joining us. You are watching the real estate or listening to the real estate radio show. It’s coming to you live from the virtual studios of WIIFM, What’s in It for Me? What’s in it for you today joining us here on January 23? We’re almost a full month into our next year, and a lot is going on in the real estate business. We’re gonna get to that later in the show. We have a very special guest today. Jay Connor is the authority on private money lending, and he’s gonna give us, a little he’s gonna kinda peel back the onion and give us a look at what’s it like to, buy a real estate investment using private money as opposed to going to a bank using your own, funds or maybe a DSCR loan. We’ll get into that a little bit.
Larry Shakman [00:02:36]:
But Jay is going to drill this down for us, and, we’re happy to have you here. Like I said, let’s bring Jay on and get right to it. Hey, Jay.
Jay Conner [00:02:48]:
Hey there, Larry. How are you doing today?
Larry Shakman [00:02:51]:
I am doing awesome. How are you doing?
Jay Conner [00:02:53]:
I am fantastic. Thank you so much for inviting me to come along. My name’s Larry. I see that you are the real estate therapist. So, you know, I didn’t know that I was gonna get a checkup from the neck up today.
Larry Shakman [00:03:07]:
Absolutely. Have a seat on the couch. Let’s get into this therapy now because, like I was saying, Jay is the authority when it comes to private money. Been doing it for a long, long time. And, Jay, where are you out of?
Jay Conner [00:03:24]:
Yes. So my wife, Carol Joy, and I live here in Eastern North Carolina, right here in Morehead City Atlantic Beach. We’re at the southern tip of the Outer Banks. And my lands, Larry, we are having a historical snowstorm right now.
Jay Conner [00:03:40]:
It’s been, over thirty years since we had this kind of snow. It started snowing the night before last. It snowed till midday yesterday. We got nine inches of snow. Our entire town is shut down. We don’t they don’t even know what a snowplow is here. You know? They say it’s gonna be freezing for the next couple of days, but, hey, I’m here with you on the show regard I like the post I like the postmaster. You know? We show up whether it’s snowing or not.
Larry Shakman [00:04:07]:
I’ll tell you something. It’s crazy weather all over the country right now. I think I think Pensacola got, like, 10 inches of snow. Woo.
Jay Conner [00:04:17]:
Or the Florida.
Larry Shakman [00:04:19]:
They I mean, just crazy stuff going on here.
Jay Conner [00:04:22]:
Yeah. Well, they say that, when we have a snowstorm that comes up from the South, which this blizzard did I mean, I’ve never in my life seen on my phone app, my weather app, it’s got, it had, flurries, and then it had, like, rain and snow. I had to look up what the icon meant because I’d never seen that before. I said, yep. A snow blizzard is coming. But, yeah, it’s crazy. But you know what? Me Carol Joy and my wife, we got us great we got four great big big bowls of snow waiting for us to make snow cream.
Larry Shakman [00:05:00]:
That’s funny. Yeah. I mean, I think, all of the I was talking to a friend of mine who’s in Houston, and they got about an inch of snow. And in that, you know, a tropical climate. Right? You get, an inch of snow and everything shuts down. And, you know, he’s a Chicago boy, so he’s like, yeah. You know, it’s kinda funny to him because he’s still going out in his shorts and stuff with an inch of snow on the ground, and everybody else is bundled up, hunkering down, no cars on the street. And I was mentioning to him, I think, a lot of these Southern states and other states that aren’t used to getting snow are gonna have to up their, snow or winter IQ, if you will, because this is not gonna be the end of it.
Larry Shakman [00:05:49]:
This is gonna happen again, I think.
Jay Conner [00:05:52]:
Yeah. Well and here’s here’s my advice. If you’ve never driven on snow before, don’t. Yeah. Don’t. Just don’t do it. Don’t do it.
Larry Shakman [00:06:01]:
Yeah. No. I agree with you. I mean, there’s a lot of people in Chicago that have driven on it often, and they still have trouble doing it. So, yeah, don’t do it. But let’s jump into, your background and why people should consider private money as opposed to DSCR, as opposed to going to a bank or using their funds. Give people a little background, Jay, on, how you got to where you are right now. Just a little thought from that.
Jay Conner [00:06:34]:
Sure. Well, Carol Joy and I, my wife, and I, started investing in single-family houses primarily. I’ve done condominium developments, and a shopping center from the ground up, but our focus since 02/2003 has been investing in single-family houses here in our area, Morehead City, North Carolina. And we started in 02/2003 full-time. Since that time, we’ve, flipped, rehabbed, and flipped over 500 houses in our small area. And that was before there was any such thing as HGTV. That’s before it was sexy, you know, to do that kind of thing. And so we’re in a small area here, only 40,000 people, which there’s an argument to be made to, you know, sort of dominate your little market instead of competing in the big cities.
Jay Conner [00:07:23]:
But here’s how private money came about. From 02/2003, Larry, until February, all I knew to do to get my deals funded was to go to the local bank, get on my hands and knees, put my hands underneath my chin, and say, please fund my deal. And I had to pull up my skirt so the banker could look at my assets and Rights. Give me give me a colonoscopy and pull my credit score and all this mess, you know. And so that worked okay. It wasn’t great, but that worked okay for funding my deals, from 02/2003 to January 2009. And then, Larry, everything changed in January 2009. I had two houses under contract to buy, and I called up my banker.
