Are you looking for a way to build substantial wealth through real estate without relying on traditional banks, while maximizing the potential for tax-free growth? Corey Reyment’s journey, as revealed on Jay Conner’s “Raising Private Money” show, offers invaluable lessons for both new and seasoned investors. Let’s break down the key highlights and actionable strategies from Corey’s path to owning 140+ doors and building a multi-million dollar real estate business using the BRRRR strategy.
Starting with Intention and Intensity
Corey and his wife Carrie began their real estate adventure in 2016 with a single duplex and an ambitious dream: to reach 100 rental doors as quickly as possible. Like many entrepreneurs, Corey didn’t know exactly how he’d reach that milestone but credits his “intensity” and clarity of vision as the driving forces behind his success. His advice? If you want to achieve big results, your desire and motivation—the “why” behind your efforts—must outweigh your fears and distractions. Set that intention, keep your goals front and center, and let your actions reflect what you want most.
The Two Things That Matter: Deals and Money
Scaling a portfolio from one property to over 140 units might sound daunting, but Corey simplifies the process: focus on finding deals and finding money. Everything else is secondary. He suggests building relationships with property managers (so you’re not bogged down by daily operations), getting laser-focused on deal acquisition, and consistently working your network for funding sources.
Raising Private Money: It’s About Trust
Corey’s first private lender was his mom, highlighting that trust and reputation matter more than sales pitches. Over time, he built a broader network of private lenders by demonstrating consistency, transparency, and a genuine belief in the safety and profitability of his real estate investments.
One crucial mindset shift Corey espouses is seeing yourself not as someone “begging for money” but as someone offering a valuable opportunity for others to grow their wealth. Once you truly believe in the security and returns of real estate backed by solid deals, you’ll find it much easier to talk to potential lenders.
Demystifying the BRRRR Strategy
So, what is this powerful tool Corey used to achieve such rapid growth? BRRRR stands for Buy, Rehab, Rent, Refinance, and Repeat. By acquiring undervalued properties, improving them, renting them out, and then refinancing to pull out your invested capital, you can recycle the same funds into more and more deals. This compounding effect is how Corey scaled so quickly—and you don’t need a huge pool of initial private money to get started.
But beware: Many new investors make mistakes with sloppy underwriting or unrealistic expectations about refinancing. Corey stresses the importance of running your numbers carefully and being upfront with your private lenders about potential risks, such as appraisals coming in lower than expected.
Building Wealth—And a Lifestyle
What sets Corey’s story apart is not just the financial wins but the lifestyle he’s created. By building a successful business, Corey and his wife have the freedom to homeschool their four kids and travel extensively. This wasn’t accidental—it was by design. He credits his team for enabling him to step away from daily operations and emphasizes the value of intentional boundaries between work and family life.
Take Action: Start Your BRRRR Journey
If you’re inspired to begin your own BRRRR journey, Corey’s first step is practical: clarify your goal, laser-focus your efforts, and start building your network for private money. Remember, you’re providing an opportunity, not asking for a favor. If you want a deeper dive, Corey even offers a free course on the BRRRR method at Wisconsin Discount Properties.
Final Thoughts
Corey Reyment’s success with the BRRRR strategy is proof that with focus, the right mindset, and the willingness to leverage relationships, anyone can accelerate wealth-building in real estate. Define your “why,” master the art of finding deals and money, and always keep learning—and you’ll be well on your way to building tax-free wealth, too.
10 Discussion Questions from this Episode:
- Corey Reyment talks about the importance of intensity and motivation when pursuing big goals. How do you personally keep your intensity high when working towards a challenging milestone?
- Both Corey and Jay mention experiencing “shiny object syndrome.” How do you stay focused in a field like real estate, where there are so many potential paths and strategies?
- Corey attributes much of his early growth to utilizing private money and community banks. What are the biggest barriers for new investors in accessing private money, and how can those barriers be overcome?
- Corey frames approaching private lenders not as “asking for money” but as “offering an opportunity.” How does this mindset shift affect your confidence and communication in similar situations?
- The episode highlights the power of having an accountability partner—Corey’s wife Carrie played this role for him. Who keeps you accountable in your business or personal life, and how has that affected your progress?
- The BRRRR method is about recycling the same capital across multiple deals. How might this strategy change your approach to scaling a real estate portfolio compared to the traditional “buy and hold” approach?
- Corey mentions that good property management allowed him to focus on finding deals and money instead of day-to-day operations. Have you considered outsourcing or delegating parts of your business? Why or why not?
- Building and maintaining trust with private lenders is a recurring theme. What steps can investors take to build credibility and trust when they’re just starting and don’t have a track record?
- Corey and Jay discuss the importance of separating the initial conversation about private money from asking about a specific deal. Why do you think this is effective, and have you ever had an experience where “desperation had a smell”?
