5 Steps to Raising Private Money

Mike Hambright (00:00.718)
Hey everybody, welcome back to the show. I’m here with the one and only Jay Conner today. We’re gonna be talking about how to raise private money, like right now, what’s working in this market. So Jay, welcome to the show.

Jay Conner (00:10.962)
my lands, Mike, thank you so much for inviting me to come along and talk about private money because this is the subject I’m so passionate and excited about. And the reason for that is private money has had more of an impact on mine and Carol Joy’s real estate investing business than any other strategy that we’ve employed. I tell you, it’s because of that I’ve never missed out on a deal that I wanted to do for not having the funding ever since

February 2009 when I started raising private money.

Mike Hambright (00:42.628)
Yeah, that’s fantastic. I know there’s a lot of great, we’re gonna talk about the differences between what is private money versus hard money, because a lot of folks intermingle those things. And I would say the truth is, is having flipped hundreds and hundreds of houses, I’ve mostly used private money, friend and family money, friends of friends and things like that. And it’s great once you kind of get those relationships locked in because…

they don’t want you to pay it back. They want to keep their money busy, right? they don’t have as, well, I don’t want say they don’t have as much emotion, but the banks are, the banks, your relationship with the banks might not have all the control, right? If you’re working with hard money lenders or even local banks, they have mandates sometimes that are passed down that they can’t really control where things are going. So excited to talk about this. Jay, before we jump into the meat and potatoes here, tell us a little bit about you and your background.

Jay Conner (01:32.376)
Sure. Well, my wife, Carol Joy and I, we live here in a very, very small town, small market here in Eastern North Carolina. It’s called Morehead City, Atlantic Beach. We only invest in two counties and our total target market is only 40,000 people. And so there’s a big argument to be made to be a big fish in a small pond. I’ve been full time here investing in single family houses primarily since 2003.

We do two to three deals a month, not a big volume. However, average profits the last 12 months are $86,000 per transaction, per deal. I don’t share that $86,000 figure to brag in any kind of way. It’s just to make a point. And that is if you are the dominating force and you’ve got consistent marketing in a small market, then you can dominate that market and you don’t have to deal with all that competition that’s in the, you know, bigger cities.

So I was raised in the mobile home business, manufactured housing. They used to call them trailers and wobbly boxes, but the financing for that product by and large went away in 2003. I knew I wanted to get into single family houses ever since that time, you know, when I started in 2003. And you know what’s interesting, Mike, is a big part of my story is from 2003.

Mike Hambright (02:31.216)
Yeah, that’s amazing.

Mike Hambright (02:37.839)
Hahaha

Jay Conner (02:56.448)
Until January 2009, the only thing that I knew to do to get my deals funded was go to the local bank or mortgage company, get on my hands and knees and put my hands underneath my chin and say, please fund my deal. And you know, the bank would make me pull up my skirt and show all my personal assets. And I had to get my credit score pulled and show my financial statement and all that. And you know, Mike, that worked out okay.

for the first six years from 2003 to 2009. But in January 2009, everything changed, Mike. Everything changed in January 2009. I was sitting here at this very desk and I picked up my telephone. Now we still have handsets and cords in North Carolina. know, a lot of people haven’t even seen that in a while, but I pulled up, I picked up the phone and I called my banker. His name was Steve. Now this was January 2009.

Mike Hambright (03:40.738)
wow.

Jay Conner (03:51.692)
And I called up Steve. Steve had funded up ton of deals for me for six years here in our local market. And I told him about these two houses that we had under contract to buy. And Mike, I learned like that over the telephone that my line of credit had been shut down with no notice. I said, Steve, what in the world are you telling me that my line of credit is closed? We’ve got a great relationship. We’ve been doing business for six years. I got a great credit score, never laid on payments. Why is my

Mike Hambright (04:08.208)
you

Jay Conner (04:20.75)
Credit line shut down. 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 financial crisis. I don’t have a way to fund my deals since you’ve cut me off. He says, well, we’re not loaning money out to real estate investors anymore. So I put my phone on the handset and Mike, I sat here and I sat here for a moment.

