Is Private Money Realistic When You Are Brand New In Real Estate Investing?
Jay Conner, The Private Money Authority, joins Kris Haskins’ podcast where it’s Kris’ mission to raise financial literacy through real estate investing!
In this video, learn from Jay the most significant differences between Hard Money and Private Money.
Discover the secrets of how to get Private Money chasing you and the three reasons why private lenders would want to do business with you!
Hear from Jay how he overcome his greatest challenge when the bank closed his line of credit in 2009 which lead him to discover Private Money to fund his deals.
“It Is Impossible For You To Fail Until You Choose To Quit” – Jay Conner
Timestamps:
0:01 – Raising Private Money
0:35 – Jay Conner with Kris Haskins
2:25 – Who is Jay Conner, The Private Money Authority?
6:46 – Private Money vs. Hard Money
20:49 – Private Money Is A Collateral Money
22:09 – Where To Find Private Money?
22:53 – How To Get Private Money Chasing You.
25:13 – Jay’s Greatest Lessons Learned
28:25 – No Payments Loan???
30:43 – Creative Financing Using Private Money
35:27 – Three Reasons Why Private Lenders Would Want To Do Business With You
41:00 – 4 Important Things Jay Conner Tells His Private Lenders
44:12 – You Get To Set The Rules When Using Private Money
45:08 – Private Money Is Not Just For Properties That Need Rehab
54:55 – Is Private Money Realistic When You Are Brand New In Real Estate Investing?
1:01:26 – Get Yourself A Coach! Do Not Do The Real Estate Business Alone!
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Jay Conner is a proven real estate investment leader. He maximizes creative methods to buy and sell properties with profits averaging $67,000 per deal without using his own money or credit.
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Jay on Kris Haskins’ Show – Raising Private Money – Real Estate Investing
Kris Haskins
00:00:36
Greetings round-up family. Greetings good day to you. Another addition to Monday masters, I am Chris Haskins. My mission and my ministry are to raise your financial literacy through real estate investing and entrepreneurship. In doing that, I have the pleasure and honor to bring on people that have affected my life and currently are affecting my life, changing the trajectory of where I’m going to end up. I get the pleasure of hanging out with people like Jay Conner and Jay, how are you doing? My friend,
Jay Conner
00:01:08
Chris Haskins, my lands. As we say, here in the south, if I was any better, I’d be twins and people wouldn’t be able to put up with me. You know what I’m saying,
Kris Haskins
00:01:19
Jay, I cannot believe you are here. I feel like literally a while back, I was seeing you on stage and I’m like this dude, man, you are very polished. You’re a people person. I’ve seen you in action. And I’ve seen the deals you’ve done. Now. I get to actually hang out with you and interact with you. Thank you, my friend,
Jay Conner
00:01:36
Man. I tell you what shoot, Chris, the pleasure is all mine. You know, we started getting to know each other, shooting our ring. It’s been over a year ago and man, I just love hanging around you at, you know, the real estate events and thus. And so, I mean, you’ve got a powerful story. I mean, you’re you don’t, you don’t talk the business. I mean, you walk the talk and you do it. And I love just being here on your show because you know this subject of private money, you do it. We speak the same language. And man, I just appreciate you inviting me to come on here and share with your audience. You know how to never miss out on a deal because you didn’t have the money.
Kris Haskins
00:02:19
That’s right. That’s a right round-up family today. We’re hanging out with Jay. He’s gonna be talking about private money. I remember when I learned about private money, I felt like my brain was just kind of kinda changing. I felt like it was doing a 180 Jay.
Jay Conner
00:02:37
Oh, my lands. Hey, when I first heard about private money, I felt like I had been, I mean, I felt like I had been baptized for the second time and was set free, you know, set free from the banks.
Kris Haskins
00:02:50
That’s right. So Jay, give us a little background about you, my friend. Tell me about you. I know this guy on the computer screen. Tell me how did we get here? Let’s rewind a little bit.
Jay Conner
00:02:59
My wife, Carol Joy, and I live here in Eastern North Carolina in this little teeny tiny city, Chris, by the name of Morehead City, North Carolina, and Morehead city has got a whopping 8,000 people into city limits. And the target market that we invest in single-family houses is only 40,000 people. I mean, we’re here in Morehead, city, Newport, Havelock Beaufort, over on the beach, down to Emeril aisle. And nice. So anyway, we’ve been doing this thing of buying and selling houses for 16 and a half years coming up on 17 years. Wow. And I know it’s unbelievable. And the first six years Chris, that we were in the business, I was relying on the local banks. I was relying on mortgage companies to fund our deals and man things were going along just fantastically. And I remember a man like it was yesterday.
Jay Conner
00:04:06
I called up my banker. His name was Steve. The operative word is, was Steve. And you know, man, I had this conversation with Steve. Like, I mean, I log, I don’t know how many times. I mean like many, many times I called him up and I told Steve, I had these, I had two houses under contract to close on the purchase and they were, they represented over a hundred thousand dollars in profit. And I told him where they were located, the funds required to fund the deal. And when I wanted to close and that’s typically all I told Steve, you know, when I would call him up and I had deals to fund and Steve went quiet on me, which is never a good sign when your significant other or your banker goes quiet on you. And he cleared his throat. And he said, Jay, I’m sorry to tell you, but the bank has collapsed your line of credit.
Jay Conner
00:05:04
I never heard of a bank collapse in a line of credit, but I knew it didn’t sound good. I said, what do you mean Steve? And I found out right there in a very short second that I had been cut off from the bank with no notice and no way to fund my deals. And so my Def my definition of coincidence is God’s way of staying anonymous. And in less than two weeks, I was introduced to this world of private money. And I don’t mean hard money. I was introduced to this world of private money. And since that time I have never missed out on a deal. I mean, since that conversation. And so, you know, we’re in a small market. I mean, since that time I became known as the private money authority. Cause I’ve just got really, really good at raising a lot of money. And so me and Carol joy, we, our total target market here is only 40,000 people.
