Jay Conner Discusses Private Money Raising
On this episode of The Closing Table, we sat down with Jay Conner!
To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…
Here’s what you missed from Jay Conner…
Jay Connor, a respected authority in private money lending, shares his journey in the latest episode, focusing on the world of private financing. Having rehabbed over 400 homes, Jay’s success with private money investors is notable, with many averaging profits of $60,000 per deal. In this episode, he delves into the fundamentals of finding and leveraging private funds, highlighting the critical role trust plays in cultivating investor relationships.
Raised in the mobile home industry, Jay learned the trade from his father, Wallace Connor, who led one of the nation’s largest manufactured home retail companies. However, the industry faced financial challenges in the early 2000s, prompting Jay to transition into single-family home investments. Determined to build his own path, he and his wife, Carol Joy, became full-time real estate investors in 2003, working in a relatively small market of 40,000 people but achieving significant returns averaging $30,000 per deal.
Jay initially tried to manage all aspects of his business, which quickly led to overwhelming stress. A turning point came when Carol Joy expressed her concerns about the workload, inspiring Jay to focus on team building and automating his processes. Today, he emphasizes the value of having a reliable team, from trustworthy contractors to essential assistants, allowing him to step back and focus on strategic decision-making and marketing.
A key component of Jay’s approach is effective lead management. His lead manager ensures timely follow-up, acknowledging that “time kills deals.” For Jay, prompt communication with potential clients and investors is critical to maintain momentum and secure profitable opportunities.
Jay attributes much of his business growth to private money lending, which he initially discovered by accident. After learning about self-directed IRAs and the benefits of private funding, he raised substantial capital within 30 days, without ever directly asking for money. Instead, Jay leads with education, taking a “servant’s heart” approach to teaching others about private money and self-directed IRAs. This philosophy has been fundamental to his success, as he developed a lending program that offers both appealing returns and security for investors.
In his early days, Jay relied heavily on bank financing, a slow and often uncertain process. His frustration with this traditional method led him to explore faster ways of closing deals, eventually transitioning to private funding, where he can close deals in a matter of days.
A major turning point in Jay’s career came when his bank unexpectedly closed his line of credit, attributing it to a broader financial crisis. This experience pushed him to seek alternatives, ultimately leading him to private money through a connection with Jeff Blankenship, who introduced him to self-directed IRAs.
As Jay began studying private money lending, he realized the importance of sharing this knowledge. He emphasizes that teaching the principles of private money and self-directed IRAs, rather than pitching deals, is a powerful way to build trust and attract investors. By educating others first, he establishes a foundation of credibility, making investors more receptive to funding his ventures when the time comes.
Building trust with investors begins with confidence in oneself. Jay stresses the importance of thoroughly understanding the programs and offers, leveraging past successes to build credibility, and partnering with experienced professionals. He advocates for securing private lenders by providing them with clear, secure investment opportunities, underscoring the value of working with a reliable partner.
Jay highlights the advantages of becoming a private lender, including high returns and stable investments. Unlike volatile investments, private lending offers security, as investors’ principal loan amounts remain constant until the deal closes, providing peace of mind. Jay then identifies three main sources for finding private lenders: personal connections, extended networks, and established private lenders. He also notes the value of networking with self-directed IRA companies, which often host events where investors can connect.
Social media plays a crucial role in Jay’s strategy to attract private lenders. By sharing project updates and posting engaging content, he creates curiosity around his work. His posts include call-to-actions, inviting potential investors to reach out and discuss opportunities.
Jay concludes by introducing the Private Money Challenge, a seven-day program designed to teach participants how to raise private funds. With a step-by-step approach, he emphasizes that learning to raise private money can be both educational and enjoyable, underscoring his philosophy that successful ventures should always include an element of fun.
Check out Jay Conner:
https://www.instagram.com/privatemoneyauthority/
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