***Guest Appearance
Credits to:
https://www.youtube.com/@MatthewMaSF
“Most Deals Die Before the Bank Says No”
https://www.youtube.com/watch?v=DqHIUbQyETQ
In today’s shifting real estate landscape, the difference between closing a deal and watching it slip away often comes down to one crucial factor: access to funding. While traditional bank loans have long been the norm, they can be restrictive, slow, and fraught with unexpected roadblocks—something Jay Conner knows all too well.
The Wake-Up Call: When Banks Say No
Back in January 2009, after years of relying on banks for investment funding, Jay Conner faced a challenge familiar to many investors. Despite maintaining a solid relationship with his local bank, Jay Conner received an unexpected call: his line of credit was shut down overnight due to a global financial crisis. Without warning, two pending deals were suddenly at risk. That moment proved to be a turning point: “Who do I know that can help fix my problem?” Jay Conner asked himself, shifting his attention from conventional lenders to alternative methods.
Discovering Private Money
Through a referral, Jay Conner learned about “private money”—funds provided by individuals rather than institutions. Private lenders are often regular people: retired teachers, police officers, family friends, or even minor heirs. This approach opened a door to consistent funding without the headaches and uncertainty of bank financing.
Private money is fundamentally different from hard money or bank loans:
- Hard Money: Typically comes from institutional funds or brokers, carries high fees and interest, plus origination points.
- Private Money: A direct relationship between borrower and lender; no brokers, fewer fees, more flexibility, and friendlier terms.
As Jay Conner explains, Private lenders are ordinary people. Unlike banks, these lenders are not swayed by credit score or the investor’s experience but by the security and fairness of the loan’s structure.
The Private Money Advantage
There are three main categories for finding private lenders:
- Warm Connections: Existing relationships—family, friends, colleagues, or community contacts.
- Expanded Network: New connections made via business networking organizations.
- Experienced Lenders: Individuals already making private loans, often met through self-directed IRA company events.
With private money, terms are straightforward and uniform: Jay Conner pays 8% annual interest, with loan notes of 2 to 5 years depending on the funds’ source. Unlike typical banks, there are no origination or prepayment penalties, and the process allows for creative structuring—such as splitting loans among multiple private lenders, each with clear positions of risk and return. Every private lender receives collateral in the form of a mortgage or deed of trust, including insurance policies, and is protected by conservative loan-to-value guidelines.
Why Agents Need to Know About Private Money
Many deals collapse after banks back out late in the game. Jay Conner urges agents and investors to line up private money in advance rather than as a last-minute fix. Agents who want to stand out must understand these alternative funding tools and incorporate them into their practice. It’s not just about saving the deal—it’s about providing value and education to their clients.
Jay Conner recommends that agents equip themselves and their clients by sharing his book, “Where to Get the Money Now,” which covers strategies and even includes scripts for talking to potential private lenders.
Protection Against Scams
Beware of online scams promising too-good-to-be-true rates or requesting upfront fees. Legitimate private lending is always secured, with funds transferred directly to the closing attorney or escrow agent and with public documentation.
Moving Forward
The best real estate professionals are those who adapt, learn, and offer creative solutions. Whether you’re an agent supporting your clients or an investor looking for your next opportunity, private money could be the key that unlocks your financial freedom—even and especially when the bank says no.
Explore more about private money, grab Jay’s book, or connect at his next Private Money Conference. Empower your next deal and never let funding hold you back from success.
10 Discussion Questions from this Episode
- What are the key differences between private money, hard money, and traditional bank loans, as explained by Jay Conner?
- How did Jay Conner’s experience during the 2009 financial crisis reshape his approach to real estate funding?
- According to Jay Conner, what are the three main sources for finding private lenders, and how can new investors access them?
- Why does Jay Conner recommend not negotiating the terms with each private lender individually, and how does he standardize offers?
- What strategies does Jay Conner suggest for real estate agents to educate their clients about funding alternatives when the bank says no?
- How does collateralization work in private money lending, and what protections are offered to the lender?
- What are some risks or scams associated with private money lending, and what red flags should investors watch out for?
- In what ways does using private money allow for faster real estate transactions compared to traditional bank financing?
- How can new real estate investors leverage the credibility and experience of a mentor like Jay Conner when seeking private funds for the first time?
- Why does Jay Conner believe it’s important for all private lenders to receive the same interest rate, and how does this approach impact his business relationships?
Fun facts that were revealed in the episode:
- Private Money Lenders Can Be Anyone
Jay Conner shared that his private lenders include a diverse group of people—retired school teachers, police officers, civil service workers, and even minor children who inherited money from their grandparents, proving that private lenders aren’t just big institutions but everyday individuals. - Speedy Closings with Private Money
Switching to private money allowed Jay Conner to close on properties in as little as seven days—much faster than the 30–45 days typically needed with traditional banks. This quick turnaround gives investors a significant edge in competitive markets. - No Credit Score Required
A major advantage highlighted in the episode is that private money loans are collateral-based, meaning Jay Conner doesn’t require credit checks. This opens up opportunities for new or non-traditional borrowers, in contrast to the stringent requirements of most banks.
Timestamps:
00:00 Talking about private money strategy
04:51 Discovering private money options
09:00 Tapping into your warm market
09:38 Finding private lenders quickly
13:28 Approaching private lenders casually
16:16 Protecting private lender investments
21:02 Private lender incentives explained
23:45 Promoting a book on private money
27:10 Understanding short-term private lending
31:56 Real estate investment basics
33:59 Quick property purchase process
36:49 Consistent lender interest rates
39:41 Discussing repayment terms with investors
43:37 Warning about private lender scams
45:14 Explaining private money lending basics
Connect With Jay Conner:
Private Money Academy Conference:
Free Report:
https://www.jayconner.com/MoneyReport
Join the Private Money Academy:
https://www.JayConner.com/trial/
Have you read Jay’s new book, Where to Get the Money Now?
It is available FREE (all you pay is the shipping and handling) at https://www.JayConner.com/Book
What is Private Money? Real Estate Investing with Jay Conner
http://www.JayConner.com/MoneyPodcast
Jay Conner is a proven real estate investment leader. Without using his own money or credit, Jay maximizes creative methods to buy and sell properties with profits averaging $67,000 per deal.
