Jay Conner is joined today by a young couple. They have only been working with Jay’s team for only 3 weeks and they have already raised $400K in private money lined up, ready to go and they are already making deals. Their names are Eric and Erica Camardelle.
Eric, also known as Banjo, is a former United States Marine and started his investment experience by turning his first house into a rental and from there, his love for real estate continued to grow.
His wife, Erica, is a former school teacher and has a master’s degree in Educational Leadership. They are doing the business of real estate together.
In today’s show, we are going to learn what the couple has been implementing for them to experience success in such a short period of time.
“ I will utilize the people that God has put around in my life and follow their instructions until I reached my goal. The key is following instructions, taking actions.” – Eric Camardelle.
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Jay Conner is a proven real estate investment leader. Without using his own money or credit, Jay maximizes creative methods to buy and sell properties with profits averaging $64,000 per deal.
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Jay Conner (00:01):
Well, hello there. And welcome to another episode of Real Estate Investing with Jay Conner. I’m Jay Conner your host of the show, also known as the Private Money Authority. And while you all are part of a movement, we have blown right on through 300,000 downloads and listens since we launched the show. And if you’ve been tuning into the show, you know, I’ve had some amazing guests. Now I’m going to go and tell you right now, before I get them introduced on the show today, I’m interviewing a young couple has only been working with me and my team for less than three weeks. They’ve already got what looks like $400,000 in private money, lined up, ready to go, and they’re already doing deals. So we’re going to be finding out here on the show exactly what it is that they’d been implementing to already be enjoying so much success in such a short period of time.
Jay Conner (01:02):
For those of you that are brand new to the show, a very special welcome to you here on the show. We talk all things that relate to real estate investing. We talk about all kinds of real estate deals. We talk about single-family houses, commercial deals, apartment self storage, land deals. But primarily we talk about single family houses. We talk about how to find deeply discounted deals, how to get them funded without relying on any of your own money, none of your own credits got anything to do with it. So finding and funding, if you’re into rehabbing, we talk a lot about rehabbing houses. We talk about how my average profits are almost $70,000 per house here in a small area of Eastern North Carolina population. Only 40,000 people. We do two to three deals a month, but the average profits, as I said are almost $70,000 per deal.
Jay Conner (01:54):
So private money, what are we talking about when we say private money? Well, it’s got nothing to do with banks, traditional lenders or mortgage companies. It’s got nothing to do with hard money, private money to get your real estate deals funded is all about doing business with individuals that loan us money from their investment capital or from their retirement accounts. Yes, there is a way for people to learn to you as a real estate investor money from their retirement accounts legally, and either tax deferred or tax free with no limit to the income that they can earn per year. So we talk about all these items. Well, when I first started investing back in 2003, the first six years, I did rely on traditional funding sources. I got cut off from all the banks, like the rest of the real estate investors did in January of 2000 or January, 2009.
Jay Conner (02:45):
I learned about private money. I was able to attract over $2 million in private funding in less than 90 days. Looks like my guest right here might be beating my record. If they keep up the pace like they are. And since that time I’ve never out on a deal for not having the funding. Well, my guess is whether you are a seasoned real estate investor, or you’re a brand new real estate investor, and you haven’t even done your first deal yet. There’s a good chance that you’re looking for more funding, particularly in the last few months with traditional funding and hard money lenders shutting down and being tight. Well, I’ve got a free gift for you for simply being here on the show with me today. And that is in the past few months, I’ve launched, what’s called the Private Money Academy membership. And in that membership, I am live at least twice a month where I’m doing live Zoom coaching calls with the members of the Private Money Academy.
Jay Conner (03:46):
In those calls, we talk about how to get funding for your deals using private money and also these other topics such as finding deals. Well, I got a free gift for you. I’m going to give all of you right now. I’m going to give you right now, 30 days free access to the private money Academy. And here’s how you get in. Go over to www.JayConner.com/Trial, Get on over there after the show and get your access. I’ve got a ton of content in the membership site that teaches you from A to Z all about real estate investing. I’d love to have you come join for free for the first 30 days to come check us out.
