Join Jay Conner every Friday, live on Facebook for Free Coaching Friday where he will teach you strategies that will help you take your real estate investing business to the next level.
Jay Conner’s Facebook: https://www.facebook.com/jay.conner.marketing/
Today’s strategy: “Why Private Money is The Quickest Way to Your Next Real Estate Deal!”
Timestamps:
0:01 – Get Ready To Be Plugged Into The Money – Free Coaching Friday!
6:17 – Who is Jay Conner?
12:06 -Jay’s new book – “Where To Get The Money Now? – https://www.JayConner.com/Friday
14:29 – What does Jay teach about real estate investing?
18:51 – Why Private Money is The Quickest Way to Your Next Real Estate Deal!
22:15 – Buy the house on terms
22:45 – What is buying a house Subject to the existing note?
27:49 – Private Money saves the day
28:39 – Get the Money first https://www.JayConner.com/Trial – join the Private Money Academy
Private Money Academy Conference: https://jaysliveevent.com/live/?oprid=&ref=42135
Have you read Jay’s new book: Where to Get The Money Now?
It is available FREE (all you pay is the shipping and handling) at https://www.JayConner.com/Book
Free Webinar: http://bit.ly/jaymoneypodcast
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.
What is Real Estate Investing? Live Private Money Academy Conference https://youtu.be/QyeBbDOF4wo
YouTube Channel:
https://www.youtube.com/c/RealEstateInvestingWithJayConner
iTunes:
Listen to our Podcast:
Why Private Money is The Quickest Way to Your Next Real Estate Deal!
Jay Conner (00:06):
Oh, here we are live again. And I have got a question for you and that is, do you need, or want more money and funding for your real estate deals? Regardless of whether you’re a brand new real estate investor, or you are a wholesaler and you want to stay in some deals and you haven’t been able to because you don’t have the money or are you a seasoned real estate investor, and you just want more money and funding without paying stupid high rates and you know, the hard money lenders and all that kind of stuff. Well, if you answered yes to any of those questions, don’t go anywhere because I’m getting ready to plug you into the money and the funding right now here in just a moment. In fact, I have got a brand new book that I’m going to give you for free.
Jay Conner (00:52):
That’s going to plug you into this funding and money for your real estate deals. Welcome to free coaching Friday. I’m Jay Conner here in Morehead City, North Carolina and a little teeny tiny town. Me and my wife, Carol Joy. We’ve been investing in real estate here since 2003. And good morning, Dan mew hoarder. A glad to see you here on free coaching Friday. In fact, if you’re just signing in now on the live stream, or you are watching the replay, all these instructions that I give you work perfectly, whether you’re watching the live stream or the replay. And I want you to type in a, of course, we got your name here in the comments, but type in your city and state where you’re tuning in from and say hello to everybody. So what in the world, if you’re brand new, what in the world is free coaching Friday?
Jay Conner (01:44):
Well, for a number of years now, every Friday morning at 10:00 AM Eastern time that I can, if it’s possible, I go to live here on here on this Facebook page. And I give I share tips and strategies, resources that I’m using in the real estate investing business. Of course, we talk a lot about private money. I’m known as the private money authority. And you know, when I started out back in 2003 to from 2003 to 2009, I relied on local banks to fund our deals. But then like the rest of the world lost our funding at the bank, traditional funding, and started using private money along the road is private money. It’s doing business with individuals, human beings that fund our deals. And so yes, hello there, Scott, welcome to Free Coaching Friday. If you’re just tuning in type in your city and state where you are tuning in from, and also on today’s Free Coaching Friday, after I give you and show you how to get this free book, which is called “Where To Get The Money.”
Jay Conner (02:47):
Now today’s topic on free coaching Friday is how to spot a private lender scam part two. Now last Friday on free coaching Friday, we started this conversation about how to spot a private lender scam. And I’m going to review in short what we covered last week on free coaching Friday, but part two, I’ve got even more details for you on last week’s free coaching Friday. One of the attendees, Elaine posed a question and said, look, I get, you know, these offers of private lenders. How can I really know if they are scams or not? So I asked Elaine to email in here to our office, one of the emails or the emails that she’s gotten from a supposedly a supposedly private lender. And I would dissect it and, and share with you all on today’s free coaching Friday, exactly what this email says and how you notice spot that it is a private lender scam.