- Balancing entrepreneurial ambition and family life is a challenge for many. Corey shares how he manages to homeschool and travel with his family while running multiple businesses. What boundaries or systems would you put in place to manage business and personal life?
Fun facts that were revealed in the episode:
- From One Duplex to 140+ Doors in Less than a Decade
Corey Reyment and his wife Carrie started their real estate journey in 2016 by buying a single duplex. Using the BRRRR strategy and focusing intensely on their goals, they grew their portfolio to over 140 doors in under 10 years! - Private Money Got Him Started—and Mom Was His First Lender
Corey’s very first private money loan for a real estate deal came from someone he knew and trusted—his mom! This helped him leap into investing, and he now attributes much of his success to building relationships and creating opportunities for others to invest. - Living the Freedom Lifestyle
Corey and Carrie homeschool their four kids, which gives them the flexibility to travel and spend time together as a family. Their real estate business not only created wealth, but also allowed them to design the lifestyle they wanted—proof that “financial freedom” can truly mean freedom!
Timestamps:
00:01 Achieving Big Goals in Real Estate
04:36 Finding Motivation and Intensity
08:12 Staying Focused and Accountable
12:21 Building Trust for Private Funding
13:12 Journey from Fear to Belief
17:17 Opportunity Investment Mindset Shift
22:40 BRRRR Method: Recycle Real Estate Capital
24:09 Effective Dialogue with Private Lenders
26:27 Connect with Corey Reyment:
https://www.WisconsinDiscountProperties.com
28:09 Team Focus and Role Clarity
30:44 Balance Work and Family Time
33:40 BRRRR Method Free Course
https://www.WisconsinDiscountProperties.com
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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.
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Unlock Tax-Free Wealth Using BRRRR and Private Money With Corey Reyment
Jay Conner [00:00:01]:
Well, let me ask you something. What if you could go from buying one little duplex to owning over 140 doors in less than a decade? What if you didn’t have to use banks but instead built an entire business on private money, flipping, wholesaling, and scaling so fast you turned it into a multi-million dollar operation? Well, that’s exactly what happened. Today you’re going to meet my guest who accomplished this. His name is Corey Raymond. He started back in 2016 with his wife Carrie, bought that first little duplex, and in just three years parlayed it into 115 doors using the BRRRR strategy. Well, today he runs I Buy WI, of course, for Wisconsin and Wisconsin Discount Properties. That’s the largest wholesaling and flipping company in the state, pulling in three and a half million dollars in revenue last year alone. But here’s the kicker.
Jay Conner [00:01:06]:
Corey’s not just building wealth, he’s building a lifestyle. He and his wife homeschool their four kids so they can travel the world, spend time on the water, and actually live the freedom that real estate promises. Now, in this episode, we’re going to dive deep into how he did it, how he structures deals, how he raises private money, and what you can take away to shortcut your own journey. Well, welcome to the Raising Private Money show. This is the only podcast for real estate investors who want to fund their deals without relying on banks or credit or using their own cash. I’m Jay Connor, the Private Money Authority, and I’ll show you how to get private lenders begging to fund your next deal. Because every good deal starts with the money. In just a moment, you’re going to meet my dear friend, fellow mastermind member Corey Raymond, right after this.
Narrator [00:02:02]:
If you’re a real estate investor and are wondering how to raise and leverage private money to make more profit on every deal, then you’re in the right place to raise 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 Connor.
Jay Conner [00:02:30]:
Well, Corey, welcome to the show, my friend.
Corey Reyment [00:02:33]:
I was. It should be. Welcome back, Jay. I was on here like four years ago or five years ago, I think. Man, it’s been a while, man.
Jay Conner [00:02:39]:
Corey, that’s been too long. I’m glad to have you back. Well, look, now I want you to take us all the way back to 2016 when the story began. What gave you the conviction to buy that very first duplex, and did you have any idea that it would snowball like this?
Corey Reyment [00:03:01]:
No, no clue, man. I mean, you always have that big vision. If you’re, I think a lot of entrepreneurs, especially when you’re starting a business, you have to set some goals and some, you know, they call them the BHAG goals, right? And you know, there was probably some of that. One of the big goals for my wife and me was to get to 100 doors as quickly as we could. And the, the, you know, the, what do you want to call it? Like, the scary part about that is getting that first one when you get zero, you’re like, how the hell am I ever gonna get to a hundred? I don’t even have one. Right. So there was definitely a lot of, a lot of fear. But, you know, a good friend of mine who’s in the real estate business as well, he’s got like 6,000 units.