And I asked myself a very important question and I want to share this question with you and your audience. This question that I asked myself will help fix any problem anybody’s got going on in their life. I don’t care if it’s financial health, career, relationships, it doesn’t matter. Help fix their problem. By the way, these people running around saying every problem is an opportunity. I want to be like the Kool-Aid guy and run into the brick wall. That’s the most stupid thing. I didn’t have an opportunity. I had a problem. Let’s face the facts, right?

Now that problem became an opportunity, but at the moment it’s a problem. So here’s the question I asked myself. I said, Jay, who do you know that can help fix your problem? I’m not having any more funding for your deals. And I immediately, you know, the power’s in questions. I immediately thought of my good friend, Jeff Blankenship, who lived in Greensboro, North Carolina at the time. He was investing in single family houses. I picked up the phone, I called Jeff, and I told him what happened.

He said, 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. I said, well, Jeff, how are you going to fund your deals? He said, well, have you ever heard of private money? I said, no. He said, have you ever heard of self-directed IRAs and how people can take their current retirement funds and transfer it over to a self-directed IRA company and invest that money and loan it out to us and we pay them?

Interest and they earn either tax free or tax deferred income. I said Jeff. What in the world are you talking about? I don’t know what you’re talking about. I said, what is private money? He said well, there’s this gentleman down in Jacksonville, Florida By the name of Ron the grand that says he can teach us how to get private money I said, well, what is it? He said I don’t know but Ron says we can get a lot of it So that’s why I went to my first real estate investing seminar after being in this business for six years

Jay Conner (06:38.968)
to learn about private money. So I went to Ron LeGrand’s seminar, learned about private money, I came back home, Mike, and you know what I did?

I put on my teacher hat and I just went about teaching people, my teacher hat says private money teacher, and I just went about teaching people, first of all, that I go to church with, they’re in my cell phone, my own connections. I started teaching people what private money is and my program that I put together. I decided what interest rate I was going to pay, how they could get their money back in case of an emergency, maximum loan to value and all that. And I just started teaching people in my own network what private money is.

and how they can get high rates of return safely and securely. As a result, I was able to raise a couple of million dollars in the last 90 days by just teaching the opportunity. So instead of going to the local bank and asking for a mortgage in this world of private money, we’re offering a mortgage or offering an opportunity.

Mike Hambright (07:39.45)
That’s great, yeah, and there’s a lot of people, and I think I know what you’re gonna say here, but there’s a lot of people that you probably work with that are not, they don’t have business cards, they don’t think of themselves as a lender, they’re not a lending company, they’re just maybe wealthy individuals, or maybe not all that wealthy, but they’ve got some money to put to work and they’re afraid of the stock market, or they want something that’s a little more tangible, or they wanna put it with somebody that they.

know, like, and trust or whatever, right? So maybe tell us a little more about what is, like, private money? How does that compare to other, how do you compare it to, you know, hard money or local banks or whatever? Like, what’s the definition of private money in your world?

Jay Conner (08:18.264)
Yeah, well what you just said is a very, important point. that is, private lenders are just regular people. These are individuals, human beings, that are looking or would love to have a way to get a higher rate of return safely and securely. Maybe they got their money in the local bank and a certificate of deposit. And you know, when I say I put on my teacher hat and started sharing this with just people in my own network.

I’ve got 47 private lenders right now, Mike, that are funding our deals, loaning money out on our real estate deals. 47 individuals. Here’s what’s interesting. And by the way, if you’re listening to this show, you don’t need 47 private lenders. You need just need one or two to get started. But what’s interesting is Mike, not one of these 47 people ever heard of private money, private lending, self-directed IRAs. None of them heard about it until I told them about it, right?

Mike Hambright (09:13.018)
Yeah.

