"Inspired to Invest" Podcast

How To Raise Money For Your Real Estate Investments - Without Asking For It!

Episode Summary

Struggling to raise money for your real estate investments? Find out how Jay Conner mastered the skill of raising private equity after financing from the banks fell through!

Episode Notes

What would you do if your access to credit suddenly ran dry?

Welcome back to ep97 of “Inspired To Invest” with Jay Conner.
To watch rather than listen, click here.

When the banks suddenly shut down Jay Conner's line of credit in January 2009 despite his perfect payment history and 800 credit score, he faced a crisis with two properties under contract and nowhere to turn for funding. 

What happened next transformed his real estate business forever. 

Rather than panicking, Jay asked himself a powerful question: "Who do I know that can help me with my problem?" That question led him to discover the world of private money and self-directed IRAs.

The timing couldn't have been more perfect—foreclosures were abundant, banks weren't lending, and individual investors were desperately seeking alternatives to volatile stock markets and low-yield CDs. By teaching people in his network about private lending opportunities rather than asking for money, Jay raised $2.15 million in just 90 days and tripled his business during one of the worst economic downturns in history.

What makes Jay's approach revolutionary is his servant-first mindset. "Desperation has a smell to it," he explains, which is why he never pitches deals or asks for money. Instead, he educates potential investors about private lending and self-directed IRAs—concepts 99% of people have never encountered—and allows them to express interest. When he has suitable opportunities, he simply makes "good news phone calls" informing investors he can now put their money to work.

Security remains paramount in Jay's system. Each private lender receives their own promissory note and recorded mortgage/deed of trust, maintaining loan-to-value ratios below 75% of after-repair value. This conservative approach has allowed him to raise $8.5 million and utilize $230 million in private capital by recycling funds across multiple deals over 14 years.

For those looking to implement similar strategies, Jay offers crucial red flags to watch for (like upfront application fees from supposed lenders) and emphasizes the importance of systems, software, and delegation. By becoming a "3D person" who can dictate, delegate, and disappear, he's reduced his weekly workload to under 10 hours while maintaining a thriving business.

Want to learn how to attract private money without begging or chasing? Visit jayconner.com/book to receive Jay's bestselling book "Where to Get the Money Now" for just the cost of shipping.

To connect with Jay, go to jayconner.com 

Thank you to Executive Lens for bringing us this month’s episodes. To learn more about how to leverage compelling video content to build a powerful personal brand, go to executivelens.co

“Inspired to Invest” is proud to support the Beyond Success Program, a not-for-profit financial literacy program for students, launched by More To Give & MAK Investments. Find out more at @more2give.ca.

Thank you for tuning in - and join us again on Jun. 11 for our next episode!

Episode Transcription


Speaker Names

 

Serena HolmesHost

 

00:00

Never want to assume these days. All right, we'll get started. Three, two, hey everybody. Welcome to Inspired to Invest.

00:08

I've got Jay Connor here today. He's joining us from Moor City or Moorhead City, I should say North Carolina. I am obviously Canadian, so I don't know that area too well myself. Jay is passionate about motivating and teaching other real estate investors about how they can raise private money without ever asking for money, so that sounds kind of perfect. As a result, he's consulted with over 2000 real estate investors over the course of his career, and when he lost his lines of credit at the bank back in 2019, or I should say 2009, he raised at $2,150,000 in private money in less than 90 days when he got cut up from the bank. So I think that'll definitely be a really interesting story that we can dive into.

00:48

Jay is also a commercial real estate developer of shopping centers and condominium centers. He's a national speaker and a presenter on the topics of private money foreclosures on this side of COVID, business automation and personal development, and he also is a two-time national best-selling author and a past president of Business Networking International. So thank you for taking time out of your day to be with us today. How are you?

Jay ConnerGuest

 

01:12

Serena, I'm fantastic. Thank you so much for inviting me to come along and talk about my favorite subject that I'm so passionate about that being private money for real estate, because that's had more of an impact than any other strategy that we've employed ever since 2009.

