April 15, 2025 • 42 mins
Imagine never having to beg a bank for funding again. What if you could consistently secure real estate deals with private lenders without ever asking for money? That's exactly what Jay Conner has mastered, and he shares his revolutionary approach in this eye-opening episode.
Jay reveals how he's built a portfolio of 47 private lenders providing $8.5 million in capital for his real estate business, all while maintaining the same 8% interest rate since 2009. Operating in a small market of just 50,000 people, he achieves average profits of $86,000 per deal by being "a big fish in a small pond" – a strategy perfectly suited for Wisconsin's many smaller markets.
The conversation illuminates the critical distinction between private money and hard money lending, with Jay emphasizing that true private money involves direct relationships with individual lenders using personal investment capital or retirement funds. This approach eliminates fees and middlemen while giving investors unprecedented control: "We get to make the rules. You as the borrower are already approved. There's no applications, no credit score checks, and you are your own underwriter."
Perhaps most valuable is Jay's psychological framework for approaching potential lenders. By separating conversations about the lending program from specific deal funding requests, investors avoid projecting desperation. His "teacher hat" approach educates lenders about opportunities rather than asking for anything, culminating in his "good news phone call" script that elegantly puts money to work without ever making a pitch.
The episode also explores how self-directed IRAs create win-win scenarios, allowing lenders to grow retirement funds at stable 8% returns that are tax-advantaged while giving investors access to capital. As one of Jay's lenders wrote in a thank-you note before passing away: "You changed our retirement years."
Ready to transform your real estate funding approach? Grab Jay's book "Where to Get the Money Now" for free (just cover shipping) at jayconner.com/book and start building your own private money network.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Welcome back everybody to another episode of
the Wisconsin Investor Podcast,and today I have somewhat of a
celebrity here who I'm going tointroduce in a minute.
But like usual, I've been doinga little commercial lately for
Wisconsin Discount Properties,who sponsors the show.
Today, what I'm going to focuson is not a specific deal, but
just on all of the things thatwe can do at Wisconsin Discount
Properties to help you if you'relooking to get started in
(00:23):
investing in Wisconsin, or youalready are in Wisconsin and
you're just looking to get thatnext deal or maybe get your
first deal.
Our team at Wisconsin DiscountProperties is here to help you
guys.
So what you can do if you'renot quite ready to start looking
at deals yet, but you just wantto start getting your footwork
or your feet underneath, you, goto
wisconsindiscountpropertiescomand, instead of putting your
information in on the front page, just go to the contact us page
(00:46):
If you just want to have aconversation and see if
investing in Wisconsin orgetting on our buyers list is
the right fit for you.
But if you do think that's theright fit and you're ready to
start getting deals sent to youevery single day, go to the
website and put your informationon the front page and you'll
start getting an email from usevery single week, monday
mornings at 6 am with some hotdeals for the week that are off
(01:06):
market.
The only place you can get themis through our buyers list.
With that, let's get intotoday's episode, because we got
a lot to cover in a short periodof time.
I have my good buddy here, mrJay Conner.
Jay, what's going on, brother?
Speaker 2 (01:18):
Hello, corey, I'm so excited to be here with you on
your show to talk about my mostfavorite topic, that being
private money.
Speaker 1 (01:27):
I'm so passionate about private money.
Speaker 2 (01:29):
Why in the world is that?
Because private money has hadmore of an impact on our real
estate investing business thanany other strategy that we've
used ever since 2003.
Speaker 1 (01:41):
For the audience here who doesn't know who Jay
Connernor is.
Jay and I met back in 2008.
He was speaking at uh or 18,I'm sorry.
He was speaking at an eventthat I was attending as one of
the keynote speakers there and Igot to network with jay and get
to connect with him.
Then we ended up being in somemastermind groups together and
gotten to know jay for quite awhile and you can tell this
fella has a lot of energy andhas quite the wisconsin accent.
(02:02):
J where are you?
What part of Wisconsin are youin right now that we're doing
this, Robin?
Speaker 2 (02:07):
The Wisconsin accent.
I've never been accused ofhaving a Wisconsin accent.
Yes, so my wife, carol Joy, andI we live here in eastern North
Carolina, at the southern tipof the Outer Banks, in a very,
very small town called moreheadcity, north carolina.
Population 8 000 and, yeah, ourtotal target market is only 50
(02:30):
000 people.
Wow, um, so we don't do thatmany deals.
We'll do two to three deals amonth.
Uh, we don't wholesale.
We stay in all the deals.
We flip most of them okay um,and, but our average profits now
are 86 000,000 per deal, and Idon't say that to brag at all, I
say that to make a point, andthat is there's an argument to
(02:51):
be made to invest in smallerareas, outlying areas, to where
you don't have all thatcompetition with all the other
real estate investors, and um,so you know it works out.
I mean, run the numbers two orthree deals a month at 86 grand,
those.
That math sort of seems to work.
Speaker 1 (03:08):
That math's nicely.
Speaker 2 (03:10):
We're in a small area here, and you know, I just much
rather be a big fish in a smallpond.
Speaker 1 (03:16):
Yeah, well, that's great because that relates
really well to Wisconsin.
We have a lot of small ponds inWisconsin.
You know we're talking a barand a church and a stop sign,
maybe if you're lucky.
So I love what you're talkingabout, because I think that's an
untapped area here for ourlisteners is they think they got
to be in what we call the bigcities, which, comparatively
speaking, are still relativelysmall, but there's a lot of
(03:40):
money to be made in thoseoutlier areas where you don't
have everybody fighting overeverything.
Right, absolutely, that'sawesome.
The reason I really thought ofyou, jay, is I have
conversations every day withinvestors who are looking to get
started in real estate or havealready been started in real
estate maybe, and one of thethings I preach all the time is
the two most productive things Ithink people can do in real
(04:00):
estate investing is find dealsand find money.
And if they just keep doingthose two things, obviously you
got to build a little team ifyou're flipping and those kinds
of things, right, that's alsotakes time.
But if you do those two things,it doesn't matter how bad of it
or how good of a team you have.
If you buy it right, you canafford a lot of mistakes, right
For your bad team.
But you are inevitably knownthroughout the industry,
(04:22):
throughout the country, as theleading expert in how to find
private money.
Can you just talk to theaudience a little bit about,
like, what the heck is privatemoney?
I think most of us understandit, but in your definition, what
is private money?
Speaker 2 (04:38):
and why the heck is this such a great tool?
Why are you so passionate aboutprivate money?
Sure Well, one of the easiestways to start explaining what
private money is to talk aboutwhat private money is not.
Speaker 1 (04:46):
So when.
Speaker 2 (04:47):
I talk private money.
I'm not talking hard money.
Now I'm not poo poo and hardmoney lenders.
Some of my best friends on theplanet are hard money lenders.
In fact, they use my techniquesto raise money not for their
deals, but for their hard moneylending fund.
Speaker 1 (05:03):
Exactly yeah.
Speaker 2 (05:04):
They then turn around and lend out to real estate
investors.
So and the reason it's soimportant to talk about the
distinction between privatemoney and hard money is because
you got I mean, there's a hardmoney industry thing going on
right now to where hard moneylenders a lot of them are
calling themselves private moneylenders and they, they are
(05:27):
lending out private money, butit's not their money that you
know.
Most of the time, a hard moneylender is a middle person or a
brokerage that has raisedprivate money from individuals
to invest in their privatelending fund, and then the hard
money lender will, in turn, loanthat out.
So that's hard money lending.
When I talk private money, I'mtalking about doing business
(05:50):
with individuals, human beingsjust like you and me, that loan
money out to us real estateinvestors, either from their
just liquid investment capitaland or their retirement funds.
Now, that's huge.
Right there, I've got 47private lenders right now
funding our real estate dealsand, by the way, if you're
(06:12):
listening to this show, youdon't need 47 private lenders,
you just need like one or two Iwas going to say the only one or
two could recycle their moneyover and over again.
And that's a good thing aboutprivate money you get to use it
over and over and over again,never with any origination fees,
et cetera.
So, yes, we're doing businesswith individuals.
And the reason I say retirementfunds are so important is, you
(06:36):
know, not one of my privatelenders my 47 private lenders
ever heard of private money orthe opportunity to be a private
money lender.
Until what did I do?
Speaker 1 (06:49):
I put on my teacher oh, I love it for you guys
listening.
You can't see this.
You got to go to youtube.
He's got private money, teacherhat he just put on.
Speaker 2 (06:58):
I love it, yeah so I put on my teacher hat and I
teach people what private moneyis, what it it's all about.
So you know one big distinctionbetween borrowing institutional
money and using private lendermoney when you've taught them
about the opportunity is that weget to make the rules.
You know, when I used to go tothe local bank and borrow money
(07:20):
from our real estate deals, Ihad to get on my hands and knees
and put my hands underneath mychin and say please fund my deal
, please fund my deal.
And you know I'd have to.
You know, raise my skirt up sothey could look at all my
personal assets and pull mycredit score and financial
statements.
None of that exists.
None of that exists in thisworld of private money,
(07:43):
particularly when you got yourteacher hat on and you're
exposing this opportunity topeople that never, you know,
never, heard about this.
So we get to make the rules.
You see, here's the deal.
Here's a writer downer you asthe borrower, the real estate
investing borrower you as theborrower, you're already
approved.
There's no applications,there's no credit score, there's
(08:07):
no financial statement, and youare your own underwriter.
You underwrite your own deals.
You set the interest rate, youset the maximum loan to value Uh
, you set the length of the note, you set the frequency of
payments.
All that, yeah.
By the way, if you don't knowwhere to start on putting that
(08:27):
together, I got you covered.
I say just duplicate what Ioffer, just duplicate what I
teach.