Kris Haskins
00:06:05
Okay. We
Jay Conner
00:06:06
Do two to three transactions a month. Our average profit right now is $67,000 per deal. And so, you know, we’ll do two to three per month, but you know, that multiplies out. Okay. And got a fantastic team. We’ve automated the business. Pretty much. What I do in the business is decide how much I want to offer on houses, do a lot with, do a lot with virtual assistance, and automate the business. But yeah, that’s, I mean, that’s, I mean, in a nutshell, how I got involved in this world of private money
Kris Haskins
00:06:43
Gotcha. Private money. So for my Roundup family members that are thinking they’ve been looking around and they’ve kind of taken a stab at trying to find financing for houses, Jay, I know they’ve heard about this hard money thing. Could you kind of give us an ex a, a, give us a, a comparison between the two,
Jay Conner
00:07:05
My land. Sure. So, yeah, you’re right, Chris. I mean, you know, a lot of times when real estate investors or people hear about they’ll hear private money or they might see it in a magazine, or they might hear, you know, a speaker talking about private money, but in most cases like over 90% of the time, in most cases, when, when people are talking about private money, what they’re really talking about is hard money. So let me start just a second with private money versus hard money. So private money, we’re talking about doing business with individuals, with human beings, just like you and me. So, you know, we’re not talking banks, mortgage companies, institutions, we’re talking about doing business with actual individuals that loan their money to us real estate investors, Eva, either from their investment capital or from their retirement accounts. And of course, that’s a big subject, as you know, right there, Chris, how important it is to know what self-directed IRAs are Carol joy.
Jay Conner
00:08:11
And we’ve got 48 private lenders right now that are funding our deals and modernness money for our deals. We got about 7.8 million that we churn from house to house, to house with our different private lenders. Well, over half of those private lenders have transferred their retirement funds to a self-directed IRA company. And then they can loan that money to us tax-free and penalty-free. In fact, we got one private lender loaning us money from his retirement account. Last year alone, he made $65,000 in tax-free money by using his self-directed IRA. But anyway, I digress private money doing business with individuals, hard money. Most of the time hard money is a brokerage or a company that is well here’s what the hard money lender does. Do they’re a middle person? So what hard money lenders do and look no disrespect. I got great friends that are hard money lenders.
Jay Conner
00:09:18
In fact, I got hard money lenders that have taken my strategies and my system for raising private money to raise their own money for their hard money lending business. So hard money. Wow. Yeah. So what I do and what you do and what I train my students to do is how to circumvent the hard money lender broker, and go straight to the source to get the funding for the deals. Just like the hard money lenders do. So your hard money, the lender’s a middle person, a brokerage to where they’ll raise the private money, Jack, the interest rate up and then loan money out to us real estate investors. So they’re just making money on money. So, if you want me to Chris, we can take a moment and just go over the most, the most important and critical differences between hard money and private money. Is that okay?
Kris Haskins
01:10:14
Yeah. I know you got an hour. I don’t wanna hold you up my friends. So whatever we can get into this hour with some Q and a let’s do
Jay Conner
01:10:19
It. Okay. So, so I tell you what shoot, I wish you had another little, well, you can do it on your whiteboard. I was gonna say, I hope you had a, like make two columns, but that’s alright. Can do it. Here we go. Yeah. So like you make, yeah, there you go. So like take your board and draw a line down the middle and make two columns. And the upper, the left-hand column title, that hard money. There you go. And then the right column title, that private money, there you go, private money and we’ll write categories over there. On the far left-hand side, we’ll do about five or six categories and we’ll do a comparison and contrast between hard and private. There you go. So to the far left-hand side, underneath hard money, right? Interest rate, just put that percent sign to the far left.
Jay Conner
01:11:10
So the national average for hard money right now, interest rate percentage is 14% is your average national average, right there getting money from a hard man lender. The average private money is 8%. 8% is the national average for getting money from individuals. Okay. So right. There is a big difference. All right. Second category points, origination fee. One of the same things. So PTs for points. There you go. So hard money. The national average is four points, four points, private money, and zero. It never comes up in conversations. So Chris let’s make sure everybody’s on the same page here. So a point or an origination fee really is just more interest rate that the lender calls it by different names. So they make more money, but here’s the way it works. Four points are so let’s say, let’s say we’re borrowing a hundred thousand dollars. Well, four points is 4% of the amount borrowed.
Jay Conner
01:12:17
So four points of a hundred thousand dollars would be $4,000 that we, as the borrower have got to bring to the closing table at closing out of our pocket. Right? So now we’re already up to the national average on hard money of 18%, right? The next category, is extension fees, as in ext fees, extension fees. So what an extension fee is, is, you know, if you haven’t cashed out on your hard money loan, by the time the note comes due, if you’ve made your payments on time, your hard money lender, of course, they’re going to extend your note, but what do they want? They want more money fee. So your national average extension fee is 2%, 2% to extend it. So that would be 2% of the amount that you borrowed private money, extension fees, and zero. They don’t want the money back. They just want to keep, they want you to extend it and just keep paying the money.
Jay Conner
01:13:22
So we’re still at 8% per year. We’re already up to 20% per year on the hard money. Now the next big category is percent. So you can just use that percent sign per again. No, no, no. Down below number four. So percent of purchase advanced. Oh, okay. Okay. So let me explain myself. So let’s say we’re going buy a house and by the way, by the way, Chris, why, why we’re talking about here. It works for commercial as well as single-family houses. So, you know, you got some viewers and listeners that are interested in small apartments or duplexes or TriFlex quadplex or you know, or apartment complexes. It’s the same money. It’s just the length of a note. It is a little bit longer and actually, the interest rate is smaller on commercial. But anyway, just want everybody to know whether you’re interested in single-family houses or commercial it’s, it’s all the same money anyway.
Jay Conner
01:14:29
So here’s what I’m talking about on what’s the percentage of the purchase price advanced app closing. So let me give an example and then we’ll give the answer. So let’s say that we’re investing in this house that is got a $200,000 Ave after repaired value. It’s going to be not dead gorgeous, beautiful $200,000 Ave. Now let’s say we’re gonna buy that single-family house. Let’s say it’s an ugly house and it needs rehab. So let’s say we’re gonna buy this house for a hundred thousand dollars, 50% of after repaired value, which is commonplace every day when you’re buying like a bank-owned property, et cetera. So you’re gonna buy for a hundred thousand. The after-repaired value is 200,000. So here’s my question in the world of hard money. What percentage of the purchase price will the hard money lender versus the private money lender, give us at the closing table? And so Chris, you borrowed hard money in the past, right? Or you like you borrowed yes. Hard. So let me let you answer the question, Chris, in the past, regardless of how good the deal was, like, what’s the percentage of the purchase price? Your hard money lender will give you at closing,
Kris Haskins
01:15:58
You know, Jay, at the best case scenario where you’ve been doing a million deals and they know, you know what you’re doing, you know, a veteran the, the best is gonna be 80% of the purchase price.