Jay Conner (09:13.728)
And so what makes private money and hard money so different? And when I say hard money, I’m talking typically institutional money, hard money lenders, hard money brokers, is that when you’re borrowing institutional money, whether it’s a bank, mortgage company, hard money, whatever, they make the rules. They make the rules. I mean, that’s the traditional way of thinking as to how to borrow money. The traditional way of thinking of how to borrow money.

is whoever’s got the money makes the rules. That’s the traditional way. But now let’s switch that 180 degrees. In my world of private money, guess what? We make the rules. The borrower makes the rules. We set the interest rate. We set the length of the note. We set the frequency of payments, the whole nine yards to where, and the reason this works is because if I’m borrowing money from an existing private lender,

that’s already been doing this, then they already know this world. That’s a negotiation conversation. But in my world, as to how I do private money and my community members, the way we do private money, is we lead first with a servant’s heart by teaching the opportunity, and then we separate conversations between the opportunity and then having an actual deal to fund. So,

Mike Hambright (10:40.25)
Yeah.

Jay Conner (10:41.58)
You know, and I know you can relate with this, Mike. I mean, you’ve raised millions in private money. If you’re talking to a new potential private lender in your own network and you talk about a deal in the initial conversation, you already sound desperate without even trying to sound desperate. And so here’s a writer downer. Desperation has got a smell to it, right? Desperation has got a smell to it. The worst time to be raising private money is when you need it.

Mike Hambright (11:04.506)
Hahaha.

Jay Conner (11:10.862)
for a deal. So, Mike, let me take a moment and share, and then I’ll get over to more of those differentiations between private money and hard money. Let me take a moment to share as to how I get my deals funded without ever asking for money and never pitching a deal. So, as I said, we want to separate the conversations between a new potential private lender, people that you already got an association with, you go to Rotary Club with them, you go to church, you play golf, whatever.

You teach the opportunity first, the program, with no deal attached to it, and then when you have a deal to fund and they’ve told you how much money they gotta work with, I call them up with what I call the good news phone call. Well, what in the world is the good news phone call? Well, Mike lets you and me do a little quick little role play right here. Let’s pretend that Mike, that you and I have known each other for a while, which of course we have, but.

You know, let’s say we’ve known each other for a while and you didn’t know anything about private money. Maybe we go to church together or whatever. And I’ve told you about private money and it comes to find, I come to find out that you’ve got $150,000 in a former 401k at a former employer. And you’re not happy with what that’s doing in the stock market. I’ve introduced you to the self-directed IRA company that I recommend. You’ve moved that $150,000 over.

to the self-directed IRA company I recommended. And I’ve told you, I’ll put your money to work for you just as soon as possible. So you’ve moved it over and now you’re waiting for my phone call. So a week or two goes by and I call you up. Mike, I wanna share with you right now the exact script, the exact script that I say over the phone to get my deal funded without ever asking for money, without pitching a deal. So here’s the script.

I call you up, you answer the phone, we have a little chit chat, and then I say, Mike, I have got great news for you. I can now put your money to work. I’ve got a house under contract here in Newport, North Carolina, with an after-reparative value of $200,000. Now, the funding required for the deal is $150,000, which matches up to what you’ve got at your self-directed IRA. Closing’s gonna be next Tuesday.

Jay Conner (13:30.574)
So I’ll need for you to wire your funds to my Real Estate Attorney’s Trust account by next Monday. I’m going to have my attorney email you the wiring instructions. That’s the end of the conversation. The most stupid thing I could ask is, Mike, do you want to fund the deal? Of course you want to fund the deal. And the reason you want to fund the deal is for three reasons. Number one, you trusted my recommendation. You moved your money over to the self-directed IRA company.

because I recommended it. So you already did that. Number two, you know I’m not gonna bring a deal for you to fund unless it matches the criteria of the program that I already taught you. I’m not gonna max out 75 % of the after repaired value, et cetera. So you know the deal is gonna match the program I already taught you. And thirdly, you’re a static to fund my deal because you’re not making any money until I put your money to work.