Serena HolmesHost

 

01:29

Yeah, and obviously back in 2009,. I know that's kind of when a lot of things were falling apart due to the recession, but maybe we can go back a little bit further and you can talk about how real estate came into your life and then, when you were dealing with this big catastrophe back in 2009, how you really use that as a chance to shift your priorities and shift your strategies so you come out successful on the other side.

Jay ConnerGuest

 

01:52

Sure, with my wife, carol Joy. She and I started investing in single family houses all the way back in 2003. Here in our little area of Moorhead City, north Carolina, our total target market is only 40,000 people, and I do that on purpose. I like to be a big fish in a small pond and dominate the market, and so we do about two to three transactions a month. Our average profits are $86,000 per deal. Now, I do not say that to brag. I do not say that coming from a place of ego. I say that to make a point, and the point is there's an argument to be made, a strong argument to be made, that it's much easier to focus in a smaller market than competing with other real estate investors in the big cities.

Serena HolmesHost

 

02:42

Right.

Jay ConnerGuest

 

02:43

So that's. That's why I share that. So we started in 2003. So from 2003, serena, until January of 2009, our first six years investing in single family houses the only thing I knew to do to get my deals funded was go to the local bank, get on my hands and knees, say, please fund my deal, fill out applications, have my credit score pulled, pull up my skirt so the banker can look at my personal assets, give them my financial statement, get a colonoscopy the whole nine yards. That's all I knew to do. That worked okay. That worked okay for the first six years. But then, in January 2009,ena, everything changed. Everything changed. I was sitting here at my desk and, believe it or not, we actually still have landlines and cords attached to telephones and handsets here in north carolina. Anyway, in january 2009, I had two houses under contract to purchase. I thought I still had a line of credit, yeah, at the bank yeah and so I called up my banker.

03:54

His name was steve, he'd been my banker for six years and I told him about these two deals I had on the contract. Well, I learned like that over the telephone that my line of credit had been shut down with no notice whatsoever. I said, steve, what in the world are you saying You've loved? Shut my line of credit down? I've never been late on a payment in six years. I got an 800 credit score. We got a great business relationship. Why are you closing my line of credit? 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.

04:30

Like how do you fund these two deals? He says sorry, we're not lending money out to real estate investors.

04:36

So I hung up the phone. Serena, I want to share with you and your audience a powerful question that I asked myself right after that conversation with my banker of getting cut off. I sat here at my desk and here's the question I asked myself, because you know, the power is in the questions. The question I asked myself was, I said, jay, who do you know that can help you with your problem? And, by the way, these people running around saying every problem is an opportunity, I want to throw up. I didn't have an opportunity. I had a problem. Let's face reality. This is a problem.

05:11

Yeah, well, you know, when I asked myself that question, I immediately thought of our dear friend Jeff Blankenship. He lived in Greensboro, north Carolina at the time, and I called him up and I told him what had just happened. He said well, jay, welcome to the club. I said what club is that? He said the club of having the bank shut down your line of credit. They shut me down last week.

05:33

I said well, jeff, how are you going to fund your real estate deals? He said well, have you ever heard of private money and private lending, where an individual, a human being just like us, can loan money out from their investment capital? Yeah, earn high rates of returns, safely and securely, and they'll be a private lender? I said, no, I never heard of that. He said well, even better than that, have you ever heard of self-directed iras? Yeah, you call them something different. In canada, same thing. Yeah, have you ever heard of self-directed IRAs? I said no. He said, well, somebody, an individual, can use their retirement funds and transfer it over to a self-directed IRA company, loan the money out and now you'll pay them either, uh, money that will be tax deferred or tax free.

06:19

I said, jeff, I don't have a clue what you're talking about. But I tell you what I did, Serena. I learned about private money. Yeah, I put my program together that I was going to teach and educate people first of all in my own connections. So you know what I did? I put on my teacher hat that says private money teacher. Yeah, and I went about in my own connections, teaching people what private money is, how they can earn high rates of return safely and securely without attaching a deal to it. You see, that's the big secret, serena, were you creating?

Serena HolmesHost

 

06:57

a fund then early on, like kind of like a mortgage backed security or no.