Jay Conner
01:16:08
Exactly. It’s between depending on your experience, your hard money lender is going to advance you or give you between 65% and 80% of your purchase price, regardless of how good the deal is. So here’s the question who’s got to come up with the rest of the money when we close? And of course, the answer is what he did in the world of hard money. We do in the world of hard money. Now in this beautiful world of private money, we get 100% of the purchase price. And in most cases, if we’re gonna rehab the property, 100% of the rehab money upfront. So for example, let’s say we’ve got that same example of a $200,000 after repaired value. We’re buying it for a hundred thousand. Let’s say I got a $30,000 rehab budget, right? So I’m gonna buy it for a hundred. I’m gonna get all that money at close and I’m gonna get $30,000 of rehab money upfront of closing.
Jay Conner
01:17:16
I’m gonna walk away with a big check. When I buy, I love to get paid to buy houses. And of course, there’s carrying cost and there’s, you know, cutting the grass until you get that baby cash flowing and you know, to what, Hey, look as much work as I put in making this hair pretty every day, I ain’t cutting the grass, right? Somebody else cut the grass, right? And we got the utility bills and we got insurance and taxes. So I’m just not going to borrow $130,000 for purchase and rehab. I’m also going to get some extra money for carrying costs and et cetera. So let’s say, I’m going, Hey, look, I can easily borrow $150,000. In this example, I do not borrow more than 75% of the after-repaired value. So in this case, 75% of 200,000 is $150,000. While I buy it for a hundred, the closing table, I can walk away from the closing table with a $50,000 check, but that $50,000 check I’m gonna use 30 of it in, in our example for the rehab and the other money for carrying costs, I’m still gonna get another $50,000 check when I cash out and sell that baby because that’s the difference between the $200,000 selling price and the hundred and $50,000 that I still own my private lender.
Jay Conner
01:18:42
So anyway, we’re doing a comparison in contrast. So percentage advanced. So we got eight, we got eight to 8% versus 14%. We got zero points versus four points. We got zero extension fees versus 2% extension fees. We’re getting a hundred percent of purchasing rehab versus 65% to 80%. Hey, look at it here. And then here’s another big difference. The length of the term, the length of the note. So, you know, most hard money lenders, man, I can need to give you a bigger whiteboard for Christmas, Chris, my lands. So anyway, so, so on the term, the length of the note, most hard money lenders, it’s either gonna be six months, so 12 months on their term, right? And this wrote of private money. The term length of the note is two to five years. And here’s what it depends on. So two years is typically what we borrow for if they’re loaning this investment capital, okay?
Jay Conner
01:19:48
Just liquid money. That’s you know that cause when we pay ’em, that’s not, that’s going back directly to them, but when we’re borrowing from their self-directed IRA, we set that up for five years because that money’s not going back directly to them. It’s going to their retirement account. And you know, quite frankly, though, Chris, I’m telling you it’s a moot point. I mean, they don’t want the money back. In fact, when I cash out on my houses, and my private lenders all the time, I say, Jay, can’t you just keep the money? Can’t you just keep the money? Do you know? No, I can’t keep the money. I gotta pay ’em back because then we go do a new deal because every deal stands on it. Soon I give ’em the collateral for each note. Anyway, Chris, let me stop for a second because I just covered like, you know, a half-a-day seminar in like 12 minutes. All right. So let me stop, and you get me to clarify whatever I need to clarify.
Kris Haskins
02:20:43
I get you back on track. My friend, lemme get you back on, not back on track, but let me keep you, cause I know your time is limited. Jay, help me understand. Before I, when was helped me understand credit by turning in tax returns, doing applications, and having to worry about income statements, how does that work regarding private lenders? Jay,
Jay Conner
02:21:04
That’s another big, huge difference between hard money and private money. So hard money. They’re gonna pull your credit for sure. They gonna pull your credit. Now, depending on the hard money lender, some ask for tax returns, and some ask for copies of your bank statements. They wanna see how you know liquid you are. You know some do and some don’t, but it depends on the hard money lender. You know, they gonna pull your credit and, and depending on who they are, they gonna verify your assets on my lands in this world of private money. Here’s the deal. They never pull you credit your credit. You can have, I’m telling you, you can have a mid score of 425, which is pretty low, and get as much private money as I do or anybody does. And here’s why private money is a collateral loan. That’s why private money is a collateral loan.
Jay Conner
02:22:08
And I’ll tell you, Kris, we get private money primarily from two different markets. We get private money from individuals that are what we call our war market. People that we got some kind of relationship with. They’re in our cell phones, our email, and Facebook friends. And I don’t mean you fake Facebook friends. I mean people that you like really know, like, you know, you look at your Facebook, you know, and you go where a Facebook friend, where did the people come from? I don’t even know who the people are. Anyway, I’m talking about real Facebook friends, LinkedIn, that’s all warm market, social media. The other main category is that we get private money from our existing, private lenders, existing private lenders. And, and I tell, you know, sometimes Chris people tell me my land. I’m gonna roll. Now. Sometimes people tell me, they say, Jay, my warm market is broken. My people are broke. My people ain’t got no money. Right? Well, first of all, I don’t believe them because everybody knows somebody. That’s got some money, but you know, say
Kris Haskins
02:23:14
Again, what do you mean by that? They, what people say? I don’t know. I dunno anybody. Can you say that again?
Jay Conner
02:23:19
They say I don’t, my people are broke. I don’t know anybody that’s got money. Well, let, let interpret that. Let me, let me tell you what they’re really saying. What they’re really saying is I don’t have the confidence or the self-esteem or the experience or the confidence to approach people and offer them my program. That’s right. Because I’m shy and I don’t know what I’m doing and et cetera. That’s, that’s what they’re really saying. And I get that. I mean, I get that, that’s why people need to be trained and educated on how we do this private money thing because here’s the deal. Did you know Chris? I have never, never, never, never. And I don’t plan on changing. I have yet to ask anybody for money to fund my deals. I ain’t ask anybody. All I do is make the program available and I don’t chase. I don’t beg, I don’t sell. We attract the private monies and, and you know, once we get the word out and, and we got a fast, automated way for real estate investors to get the word out about your private lending program, then people start chasing us. Right. You know, I’ve heard you say it, Chris, I’ve heard you say it. You got people calling you up saying, Chris, I wanna give you some money. Oh
Kris Haskins
02:24:46
Yeah.