It seems to work pretty good.
Speaker 1 (08:35):
Yeah, it's served you well since 2003.
I mean, that's over two decadesthat it works.
So I think you've proventhrough every market now, jay,
that the system you have ispretty awesome, and I know at
the end of this you're going tohave a little giveaway for the
audience which we can talk aboutat the end, correct?
Speaker 2 (08:54):
Oh sure, yeah, I'm so excited about my new book,
which is called when to Get theMoney.
Now, it's not an e-book, it'san actual book, book that I'll
autograph and I'll mail it toyou.
And yeah here at the end of theshow, I'm going to give out a
specific URL where you can getthe book for free.
Uh, just cover shipping andI'll rush it out to you Three
(09:16):
day rush delivery through theUnited States Postal Service.
Speaker 1 (09:19):
Sweet.
That is awesome.
I have the book, love it.
There's so many good nuggets init, by the way, jay, that I
know we had a mastermind a fewyears ago that we were running
and we Zoomed you in to speak tothat audience and they loved
you and you got the book out toa bunch of them and I know that
made an impact for a lot ofthose folks as well.
But private money to me, thisis I wanna go back to this One
of the things I think it'ssaying.
(09:40):
Jake, maybe we can expound onsome of those techniques they're
going to find out in the bookor just talk a little bit about
your experience.
There's a lot of fear forpeople around talking to friends
, family, their network.
They feel like they're chasingpeople.
What are some easy thingspeople can do to either reframe
that or what have you found tomake that less maybe scary for
(10:04):
people who want to do this realestate thing and need private
money to accomplish it?
Speaker 2 (10:08):
Yeah, that's a great question.
I hear it all the time.
People that have never raisedcapital, never raised money,
they'll say something along thelines of or if they don't say it
, they're feeling it.
They'll say I've got a fear ofrejection.
So I answer that with thisquestion.
And the question is how can yoube rejected if you're not
(10:31):
asking anybody for anything?
Speaker 1 (10:33):
So good.
Speaker 2 (10:34):
So I got eight and a half million dollars in private
money from my investors that Ijust use from project to project
to project.
And you know what's interesting, corey, is, I've never asked
anybody for money.
I've never asked anybody formoney and they say, jay, wait a
minute.
Oh, and, by the way, inaddition to that, I've never
pitched a deal.
(10:54):
I've never pitched a deal.
And they say, jay, wait aminute, hold the phone, hold the
phone.
How do you get all that privatemoney and you never ask anybody
for money?
And how in the world do you getyour deals funded and you never
pitch a deal?
Speaker 1 (11:10):
Right, I'm going to pull the curtain back on that
secret so let's hear it.
Speaker 2 (11:15):
So here's a really, really important point to first
understand this.
You know I talked about myteacher hat First.
You want to have an attitudethat you're leading with a
servant's heart and you'reteaching people about this
opportunity in this world ofprivate money.
So one big secret here togetting your deals funded
without ever asking, neverpitching is we separate this is
(11:39):
critical, Okay, Separate theconversations with a new
potential private lender aboutthe program and then having a
deal to fund.
Here's a writer downerDesperation has got a smell to
it.
Speaker 1 (11:56):
Oh yeah, Stinky cologne baby.
Speaker 2 (11:58):
Stinky, cologne, and you know.
If you're talking with a newpotential private lender about
your opportunity and in thatsame conversation you're talking
about a deal that you'relooking to get funded, you
already sound desperate.
Speaker 1 (12:12):
Yeah.
Speaker 2 (12:13):
Without even trying to sound desperate, because what
you're communicating when youdo that is I need your money to
fund this deal.
It's what you're communicatingwhen you do that is I need your
money to fund this deal.
It's what you're communicating,and guess what?
You don't need their moneybecause there's more money out
here available than there aredeals quite frankly.
Right.
So first, what we want to dosince we're going to separate
the conversations is you'regoing to teach people, and I
(12:37):
suggest starting in your ownwarm market, your own
connections, your own network,people in your cell phone,
people you go to church with,people you play golf with, et
cetera.
Start with that, and in my bookwhere to get the money now that
I'll mail to you, I actuallyhave you go through an exercise
on how to make your initial listof people to contact and, by
(13:02):
the way, you know, this does nothave to all be one-on-one.
I mean, I've raised $969,000 innew private money at one one
hour luncheon.
I call it the private lenderluncheon, you know.
So, back to how do you get thismoney without asking for it.
So first you teach, expose themto the program.
Back to how do you get thismoney without asking for it.
So first you teach.
Okay, expose them to theprogram.
(13:22):
And, by the way, if they'relistening to your program on
private money, they'reinterested, or they or they
wouldn't be listening theywouldn't be listening right,
exactly.
And so first you teach it andyou know, they tell you verbally
how much they've got to workwith.
You know, is it investmentcapital?
Is it retirement funds?
You now need to introduce themto your self-directed IRA
(13:45):
company representative, wherethey can move their money over
with no tax effect and earneither tax deferred or tax free
income using their retirementfunds.
So they tell you what they'vegot, where it's located.
And now, corey, I'm going toshare with you and your audience
right now the exact script comeon, baby the exact words to use
(14:08):
when you've got a deal for yourprivate lender to fund.
And this script that I'm goingto share right now exactly what
to say.
Let's go you got a deal for themto fund and you are not
pitching, you're not asking.
Speaker 1 (14:24):
So real quick, just to make the point.
So you've already educated themon what private money is, you
know how much they have, youknow where it's good, where it's
potentially coming from.
Right now we've let the.
Are we letting the dust settlehere and then we're coming back?
Speaker 2 (14:35):
Because when so, corey, let's say that you are a
new private lender with me.
Let's say that I've taught youthe program, the opportunity.
You know the interest rate,which is 8%, by the way, there's
no points, there's noorigination fees.
You know the length of the noteis going to be two years.
(14:56):
You know the maximumloan-to-value is 75% of the
after repaired value, which, bythe way, side note, that's one
bit.
One of the 20 reasons I loveprivate money is I always bring
home a big check when I buy theproperty.
Who wants to get paid to buyproperties?
I never take any of my ownmoney to the closing table in
(15:18):
this world of private money.
And so anyway so let's assumeI've taught you the program, you
love the program.
And let's say, hypothetically,that you have told me that
you've got $150,000 in a let'ssay it's in um Charles Schwab,
in in in the, in the stockmarket, dedicated retirement
funds and you're tired.
(15:39):
You're sick and tired of thevolatility, let's say, and you
want a set rate, you knowreliable return 8%.
You're happy with that, you'reexcited about that.
So I've introduced you to myself-directed IRA company that I
recommend my private lenders touse.
And let's say you've moved that$150,000 from your retirement
(16:01):
account over to theself-directed IRA company and
that took a couple of weeks toget that in place.
And so now you've contacted meand you say, jay, I got the
money, they're ready to go.
And I've said, okay, corey.
And here's exactly what I say.
I said, corey, I'm going to putyour money to work for you just
as soon as possible, probablywithin the next couple of weeks
(16:21):
or so.
And you say, great.
So a couple of weeks go by, Idial you up, you answer the
phone which, by the way, I knowpeople find this hard to believe
.
I actually still have a handsetand a line.
Speaker 1 (16:34):
You're in North Carolina.
Speaker 2 (16:36):
Wow.
So I call you up.
You answer the phone.
We have a little chit chat.
I'm going to share the exactscript right now that I would
say to Corey that's, he's got$150,000 to put to work, he's
waiting.
This is what I call the goodnews.
Phone call.
Okay, this is the good news.
Speaker 1 (16:58):
Let's hear it.
Let's hear it.
Speaker 2 (16:59):
I dial up Corey, corey answers the phone, we have
a little chit chat and here'sthe script.
Corey, I got great news for you.
I can now put your money towork.
I've got a house under contractin Newport with an after-repair
value of $200,000.
Now the funding required forthe deal matches up to what
(17:22):
you've got in your self-directedIRA.
That's, $150,000 is what'srequired for the deal.
Now, closing is going to benext Wednesday.
Next week.
I'm going to have my realestate attorney email you the
wiring instructions, so you'llneed to have your $150,000 wired
to my real estate attorney'strust account by next tuesday.
That's it that's it.
Speaker 1 (17:45):
That's it, more or less, just telling them what to
do.
They got the money.
They want to put it to work solet's unpack that.
Speaker 2 (17:53):
Let's unpack that as to why that's the way it works.
First of all, my private lenderknows I'm not going to bring a
deal to the conversation thatdoes not meet the criteria of
the program.
I already taught them I'm notgoing to have them fund a deal
that is more than 75% of theafter-repaired value.
(18:14):
They know that I'm going to becollateral, um, providing I'm
going to be collateralized inthe note with a deed of trust.
Most people call it a mortgagehere in North Carolina and some
other States Texas it's a datatrust.
They know I'm on collateralizedthe note.
So when I call up and I say Igot an after repair value of
200,000, the funding requires150, uh, there's your 75% of the
(18:40):
after repaired value.
So they know that.
They know that I'm not going tobring a deal for them to fund
that doesn't make the the thethe criteria of the program.
And secondly, for goodness sakesand the example we just went
over Corey, whoever the privatelender is, is not earning any
money until I put their money towork.
(19:02):
And let's unpack it a littlebit further they, for goodness
sakes, they moved theirretirement funds over to the
self-directed IRA company that Irecommended.
So they've already trusted me,they've already listening to my
recommendation recommendation.
They've moved their money overin hopes and an expectation that
(19:24):
I'm going to invest that moneyjust as soon as possible.
Because, remember, that's whatI said to corey after he moved
his money over.
I said I'm going to put yourmoney to work just as soon as
possible.