Jay ConnerGuest

 

07:02

So everything I do from early on until right now, it's what we call a one-off. So, I didn't create a fund for people to invest in, a fund they get. Each private lender gets their own promissory note, which of course, is important. In Canada, they get their own promissory note and they get their own mortgage or deed of trust that collateralizes that note. So we are not borrowing unsecured money, but they are getting their notes collateralized.

Serena HolmesHost

 

07:30

So when you talk about getting it collateralized, is it registered like a mortgage or how exactly would they? Okay?

Jay ConnerGuest

 

07:36

Yeah, it's on public record. Okay, just like a mortgage, and are you?

Serena HolmesHost

 

07:40

typically using like a group of investors per property, or how exactly are you structuring that?

Jay ConnerGuest

 

07:46

It depends on the size of the deal. So if I've got a large single family house in value of, say, $800,000, I may have two or three private lenders funding that deal. But each one has got their own promissory note and they each have their own mortgage or deed of trust that's collateralized and each of them know what position they're in Right. And so we have this thing called total loan to value. So I don't borrow more than 75% of the after repaired value of the property. And that's adding up all the notes to where they don't total more than 75% of the after repair value. That keeps it conservative.

Serena HolmesHost

 

08:27

Now, is your goal then, to use that just to purchase the property and keep it, say, under the term of a year, and then traditionally move to regular financing, or what's kind of the exit strategy at that point?

Jay ConnerGuest

 

08:39

Well, it does depend on the exit strategy. If you're doing a buy and a hold, guess what? Depend on the exit strategy? If you're doing a buy and a hold, guess what? What I pay my private lenders is the same as, or now less than, commercial rates here in the United States. I pay a straight 8%, no points, no origination fees, no junk fees, no extension fees, a straight 8%. My buddy down at First Citizens Bank, uh, three weeks ago ago just closed a commercial loan for 8.1%. So if we were three years ago, I would say if you're going to buy and hold, use private money to fund it, rehab and then refi, refinance. Now if you're going to flip, if you're going to flip the property, then obviously no refinancing, you just flip it, pay your private lender and I pay either monthly, quarterly or semi-annual, or if it's a quick flip, I'll just let the interest accrue and pay them off with the accrued interest when it's ready to sell.

Serena HolmesHost

 

09:38

Yeah, I mean I just ask a little bit more because there's actually been very significant distress in a lot of our communities here in Canada and I don't know if that's really touched on you know some of the things in the States and I know legally and politically there's a lot of things that are very different. So, for example, the laws, I think, are far stricter, come with greater penalties. They can come with, you know, decades of jail time. We're here, some of the companies that have created some of these situations or at least added to them. You know the police have said worst case, maybe they'll see a year, and I'm talking about like tens of millions, if not hundreds of millions of dollars that have been lost and mismanaged.

10:16

And in a lot of cases it's kind of like you're describing that they thought it was collateralized. There's one property but then the issue is that it wasn't registered for one and for two there was just so many P notes added to a property it far significantly outweighed what the value of the property was. So, for example, there could be $1950,000 P notes, which is almost like a million dollars on a property worth 400,000. Oh my word, it's crazy, right? So it's's just very, very significant elements of like fraud and mismanagement and things like that. So that's why I was just asking a little more, because I have seen things where people thought that you know there was. You know, we knew that we weren't, maybe on title, but there were. You know, we, we all thought that there was, um, a measure of security in a matter of leverage and stuff.

Jay ConnerGuest

 

11:04

And then, as we're peeling back the layers of the onion, there's just you just brought up a very, very important point that I think we should share some advice, and that advice being two individuals that are investing and loaning money out, Right. So it's sort of like Ronald Reagan trust but verify. So here's one. Here's one piece of advice. If you are a new private lender or an investor and you've never done it before and you know, first of all, know the operator for goodness sakes, Do you trust the operator? How well do you know the operator that's overseeing the deals? But trust and verify.

11:44

So here's two more layers to those of you that are interested in being a passive investor. The second layer is here in North Carolina, deals are closed. Real estate deals are closed with real estate attorneys. In my opinion, I think every real estate deal should be closed with a real estate attorney, but a lot of States here in the U S use title companies, right. So here's the deal If you are going to wire your funds to a real estate attorney's trust account or a title company's trust account, then for goodness sakes, get on the phone with the closing agent and get that closing agent to tell you and verify that the mortgage is going on record yeah is it going on record?

