Jay Conner has been buying and selling houses for 14 years and has been involved in over 52 Million dollars in transactions. For the past 7 years, Jay has completely automated his 7-Figure Income Business to where he works in his business less than 10 hours per week. He is a leading expert on Private Lending, once raising over $2M in less than 90 Days in private money while cut off from the banks. He is a contributing author to the best-selling book Real Estate: Getting Deals Done In The New Economy.
- Who is Jay Conner?
Jay didn’t grow up thinking he would be a real estate investor but he was raised in the housing business. Jay saw the potential of real estate investing in the early ’90s when a couple of friends had the opportunity to renovate and improve a property that their father put up the money for. They split the profit on the sale of that property and used it as the down payment for their first home. That stuck in his head and he moved out of the corporate world to start flipping homes and investing in real estate.
When people say they love real estate, they probably don’t really mean what they’re saying. They actually love the benefits that real estate brings. There are not many strategies or vehicles that can give a person the kind of wealth, freedom, and return on their time that real estate can.
As long as someone is trading dollars for hours you will be limited as to your return and the money you can make.
Jay started out part time when he first began investing. He was the one talking to buyers and sellers, not his team. If somebody tells you that starting out in real estate investing won’t take some hard work, they’re wrong. You have to be dedicated and committed to following the systems and taking action.
- Making Mistakes
Don’t go about this business by yourself, get a mentor or a coach to show you the way and avoid the minefields.
A lot of times we don’t realize what we have and we need someone else’s perspective. Don’t be so afraid of doing something incorrectly that you end up doing nothing.
One of the biggest mistakes in real estate investing that Jay ever made was not making sure that the rent could carry the expenses of the property in the event you have to hold it. Real estate can be a very forgiving type of investment because the cash flow it generates can give you some breathing room.
- Creative Tools and Private Lending
One of Jay’s favorite tools is buying “Subject to”, it can be a very simple transaction and allows you to take advantage of the interest rate that the seller has on their mortgage.
The most difficult times in your life often turn out to be blessings in disguise once you get through them. Jay worked with the traditional banking routes for the first six years of his career but ran into quite the challenge when the bank decided that they wouldn’t fund real estate investors anymore. That was how Jay discovered the world of private lending.
Until Jay got cut off from the bank, he had no reason to look anywhere else and would never have discovered private lending.
There are three categories of finding private lending. The first category are people you have an existing relationship with, your warm market. The second category are people that are not in your warm market yet but could be, get involved with your local church or community and meet some new people. The third category is existing private lenders that are already lending money out.
- Why bother taking the time to share what you know?
Jay grew up with the mentality of serving. He noticed that many of his real estate investment friends knew nothing about private lending and that you can only get so much fulfillment and satisfaction by just making money.
The last stage in your life is called Significance and Jay realized that he could impact even more people by not keeping his secrets to himself and sharing what he knows.
Just like any other industry or business, real estate investing is constantly changing and Jay loves to stay on top of new strategies and techniques and let others know about them as well.
Reference: Real Estate: Getting Deals Done In The New Economy, Jay Conner
- Jay’s Takeaway
Get the coach or mentor that has been doing it a while in place. Get involved with your local real estate investing association or join some local meetups. Hang around people that are like minded and on the same path at least once a month. Become a volunteer at your local REA and you will find yourself networking with people who are really successful and can share what they know with you. Never eat alone when you have the opportunity to spend time with other people you can learn from.
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