#RealEstate #RealEstateInvesting #RealEstateInvestingForBeginners #Foreclosures #FlippingHouses #PrivateMoney #RaisingPrivateMoney #JayConner
YouTube Channel
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The Power of Private Money: Why Real Estate Deals Don’t Need Bank Approval
Jay Conner [00:00:00]:
Here’s the direct method or the direct question. Let’s say you and I are friends, Matthew, and we’ve been friends for a while, and we’re having coffee or breakfast. And then in the midst of that conversation, I simply say, Matthew, by the way, are your investment capital or your retirement funds getting a safe and high rate of return? Are you happy with the returns that you’re getting these days in the market?
Matthew Ma [00:00:23]:
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 for 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.
Matthew Ma [00:00:51]:
Today w, we’re unpacking what really happens when the bank says no and what changes when agents know there’s more than one option. Today’s conversation matters because more deals are falling apart after they go under contract. And most agents were never, ever taught what to do when that happens. Joining me today is someone who spent decades in the world of private money and alternative funding. He’s widely known as the Private Money Authority. He raised millions in private capital and helped agents and investors fund deals without relying on banks. Jay Conner, welcome to the show.
Jay Conner [00:01:20]:
Matthew, thank you for inviting me to speak about private money and private lending. The reason I’m so excited about private money for real estate deals is that since I started using private money to fund my real estate deals all the way back in 2009, I’ve never missed out on a deal for not having the funding. And this one strategy, you know, when someone masters this system of attracting private money- no chasing, no begging, no selling, no persuading- it’s really the most important strategy when it comes to having the funding for a real estate investor, for sure.
Matthew Ma [00:02:03]:
Take us back to the first time, like when the bank said no, right? What was the moment you realized that you couldn’t trust that system, and it wasn’t helping you save the deal?
Jay Conner [00:02:10]:
Oh, I remember, Matthew, like it was yesterday. It was January of 200,9 quite a few years ago. So, from 2003, that’s when my wife and I started investing in real estate. From 2003 until January of 2009, the only thing I knew to do was go to the local bank or the mortgage company and apply for loans, apply for lines of credit. I’d never even heard of hard money. Didn’t even know what that was. And so for those first six years, that worked out okay. But I mean, it was traditional funding.
Jay Conner [00:02:46]:
They made the rules. They set the interest rate, they set the length of the note, the, you know, the loan-to-value and all that stuff. And that worked out okay until January of 2009. Everything changed for the better, I might say. But I called up my banker in January of 2009, and I had two houses under contract to purchase. And I learned on that phone call, Matthew, that my line of credit had been closed with no notice to me whatsoever. I thought I still had a line of credit. So called up my banker, told him about these two deals.
Jay Conner [00:03:21]:
Well, I learned over the phone that my line of credit had been closed. And I said to my banker, I said his name was Steve. I said, Steve, what in the world are you telling me? Is my line of credit closed? We’ve been doing business. Been doing business for six years. Always made my payments on time. We have a great relationship. I said, ” Why are you telling me that my line of credit is closed? And he said, ” Jay, don’t you know there’s a global financial crisis going on right now? I said, No, but you just gave me a global financial crisis. I don’t have a way to fund my two deals.
Jay Conner [00:03:55]:
So I hung up the phone. And Matthew, I sat right here at this desk, and I asked myself a very, very important question. And the question starts with the word who, not how. The question I asked myself was, ” Who do I know that can help fix my problem? And by the way, these people running around saying, Every problem’s an opportunity. I want to throw up. I didn’t have an opportunity. I had a problem. Right? Let’s face the facts now.
Jay Conner [00:04:22]:
The problem became an opportunity. But at that moment in time, it was a problem. So I asked myself, who do I know that can help fix my problem? I immediately thought of a good friend, Matthew. His name is Jeff Blankenship. At that time, he was living in Greensboro, North Carolina, at the time, and he was investing in single-family houses. So I thought to myself, well, maybe Jeff can help me with my problem. So I picked up the phone, and I called Jeff. I told him what had just happened and my conversation that I had with my banker.
Jay Conner [00:04:51]:
And Jeff said, ” Well, welcome to the club, Jay. And I thought to myself, well, I’m not sure I want to be a member of that club. But what club are you talking about, Jeff? He said, ” Well, that’s the club of having the bank close your line of credit? He said they closed my line of credit last week. I said, Well, how are you going to fund your real estate deals? He said, ” Well, have you ever heard of private money? I said no. He said, ” Have you ever heard of self-directed IRAs, where an individual that’s got a retirement account can move that money over to a self-directed IRA company and then loan that money out to us real estate investors, and the interest we pay them is either interest is either tax free ortax-deferredd. I said, Jeff, I don’t have a clue what in the world you’re talking about. I said, ” What’s private money? He said, well, he says, I’m not exactly sure. He said, ” But there’s this gentleman down in Jacksonville, Florida, by the name of Ron LeGrand.
Jay Conner [00:05:44]:
I said, Who’s Ron LeGrand? He says, w” Well, I’m not sure about that either. I said, ” Well, why is that important? He said, because Ron Legrand says we can get a lot of private money for our real estate deals really, really fast. I said, ” Okay. So I went to my first real estate investing conference six years after I’d been in the business to learn about private money. And Matthew, oh boy, did I learn about private money. I came back here to Morehead City, North Carolina, and I put my opportunity together. And then what did I do? I put on my teacher hat. My teacher hat says private money, teacher.
Jay Conner [00:06:22]:
And I went about offering my opportunity of how ordinary people that’s got lazy money that’s not working for them, how they could become private lenders.
Matthew Ma [00:06:32]:
Before we jump into the part of it, let me ask you, too, for those who don’t fully understand yet, can you explain the difference between hard money and private money? Is it the same thing? And like, let’s dive deeper into that part of it where you start learning about private money. And how is that different from traditional banks? Because if a traditional bank said no, wouldn’t private money gonna say no?
Jay Conner [00:06:50]:
So that’s a great question. There’s a big difference between private money and hard money. Hard money is typically institutional money. It’s a broker of money. The hard money lender has gone out and established a fund for individuals to invest in. And then the hard money lender turns around and loans that money out at a higher interest rate. Then they’re going to pay the private lenders or investors, and they’re going to charge origination fees. In contrast to that, a private lender is a one-on-one transaction between you, the real estate investor, or the borrower, and that individual.