So corey is sitting by thephone waiting for the good news
phone call that I'm going to putthe money to work.
So you see, when we unpack thisscenario, there's no chasing,
(19:48):
no begging, no persuading, noselling.
It's all about serving yourprivate lenders talk to me real
quick, jay.
Speaker 1 (19:57):
I want to unpack two things.
There's two, two areas I wantto go to real quick.
Can you just explain to peoplein the shortest way what's a
self-directed IRA and why isthat so important?
Speaker 2 (20:06):
So a self-directed IRA company is a is also called
a third party custodian is alsowhat it's called.
(20:29):
But a self-directed IRA companyis a company that is approved
by the IRS to be a um be acustodian of your retirement
funds.
So a self-directed IRA company.
They can't give any financialadvice whatsoever.
That's why it's calledself-directed.
(20:50):
So the account holder at theself-directed IRA company
totally makes their owndecisions about how they're
going to invest those retirementfunds.
And a self-retired IRA companydepending on which company it is
, they're going to charge apercentage, uh a fee, for being
the custodian.
(21:11):
Some of them charge apercentage of your asset value
in your account.
Some of them charge just a flatfee per transaction that you do
, which, by the way, I preferthat way.
And so it's a great way for yourretirement funds for a private
lender's retirement funds togrow either tax deferred or tax
(21:35):
free Uh, it's going to grow.
Tax deferred, uh, unless it'sin a Roth IRA and that-tax
dollars that are invested in theIRA, so all that income is
tax-free.
Speaker 1 (21:48):
You can do a lot of damage in your retirement
accounts in real estate, butalso just growing with you at 8%
tax-free is pretty incredible.
Why can't they just take theirCharles Schwab account and do it
?
I'm sorry, why can't they justuse?
Speaker 2 (21:59):
their Charles Schwab account and do it.
I'm sorry.
Speaker 1 (22:01):
Why can't they just use their Charles Schwab account
and invest?
Yes, that's a great question.
Speaker 2 (22:05):
So the reason they can't use Charles Schwab or any
brokerage, edward D Jones, um,you know, uh, morgan Stanley,
any of those they can't use thatmoney to self-direct because
when you have, when they havethe retirement funds at those
brokerages, they can only investin what the brokerage offers
(22:26):
right, and in addition to that,there's no commissions, there's
no fees for the financialadvisor.
If they were to use those fundsto invest in our deals, so they
got them.
If they want to do this, theygot to move it funds to invest
in our deals.
So if they want to do this,they got to move it over to a
self-directed IRA company.
Speaker 1 (22:44):
I think that's important for people to know,
because I know we're likeself-directed.
When I first got into this, I'mlike what is a self-directed
IRA?
I had no idea.
And I'm like I had this exactquestion when I was there and
I'm like, well, why can't theyjust take their retirement
account from Charles Schwab andjust let me go use it?
So I appreciate you answeringthat for the audience, Cause I'm
sure there's a lot of peopleout there.
Speaker 2 (23:02):
Now your other question was why do private
lenders want to do business withus?
Well, there's three big reasonswhy private lenders want to do
business with us.
Number one reason they're goingto make a lot of money.
Well, a lot of money comparedto what?
Compared to what?
They're gonna make a lot ofmoney compared to putting their
money in a um certificate ofdeposit at the local bank.
(23:26):
By the way, those rates arecoming down fast, fast, fast.
A year ago you could have gotten5% in a seven month CD here at
the local bank.
Uh, today you're down to about3%.
Speaker 1 (23:42):
Wow, it's down 2% already.
Cd yeah, that's going to comedown, even.
Speaker 2 (23:47):
I mean, and if you, if you put it in like a 18
months CD, it's a, it's even amuch lower rate, because they're
anticipating rates coming down,got it?
You see, yeah, Number one,they're gonna make a whole lot
more money.
So I've been paying my privatelenders ever since 2009,.
The first six years I actually,corey, used local banks.
(24:07):
I didn't know any better Okay.
So from 2003 to January 2009,.
I just used the local bank tofund my deals until they cut me
off with the rest of the world.
Yeah.
Speaker 1 (24:17):
Yeah.
Speaker 2 (24:17):
So that was the biggest blessing in disguise.
So why do private lenders wantto do business with us?
They're going to make it.
I mean, 8% is fantastic.
By the way, I've been paying myprivate lenders the same 8%
since 2009.
And here we are in 2025.
And one question I get is Jay,how in the world are you still
(24:39):
paying 8% when the market's goneway up on on interest rates and
all that?
How do you do that?
Well, there's two answers.
Number one because I make therules right.
Remember, that's what'sdifferent in this world of
private money we are our ownunderwriter.
Instead of the lender makingthe rules, which is traditional,
(25:01):
we make the rules.
We're offering this opportunity.
The other reason they'reecstatic with 8% is that's more
than 5% and, it's for sure, awhole lot more than 3%.
And you know when, right beforeCOVID came along in 2020, the
average 12 month CD in thenation got down to 0.17%.
(25:26):
Wow, now you're like a hero.
Then, when you're paying, oh mygoodness.
Speaker 1 (25:35):
Yeah, tougher in the last couple of years because the
you know like the treasurieswere high and all those you know
bonds and all that stuff werepretty comparable to getting up
there anyway closer to the 8%mark.
So the Delta between what youcan offer right and and what
this treasuries could give youwas a lot closer than it has
been in a long time.
So I made it a little moredifficult, I'm sure.
(25:56):
For for some folks out thereyou know, that's what happened
to us when we were raising a lotof money for flips.
Uh, when we, when we shifted,when rates went up, we started
flipping a lot more than wewholesale and, um, that was.
That was a big conversationpiece I would have with people
all the time.
It's like well, I can get fiveand a half or six over here,
give it to you for eight.
Uh, uh, you know so I had to goup to 10% for some of those
(26:17):
folks to get them to make themove.
But now, as you're saying, it'scoming down a lot and you're
just steady, eddie, at eight.
They know they're getting eight.
They like the consistency, theydon't have the volatility.
They know they're going to justconsistently get an 8%.
Why would they mess with it?
Speaker 2 (26:33):
Yeah.
So three big reasons why theywant to lend us money.
Number one they're going tomake a lot of money, yep.
Number two they know that theirinvestment with us is going to
be safe and it's going to besecure.
So how's it safe and secure?
Well, it's secure because we'renot borrowing unsecured funds.
You can, you can borrow, and soyou can just do a promissory
(26:55):
note and be legal all day long.
But don't do it.
Protect your private lenders bygiving them, by collateralizing
the note with that mortgage ordeed of trust that gives them
the right to foreclose on you Ifyou don't make the payments and
of course you're going to makethe payments because you're
going to buy right.
It's safe because it is aconservative loan to value.
(27:19):
We're not borrowing more than75% of the after repaired value,
so that when that home isrenovated, they have what I call
a 25% equity cushion betweenwhat the value of the property
is worth and the total loan tovalue that we've borrowed.
And then the third reason thatthey love doing business with us
(27:40):
is they don't have to worryabout the value of their
investment being volatile.
And when I say that, of courseI'm contrasting that to them
putting their money in the stockmarket.
If they invest in the stockmarket, first of all they
already lost money.
There's fees, there'scommissions.
In this world of private money,there are no fees, there are no
(28:05):
commissions.
If they, you know, loan orinvest $200,000, they know that
8% if I use it all year, they'regoing to earn $16,000.
So it's like putting money inthe bank.
They know exactly what the rateof return is going to be.
And that's particularlyimportant to older private
lenders that, like, don't haveenough time to live through
(28:26):
another correction in the stockmarket.
Speaker 1 (28:29):
Sure you know what I mean, oh yeah so those three
reasons they make a.
Speaker 2 (28:32):
They make a great return, uh.
Secondly, it's safe and secure.
Thirdlyly, the value is notvolatile.
The principal loan amountremains the same until we cash
out.
So when we sell the propertythey get all their principal
back, unless we substitute thecollateral, which we do a lot of
.
But that's another show.
Speaker 1 (28:53):
Well, I was going to get into that, so maybe we'll
get into that.
We'll see how much time we have.
Speaker 2 (28:56):
Okay, but anyway, we pay them all their money back,
along with any unpaid accruedinterest, and of course they
want to reinvest just as soon aspossible yes, exactly one other
thing.
Speaker 1 (29:07):
I think, jay, on the safety, security side of things,
you know we put our private andI'm sure you do the same thing,
we put our private lenders onas the mortgage holder on the
insurance.
Speaker 2 (29:15):
Absolutely so on the insurance policy the property
and casualty insurance we namethe private lender as the
mortgagee, the mortgagee.
The reason that's important tothem that's another layer of
protection is if there's ever aclaim against that insurance
policy, well, the check by theinsurance company is going to be
(29:36):
made payable to the mortgagee,your private lender and to your
entity.
So your private lender has gotto sign off on that check before
you get the money and so, again, that's just another layer of
protection for them.
We also name them on the titlepolicy as an additional insured.
So we're giving them all thesafety and all the protection as
(29:59):
a regular bank would get.
Speaker 1 (30:00):
Yeah, are there any laws Jay around like how you can
go about raising the money,like I know, like, if you have a
fund right, isn't there certainrules about accreditation and
some of those things?
Is there anything with whatyou're doing here, where you're
using it really per transactionor, like you said, you're going
to substitute collateral attimes?
Is there any kind of laws oranything anybody would need to
know if they're going to go outand start soliciting what's?
Speaker 2 (30:23):
wonderful about the way that we do private money is
that it's not sec regulated sowe're not raising money for a
fund?
okay, you're raising money for afund.
You're now under the sec, uhregulatory, sec regulatory laws.