Corey Reyment [00:03:40]:
Crazy, crazy unicorn animal. But I remember he always talked about like, intensity level. How intense do you want a certain goal on a scale of 1 to 10? Right. And people who are at a 10 are going to do anything they can to get to their set goal. And I think for me, when I got into this journey, my intensity level was probably 8 or a 9 to start this journey. And so there was a lot of fear, a lot of, A lot of, you know, being scared, all that kind of stuff, but the intensity to get all over that was greater than the fear that was going to hold me back, I think. So that’s what got us going.
Jay Conner [00:04:17]:
Now you’re using this word intensity. I’ve. Or in. Yeah, intensity. I’m not sure I’ve heard someone use it quite like that. So dive deep into that word intensity. How does someone become intense, practically speaking, about achieving any goal?
Corey Reyment [00:04:36]:
Well, I think it comes down to the motivation, the why, right? Like, why are you doing anything in your day? And sometimes we do it unconsciously, and we’re just going through the motions, right?. And I would say that intensity level is at a pretty low level, right? When we’re actively pursuing something, and we want it really, really, really bad. I guess if I’m going to put it just in those kinds of terms, you know, that intensity level, if it’s consuming our thoughts, our actions, and everything, that we’re operating on on a conscious level, that intensity levels up closer to that 10 level. And it really depends on how you’re going to prioritize certain things. You know, what are you prioritizing your time with, how you’re spending, you know, what you’re consuming, all that kind of stuff, I think plays into practically getting yourself to that, that higher level of, of a 10. Right.
Corey Reyment [00:05:22]:
And a lot of times when we’re talking to other investors who are looking to, you know, pick up deals from us that we’re selling or whatever the case is early on, that’s one of the conversations I’ll have with people, like, where are you at on wanting to reach your goal? We’ll first figure out what their goal is. Then we’ll sit and talk about, well, where are you, at, and how badly do you want this goal? If you had to put it on a 0 to 10, and if they’re closer to that 10, you know that we talk about some of these practical things. Well, what are some of the things you’re doing, the actions that you’re doing to, you know, make sure that you are going to be going at it at that, at that type of intensity level that you need to be at.
Jay Conner [00:05:54]:
So when you use the word intensity, it sounds like the same root word of intensity has the same root word as intention. So. Intention, intensity. So when you’re talking about intensity, you’re talking about your focus, you’re talking about your top-of-mind awareness, you’re talking about the massive action steps that you consistently take to that. That focus, you know, keeps you on track. But, you know, a lot of entrepreneurs, including myself, have this challenge called distractions. Distractions. So, how do you deal with distractions and shiny object syndrome to keep your attention focused on the goal?
Corey Reyment [00:06:44]:
Well, that’s a tough part for any entrepreneur, I think. Jay. Right. Especially in real estate. There’s so much under the real estate., I was having a conversation with another investor a week ago, and part of our conversation was like we said, we talked about real estate. There’s a big old umbrella over the top of real estate, and there’s wholesaling, there’s fix and flip, there’s rentals, there’s private lending, there’s note buying, there’s mobile home parks, there’s commercial buildings. There’s like so much underneath that real estate umbrella, which I think, for those who love this industry, is one of the reasons that I love it, and I would say a lot of us love it, is that you can never stop learning.
Corey Reyment [00:07:18]:
You’re always there, there’s always more to learn, and there’s always more to grow in this business. And I think that’s one of the exciting parts. It’s also one of the traps, right, that we can get into. I used to joke. I used to listen to the Bigger Pockets podcast back in 2016, and I’d call up Carrie, my wife, and I’d be like, Guess what, honey? You know what? That whole buying rentals thing, we’re not gonna do that now. We’re buying hotels. Yeah, that’s what we’re, you know, and of course, that didn’t pan out, but I would go into that shiny object syndrome. So I think what?
Corey Reyment [00:07:48]:
One of the things that really helped us a lot, Jay, early on, was getting really clear on what our goal is and why we want said goal. Right. And for us, it was 100 rental doors as quickly as possible. What did that mean if we could get there? That meant that I’d be able to leave my job and do this full-time. Or so we thought at the time. Then we got 100 rental doors. Like, oh, that’s not real reality. But that was the, that was what that goal meant to us.
Corey Reyment [00:08:12]:
So every time, like, I would start to stray off onto something else, like my wife, who I’m very good at being like Corey. That’s not our goal. Let’s get back to being focused and get really good at this first. And then later on you can, you can go play and have fun and do all these other things. But first, let’s get this goal. Because we both agreed that this was going to lead us to the end outcome that we were looking for. So I guess to answer the question, long-winded, there’s, you know, there’s having people that you’ve talked to, the goals about, that can hold you maybe accountable to those goals and keep you on track of making sure you’re staying focused and you’re staying after it. The other piece is always just reverse engineering that goal.