12:32

yeah, I want, I want. If this is my, if this is my new rodeo, I want them to tell me this baby's going on record, right? Secondly, I want them to tell me what position I'm in. In other words, I want, as the bar, as the lender, as the lender, I want to see that promissory note and review it before closing. Of course, yeah, do not wire your funds until you've seen the promissory note and see the terms and what position are you in. Are you in senior position? Are you junior position? And look at the terms what's the interest rate, frequency of payments, et cetera. Review it.

13:10

And then the next, chronologically, the next thing you want to look for is you should be receiving, as the lender, you should be receiving in the mail, the original recorded document. At least that's the case here in the States the lender gets the original recorded document. That's on public record. And listen, if you as the lender sorry, I've going to preach in here, serena, but it's so important, you as the lender, if you don't have that document in your hand, that you are secure, because, look, I don't borrow any unsecured funds and you as a lender should not loan any unsecured funds, in my opinion, I don't care what your mama, your daddy, your sister, your cousin, everybody should be protected mama, your daddy, your sister, your cousin everybody should be protected.

13:59

Look my mother who just recently passed away. She was one of my private lenders and investors for years and guess what? I gave my own mother the same protection that I give all my other lenders. Name them on the insurance policies, as the mortgagee and et cetera. So back to what I was saying. If you, as the lender, if you haven't received that original recorded mortgage or deed of trust, depending on where you are, within a couple of weeks after closing, you want to be on the phone with the closing agent and say, hey, where's my recorded document?

Serena HolmesHost

 

14:31

Yeah, yeah, and I agree, and I think, just because of some of the communities that we have here, you know, I think there was a level of trust that maybe was far greater than should have been given to some of these operators and they're very celebrated, put on stages, you know, promoted kind of among these communities and it was very common to see unsecured promissory notes, right so, offering 15, 16, 18 percent, but everyone believed, you know, these operators had these significant portfolios. So even though, yes, you're unsecured, there was still that level of comfort, thinking, well, they have this big portfolio backing us and you know, a lot of them ran into issues just scaling too fast. Work wasn't getting done, there was vacancies and it created issues of like insolvency and maybe led into receivership and stuff like that, right. So I just wanted to get a better understanding of how you're doing it, just because I've seen really like how you should never do it. You know, at a great scale that's affected, you know, honestly, probably thousands of years, I'm talking over $5 million Right so it's very significant.

Jay ConnerGuest

 

15:31

Yeah, I was going to say, while we're giving red flags and warnings to everybody, let me give another red flag and warning to you, the borrower. Okay, so everything that I've been talking about so far, as far as in the context of putting on my teacher hat and teaching people right, those are people in my own connections, so I'm not putting on my teacher hat Say, if I'm at a networking event at a self-directed IRA company, 70% of those people want to loan you money on real estate. Well, you're not going to put on your teacher hat. They already know. They already know what private lending and all that is. That's a negotiation conversation. But anyway, here is, here's a red flag for you If you're looking, if you're a real estate investor and you're looking to borrow money.

16:20

So and I tell you, serena I know you've heard this, I've heard it so many times it just makes me sick to my stomach these scammers and that's what they are these scammers will go on Facebook and they will instant message you and they will be saying you know, hey, I've got funding for real estate deals for only 3%, no fees, no origination. So, to begin with, when it's when it sounds too good to be true, it is right. But and here's where they get you they pump you up. I got this great deal. I got this great deal. I got this great private lending program. It's only three percent right. And here's the catch you have to send in five thousand dollars yeah, just to be considered, yeah be your for your application fee.

17:12

Yeah, and of course, if we don't approve you or fund your deal, you get your deposit back. That is a bold face lie, and here's the key you never send money to a lender. They never get paid for it. Now, maybe an appraisal, maybe an appraisal right, but the lender does not get paid for anything. No application fees, no, nothing. I'm talking hard money here. Hard money lending, yeah, until closing. They get their money out of the after the closing takes place. So anyway, beware, beware.