Jay Conner [00:08:16]:
His name was Steve. And I told him about my two deals that I had, you know, for him to fund, told him what the funding required was. And, he said, Jay, your line of credit is closed. We’re no longer loaning money out to real estate investors. I said, what in the world are you telling me, Steve, about my line of credit being closed? We’ve done a ton of deals in six years. I’ve always made my payments on time. I’ve still got a great credit score. Why are you shutting me down? And Steve said, Jay, don’t you know there’s a global financial crisis going on right now? I said, no.
Jay Conner [00:08:53]:
I don’t know anything about a global financial crisis, but I know you just gave me a financial crisis because I don’t have a way to fund these two deals. I got out of contract, and back in 02/2009, you couldn’t get your earnest money back. You’re in North Carolina. So I hung up the phone. By the way, I know you may find it hard to believe, Larry, but we still actually have handsets here in North Carolina with cords attached to them. But, anyway, I picked up my phone and or I set my phone down, and I sat here, Larry, and I just sort of let that noodle and digest as to what had just happened. And I sat here and I thought for a moment, and I’m gonna share with you and your audience, Larry, a very important question, a powerful question that I asked myself right after having that conversation with my banker. And this question that I’m gonna share will help anybody fix any problem that you have going on in your life.
Jay Conner [00:09:52]:
I don’t care if it’s relationships, finances, career, or losing your line of credit at the bank. I don’t care what it is. This question will help fix your problem. And by the way, these people are running around saying, oh, every problem is an opportunity. I wanna throw up. I didn’t have an opportunity. Let’s face it. I had a problem.
Jay Conner [00:10:14]:
So I asked myself this question, and here’s the question. Who do I know that can help me with my problem? Powerful question. Who do I know that can help me with my problem? And when I asked myself that question, I immediately thought of Jeff Blankenship, a good friend of mine and Carol Joy’s. At the time, Jeff lived in Greensboro, North Carolina. He was investing in single-family houses. So I picked up the phone and I called Jeff. And I told Jeff what had just happened. And Jeff says, well, welcome to the club, Jay.
Jay Conner [00:10:52]:
I said, what club are you talking about? He said the club of having your line of credit shut down in the bank. He said, my bank shut me down last week. I said, well, Jeff, how are you gonna fund your real estate deals? He says, well, have you ever heard of private money and private lending? I said, no. I’ve never heard of that. What in the world is private money and private lending? He says that’s when an individual, a human being just like you and me, will loan their money to us real estate investors either from their investment capital or their retirement funds and invest in our deals. I said, okay. I never heard of that. He says, have you ever heard of self-directed IRAs? I said, no.
Jay Conner [00:11:34]:
I never heard of that. I said, what’s that? He said, well, a self-directed IRA is where an individual can move their current retirement funds if they’re not happy with the returns where they have them, move it over to a self-directed IRA company, a third party custodian, and then they can invest that funds in your real estate deal, loan that money to us, and the money that you pay them in interest will be either tax-free or tax-deferred depending on the type of self-directed IRA retirement account they’ve got. I said, Jeff, I never heard what in the world you’re talking about. So I studied private money. How do you do business with individuals? How do you find them? What do you say to them? So I studied it. And, Larry, the first thing I did was put the program together that I was going to teach. So that’s what I did. I put on my teacher hat, which says private money teacher, and I went about just teaching people in my network, my connections, what private money is, and how they could earn high rates of return safely and securely without talking about any deals.
Jay Conner [00:12:41]:
And it’s just teaching them. Just teaching them. And so in less than ninety days, by taking that approach, I was able to raise $2,150,000 in new funding that I didn’t have before, so my banker did me a favor by cutting me off. And since that time, Larry, by taking this approach, I’ve never missed out on a deal for not having the money.
Larry Shakman [00:13:07]:
That is awesome. So, you spoke with people within your sphere if you will, and who had money sitting in an IRA, maybe.
Jay Conner [00:13:19]:
Or liquid investment cap.
Larry Shakman [00:13:21]:
Or liquid investments weren’t happy with the returns they were getting. You educated them as to how investing in real estate through a self-directed IRA can not only get them tax benefits on the interest they’ll be paying but, could make them some money, passively investing in real estate. Correct? 100% correct. You nailed it. So what’s the benefit off of, a guy like me? Now I’ve and I’m just using me as an example. I’ve made some investments in my life. I’ve done flips. I you know, other things like that here in the Chicagoland area and the suburbs.
Larry Shakman [00:14:06]:
And, but just for people tuning in or listening, what exactly is the benefit of using private money as opposed to, using your own money? Let’s just use that as an example initially.
Jay Conner [00:14:24]:
Sure. Sure. Well, that’s a great question. I’ve identified 20 big benefits to using private money. I’m not gonna go over all 20, but I’m gonna go over the big ones. The big ones. And these are in no particular order. So first of all, when you’re using private money and you’re putting on your teacher hat and you’re teaching people about this opportunity, here’s what’s interesting, Larry.
Jay Conner [00:14:47]:
I’ve got 47 private lenders right now funding our deals. And by the way, if you’re listening to this show, you don’t need 47 private lenders. You just need to start with one or two like I did. My very first private lender invested $500,000 in my deal. So you don’t need 47. But here’s what’s interesting. Not one of them had ever heard of private money. Not one of them had ever heard of private money.