But everything that we do withsingle family houses or duplexes
(30:43):
, triplexes, quadplexes, aproperty itself, it's called in
slang, it's called one-offs,okay, one-offs.
So what in the world is aone-off?
Well, a one-off is you've got asingle family house that's
being funded by a private lender, maybe two, maybe three.
(31:05):
You can have multiple privatelenders uh loaning money and
they each have their ownpromissory note and they each
have their own deed of trustprotecting their note as well.
But that's when we get intowhat's called total loan to
value.
So total loan to value meansyou add up all of your private
lender notes that they areloaning on a property and you
(31:27):
divide the total of the notes bythe after repaired value.
You still don't want that toexceed more than 75% of the
value of the after repairedvalue of the property.
Speaker 1 (31:39):
Okay, so you're saying you can pair a few
different lenders together on adeal.
Is that what you're saying?
But you just don't want to getover that 75%.
Speaker 2 (31:47):
The little scenario that we went over with you when
we started on that $200,000after repaired value house.
Speaker 1 (31:54):
Yep.
Speaker 2 (31:55):
I could get $100,000 from one private lender for the
purchase.
Yep, I could get $50,000 fromone private lender for the
purchase.
I could get $50,000 fromanother private lender for the
renovation.
Add that together, you're stillat 75% of the after-repaired
value.
Speaker 1 (32:11):
Yeah, now what about the chain of mortgage?
So some people are like I onlywant to be first-position
mortgage holder.
Right, I won't do anythingunless I'm first-position.
Can you just talk a little bitabout what that means in this
world?
Speaker 2 (32:23):
The reason a private lender would only want to be in
first position is because anyjunior lien positions, second
position, third position, ifthey had to foreclose, then they
have to inherit any lanes thatare above them.
So if a junior lane wasforeclosing on me which, by the
(32:46):
way, that's not going to happen,never has, but anyway, if they
were to foreclose, they'reinheriting any senior lane
positions.
And just to comment on that,yes, in on that, yes.
The only people that will everhave a problem and insist on
only being in first position isif they have already been a
(33:06):
private lender in the past.
When you've got on your teacherhat and you are teaching people
in your own connections, uh,there's a five-letter word that
goes a long way, that startswith a t and that's the letter
and that's the word trust, right?
So you see these people are notreally investing in your deals
(33:27):
right, they're not investing inyour deals.
They are investing in.
You is what they're doing.
Speaker 1 (33:32):
Yes, absolutely that's the biggest thing in
private money right therelationship and the trust right
that's it yeah, yep, I had.
Uh, when we were raising a lotof money, I had some folks come
up to me and they were like, hey, could I, could I get some
funds from your, your privatelenders, for some of these deals
?
And I was like, well, itdoesn't really work that way,
because they're investing in me.
It's not like, yes, they wantto return on their money, but
(33:55):
they don't know you from adam,so like i're not going to
probably let you.
You have to go to your ownnetwork and get your own people.
It's not as easy as just sharinga buyer's list.
Speaker 2 (34:06):
Yeah, it's like when I'm teaching and coaching other
real estate investors on thisworld of private money, I say,
look, I'm not loaning you money,I'm not connecting you with
anybody that loans money.
Speaker 1 (34:19):
I'm going to teach you how to raise your own money?
Yeah, cause you have to.
It's the one thing.
This is where, when I teachpeople about getting started in
real estate, this is where gritcomes in.
This is where how bad do youwant this comes in is are you
willing to go out and raise someprivate money?
Cause that's how I got started.
My mom was my first privatemoney lender.
That's how I got my first dealwas.
I went to mom ma, do you wantto get in on this deal?
Yeah, let's do it.
I'll give you 10% or 12% orwhatever.
(34:39):
I offered her at the time andwe did a deal together.
And then she's like exactlywhat you said, jay.
I gave her her money back afterwe refinanced.
And she's like well, do youhave another deal that we can do
this in?
Because that was pretty cool.
Speaker 2 (34:54):
I like getting that kind of money right.
Speaker 1 (34:55):
And then she still is involved in real estate, she
still invests the money indifferent ways and different
deals and that kind of stuff.
So you're giving people a greatopportunity as well.
I think that's the otherimportant part.
Speaker 2 (35:04):
Well, and that's just it.
One thing I discovered, and mycommunity that follows me
discovers, is it's all aboutcreating win-win scenarios.
And I mean we've received thankhandwritten Thank you Notes
from our private lenders, oneI'm thinking of specifically,
wayne and his wife.
(35:26):
They've both passed away now.
They were one of our firstprivate lenders years ago and
they gave us a handwritten notethanking Carol, join me for
changing their retirement years,for changing their retirement
years.
They told us if we had not toldthem about this private money
(35:46):
world and private moneyopportunity, they would not have
been able to travel and seetheir grandkids as often as they
did.
So, um, so I mean you know you,as a real estate entrepreneur,
you have this opportunity inthis world of private money to
make an impact and changepeople's lives by giving them.
You know, this opportunity.
(36:06):
The only complaint that I'veever heard from my private
lenders are I wish I'd knownabout this sooner.
Speaker 1 (36:13):
Yeah, exactly For sure.
Last question for you, jake,because I know you got a wrap
here.
You got a busy schedule and weappreciate you taking this time
out.
This is a question that Iactually have.
So you put them on a two-yearnote and we talked about
substituting collateral andagain, if we got to have you
back on to cover this as it'stotally separate episode,
because it's going to be hard todo, we could totally do that.
But my concern is always likehey, what if I don't have a deal
(36:34):
for them?
Are you doing that?
Speaker 2 (36:44):
and you're still keeping their money and paying
them the eight percent if youdon't have a deal to place it in
?
Or how are you handling that,you know?
Or with some of your borrowers,or some of your?
First of all, um, I'm notpaying them interest, unless
that uh note is beingcollateralized by a property.
Okay, so, um, and then,secondly, when I have a new
private lender, come on, I movethem to to the top of what I
call the queue, like who's thenext private lender in line to
(37:06):
use their money.
So I want to show a new privatelender coming on that, hey, I
can perform, I can put yourmoney to work.
And then the others it dependson how much money they have to
invest.
Okay, like my minimum that I uhaccept from a private lender is
$50,000.
I can't buy a house typicallywith 50,000, but I can.
(37:27):
I can rehab a lot of houses atthe $50,000 mark, and so it
depends on how much they've gotto work to work with.
Have I got a new purchasecoming up?
Well then, I'll need to use oneof my private lenders that has,
you know, higher amounts ofmoney I've got one private
lender that's got 1.2 and 1million 250 000, just one
(37:50):
private lender.
I got another one that's got 600000.
Okay, I've got many, uh, in the500 000 range and then I have
some that only have, you know,50,000.
So depending on the deal that'scoming up, we'll determine,
okay, which private lendersmoney am I going to use.
Got it.
Speaker 1 (38:09):
Okay, very good, and there's a lot more to unpack
here.
Jay, I know you got to get tosome other things in your day
and I, you know, I know we got alittle late start with some
Zoom audio thing, so next timeI'm going to have you back on.
We're going to keep going.
We're going to do Jay Connerpart two here.
Speaker 2 (38:26):
Jay Conner 2.0.
2.0.
Speaker 1 (38:28):
And then I'm going to pop on your show too, so maybe,
if people want to get over toyour show, jay has a podcast as
well where you're talking withpeople using private money all
the time.
Speaker 2 (38:43):
Jay, do you want to just let the audience know where
they can find it?
Speaker 1 (38:45):
find you absolutely so the name of my podcast, and
by the way, we just started oureighth year.
Speaker 2 (38:47):
We're in our eighth year.
That's amazing.
Speaker 1 (38:48):
Podcast episode number 717 I got, I got ways to
go to catch you, buddy butanyway, the name of the show is
raising private money.
Speaker 2 (38:58):
That.
Speaker 1 (38:58):
That's it.
Speaker 2 (38:59):
Easy.
So your favorite platform onlistening to podcasts?
Uh, just type in raisingprivate money.
You don't even have to put inwith Jay Connor, it'll pop up.
And in addition to that, corey,as we promised.
I want to give away my book forfree, just cover shipping.
It's where to get the money Now.
I'll autograph it for you.
I'll rush it out three day rushdelivery, uh, for the united
(39:24):
states postal service.
And here's where you can getthe book go to wwwjconner.
J-a-y c-o-n-n-e-rcom.
Forward slash book.
That's jay connor, I'm an ER,not a OR J-A-Y-C-O-N-N-E-R dot
com forward slash book.
And we'll rush where to get themoney now, right out to you.
Speaker 1 (39:48):
I love it, buddy.
We'll put a link to that in theshow notes, folks.
So if you're listening to thisand you want to just click the
link, you can go to the link andpick up the book there from Jay
, and again, there's so manygood nuggets in that book.
There's so many more thingsthat we didn't get to cover
today.
If you want to hear more fromJay, go check out the podcast as
well.
There's a lot of greatinformation there.
People still tell me Jay, fromthree years ago and I think it
(40:10):
was three or four years ago Iwas on your show.
They still hit me up, so yougot people all over the country
listening to your show too,which is great Cause I'm like,
oh, Corey, I heard first heardyou on Jay Connors podcast.
I'm like dang, that was likethree years ago or something.
Speaker 2 (40:21):
I don't even remember Overdue.
It's time to have you back.
Speaker 1 (40:25):
Yeah, I'll get back on and we'll freshen up and a
lot more, a lot more stories warstories that we can share and
and hopefully help your audienceas well.
Uh, for those of you guyslistening, if you got some value
out of this we say this on mostof the shows now you could be
the spark to change somebody'slife here by sharing this
episode.
You're one conversation awayfrom changing somebody's life,
(40:45):
right.