Serena HolmesHost

 

17:53

Yeah, I mean I have seen some of them that are even upwards of $20,000. And I think, just because of some of the challenges, like you said, like your line of credit disappeared overnight. And there's some people in our communities that are doing a lot of the right things but now they're having issues getting that institutional financing. So they're trying to find alternative measures out there and they've been approached by companies, just like you're talking about offering. You know we've got all these connections, but you have to apply and pay $10,000 or even $20,000 just to apply, and then they're disappearing right. So, on that note, I know we've been talking for a little while, so we're just going to take a little brief break for a word from our sponsors and we'll be right back.

18:30

Hey, everybody, welcome back to Inspired to Invest. I've got Jake Connor here with us today and he's talking about mortgage-backed securities and private lending that is secured against an actual asset. In some cases that could be syndicated with a few lenders on a property. But he really had to get creative back in 2009 when the bank cut off his line of credit and he's talking about teaching all the ins and outs and red flags to watch for Now. I guess, in terms of some of those other challenges that you've experienced along the way you found this new strategy, can you talk a little bit about you know how the last 10 to 15 years have gone and what would you perceive as maybe the greatest challenge that you've overcome and some of those successes that are attached as well?

Jay ConnerGuest

 

19:16

into this world and it literally I backed into it. I wasn't looking for private money until I had to find a better and quicker way to fund my deals, and I couldn't rely on the local bank, and so my definition of coincidence is God's way of staying anonymous yeah timings, everything.

19:30

so, again, it was January 2009, and so when I learned about private money our business now bear in mind when did this take place? This took place in the middle of the crash and foreclosures everywhere in the United States, I mean, it was falling apart, and so I learned about private money and, interestingly enough, what happened was all these foreclosures were coming onto the market, going to sell at the courthouse steps. Banks were not lending money. Now, there's an interesting stack of cards right there Foreclosures abundant and the banks are not lending money. So you had to have the cash, you had to have the funding available yourself to take advantage of those foreclosures being sold to the courthouse steps. Serena, our business tripled tripled in 2009.

20:27

In the midst of that, you know, global financial crisis. Because why? Because we had the funding available private money from individuals. And look, it was like a vortex. It was like a beautiful, perfect vortex that came together. I had so much money chasing me. I couldn't use it all. That's a good problem. And they were sick and tired of the low rates in the CDs. The stock market was so volatile. People were losing money.

20:59

And so it's like individuals, are looking for a place to put their money safe and secure. Now I got the money, now I can pick and choose on the foreclosures, and what I found myself was being a servant. I was like an orchestra director, pulling the pieces together and making beautiful music. And I want to make this comment One of the biggest lessons I learned is your mindset. I tell people all the time they say, jay, how do I get started in private money? How do I get started? I'll tell you how you get started. You got to own the real estate between your ears. That's the first thing you got to do. And what do I mean by that? What I mean by that is the mindset. No begging, selling, chasing, persuading. This is all about leading with a servant's heart, exposing people to this opportunity that have never heard of it and 99% of the people walking around never heard of a self-directed IRA. Yeah, yeah, what they can do. And so, when you put on your teacher hat, you leave with a servant's heart. Don't be talking about a deal you need funded in the initial conversation, because desperation has got a smell to it. Yeah, leave with a servant's heart, teach people about this world and then, when you've got a deal for them to fund. I mean, here's what's entered in.

22:14

Serena, I've never asked anybody for money, never asked anybody for money. They say, jay, how do you get your deals funded? And you never ask anybody for money. Here's how I teach them. They tell me how much they got and I'll say I'm going to put your money to work for you just as soon as possible.

22:29

Serena, I'm going to share with you and your audience right now the exact script that I say over the phone to my private lender when I've got a deal for them to fund. It's called the good news phone call, the good news phone call. I call them up. I say I've got great news. I can now put your money to work. I've got a house in Newport with an after repaired value of $200,000. The funding required for the deals 150,000. I know that matches up to what you got.

23:00

Closings next Tuesday. You'll need to have your funds wired to my real estate attorney's trust account. Next Monday I'm going to have my attorney email you the wiring instructions. End of conversation, no pitch. And here's why, you see, the most stupid question I could ask my private lender is do you want to fund the deal? Of course they want to fund the deal. They've been waiting for the phone call for me to put their money to work, and Serena, particularly if they have moved their retirement funds over to a self-directed IRA company. They're not making any money until I put their money to work.