Jay Conner [00:15:13]:
Not one of them had ever heard of self-directed IRAs and how they can use their retirement funds. Over half of our private lenders are using their retirement funds. So here’s the first benefit. The first benefit is you as the borrower, you as the real estate investor. Guess what? You make the rules. You know, the conventional way to borrow money is for the person who’s lending the money to make the rules. That’s not the case in this world because you see you’re offering an opportunity. Instead of applying for a mortgage, you’re offering them the opportunity.
Jay Conner [00:15:49]:
So there are no applications. Hey. I got great news. You as the borrower are already approved. There’s no approval process. There’s no credit score. Your credit score has nothing to do with it. Appraisal appraisals have nothing to do with this world because you see, you make the rules.
Jay Conner [00:16:11]:
And I said you might as well just duplicate what I offer. It seems to have worked pretty well since 02/2009 and still does. But we set the interest rate. I’ve been paying my private lenders 8%, no points, no origination fees, no extension fees, a straight 8% ever since 02/2009 regardless of what the market is doing going up and down. So we set the interest rate. You set the interest rate. We set the length of the note. We set the frequency of payments.
Jay Conner [00:16:43]:
We set what’s the maximum loan value as far as after the repaired value. So that you’re you here’s a writer downer. Here’s a writer’s downer. You are the underwriter. Mhmm. Not the lender. Mhmm. Not the lender.
Jay Conner [00:16:59]:
You are the underwriter because you’re putting together the terms and the rules. So that’s number one. It puts you in control. Right? So you’re in you’re in control of the terms. Secondly, and, again, these are in no order. Secondly, you always get to bring home a big check when you buy a property without taking any of your own money to the closing table. Now that always works if you are buying a distressed single-family home and you wanna renovate it. Because if you’re buying a distressed single-family home, you’re gonna be able to buy it at a significant discount.
Jay Conner [00:17:35]:
They’re not able to put it in the multiple listing service and sell it. All my deals for the past four years have come from for sale by owners. So since I’m buying it at a discount, I’m always able to borrow more than I need to purchase the house and get my renovation money upfront if it needs rehab. So think about your cash flow. You don’t have to take any money to your closing to the closing table and always bring them a big check. Here’s my question. Who wants to get paid to buy houses and take none of your lenders to the closing table? So it helps your cash flow. Thirdly, there’s no limit to the number of private lenders you can do business with.
Jay Conner [00:18:16]:
So as a result, there’s no limit to the amount of money you can borrow. You know, when I was borrowing money from the banks, there was a limit to my line of credit. Well, in this world, there is no limit. What’s another big benefit? Fast closings. All my lands, all my offers, I make that you can close within seven days. Seven days. You can’t do that with conventional money. And so the reason that’s so important is you’ll get more of your offers accepted by the seller because you can close fast.
Jay Conner [00:18:53]:
Now a lot of these, I’m gonna give a great big nugget right now, a lot of these sellers they’re living in the house. It’s not vacant, and they can’t be out in seven days. So what do you do? We go ahead and close, and we give them 50% of their proceeds at closing. They can stay in the house rent-free for whatever period that we both agreed to and then they get the other half of their proceeds when they vacate the property. Because you see, time kills deals. Yeah. Yeah. Deals.
Jay Conner [00:19:27]:
Yeah.
Larry Shakman [00:19:27]:
Right? No doubt. So these, these for sale by owners that you’re working with, are these houses typically, you know, ready to go on the market? Or are because they’re living in them, so you have to assume that, you know, they’re in all right condition. They’re not I was a huge REO broker out here in Illinois. From 02/2009, when you ran into all that trouble to 02/2017, I was closing 40 deals a month, all REOs and short sales. So, I’m kind of in line with you in that period and what was going on and everything. But, you know, the houses I was selling, many of them were vacant. I mean, I remember one house in Joliet, Illinois. I opened the door by going like this, and the door fell open.
Larry Shakman [00:20:17]:
And then I walked in, and I looked at the blue sky up through the roof. And somebody bought that house for $11,000, ripped it down, and built something else there, and, you know, the rest is history. Right? But with your houses, when you’re talking to a for sale by owner, maybe he’s having a little bit of a problem trying to get the house sold for whatever reason, and you’re pitching them on all this, is their house typically like, I I’m gonna suggest that most of these houses are not full rehabs or anything like that. That they may be, you know, just slight rehabs, without any major things going on. So is that the case with these houses?
Jay Conner [00:21:07]:
That’s a great question, Larry. It’s all over the board, and I’ll give you an example. Just a few months ago, I was contacted by a for-sale owner. It was an oceanfront condominium on the Third Floor. You look you get in this condo. It looks like you’re on a cruise ship looking out over the Atlantic Ocean. And here’s the deal. It was an inherited condominium.
Jay Conner [00:21:31]:
The owner was the son. He lived out of state. Both of his parents had passed away, and it was going to sail on the courthouse steps in two weeks in foreclosure. And we went and looked at it. All my lands, this beautiful condo only needed $11,000 to make it look brand new. All we did was put in new paint and a couple of other things. It was furnished with luxurious furniture. And so bought it with private money for $425,000, did that $11,000 rehab, and in forty-five days, flipped it and sold it for $618,000.
Jay Conner [00:22:10]:
And after realtor fees and a little bit of private money interest, the net net net was a hundred and $60,000. In contrast to that, we’re finishing up our renovation right now on a single-family house here on the mainland here in Morehead City. That house, oh my land, it was a wreck. I mean, it cost $4,000 just to get the junk out of the house. Yeah. Yeah. Everything to the ceiling. And so it it’s it’s so those are two extremes.