Whether they need private moneyconversation, like Jay and I
talked about today, they justneed to get introduced to this
amazing world of real estateinvesting.
I always bring up this familythat I interviewed a few
episodes ago who they had aconversation with a friend who
was doing real estate investingBoom.
Three years later, they'reretired from their jobs and
their homeschool and their kidsdoing real estate full time.
That's the kind of power youguys have by sharing things like
(41:06):
this.
So appreciate you guys tuningin and listening and again, jay,
appreciate your time.
Brother, always great to seeyou and I always love your
energy.
Man.
I always take a lot of yourenergy after these conversations
, bro.
Speaker 2 (41:18):
That's awesome, Corey .
I love your heart and thank youfor having me on your show.
God bless you.
Speaker 1 (41:23):
God bless you, buddy.
We'll see you soon.
Welcome back everybody to another episode of
the Wisconsin Investor Podcast,and today I have somewhat of a
celebrity here who I'm going tointroduce in a minute.
But like usual, I've been doinga little commercial lately for
Wisconsin Discount Properties,who sponsors the show.
Today, what I'm going to focuson is not a specific deal, but
just on all of the things thatwe can do at Wisconsin Discount
Properties to help you if you'relooking to get started in
(00:23):
investing in Wisconsin, or youalready are in Wisconsin and
you're just looking to get thatnext deal or maybe get your
first deal.
Our team at Wisconsin DiscountProperties is here to help you
guys.
So what you can do if you'renot quite ready to start looking
at deals yet, but you just wantto start getting your footwork
or your feet underneath, you, goto
wisconsindiscountpropertiescomand, instead of putting your
information in on the front page, just go to the contact us page
(00:46):
If you just want to have aconversation and see if
investing in Wisconsin orgetting on our buyers list is
the right fit for you.
But if you do think that's theright fit and you're ready to
start getting deals sent to youevery single day, go to the
website and put your informationon the front page and you'll
start getting an email from usevery single week, monday
mornings at 6 am with some hotdeals for the week that are off
(01:06):
market.
The only place you can get themis through our buyers list.
With that, let's get intotoday's episode, because we got
a lot to cover in a short periodof time.
I have my good buddy here, mrJay Conner.
Jay, what's going on, brother?
Speaker 2 (01:18):
Hello, corey, I'm so excited to be here with you on
your show to talk about my mostfavorite topic, that being
private money.
Speaker 1 (01:27):
I'm so passionate about private money.
Speaker 2 (01:29):
Why in the world is that?
Because private money has hadmore of an impact on our real
estate investing business thanany other strategy that we've
used ever since 2003.
Speaker 1 (01:41):
For the audience here who doesn't know who Jay
Connernor is.
Jay and I met back in 2008.
He was speaking at uh or 18,I'm sorry.
He was speaking at an eventthat I was attending as one of
the keynote speakers there and Igot to network with jay and get
to connect with him.
Then we ended up being in somemastermind groups together and
gotten to know jay for quite awhile and you can tell this
fella has a lot of energy andhas quite the wisconsin accent.
(02:02):
J where are you?
What part of Wisconsin are youin right now that we're doing
this, Robin?
Speaker 2 (02:07):
The Wisconsin accent.
I've never been accused ofhaving a Wisconsin accent.
Yes, so my wife, carol Joy, andI we live here in eastern North
Carolina, at the southern tipof the Outer Banks, in a very,
very small town called moreheadcity, north carolina.
Population 8 000 and, yeah, ourtotal target market is only 50
(02:30):
000 people.
Wow, um, so we don't do thatmany deals.
We'll do two to three deals amonth.
Uh, we don't wholesale.
We stay in all the deals.
We flip most of them okay um,and, but our average profits now
are 86 000,000 per deal, and Idon't say that to brag at all, I
say that to make a point, andthat is there's an argument to
(02:51):
be made to invest in smallerareas, outlying areas, to where
you don't have all thatcompetition with all the other
real estate investors, and um,so you know it works out.
I mean, run the numbers two orthree deals a month at 86 grand,
those.
That math sort of seems to work.
Speaker 1 (03:08):
That math's nicely.
Speaker 2 (03:10):
We're in a small area here, and you know, I just much
rather be a big fish in a smallpond.
Speaker 1 (03:16):
Yeah, well, that's great because that relates
really well to Wisconsin.
We have a lot of small ponds inWisconsin.
You know we're talking a barand a church and a stop sign,
maybe if you're lucky.
So I love what you're talkingabout, because I think that's an
untapped area here for ourlisteners is they think they got
to be in what we call the bigcities, which, comparatively
speaking, are still relativelysmall, but there's a lot of
(03:40):
money to be made in thoseoutlier areas where you don't
have everybody fighting overeverything.
Right, absolutely, that'sawesome.
The reason I really thought ofyou, jay, is I have
conversations every day withinvestors who are looking to get
started in real estate or havealready been started in real
estate maybe, and one of thethings I preach all the time is
the two most productive things Ithink people can do in real
(04:00):
estate investing is find dealsand find money.
And if they just keep doingthose two things, obviously you
got to build a little team ifyou're flipping and those kinds
of things, right, that's alsotakes time.
But if you do those two things,it doesn't matter how bad of it
or how good of a team you have.
If you buy it right, you canafford a lot of mistakes, right
For your bad team.
But you are inevitably knownthroughout the industry,
(04:22):
throughout the country, as theleading expert in how to find
private money.
Can you just talk to theaudience a little bit about,
like, what the heck is privatemoney?
I think most of us understandit, but in your definition, what
is private money?
Speaker 2 (04:38):
and why the heck is this such a great tool?
Why are you so passionate aboutprivate money?
Sure Well, one of the easiestways to start explaining what
private money is to talk aboutwhat private money is not.
Speaker 1 (04:46):
So when.
Speaker 2 (04:47):
I talk private money.
I'm not talking hard money.
Now I'm not poo poo and hardmoney lenders.
Some of my best friends on theplanet are hard money lenders.
In fact, they use my techniquesto raise money not for their
deals, but for their hard moneylending fund.
Speaker 1 (05:03):
Exactly yeah.
Speaker 2 (05:04):
They then turn around and lend out to real estate
investors.
So and the reason it's soimportant to talk about the
distinction between privatemoney and hard money is because
you got I mean, there's a hardmoney industry thing going on
right now to where hard moneylenders a lot of them are
calling themselves private moneylenders and they, they are
(05:27):
lending out private money, butit's not their money that you
know.
Most of the time, a hard moneylender is a middle person or a
brokerage that has raisedprivate money from individuals
to invest in their privatelending fund, and then the hard
money lender will, in turn, loanthat out.
So that's hard money lending.
When I talk private money, I'mtalking about doing business
(05:50):
with individuals, human beingsjust like you and me, that loan
money out to us real estateinvestors, either from their
just liquid investment capitaland or their retirement funds.
Now, that's huge.
Right there, I've got 47private lenders right now
funding our real estate dealsand, by the way, if you're
(06:12):
listening to this show, youdon't need 47 private lenders,
you just need like one or two Iwas going to say the only one or
two could recycle their moneyover and over again.
And that's a good thing aboutprivate money you get to use it
over and over and over again,never with any origination fees,
et cetera.
So, yes, we're doing businesswith individuals.
And the reason I say retirementfunds are so important is, you
(06:36):
know, not one of my privatelenders my 47 private lenders
ever heard of private money orthe opportunity to be a private
money lender.
Until what did I do?
Speaker 1 (06:49):
I put on my teacher oh, I love it for you guys
listening.
You can't see this.
You got to go to youtube.
He's got private money, teacherhat he just put on.
Speaker 2 (06:58):
I love it, yeah so I put on my teacher hat and I
teach people what private moneyis, what it it's all about.
So you know one big distinctionbetween borrowing institutional
money and using private lendermoney when you've taught them
about the opportunity is that weget to make the rules.
You know, when I used to go tothe local bank and borrow money
(07:20):
from our real estate deals, Ihad to get on my hands and knees
and put my hands underneath mychin and say please fund my deal
, please fund my deal.
And you know I'd have to.
You know, raise my skirt up sothey could look at all my
personal assets and pull mycredit score and financial
statements.
None of that exists.
None of that exists in thisworld of private money,
(07:43):
particularly when you got yourteacher hat on and you're
exposing this opportunity topeople that never, you know,
never, heard about this.
So we get to make the rules.
You see, here's the deal.
Here's a writer downer you asthe borrower, the real estate
investing borrower you as theborrower, you're already
approved.
There's no applications,there's no credit score, there's
(08:07):
no financial statement, and youare your own underwriter.
You underwrite your own deals.
You set the interest rate, youset the maximum loan to value Uh
, you set the length of the note, you set the frequency of
payments.
All that, yeah.
By the way, if you don't knowwhere to start on putting that
(08:27):
together, I got you covered.
I say just duplicate what Ioffer, just duplicate what I
teach.
It seems to work pretty good.
Speaker 1 (08:35):
Yeah, it's served you well since 2003.
I mean, that's over two decadesthat it works.
So I think you've proventhrough every market now, jay,
that the system you have ispretty awesome, and I know at
the end of this you're going tohave a little giveaway for the
audience which we can talk aboutat the end, correct?
Speaker 2 (08:54):
Oh sure, yeah, I'm so excited about my new book,
which is called when to Get theMoney.
Now, it's not an e-book, it'san actual book, book that I'll
autograph and I'll mail it toyou.
And yeah here at the end of theshow, I'm going to give out a
specific URL where you can getthe book for free.
Uh, just cover shipping andI'll rush it out to you Three
(09:16):
day rush delivery through theUnited States Postal Service.
Speaker 1 (09:19):
Sweet.