Jay Conner [00:07:31]:
So as a result, you’re not paying points, you’re not paying origination fees because there is no broker. There’s nobody in the middle of that transaction. It’s directly between you and that individual. So everything that we do here in this world of single-family houses is called one-offs. One-offs, in other words, a one-off. It means you got a private lender or maybe two or three that are loaning money. On this particular deal, they’re not investing their money in a fund. And so they’re going to get the same protection as the local bank.
Jay Conner [00:08:01]:
They’re going to get the promissory note, the deed of trust, or the mortgage. They’re going to be named on the title policy as an additional insured. They’re going to be named on the insurance policy as a mortgagee. So think of the private lender as the bank. The private lender doesn’t own any of the property. It’s the same type of relationship as you. The borrower would have the bank, but instead, it’s an individual.
Matthew Ma [00:08:24]:
Nice. So,o for example, who are private money lenders?
Jay Conner [00:08:27]:
So, private money lenders are ordinary people. I mean, my private lenders are retired school teachers, police officers, and civil service workers. I’ve even had private lenders who were minor children who inherited money from their grandparents at their death, and they became private lenders. So there are three categories for where you find private lenders. The first category is what I call your warm connections. Your own network. All these people are in your cell phone. Then your cell phone they’re in your social circle.
Jay Conner [00:09:00]:
Who do you go to church with? Who do you play golf with? Right. Who do you see regularly? Co-workers, if you still have a day job. And then there’s your professional circle in this first category. Who’s your cpa, who’s your attorney? We see these professionals; they are gatekeepers of all these other people who have money, in addition to them having money. Right. And so that’s your warm market, your own connections. The second category is what I call your expanded market. If you’re going to scale your business, sooner or later, you’re going to run out of your own connections.
Jay Conner [00:09:38]:
So how do you expand your warm market very, very quickly? Well, you get involved in organizations such as Business Networking International, which will blow up your warm market connections very, very quickly. And then the third category of private lenders is existing private lenders. These are individuals who are already loaning money out, either from their investment capital or their retirement accounts, to Real estate investors. Well, where do you find those people? Well, one place to find them is at self-directed IRA company networking events. Did you know that over 70% of account holders at self-directed IRA companies want to loan money to real estate investors? They want to be passive, right? They don’t want to go find deals, they don’t want to negotiate deals, they don’t want to oversee deals, or. But there’s something different about that third category. They already know what private money is. They already know what private lending is.
Jay Conner [00:10:35]:
You’re not putting on your teacher hat, teaching them about private money. They already know what it is, and they may already be spoiled as to the amount of interest that they are collecting.
Matthew Ma [00:10:47]:
The great thing about, for example, let’s say I’m a new investor, I’m going to buy my first investment property in any city. Who do I go to? Do I go to, you know, do I first go to like traditional banks, try to do that? Even though I’m a new investor, I don’t know how to do fix-and-flips. I’m learning. Or do I go straight to private money and start asking, you know, my mom, dad, my parents, my cousins, family, friends, or do I start going to networking events where I can meet these private investors who already know what private investing is and how do I figure out the different guidelines or like the amounts they’re asking, the terms between each of them, are they the same? Or, you know, how do you start working,g figuring this out as a new investor?
Jay Conner [00:11:23]:
All the terms are the same. So remember, you’re a teacher; you’re offering an opportunity. So, for example,d don’t have a deal in the midst of that conversation, because if you do, in that initial conversation, you’re already sounding desperate, right? So first, we just want to share the opportunity. So all of our private lenders get the same thing. So the terms 8% and that’s an annual percentage rate. I’ve been paying my private lenders 8% the same thing ever since February of 2009. The length of the note is the same. The length of the note is either two years if it’s investment capital, just liquid investment capital, or five years if it’s retirement funds.
Jay Conner [00:12:06]:
Because they don’t want that money back anyway. They just want to keep that money, you know, invested. The frequency of payments and it’s interest only payments, by the way. The frequency of payments depends on the private lender’s objections. Or their objectives, rather. Some private lenders need monthly income because they’re subsidizing their retirement Income. With this income. Some private lenders, they just want the interest to accrue.
Jay Conner [00:12:34]:
They just don’t want to even mess with the payments. And then when the property cashes out or sells, they get all their principal loan amount back, the principal amount along with the accrued interest. So you know, that becomes, that becomes, you know, whatever their objective is. So all the private lenders are. There’s no negotiation, remember, there’s no negotiation. These people have never heard about private money, private lending, or self-directed IRAs. So I’m educating them. Here’s the opportunity.
Jay Conner [00:13:04]:
And when they compare 8% to getting less than half a percent in a savings account or 3% in a four-month CD, that’s an annual percentage rate, by the way, 3%. And then, compared to 8%, they’re all excited.
Matthew Ma [00:13:20]:
Okay, so let’s talk about that too. Let’s, let’s pretend I’m a new investor. The first person I want to ask is a friend. How would I ask him to do a private money loan?
Jay Conner [00:13:28]:
Well, I’m not going to ask him to do the loan. I’m certainly going to bring up the conversation either using the direct method or the indirect method. So how would I start the conversation? Yeah, and by the way, I’ve put together a million-dollar private money, a million-dollar script collection recently. 12 scripts answer any question that a potential private lender has. So here’s the direct method or the direct question. Let’s say you and I are friends, Matthew, and we’ve been friends for a while, and we’re having coffee or breakfast. And then in the midst of that conversation, I simply say, Matthew, by the way, are your investment capital or your retirement funds getting a safe and high rate of return? Are you happy with the returns that you’re getting these days in the market, et and shut up.
Matthew Ma [00:14:15]:
Yeah, and I haven’t thought about it, but you know, for me, yeah, I’m getting like three, three and a half percent on the bank side, and then I invest a little money in stock, for example, and then the rest just sits in my retirement fund.
Jay Conner [00:14:25]:
Right. So when you answer. So the answer to that question, see, all we’re looking to do with that question is diagnose whether who you’re talking to has a problem. That’s all you’re doing is diagnosing. So when you say you’re getting 3%, then that opens up a conversation about how I’m paying my private lenders 8% annual percentage rate safely and securely. So I just dropped that Seed. See, if that sounds interesting to you, and if that sounds interesting to you, then, you know, I share, you know, how you’re protected and all that. But if you came back to me with that question and you said, Yeah, last year I earned 12% in the stock market, then I would just diagnose you don’t have a problem.