Jay Conner [00:22:42]:
Those are two extremes.
Larry Shakman [00:22:43]:
It’s all over the board.
Jay Conner [00:22:45]:
So it just depends. It just depends.
Larry Shakman [00:22:47]:
Yeah. I hear you. So, now here’s the $64,000 question I know any investor is gonna ask you or anybody that’s looking to get into this like you’re doing it, particularly with for sale by owners. Now you’re in, did you say Morgan City?
Jay Conner [00:23:07]:
Morehead City, North Carolina.
Larry Shakman [00:23:08]:
Morehead City. Okay. How do you know how you could find for sale by owners all over the place on the Internet and whatever? How do you find these for sale by owners in Morehead City and the surrounding areas and, convince them that this makes sense for them?
Jay Conner [00:23:32]:
Yeah. This is a beautiful question. So there are two types of marketing primarily. And, of course, Larry, I’m not telling you anything. Anything. You’ve been around the block, and you know all about marketing. But for everyone who’s listening, there are primarily two ways to market to talk with for sale by owners that might be motivated. Either, a, you reach out to them, or, b, they reach out to you.
Jay Conner [00:23:58]:
So how can you reach out to them? Well, we’ve done outbound texting, outbound calling, direct mail, etcetera. And then you got they reach out to you. Well, how do they reach out to you? My favorite way for them to reach out to us is for them to go on the Internet, on Google, in the search engine, and look for us, the investor that can buy their house and solve their problem. So I have five different Google pay-per-lead vendors that I use, and so I’m not pay-per-click. Pay per-click means me and my staff will be doing Google Ads myself. Right.
Jay Conner [00:24:40]:
Pay per lead means I’m paying a company to do all the work, and then I’ll pay on average $200 to get a name and a phone number, and maybe an email address and a physical address of people in our area who are motivated to sell. What I love about that, Larry is that it’s a lot easier to talk to somebody that’s not a cold call. It’s a lot easier to talk to somebody that says, hey. I want I want to talk to you about selling my house. So they’re looking for us. So my favorite way to find motivated sellers of market houses is they are having Google Ads. They look for us, and now it’s a very, very warm phone call when you get them on the phone because this way, we are a welcomed guest to that conversation and not a menacing pest for the cold call.
Larry Shakman [00:25:38]:
Sure. They’re warmed up. And so do these companies warm these people up for you? They say, hey. Jay’s gonna be calling you tomorrow, or are these just names and phone numbers you’re getting where you’re hopping on a call and calling them, you’ve never talked to them before, and they’re not expecting your call?
Jay Conner [00:25:54]:
Yeah. Great question. As we said, time kills deals. So when they go on the Internet and they fill out the form of, yes. I wanna sell my house. Here’s why I wanna sell. Here’s my motivation, and they click submit. As soon as they hit submit on the website, then immediately, my full-time acquisitionist and my lead manager, my seller lead manager, I got a full-time forty-hour-a-week lead manager, they are immediately texted and called.
Jay Conner [00:26:26]:
The phone is calling, and you hit the number one. And now guess what? We’re calling them immediately. So they, most of the time, answer the phone because they just hit the submit button, and we say, hey. We just got a notification that you visited our website, and you’ve got a house for sale here in the Morehead City or Newport area. Is that right? And they say, yeah. They’re blown away because we’re on it like white rice. Yep.
Larry Shakman [00:26:56]:
Yeah. Yeah. I hear you. So, I wanna, to stress that these are not pay-per-click leads.
Jay Conner [00:27:04]:
Correct.
Larry Shakman [00:27:05]:
These are pay-per-leads. So you’re working with a third-party company that’s doing the advertising.
Jay Conner [00:27:12]:
Yes. And
Larry Shakman [00:27:13]:
Then, when they click on that lead, your form is gonna come up. They’re gonna fill out that form, and you’re gonna call them immediately once you get that form as in the form of a text message in your inbox, whatever.
Jay Conner [00:27:28]:
Yep. That’s good. Your call. And here’s what’s interesting. Depending on the vendor, because some have better leads than others, depending on the vendor, we only need 10 to 15 of those leads to buy a house. And our average profits right now are $87,000 per single-family house flip here in our area. And so if you’re paying $200 a lead, and let’s say it took 15 leads to get it, how much $3,000 would you pay to make $87,000 in return? Oh, yeah. As many as many as you can.
Larry Shakman [00:28:05]:
So here’s the big question. All these people that you’re talking to, and we know some of them, like the last one, it was gonna go into foreclosure. Mom and Dad passed away. They inherited the house. They gotta make some decisions quickly. What when you’re talking to these for sale by owners or motivated sellers that are looking to potentially sell their home, What are you finding are, like, the top three reasons why somebody will reach out to you instead of just you know, I’m a real estate broker, title agent. Instead of just reaching out to someone like me and saying, hey, Larry. Come here and sell my house.
Jay Conner [00:28:48]:
Typically, there’s something wrong with the house that was caused by several reasons. For some reason, they cannot maintain the house, and if they put it in the middle of the list I mean, a lot of them just are embarrassed. They’re just quite frankly embarrassed, and they don’t want anybody coming out there, you know, a realtor looking at it to, you know, list it. So there are all kinds of reasons that people run out of money. Lost a job, somebody died, as we said, inherited, a divorce, lost a job, as I said, etcetera, health problems. It’s just all over the board. You know, I was talking to one of my mastermind members. It’s It’s in my community.