Corey Reyment [00:08:48]:
So when we say 100 doors, three, you know, as quickly as we can, so on and so forth, we had to start working that backwards to figure out, okay, what does zero to one look like first? And what are those action steps that we need to take to get that first one on and then focus on those action items first?
Jay Conner [00:09:04]:
Well, it sounds like your wife Carrie is a lot like my wife Carol Joy, because my Carol Joy keeps me out of the ditches.
Corey Reyment [00:09:14]:
Yes.
Jay Conner [00:09:14]:
And my guess is you and I’ve got a lot in common. Well, it’s not my guess. I’ve known you for nine years. Yeah, but you know, we visionaries.
Corey Reyment [00:09:24]:
Yeah.
Jay Conner [00:09:25]:
And creative people, we’re all over the map. Right. We’re all over the map. Oh, I got to try this. I got to try this. Oh, this will make it better. Oh, I never tried that. Therefore, I should try that.
Jay Conner [00:09:35]:
And we love split testing, and we love marketing, and we love all those things. So with all that in mind, you know, most people struggle to scale past one or, for goodness’s sake, two rentals. How in the world did you leap from that first duplex to 115 doors in three years? I mean, that’s like. I know our audience is going, but how do you go from 1 or 2 to 115 in such a short period of time?
Corey Reyment [00:10:04]:
Yeah, well, that’s. That was. That was an interesting time, too. So part of it was, I think, the market at the time, right? We were still able to do a lot of bird deals. A lot of it had to do, too, with money, you know, so we use a combination of private money. We use community banks. We have some really good community banks here that were handing money out like candy at a parade. You know, back in 2017 through 2020, they were just giving it away.
Corey Reyment [00:10:26]:
And so the combination of kind of pairing those things up, you know, it was really came down to, like, for me, I always. I always think of, like, this game is kind of simple. When we break it down. If we’re looking at buying rentals, right, we have a really good property management company or a couple of them that we work with. And so for us, on the management side of the rental piece of it, we don’t really have to be too involved in that now. You still should manage your managers. A lot of other stuff we go into there. But if I’m just strictly thinking about, like, building wealth, to me, the way I look at it is like, how do I find deals, and how do I find money? And if I do those two things and that’s all I focus on, right? We go back to trying to keep the guardrail.
Corey Reyment [00:11:04]:
What are the action items I need to focus on? It was those two things. It’s like, okay, find deals, find money, find deals, find money. And as long as I could keep doing those two things, I don’t want to say it was easy because otherwise everybody would do it, but it was. It was. That was the, like, keeping the focus and the intention of, like, okay, I gotta get to. I want to get to 100 doors as quickly as humanly possible. Find deals, find money, find deals, find money. And just staying focused on those two action items to build that portfolio quickly were really the two keys, I think, to.
Corey Reyment [00:11:33]:
To get there quickly versus you know, getting distracted with all the other squirrel things that I wanted to get distracted with, and the fun, sexy things. It’s not fun and sexy necessarily to just focus on two things. If you’re a squirrel like you and I.J.
Jay Conner [00:11:48]:
Well, it really is that simple when you stop and think about it. Finding money, finding deals, right? And so you mentioned that private money has played an important part. And after all, the name of this show is raising private money. And you mentioned private money is. Has been an important part of the funding that you’ve used along the way. When you started out attracting and raising private money, how did you go about doing it, and how did you raise that first few hundred thousand dollars?
Corey Reyment [00:12:21]:
Well, a lot of it’s our network, right? And you probably talk about this on every episode, I would assume, Jay, but it’s a lot of trust, right? And I think you start raising private money long before you ever think you’re ever going to get in this game. And what I mean by that is it’s your reputation, right? It’s how you have interacted with your network, a nd what’s your character track record, and how have you been able to build trust with people through that? Now, social media is a beautiful thing, right? You can, you can build a lot of relationships just from some of the content that you’re putting out on your own. Social media people can get to know really who they’re dealing with through that in a lot of ways. But that first deal that we did was with my mom. So she’s known me for my whole life. That was a pretty easy one. But she, you know, it was just starting that conversation. And at the time, I wasn’t very good at it.
Corey Reyment [00:13:12]:
I didn’t have a lot of confidence that I was even going to be successful. You know, that was a lot of fear for me. It was, man, I, I have to make this work because I can’t let my mom down, right? Or I can’t, like, get her out or, you know, have her lose her money, right, because she’s worked hard her whole life for it. So, in some ways, it was a healthy pressure to make sure that what we were doing was going to be successful and, you know, getting mentors and people, the second set of eyes, and all those things. But after that, starting to build that portfolio, that track record, a little bit, I started to figure out, like, and really believe. And I think, Jay, you know, this, anything you sell, you’ve got to really believe in it or it’s going to be tough to sell it. And for me, I really believe that I’m giving people an opportunity to put their money to work in a very safe investment vehicle, comparatively speaking, to some of the other things. And that’s come through my own personal experience.