Jay Conner
02:24:48
So that’s what we do. That’s what we, that’s. What we share is how to get people chasing us.
Kris Haskins
02:24:53
Wow. Round up, family. I got some other stuff I wanna ask you, Jay. I know we are here with J con. Thank you for your time. J con just real quick. If you just joining us, this is Chris Haskins hanging out with Jay Conner. We’re talking about raising private money. Stop begging the banks for loans. Jay, when did you, what year was it that you said, you know what? I’m not gonna get on my knee, hands, and knees and be for another loan from a bank.
Jay Conner
02:25:19
Oh my Lands, I was set free in February 2009. You
Kris Haskins
02:25:26
Remember that? Huh?
Jay Conner
02:25:27
I remember it like it was yesterday. And you know what, Chris I’m telling you, you know, all of us, everybody watching your show, you and me, every person on this planet, we go through these times in our life that are challenging. It can be financial, it can be career relationships, health, et cetera. We go through these challenging times. And you know, I, I re I try to remind myself of, you know, what, first Deon chapter five verse 18 says in the midst of, in the midst of everything, give thanks. So, you know, it was a blessing in disguise, Chris. It was a blessing in disguise. When I, you know, when Steve, my banker cut me off with no notice I hung up that phone. And my first thought, you know, I had a choice, you know, I could have quit. I could have quit. Right. But, you know, I learned a really important lesson in that and being cut off from the bank.
Jay Conner
02:26:32
Number one, I learned that it is impossible. I’m telling you, it’s impossible for me to fail. It’s impossible for you to fail. It’s impossible for your audience to fail until we choose to quit. You can’t fail until you choose to quit. And you know, I know I was, you were created, your audience was created to be heroes. Your audience was created to be Victor’s and I’m telling everybody don’t you quit. Because as I’m saying if I hadn’t been cut off from the bank, I went from a million-dollar line of credit at the local bank to over $2 million in private money in less than 90 days of being cut off from the bank. And you know, so I mean, so many blessings, Chris, I, Hey, look, I wouldn’t be here on your show today. If I hadn’t been cut off from the bank, I wouldn’t have been forced to find a better and quicker way to get my deals funded. So, you know, wow. It’s a, it was a blessing in disguise blessing in disguise.
Kris Haskins
02:27:41
That’s ironically mentioned that too, cuz this happened to me too. It was almost like you were going to the bank one day, beating your chests. I got my line of credit checks here. I do whatever I want then. I mean, it’s gotta be, it really does something to the psyche.
Jay Conner
02:27:55
Oh, my land. And you know, along with that, I mean in this, I mean, when I was borrowed money from the banks, okay. The banks made the rules, the banks set the interest rate, the banks set the term, and the bank set, how often I make monthly payments. I mean, and this what our private money, you know, I make sometimes monthly payments, other deals, quarterly other deals. Semi-annual annual wow. Some deals we structure. I don’t make any payments on that note until we cash out on the house, you know? But
Kris Haskins
02:28:26
Yeah, just say, wow, let’s stay there just for a minute. Jay, we’re talking about no payment loans, stay here. Then I’ll move on to my next question. I got no payment. I don’t wanna, that doesn’t even compute.
Jay Conner
02:28:35
Yep. So here’s the deal. So no, no matter, no matter if we make payments or we don’t make payments or we make monthly payments or we make quarterly payments, whatever, the way that deal is structured with that private lender on that particular property we pay or we accrue interest only. Alright, so we don’t make principal and interest payments. It’s interest-only payments. And so, so let’s say I borrow a hundred thousand dollars and lets on that $200,000 house. And let’s say that I’m not making any payments. And let’s say I cash out. Let’s say I sell it on rent to own, right? So I sell it on rent to own. It takes ’em a little while to get ready for the mortgage. Let’s say I cash out and sell that property 12 months down the road. So in that case I’m gonna, and I’m making, I’m making no payments, you making that help cash flow.
Jay Conner
02:29:35
So I’m making no payments, right? So at the end of that 12 months, I’m on cash out. I’m gonna owe my private lender. There are a hundred thousand dollars that I borrowed from ’em and let’s say it’s right on day 365 to keep it simple. And I’m gonna owe ’em $8,000. That’s 8% of a hundred. I’m gonna owe ’em $8,000 in interest. So I borrow a hundred. And in that example, 12 months down the road, cash out, I’m gonna make thousand profit for example, or 30,000 or whatever. I have my real estate attorney cut my private lender, a check back for 100, 8,000. So they get their principal back along with their accrued interest.
Kris Haskins
03:30:20
They were back along with the crude interest. So at the end of that term, instead of paying back the hundred nights, Roundup family, that’s the worth, the price of admission. When I learned that one, Jay, that really let me sleep at night better. Jay,
Jay Conner
03:30:33
You reckon, I mean, you know, if you ain’t gotta worry about monthly payments, I mean, you know, it, it helps the cash flow.
Kris Haskins
03:30:41
So I know everybody’s all up in arms involved, doing least options, selling financing subject to tell me what type of deals can we use private money on Jay. Cause everybody wants to get in these, you know, the creative financing type stuff.
Jay Conner
03:30:56
Sure. So, so it’s, it’s an easy, simple answer to understand. And here’s the deal you use private money when the seller of the property requires all the money at closing. So anything in the multiple listing service bank-owned properties, short sales, auctions, you know, auction.com any so anything in the multiple listing service is gonna require all the cash, all the money. Now I tell you what I’ve discovered Chris, after reviewing thousands of property lead sheets from sellers, I’m talking off the market, I’m talking for sale by owners. FSBOs. What I have discovered is that only 13% of those for sale by owners will sell to me creatively. In other words, only 13% of those FSBOs for sale by owners will sell to me with either seller financing or subject to the existing note or lease option it to me or anything like that. So, you know, sometimes people will say, say, Jay, I don’t need private money.