Jay Conner [00:29:33]:
I was talking with him yesterday. His name is Todd. He’s in Clayton, North Carolina. And, and he went out he went out, to visit with this individual that’s facing foreclosure, and, the house is in good condition. The house is not in bad condition. But his wife died, and he the the the owner of the house, his wife died a year ago, and he’s been so depressed. He can’t get out of bed. He can’t go to work.
Jay Conner [00:30:03]:
The property is in okay shape, but he’s just had his head in the ground because he has not been able to deal and cope with the passing of his loved one. And so here comes Todd with a solution to, give him some money, help him there’s a there’s a wide margin here between what’s owed on the property and, and what, you know, it’s worth. So Todd’s able to be, sympathetic. And, you know, this fellow had a lot of other people reach out to him, and the only thing they were interested in was the numbers. And you know what? People don’t care until you show them your care. And so Todd met this gentleman where he was in his state and offer you know, and had empathy and didn’t even get into the numbers until he understood and heard the story of this person that was in distress. You see, most of these not most. All the for sale by owner properties that we buy, either the person is in distress the property’s in distress, or both.
Larry Shakman [00:31:10]:
And that’s probably your first question. What prompted you to call me?
Jay Conner [00:31:15]:
Oh, yeah. I mean, our first question, the scripting that I have for my, members, the first question we ask is, well, please tell me about your situation and what it is you’re looking for and how I could serve you. Well, you see, that’s such a wide-open question. They might talk about the property. They might talk about their situation. And whatever they talk about is their motivating factor, and that’s what we wanna come back around to and speak to them as to that’s the thing that we can provide you a solution with.
Larry Shakman [00:31:49]:
Mhmm. Yeah. I mean, I think what I’ve seen in a lot of these situations, Jay, is it comes down to a couple of things, time and money. So what are you lacking? Are you lacking time because this thing is going into foreclosure, probate, or whatever? Or are you lacking money because the house needs so much work? I don’t have it to put into the house to get it in marketing condition I need it to sell it at the price that would make sense. So if one of those two things is causing them distress, I think that’s what’s gonna be their motivation for moving forward.
Jay Conner [00:32:30]:
Yes. Absolutely. Absolutely.
Larry Shakman [00:32:33]:
So I was looking at your notes I had here, and one of the things I’m curious about is, how do you get three big checks for every house you for every deal you’re going to do? Explain that. And, yeah. I’m interested in that.
Jay Conner [00:32:55]:
Sure. So how do you get multiple checks on every transaction you do with private money? And this is regardless of whether you’re flipping it or you’re buying and holding it to sell on rent to own or what have you. So the first check you’re gonna get when using private money, as I mentioned, you always get a check from your closing agent, your title company, your real estate attorney, or whoever’s doing your closing. Here in North Carolina, it’s all real estate attorneys who do closings. But, anyway, when you purchase the property, you’re gonna get a big check. So how does that work? Well, particularly if the house needs renovation or rehabbing, you’re gonna be buying that property at a discounted, price. So let me give you an example of this first check. Let me use small numbers because small numbers are easy to understand understand and keep up with.
Jay Conner [00:33:49]:
So let’s say that I’m looking to buy a single-family house with an after-repaired value, not as is value, an after-repaired value. My definition of after repair means beautiful, drop dead, everything’s new, new paint, spelled brand new. It’s staged looking like ready for Southern Living magazine pictures and all that. So let’s say it’s got an after-repair value of $200,000, for example. Now let’s say it needs $30,000, for example, in renovation or rehab. Well, I buy properties like that all the time at 50% of the after-repair value or less, 30 to 50%. So if it’s a $200,000 after repair value, I’m a buy that house all day long between 80,000 and a hundred thousand all cash with private money. So I can borrow according to my criteria, I can borrow up to 75% of the repaired value.
Jay Conner [00:34:58]:
I didn’t say 75% of the purchase price. That’s old conventional bank talk. I’m talking 75% of the after-repair value. That means I can borrow up to $150,000 of the 200,000 after the repaired value. That’s 75% of the after-repair value. Well, follow the money. Follow the money. When you go to the closing table to purchase the property, you’re buying it for a hundred thousand.
Jay Conner [00:35:27]:
Your private lender or maybe you have a couple of private lenders, but your private lender is gonna wire to your closing agent one hundred fifty thousand dollars at the time you close. So you got a hundred and $50,000 sitting there for the closing. 100,000 of it’s gonna go to the seller. That leaves a $50,000 check called excess cash to close, and I love some excess cash. So that $50,000 excess cash to close is gonna come to me, the buyer, less, of course, whatever closing costs. So here I’ve got a big check of $50,000 in that example. Now I’m gonna use the majority of that money to renovate the house. I’m gonna use 30,000 of it in our example to renovate it.
Jay Conner [00:36:21]:
What am I gonna do with the other 20,000? Well, I can use that other 20,000 for making payments to the private lender if the private lender requires payments and they don’t want to accrue the interest. Carrying costs, taxes, utilities, cutting the grass, whatever. And so then that’s my first big check, right, when I bought the property. Now if you’re not selling it creatively, say, on rent to own or lease purchase, and you’re just you’re just flipping it, you’re just flipping it, And you’re getting ready for sale, and you’re gonna put it in the multiple listing service. By the way, I’ve been doing business with the same realtor for twenty years, Chris Latham with Realty World. He’s gonna list it in the multiple listing service. I’m not a realtor on purpose. I let Chris handle all that.