Corey Reyment [00:14:05]:
I did some stock market kind of crazy gambling, as I call it, gambling stuff, right? With my money in the stock market. And I lost like 30 grand or 40 grand in some highly volatile stock back then, in the 20, 20 days of COVID, D went to zero, went liquid on me. So that was fun. But through that experience, it reaffirmed my belief in having people put their money in real estate as one of the safest vehicles I think you can possibly put your money into. Anso, so I truly 100% believe that. And so when I’m talking to people about who has money sitting on the sidelines, hey, I have an opportunity for you to put that money to work. And this is an extremely safe opportunity for you, in my opinion.
Corey Reyment [00:14:50]:
Now, there are risks with everything, right? And so we talk about those risks, but compared to some of the other options they have, I think it’s an incredibly safe vehicle. And I truly believe that. 100. So those were some of the things that I started to communicate to people about investments. And then just the reputation, I think, like I said, it goes back to people saw consistency. The people saw that I wasn’t just going to be here one day and gone the next day in the real estate space, and that we were building something with good values. And we’re, we’re a Christian-based company, and we’re okay sharing that with people, and those people, other people who see the values in that, were attracted to bring some of their capital. So a lot of the reputation, I think, and trust over time is what really helped bring in.
Jay Conner [00:15:33]:
You just said something in your story that triggers me to really dive in and ask you a very, very important mindset question. And when I say mindset, in my experience, Corey, this whole business, private money, real estate investing, the whole thing’s 95% having the right mindset. Right. You can have all the strategy, all the tools, all the knowledge, all the know-how, but unless we own that real estate between our ears, we’re not going to get off screen square one. With that in mind, what would you say to a real estate investor that’s never raised private money? What would you say to them when they said, I’m just not comfortable asking family and friends for money?
Corey Reyment [00:16:29]:
Yeah.
Jay Conner [00:16:29]:
Now there’s more than one leg in that, in that question, right?
Corey Reyment [00:16:36]:
Yeah.
Jay Conner [00:16:36]:
So what would your response be? Your response. Your response would probably be a question.
Corey Reyment [00:16:42]:
Yeah.
Jay Conner [00:16:44]:
Someone who looks at you and says, You know, I’m just not comfortable asking family and friends for money.
Corey Reyment [00:16:52]:
Well, you’re absolutely right, Jay. My first thing would be trying to understand why. What’s the reason behind that? What’s their history? What’s preventing them from being able to do that and then starting to dive into their belief in the opportunity that they’re presenting? Again, I don’t think you’re asking them for money. It’s just a mindset shift. Right. You just talked about that. I think I love that idea; the best real estate we can own is between our ears.
Corey Reyment [00:17:17]:
And for me, it’s really about that belief in the fact that it’s an opportunity. I’m giving somebody a chance to put their capital to work. I’m not asking them for money. I’m giving them an opportunity. And so it’s just a little tweak in how it’s framed in our brains. Sometimes I think that once I got that and I realized, like, whoa, I am actually doing people who have money rotting away in their bank account at 0.035% or whatever it is in your checking account if they have idle cash sitting there. And I am being selfish, actually, by not offering them an opportunity to put their money. I have an awesome vehicle here to give them a great, safe return on their money and help them build some extra income or some wealth or whatever they’re looking to do to achieve maybe their financial goals.
Corey Reyment [00:18:02]:
I don’t even give them the opportunity, like, I’m. I am selfish for doing that. So for me, there’s plenty of. And I think through experience, Jay, and being around other people, too, you can steal belief. Right. I think that a lot of times, that’s one of the most important things about networking. With people who are where you want to be, you can leverage the belief that they have. Right.
Corey Reyment [00:18:23]:
And you can kind of steal some of their credibility in a way of saying, like, well, they’re doing it. I know it works. Right. It builds some confidence. But it’s. It’s. You’re giving somebody an opportunity. You’re not asking for money.
Corey Reyment [00:18:35]:
And there’s plenty of idle cash lying around on the sidelines right now that would love to get an 8 to 10% return on their money if you gave them the opportunity. But if you don’t ever share it with them, how are they ever going to know that’s even an option?
Jay Conner [00:18:48]:
Corey, you and I are two peas in a pod. As you were just explaining what you would respond to that. And you’re right. That’s why I call myself the Private Money teacher. Yeah, the private money teacher. I’ve got 47 private lenders right now. Not one of them ever heard of private money until I shared with them what it is. None of them ever heard of a self-directed IRA and how they could use retirement funds to be a private lender until I shared it with them.
Jay Conner [00:19:19]:
And you know what’s funny? Of those 47 private lenders, Corey.