That is awesome.
I have the book, love it.
There's so many good nuggets init, by the way, jay, that I
know we had a mastermind a fewyears ago that we were running
and we Zoomed you in to speak tothat audience and they loved
you and you got the book out toa bunch of them and I know that
made an impact for a lot ofthose folks as well.
But private money to me, thisis I wanna go back to this One
of the things I think it'ssaying.
(09:40):
Jake, maybe we can expound onsome of those techniques they're
going to find out in the bookor just talk a little bit about
your experience.
There's a lot of fear forpeople around talking to friends
, family, their network.
They feel like they're chasingpeople.
What are some easy thingspeople can do to either reframe
that or what have you found tomake that less maybe scary for
(10:04):
people who want to do this realestate thing and need private
money to accomplish it?
Speaker 2 (10:08):
Yeah, that's a great question.
I hear it all the time.
People that have never raisedcapital, never raised money,
they'll say something along thelines of or if they don't say it
, they're feeling it.
They'll say I've got a fear ofrejection.
So I answer that with thisquestion.
And the question is how can yoube rejected if you're not
(10:31):
asking anybody for anything?
Speaker 1 (10:33):
So good.
Speaker 2 (10:34):
So I got eight and a half million dollars in private
money from my investors that Ijust use from project to project
to project.
And you know what's interesting, corey, is, I've never asked
anybody for money.
I've never asked anybody formoney and they say, jay, wait a
minute.
Oh, and, by the way, inaddition to that, I've never
pitched a deal.
(10:54):
I've never pitched a deal.
And they say, jay, wait aminute, hold the phone, hold the
phone.
How do you get all that privatemoney and you never ask anybody
for money?
And how in the world do you getyour deals funded and you never
pitch a deal?
Speaker 1 (11:10):
Right, I'm going to pull the curtain back on that
secret so let's hear it.
Speaker 2 (11:15):
So here's a really, really important point to first
understand this.
You know I talked about myteacher hat First.
You want to have an attitudethat you're leading with a
servant's heart and you'reteaching people about this
opportunity in this world ofprivate money.
So one big secret here togetting your deals funded
without ever asking, neverpitching is we separate this is
(11:39):
critical, Okay, Separate theconversations with a new
potential private lender aboutthe program and then having a
deal to fund.
Here's a writer downerDesperation has got a smell to
it.
Speaker 1 (11:56):
Oh yeah, Stinky cologne baby.
Speaker 2 (11:58):
Stinky, cologne, and you know.
If you're talking with a newpotential private lender about
your opportunity and in thatsame conversation you're talking
about a deal that you'relooking to get funded, you
already sound desperate.
Speaker 1 (12:12):
Yeah.
Speaker 2 (12:13):
Without even trying to sound desperate, because what
you're communicating when youdo that is I need your money to
fund this deal.
It's what you're communicatingwhen you do that is I need your
money to fund this deal.
It's what you're communicating,and guess what?
You don't need their moneybecause there's more money out
here available than there aredeals quite frankly.
Right.
So first, what we want to dosince we're going to separate
the conversations is you'regoing to teach people, and I
(12:37):
suggest starting in your ownwarm market, your own
connections, your own network,people in your cell phone,
people you go to church with,people you play golf with, et
cetera.
Start with that, and in my bookwhere to get the money now that
I'll mail to you, I actuallyhave you go through an exercise
on how to make your initial listof people to contact and, by
(13:02):
the way, you know, this does nothave to all be one-on-one.
I mean, I've raised $969,000 innew private money at one one
hour luncheon.
I call it the private lenderluncheon, you know.
So, back to how do you get thismoney without asking for it.
So first you teach, expose themto the program.
Back to how do you get thismoney without asking for it.
So first you teach.
Okay, expose them to theprogram.
(13:22):
And, by the way, if they'relistening to your program on
private money, they'reinterested, or they or they
wouldn't be listening theywouldn't be listening right,
exactly.
And so first you teach it andyou know, they tell you verbally
how much they've got to workwith.
You know, is it investmentcapital?
Is it retirement funds?
You now need to introduce themto your self-directed IRA
(13:45):
company representative, wherethey can move their money over
with no tax effect and earneither tax deferred or tax free
income using their retirementfunds.
So they tell you what they'vegot, where it's located.
And now, corey, I'm going toshare with you and your audience
right now the exact script comeon, baby the exact words to use
(14:08):
when you've got a deal for yourprivate lender to fund.
And this script that I'm goingto share right now exactly what
to say.
Let's go you got a deal for themto fund and you are not
pitching, you're not asking.
Speaker 1 (14:24):
So real quick, just to make the point.
So you've already educated themon what private money is, you
know how much they have, youknow where it's good, where it's
potentially coming from.
Right now we've let the.
Are we letting the dust settlehere and then we're coming back?
Speaker 2 (14:35):
Because when so, corey, let's say that you are a
new private lender with me.
Let's say that I've taught youthe program, the opportunity.
You know the interest rate,which is 8%, by the way, there's
no points, there's noorigination fees.
You know the length of the noteis going to be two years.
(14:56):
You know the maximumloan-to-value is 75% of the
after repaired value, which, bythe way, side note, that's one
bit.
One of the 20 reasons I loveprivate money is I always bring
home a big check when I buy theproperty.
Who wants to get paid to buyproperties?
I never take any of my ownmoney to the closing table in
(15:18):
this world of private money.
And so anyway so let's assumeI've taught you the program, you
love the program.
And let's say, hypothetically,that you have told me that
you've got $150,000 in a let'ssay it's in um Charles Schwab,
in in in the, in the stockmarket, dedicated retirement
funds and you're tired.
(15:39):
You're sick and tired of thevolatility, let's say, and you
want a set rate, you knowreliable return 8%.
You're happy with that, you'reexcited about that.
So I've introduced you to myself-directed IRA company that I
recommend my private lenders touse.
And let's say you've moved that$150,000 from your retirement
(16:01):
account over to theself-directed IRA company and
that took a couple of weeks toget that in place.
And so now you've contacted meand you say, jay, I got the
money, they're ready to go.
And I've said, okay, corey.
And here's exactly what I say.
I said, corey, I'm going to putyour money to work for you just
as soon as possible, probablywithin the next couple of weeks
(16:21):
or so.
And you say, great.
So a couple of weeks go by, Idial you up, you answer the
phone which, by the way, I knowpeople find this hard to believe
.
I actually still have a handsetand a line.
Speaker 1 (16:34):
You're in North Carolina.
Speaker 2 (16:36):
Wow.
So I call you up.
You answer the phone.
We have a little chit chat.
I'm going to share the exactscript right now that I would
say to Corey that's, he's got$150,000 to put to work, he's
waiting.
This is what I call the goodnews.
Phone call.
Okay, this is the good news.
Speaker 1 (16:58):
Let's hear it.
Let's hear it.
Speaker 2 (16:59):
I dial up Corey, corey answers the phone, we have
a little chit chat and here'sthe script.
Corey, I got great news for you.
I can now put your money towork.
I've got a house under contractin Newport with an after-repair
value of $200,000.
Now the funding required forthe deal matches up to what
(17:22):
you've got in your self-directedIRA.
That's, $150,000 is what'srequired for the deal.
Now, closing is going to benext Wednesday.
Next week.
I'm going to have my realestate attorney email you the
wiring instructions, so you'llneed to have your $150,000 wired
to my real estate attorney'strust account by next tuesday.
That's it that's it.
Speaker 1 (17:45):
That's it, more or less, just telling them what to
do.
They got the money.
They want to put it to work solet's unpack that.
Speaker 2 (17:53):
Let's unpack that as to why that's the way it works.
First of all, my private lenderknows I'm not going to bring a
deal to the conversation thatdoes not meet the criteria of
the program.
I already taught them I'm notgoing to have them fund a deal
that is more than 75% of theafter-repaired value.
(18:14):
They know that I'm going to becollateral, um, providing I'm
going to be collateralized inthe note with a deed of trust.
Most people call it a mortgagehere in North Carolina and some
other States Texas it's a datatrust.
They know I'm on collateralizedthe note.
So when I call up and I say Igot an after repair value of
200,000, the funding requires150, uh, there's your 75% of the
(18:40):
after repaired value.
So they know that.
They know that I'm not going tobring a deal for them to fund
that doesn't make the the thethe criteria of the program.
And secondly, for goodness sakesand the example we just went
over Corey, whoever the privatelender is, is not earning any
money until I put their money towork.
(19:02):
And let's unpack it a littlebit further they, for goodness
sakes, they moved theirretirement funds over to the
self-directed IRA company that Irecommended.
So they've already trusted me,they've already listening to my
recommendation recommendation.
They've moved their money overin hopes and an expectation that
(19:24):
I'm going to invest that moneyjust as soon as possible.
Because, remember, that's whatI said to corey after he moved
his money over.
I said I'm going to put yourmoney to work just as soon as
possible.
So corey is sitting by thephone waiting for the good news
phone call that I'm going to putthe money to work.
So you see, when we unpack thisscenario, there's no chasing,
(19:48):
no begging, no persuading, noselling.
It's all about serving yourprivate lenders talk to me real
quick, jay.
Speaker 1 (19:57):
I want to unpack two things.
There's two, two areas I wantto go to real quick.
Can you just explain to peoplein the shortest way what's a
self-directed IRA and why isthat so important?
Speaker 2 (20:06):
So a self-directed IRA company is a is also called
a third party custodian is alsowhat it's called.
(20:29):
But a self-directed IRA companyis a company that is approved
by the IRS to be a um be acustodian of your retirement
funds.
So a self-directed IRA company.
They can't give any financialadvice whatsoever.
That's why it's calledself-directed.