Mike Hambright (14:21.327)
Right.

Jay Conner (14:29.334)
And so I’m ethically obligated to invest your money. So that’s why it’s just that natural flow of teaching and then the good news phone call back to your questions. Sorry, I digressed.

Mike Hambright (14:42.608)
This is great. when you talk like how do you start that conversation with potential? Future lenders like how do you bring that up? And I guess and you know you might be a little bit different than some of the students you ever people that are listening to this right now like what are some common ways that people can kind of start those conversations planning those seeds whether it’s at church or through a friend of a friend or at a wedding or On social media even

Jay Conner (15:10.41)
It’s funny you bring up the wedding a few years ago. I was at a wedding and I was at the reception at a eight top table round table eating mince and cake and drinking punch. And I got to meet this lady whose husband had just retired from being a dentist and he had a problem having $700,000 that he didn’t know what to do with. He became a private lender. Anyway, I love how do you start conversations? Well, there’s the direct method.

And there’s the indirect method. So let me start with a short story of how you start a conversation using what I call the indirect method. My very first $500,000 that I raised after being cut off from the bank, I used the indirect method. I didn’t know that’s what it was called. I later named it that. But here’s what I did. I came home, I had my private lending program put together as to what I was gonna offer the interest rate. By the way, I’ve been paying 8%.

ever since February 2009 with no points. Same thing, February 2009, summer 2025. Same thing, 8 % no points. so I had my program put together. So indirect method, was a Wednesday night at 730. Carol, Joe and I went to Bible study as we always do on Barbara Road at the Morrhead City Church of Christ. And I walked into the foyer. I was looking for a gentleman named Wayne. Now Wayne and I had known each other for a while.

And I walked up to Wayne and I said, Wayne, I’d like to visit with you confidentially for a few minutes after Bible study. You’re gonna have a few minutes. He said, sure. So we got together, went down to the nursery, shut the door after Bible study there in the church building. And here’s exactly what I said to Wayne using the indirect method. I said, Wayne, you know everybody in this town. And he did. He was the original Zenith.

television dealer in Moorhead City, North Carolina. Now for those of you that are listening and you never heard of the Zenith television dealer, that means that you are too young to remember life before Walmart came to town. Anyway, so Wayne, he had sold televisions to everybody in town. He’d put them into hospital and actually with the Zenith television dealer, you bought your TV from him. He’d finance your TV. He’d repair your TV. Anyway, Wayne knew everybody.

Mike Hambright (17:08.399)
Hahaha

Jay Conner (17:35.212)
So back to my script, I said, Wayne, you know everybody in this town. I said, you’re all connected with the Rotary Club. You know everybody. I said, Wayne, I need your help. Right there is the writer downer. That’s the indirect method. I said, Wayne, I need your help. I said, you see, I’ve now opened up my real estate investing business by referral only to people that I know and trust. And here’s how I need your help.

When you run across somebody that’s complaining about low interest rates in the local bank and certificate or deposit or the volatility of the stock market, would you refer them to me because I’m now paying insane high rates of return in my private lending program to my investors. If you would refer them to me, that’d be great. What do you think Wayne said? Wayne said, well now, brother Jay, what you got going on there? I said, well, Wayne, are you saying that you might be interested?

He said, well, I might be interested. I said, well, why is that? He said, well, we’re not earning much money in the local bank and we’re losing money in the stock market. He said, what kind of rate of return are you paying? I said, well, that sort of depends on the deal. I said, what sounds high to you? He says, well, we’re earning 3 % in the local bank and that’s what it was in a CD in 2009. It’s already back to that now. He said, we’re losing money in the stock market.

He says, I don’t know, maybe five or 6%. I said, Wayne, I can’t pay you five or 6%. I said, but I can pay you 8%. He said, put me down for $250,000. And so the next afternoon, Thursday afternoon, I went to Wayne’s home and I sat down with he and his wife. And what did I do? I had on my teacher hat, right? All I’m doing is teaching the opportunity. And remember, we make the rules.