Jay Conner [00:19:25]:
A handful of them are accredited investors. But you know what’s funny? They don’t even know they are accredited investors because they don’t even know what an accredited investor is. Yeah, right. Yeah. And so you’re so on point there, where we’re not asking for money, we’re not begging, we’re not chasing, we’re not selling. And I know a lot of new people who haven’t raised private money or are thinking that you have to sell. And now, you know, obviously, what comes along with that is a fear of rejection. Well, I say all the time, how can you be rejected if you never ask anybody for anything? I never asked for money.
Jay Conner [00:20:05]:
I share what it is. What is private money? Of course I can do. You can do it on one. You can do the private lender lunch and buy people lunch, and have your realtor there and your real estate attorney there, your credibility team, and feed them lunch and do a little 20-minute presentation on what private money is and how much you pay. And I’ll tell you another big secret that I discovered early on is never talking about a deal or an opportunity on a deal in the same initial conversation as to where you’re exposing people to private money, because here’s a writer downer, Corey. Desperation has a smell to it.
Corey Reyment [00:20:44]:
It does commission, say what we call it, commission, in the sales world.
Jay Conner [00:20:49]:
Commission breath. Now that’s funny right there. Yeah, but yeah, so it’s like, you know, if you’re talking about a deal in the same initial conversation as expo, you know, sharing with people the opportunity, you’re already sounding desperate, and you don’t even mean to sound desperate. So a big part of that in my discovery is separating those conversations. And once they tell me how much they have to work with, and you know, I’ll introduce them to the self-directed IRA company. If they’re going to use retirement funds, they could just use investment capital. And so then they transfer their money over to the self-directed IRA company. I call them up with a good News phone call and tell them the property.
Jay Conner [00:21:29]:
And I got great news for you. I can now put your money to work because I promised them I would put their money to work. So it’s just an easy transition of trying to, instead of trying to pounce on somebody. So obviously this does not happen overnight, Correct?
Corey Reyment [00:21:45]:
Correct. Yeah. I think that’s important, Jay, what you just talked about. I thought about that. I’m like, man, I’ve made that mistake many times before of trying to have the same conversation about the deal and how private money works. And I think it’s a confused mind that says no. And so if you’re throwing too much at them and you’re chasing them, they feel like, in that instance, they’re probably going to run away. And so I think that’s really sound advice. And that’s why you are the master at private money, man.
Jay Conner [00:22:10]:
Thank you. Thank you. Now, one of your expertises, if that’s a word, one thing you’re really good at.
Corey Reyment [00:22:17]:
Yeah.
Jay Conner [00:22:18]:
Is this thing called the BRRR method or the BRRRR strategy? So first of all, tell everybody what the BRRRR method or burst strategy is for those that may not know. And once you explain, it sort of sounds pretty simple, right? But where do most investors mess it up? And how did you avoid these pitfalls?
Corey Reyment [00:22:40]:
Oh, that’s good. So the Burr stand, it’s an acronym, Buy, rehab, rent, refinance. And you can throw another one on there, repeat, which is my favorite. And what it allows you to do basically is recycle capital. And so, you know, Jay, you and I are talking about raising private money. And I think, you know, when you hear, holy cow, 115 units. This guy had to raise millions and millions of dollars. You really only need a couple of private lenders, maybe one if they really have, you know, a lot of cash, and you can just recycle their private money multiple times over and over and over again through that, through that process where people make the mistake. It’s sometimes underwriting, so they’ll make that mistake and not run their numbers correctly.
Corey Reyment [00:23:23]:
But even in that case, you know, a traditional purchase of a rental property, typically, you’re looking at putting 20 to 25% down on the property on the purchase. And then if it’s a value-added property, you’ve got to come out of pocket for all this capital. And then a lot of these lenders, they’re not going to let you get that capital back out for a while. Right. I mean, maybe a year, maybe longer. And so your money’s sitting in there tied up, and it’s really limiting a lot of growth that you could do quickly. Right. And so if you do the burst strategy properly, even if you don’t run the numbers correctly, you still should be into that property for a lot less than, you know, 20 down or 25 down plus all of your rehab money, you know, maybe you’re into it for 5 or 10% of the total, you know, cost of the project.
Corey Reyment [00:24:09]:
So, where they may make that mistake, the other thing I think is important is having, if you’re going to use your private lenders, so the way I’ve used them in the birth strategy a lot of times, either for the purge, you know, they might cover the whole thing, which is awesome. But if not, if they want to come in and they have a smaller dollar amount, that’s great, they can cover, they can cover the rehab on the property, or maybe the initial down payment. I have the community bank and the rehab. Maybe it’s that, that chunk that they’re covering now. One of the things that might make a mistake is if they don’t have that conversation up front with their lender about what happens if this appraisal comes in low and we have to keep some capital in this project. Right. And so they, that lender you talk to might be expecting all of their capital returned to them in six months or shorter or however, you know, depending how long of a initial discussion you had with that individual, where you might be in a bit of a bind if you don’t have a lot of liquid capital sitting around to cover an appraisal, potentially coming in low. And now your lender is expecting their cash back.
