NOTES with Jay Conner Success
7 Lessons in a $70K Deal
I believe that every deal is an opportunity to learn something new. Even after 15 years in the business, my wife, Carol Joy, and I are still learning and relearning lessons in every deal we make. I kicked off 2019 with an amazing deal that highlighted not one, not two, but seven important lessons every real estate investor should know. These lessons are from 506 Quailwood Court, here in Carteret County. The listing price on this house was $209,000. After my Realtor and I visited the property, we determined the after-repair value was $290,000. Here are the seven lessons you can learn from my adventures at Quailwood Court. Lesson #1 Have your Realtor set up an automatic drip. I would not have been able to close this deal if it weren’t for the fact that my Realtor, Chris, set up an automatic drip that notifies me every time a bank-owned property hits the market in my target market area. The Realtor you work with has access to software that will automatically send you an email when bank-owned properties hit your market and when previously listed properties drop in price. You will even be able to set certain parameters for these notifications, including price range, zip code, and property type. For example, if you aren’t interested in working with mobile homes, you can ask your Realtor to make sure you don’t get notifications about mobiles homes. This is an incredibly useful tool, and as long as you have a good relationship with your Realtor, they’ll be happy to set up this automatic drip for you. Lesson #2 Have your Realtor watch the hot sheet. Realtors have access to what we call the “hot sheet.” They are emailed, in real time, every time a new property is listed in the MLS, (multiple listing service), and whenever there’s a price reduction on an existing property. Establish a relationship with your Realtor so they are on the lookout for ideal properties for you. When a property in your target market appears on the hot sheet, have your Realtor contact you right away.
the hot sheet helps you double-check new listings so you don’t miss a good deal. With this property on Quailwood Court, Chris sent me a text about the property even after it went through the automatic drip, just to make sure I didn’t miss it. Lesson #3 Time is of the essence.
I cannot stress this enough. When I started
out in real estate investing 15 years ago, I learned the hard way that if you snooze, you lose. Once you determine the property has a nice spread, get out there right away. It was less than 24 hours after Chris notified me before he and I were at Quailwood Court to check out the house. I travel a lot, so sometimes I can’t check out a property myself. In these circumstances, I will send Chris out there with one of my contractors to estimate the cost of repairs. But I never let there be any excuse to drag my feet. When it’s a hot deal, you can bet there’s going be multiple offers on it. Don’t let any grass grow before you or your team are out there yourselves. Lesson #4 Learn how to accurately estimate repairs. When I say estimate repairs, I don’t mean putting together a budget with line item after line item. I mean you should be able to look at a property, determine what repairs need to be done, and estimate how much those repairs will cost within $5,000. This doesn’t mean you have to memorize every possible repair cost down to the decimal. When I look at a property, there are some strategies I use to get a close estimate. Chris and I spent about 15 minutes at Quailwood Court and determined the house only needed some cosmetic repairs. When estimating how much interior paint will cost, I calculate $2 per square foot. And when a property needs new flooring, I calculate between $2–$3, depending on whether I Continued on Page 3 ...
“But Jay,” you may be asking, “why does my Realtor need to check the hot sheet if I’m getting the automatic drip?”
The truth is you don’t want to rely solely on the automatic drip. It might take you some time before you see the email. Having your Realtor watch
How to Get Lots of Money for Real Estate Fast & Easy! • Call Now! (252) 808-2927 • 1
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Why Your Business Needs to Implement Two-Factor Authentication NOW, NOT LATER A survey by Paychex recently found that 68 percent of small-business
it’s much sturdier than your average password. It’s still not foolproof, but it’s an excellent first- line defense against hackers.
leaders remain unworried about their digital security. If you need proof, you can just look at the passwords they and their employees use. According to SecureAuth, a staggering 81 percent of Americans use the same passwords for multiple accounts, the majority of which are unimaginative old standbys like “1234567,” “qwerty,” and “password.” These trends, compounded by the fact that passwords generally aren’t very airtight, turn the typical login and password combination into a paper shield for hackers. Even stronger passwords that include multiple uppercase and lowercase letters, numbers, and other characters often only take a few hours to crack with an advanced brute-force tool. Once they’re cracked, they’re often posted on the darknet or sold to the highest bidder. Here’s where two-factor authentication (2FA) comes in. 2FA forces users to input more than one field of identification to access their account. If you’ve ever used your PIN at an ATM, you’ve already used 2FA, but many other forms exist. When logging into your email, Google can send an alert to your phone that includes a login number, which you type on your PC to gain access to your account. Banks often couple passwords with one of your security questions. Whatever the tactic,
However, implementing 2FA into your own business isn’t the easiest proposition. You’ll either need to create a custom solution — a big headache that may not be worth it for your small business — or hire a technical company suited for the job. This doesn’t have to be expensive. It’s worth noting, though, that whenever you bring in an outside party, it’s a potential failure point for your cybersecurity. It’s vital to vet them properly and ensure they practice what they preach. 2FA can’t be the beginning and end of your cybersecurity strategy, but consider it a large first step toward protecting your livelihood. Trust us — when the digital wolves come knocking at your door, you’ll be glad you installed the door in the first place.