Jay Conner (04:39):
Now, in addition to that, we love to get your feedback. We love for you to like share comment, subscribe to to the show we’re on iTunes, Google play two different YouTube channels and Facebook. But if you’re listening to the podcast, we really love your feedback and the five stars and the reviews. So please give us that feedback if you will. Well, it’s time to bring on my guests today before I bring them on. Let me tell you just a little bit about them. So this is Eric and Erica. Now Eric is also known as Banjo and he is a former United States Marine and started his investment experience along ago by turning his first house into a rental. Now, from there, his love of real estate investing continued to grow and along with his experience now, since then his wife, Erica is a former school teacher who also holds a master’s degree in educational leadership, entered into the business. So they are doing the real estate investing business together. They make an exceptional team and they are real difference makers. That’s for sure they were with me less than four weeks ago at our most recent live event. And I’m so excited to have them on let’s bring on right now, Banjo and Erica.
Banjo (06:01):
Hey, was going on Jay.
Jay Conner (06:05):
Welcome to the show, Erica, welcome to the show. My dear. How are you today?
Erica (06:11):
Doing good.
Jay Conner (06:11):
You’re doing good? Awesome.
Erica (06:11):
Yes Sir.
Jay Conner (06:11):
Now, I also wanted to bring on a, another guest here to the show. Her name is Crystal, and Crystal came into mine and my wife’s Carol Joy’s world, I guess about four or five years ago. I lose track of time and she also liked Banjo and Erica attended one of my live events and Crystal and her husband, Dan. They became platinum members in the coaching program, mastermind members, and they now have millions of dollars in private money and millions and millions in profits and equity with a portfolio of houses of right at 100 houses and growing very, very quickly. So Crystal, welcome to the show.
Crystal Mewhorter (06:56):
Hey Jay, good to see you all.
Jay Conner (06:59):
Good to see you. I thank all of you for taking the time out of your schedules today to join me on the show. So, as I said, at the very beginning, the reason I wanted to have Banjo and Erica on here is because you all came to my live event less than four weeks ago. And at the live event you enrolled in the Platinum Coaching Program, the Platinum Plus also the Mastermind Program. And I want to have Crystal on here because Crystal, for those of you that don’t know Crystal assist me and coaching our students and our clients with weekly accountability calls our powers, group zoom coaching. And so Crystal and myself, we’ve been working with Banjo and Erica over the telephone and and on Zoom over the past few weeks. And as I mentioned, y’all have got already what looks like $400,000 in private money. It looks like that’s lined up. You’re all already doing deals. So let me start with you there Banjo. So what would you say has attributed itself or what is lended itself that you all have already started enjoying success so quickly? What is it that you put into action
Banjo (08:22):
And you said the word action, really, You have to we were basically just trying to make sure that we’re following the instructions that Crystal gives us to the T. In fact, I have a little motto that I repeat to myself every morning. And in that motto, there’s a little section that says I have I will utilize the people that God has put around me in my life and follow their instructions to the T to reach my goals. So I think the key is following instructions. Take an action.
Jay Conner (08:50):
That is awesome. Now, Erica, what would you say?
Erica (08:56):
I’d go along with that also communication, I think is a big deal. I, so as soon as I got home, actually before I got home I started diving into the systems and just things that we needed to put into place. And even though I’m an introvert and not comfortable with some things I knew that that’s what I needed to do to be successful. So I’m just following what you say to do and getting it done and it’s working.
Jay Conner (09:26):
There you go. So Crystal, from your perspective, of course, Crystal, you helped me with coaching, you know, all of our clients in the Platinum Program and Mastermind Programs and some, you know, one of those common questions I get is, well, how fast can I get the money lined up? How fast can I do deals? And some of the coaching, you know, coaching clients, you know get success very, very quickly, some takes a little bit longer, but what would you say makes Banjo and Erica a little bit different to get such quick success you know, so fast.
Crystal Mewhorter (10:02):
All of the language-ing that everybody’s used is exactly what I would say. And that is, they are definitely action takers. It takes action to make things happen, and they were willing to do that right off the bat. They asked a lot of questions, which is fantastic and lean on their resources. And when they get those answers, they go ahead and take the next step and to echo what my husband said, listen to what Jay tells you to do and just do it. That’s exactly what this couple does. Eric and Erica are wonderful to work with and that they were just willing to get right out there, take steps and move forward. Erica even went so far as to hear that message, make a phone call to set up with a seller. And that was one of the properties that we reviewed in the first week they were in the program and they have under contractor and working through getting private money on right now.