Jay Conner [00:15:10]:
I’m not going to tell you about private money. If you’re getting 12%, I’m then going to say, well, man, Matthew, tell me what you’re investing in. I want, I want to learn about that. So I’m not even bringing up private money because I just diagnosed that you don’t have a problem.
Matthew Ma [00:15:24]:
Yeah, and they’re making more than that right now, a nd whatever their risk is. But at the end of the day, if they were averaging 12% and you’re saying private money’s offering 8. So let’s say, for example, okay, hey, Jake, can you tell me more? Like, what do you mean you’re offering 8%? And like, what do you mean my, my capital is safe? Like, how does that work?
Jay Conner [00:15:40]:
Right. So, how it’s safe means that I’m not borrowing unsecured money.
Matthew Ma [00:15:46]:
Okay.
Jay Conner [00:15:46]:
In other words, I’m just not going to give you a promissory note, and I’m going to promise to pay you 8% for whatever length of time. In addition to that, I’m also going to collateralize the note by giving you a deed of trust in North Carolina. In Texas, it’s a deed of trust. In most states, it’s called a mortgage. And that’s your legal recourse. If I don’t pay you, the property does. In fact, you make more money with that property than the interest I would pay. But we know private lenders don’t want to mess with the property.
Jay Conner [00:16:16]:
They don’t want to mess with that. They want to be passive. And I’m also going to name my private lender on the insurance policy, the property and casualty insurance policy, as the mortgagee. That way, if there’s ever a claim against that insurance policy, then the insurance company is going to make the insurance check payable to my private lender, just like it would be if they were a bank, and to my company as well. And then, in addition to that, I’m actually going to name my private lender on the title policy as an additional insured, in case there are any title issues down the road. I’m not going to borrow more than 75% of the after-repair value. So it’s a very conservative loan-to-value. So we’re building in all these protections for our private lenders, just like the bank requires.
Matthew Ma [00:17:04]:
Okay. And let’s dive a little deeper than that. Let’s say, for example, I’m going to use a million dollars as an example in the San Francisco area. That’s just a basic bare minimum. Not even, but like, okay, hey Jay, I can only give you $500,000, and I’m open to the 8%. How are you going to get the other money now? Then how does that work with me? Am I involved with the other person? How would liability-wise.
Jay Conner [00:17:23]:
Right. So the private lender is going to be disclosed on the promissory note as to what position they’re in. So with a lot of my houses I do around here, 500,000 would be plenty enough money, if not more needed for a particular deal. But I have some private lenders that don’t have 500,000. They’ve got a lesser amount of money than that. And so then we look at what’s called total loan to value. Total loan to value. And total loan to value means you’re going to take if you have more than one private lender secured by the same property, then you need to add those notes, those loan amounts together, and divide by the after-repaired value of a single-family house.
Jay Conner [00:18:08]:
And you don’t want that total loan-to-value to exceed more than 75% of the after-repaired value. Now I didn’t say 75% of the purchase price. Yeah, of that, no more than 75% of the after-repaired value. So, for example, let’s say I had a after repaired value single family house of $400,000 after repair value. And so I can borrow up to 300,000 at 75% of the after-repaired value. But I might be buying that property for $200,000 because it needs renovation. Maybe it needs, maybe it needs 50 or 75,000 for renovation. So if I buy it for 200,000, I can borrow 300,000.
Jay Conner [00:18:51]:
Well, that’s $100,000 in what’s called excess cash to close. So I can bring home that $100,000 excess cash and use that money for carrying costs, ovations, et cetera. And then I still haven’t borrowed more than 75% of the after-repaired value.
Matthew Ma [00:19:10]:
Okay. And let’s say this now: you have two different borrowers helping give you money for the property, 400k, a nd somehow you default, ed or there’s a fire casualty issue. Who’s first on the loan? Is it them? Split by the percentages. And how does that work?
Jay Conner [00:19:23]:
So disclosing on the note is who’s in first position, who’s in second position. So we used a larger amount of money for the purchase that’s in first position, and then smaller amounts of money that we use for rehab. That would be in a junior lien position.
Matthew Ma [00:19:39]:
Yeah. So basically something happened. The first person gets paid first, whatever the amount. If there’s any leftover excess money, it’ll go to the second person.
Jay Conner [00:19:46]:
So the way it works is that it depends on whether someone’s having to foreclose, right?
Matthew Ma [00:19:52]:
Yeah.
Jay Conner [00:19:52]:
So the junior lien position is at higher risk than the first position. So if a junior lien position is going to foreclose, then they have to inherit the senior position. Right. They have to inherit that note. That’s why we pay our junior lien positions 10% instead of 8%. But the good news is, when you structure these deals the way I have structured them in all these years, 15 years. Well, I’ve been doing private money since 2009. So, since 2009, for 15 years, every one of our private lenders has received 100% of their anticipated income because of the conservative way that we buy these properties and the conservative way that we borrow money.
Matthew Ma [00:20:40]:
Okay, that’s good to hear. I’m glad. 100% is not easy nowadays, especially with all these properties, insurance issues,s going on with the environment. You know, this stuff.
Jay Conner [00:20:49]:
Exactly.
Matthew Ma [00:20:50]:
Okay, what happens? Are there any, like, prepayment penalties? Let’s say you fix the house in one month, and you flip the house in one month. Are there any prepayment penalties, any points, and things like that that go on for both parties?
Jay Conner [00:21:02]:
So there are no prepayments. First, let’s talk about the private lender. A lot of these programs, if they call the note due early, could be as much as a 5% penalty. Like if they invested or borrowed or loaned out 100,000, there would be a $5,000 fee if they called it due early. But in my opinion, there is no prepayment, or there’s no calling it a due fee. Because I just want to keep it simple for them to do business with us on my side of the table for borrowing the money. Then, in that case, as an incentive for the private lender to do business with us and loan us money on our deals, we promise to pay a minimum of six months of interest on every deal, even in the unlikely event we cash out.
Matthew Ma [00:21:50]:
Okay.
Jay Conner [00:21:50]:
Before that, six months, because, you know, the private lender doesn’t want to get paid off in two months or three months or four months. They want to earn the money.