Jay Conner [00:37:08]:
So we’re comparing the multiple listing service for $200,000, assuming it hasn’t gone up in value. So it’s appearing for 200,000. Now I still owe my private lender one hundred fifty thousand dollars because that’s what I borrowed, and I don’t make principal and interest payments. It either accrues interest or we make interest on my payments. So now I am going to sell it. I’m gonna sell it for 200,000. I still owe a hundred and 50,000. So a hundred and 50,000 goes to my private lender when I’m selling it.
Jay Conner [00:37:44]:
That leaves me 50,000 when I’m selling it less the realtor fee. My realtor fee, I paid 5%, so 10,000 is gonna go to Chris Latham. So now I’m left with 40,000 minus some, you know, some closing costs. So I got 40,000 there left over when I cashed out. Maybe I’ve only got 10,000 left over from when I bought it, the on that excess cash. So I’m gonna keep in my pocket $50,000 in this example. So I got a big check when I bought it. I still get a big check when I sell it.
Jay Conner [00:38:16]:
And the third check could be if I sold it on rent-to-own or lease purchase instead of putting it in the multiple listing service. So if I sell it on rent-to-own or lease purchase, I will collect what’s called a large nonrefundable option fee from the rent-to-own buyer. That could be 10,000 or $15,000. They move into the house. I help them in credit repair, and then we help them move towards cash out. And so I got in that example, there’s three checks. I got a check when I bought it. I got a check when I sold it on rent to own, and then I go and I get another check when their mortgage is ready to cash out.
Larry Shakman [00:38:57]:
And just to clarify this, when you’re paying that, private money investor back that one fifty, you’re paying them back that one fifty plus 8% annual interest. Correct?
Jay Conner [00:39:09]:
Correct. Correct.
Larry Shakman [00:39:11]:
Sometimes they will opt out to not just let the interest accrue, get that one fifty plus interest once you exit the deal, or you may be paying them that 8% interest monthly. It’s just depending on how you’re gonna structure that.
Jay Conner [00:39:31]:
That’s right. And you know what? As far as how often a private lender gets their interest payments or whether it’s accrued, I leave that up to them because, you know, every private lender’s got a different objective. Some private lenders need the monthly income because it’s maybe they’re using retirement funds. They don’t wanna touch the principal, but they want income coming in, you know. So I could be paying monthly. I could be paying quarterly. I could be paying semiannually. Or, if I’m flipping, I could just let it accrue and then pay them off their principal loan amount and the accrued interest when we cash out.
Larry Shakman [00:40:08]:
So when you’re flipping a property, let’s say my experience has been from the time we purchased a property, and it might be different here in Chicago. You know, real estate’s all local. Right? So it might be different in Chicago than in North Carolina. I know purchasing real estate in North Carolina is very, very different than purchasing here, with your due diligence fees, and all that. I mean, you gotta know you want a house when you’re putting your due diligence fee down on a property in North Carolina because you could lose that money if you back out of that deal after the home inspection.
Jay Conner [00:40:45]:
That’s right.
Larry Shakman [00:40:46]:
It’s very different here in Illinois. That never happens. So it’s just it’s all local. And I’m curious, with that being said, with it being all local, is 8% a good interest rate across the board? I mean, would that be a good interest rate for me to offer or for someone like me to offer private money investors here? And do you give them, any kind of incentive, for you know, that they want the deal to make more money, and they’re not just waiting for their 8% and all this? Is there some way to incentivize them? Hey. If we could get this deal closed sooner, you’ll get an extra half a percent or something like that. Do you ever do anything like that?
Jay Conner [00:41:41]:
Yeah. I’ve never had to incentivize my private lenders. My mastermind members, that are in my community, they all offer 8%, and they’re all across the country. I got mastermind members in Hawaii, California, Texas, Alabama, Kentucky, Florida, Wisconsin, and Chicago. Chaffee is his name. Anyway, they’re all over, and they all pay 8% on the first position, and they pay 10% if there’s a junior lien, like a private lender in a junior position, that’s only doing 30 or 40 or $50,000 for, you know, renovations. And we’ve all been doing it the same since 02/2009. And one question I get, Larry, is, Jay, how in the world have you been able to pay your private lenders the same interest rate ever since 02/2009, and the market’s been all over the place, up and down, up and down.
Jay Conner [00:42:37]:
You know, before COVID, the average twelve-month certificate of deposit in the local bank got down to 0.17%. Mhmm. And, you know, just as recently as last week, I was at First Citizens Bank here on Bridges Street in Moritz City, and they’re offering 3.75% right now, not 0.17. So they said, Jay, how can you be paying 8% the whole time? There are two big reasons. The first reason is, guess what? We get to make the rules. Right? Remember? We make the rules. We make the rules. The second reason is that 8% is a whole lot more money than 0.17, and 8% is a whole lot more money than 3.75%.
