 |
Raising Private Money with Jay ConnerAuthor: Jay Conner
Im Jay Conner, also known as the Private Money Authority. Did you know that as a real estate investor, you are missing out on 87% of the deals because youre not leveraging private money? After two decades as an investor, I started the Raising Private Money podcast to help you unlock all the private money you'll ever need to fund your real estate deals - WITHOUT resorting to expensive hard money loans.If youve ever lost out on a great off market deal because you lacked the financing, then you and I are kindred spirits. Ive been there too, missing seller financed opportunities early on because I didnt know any better.On this podcast, well walk through accessing private funding together. Youll discover:How to position yourself to tap into flexible private money funding rather than restrictive, costly hard money loansUntapped funding sources like self-directed IRAs and many others you may not be aware ofSteps to build your own network of private lenders for repeat financingI speak with wholesalers, flippers, rehabbers, and investors in every niche about where they were BEFORE private money, and how adding private money has EXPLODED their profits!Whether youre a new investor looking to quit your 9 to 5 job and finance your first deal or an experienced investor aiming to do more deals and generate bigger profits, private money is out there waiting for you.You just need the right mindset, positioning and tools.Visit JayConner.com to join me on this journey and fund your first (or next) deal. All the capital you need is closer than you think. Lets get there together! Language: en Genres: Business, Education, How To, Investing Contact email: Get it Feed URL: Get it iTunes ID: Get it |
Listen Now...
Tim Benskin’s Journey from Army to Real Estate with $500k in Private Money
Wednesday, 19 June, 2024
In the latest episode of the Raising Private Money podcast, Jay Conner sits down with Tim Benskin, a former Marine and National Guardsman turned real estate investor, to delve into the world of raising private money for real estate. Tim has successfully transformed his approach to property investments by leveraging private money—a strategy that offers an alternative to the lengthy and often frustrating process of traditional bank financing. For those looking to break into the real estate market or further their existing endeavors, Tim's journey offers invaluable insights and actionable advice.Raising Private Money: Tim Benskin's JourneyTim Benskin’s foray into real estate wasn’t without its challenges. Initially, he faced setbacks with traditional bank financing, which ultimately led him to explore alternative avenues. Through mentorship and strategic networking, Tim discovered the power of private money. Today, he has raised over $500,000 in private funds and is working on securing an additional $200,000.Key Highlights:Tim's first major deal was funded entirely by private money secured via personal relationships, including contacts from his church community.Use of promissory notes and mortgages recorded with the county to ensure security for lenders.Protecting lenders by naming them on the insurance policy for purchased properties.The Mechanics of Securing Private LendingTim’s approach to securing private lending is both structured and transparent, focusing on ensuring the lender's protection and trust. Here’s a breakdown of how he makes it work:1. Promissory Notes and Mortgages:All loans acquired by Tim are secured via legally binding promissory notes and mortgages, which are recorded with the county. This ensures that all transactions are not only formalized but also provide legal protection to the lender.2. Insurance Policies:Tim goes a step further by including lenders on the insurance policies of the properties he buys. This ensures that lenders enjoy the same protection as a traditional bank would.3. Attractive Interest Rates and Loan Terms:He offers highly competitive interest rates of 8% on first-position loans and 10% on rehab money. This, coupled with interest-only payments and conservative loan-to-value ratios, makes his program irresistible to investors seeking safe yet profitable avenues for their money.Success through Networking and EducationAfter retiring from the military, Tim plans to focus on networking and hosting luncheons to attract more private money for his real estate ventures. He emphasizes the importance of education, not just for oneself but also for potential lenders.The Power of Mentorship:Tim credits his mentors for helping him develop his strategies and gain the confidence to invite potential lenders to hear about private money. These mentors provided him with the roadmap to success, allowing him to bypass many of the common pitfalls novice investors face.Case Study - 210 Skylark Drive:One of Tim’s notable successes is the property at 210 Skylark Drive. Purchased for $110,000 with a minimal renovation cost of $17,000, this property had an after-repaired value of $360,000. Post-renovation, Tim was able to secure a gross profit of $50,000—an impressive feat made possible through private lending.Educating and Empowering New InvestorsTim is passionate about sharing his knowledge and empowering others to succeed in real estate. He offers education on private funds and self-directed IRAs through luncheons and presentations, demonstrating how individuals can earn high rates of return safely and securely.Live Events and Resources:Moreover, Tim encourages new investors to attend live events hosted by Jay Conner. These events are designed to provide in-depth knowledge and a practical understanding of h