Jay Conner
03:32:10
Like, you know, I’m just interested in the pretty house business and I don’t need private money. Well, that’s true. If you want to miss out on 87% of the deals in the off-target. I mean, I mean, Chris, I know you know it, and I know your audience knows it. If anybody has talked to fisbos or off-market owners of properties, the high majority of ’em are gonna require all the money and they don’t have, have any interest in selling to us subject to lease options, seller financing, wraparound mortgages, and all the magic pixie dust. You know, you wanna talk about now, let me be perfectly clear. Okay. I have bought a ton of houses subject to the existing note I’ve bought on a lease option, by the way, I don’t buy on a lease option anymore. I want, if
Kris Haskins
03:33:03
You say you don’t buy on lease option anymore.
Jay Conner
03:33:05
No, I, I want, I want to own that property. Okay. So anyway, so I’ve, I’ve done all that and I still do it. I buy houses, you know, the seller. I mean, look, if we’re talking to somebody that’s an FSBO and you know, they’re off the market. And look, if, if they don’t owe a mortgage, if they don’t owe any money, I mean, the first thing that comes to my mind is let’s talk about, I mean, when the timing’s right, let’s talk about seller financing. Let’s talk about them taking their equity and monthly payments, at least for a certain period of them. But guess what? Chris, knowing only 13% of them are going to go along with that plan. Wow. For the other 87%, I got private money sitting on the shelf. You got private money sitting on the shelf. If, if that negotiation goes south, then guess what? We got the private money to close. And Chris, I know you have heard what I’m getting ready to say. So some people say they got this mantra and some people say no terms, or if they won’t sell to me on terms, no deal. Well, lemme tell you my mantra, no terms, private money,
Kris Haskins
03:34:20
No terms, private money,
Jay Conner
03:34:21
No church. If they won’t sell me on terms, they won’t sell me subject to the existing note. Then we got the private money and I’m telling you when I first got my, in fact, my first private lender pledged me $250,000 said, Jay, go find, go find us a deal. In fact, time permitting sometime Chris, I gotta tell you my story probably don’t have time today. I gotta tell you my story sometime about how I got my first private money lender, but anyway, $250,000. So when he pledged me that money, I’m telling you what, that will make the roosters feathers stand up on the back of his head. When you, when you are strutting around, you know, making offers on properties, you know, that’s right. Some people, some people teach, oh, just go get the house under contract. The money has shown up. I’m sorry. You know, I want to know where my funding is coming from. Cause there are always deals. There are always deals, always going to be dealt. I want the money lined up. Ready to go.
Kris Haskins
03:35:28
So tell me about you, I got so much to ask you. I wanna know about posture loan. A lot of my inner circle members in the past. I’ve seen people just have this posture of want to, well, you wanna loan me some money. You know, you wanna loan the money. It’s almost like you’re coming from
Jay Conner
03:35:48
You’re coming. Yeah.
Jay Conner
03:35:50
Yeah. When you just, when you just did that, you do that, what you just described and I felt it in your voice and in your facial expression, that person is coming from a, a, a place of scarcity coming from a place of, of, of no confidence. So, so my positioning is, you know, as you’ve heard me say, or as I’ve maybe already said it, I don’t remember. I’ve never asked anybody for money. So what we do is we make the private lending program available. We let people know what we do, how we do business, and anybody that’s got investment capital or retirement funds, they’re gonna raise their hand. I mean, here’s the deal. There are three reasons why private lenders want to do business with us. Okay? Number one, they’re going for three reasons. Private lenders wanna do business with us. Number one, they’re gonna earn a whole lot more money than they can save from traditional sources.
Jay Conner
03:36:54
I mean my lands right now. So, you know, you, you might not know this, Chris, but maybe you do every Thursday, the USA Today, the newspaper publishes every Thursday on the front page of the money section in the lower left-hand corner, this little green box and in the green box, it, they publish the national certificate of deposit average yields in the United States. As of this past Thursday, 0.91% is what the average 12-month certificate of deposit is paying in the United States. People don’t know what to do with their money. So wow. Number one, we come along and we pay ’em 8%. That’s like, you know, many, many more times than they can get, you know, from a C. So number one, they’re gonna make a lot of money, higher
Kris Haskins
03:37:50
Return,
Jay Conner
03:37:51
No high return. The number two reason private lenders wanna do business with us is their loan to us. Their investment in our business is secure and safe. So it’s secure because we don’t borrow unsecured funds. They’re going to get a mortgage, you know, in North Carolina in some states, it’s called Adida trust. So they’re not. So they’re getting the collateral to back that note. So it’s secure. It’s safe because we’re not borrowing more than 75% of the after-repaired value. And the third reason they wanna do business with us is that their principal loan amount to us, and their investment is not volatile. So what I’m, what I contrast in our program to is the stock market. You know, when people invest in the stock market, they already lost money. There are fees, there are commissions, and the principal amount of their investment can be less tomorrow. And so, you know, it’s like up and down.
Jay Conner
03:38:48
So our private lenders love, that there is no volatility in their investment, the principal loan amount because we’re paying or accruing interest. Only the principal loan amount remains the same until cash out. So the private lenders know exactly what their return it’s, it’s definitive. They know exactly what their return is gonna be on their investment with us. So those are the top three reasons people wanna do business. But back to that positioning, we ain’t chasing. We ain’t begging, you know, we’re just simply making the program known. You know, I put a PowerPoint together a little time back to where my, myself and my students we’ll, they’ll go, we’ll go like to the rotary club. You know, the rotary club is always looking for presenters and information. So we have this educational PowerPoint and we’ll go give it like a little 20-minute talk. Well look, the people, the rotary club, they ain’t never heard of self-directed IRAs. They’ve never heard of private money. And at the end of our talk at the end of the program, people are lining up to get our little 16-minute audio that talks about private money. So people are, you know, when people hear this information, they are chasing us to give us money for our deals.
Kris Haskins
04:40:10
I love it. I love it. I know your time is limited, Jay, just for my Roundup family. Jay, let me ask you, would it be in the realm of possibility to get you back on here one day this week to do a full training on this thing? It’s already, I’ve had minutes already. I don’t wanna
Jay Conner
04:40:26
Wet even got started. Kris, have you got in mind?
Kris Haskins
04:40:37
Let me look at my schedule real quick. JC. If I got this thing, I want to see what my mission Jay, you’ve heard. My mission is to raise your financial literacy through real estate investing. I think private money to me, it just opened up a whole world for me, a whole world of opportunity. I don’t have to worry about qualifying for stinking loans no more. I mean, it just,
Jay Conner
04:40:59
I mean, you know, Hey look, in most cases, we ain’t even got to worry about the appraisal. You know, I mean,
Kris Haskins
04:41:05
I was gonna ask you about that.