Jay Conner [00:43:32]:
And it’s not unsecured. It’s backed by the real estate in a very conservative position. So the question is, where else can they go and get 8% or 10% in second position? Where can they go get those returns with it being backed by real estate having a mortgage or a deed of trust, you know, back in that note? There they don’t know anywhere else to go. Right? Do you typically,
Larry Shakman [00:44:01]:
Have on your deals, is there typically just one investor involved in each deal, or are there two investors involved, one of them in second position? Because that’s key, that’s something very key to this and that the person giving you $300,000 to do this deal, they’re in the first position on that title. So if that thing goes south, that property is theirs.
Jay Conner [00:44:27]:
That’s it.
Larry Shakman [00:44:28]:
Yeah.
Jay Conner [00:44:28]:
That’s it.
Larry Shakman [00:44:29]:
What about somebody in the second position, though?
Jay Conner [00:44:32]:
Yeah. In the second position, if the deal goes south, the only way they could be made whole is if they foreclose, then they’ve got to inherit that lane in the first position. And so all of my private lenders, as I said, they never heard of private money or private lending until I told them about it. So here’s the deal. At the end of the day, they are real I mean, when you’ve taught somebody that, you know, there’s three categories of private lenders, people that never heard of it in your connections, and then I teach how to expand your connections very, very quickly because they’re your net worth is correlated to your net worth. But then there’s a third category of private lenders, and those are existing private lenders. Those are individuals that are already loaning money out to real estate investors. Well, guess what? With the people, you’re not gonna put on your teacher hat.
Jay Conner [00:45:28]:
They already know. They don’t. They already know what the deal is, so you’re not making the rules in that conversation. That’s a negotiation conversation. Right? Because they’re used to the game. So, anyway, back to your question. At the end of the day, these private lenders are not investing in your deals. They’re investing in you is what they’re doing.
Jay Conner [00:45:55]:
They’re investing in you. They’re trusting you with their money. You’re backing it by real estate, but they are trusting you to take care of them. That’s why even when there are two private lenders on a deal being, backed by the same property, we talk we have this thing called total loan to value, which, of course, you Larry, you knew all about that. But total loan to value means let’s use that same example of an after-repair value of $200,000 I’m not gonna borrow more than a hundred 50,000. Well, I could have a private lender in first position with a hundred thousand. I can have another private lender in second position with 50,000. So now I’m gonna add both of those notes together.
Jay Conner [00:46:40]:
100,000 plus 50,000 equals a hundred and 50,000 divided by 200,000. Now we have a total loan-to-value percentage of still 75%. So, yes, even though we give the private lenders in junior positions their promissory note and their deed of trust, they are counting on you to look after them.
Larry Shakman [00:47:05]:
Right. Absolutely. So, we’ve talked about interest rates. We’ve talked about, you know, how to, find these private money lenders. Often, they’re within your sphere. Sometimes they’re not. Sometimes they’re already private money lenders. So we’ve talked about that, but what are as far as the terms go, the length of these, of that term?
Larry Shakman [00:47:32]:
So if I give you $200,000 and you’re flipping this home in Morehead and like I was, alluding to a little earlier, what I found here in Chicago when when we would flip a home, depending, of course, on the amount of work that needs to be done and, of course, you’re dealing with, you know, contractors and everything else and all that, and we know how that can go sometimes. But, how long does it take you to flip a house once you acquire it? Because I have found that you’re you’re you could be looking at four to six months depending on, you know, what’s up. And others, we flipped in in forty-five days that only needed paint and whatever, boom, throw it back on the market. And as long as it’s priced right and you’re checking off all the right boxes, you’re gonna sell it pretty quick and it’s gonna be a quick exit. But it could be a six-month process. So how do you approach that with your investors?
Jay Conner [00:48:36]:
That’s right. So it depends on where they’re getting the money from, so I just have a standard program across the board. If they’re using liquid investment capital as their own money, I just set up the note for two years. I’m probably not gonna use the money for two years. I’m probably gonna pay them off early. Or a lot of times, Larry, I’ll substitute the collateral. They’ll have their money with me. They don’t want the money back.
Jay Conner [00:49:00]:
They never want the money back. Because if they get the money back, they’re not making any money. Right? So, if I pay them off early, which normally I do, then we’ll substitute the collateral for the next deal if I’ve got one ready to go. If they’re using retirement funds, I’ll just set the note for five years. On those on those, I might sell that on rent to own. It might take a while longer for it to cash out. But, again, I just got that set in my program. That way, we don’t even have to think about it.
Jay Conner [00:49:29]:
There’s no negotiation. We’re gonna do a two-year note if you’re using liquid investment capital. We’re gonna do a five-year note if you’re using retirement funds. But I have a way for them to get their money back early if they have an emergency. So I put in the promissory note what’s called a ninety-day call option for the lender, which means for any reason, doesn’t matter, if they need their money back before the note comes due or me paying them all, all they gotta do is give me a ninety-day notice. Hey. I need to call the note due. That gives me plenty of time to replace their private money with another one of my private lenders’ money for that property.
Jay Conner [00:50:06]:
And I don’t charge any penalty. I could, but I don’t charge any penalty. And you know what? Ever since 02/2009, Larry, I’ve only had two small notes called due, and both of those were because of medical issues that were going on. But it gives the pro lenders peace of mind when I put a ninety-day call option, and then they know they’ve got a way out if something comes up.