Jay Conner (10:56):
That is awesome. Congratulations on that. Now what about real estate investing experience prior to four weeks ago? So, you know, had you already started investing in real estate prior to us, you know, part of the live event a month ago?
Banjo (11:15):
Yes Sir. Yeah. We like you mentioned in the beginning of the show, I started my first rental into, I mean, my first house into a rental while back, about 13 years ago. And we started buying and selling with a partner of mine. It was just me and him. And we started buying and selling houses on a lot of creative financing type situations. We took a break, we both bought multiplexes and kind of got distracted and stopped investing in single family homes a lot during that time. And then we just got fired up recently earlier this year. And all of our deals so far have been along the lines of creative finance type deals. And yeah, we love this fix and flip rehab stuff. So as far as the private lending and the fix and flip type of situation that we’re learning from you brand new to it pretty much.
Jay Conner (12:13):
I got you. So had you and Erica been to any other real estate investing seminars prior to coming to mind the last few weeks,
Banjo (12:26):
Yes Sir. I’ve been at a Quickstart.
Jay Conner (12:30):
Gotcha. So you’ve had some other, you’ve had some other real estate investing training. So what was it about this training and this event and what you saw as, you know, the potential that, you know, you could take your business to the next level? What was it that you saw different?
Banjo (12:51):
Well it’s a whole different strategy, a whole, whole different set up and structure of the business actually. And when I met you at one of the reason why I got hooked up with you is because I met you at the Quickstart and I love, it’s just something about the fix and flip strategy and your business model that you got set up that I like. You’re helping you still help them sell their seller house. Then you’re taking, usually the area that you live in, you take beat up houses, you’re making them nice and pretty. So you’re basically helping keeping your area up to date and pretty, and then you’re, you could still sell the houses with some kind of creative finance and helping buyers that would normally be unable to get a mortgage into a house, into a nice pretty house and help them do that too. So, I mean, that’s the biggest part that’s different for me is the whole fix and flip buy for buy with private lending and you can sell either cash or creative financing. So I liked that whole deal.
Jay Conner (13:59):
Right. So did I get the $400,000 figure right? That’s about what it’s looking like you got in private money so far.
Banjo (14:07):
Yes Sir. We got it was a warm market call. I just followed the opening calls script and learned my program first. You know, that way, when he started asking questions, I’d be able to answer them and sure enough, it was a win-win he was involved in some type of I forgot the name of it, but it’s like an it’s like a big business that pulls all the funds together. And I think he was getting, you know, kind of a low rate of return with it, but so he was already investing in some type of real estate. And I explained to him the difference between what he had going on and the difference between private, my private lending program. And he was all on board. And so he said, yeah, I got 400K they put into the kitty is what he calls it.
Jay Conner (14:58):
That’s awesome. Well, you just answered my next question. My next question was going to be how many different private lenders is making up the 400 grand, but it sounds like that’s one so far
Banjo (15:10):
One. Yes Sir. We got several in the pipeline, so it’s not going to be long. We try and break your record.
Jay Conner (15:17):
You’re like, we’ve been working together less than, I mean, you and Crystal and me, we’ve been working less than three weeks together and yeah, you’re like 400,000 you’re well, on your way, you will break my record if you keep the momentum going. So let’s see here, Crystal. So you’ve been working with them. So you said they’ve been, you know, putting things into action. They’ve been following instructions. Can you give our audience just a couple of examples of, well, what actions did they take in order to get such fast success?
Crystal Mewhorter (15:54):
They won. They showed up for the very first call, immediately completed all action items. In fact, they had everything turned in, that’s required for the first it ranges, but we set it up. So they have about 14 to 30 days to complete all those action items. They completed them all within the first week and turned them in. So downloading your PowerPoint, starting to practice it, working through, getting their lists together. So they have people to call and start to set up conversations for private lending all all of the things that, that are required to make you successful. They got these items on their calendar. They’re having conversations with people already. They were already, I have to give Erica kudos. She says, she’s an introvert and I can relate. But at the same time, she’s doing such an awesome job of stepping outside her comfort zone.