Jay Conner
04:41:06
You know, I mean, in my, you know, with my 48 private lenders from the warm market, not one time since February 2009, has anybody in my warm market asked me for an appraisal? In fact, they ain’t even asked me for the CMA, the comparative market analysis for my realtor. Now, if they asked me for it, I’ll give it to them with no problem. They didn’t. In fact, you know, here the deal, Chris, when I started out, I would get, I would, so my private lender. So like I never call my private lender up and say, Hey, you wanna do this deal? Well, that’s a stupid question. Of course, they want to do the deal. They know the program, their money’s sitting on the sidelines. I earn ’em any money I call ’em up. I say, look at here. I got good news. I got a deal for us.
Jay Conner
04:41:55
And so when I started out, I’d tell ’em four things, four things I’d tell the private lender. I’d tell ’em where the property was located. Not the street address, but like, is it in Newport? Havelock, Morehouse says, good news. Got this deal in Newport. I’d tell ’em the after-paired value got this $200,000 house. That’s gonna be worth 200 after we get it all fixed up. And I’d tell ’em when we gonna close. Right? By the way, that’s a big point right there. All my offers. I tell ’em I can close in seven days, I get more deals accepted. Cause I can close in seven days and I can’t do that unless I got private money. And then the thing I’d tell is the amount of money required to fund the deal. And you know what? I found out, Chris, they don’t even wanna know all that. All they wanna know is how much you need and when you need it. There that’s
Kris Haskins
04:42:51
Inform.
Jay Conner
04:42:54
So Hey look, that it’s that simple. So anyway, when, when do you want to get back together?
Kris Haskins
04:42:59
Yeah, I got my schedule here. I’m looking on Thursday either. How about Thursday evening, Jay? How are you looking at seven o’clock brother?
Jay Conner
04:43:06
I’m looking, I’m looking. So lemme see you here Tuesday, Wednesday, Thursday,
Kris Haskins
04:43:11
Six 30 or seven. You’re
Jay Conner
04:43:14
Six 30 or you wanna start at six 30? You wanna start at seven?
Kris Haskins
04:43:18
Seven? I think seven works better for me.
Jay Conner
04:43:20
All right. I’m good. So seven. Oh my goodness. We’re talking seven o’clock Eastern time, right?
Kris Haskins
04:43:25
You standard Roundup family. You got the man on stage with Ron LA grand. Every month is gonna private money. Roundup family, Jay I’m forever in debt to you. Put that on your schedule. Roundup family seven. O’clock this Thursday coming up. What is that? Jay? That’s the 20.
Jay Conner
04:43:43
That is Thursday, September 26th.
Kris Haskins
04:43:47
Seven o’clock yes. Thank you, Jay. Thank you. There’s no way I can get, I mean, I know I only got 15 more minutes with you. I can’t cover all this stuff. Okay. Seven o’clock. So I’ll put that Roundup family. We’ll get that. Yeah. So we got people, people log in telling me they’ve met you all around the country.
Jay Conner
04:44:05
Huh?
Kris Haskins
04:44:05
How were you out there? Jay PE people, there, is there a minimum amount of money that’s available to us to borrow?
Jay Conner
04:44:12
Well, that’s the beautiful thing about this Royal private money. We get to set the rules. We get to set the rules. So, you know, I had to determine when I started borrowing private money, what was gonna be the minimum amount that I was willing to accept? Because that’s one of the first questions a new private lender’s gonna ask you in most cases is, well, what’s the least amount I could start with? You know, some just want to get there, put their little tippy toe, you know,
Jay Conner
04:44:45
You know, see how it goes kind of thing. So here’s my deal. So the minimum amount that I will accept is $30,000. And let me explain where that $30,000 figure comes from. So here in here in my market, I can’t buy a house for $30,000, much less buy a house and rehab it. Oh, by the way, let’s make sure everybody gets this. We’re not talking private money for rehab properties only. Remember. Yeah, I remember in Purdy houses, they don’t need any rehab when the seller requires all the cash, we’re still okay. Using private money. All right. For the Purdy houses. But anyway, so
Kris Haskins
04:45:29
Say that again, Jay, I don’t wanna leave. I don’t wanna leave that note cuz people to think that you’re just, you’re just by fixing up ugly, say that, stay with that for a minute.
Jay Conner
04:45:37
Very important. So remember private money is not just for rehabbing or buying properties that need rehab. Private money is for ugly houses. Private money is for pretty houses. When the seller still requires all the cash, private money is for commercial duplexes, quads trying apartments, whatever. So when the seller requires all the cash, so Hey, you going to screen there seven 30. Are we gonna start at seven 30 or seven? O’clock
Kris Haskins
04:46:12
Shoot.
Jay Conner
04:46:15
I’ve heard three times so far. I’ve heard 6 37, 7 30. You are killing. I wanna make sure at the right time. So
Kris Haskins
04:46:34
Anyway,
Jay Conner
04:46:34
So where to $30,000 come from? So here’s the deal. The reason I will accept a minimum of $30,000 is that I can’t buy a house for 30,000, but I can rehab a house for 30,000. So if a private lender just wants to start out small, I can take their $30,000 and I can put it in the second position, right? There’s a really, really important point. So private money is not only for purchasing private money can be smaller amounts of money for rehab. So what I can do and what I do is I give the private lender. That’s given me a smaller amount of money. I’ll give them a second lien or a junior lien. It’s one of the same things. Nice. So I can be using private money to buy the house. I can get another private lender to loan me a smaller amount of money, 30,000 for the rehab.