Matthew Ma [00:21:58]:
Nice. Yeah, that makes total sense. And you having that into your contracts and the fact that you have a six month payment period where you’re going to pay the first six months, they know they’re getting the minimum of this amount and your project might take a year in general, so you kind of have it calculated, but in case you were to finish early for some reason, then you have that kind of minimum basis where they can get paid and then they’re probably happy to go on to it. Let’s say this: you’re a new investor, and you haven’t done a flip yet. You haven’t done construction deal loans, and having to do, like, you know, fix-and-flips.
Matthew Ma [00:22:25]:
How.
Matthew Ma [00:22:26]:
What kind of qualifications would they need to work with you guys or to work with any private lender?
Jay Conner [00:22:30]:
Well, first of all, if they’ve never done a deal before, my strong recommendation is to work with somebody who’s got the experience, right, make sure the deal is being structured correctly. And I’ve got thousands of students and mastermind members all across the nation who have never done a deal before, but they worked with me directly to make sure that the deal was structured properly. And I’ve got lots of students who have raised millions of dollars in private money and had never done a deal before they started raising the money. But how did that work? Well, they were working with me directly, so they were able to leverage my experience and leverage my credibility in getting the private money raised.
Matthew Ma [00:23:13]:
Okay, let’s talk about this, too. How do real estate agents come into play with private money? And how, like how can we help agents understand how to work with their clients and how to give your clients more options between traditional money, hard money,y and private lending? And how to guide their clients to understand, hey, I know you’re going to buy this property as an investment property, and you want to do fix-and-flips, and you have some construction experience, actually know a private money lender named Ja,y, and you know, he can show you how we can fund deals using this method. Instead of going this route and paying, you know, these additional points, this makes, this may make more sense.
Jay Conner [00:23:45]:
Right. I think the quickest and easiest way, and I’m glad you brought this up, because most real estate agents and realtors don’t even know about this world of private money. They’ve been exposed to traditional financing. And so what I would recommend is for realtors and real estate agents to share my book, which is so easy to read. My book is titled ” Where to Get the Money Now, ” the subtitle is ” How and where to get money for your real estate deals without relying on traditional or hard money lenders. And you know, if I were a realtor or real estate agent working with investors, I’d get a supply of these books and hand them out to my clients and say, ” Hey, here’s a way for you to get funding for your deals that you don’t have to rely on institutional money. Now the book’s 20 bucks on Amazon. Don’t give Amazon 20 bucks.
Jay Conner [00:24:36]:
I’ll give out a URL to where the book is free, just cover shipping and handling, and I’ll rush the book out. But that’s the first thing I would do as a realtor who is working with investors, real estate investors wanting to invest in single-family houses, duplexes, or quadplexes: I’d get this book Where to Get the Money Now and share the information with them. You can pick up the book at www.JayConner.com/Book, and I’ll rush it right out. Three-Day Express.
Matthew Ma [00:25:05]:
Let’s think about this, too. Let’s say a Sayana agent is currently in a deal, al and they do, they’re doing a traditional loan, and they 30 day close, and they suddenly find out on day 1721, the lender says, ” Oh, we can’t do the deal. What would you do? What would you recommend the agent do?
Jay Conner [00:25:18]:
Well, the worst time to be raising private money is when you need it for a deal.
Matthew Ma [00:25:23]:
Yeah, exactly.
Jay Conner [00:25:25]:
That’s why, that’s why I always say get the money lined up first. Get the money lined up first. There’s always going to be deals. There’s always going to be deals. So I practice and preach, get the money lined up first before you’re even making an offer on a property, and then you’re not going to have to worry about that traditional lender walking away.
Matthew Ma [00:25:45]:
And I think too, when you think about this way, I think the more we educate real estate agents and realtors that understand there are many different ways to do something, and the way some people always say, no, you can’t do it, you can’t do this, it’s not no. It’s like you mentioned, who do I know that can make this work, and how do I do it? And understanding, like there’s more than one method to do anything. Okay, the bank says no, but that doesn’t mean it’s no. It means no for that bank. Each bank, each bank has different product lines and different guidelines. And some banks are more conservative than others; some charge higher fees than others. But as an agent, you want to be the most educated you can, as you keep learning skill sets in the industry, so that you can provide more value to your clients. So,o for me, I would say I would love to learn residential lending, commercial lending, private money lending, and hard money lending.
Matthew Ma [00:26:27]:
And I used to be a lender too, so I kind of understand this. And as a lender, you want to say, okay, here are the different products, companies, and guidelines; they’re all different. Which one does my client fit best in? And if he’s doing a fix-and-flip, I know there’s additional risk involved. And right now,s there’s also additional insurance to be involved. And as you start understanding these different guidelines, you can say, Hey, just in case, investor, you might want to try these traditional picks because they’re going to offer you lower returns. But from my understanding of their back-end guidelines and underwriting, you may come up with certain issues that a letter of explanation may not solve upfront for you. So, as a secondary backup method, I always prefer to have another private money lender here. And I know your first question, investor, is like, well, isn’t there more risk? I pay points, penalties, e,s and fees, and the interest rate is higher.
Matthew Ma [00:27:10]:
And then what I learned to teach my clients is yes, some of it can be true, but there’s a difference between private money lending versus her money. And if you were to pay additional costs upfront here at a higher rate, think of it as a short-term. Are you borrowing this money for 30 years? Probably not. Are you going to refinance? Yeah, I pretty much agree. Okay, how long are you borrowing it? Six months. Like you just mentioned, six months’ payments or a year? Within that timeline, could you refinance after remodeling? Could you fix the issues? If you had issues qualifying, could you do this in the short term? And what does that cost at the end of the day? An additional 10, 20, 30k more or more? Would that have been more worth it for your investment? At the end of the day, the investment made so much money. Are you going to reduce that just because you go from 8% to a 6% rate? Are you going to lose the difference there for the equity gain? And I think at the end of the day, not all investors realize that difference, and it makes a huge impact. And if the agents can help explain it to the lender, hey, this makes more sense.
Matthew Ma [00:28:05]:
Think about it, right? You’re getting this much equity, your flip, and the after-repair value versus trying to conform to a traditional commercial residential loan. What do you think, Jay?