Jay Conner (03:56):
I don’t want any of you all to be taken advantage of like this. And in fact, when you do the business, the way that I do it and the way, and when you do private money, the way that I do it, you’re not going to have to worry about being taken advantage of and scammed by these supposedly private lenders. But first things first, I promised you when we just started out a couple of minutes ago, that I’m going to plug you into the money and funding. Whether you’re a newbie, a wholesaler, you want to stay in deals or you’re a seasoned real estate investor. So I’ve got a gift for you, by the way, if you’re just joining us now on the live stream and you haven’t yet type in the comment bar, your city and state, where you’re tuning in from and say hello to everybody.
Jay Conner (04:39):
And as I’m going over this information today on free coaching Friday type in any question you have in the comment bar, and I’ll get your questions answered. And that goes for you if you’re watching the replay as well. So right now, whether you’re watching the replay or you’re watching the live stream right now, I need your help. Help me get as many people here on the live stream as possible right now. So right now hit tap your share button, your share icon below the video, and let’s get as many people right now here on the live stream, as we can. All right, the free book so that, Hey, I’m loving all the likes. Send me lots of likes and lots of love everybody. I need lots of love. You’re on freak dates and Friday, here’s the book that I was telling you about looking at the hearts, coming in this book, where to get the money now, subtitle, how and where to get money for your real estate deals without relying on traditional or hard money lenders folks, I just recently released this book and it shows you step by step, how to get the funding for your deals without using traditional lenders.
Jay Conner (05:51):
In fact, this book shows you how to receive multiple checks on every transaction that you do. This was show you step-by-step how to never have to take money to the closing table on deals that you purchase. In fact, my book will show you how to get a big check every time that you buy. This shows you how to get in control of your real estate business and fix your cashflow problems. So here’s how you get the book I go to www. In fact, Dan, if you don’t mind put it in the comment bar, if you haven’t already go to www.JayConner.com/Friday. I’ll rush the book right out to you. Yes. I am going to ask you to spend a couple of bucks to cover shipping and handling, but the book itself is free.
Jay Conner (06:45):
That’ll save you 20 bucks on Amazon. Now, before I get into today’s training on how to spot a private lender scan part two, I want to see who’s tuning in. So let me get my glasses on and come up here. I got Greg, thank you, Greg, for putting that in the comment bar. Diane, thank you for putting that in there. And we’ve got Willie all the way from rock island, Illinois. Hello, everyone. Greg is from Hopkins, Minnesota and Fort Lauderdale, Florida. And we’ve got Milwaukee, Wisconsin. We got, oh my landlord’s lender. There’s an old time follower from Durham, North Carolina, from Huntsville, Alabama. We got Scott and a yes. So again, and there’s Larry. Good morning, Larry. Good to have you again. If you’re watching the live stream or the replay, I want to know where you are tuning in from. So typing your city and state and say hello.
Jay Conner (07:39):
All right, let’s go ahead and jump in right now to today’s training. Now last week, let me give you just a quick little summary for those of you that missed out last week on spotting scams. Hello, Steven from Florida. Glad to have you, Steven. So here in summaries, what we covered last week, let me get him and give you the bottom line right now. Here’s the bottom line. How do you spot a private lender scam? Here’s the bottom line answer. If a suppose, a private lender, it doesn’t matter, company, whatever. If they ask you to send them wire them any money whatsoever, any money whatsoever prior to you going to the closing table to purchase the property, you know, it’s a scam because if you send anybody any money prior to going to the closing table to purchase the property, they are going to disappear on you and they are not going to be wiring you any money, regardless of what they told you in an email.
Jay Conner (08:49):
Now, these scam artists, they will ask for money at different points in of the deal in the process. In fact, I’ve got right here, I’ve got an exact email right here, a copy of it that Elaine forwarded to us since last Friday’s free coaching Friday. And I’m going to read this email to you here in a second and, and listen, these people, I’m going to say, they sound like they know what they’re doing. Yeah. They know what they’re doing. All right. But in this email, I’m going to show you how to spot exactly how you know what that it’s a scam that’s that are scam artists that is emailing you. Now here’s the deal. Let’s see here. Larry just typed in something. Let me see what you got here. Larry, you got lost $2,000 in a deal like this. Absolutely. Larry I am.