Jay Conner
04:47:34
But here’s the catch. You wanna be sure you look out and protect your private lenders. So, you know, I mentioned a little while ago, that we don’t want to borrow more than 75% of the after-repaired value. Well, we have, we have this thing called TL total loan to value. So total loan to value means you can have more than one private lender note secured by the same property. So let’s do an example. Let’s say we got that $200,000 after repairing the value house, $200,000. So we got 200,000 and we’re gonna borrow a maximum of 75% of the after-repaired value. So our maximum loan amount is $150,000. So here’s where you can put that, put that, that, that private lender second position. So I could, I could borrow a hundred thousand from a private lender in the first position. And then on that 30,000 rehabs, I could borrow 30,000 from a private lender in the second position. Okay. So that’s how I can use it privately. Now there’s another way I can use smaller amounts of money of private money. Now, I don’t know. This is an advanced strategy. Kris, do you think the audience can handle this advanced strategy? So
Kris Haskins
04:49:04
I hope the newbies will take for me. If you’re a newbie, then get some professional advice. You need to hear this stuff now, but don’t apply it. So you know what you’re doing
Jay Conner
04:49:11
Exactly. So here’s an advanced strategy and I do it all the time. You can buy a property subject to the existing note, all right, which means we’re gonna buy the property. The seller is going to agree to keep the mortgage in their name and we’re gonna agree to make their payments. We’re not assuming a loan. We’re agreeing to make their payments for ’em who in the world would do that? A motivated seller looking for debt relief. So I’m gonna buy it subject to the existing note. Then I can get a small private lender note of $30,000. Say put that in the second position underneath that first position, which is subject to note. And I can use that money in the second position to bring their payments current. If they’re behind, if the house needs some repairs, cover carrying costs, marketing, et cetera, do it all the time. All the time. I’m
Kris Haskins
05:50:15
I’m jeweling on that one. I love those.
Jay Conner
05:50:17
Yep. Yep. Easy peasy. Lemon squeezy.
Kris Haskins
05:50:22
So many questions. Jay, let me ask you when, when we do this thing on Thursday, I know I got eight minutes left. Jay, can you go over the documents that are possibly needed when we’re putting this stuff together?
Jay Conner
05:50:36
Yeah. And you know, what’s beautiful about it. Chris is the documentation, there are only five documents to close a private lender, loan, and five documents. And I mean, you know, compared to borrowing money from the bank, I mean, you know, it’s like my word, I don’t example around here, but you know, it’s like you close,
Kris Haskins
05:51:00
You threw,
Jay Conner
05:51:06
You know, for, for a traditional loan. Right.
Kris Haskins
05:51:10
Where’s the blood sample? Would you get the blood sample in there? Oh,
Jay Conner
05:51:13
A private lender likes that thick. Right? So five documents. So yeah. I’ll be glad to go over those Thursday evenings when we’re on the show. If you want me to.
Kris Haskins
05:51:28
Yeah. Jay, I’m so honored to be with you. I mean, I literally, I just, I can’t I’m in a chat room with J Conner Roundup family. Then, the authority, you know, I love it. When you got the chicken sandwich at Chick-fil-A you got the burger, you got the private money. The,
Jay Conner
05:51:45
I love it.
Kris Haskins
05:51:49
I’m giving some quick Q and a, then I’ll let you go, Jay, I got your five more minutes. I got a few questions. Roundup, family. Get your questions answered by J con live right here on, the YouTube channel. And while you’re here, make sure you smash that thumbs up button, the light button. And so subscribe to my channel Roundup family. Make sure you take it to what you think. Jay,
Jay Conner
05:52:12
What are you doing with a subscribe button on a concrete block? That’s what I wanna know.
Kris Haskins
05:52:18
We’ll get to that’s another training. We’ll get to that later.
Jay Conner
05:52:29
YouTube like you, my lane shoot. Hey, look. I was looking at, I was looking at one of your YouTube broadcasts. Not long ago, you got over million views, man. Over a million views on one show, Lance,
Kris Haskins
05:52:49
We could go and, and forth all day,
Jay Conner
05:52:52
Man. Mercy.
Kris Haskins
05:52:54
It’s something. My brother here looks good that the vegan investor, two of his favorite creative investors. That’s true.
Jay Conner
05:53:01
Oh my Lands, the vegan investor. Look, Hey look. All right. This guy right here, the vegan investor. Here’s all I gotta say. Mr. Vegan investor. I need to go vegan. So I will look like you. Cause as I put on my suits now I look like a busted can of biscuits. Right. You know, especially my white suit. I look like a busted can of biscuits.
Kris Haskins
05:53:26
You are too much Ron grand. That’s right. So Demario as DeMar Owens, Roundup family. Make sure you get your question in real quick. Put your city or your state in so we know where you’re coming in from. Damari how soon do you have to pay the private lenders back? If they don’t wanna negotiate the terms and the options.
Jay Conner
05:53:49
Can you help me understand that question?
Kris Haskins
05:53:51
I don’t know. Damari it sounds like he’s asking if they don’t wanna negotiate. Oh, extension. That’s right. We talked about that earlier in the show.
Jay Conner
05:54:00
Oh, okay. Some of the terms it’s it’s two years. It’s for two years. If they’re loaning us money from their investment capital, just liquid funds for five years. If it’s coming from their retirement funds with them using a self-directed IRA. And so, you know, I pay ’em off when we cash out, and here’s the deal. And that was a good question. If I haven’t cashed out for whatever reason, in the length of the note, 100% of the time they want to extend the note with, no fees, they just won’t keep their money working.
Kris Haskins
05:54:40
What are they gonna do with the money? They don’t want it back. It’s like a hot potato. Jay, let me ask you. Banks are paying, not even 1% to me, it’s almost like the banks don’t even want to take their money. So we’re taking the money and getting it, working for them.
Jay Conner
05:54:53
That’s what I’m saying.
Kris Haskins
05:54:55
Mr. Fantastic. A two or 24 is private lending realistic. I remember that philosophy when you’re brand new to real estate.
Jay Conner
05:55:04
Excellent question. Excellent question. So I got a couple of different answers and here’s the deal. I love that, Mr. Fantastic. I’m loving that. So Mr. Fantastic. Let me tell you, what’s fantastic about private money here. So number one, I know you’re asking who in the world is gonna loan me private money when I’ve never done a deal and I’m brand new. So Mr. Fantastic. Two answers. Number one. And I want you to write this down and, and like, and like, like, like ingrain this on your brain. Here’s the deal. If you don’t pay the private lender, the property does, if you don’t pay the private land of the property does, which means if you don’t pay ’em, if you screw up, you don’t pay ’em they’re going to get the property, which means they’re gonna make more money off of the equity of that property than the interest that you would be paying them. Let me give you a second answer. That compliments that. So I get it. I get it. I get it. If you’ve never done a real estate deal. And if confidence is so I’ll, I will really dive deep into this Thursday night when we’re back on here, Chris, on, on, on this, but here’s the deal. You offer a seasoned real estate investor, a way to bring money to the table.