Jay Conner [00:28:17]:
Well, people use private money a Lot of times. If they’re planning on holding that property, they’ll use the private money for the length of time to purchase it, get the renovation done, and then refinance. You know, a lot of people refer that, refer to that as the brrr method. You know, buy it, renovate it, refinance it, rent it out, repeat. Right. So private money can be used for short-term and long-term purposes. I mean, I just checked recently, and the local bank rates on commercial loans are over 8%. Yeah, well, I’m borrowing private money for my flips at 8%, and if I wanted to keep it, I’m not paying any origination fees. Private money at 8% is actually cheaper than commercial rates are today.
Matthew Ma [00:29:04]:
Yeah. How much are commercial loans right now paying for origination fees in your area?
Jay Conner [00:29:09]:
2%
Matthew Ma [00:29:10]:
But then a private money lender wouldn’t charge you the 2%, and they would just charge you the 8%.
Jay Conner [00:29:15]:
Yeah. There’s no origination fee or broker fee because there’s no broker. There’s nobody in the middle.
Matthew Ma [00:29:21]:
So why don’t agents use them more than, you know, instead of going to a traditional commercial lender, wouldn’t they, they should be calling you guys? Right.
Jay Conner [00:29:28]:
And the thing of it is, as we mentioned, they just don’t know this opportunity exists.
Matthew Ma [00:29:33]:
Why is that? Why do you think agents and others in the industry don’t know that this exists?
Jay Conner [00:29:38]:
That’s a good question. The only thing I mean is I didn’t know it existed until 2009, after I’d been in the business for six years. So it just comes down to a matter of education. Well, I can tell you one reason most people don’t know about it. There’s no money to be made fr, say, a commission of a broker. Cause now there’s a commission to be made in the world of hard money. Right. But if you’re going to raise private money and have that one-on-one relationship with the private lender, then you’ve just got to know about it yourself.
Jay Conner [00:30:11]:
And by the way, in the book that I mentioned, I reveal in the book my entire 20-point benefit that we teach our potential private lenders. The entire program is in the book that you offer to private lenders. So, by and large, why most people don’t know about it is because there are no brokerages or financial advice. There’s no way for financial advisors to make money off of this.
Matthew Ma [00:30:36]:
Yeah. And I think even, for example, as a real estate agent,t we have,e like, in residential real estate, we have a thing called respite. Violations where we’re not getting paid by lenders anyway. Our goal is just to guide them to the, to understand. Here are the different options you have. You can choose any lender you want. They’re getting paid for their professional services. We don’t; we’re not involved in that.
Matthew Ma [00:30:53]:
But we want to make sure you understand that each bank brokerage has its own qualifications. And here’s how the house you’re buying, fixing, and flipping works with that. And even a private money lender, here are the things you can do, right?
Jay Conner [00:31:03]:
Exactly, exactly.
Matthew Ma [00:31:05]:
Can you take us to a real deal where you actually know, like a client or even yourself? You mentioned before that the bank said no. Why was the bank saying no anyway? And then how did you change that thought to be like, okay, the bank said no? Crap, what do I do? And how do I get a private money lender to do this deal for us?
Jay Conner [00:31:21]:
Well, I haven’t talked to a bank since 2009, so I haven’t been told no. I haven’t been told no since I got into this world of private money.
Matthew Ma [00:31:29]:
Why did the bank say no, anyway?
Jay Conner [00:31:31]:
Well, a bank would say no because. A bank would say no because of your credit score. Okay, so private money lending’s got nothing to do with the borrower’s credit score. Nothing whatsoever. Because it’s a collateral-based loan. Right. The bank might say no because they’re going to require a 20% down payment. Well, in this world of private money, there are no down payments ever required.
Jay Conner [00:31:56]:
In fact, you always pick up a big check if you’re renovating the property when you purchase the property, because it’s called excess cash to close. In fact, that’s a double check. If you can’t pick up a big check when you purchase the property, you’re paying too much for it. Right. Particularly if you are renovating the property, you know your credit score could come into play. The bank may not loan you any money if you don’t have any experience in real estate investing. That’s where you want to join forces with somebody who’s got experience, and you can leverage that experience with someone else.e
Matthew Ma [00:32:32]:
part of it too. For example, even as a new investor, when you’re going into a real estate deal with a traditional bank, as you said, qualifications, who you’re working with, and whether you’re from the area. For example, if you’re buying out of state, it’s going to be way harder to go. Traditional banks show that banks will be like: you don’t live in the city, you know, you haven’t, you haven’t been here. You’re buying a property. Who’s managing it? Who’s your contractor team? They’re asking you for your core four people. Right. And that’s difficult. With private money lending, you get to skip a lot of those things, and you know, work directly with a private money lender and figure those out.
Matthew Ma [00:33:03]:
Right. And that’s kind of nice. And let’s say you are a business owner. You’re providing all these LLCs, documentation, proof, and at the end of the day, they can still decline you after you did all this work to do it. Where private money could be simpler. Here’s the structure, here’s the terms, here’s what you want, here’s how it works. Are you in or out at the end of the day? That can make more sense and be way easier. And once you’re in the property, then you can go back and say, ” Let me go work on refinancing this after I did all the work, got my ARV up to a traditional bank at a lower rate.
Matthew Ma [00:33:29]:
Makes sense.
Jay Conner [00:33:30]:
Exactly. Well, another thing is speed. I mean, a traditional bank might be taking 30 days or 45 days to close. Well, you know, speed is king in this business. I mean, all my offers- I offer- I can close within seven days. Well, a traditional bank isn’t going to be able to close within seven days, but I can close within seven days when I’m using private money.
Matthew Ma [00:33:52]:
Nice. That’s all. Faster. What would, what would you think the seller would say if you had to offer 7 days versus offer this as 30 days?
Jay Conner [00:33:59]:
So most of these properties that we buy are for sale by owner. So a lot of them are still living in the property. Well, they can’t be out in seven days. So what do we do? We offer to close within seven days. We’ll go ahead and purchase the property, and the seller can stay in the property for free for whatever length of time that we agree on. 30 days, 60 days, whatever it is, and we’ll close within seven days, and we’ll give them half of their proceeds in seven days. Then, when they vacate the property, that’s when they get the other half, the other 50% of the proceeds. That way,y the seller can go ahead and get money in their pocket.
