Where can you find money to fund your deals?
Jay never goes to the bank for financing, he uses Private Money.
What exactly is Private Money?
To know the answer watch this short video now!
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Jay Conner has been investing in Real Estate for over 15 years. He typically makes 2 deals a month. He has bought and sold over 400 homes.
He had an 800 credit score and the bank closed his LOC. He needed to find a new source of funding. In the past eight years, Jay has never missed a deal because of funding.
He has developed a strong network of Private Money suppliers.
Chaffee-Thanh Nguyen started investing in Real Estate a decade ago. He dramatically changes and impacts the lives of thousands of people around the world as an Executive Success and Event coach with the likes of Powerteam International and Marshall Sylver’s Mind Power Inc. Chaffee also teaches at his own events.
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“Jay’s private lending scripts alone are worth the price of his entire system, and are the best I’ve ever heard … including mine!” – Ron LeGrand, Famous Real Estate Guru, Jacksonville, FL
“You will not believe this, but it is absolutely the truth … 3 days after attending Jay’s seminar Where to get the Money Now, I was doing a call on one of my customers. He was telling me about how he had just sold his home and I ask him if he had ever considered real-estate investing. After hearing the information that I shared out of Jay’s seminar, he is now in contact with my attorney to discuss his investment!“
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Producer: Scott Paton
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Scott Paton:
You brought up Private Money and of course, you'd never go to the bank for financing. So let's suppose for example, that the house that is falling down was actually in really good shape. I mean, good enough shape that it would take a little bit of paint here and a little bit of sprucing and cleaning there, and it would be good. And the amount the person wanted was in a reasonable level, where are you going to get the money? Because, you know, you just looked at the house now. You, hopefully he can close in seven or 14 days. That's awful short period of time to get the money. The bank's not going to give it to you. And of course you don't want to go to the bank. How does that work?
Jay Conner:
So in doing business with our private lenders, and so my wife, Carol Joy and I, we've got about 45 individuals. I mean, just to be clear with everybody, what is Private Money? Private Money, I call it relationship money. You're actually borrowing money from an individual. So we're not talking banks, hard money, lenders, institutions of any kind. And we're doing this as an individuals. And so a private lender is an individual that loans money to the real estate investor, either from their investment capital or from their retirement funds. A big part of the success of Private Money is having a relationship with what's called a Self-Directed IRA Company. And I recommend Quest out of Houston, Texas. And so what people can do, what individuals can do is they can transfer a rollover penalty-free, tax-free their existing retirement funds or a portion of them over to a Self-Directed IRA Company like Quest, no tax effect, no penalties, and they can loan out money to us real estate investors and get their returns, either tax deferred or tax free.
So, to answer your question, Scott, so you know, making a cash offer, where's the money coming from? Well, I've already got what we call, Money Sitting on The Shelf. And what Money's Sitting on The Shelf is, it's Private Money from private lenders that I already have a relationship with, either they're new and they haven't done their first deal with me, or it's a current private lender. That's doing more business. They tell me just verbally how much funds, how much money they have available to loan out on deals. We keep that on an Excel spreadsheet. And so, a new private lender coming in is at the top of the list and then other private lenders, as we're cashing out deals, they go in what we call the Queue and they just move up the queue until we're going to use their money next. So again, and answer your question, where's the money coming from?
It's already been verbally pledged by our private lenders. And so now, like, you know, right now I have over a million dollars sitting on the shelf, just waiting there to be used. I got three houses cashing out this week and next week. And so there's going to be a bunch more private money coming available. So, you know, ever since I started using Private Money back in 2009, it's sort of been a balancing act of keeping the private lenders happy, keeping their funds invested on our deals and having Private Money available at the same time for any offers that, you know, we'll be making on properties.
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