‘The Surrender Experiment’
Michael A. Singer’s Journey into Life’s Perfection
"Once you are willing to let go of yourself, life becomes your friend, your teacher, your secret lover. When life's way becomes your way, all the noise stops, and there is great peace."
“The Surrender Experiment: My Journey into Life’s Perfection” maps out Michael Singer’s extraordinary life. Each step in his journey — from his younger years as a self-described “hippie-loner” to finding success as a computer program engineer and CEO, and beyond to his work in spiritual and humanitarian efforts — taught him valuable lessons about enlightenment and letting go. From outstanding success to the brink of despair, Singer proves that by developing a consciousness to live in the moment, you can overcome any of life’s obstacles. Countless authors have written books that claim to have the power to change your life, but few can show how their theories changed their own lives — and fewer still could write a whole new book about their own experiences. “The Surrender Experiment” is a perfect companion to “The Untethered Soul,” but you don’t need to read Singer’s
–Michael A. Singer, “The Surrender Experiment”
Not all of us are fortunate enough to experience a spiritual awakening in our early 20s. In fact, most people would say they were fortunate just to have been awake in their 20s! But what Michael Singer experienced when he was just 22 lead to a deep spiritual awakening that transformed his life forever. In 2007, Singer published “The Untethered Soul,” a book that taught
2 • www.JayConner.com • PO Box 1276, Morehead City, NC 28557 others how to free themselves from limitations and experience true inner-happiness. This New York Times bestseller quickly became one of the greatest self-help books of the last two decades. In 2015, Singer published a second book to answer the question everyone asked him: “How did you learn all this?”
first book to appreciate his second. This is a book about one man’s journey through life and spirituality. Be prepared to view your own life very differently from the moment you start reading the first chapter.
Cover article continued ... want to to use carpet, laminate, or tile. Of course, Murphy lives at every house, so the formula you use needs to budget for unexpected surprises. But by developing this skill for estimating repairs, you can determine your offer on the house before leaving the property. Lesson #5 You MUST have your funding lined up before making your offer. When I made my offer on Quailwood Court, I told Chris my offer came with no loan contingencies and that I could close within seven days of the offer being accepted. The likelihood of any other real estate investor making that same offer is very slim. Of course, I was able to make this offer thanks to private money. I know that over the last 15 years, many of my offers were accepted despite the fact they were lower than competing offers because I had the private money lined up. There was no going to the bank and waiting to get approved for a mortgage or harassing with loan contingencies — just cash between individuals doing business. Thanks to private money, I am able to make offers and close deals quickly, because the money is already pledged and ready to go.
Lesson #6 Have your Realtor monitor the property.
Even when you act fast and have the funds lined up, your deal might not be a home run right away. When I had Chris make my offer of $195,000, the sellers came back and said, “Submit your highest and best offer, because we have multiple offers.” Here’s a bonus lesson: Don’t get sucked into the trap of realtors saying “give your highest and best offer.” I had already decided $195,000 was as high as I would go. Sometimes this means another offer will be accepted, which is what happened to me on Quailwood Court with the first offere. But just because another offer was accepted doesn’t mean you’re out of the deal just yet. When you don’t get a deal, have your Realtor monitor the property, watching to see if the deal falls through and it ends up back on the market. One week later, Quailwood Court was back on the market, which brings me to my final lesson … Lesson #7 Sometimes you have a second chance to make even more profit. When Chris told me Quailwood Court was back on the market, I had him make another offer. This time, I offered $190,000 and close in seven days with no loan contingency. Less than two hours later, the seller accepted my offer. When all was said and done, with an offer of $190,000; repairs estimated at $20,000; and an after-repair value of $290,000; I’m looking to make a profit of $70,000 on Quailwood Court, after carrying costs. Making this deal on Quailwood Court was a great experience, and I knew right away I wanted to share these lessons with you. If you’re ready to dive in deeper and learn more about estimating repair costs and everything private money, then you need to make plans to be at my next live event! The Real Estate Investing Cash Flow Conference is coming up soon, March 6–8. I will be there in person to teach everyone about private money, my foreclosure system, and how to automate your business. We’ll also be on the rehab bus tour to get a behind-the-scenes look at my team and properties we are currently working on. Don’t forget, at this event, you will also have the opportunity to network with private money lenders and learn how to get funding lined up so you never miss out on a deal.
Have You Heard the Good News … As it Relates to "Learning Lessons"?
Proverbs 9:9 "Give instruction to a wise man and he will be still wiser, teach a righteous man and he will increase his learning." Philippians 4:9 "The things you have learned and received and heard and seen in Me, practice these things, and the God of peace will be with you." Psalm 143:10 "Teach me to do Your will, For You are my God; Let Your good Spirit lead me on level ground."
If you haven’t registered yet, you still have some time. Visit JaysLiveEvent.com today to register for this event!
I look forward to seeing everyone in person in just a couple of weeks!
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INSIDE THIS ISSUE
Much to Learn on Quailwood Court pages 1 and 3 2FA Is Essential to Business Security page 2 The Radical Value of Letting Go page 2 Don't Miss This Exclusive Mega- Money Event! page 4
Register Now at www.JaysLiveEvent.com or call (252) 808-2927 - Meet Jay’s private lenders - Get private money - Get a 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) - Attend the VIP reception - Learn Jay’s automation techniques
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