Jay Conner (09:40):
And that’s like the ballpark. Listen, folks, if you’ve got, if anybody has experienced this, that I’m talking about, or if you have a question about what I’m talking about, be sure and type that in the comment bar, I’ll get those answered for you. Now they asked these, these scam scammers. They asked for this money at different points in the process of the deal before they even review your deal and ask you to send in the details of the deal. They may ask you to send them an application fee, right? They may ask for 250 bucks or something application fee, and then along the process, guess what? You’re going to send them details of your deal and guess what they are going to approve your deal. Yeah. Oh yeah. They’re going to approve your deal and guess what they’re going to do next. Then they’re going to ask you to wire them more money before they send money to your real estate attorney for the closing.
Jay Conner (10:44):
So somebody just chime in here. Let me see. Yup. Yup. Diane. So many of these scams and groups on Facebook. Exactly. Dan, thank you for sharing. So, so, you know, do lenders, do lenders get like hard money lenders? Do they get paid? Do they get fees? Absolutely. But when do legitimate winter, legitimate lenders get paid, they get paid from the proceeds of the closing by your real estate attorney. Right? So, you know, a traditional lender is going to require down payment for you to bring money to the closing table. And they’re going to charge points, origination fees in the book. You’re, you’re going to learn that using real private money. We never pay points. We never pay origination fees. Okay. But traditional lenders do well. When do they get their money? They never get the money up front. Prior to the closing, when you close they’re there with the real estate attorney, then the real estate attorney is going to disperse funds.
Jay Conner (11:47):
And it’s at that point in time that the lender is getting paid. So let’s pick up in part two as to what’s happened since last Friday’s free coaching Friday. So as I said, Elaine was here on the on the live stream. And and she said, she’d received some of these emails. And we asked her to send us a copy of this email and I’ll, I’ll analyze it for you. And here it is. So she got this email this was on October the fourth. And guess what I mean, just for the sake of privacy, I’m not going to read out here the exact Gmail address, but this email comes from an individual. All right. So it’s not coming from a company. It’s an individual with a Gmail address. And the here’s what the G here’s what the email says. Hi, there I’m a direct private money lender currently looking to get connected with individuals and companies that are in need of financial assistance.
Jay Conner (13:00):
Now listen to this. I mean, this is a big red flag right here. We also offer 100% unsecured loans. My lands folks, if that ain’t a red flag, we offer 100% unsecured lines. Look what private lender in the world that does not know you is going to offer you unsecured money and not ask for the money to be collateralized by you know, by the real estate. Somebody chime in here. Yeah, big red flag, frog, frog, frog, frog. You got that right? Greg big time. So listen to this offer. We have a hundred percent unsecured loans. Are you ready for the interest rate? Are you ready for the interest rate? This private lender is offering at 4%. Hey, listen, folks. When your mama told you when you were growing up, if it sounds too good to be true, guess what it is too good to be true.
Jay Conner (14:10):
A hundred percent under secured loan at 4% interest rate, are you ready for a period of one to 35 years? Give me a break for a period of one to 35 years with a six months grace period, who in the world knows what that means. I mean, I know what a grace period is, but in this context he knows and listen and know early prepayment or repayment penalty. These people don’t even know what to call it. The actual actual correct name is a prepayment penalty. This is called a repayment penalty. My guess is this Gmail person might be from overseas somewhere who knows once Greg type it in there. Absolutely. Greg. All right, now here’s the call to action, please. Reply backs, not back backs, please. Reply backs. If you are interested to provide you with further details, this person can’t even speak correct English here.
Jay Conner (15:13):
If you are interested to provide you with further details, all right, said, Elaine sent this into us to Ashley. And and so here’s the instructions that we gave Ashley. We said, Ashley if you would reply to this email and tell them that you would like further details, here are the further details. Boy, this ain’t red flags. Okay? So here’s the reply that she got this same Gmail address says, thanks for reaching out to me regarding the loan. You’re looking to borrow it before we proceed. I’d like to walk you through the processes of securing a loan with us, hence our terms and conditions as stated below. So you see how this person is trying to engage a lane in this conversation. Number one, our loan is granted. What in liberal does that mean English? People don’t speak like that. Our loan is granted should say funded.