23:35

I'm not going to bring them a deal to fund unless it matches the criteria of the program that I taught them. So it's win, win, win, win, win, win. No chasing.

Serena HolmesHost

 

23:43

Yeah, no, understood. Now, when you look at the value of your portfolio now, like what, where does that stand? Like, is it a couple hundred properties, Is it thousands? You know how much money have kind of raised. Now that I guess how many years has passed. I guess 14 or 16 years. So here's the deal.

Jay ConnerGuest

 

23:59

So I've raised eight and a half million dollars, but I've used 230 million because I just keep using the money over and, over and, over and over again without having to go out and raise it again. As far as the portfolio goes, I've only got 25 houses because I'm not primarily a buy and hold person, right, so you're primarily flipping them. I'm not a landlord. I do sell a lot of homes and have sold a lot of homes on rent to own or lease purchase. But I actually help the people get a mortgage on my lands. Not supposed to do that, right, you're supposed to leave them alone. No, I actually help them get a mortgage and 80% of those people actually get a mortgage because we help them.

Serena HolmesHost

 

24:43

Yeah, no, that's awesome. Now, in terms of building your own community, I know you said that you like to be that big fish in a small pond. So when you have been building up your database of private lenders, is that just through the connections that you're making or like? How are you? How are you building in that respect?

Jay ConnerGuest

 

24:58

It's all through networking. So I started out with my own network, right? People? I go to church with people in my cell phone, people on my email list invite them to a luncheon paid for their lunch. I just won private luncheon. I raised $969,000 in that 90 minutes. So I started out with my own connections. Well, I don't care how big your network is, you're going to run out of connections if you're just starting out networking.

25:27

So I started building my network. My favorite way to quickly build my network was by joining Business Networking International, started by Ivan Meisner. Serena, I'm sure you're familiar with it. Even little teeny, tiny Moorhead City, north Carolina, has got a Business Networking International. So the way that works is your fellow chapter members are out telling your story and referring people to you that are looking for a high rate of return, safely and securely.

25:54

And of course I send them leads, so it's all been through connections. Now let me be transparent what I mean by connections. I go on my social media and I can talk about my deal, that I'm doing and what I bought it for and how my investor or private lender is making a higher rate of return safely and securely. I'm just telling stories and planting seeds. That's part of networking.

Serena HolmesHost

 

26:20

Yeah, understood. Now, in terms of advice, what would you say is some of the best advice that you've gotten, you know as your journey has continued, and something that you'd pass along to someone that is starting out?

Jay ConnerGuest

 

26:31

Well, the best, some of the best advice. Well, how long have you got? I've lost hundreds and hundreds of thousands of dollars by screwing it up and making stupid mistakes because I didn't have a mentor or a coach that I was working with. But let me just, let me just share a a short story that's got powerful advice that goes along with it. Shortly after I had started investing in real estate here locally, there was a condominium oceanfront condominium here at Atlantic Beach that was on the foreclosure courthouse steps. I bought it. My intention, serena, was to renovate it, make it absolutely beautiful and flip it. That was the intended exit strategy. Well, guess what? By the time I finished it I got ready to sell it the market had turned. Prices are coming down. I was stubborn. I held onto my price. Very, very stupidly, prices continue to come down. So by the time I'm willing to drop my price, guess what?

Serena HolmesHost

 

27:31

I can't sell it for what I got in it.

Jay ConnerGuest

 

27:33

So what have I got to do? I got to stop the bleeding, so I put it on the rental market. So this condominium only has revenue at Atlantic beach 13 weeks out of the year because it's a summertime rental. So I could not rent it out for enough to cover my carrying cost, my underlying debt and HOA fees and utilities. So for a number of years that was a blood bath. I was not going to let it go back into foreclosure because I just wasn't, and so I lost money for years. What's the lesson learned? Here's the lesson, here's the advice. Take it from somebody that has got to screw it up first before I get it right, and that is regardless of your intended exit strategy. On a single family house, make sure you run the numbers that it will cash flow if you're stuck with it and you got to rent it out.