Mike Hambright (19:22.736)
.

Jay Conner (19:27.95)
So I’m teaching the interest rate that I’ll pay on his investments, 8%, and I’m teaching him how they can get their money back in case of an emergency and what the maximum loan to value is. And I let them tell me the frequency of payments. I really don’t care. And so after two cups of coffee on Thursday afternoon, that $250,000 became $500,000 at the end of that conversation. Remember the magic, no deal attached to it.

We’re just talking about the program. And then of course, a week goes by and I give Wayne and his wife the call with the good news phone call and here we go to putting their money to work. So the indirect method is just asking people to spread the word as to the opportunity that you have. And by the way, Wayne did refer, I don’t know how many new potential private lenders to us that still fund our deals today. That’s the indirect method. How do you start conversations with the direct method?

Well, I call that the magic question. And the magic question is quote unquote, do you have investment capital or retirement funds not giving you a high rate of return safely and securely? Now, obviously you’re not going to start out a conversation with the magic question, right? You’re just going to be in a conversation. I love bringing up the topic with by the way, lead ends, by the way. So here’s a lead in to bringing up the topic.

Let’s say, Mike, you and I are having coffee or we’re having breakfast or whatever. We’re at the ice cream church social, whatever. So we’re hanging out and we’re visiting and I say, Mike, by the way, did you know there’s a way people can earn unlimited money per year tax free? They’re not gonna know the answer to that question. Of course, what I’m leading up to is how people can have a Roth IRA and a self-directed IRA account.

That’s all after tax money and whatever money they earn off of that money is tax free. So of course they don’t know the answer to that question. By the way, Mike, did you know there’s a way people can earn unlimited money per year tax free? Of course they’re going to say no. You’re going to say no. I never heard of that. Then my follow-up question to that is, well, have you ever heard of self-directed IRA companies? And of course they never heard of that either. So now we have a conversation about self-directed IRA companies and what they are.

Jay Conner (21:53.1)
which now leads into private money. And then, well, do you have investment capital or retirement funds not giving you a high rate of return? So you see, I start out educating, right? That’s the whole secret. I start out conversations educating people as to what this is, coming and leading from a servant’s heart and not from a vantage point of need or want. I’m leading with value. Lead with value as to how

Mike Hambright (22:18.65)
Yeah, yeah.

Jay Conner (22:21.91)
You can serve them.

Mike Hambright (22:23.728)
What’s interesting that a lot of folks, if they step back and think about it, lot of real estate investors, if you step back and think about it, is you’re dealing with…

I guess, I’ll say like smart people but on sophisticated money. they don’t, and they don’t have overhead, they don’t have a lending department, they don’t have all the stuff that you think of with a traditional lender. They don’t think of points, they don’t think of, they’re comparing it to their next best alternative which is a CD or the stock market or something more traditional, right?

And so, and I think also a lot of these folks, probably would agree with this, correct me if I’m wrong. A lot of them have an interest in being a real estate investor and you’re saying, well, here’s a way to get involved without having to do any of the hard work. You’re just the banker, which everybody wants to be the banker. Anyway, am I right?

Jay Conner (23:09.058)
Yeah, they love the passive part of it. They don’t have to find deals. They don’t have to negotiate deals. They don’t have to oversee rehab projects. All they do is wire money that they’ve got either an investment capital and or retirement funds. Over half of our 47 private lenders are using their retirement funds that they already have in place. I’ve got retired teachers and every walk of life that you can think of. But yeah.

Mike Hambright (23:37.114)
Yeah, yeah.

Jay Conner (23:38.37)
They love the passive part. All they gotta do is just sit back and collect checks or watch their account grow.

Mike Hambright (23:45.476)
Yep, and Jay, think for a lot of folks, I’m curious what your thoughts are on this, for a lot of folks that start raising private money, you go from, don’t know what to do, it’s real quick to get to, I have more than I need.

