Raising Private Money with Jay Conner

Transform Your Real Estate Game with Private Funding

15 snips
May 23, 2024
Guest
Jay Conner
Renowned Private Money Authority, Jay Conner, shares transformative real estate insights on the potency of private money lending. He narrates his journey from adversity to amassing $2 million in 90 days from private lenders. Emphasis on personalized negotiations, flexibility, and control offered by private money loans over hard money lending. Strategies discussed include finding private lenders, building relationships, and creative financing for real estate success.
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ANECDOTE

First Deal Staged And Sold With An $18k Option Deposit

  • Jay's first rehab in 2003 cost $100k total with ARV $140k; he marketed it with owner financing and an $18k option deposit from a buyer named Earl.
  • Jay, a mortgage broker then, financed Earl and walked away with $40k profit on his first deal.
ANECDOTE

How Losing A Bank Line Forced Jay To Raise Private Money

  • Jay lost his $250k bank line of credit in January 2009 and had two houses under contract that he risked missing.
  • Within 90 days he raised $2,150,000 from private lenders and closed those deals without missing a beat, launching his private money strategy.
ADVICE

Negotiate Interest Only Notes To Protect Cash Flow

  • Use private money to set your own terms instead of accepting hard money rules; Jay typically pays 8% interest-only and structures the note to his business needs.
  • Negotiate interest-only payments and terms (2–5 years) to protect cash flow and offer lenders better returns than bank CDs.
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