Conner Marketing June 2017

Conner Marketing's online newsletter for June 2017

NOTES with Jay Conner Success

JUNE 2017

What to Say to a Potential Private Lender

W hen you’re new to real estate investing, approaching a potential private lender can be a little intimidating. Many students have come up to me at events or reached out over social media to ask about what they should say to private lenders. Over the years, I’ve found the best way to start the conversation is through the use of my proven scripts. The script I have for you today is geared towards starting the conversation about private lending with individuals in your warm market or circle of influence, like a co-worker or someone you go to church with. For example, let’s say you are going to call your friend, Darren. When he answers, you would exchange casual chit chat for a while, but then you get right into the script: As you may know, these days I am now investing in real estate, and I’m taking advantage of the tidal wave of foreclosures still coming into the market. Darren, what I’m about to tell you, very few people know about, because the only way they find out is, quite frankly, if I tell them. I am opening up my real estate investing business to people I know and trust. Darren, I have a program that may or may not be for you. You see, I am now paying up to 20 times more in returns than people can get through other traditional investment resource. But, unless you say yes to the following question, there’s no need for me to send you any additional information: Do you have investment capital or a retirement account that’s not getting you a high rate of return safely and securely? This script is short and simple, but very impactful. In the first three sentences, you communicate to potential private lenders you’re letting them in on a secret while anchoring the fact that you and the lender have a trusting relationship. Next, you clarify you’re not trying to sell or close them on anything and are just providing soft

information. Lastly, once you ask the big question, the next step is to keep quiet and let “Darren” answer the question.

Jay and Carol

If Darren says no, you know he’s broke and in all probability, if he does have investment capital, it’s not giving him a high rate of return. However, if he says, “Yes, I do have investment capital,” then you have opened up the door to talk about private lending. When I use this script and someone answers yes, I follow up with, “Well, I have a 16-minute audio recording that gives an overview of private lending and what it’s all about. I’ll be glad to send that to you.” I am of course referring to my recording “Stress Free Investing.” In my 14 years of experience, this script has proven to work very well and is one of many I use to reach out to potential private lenders. There are other scripts I’ve developed, including scripts for people on your team to use so you don’t talk to private lenders yourself until they have already said yes. I have more information about these resources, including the 16-minute recording, at www.jayconner.com . You can also follow me on Twitter at the handle @JayConner to stay updated on additional resources and ask other questions you may have about approaching potential private lenders.

– Jay Conner

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The Separation of Business and Self

Why You Shouldn’t Mix Company and Personal Finances

to pay more in taxes than they need to, and creating a separate checking account will keep that from happening. It will also allow you to be more organized. Once you’re a little more established, you should consider making your company an official entity by creating a limited liability corporation, or LLC. As an LLC, your personal finances won’t be liable in the event that your company is sued. In essence, creating an LLC makes the line between business and personal definitive. Before filing as an LLC, be sure to talk to your lawyers and financial advisers to understand the intricacies of the structure. There are a lot of other ways to ensure that your business finances don’t end up where they shouldn’t belong (i.e., in your personal accounts). You can pay yourself a salary, for instance, rather than moving money from one account to another irregularly. Nav, a service for small businesses, will allow you track your business and personal credit scores separately, and its introductory tier is completely free. The bottom line is that whatever methods you use, separation is the road to clarity.

In 2012, the Merriam-Webster dictionary added the word “man cave” to its hallowed pages. Traditionally a room dedicated to sports, video games, or other “manly” pursuits, man caves have become a homebuyer’s must-have. So it’s no wonder the lady of the house has decided to create her own space. Introducing the she shed. Much like the man cave, a she shed is a place, usually a backyard shed, transformed into an oasis to pursue a favored hobby. Gardening or sewing are common themes; though, as with the man cave, the purpose of a she shed is limited only by the creator’s passions. Many she sheds serve as reading nooks, home offices, art studios, or just general sanctuaries of solitude. She sheds can boast elegant designs, often mimicking the style of an antique dollhouse or enchanted cottage. Thanks to the extra space man caves provide within a house, Stephanie Rauterkus, Ph.D., professor of accounting and finance at the University of Alabama School of Business, says a good man cave is able to improve the resale value of a home. Likewise, sheds tend to increase property value to begin with, but she sheds specifically are becoming more sought after thanks to the extra space they provide outside of the house, with the added Move Over, Man Cave! The Added Value a She Shed Can Bring to Your Property For many entrepreneurs, your business can feel like an extension of yourself. While this can be advantageous when it comes to building a personal brand and making connections with customers, there’s one area where it causes more harm than good: finances. Tangling your company’s finances with your personal ones can lead to confusion, bookkeeping errors, or worse. Sylvia Inks, author of “Small Business Finance for the Busy Entrepreneur,” advises separating personal and business expenses as the first step in building a solid financial foundation. “If you want to save time, have more money, and pay fewer taxes,” she writes, “take the time to open business bank accounts and associated credit cards to keep your personal and business dollars separate.” The earlier you can create this separation, the better off you’ll be. From a tax perspective, the easiest step you can take to legitimize your business in the eyes of the government is to establish separate checking accounts. "If there's ever a question as to whether it's a hobby or a business,” says Richard Salmen, a Certified Financial Planner® with GTRUST Financial Partners, “the IRS looks to see if you have a separate checking account." No business owner wants