Right, because the word spreads or, you know, same way you’re asking here. So what do you do to keep folks’ money busy? I know some people become a hard money lender too and they sublend it out and they do some different things to keep it busy or you gotta ramp up your business to keep it busy, but what are some things you can do to keep, you know, you kinda have some level of obligation now that somebody’s pledged some money towards you and you gotta keep it busy. So what are some tips and tricks for that?

Jay Conner (24:25.112)
Yeah, but that’s a great question because for years with me, it was a juggling act. It was a juggling act. I got too much money. I’m looking for deals to put the money to work. then, and that’s, that’s primarily been the problem. It’s been a long time since I had deals and no money and the same thing for my community. So what I developed is I developed what’s called your freedom number exercise.

And the freedom number exercise takes about 15 minutes to go through. And the freedom number exercise actually drills down and calculates exactly how much private money that you need at your disposal. And that’s based on your business. That’s based on, you know, what’s the average after repaired value, medium price in your area.

Mike Hambright (25:07.877)
Right.

Jay Conner (25:17.088)
And how many deals are you doing a year or do you realistically anticipate to do a year? That’s going to tell you exactly how much private money you need. I have the problem today. It’s a good problem. I’ve got about $1.2 million, what I call sitting on the shelf. So these are private lenders’ money, principal investment amount, that I’ve paid off. They’re waiting for me to put the money back to work. And so, you know,

Mike Hambright (25:25.776)
Sure.

Jay Conner (25:44.394)
stop talking about it when you’ve got too much because they’re going to keep referring it to you anyway. I mean, it’s been years, it’s been years since I even brought up the topic to anybody in conversation. I mean, I could provide that money for my mastermind community members, but I want them to raise their own.

I don’t want to match up money with people that need money. did that. That did not go so well years ago. You know, people should be raising their own private money. And of course, that’s what I teach at Real Estate Investors what to do. You got to raise your own very quickly without ever having to chase, beg, know, persuade or sell or talk anybody into anything. I mean, very quickly, you got a bunch of people chasing you instead of you chasing them.

Mike Hambright (26:14.468)
Yep.

Mike Hambright (26:37.092)
Yeah, and Jay, a lot of folks don’t know, but a lot of times this money’s right under their nose, right? Where do they, the average real estate investor, where do they go to find these people? Because it’s not some far off land, right?

Jay Conner (26:48.704)
No, there’s three categories of where private lenders are or exist. Private lenders are, first of all, in your own warm market, your own connections, and they don’t even know what private money is. They don’t even know what private, they don’t even know what a self-worth IRA is, you know, until you teach them about it. So that’s your own warm market, your own connections.

Then, you know, you’re going to, if you really want to scale your business, you’re going to run out of your own connections, your current connections. And of course, we all know there’s a direct correlation between your net work and your net worth, obviously. By the way, if you are a seasoned real estate investor, you need to be an investor fuel anyway and connect with all those other like-minded people that are investing in real estate. My most valuable assets are my fellow Mastermind members.

But anyway, the second category is what I call your expanded warm market. What in the world is that? Well, as I said, if you’re wanting to scale your business, you’re going to run out of your own connections and your own money if you’re really wanting to scale it. So how can you expand your warm market? Well, I teach that all the time, but I can tell you one big tip. I’ve got millions of dollars in private money funding.

by becoming active in my local B &I, Business Networking International. And even along Morehead City, North Carolina, population 8,000 people, we started up a B &I in 2007 with 22 of us. And your local B &I chapter members, they refer prospects to you of whatever business that you’re in. And so…

expanded market. And then the third category of private lenders are existing private lenders. These are individuals that are already loaning money out to real estate investors. Well, where do you find them? Well, one place to find them is at self-directed IRA networking events. Here’s what’s interesting. Over 70 % of account holders at self-directed IRA companies

Jay Conner (29:01.426)
want to loan you money. They want to invest in your deals. They want to be passive real estate investing with their retirement funds. That’s a great place to network with them. However, that’s my least favorite source. And I’ll tell you why. If I’m having a conversation with an existing private lender, they already know the game. They’re already spoiled at 12%. So now this is a negotiation conversation.