Crystal Mewhorter (16:49):
They’ve already started reaching out and looking for networking opportunities. So she’s already reached out and identified opportunities to start to be invited. So a lot of those steps that we take they’re already lead sourcing and turning those to me, they’re already setting up calls. They did that the first week set up a call with me to do a lead, a deal review so that we could run the numbers and then assure that their one protecting their private lender and creating that win-win situation that we’re. So emphatic and so proud of being able to do as well as having all the numbers in place to make sure that they’re protecting themselves and really coming out with the best deal possible.
Jay Conner (17:24):
That’s awesome. You know, the two most popular questions that I get from folks new real estate investors seasoned real estate investors is, how do I get the funding for the deals and how do I find deals? So you all are doing deals. What’s your favorite way or what it is right now to be locating motivated sellers.
Banjo (17:48):
Erica made simple ad, you wanna tell them about it. We stole your idea from the event, actually, a radio ad.
Erica (18:00):
While we were at your convention, someone mentioned the radio ad that you had going on. And I was like, Ooh, that’s simple, that’s good. So I hurried up and I wrote it down and made me a Facebook ad and got me a lead before we even left.
Jay Conner (18:16):
Oh, that’s great. So your Facebook ad, did you just post posted on organically on your Facebook page or was it a payday ad?
Erica (18:26):
It was, it was a paid ad.
Jay Conner (18:30):
How so? How much did you spend on the paid ad?
Banjo (18:32):
Before we got that lead?
Jay Conner (18:38):
Yeah. How much did you spend on the Facebook ad?
Banjo (18:42):
For that one good lead. We got that we talked to Crystal about that we’re going to net close to a hudred, probably a hundred grand or around there. We paid seven bucks for it.
Jay Conner (18:53):
So that’s a pretty good return.
Crystal Mewhorter (18:55):
I don’t even think. and tell him, tell him you got you netted an additional 35,000. How’d you do that Banjo?
Banjo (19:07):
Well, I’m a real estate agent and I’m not an active one of them, not really a practicing one. Pretty much I had my real estate license for years now. And just kind of using it to, for a little bit of an advantage as an investor, but I’m in the MLS where we found the deal that so I’m running numbers and I come up with a number and I’m telling Crystal these numbers and she said, okay, how’d you get your numbers?I told her, you know, I did it, I got access to the MLS. And she said, all right, well, I’m not saying that you don’t know how to run numbers. I’m not saying that you are a bad agent, but what I will try and get you to do is possibly get somebody who’s very active in that place. Find a good agent who is super active in that area and get their opinion.
Banjo (19:56):
So I tossed it around and a little bit and I’m like, all right, you know what? I’m going to listen to her. That’s what she says to do. That’s why we got her. I’m going to do what the coach says to do. So I reached out to an active agent in the area and the whole time it was kind of funny. Erica was on the phone with me too. And she’s like, Oh man, Oh man, they all like stuck in this area. Oh man, I don’t know if this house was as big as it says. And not the whole time you never goes like, Oh my goodness, I must’ve did these numbers wrong? Well I did, but $35,000 in the wrong direction. So we actually made $35,000 by just listening to that one piece of advice, Crystal, you know, put aside the pride, put aside the ego, listened to the people who you got. Like I said earlier that God put in my life to help me on this journey. And boom! She said, yeah, on the low side it’s 35,000 extra dollars.
Jay Conner (20:54):
So where’s the extra 35,000 coming from
Banjo (20:58):
The ARV, The After Repaired Value.
Jay Conner (21:01):
The ARV was higher than you were originally anticipating.
Banjo (21:03):
Yes, Sir.
Jay Conner (21:06):
By getting a local real estate investor to, I mean, a local seasoned realtor to actually run the comps for you.
Banjo (21:14):
Yes, Sir. So I ran some comps, but I’m not active in that area. And I had some questions, several different factors that were making me second guess myself. But I came up with a decent number. As far as I was concerned. It was a nice conservative number. I knew it wouldn’t lose any money, but I’m glad I listened to Crystal because the other real estate investor, her conservative number was $35,000 higher than my conservative number.
Jay Conner (21:35):
All right. Well, let’s write the numbers down. I, and I don’t know. Our podcast producer might be able to put these up. I don’t know how fast he can type. So the ARV which stands for After Repaired Value. What’s the number? What’s the After Repaired value?
Banjo (21:57):
315,000
Jay Conner (21:57):
315,000. Now this deal came from Erica’s Facebook ad, right?