benefit of replacing the drafty interior with a cozy design buyers will actually want to spend time in. Sellers looking to use their she shed to increase property value must keep in mind that too much

personalization is the enemy. Homebuyers want to picture themselves in a home, and just like how the custom, football-shaped crown molding can make a buyer say “No thanks” to your man cave, they might also be turned off by the lavender and fuchsia color scheme. Find a balance between useful and endearing without getting too artistic. When in doubt, stick with neutral colors and avoid adding anything that would be considered permanent. That being said, this new addition to the home is only growing in popularity, offering numerous possibilities and additional storage spaces, which can really help your property stand out from the rest.

2 • www.JayConner.com • PO Box 1276, Morehead City, NC 28557

What’s in a Hobby?

A hobby? Who’s got time for that? Well, you do — at least according to psychologist and professor Jaime Kurtz. “We habitually waste time, creating the illusion of busyness. Facebook, email, Netflix — pick your poison,” she writes in Psychology Today. Back in 1957, Cyril Northcote Parkinson wrote a book called “Parkinson’s Law.” It was all about time management and workflow, and it centered around one idea: The more time you have to do something, the longer it will take. If you have something you do two nights a week, odds are your chores will be done those nights so you can get to the hobby. The rest of the week? Not so much. Besides the obvious — turning off the screens — there are other tricks to managing your time for hobbies. One great way? Just schedule hobby time into your planner or calendar. Set a reminder on your phone, and when the time comes, just go do it, no excuses. Another trick, if you know you won’t get to it later, is to do your chores early in the morning. That way, when you come home from work, they’re all done, and you have time to work on your hobbies. Oh, and bonus — you come home to a clean house! In fact, hobbies have a lot of benefits. They “can be a healthy escape,” according to Dr. Beth Howlett, “and can be very beneficial to mental health.” And some hobbies — like reading and exercise — can even boost your career success, according to the Washington Post. Plus, unusual hobbies, like beekeeping or playing a funky instrument, make for great conversation starters. There are also plenty of affordable hobbies that “trick” you into staying active, like geocaching or Ultimate Frisbee. Consider something outside of your comfort zone — with a welcoming community that’s happy to show newcomers the ropes. Never be afraid to stop people who are doing something that looks fun and ask them what’s going on. That’s how you learn! Dr. Kurtz sums it up best: “Maybe there’s something you’ve always wanted to do,” or “maybe something you used to love but stopped doing.” Her advice? Take that thing and run with it. “Just don’t follow that phrase with, ‘Ah, well. Maybe someday — when the kids leave the house or when I retire.’” Because we all know what that means!

Colossians 4:6 Let your speech always be with grace, as though seasoned with salt, so that you will know how you should respond to each person. Proverbs 15:1 A gentle answer turns away wrath, but a harsh word stirs up anger. Ephesians 4:29 Let no unwholesome word proceed from your mouth, but only such a word as is good for edification according to the need of the moment, so that it will give grace to those who hear. Have You Heard the Good News … as it relates to “Speaking With Others”

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INSIDE THIS ISSUE

What Do I Say to a Potential Private Lender? page 1 The Separation of Business and Self page 2 Move Over, Man Cave! Introducing the

She Shed page 2 What's in a Hobby? page 3 Save the Date page 4

Jay’s Real Estate Cash Flow Conference

Register now at www.JaysLiveEvent.com or call (252) 808-2927 - Meet Jay’s private lenders - Get private money - FREE Rehab Bus Tour (see Jay’s rehabbed homes!) - Meet Jay’s “Dream Team” (his interior designer, contractors, Realtors, real estate attorney, and buying and selling assistants) - VIP reception

$2,997 Value

- Learn Jay’s automation techniques Event Dates: July 19, 20, 21 Register NOW!

Deadline to Register June 28 www.JaysLiveEvent.com

4 • www.JayConner.com • PO Box 1276, Morehead City, NC 28557

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