Serena HolmesHost

 

28:29

Yeah, awesome. Now, in terms of how real estate investing has changed your life, in terms of things like financial freedom and time, what would you say? What kind of an impact would you say that it's had on your life?

Jay ConnerGuest

 

28:41

Time, time. So when I started out, I didn't I, I, I didn't know how to do that. I don't know how to make that work. I came from the corporate world and the corporate world, you know, work, work, work, work, work all the time. So that was my programming, that was my mindset.

29:01

So when I left the corporate world to come into being an entrepreneur in 2003, then it was all different. It's just me, my wife starting out, that's it. And then we grew from there, and so what I learned is I need to be a three D person which stands for dictate, delegate and disappear and get out of the way. You can't scale this business running around with your hair on fire doing this by yourself. So one of the first things I did was I hired a part-time acquisitionist that started talking to motivated sellers for me to get the initial information right, and then I grew from there to having a lead manager, and the lead manager is in the Philippines. Her name's Trixie. She's been with me for five years. Her job is to make sure no leads fall through the crack, because the money is in the follow-up.

30:00

And then, along with that, software and CRMs, customer retention, management critically important. I mean, serena, I was so stupid, I started out running this business with sticky notes and yellow pads to remind me what to do. That is not the way to go, my friends. So having really, really good software that keeps up with all your leads, what happened, what's the last, what's the last conversation, what should happen next, and then, as a result, you can do what I'm enjoying.

30:32

When I say time, I'm actually working in my real estate investing business less than 10 hours per week because of automation, because of the software, because of having a system, because of being organized. And then the rest of my week what do I do when I'm not eating Cheetos on the couch? I don't know how to play golf. I don't know how to play chess. I play a little bit of checkers. What do I do the rest of the week? I spend wonderful time and moments of conversations with wonderful people like Serena, podcasting, sharing with the world what I know about private money and getting your deals funded without ever having to rely on banks.

Serena HolmesHost

 

31:12

Awesome. Now, the name of this podcast is Inspired to Invest, so I always like to ask people if they've got a particular quote that motivates or inspires them.

Jay ConnerGuest

 

31:22

So, oh, there's so many, serena, there's so many quotes, so one of my favorites is by Jim Rohn, and it's not the one that most people associate with Jim Rohn. The quote is your next five years. What your next five years will look like will be dependent upon the people you meet and the books you read. With that, I'll share the other quote from my dear friend, tom Kroll. Tom Kroll founded the largest wholesaling investing coaching business in the nation and his mantra is read eight pages a day, read, read eight pages a day of nonfiction, self growth, personal growth and biographies and autobiographies. Those eight pages a day will change your life. That's great.

Serena HolmesHost

 

32:25

Now, I appreciate your time today. How can everybody get in touch with you if they want to learn more about what you do? And I know that you've got a book that you mentioned before we hopped on, so maybe you can talk for a minute about that.

Jay ConnerGuest

 

32:36

Absolutely. Thank you, serena. So I'm so excited about my recent book. It's a bestseller and it's called when to Get the Money Now. Where to Get the Money Now. This is not an ebook, it's actually a book book. The subtitle is how and where to get money for your real estate deals without relying on traditional lenders or hard money lenders. It's $20 on Amazon. Where to get the money now? But don't spend 20 bucks. Give me a gift of allowing me to gift you this book. Just cover shipping. You can go to Jay Connor I'm an ER, not an OR, by the way so go to jayconcom forward slash book and, believe it or not, the postal service is actually still in business. I'll autograph the book for you. We'll three-day priority ship it to you and I think you'll really enjoy the book. It's very easy to read, understand and it will show you how to attract a lot of private money for your real estate deals, where you never miss out on a deal.

Serena HolmesHost

 

33:41

Awesome. So we'll include all of that in the show notes below, of course. Thank you for your time today and for anyone that is watching or listening. We appreciate your time. Make sure that you have followed along on social at Inspired to Invest podcast and remember, when you invest in yourself, the sky's the limit. Thanks again. I'm just going to stop the recording.