Corey Reyment [00:25:13]:
They have a mortgage on the property, so they could potentially foreclose on that. If you don’t have those initial conversations of worst-case scenarios here, what’s going to happen if our appraisal comes in lower than expected?
Jay Conner [00:25:25]:
Right. Well, the burst strategy, you’re mighty good at it. And I believe that you’ve got a hot-off-the-press new training about the burst strategy and how to implement that, is that right? And if so, how can people, you know, find out about that?
Corey Reyment [00:25:42]:
Yeah, it’s not new, but the new thing, Jay, we’re doing for you all, your audience that wants to reach out to us, and anybody that comes through our buyers list at Wisconsin Discount Properties, we are now giving it away for free.
Jay Conner [00:25:55]:
Oh, wow.
Corey Reyment [00:25:56]:
When we launched this thing with our good buddy helping, my good buddy Tom Kroll helped me put this together years ago, we were charging about 900 bucks for the program. And then that also had someone on one or some weekly calls with me as well. We kind of got rid of the weekly call. So it is now the course that we’ve developed through all the feedback that we got from people through that initial coaching program, that we were charging around $1900 just for the course, and again, we’re going to give that away for free. So they can just go to Wisconsin Discount Properties, put their information in on our website, and then somebody from my team, usually Connor or Rees, who work for me, awesome guys. They’re usually reaching out to people who fill that out, and somebody can just say Hey man, I’m interested in getting in on that, on that course. And they’ll get you a discount code and get you set up with that for free.
Jay Conner [00:26:44]:
Wow, that’s amazing. Corey. Thank you for that. Awesome gift.
Corey Reyment [00:26:48]:
Yeah.
Jay Conner [00:26:48]:
S, that website to take advantage of Corey’s free offer on learning about the burst strategy is https://www.WisconsinDiscountProperties.com, and you can contact them then and there, you go. You got access to the free course. Well, I’ll tell you, Corey, three and a half million dollars for goodness’s sake in revenue last year. That’s a pretty big number if I say anything. So my question is, what key systems or decisions allowed you to hit that scale?
Corey Reyment [00:27:26]:
Probably focus again. I see, I see Tom Crow right now commenting on our live stream.
Jay Conner [00:27:31]:
Speaking of the amazing, infamous Tom Crowley shows up in the feed.
Corey Reyment [00:27:35]:
Yeah. This gives him another shout-out. I remember when we joined his coaching program back in the day for wholesaling, and we met him shortly thereafter at one of their events, and I think it was in. Somewhere in North Carolina, maybe. I can’t remember.
Jay Conner [00:27:50]:
No, Orlando, maybe Asheville. I don’t know.
Corey Reyment [00:27:52]:
I think it was before that it was Orlando. And I remember I was so excited because we were doing flips and we were doing rentals and we were wholesale and I was like, Tom, we’re doing all this stuff. And he’s like, yeah, stop doing that. You’re most welcome. You know, the Tom way. You’re dumb for doing all those things. Just focus on one thing and get really, really good at it. Kind of went back to Carrie.
Corey Reyment [00:28:09]:
Carrie’s probably over there. You know, my wife at that time, like, see, I told you, idiot. Like, you know, just follow Tom. If Tom tells, though, then you’ll do it, right? That was kind of how it worked, but it was, it, it was just, it’s just really staying focused. You know, we’ve built a team over the last decade now doing this. And so we, we’ve had what I call it, who-not-how issues in the past. And we’ve got some really good who’s, as I call them, on our team now that are really focused on their specific role within our company. And so we’ve done a really good job, I think, in the last couple of years of getting our team to own what their specific role is on this team, how it affects their teammates, making sure everybody’s, you know, not trying to do everything all at once, being really good in their specific roles.
Corey Reyment [00:28:54]:
And then everybody’s rowing the boat in the same direction all the time, so. Which is really great. Now we still have internal conflict. We just had a coach in this morning to work with our team on communication and all kinds of other things because that’s just human nature. We’re going to have issues like that. But it really comes down to helping, you know, we’ve built a team over the years. There’s no way I would ever be able to do this on my own. Absolutely not.
Corey Reyment [00:29:16]:
So it’s helping bring in great people, getting them really comfortable in the roles, getting them really focused on what their specific role is, what that means for success, and then just trying to be there to support them and give them the tools and resources they need to be successful in their specific roles.