Jay Conner [00:34:41]:
They can have moving money, moving, you know, expense money. And from the buy side, you can go ahead and lock up that deal so it doesn’t slip away. Because the more time that goes by between negotiating a property and a contract and actually closing on it, all kinds of things can go wrong.
Matthew Ma [00:34:59]:
Let’s talk about that too. Let’s say, for example, okay, that makes total sense. And you can do that. And the owner wants, as he needs,s 30 days to 45 days to move everything out. The smart thing you mentioned at first was to give them half upfront and half later. So that way they can’t stay there forever now, because if they continue staying, they’re not getting their other half. Correct?
Jay Conner [00:35:17]:
Correct.
Matthew Ma [00:35:17]:
Okay. And then you mentioned the part where they get free rent during the time period, the 30- 45 days. But at the same time, in your contract,t you mentioned, you specifically specified you’re only getting paid half upfront and half later. So if you want this half, you’re going to leave. And once you do leave, then I will give you that half after the fact.
Jay Conner [00:35:34]:
Correct.
Matthew Ma [00:35:34]:
Okay, that’s smart. That makes total sense. For example, in San Francisco, which was really tenant-protective, people might stay after the purchase. So even though you have an agreement, those guys specify higher clauses, like additional terms, like if you don’t move out, you’re going to pay me 100,000, just for example. That way, you’re forcing yourself to move out,t and you agree to it. Otherwise, they’re going to have to fight, and no one wants to deal with that anyway. If an owner shouldn’t stay after the fact, but they forget, you get free rent; they stay here forever.
Jay Conner [00:36:01]:
Right. Well, in addition to that, if they don’t move out by that agreed-upon time. Excuse me, timeframe, then my real estate attorney has been holding that money, those proceeds, in her trust account. She then sends the proceeds over to the clerk of the court. So now the seller of that property has to appear before the clerk of the court and pay extra money to get their money back from the court.
Matthew Ma [00:36:29]:
All right, let’s talk about this, too. Since you’ve been doing private money since 2009, what has changed since then? Like right now, right now, this year, have there been changes to private money? And like, is there anything that private money lenders and investors should be watching out for? And like, how does it change with all the crises going on, job losses going on, insurance going up in flames, and things like that?
Jay Conner [00:36:49]:
That’s a great question. Well, remember, we as the borrower make the rules. We’re offering the opportunity. We’re diagnosing whether they have a problem. And you know what’s interesting, Matthew? I’ve been paying all of our private lenders the same interest rate, 8%, ever since 2009. Even with the markets going up and the markets coming down. Because 8% all this time during 2009 is still, even when you could get, two years ago, 5% in a certificate of deposit, 8% and 10% is still a whole lot better than 5%. So I have just kept my rates of return, the interest that I paid, the same ever since we started.
Matthew Ma [00:37:31]:
Nice. That makes sense, I think. You know, for example, some borrowers are like, Why8%? Couldn’t I ask a private money person 7%, 6%, 5%, can’t I just match to commercial or regular banks?
Jay Conner [00:37:41]:
You could. It’s your program, it’s your offer. You can offer whatever you want to.
Matthew Ma [00:37:46]:
But then I think on the opposite end of that, the investor might feel like, How come you only offer me five? And I heard you offered this person six and this person seven? Like, why does that change? And then your name, your brand, your recognition as a private money. They’re like, I don’t want to work with you.
Jay Conner [00:38:00]:
Right. Well, that’s why it’s so important. We pay all of our private lenders the same thing. And you know, private lenders, they talk among themselves. And so I want to be fair and pay the best interest rate that I can to every one of our private money lenders.
Matthew Ma [00:38:15]:
Okay. And then let’s say you’re going to go as a private money investor. You have this note right here. And then you’re working with an escrow company, you’re working with agencies, and you know, they have all their fees involved, everything involved. And you guys, like, how do you guys step into that? You just provide the promissory note, and then the money goes from the private investor to escrow, or does it go to the person first, and then it goes to escrow?
Jay Conner [00:38:35]:
So you’re talking about the point of purchase.
Matthew Ma [00:38:38]:
Yeah, yeah.
Jay Conner [00:38:39]:
So, at the point of purchase, the private money lender wires their funds to escrow. Most states use a title company. North Carolina uses real estate attorneys. But whoever your closing agent is, the private money lender wires their funds to the trust account. Right. And then no funds are dispersed until after closing, and everything is recorded on the public record.
Matthew Ma [00:39:03]:
Okay, that’s good. That’s a good safety net, too, for the investors. So they can say, ” You’re not giving me the money directly. What we’re going to do is we’re going to purchase property. Here’s the kind of things I’m looking for. And here’s a dollar amount, five hundred thousand, for example. You’re going to wire your funds into escrow,w and there’s a promissory note. Here are all the terms we agreed upon.
Matthew Ma [00:39:19]:
They reviewed it; your real estate attorney reviewed it. And when we close, they’ll get the 500k, and it pays everything out. And that way, you are protected from me, for example, from us. So that way I’m not just taking your money, running away,y and going somewhere, right?
Jay Conner [00:39:31]:
Correct. Correct. Yeah, everybody likes that promissory note, that deed of trust, that’s on public record before any monies are dispersed to me, the borrower.
Matthew Ma [00:39:41]:
Yeah. And for you, investor, just to feel safe, money’s recorded, it’s in the public records. And if you actually lost your public note, you have a copy in the public records here. And I am paying you this amount per month for whatever the terms we agreed upon at an 8% interest rate. And there are no fees on it, origination fees. Let’s say I give you a minimum of six months. So we’re going to pay X amount per month for six months, and after that,t I could, if I sold the property, give you your money back. Otherwise,se we could continue for two years as you said, five years if you have retirement funds, and then go ahead.
Jay Conner [00:40:13]:
Yeah. The key is making sure that the note stays collateralized to the property. So if I cash out on a property, then we can’t use that same property as the collateral because it was sold to a buyer right from us. But I can do what’s called a substitution of collateral or a loan modification. If I’m purchasing another property, I already have a property that’s got equity in it, then I can recollateralize that note and keep the note in play. The private lender doesn’t miss out on any interest, and we’re just doing the loan modification to change the collateral that’s backing that note.
Matthew Ma [00:40:52]:
Okay, nice. Let’s explain it in simple terms. Basically, you’re saying that I have property one here and I’m going to sell it. But in the lender investor, here is this amount of money, and I can actually use the same money. So I can substitute property number two to collateralize against that one while I’m keeping the same amounts here,e and we can keep continuing together on. I don’t need to redo a whole brand-new note with you.