Larry Shakman [00:50:30]:
Yeah. I love that because what this is about is, you know, when someone’s giving you their money to invest, like you said, they’re buying you. They’re not buying that piece of real estate. And when you could let them know, hey. On top of that, if you need your money back for medical purposes or anything else that comes up that you didn’t foresee coming down the pike here, and you need that money back, all you have to do is give me a ninety-day notice that you need that back. You get that replaced through another private money lender. They get their money back, and not only have you, you know, helped them through a difficult situation that they didn’t see coming, but that probably even, you know, makes them a more reliable partner for you in the future because now they’re saying, hey. Look at Jay.
Larry Shakman [00:51:25]:
You know? Look at this. I needed that money back. He got it back to me.
Jay Conner [00:51:29]:
That’s exactly right. And I’m so glad you used the word partnered. Even though we’re not joint venturing with our private lenders, they’re not sharing in the equity. They are the bank. They’re getting a straight interest rate. But we are in partnership as far as looking after their needs, keeping them informed as to, you know, what’s going on. And, you know, the best way they love to keep informed as to what going is what’s going on is checks in the mail, not on time, but early.
Larry Shakman [00:51:56]:
Yeah. Yeah. So I love all this, Jay, and I think, you know, not only are you helping people out there that need this service for one reason or another, but you’re helping, investors and probably a lot of people that would never have thought about this, you know, get into this type of investing, passive real estate investing, where you’re not getting calls in the middle of the night to fix a water heater or anything else. And, they it’s it’s guaranteed by real estate. So I think, it’s a win-win on both, angles here. What’s how do people get in touch with Jay Connor if they wanna get involved in your mastermind program, if they wanna learn from you how to do this?
Jay Conner [00:52:50]:
Thank you for asking, Larry. I’ve got a gift for your audience, Larry. Oh, we love gifts. So my recent best-selling book is called Where to Get the Money Now. Where to get the money now? Subtitle is where and how to get money for your real estate deals without relying on banks, any kind of institutional money, or hard money lenders. So we haven’t talked about hard money lenders. Some of them are my best friends in the world, but this isn’t hard money.
Jay Conner [00:53:18]:
This is about doing business with individuals. So this is not an ebook. This is an actual book, book, book. It’s $20 on Amazon. But let me just give you the book for free if you’ll discover shipping. I’ll three day express it to you through the United States Postal Service. I’ll autograph it for you, and you can get my book at JayConner.com, I’m an er, not an or. So go to www.JayConner.com/book.
Jay Conner [00:53:49]:
Again, that’s Jay Conner, j a y c o n n e r dot com forward slash book, and I’ll rush that around to you. In addition to that, come check out my podcast. My podcast. We’ve got 800 episodes now. This is our eighth year in the podcast. And the name of my podcast is, shockingly, Raising Private Money, Raising Private Money with Jay Connor. Easy to find. I’m always interviewing other people who raise private money for their real estate deals, and we get into their brains and their minds and interview them about what are their strategies, and how they go about raising private money without ever having to ask for money.
Larry Shakman [00:54:32]:
That’s awesome, Jay. And if people wanna just shoot you a quick email or something, what’s a good way they can do that? Where can they reach you best?
Jay Conner [00:54:39]:
Just You know what? I just love to talk to people. Let me give you my phone number. I mean, can you believe it? I love to talk to people. Right? So here’s my phone number, (252) 808-2927. 2 5 2 8 0 8 2 9 2 7. And when you go to jayconner.com, you can email me from the website as well.
Larry Shakman [00:55:00]:
And remember, that’s with an e. I had to correct that a couple of times. And, Jay, this has been awesome. I mean, what a great, bunch of content and information for people out there. I’ll shoot you a, you know, the video of this. If you wanna use it and repurpose it in any of your content, please feel free to do that. And, we look forward to having you on again.
Larry Shakman [00:55:31]:
This has been great.
Jay Conner [00:55:32]:
I’d love to come back, Larry. Thank you so much for having me. God bless you.
Larry Shakman [00:55:36]:
Yeah. Same to you, Jay. Stay warm over there in North Carolina.
Jay Conner [00:55:40]:
Hey. I got my hoodie on today.
Larry Shakman [00:55:42]:
Alright, Jay. I’ll see
Jay Conner [00:55:43]:
You. See you.
Larry Shakman [00:55:45]:
Bye. Alright, everybody. That was Jay Conner, the Private Money Authority. And Jay is a great guy, and what a great way of getting into real estate investing without using your own money in a passive way where you’re not getting calls in the middle of the night to fix a water heater or, you know, anything else that may come up. And this is just a great way to invest in real estate without driving the bus, but just being a passenger on the bus, if you will. So, we thank Jay for, joining us here today. Just want to thank everybody for joining us today. I wanna thank Jay for joining us.
Larry Shakman [00:56:32]:
Great conversation with Jay. Be sure to reach out to him if you’re interested in getting involved with his mastermind program or just finding out more about how Jay can help you get involved with some passive real estate, investing. And, you guys, it was awesome, really awesome talking with all of you today, we will be back next Thursday with some more great content, and we’ll talk more about the real estate market and the Real Estate Radio Show. We’ll talk to you guys.
Narrator [00:57:08]:
Thanks for joining us on Real Estate Radio with your host, Larry Shachman, the real estate therapist and top-producing broker. Now go to trustedagentUSA.com and save thousands when you sell, buy, or invest. Illinois license number 475145795. Tune in next week for the ultimate real estate radio experience.
Narrator [00:57:28]:
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. Download your free guide, which shares seven reasons 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.