Jay Conner [00:29:31]:
So your T systems are people.
Corey Reyment [00:29:34]:
People, yeah, it’s people for sure.
Jay Conner [00:29:37]:
Same thing here. I’ve had the same acquisitionist who talks to all my sellers of properties for 19 years. I’ve had the same realtor for 20 years. I’ve had the same general contractors for 15 years. And yes, it does all come down to the team. Now, Corey, one thing I love about yours and Carrie’s story is that you’re all homeschooling 4 Kids while running all this. And the question is, how do you balance family, business, and travel without burning out people?
Corey Reyment [00:30:11]:
I’m gonna go back to that. You know, we just did it. We just got back from a two-week road trip out west. So we flew into Salt Lake City and then went north and did, you know, the Yellowstone and the Tetons and Wyoming and all that cool stuff. So the Badlands, everything else, it was awesome as our team just handled pretty much business the whole time. You know, there were a few things I had to step in on that were just necessary because I’m still writing checks on certain things, as far as if we’re going to flip a property or do certain things. But for the most part, they all handled it, you know, and I came back to really no issues. I was kind of surprised.
Corey Reyment [00:30:44]:
I’m like, man, my day is busy, but I don’t really have like a bunch of fires to put out when I get back or anything like that. So it was really awesome to be able to take that time with the family and be able to unplug, and not have to be in the business every day. Having a lot of trust in the team that we have now and letting them operate, letting them do what they need to do, and they kick butt. So that’s really the. The big key to it. But I think intentionality 2j, we go back to that. This is something I’m always. Every time I have one of these conversations or get on a podcast or anything, and somebody asks me something about this, it’s always a great reminder of making sure I’m keeping it separate.
Corey Reyment [00:31:19]:
So when I get done for a day, it’s been. Trying to be 100 percent present with the family when I’m there and not let it bleed over with cell phones and Internet, a nd everything else. Nowadays, it’s really easy to let it bleed into personal life, and family feels that. And so trying to stay. Trying to keep it separate. Carrie’s good at reminding me in the nicest way when I need a little reminder. And it’s good. I need it, but that’s.
Corey Reyment [00:31:43]:
It’s people. And then setting those boundaries, I think, are the two biggest things that are keys to keeping that balance.
Jay Conner [00:31:50]:
Yes, that’s great advice. Well, let me give you one more piece of practical advice before I let you go, Corey, to really give the audience some more value. For someone listening who wants to get started in brrrr or raising private money, what’s the first practical step you tell them to take today?
Corey Reyment [00:32:09]:
Call Jay Connor.
Jay Conner [00:32:14]:
You can tell them to call Jay Conno, and I’ll tell them to call Corey Raymond, and yeah, you’ll cover them on Burke. I’ve never done a bird deal in my life. I flipped over 500 houses, but I’ve never done a burr. And yeah, we can definitely, we can definitely help the audience raise money.
Corey Reyment [00:32:30]:
We’ll tag team them, Jay. I think that’s the best way. They come to you for the money and how to. How to get all the cash. And I’ll feed them some deals and some Strategy on. On the bird.
Jay Conner [00:32:38]:
Well, I’m glad you got the order right, because after all, the money comes first. Hey, Corey, have you ever heard the guru on stage to real estate investors, newbies say, Oh, just get the deal under contract. The money will show up.
Corey Reyment [00:32:52]:
Yeah, until it doesn’t. And then you look like a jack wagon to the suburbs. You gotta cancel because you can’t close the deal.
Jay Conner [00:32:58]:
Yeah, yeah, I love it. I love it when they’ll say, Oh, money finds good deals. And I’ve got this visual of a bag sack of money with legs that’s just walking and running around trying to find a good deal, and boom, it just appears on the front porch of somebody that’s got a deal under contract because they’re looking for money. Anyway, it’s that. I won’t talk anymore about that. Corey, thank you so much for joining me here on the show. You are amazing, my friend. Thank you so much.
Corey Reyment [00:33:30]:
Right back at you, brother. Appreciate you being on here, and I always love talking to you, Jay. You always bring a. I always bring a smile, dude. And always bringing my happiness level up every time I see you, man.
Jay Conner [00:33:40]:
So thank you so much. And again, go to www.wisconsin discountproperties.com for that free course on the BRRRR method, and you’ll be glad you did. Thank you again, Corey. There you have it, my friend. Another amazing episode here of raising private money. And if you found this of value, listen, you’re only one conversation away from making an impact on somebody else. Be sure to just share this episode with just one other person that you believe would make a difference in their life. And give me a like and a review and five stars, and I’ll love you even more.
Jay Conner [00:34:23]:
I’ll see you right here on the next episode of Raising Private Money with Jay Conner.
Narrator [00:34:31]:
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.
