How Private Money Works with Jay Conner

Fatoumata Doumbia

33 min

Business & Finance

Description

On today’s episode of the Forever Cash Life Real Estate Podcast, we’re going to talk about something that’s super useful to everyone: where to get the money. Jay Conner and I met in a high-caliber Mastermind group not too long ago, and he’s an expert on private money. I think you’ll find our conversation very valuable. Why Investors Need Private Money Instead of Just Using Banks One of the great things about land flipping is that you can do some amazing deals without needing much cash upfront. But sometimes you’ll have a larger land deal where the closing happens fast, and you need a big chunk of cash. This is where private money comes in. Jay and his wife live in eastern North Carolina, where Jay was raised in the mobile home business. He’s been helping people get a home his whole life. In 2003, he knew he wanted to get into single family housing. From 2003 to 2009, he relied on the local banks and mortgage companies to fund his deals. He really didn’t know any other way. In 2009, he had two deals under contract to purchase when he found out he had lost his lines of credit. He hung up the phone with his banker and had no idea what to do next. He called a friend who told him about private money, and he learned about it fast. He put his private money program together, educated people about it, and he was able to raise over $2 million dollars in 90 days for his real estate business. And he never looked back. When Is the Right Time to Ask for Private Money? Don’t wait until 10 days before you need the private money to get it lined up. Then the other party will have the advantage, the leverage. Jay says to get several people lined up, so they’ll be read

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Episodes

How Private Money Works with Jay Conner

Fatoumata Doumbia

33:35