(20:50):
So the account holder at theself-directed IRA company
totally makes their owndecisions about how they're
going to invest those retirementfunds.
And a self-retired IRA companydepending on which company it is
, they're going to charge apercentage, uh a fee, for being
the custodian.
(21:11):
Some of them charge apercentage of your asset value
in your account.
Some of them charge just a flatfee per transaction that you do
, which, by the way, I preferthat way.
And so it's a great way for yourretirement funds for a private
lender's retirement funds togrow either tax deferred or tax
(21:35):
free Uh, it's going to grow.
Tax deferred, uh, unless it'sin a Roth IRA and that-tax
dollars that are invested in theIRA, so all that income is
tax-free.
Speaker 1 (21:48):
You can do a lot of damage in your retirement
accounts in real estate, butalso just growing with you at 8%
tax-free is pretty incredible.
Why can't they just take theirCharles Schwab account and do it
?
I'm sorry, why can't they justuse?
Speaker 2 (21:59):
their Charles Schwab account and do it.
I'm sorry.
Speaker 1 (22:01):
Why can't they just use their Charles Schwab account
and invest?
Yes, that's a great question.
Speaker 2 (22:05):
So the reason they can't use Charles Schwab or any
brokerage, edward D Jones, um,you know, uh, morgan Stanley,
any of those they can't use thatmoney to self-direct because
when you have, when they havethe retirement funds at those
brokerages, they can only investin what the brokerage offers
(22:26):
right, and in addition to that,there's no commissions, there's
no fees for the financialadvisor.
If they were to use those fundsto invest in our deals, so they
got them.
If they want to do this, theygot to move it funds to invest
in our deals.
So if they want to do this,they got to move it over to a
self-directed IRA company.
Speaker 1 (22:44):
I think that's important for people to know,
because I know we're likeself-directed.
When I first got into this, I'mlike what is a self-directed
IRA?
I had no idea.
And I'm like I had this exactquestion when I was there and
I'm like, well, why can't theyjust take their retirement
account from Charles Schwab andjust let me go use it?
So I appreciate you answeringthat for the audience, Cause I'm
sure there's a lot of peopleout there.
Speaker 2 (23:02):
Now your other question was why do private
lenders want to do business withus?
Well, there's three big reasonswhy private lenders want to do
business with us.
Number one reason they're goingto make a lot of money.
Well, a lot of money comparedto what?
Compared to what?
They're gonna make a lot ofmoney compared to putting their
money in a um certificate ofdeposit at the local bank.
(23:26):
By the way, those rates arecoming down fast, fast, fast.
A year ago you could have gotten5% in a seven month CD here at
the local bank.
Uh, today you're down to about3%.
Speaker 1 (23:42):
Wow, it's down 2% already.
Cd yeah, that's going to comedown, even.
Speaker 2 (23:47):
I mean, and if you, if you put it in like a 18
months CD, it's a, it's even amuch lower rate, because they're
anticipating rates coming down,got it?
You see, yeah, Number one,they're gonna make a whole lot
more money.
So I've been paying my privatelenders ever since 2009,.
The first six years I actually,corey, used local banks.
(24:07):
I didn't know any better Okay.
So from 2003 to January 2009,.
I just used the local bank tofund my deals until they cut me
off with the rest of the world.
Yeah.
Speaker 1 (24:17):
Yeah.
Speaker 2 (24:17):
So that was the biggest blessing in disguise.
So why do private lenders wantto do business with us?
They're going to make it.
I mean, 8% is fantastic.
By the way, I've been paying myprivate lenders the same 8%
since 2009.
And here we are in 2025.
And one question I get is Jay,how in the world are you still
(24:39):
paying 8% when the market's goneway up on on interest rates and
all that?
How do you do that?
Well, there's two answers.
Number one because I make therules right.
Remember, that's what'sdifferent in this world of
private money we are our ownunderwriter.
Instead of the lender makingthe rules, which is traditional,
(25:01):
we make the rules.
We're offering this opportunity.
The other reason they'reecstatic with 8% is that's more
than 5% and, it's for sure, awhole lot more than 3%.
And you know when, right beforeCOVID came along in 2020, the
average 12 month CD in thenation got down to 0.17%.
(25:26):
Wow, now you're like a hero.
Then, when you're paying, oh mygoodness.
Speaker 1 (25:35):
Yeah, tougher in the last couple of years because the
you know like the treasurieswere high and all those you know
bonds and all that stuff werepretty comparable to getting up
there anyway closer to the 8%mark.
So the Delta between what youcan offer right and and what
this treasuries could give youwas a lot closer than it has
been in a long time.
So I made it a little moredifficult, I'm sure.
(25:56):
For for some folks out thereyou know, that's what happened
to us when we were raising a lotof money for flips.
Uh, when we, when we shifted,when rates went up, we started
flipping a lot more than wewholesale and, um, that was.
That was a big conversationpiece I would have with people
all the time.
It's like well, I can get fiveand a half or six over here,
give it to you for eight.
Uh, uh, you know so I had to goup to 10% for some of those
(26:17):
folks to get them to make themove.
But now, as you're saying, it'scoming down a lot and you're
just steady, eddie, at eight.
They know they're getting eight.
They like the consistency, theydon't have the volatility.
They know they're going to justconsistently get an 8%.
Why would they mess with it?
Speaker 2 (26:33):
Yeah.
So three big reasons why theywant to lend us money.
Number one they're going tomake a lot of money, yep.
Number two they know that theirinvestment with us is going to
be safe and it's going to besecure.
So how's it safe and secure?
Well, it's secure because we'renot borrowing unsecured funds.
You can, you can borrow, and soyou can just do a promissory
(26:55):
note and be legal all day long.
But don't do it.
Protect your private lenders bygiving them, by collateralizing
the note with that mortgage ordeed of trust that gives them
the right to foreclose on you Ifyou don't make the payments and
of course you're going to makethe payments because you're
going to buy right.
It's safe because it is aconservative loan to value.
(27:19):
We're not borrowing more than75% of the after repaired value,
so that when that home isrenovated, they have what I call
a 25% equity cushion betweenwhat the value of the property
is worth and the total loan tovalue that we've borrowed.
And then the third reason thatthey love doing business with us
(27:40):
is they don't have to worryabout the value of their
investment being volatile.
And when I say that, of courseI'm contrasting that to them
putting their money in the stockmarket.
If they invest in the stockmarket, first of all they
already lost money.
There's fees, there'scommissions.
In this world of private money,there are no fees, there are no
(28:05):
commissions.
If they, you know, loan orinvest $200,000, they know that
8% if I use it all year, they'regoing to earn $16,000.
So it's like putting money inthe bank.
They know exactly what the rateof return is going to be.
And that's particularlyimportant to older private
lenders that, like, don't haveenough time to live through
(28:26):
another correction in the stockmarket.
Speaker 1 (28:29):
Sure you know what I mean, oh yeah so those three
reasons they make a.
Speaker 2 (28:32):
They make a great return, uh.
Secondly, it's safe and secure.
Thirdlyly, the value is notvolatile.
The principal loan amountremains the same until we cash
out.
So when we sell the propertythey get all their principal
back, unless we substitute thecollateral, which we do a lot of
.
But that's another show.
Speaker 1 (28:53):
Well, I was going to get into that, so maybe we'll
get into that.
We'll see how much time we have.
Speaker 2 (28:56):
Okay, but anyway, we pay them all their money back,
along with any unpaid accruedinterest, and of course they
want to reinvest just as soon aspossible yes, exactly one other
thing.
Speaker 1 (29:07):
I think, jay, on the safety, security side of things,
you know we put our private andI'm sure you do the same thing,
we put our private lenders onas the mortgage holder on the
insurance.
Speaker 2 (29:15):
Absolutely so on the insurance policy the property
and casualty insurance we namethe private lender as the
mortgagee, the mortgagee.
The reason that's important tothem that's another layer of
protection is if there's ever aclaim against that insurance
policy, well, the check by theinsurance company is going to be
(29:36):
made payable to the mortgagee,your private lender and to your
entity.
So your private lender has gotto sign off on that check before
you get the money and so, again, that's just another layer of
protection for them.
We also name them on the titlepolicy as an additional insured.
So we're giving them all thesafety and all the protection as
(29:59):
a regular bank would get.
Speaker 1 (30:00):
Yeah, are there any laws Jay around like how you can
go about raising the money,like I know, like, if you have a
fund right, isn't there certainrules about accreditation and
some of those things?
Is there anything with whatyou're doing here, where you're
using it really per transactionor, like you said, you're going
to substitute collateral attimes?
Is there any kind of laws oranything anybody would need to
know if they're going to go outand start soliciting what's?
Speaker 2 (30:23):
wonderful about the way that we do private money is
that it's not sec regulated sowe're not raising money for a
fund?
okay, you're raising money for afund.
You're now under the sec, uhregulatory, sec regulatory laws.
But everything that we do withsingle family houses or duplexes
(30:43):
, triplexes, quadplexes, aproperty itself, it's called in
slang, it's called one-offs,okay, one-offs.
So what in the world is aone-off?
Well, a one-off is you've got asingle family house that's
being funded by a private lender, maybe two, maybe three.
(31:05):
You can have multiple privatelenders uh loaning money and
they each have their ownpromissory note and they each
have their own deed of trustprotecting their note as well.
But that's when we get intowhat's called total loan to
value.
So total loan to value meansyou add up all of your private
lender notes that they areloaning on a property and you
(31:27):
divide the total of the notes bythe after repaired value.
You still don't want that toexceed more than 75% of the
value of the after repairedvalue of the property.
Speaker 1 (31:39):
Okay, so you're saying you can pair a few
different lenders together on adeal.
Is that what you're saying?