I would much rather be a teacher in my warm market or my expanding warm market. And they are a static with 8 % and no points.

Mike Hambright (29:40.804)
Yeah, yeah, once they in their mind refer to themselves or think of themselves as a lender, then they’ve kind of institutionalized themselves, right? Yeah, yeah. Well, Jay, we could talk about this for hours probably. If folks want to learn more, I know you’ve got a book that you’re willing to give out to listeners of our show for free, I believe. Tell us about where they can learn more and where they can learn more about you.

Jay Conner (29:51.832)
Yes, yes.

Jay Conner (30:07.224)
Thank you, Mike. Well, I’m so excited about my most recent book. It’s a national bestseller. It’s called Where to Get the Money Now. And the subtitle is, Where and How to Get All the Money You’d Want for Your Real Estate Deals Without Ever Relying on Institutional or Hard Money Lenders. And the book is 20 bucks at Amazon, but don’t spend 20 bucks. Let me give you this book for free. Just cover shipping. And you can pick it up at www.

jconner, J-A-Y-C-O-N-N-E-R.com forward slash book. Now, I’m an E-R, not a O-R. J-A-Y-C-O-N-N-E-R, which stands for extrarevenue.com forward slash book. jconner.com forward slash book. I’ll autograph it, I’ll rush it out to you, a priority mail. I’m also going to include two free tickets to the Private Money Conference.

which is my live event. do three times a year. It’s an amazing conference. I bring private money lenders to the event for you to network with. And it’s a great event. I do it three times a year. Two free tickets included with the book, jconner.com forward slash book. In addition to that, if you’ve enjoyed this show, and I know you have, because Mike is an amazing host. If you’ve enjoyed this show and you want to learn more about private money in addition to the book, come check out my podcast.

I’m in my eighth year of podcasting, 700 and some episodes. The name of the podcast is Raising Private Money with Jay Conner. And I’m always interviewing other people that have raised private money and how they go about raising private money for their real estate deals. Mike doesn’t know it, but he’s soon to be a guest on my show as well because he’s raised a lot of private money and I can’t wait to interview Mike and turn the tables on him.

Mike Hambright (31:55.081)
there we go.

Mike Hambright (32:01.146)
That sounds great, that sounds great. Well Jay, good stuff. We’ll add the links down below in the show notes for anybody that wasn’t able to write that down. But Jay, thanks so much for sharing your knowledge with us today. And the truth is, you can never have enough money. And there’s a lot of folks that in that last downturn had their lines pulled from them. I have lots of friends that had their lines pulled from them. And so you might think you have enough money, but the rug might get pulled out from under you.

And at the end of the day, we gotta make as much money as we can in this market, and one of the ways to do it is to find cheaper access to capital and capital that’s a little more friendly and fast, right? I mean, we didn’t talk about it much, but with private lenders here, it doesn’t take you three or four weeks to get it closed. This is like, as soon as the title is clear type money, because those folks wanna keep their money busy.

Jay Conner (32:49.612)
That’s one of my 20 reasons I love private money is closing fast. We close our deals and we offer to close our deals in as quickly as seven days. Which gets more offers accepted.

Mike Hambright (32:59.446)
Awesome. Yep. Yep. Awesome. Well, Jay, thanks again for sharing some insights with us today on raising private money. Yep. Always good to see you. And everybody, hope you got some good insights from today. There’s lots of ways to skin this cat. Private money is one of the best sources of money because it’s cost effective and fast and friendly. So appreciate you guys a bunch. We’ll see you on the next show.

Jay Conner (33:06.37)
Thank you, Mike, for having me so much. God bless you.