Jay Conner (16:12):
Our loan is granted at 4% interest rate per annum with flexible monthly re-payment analysis plan. What in the world does that mean? That will suit your monthly income boys that got scam written all over it, right there and where we’re going to set a monthly payment up for you. You poor pitiful, pathetic real estate investor, wanting to borrow money. Good night, that will suit your monthly income. Number two you, the borrowers should be above the age of 20 years. Not 20 years old, but 20 years. It must be responsible for the amount he or she is to borrow. Number three, the borrower should provide us with two recent bank statements had low two recent bank statements. So a person that’s reached out to you is asking for your bank statements. Do you know what is on your bank statement? That’s right. Your personal account number, maybe even a routing number driver’s license, red flag, government issued ID card, proof of employment with guess what else they want your social security number.
Jay Conner (17:20):
Right? Look, I don’t mind giving my social security number if I’m knocking on somebody else’s door, right? But not somebody knocking on my door. Our loan is usually funded using bank to bank transfers and wires. Bitcoin. Yeah. Give me a break pay pile or certified mail check. Can’t even speak English. The borrower is to choose, which is suitable for him or her number five. Here’s the biggest red flag in this entire email. Listen carefully. The borrower that you is or Elaine, in this case, the borrower is to provide a one time security commitment fee, which will be used in the total cost of funding. The loan, listen, the said fee cannot be added or deducted from the principal loan amount, which means, and with these people, you cannot bring the commitment fee to the closing table. They want you to send the commitment fee to them up front before they supposedly fund the deal you send an and as Larry just shared, he lost $2,000 on a scam like this.
Jay Conner (18:26):
The ranges are typically like 1500, 2000, $2,500 that they want up front. Number six, the borrower is to provide correct information when completing the loan application form when necessary documents, as stated in clause three above and others trying to sound so legal beagle, listen, our loans are not credit based. Okay? This person isn’t even making sense. If their loans are not credit-based. And by the way, by the way, in the rail world, doing business with credible, private lenders, your credit’s got nothing to do with it. We are collateralizing the note, but guess what? Since your credit’s got nothing to do with it, with the way we do private money here, this person says our loans are not credit based. Well, here’s my question up here in item number three, they want your social security number. Well, listen here. If your, if your loan is not credit based, why do they need your social security number?
Jay Conner (19:30):
They need your social security number to scam. Not only take your money on a fraudulent private lender deal. Well, they want your personal information so they can steal your identity. This is like a double scam artist right here. If you find the term suitable for you, we’ll begin the process of having your loan request, blah, blah, blah, blah, blah, blah, blah, kindly acknowledge receipt of this email at your convenience with possible consideration of moving forward. So of course I lane, I is not going to give any of this information to these scam artists. But I did ask line to reply back to that Gmail address where yes, I would like to move forward. What happens next and ask them for a website. I guarantee I can’t guarantee you. Who knows. Maybe they will come back with a website, but if these were legitimate hard-money lender, David be providing a website address.
Jay Conner (20:27):
So there you have it folks, Hey, look, if you found this information helpful to where you’re not going to be scammed and take advantage of people right now, whether you’re watching the live stream or the replay, give me a bunch of thumbs up right now. Give me some thumbs up, send me a bunch of hearts, send me a ton of hearts. And even better than that type in the comment bar right now. I love it, Jay. I love it. I love it. I love it. If you’ve got any questions, go ahead and type those in somebody just sent a comment and let me see here. Oh yeah. Dan new hoarder. Thank you, Diane posting of the book. Now they’re going to steal your identity. Exactly Greg. I mean, this is like a double scam thing. So anyway, folks there, you have it. Another free coaching Friday.
Jay Conner (21:10):
Let’s see here. Larry says good info. Thank you, Larry for sharing. So there you have it folks. I want to rush the book out till you get to as Dan just tightened in the comment bar, Jay conner.com forward slash Friday. We’ll rush the butter, the book out. Yep. Thank you, Greg. Thank you for participating. Well hit the share icon folks. Cause I know you’ve got some friends out there that need this information so they don’t get scammed as well. And Hey, I’m wishing you all the best. Have a fantastic Friday and Lord willing. We’ll see you right back here on next. Friday’s free coaching Friday. One last comment coming in here again. Thank you, Greg. JayConner.com/Friday. We’ll ship the book out and if you’re watching the replay type your comments in and your questions and I’ll get those answered. I’m Jay Conner, the private money authority wishing you all the best here’s to taking your real estate investing business to the next level. And I’ll see you right here on the next free coaching Friday. Love you guys and gals. See you next time. Bye for now.
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