But you just don't want to getover that 75%.
Speaker 2 (31:47):
The little scenario that we went over with you when
we started on that $200,000after repaired value house.
Speaker 1 (31:54):
Yep.
Speaker 2 (31:55):
I could get $100,000 from one private lender for the
purchase.
Yep, I could get $50,000 fromone private lender for the
purchase.
I could get $50,000 fromanother private lender for the
renovation.
Add that together, you're stillat 75% of the after-repaired
value.
Speaker 1 (32:11):
Yeah, now what about the chain of mortgage?
So some people are like I onlywant to be first-position
mortgage holder.
Right, I won't do anythingunless I'm first-position.
Can you just talk a little bitabout what that means in this
world?
Speaker 2 (32:23):
The reason a private lender would only want to be in
first position is because anyjunior lien positions, second
position, third position, ifthey had to foreclose, then they
have to inherit any lanes thatare above them.
So if a junior lane wasforeclosing on me which, by the
(32:46):
way, that's not going to happen,never has, but anyway, if they
were to foreclose, they'reinheriting any senior lane
positions.
And just to comment on that,yes, in on that, yes.
The only people that will everhave a problem and insist on
only being in first position isif they have already been a
(33:06):
private lender in the past.
When you've got on your teacherhat and you are teaching people
in your own connections, uh,there's a five-letter word that
goes a long way, that startswith a t and that's the letter
and that's the word trust, right?
So you see these people are notreally investing in your deals
(33:27):
right, they're not investing inyour deals.
They are investing in.
You is what they're doing.
Speaker 1 (33:32):
Yes, absolutely that's the biggest thing in
private money right therelationship and the trust right
that's it yeah, yep, I had.
Uh, when we were raising a lotof money, I had some folks come
up to me and they were like, hey, could I, could I get some
funds from your, your privatelenders, for some of these deals
?
And I was like, well, itdoesn't really work that way,
because they're investing in me.
It's not like, yes, they wantto return on their money, but
(33:55):
they don't know you from adam,so like i're not going to
probably let you.
You have to go to your ownnetwork and get your own people.
It's not as easy as just sharinga buyer's list.
Speaker 2 (34:06):
Yeah, it's like when I'm teaching and coaching other
real estate investors on thisworld of private money, I say,
look, I'm not loaning you money,I'm not connecting you with
anybody that loans money.
Speaker 1 (34:19):
I'm going to teach you how to raise your own money?
Yeah, cause you have to.
It's the one thing.
This is where, when I teachpeople about getting started in
real estate, this is where gritcomes in.
This is where how bad do youwant this comes in is are you
willing to go out and raise someprivate money?
Cause that's how I got started.
My mom was my first privatemoney lender.
That's how I got my first dealwas.
I went to mom ma, do you wantto get in on this deal?
Yeah, let's do it.
I'll give you 10% or 12% orwhatever.
(34:39):
I offered her at the time andwe did a deal together.
And then she's like exactlywhat you said, jay.
I gave her her money back afterwe refinanced.
And she's like well, do youhave another deal that we can do
this in?
Because that was pretty cool.
Speaker 2 (34:54):
I like getting that kind of money right.
Speaker 1 (34:55):
And then she still is involved in real estate, she
still invests the money indifferent ways and different
deals and that kind of stuff.
So you're giving people a greatopportunity as well.
I think that's the otherimportant part.
Speaker 2 (35:04):
Well, and that's just it.
One thing I discovered, and mycommunity that follows me
discovers, is it's all aboutcreating win-win scenarios.
And I mean we've received thankhandwritten Thank you Notes
from our private lenders, oneI'm thinking of specifically,
wayne and his wife.
(35:26):
They've both passed away now.
They were one of our firstprivate lenders years ago and
they gave us a handwritten notethanking Carol, join me for
changing their retirement years,for changing their retirement
years.
They told us if we had not toldthem about this private money
(35:46):
world and private moneyopportunity, they would not have
been able to travel and seetheir grandkids as often as they
did.
So, um, so I mean you know you,as a real estate entrepreneur,
you have this opportunity inthis world of private money to
make an impact and changepeople's lives by giving them.
You know, this opportunity.
(36:06):
The only complaint that I'veever heard from my private
lenders are I wish I'd knownabout this sooner.
Speaker 1 (36:13):
Yeah, exactly For sure.
Last question for you, jake,because I know you got a wrap
here.
You got a busy schedule and weappreciate you taking this time
out.
This is a question that Iactually have.
So you put them on a two-yearnote and we talked about
substituting collateral andagain, if we got to have you
back on to cover this as it'stotally separate episode,
because it's going to be hard todo, we could totally do that.
But my concern is always likehey, what if I don't have a deal
(36:34):
for them?
Are you doing that?
Speaker 2 (36:44):
and you're still keeping their money and paying
them the eight percent if youdon't have a deal to place it in
?
Or how are you handling that,you know?
Or with some of your borrowers,or some of your?
First of all, um, I'm notpaying them interest, unless
that uh note is beingcollateralized by a property.
Okay, so, um, and then,secondly, when I have a new
private lender, come on, I movethem to to the top of what I
call the queue, like who's thenext private lender in line to
(37:06):
use their money.
So I want to show a new privatelender coming on that, hey, I
can perform, I can put yourmoney to work.
And then the others it dependson how much money they have to
invest.
Okay, like my minimum that I uhaccept from a private lender is
$50,000.
I can't buy a house typicallywith 50,000, but I can.
(37:27):
I can rehab a lot of houses atthe $50,000 mark, and so it
depends on how much they've gotto work to work with.
Have I got a new purchasecoming up?
Well then, I'll need to use oneof my private lenders that has,
you know, higher amounts ofmoney I've got one private
lender that's got 1.2 and 1million 250 000, just one
(37:50):
private lender.
I got another one that's got 600000.
Okay, I've got many, uh, in the500 000 range and then I have
some that only have, you know,50,000.
So depending on the deal that'scoming up, we'll determine,
okay, which private lendersmoney am I going to use.
Got it.
Speaker 1 (38:09):
Okay, very good, and there's a lot more to unpack
here.
Jay, I know you got to get tosome other things in your day
and I, you know, I know we got alittle late start with some
Zoom audio thing, so next timeI'm going to have you back on.
We're going to keep going.
We're going to do Jay Connerpart two here.
Speaker 2 (38:26):
Jay Conner 2.0.
2.0.
Speaker 1 (38:28):
And then I'm going to pop on your show too, so maybe,
if people want to get over toyour show, jay has a podcast as
well where you're talking withpeople using private money all
the time.
Speaker 2 (38:43):
Jay, do you want to just let the audience know where
they can find it?
Speaker 1 (38:45):
find you absolutely so the name of my podcast, and
by the way, we just started oureighth year.
Speaker 2 (38:47):
We're in our eighth year.
That's amazing.
Speaker 1 (38:48):
Podcast episode number 717 I got, I got ways to
go to catch you, buddy butanyway, the name of the show is
raising private money.
Speaker 2 (38:58):
That.
Speaker 1 (38:58):
That's it.
Speaker 2 (38:59):
Easy.
So your favorite platform onlistening to podcasts?
Uh, just type in raisingprivate money.
You don't even have to put inwith Jay Connor, it'll pop up.
And in addition to that, corey,as we promised.
I want to give away my book forfree, just cover shipping.
It's where to get the money Now.
I'll autograph it for you.
I'll rush it out three day rushdelivery, uh, for the united
(39:24):
states postal service.
And here's where you can getthe book go to wwwjconner.
J-a-y c-o-n-n-e-rcom.
Forward slash book.
That's jay connor, I'm an ER,not a OR J-A-Y-C-O-N-N-E-R dot
com forward slash book.
And we'll rush where to get themoney now, right out to you.
Speaker 1 (39:48):
I love it, buddy.
We'll put a link to that in theshow notes, folks.
So if you're listening to thisand you want to just click the
link, you can go to the link andpick up the book there from Jay
, and again, there's so manygood nuggets in that book.
There's so many more thingsthat we didn't get to cover
today.
If you want to hear more fromJay, go check out the podcast as
well.
There's a lot of greatinformation there.
People still tell me Jay, fromthree years ago and I think it
(40:10):
was three or four years ago Iwas on your show.
They still hit me up, so yougot people all over the country
listening to your show too,which is great Cause I'm like,
oh, Corey, I heard first heardyou on Jay Connors podcast.
I'm like dang, that was likethree years ago or something.
Speaker 2 (40:21):
I don't even remember Overdue.
It's time to have you back.
Speaker 1 (40:25):
Yeah, I'll get back on and we'll freshen up and a
lot more, a lot more stories warstories that we can share and
and hopefully help your audienceas well.
Uh, for those of you guyslistening, if you got some value
out of this we say this on mostof the shows now you could be
the spark to change somebody'slife here by sharing this
episode.
You're one conversation awayfrom changing somebody's life,
(40:45):
right.
Whether they need private moneyconversation, like Jay and I
talked about today, they justneed to get introduced to this
amazing world of real estateinvesting.
I always bring up this familythat I interviewed a few
episodes ago who they had aconversation with a friend who
was doing real estate investingBoom.
Three years later, they'reretired from their jobs and
their homeschool and their kidsdoing real estate full time.
That's the kind of power youguys have by sharing things like
(41:06):
this.
So appreciate you guys tuningin and listening and again, jay,
appreciate your time.
Brother, always great to seeyou and I always love your
energy.
Man.
I always take a lot of yourenergy after these conversations
, bro.
Speaker 2 (41:18):
That's awesome, Corey .
I love your heart and thank youfor having me on your show.
God bless you.
Speaker 1 (41:23):
God bless you, buddy.
We'll see you soon.
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