Kris Haskins
05:56:33
And
Jay Conner
05:56:33
You say, look, and you know, I tell ’em I tell everybody, Chris says, look, the best way to learn is to work with somebody that’s been through the minefield. They know what they’re doing. Join, you know, join up with the hip, and here’s the deal at your local R or your local meetup, or wherever your local group is. You go to that meeting and, and once you learn this private money thing here, that we’re gonna dive deep into Thursday night, you come and you come to that meeting. You say, look, and here’s a seasoned real estate investor. Let’s say his name is Chris Haskins. And Chris is at the meeting. You come up to Mr. Chris Haskins, and you say, Hey, my name is Mr. Fantastic. And I’ve never done a real estate deal in my life, but I know how to bring money to the table for us to do deals. Would you work with me, Mr. Haskins, and share with me your experience and what you’ve learned? And my part of the partnership is I can bring money to the table for our deals. I’m telling you nine times outta 10, Mr. Chris Haskins is gonna say, come into my world. You bring to money and, and we’ll do, and we’ll do business together.
Kris Haskins
05:57:47
I love the way you set that up, Jay, you know, what’s weird. I remember my inner circle members. They would bring lenders in because they didn’t have the expertise. And we would just partner up with ’em talking. ’em talk about bringing massive value to my day, as opposed to saying, you know, could you do, could you find a deal, do to deal and give me, have to pro I don’t have time for that. And most, let me ask you, Jay, most veteran investors, they got so much going on up here. They’re not worried about putting another deal together to gimme you have to profit all it.
Jay Conner
05:58:16
No, no. And here’s the deal. I mean, you know, you offer to bring money to the table and, and learn from a seasoned real estate investor
Kris Haskins
05:58:25
Making my life easier.
Jay Conner
05:58:26
Well, here’s the deal. I mean, what if you only get, you know, 25% of the profit or 20% of the profit, that’s fantastic. I mean, what if you got at risk? Nothing. Nothing. You got nothing at least. And I call that, you know, you know, learn while you earn, right? Yep. Earn while you learn
Kris Haskins
05:58:50
You want to use, you want to use private money to buy a home for yourself?
Jay Conner
05:58:54
Yes. Yes. I’m so glad VV just said that. I mean, here’s the deal. Private money is just not for real estate investing. Private money is for your own house, you know? Yeah. Like, so we use these different funding strategies to buy our own house. Hey look, I’ve got, I’ve got this student up in, up in gates, North Carolina that is buying a house subject to the existing right now. It’s got like 3000 square feet and they’re moving in it themselves. So whether you’re buying the private money subject to it, doesn’t matter. My lands. Treat yourself to your own mansion. There
Kris Haskins
05:59:33
You go. There you go. Okay. VV, a good question. Sloan’s lawn care. How do you sign up for private lending? How would we sign up for some stuff like this? I guess we’ll go over that on Thursday.
Jay Conner
05:59:44
Yeah. We’ll cover that, on Thursday. So how do you sign up for private lending as is? We’ll dive deep into that. I’m not sure. I ex well, I’m not 100% sure I understand the question, but how to sign up for private lending. I’m gonna go over. I’ll go over Thursday night. The five steps. If you want me to do Chris, I’ll go over the five steps to getting private money from your warm market. And I’ll go over five steps of getting money from existing private lenders.
Kris Haskins
06:00:13
Nice. Okay.
Jay Conner
06:00:15
St. Louis Cash buyers. No, no, no, no, no. Private lenders never ask about credit scores. Hallelujah.
Kris Haskins
06:00:23
That’s Chris OGs, fish room, New York City. How do you find it, Jay? He’s gonna cover that on Thursday seven. O’clock become a private lender borrow
Jay Conner
06:00:33
By land. Yeah. Okay. I understand slot or become a private Leonard Sloane’s lawn care. I am so glad you asked that question. Not only do I borrow a lot of private money, but I am also a private lender. So you know, a lot of PE and Chris you’ve heard me say this near about every time Sloan’s lawn care near. About every time I do my private money talk and train real estate investors. I, in fact, was up in Chicago this past weekend and I had this lady come up to me after my talk and say, Jay, I don’t wanna borrow private money. I wanna be a private lender. How do I do that? So, yes, I got training for people that want to be private lenders as well. In fact, we can talk about that Thursday night if we got time. That’s
Kris Haskins
06:01:18
Cool. It’s three o’clock Jay, I’m gonna go ahead and let you go, man. I know you’re out of here. Final thoughts. Just give us the final nugget for somebody that’s been in the business and raised millions of dollars of private money. What he telling people, just something to get ’em out there to possibly get some private money to get this ball rolling.
Jay Conner
06:01:35
Absolutely. Well, first of all, get back on this show. Get back on Chris’ show this Thursday night, cause we will dive deep step by step on how to get the money. We’ll go over the categories. We’ll talk about where it is. I’ll even teach you where to go get the private money because you know, I’ve learned this the more money while we’re in the more money sticks to you.
Jay Conner
06:01:59
And so we’ll cover all that on Thursday night. Hey, Hey, look here. The best advice I can give to the people that have yet to do their first real estate deal does not do not go about this business. When you’re starting out on your own, get yourself a mentor, get yourself, somebody, to work with. I mean, you know, Chris Haskins, you know, J Connors, somebody local work with somebody that can hold your hand and you know what I’ve discovered, Chris, the successful people. Once they reach that level of success, they are looking for a purpose. They’re looking for significant, very successful people that you ask for help. They are willing, able, and ready to help you out. Do not go about this business by yourself.
Kris Haskins
06:02:58
I’d let you go. Jay’s favorite book? My friend.
Jay Conner
06:03:01
Oh, my last, my favorite book. My FA I got so many. I got so many. So give us two or three. Oh, my word. Here we go. Here we go. I’m gonna give you, I’m gonna give you three books right now. The book that changed my life and the course of my direction when I was 24 years old is the university of success. That’s
Jay Conner
06:03:27
University of success by a Mandino university of success by ag Mandino. Number two, the book’s biggest impact. And next to that one is a maximum achievement by Brian Tracy, maximum achievement. And my most recent favorite book that I am devouring is the 5:00 AM club. 5:00 AM club by Robin Sharma And it’s not all about getting up early in the morning ritual, but it’s about your entire life. But yeah, so I could talk for an hour about the 5:00 AM club. I’m so excited about that. Talking about clarity, sharpness, all that stuff, but yeah, those three books right there, brother.
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