Banjo (22:01):
Yes, Sir. It was pretty simple too. We were kind of surprised it wasn’t anything special.
Jay Conner (22:08):
All right. So then you’re buying it for how much? What’s your purchase price?
Banjo (22:14):
140.
Jay Conner (22:14):
So you’re buying it for 140. Are you using Creative Financing? Are you using Private Money?
Banjo (22:21):
Private Money.
Jay Conner (22:22):
Private Money. Hallelujah. You got the Private Money. So you got 140. So what are, what’s your estimated repairs?
Banjo (22:31):
About 60.
Jay Conner (22:33):
About 60. And, yep, that’s looking like just about $115,000 profit, less carrying cost. Right?
Banjo (22:43):
Yes, Sir.
Jay Conner (22:43):
So yeah, we’ll give a little golf clap, right? That’s nice. So how long you think it’s going to take you to get it rehabbed?
Banjo (22:55):
Roughly two months, maybe a little longer, but I’m thinking roughly two months. Give or take.
Jay Conner (22:59):
There you go. Awesome. You already talking to contractors or you already got a contractor lined up?
Banjo (23:05):
We got them lined up. We’re ready to rock up. We just waiting to close on it sometime this week, actually. And rock and roll.
Jay Conner (23:13):
That is awesome. So you found the deal with a Facebook ad. You funded it with Private Money and you always borrow more than you need to buy, right?
Banjo (23:26):
Yes, sir.
Jay Conner (23:27):
You’re going to get your Private Money. I mean, you’d get your rehab money up front and are up to a maximum 75% of the ARV. So you can borrow, let’s see here, you can borrow up to how much money on this deal? So if you’ve got $315,000 and we can borrow up to 75%. So since my software updated on my iPhone, my calculator doesn’t want to work. So 75%. So you can borrow up to $236,000. So you could borrow $36,000 more than you need to purchase and rehab and and have money leftover by the way. There’s nothing wrong with putting a little bit of equity in your pro in your pocket.
Jay Conner (24:15):
When you buy, you may have heard me say in the past, we always bring a big check home when we buy, right?
Banjo (24:23):
Yes, sir.
Jay Conner (24:24):
Now, as a matter of fact, Crystal’s husband, Dan is actually typing in the chat right now since we’re Facebook live streaming and YouTube-ing. Dan’s got a question for you all. And the question is, how important would you say it is that the two of you are working together on this business and how much do you enjoy being able to do so.
Banjo (24:50):
Don’t recommend it, totally hate it. No, I’m just kidding. That one’s was for you Dan, all jokes aside. It is absolutely game changing in my opinion, to work with my wife in this business, to get her more involved in this business and to have this is a game changer. It’s night and day and I 100% absolutely enjoy it.
Jay Conner (25:23):
Hey Erica, where you at all? A little bit skeptical four weeks ago, Crystal, could you hear Erica? She broke up on me a little bit.
Crystal Mewhorter (25:42):
I missed part of that. She’s something to the effect of, she kind of felt bad and I’m not sure if it’s because she felt like she was being mean to us or because she’s just done the darn well,
Jay Conner (25:52):
So so Banjo, when this deal culminates and finishes, is this going to be the most profit you ever made on a real estate deal so far?
Banjo (26:02):
Absolutely, 100%.
Jay Conner (26:02):
I’m so excited for you, Well, look, thank you all for coming on here, Crystal. Anything else you’d like to share with the audience about Banjo and Erica?
Crystal Mewhorter (26:15):
I want to, one congratulate you guys for taking action and being so invested in yourselves and in your business to take this step, but to also point out to anybody that’s listening, just like Dan and I always say about ourselves, anybody can do this. You just have to jump in, get the right coaches, get the right help and move forward. So great job you guys, keep moving forward. I’m super excited to continue to support you through this journey.
Jay Conner (26:39):
Thank y’all so much. Well, there you have it folks, another here at Jay Conner Real Estate Investing with Jay Conner. And again if you’d like to get plugged into some of this private money, take advantage of the free 30 day free trial at the Private Money Academy membership at www.JayConner.com/Trial. Well, there you have it. Folks here is to your success and taking your real estate investing business to the next level. I’m Jay Conner, the Private Money Authority, and I’ll see you on the next show.
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