Jay Conner [00:41:13]:
That’s correct. That’s correct.
Matthew Ma [00:41:14]:
That makes total sense. And how, how often do people flip properties right now? And how do the investors feel about it when they get their money back? Like, how long does it usually take for someone to get their money back?
Jay Conner [00:41:24]:
Well, they don’t want their money back. They want to keep their money invested. But on our flips these days, the money stays invested on average now about nine months to a year because we have lots of projects going on. And a property might sit there for three months or so before the renovation actually starts. And you know, when we have a new private lender, and we’re getting ready to pay them off, inevitably, they’ll say, Can’t you just keep the money? And the answer is no, I can’t keep the money unless I can collateralize it with another property and keep you protected.
Matthew Ma [00:41:56]:
Okay. And let’s add two things to that,t too. Let’s say this: I’m the investor. Hey, Jay, I actually want my money back. I found a new deal for myself. I actually want that. I need the money back. Can you give it to me now?
Jay Conner [00:42:05]:
So in the note, we give what’s called a 90-day call option. So that means if the private lender wants to call their note due early, prior to the length of the note coming due, all they have to do is give us a 90-day notice. And that gives us plenty of time to replace that private lender’s money with another private lender’s money.
Matthew Ma [00:42:25]:
Okay, that makes sense. It makes them feel better, like I have some form of liquidity, and hopefully the property is still growing, has equity, the person’s remodeling, and if I needed my money back just in case, I could ask for it. I can call the loan, and then you would try to replace it. What happens if you can’t replace the money?
Jay Conner [00:42:38]:
Well, that’s why we don’t borrow more than 75% of theafter-repaird value. So if they call the note due and I don’t have another private lender’s money, then a couple of things can happen. One, I can reduce the price, I can slash the price and do a quick sale, and that would make them whole, right? Or I can deed them the property. Say, look, if you’re going to call the note due, I haven’t finished the renovations. I don’t have any other private money. So here’s the property, here are the keys.
Matthew Ma [00:43:10]:
Okay? So that’s a way for them to also feel like the investor as a buyer: okay, you want the property back, here you go. I can’t give you your money back. We’re trying, but you know, you asked, you said, you told me one year, two years, but now you’re asking for six months. You know, that’s not there because the property’s still being rehabbed. Okay, here’s the property. So that’s good for them too. Is there anything else for people to be aware of to learn more about private money? Like how things to think about, things to ask. And it’s probably inside your book, right?
Jay Conner [00:43:37]:
We cover it from A to Z in the book@jconnner.com book. I will give out a warning to real estate investors who have not borrowed private money before. Be aware of the scams that are on the Internet and on Facebook. If you have a supposed private lender that is offering money at too good to be true, low rates, that’s a red flag. And if they ask you to send money to them for an origination fee or a processing fee before they fund your deal at your real estate attorney’s trust account, run the other way. That’s a scam right there. You never, never give a private money lender money up front. Never.
Matthew Ma [00:44:25]:
Okay, that’s really good to be aware of because that’s one thing I think people think about, too. Likewise,e how do I know who these people are and how the money is actually legit, and what do you know?. And as you said, you know scams. So. And then who do they review these contracts with?
Jay Conner [00:44:37]:
Like their attorney? Are you talking about the private lender?
Matthew Ma [00:44:41]:
Yeah.
Jay Conner [00:44:41]:
Or the borrower’s only documents are the promissory notes, the deed of trust, the mortgage, the insurance policy, and the title policy. Those are, those are the only documents that take place during a closing. You know, interesting. Excuse me. In all these years, I’ve never had a private lender want to have their attorney review the documents. Because my attorney draws up the documents, I don’t drop the documents. But there’s certainly nothing wrong with that. If the private lender wants to have their attorney review the documents, have at it.
Jay Conner [00:45:11]:
Because it’s all standard documents that we use.
Matthew Ma [00:45:14]:
Okay, perfect. Okay. I think that’s great information regarding private money lending and actually really helpful that you’re on this podcast helping agents and investors understand how to use private money, how it’s different from traditional lending, and that there are actually a lot of options open. And the only thing, the only caveat, is just watch out for any scams out there. But like if you have standard contracts and you understand what’s going on and how to use it and you can do basic calculation on does this make sense at 8% rate and these terms with no origination fee versus 6% rate with a 1 to 2 point origination fee or versus a residential rate and Basically, if I qualify, and as long as you can calculate the difference between holding time and remodeling time, which one makes more sense? And for most people, they might go towards private money lending at this point in age, especially when the rates are so high, it might make more sense. So, for anyone who’s looking for more information, how do they learn more about you and how to connect with you?
Jay Conner [00:46:06]:
Yeah, well, that’s the best way, you right there, just order up my book. I got all my contact information in here. Where to get the money now?. And you can get the book for free. Just cover shipping at www.JayConner.com/Book. I also just recently put together my Private Money Million Dollar script collection that answers any question a private lender has. And you can download that very first script for free. It’s called the Curiosity Opener.
Jay Conner [00:46:34]:
Real estate investors want to know how to start conversations. Well, you can pick up that at jconner j a y C-N-N-E r.com scripts and then finally, Matthew. Three times a year,r and the next one’s coming up right around the corner, I do a live event in person. It’s called the Private Money Conference. Not another event like it on the planet. And you can check out what happens at the Private Money Conference by going to www.jconner j-a y c O-N-N-E-R.com event, and you can register right there. It’s a $3,000 event, but because you’re listening to Matthew’s podcast, you get to come for free with a simple $97 registration fee. That’s jconnner.com even,t and I’d love to meet you in person.
Matthew Ma [00:47:22]:
When the bank says no, most agents freeze. Not because they’re incapable, but because no one ever showed them another option. The agents who last don’t rely on just one system. They understand leverage, funding, and how to move forward when the path changes. If you want to become the agent clients trust when it matters most, visit agenthustlenetwork.com. We’ll link everything in the show notes. And if this conversation brought clarity to something you’ve been wrestling with, send it to someone who needs to hear it. Thanks again for listening to the Truth About Real Estate podcast. We’ll see you guys in the next episode.
Narrator [00:47:54]:
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.