The Reality of Real Estate Investing with Dave Seymour & Jay Conner, The Private Money Authority

are you a real estate investor and you are struggling to get your first deal done because you simply don't have the funding for your deal or are you a wholesaler and you've done some deals and you got some assignment fees but there's some deals that you want to really stay in but you don't have the money to fund the deals or are you a seasoned real estate investor you've done a ton of deals and you're just sick and tired of high interest rates and borrowing hard money well don't go anywhere if you answered yes to any of those questions don't you go anywhere because i'm getting ready to plug you into the money [Music] well welcome welcome to the private money academy podcast i'm jay connor your host also known as the private money authority and just for being here on the show i've got a free gift for you my brand new book i want to send it to you it's free it's called where to get the money now i told you that if you answered yes to any of those questions i was going to plug you into the money well here's how my new 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 this book will show you step by step how i was able to get over two million dollars in less than 90 days for funding in my deals and how i now have 46 private lenders with a little over eight million dollars in private money that we just invest from house to house to house so i will ship you this book just cover delivery you can get it for free at www.jayconnor.com that's j-a-y c-o-n-e-n-e-r dot com forward slash book that's jay connor j-a-y c-o-n-e-n-e-r dot com forward slash book b-o-o-k and we'll rush that right out to you well if you've been tuning into the podcast for any length of time you know i have amazing guests here on the show and today is no exception as a matter of fact my special guest after 16 years as a firefighter and a paramedic my special guest launched his career rapidly becoming one of the nation's top real estate investors himself so within his first few years as a real estate investor he had transacted millions of dollars of real estate and had become one of the nation's leading experts in both residential and commercial transaction well his unabridged passion for business and real estate put him on the radar very very quickly of the a and e television network as well as multiple television stations and organizations like cbs and abc cnbc fox news and cnn well the new york times reported that my guest series titled flipping boston posted the highest ratings ever for the a e network at the time of airing well my guest has been sought after as the tell it like it is motivator well folks my guest and my friend fellow mastermind member is mr dave seymour so welcome to the private money academy podcast dave how are you doing my lord i i was looking around to find the guy that you were just describing and then i have one of those moments where we're in oh it's me it's me yeah i've i've kicked some butt and taken some names in my career god god bless you man it's a pleasure to be with you dude it really is thanks for having me on well i'm excited to have you on dave i mean you have got quite the story i mean there's not many of us guys and gals out here that uh have had the have had the trip and the journey that you had so yes we want to hear all about uh flipping boston and being on the a e network but before we get that uh you got your seatbelt on you ready to go i'm ready to rock and roll brother i'm ready let's rock and roll you got it well tell us how did you get started in real estate yeah great question it's always a good opener it's like you said i was a firefighter and a paramedic for many years i'm actually an immigrant to the united states of america don't tell anybody it's a secret i came from london england back in 1986 became a naturalized citizen absolutely loved what i was doing but the challenge was um i wasn't very financially literate back then jay and i i suffered the consequences of financial illiteracy and i got i got hurt pretty bad uh during the crash of 2008 nine um i was a firefighter paramedic i was working construction i was working retail security i was working about 120 hours a week and i couldn't make ends meet and i very quickly realized that what i was doing wasn't working i was following the the herd as i call it you know 401ks etc etc um debt was bad uh you know save money i mean all of the the misnomers that i i was given from uh from years of education but anyway um i found myself in 2008 losing my primary residence uh pre-foreclosure scenario um cost me a marriage jay it was a serious uh serious side to all of this stuff relationship wise it wasn't it wasn't easy to be a father um to my son or a husband to my wife when i was working that many hours i was out of the house um and i was it's funny man i look back at it today and i have a right smile at my lowest lowest point i always kind of look north for some some help and guidance and i'm screaming and shouting at my garden i'm like you know what did i do wrong i didn't lie didn't cheat didn't steal i worked hard i was a man among men worker among workers and yet everything to turn to crap and um you know i'm shouting at my guy and i'm like you know help help those that seek shall find right and uh in that moment of clarity or insanity depending depending on how you want to look at it a commercial came on the radio and it was teach me foreclosure i was in my pickup truck teach me foreclosure free one and a half hour seminar coming to your neck of the woods do you want to be a real estate investor do you want to learn how to do transactional deals with no money down no credit and i'm like well i got no credit my credit score is like two i've got no money i'm losing my house but i believed that it worked jay that was what was important like i had faith that real estate was a vehicle to wealth because i'd seen it working on the construction sites the investors showed up they didn't have any dirt on their boots they were driving nicer cars they had shiny white teeth they were smiling i wasn't so that was how it started man i went to a seminar i'm a product of real estate education and training and um i took to it like a duck to water i had no no way to go but up really was was the answer to it and um i put one foot in front of the other went with my now wife mary beth to the three-day class invested 27 000 on her credit cards because she was my first private lender go figure right my wife that's the truth i looked at her and i said what do you think it was 27 000 for like five classes and i said what do you think baby she goes i don't know what do you think i said i can't keep doing what i've been doing you know it it the the cost just keeps going up the emotional cost the the physical cost she said go get him killer she said i'm proud of you i love you i'll support you in anything you want to do and i looked at it i said i'm so glad you said that we're going to use your credit cards mine are maxed out that was that was that's the truth man that's how it all began so yeah kind of a long story short short story long however you want to put it but that was it yeah so what year uh did you start your education and uh when did you go full time real estate investing yeah i started um my first classes were late 2007 and eight like the foreclosure crisis was just beginning to ramp up and um you know i started learning how to do short sales and distressed assets and um 18 months later um i quit the fire department and i say i quit i didn't really quit i retired and the reason i retired was it got to a point where it cost me way too much money to go to work it was as simple as that i had made enough noise and grabbed enough attention in those 18 months that i was i was in the process of doing the tv show flip in boston i'd surrounded myself with different people um i learned about internet marketers and the different ways of lead generation and attraction and execution and contracts and money and i was like all in there and i was like where where has this been my whole life you know i'm like hello i've arrived and that was it man that was how it started you know i experienced the same exact thing when i got into real estate investing it was like my lands where has this been all my life and um you know my very first real estate investing seminar that i went to i had already been doing this business for six years uh my lands don't start out that way get your education first but i was cut off and lost my lines of credit in january 2009 and that's what triggered me to go to my first educational seminar was to learn about private money and and that's what got me going this world of private money so you got in there 18 months after uh getting your education you retired from the uh firefighting and uh paramedic world uh what were what were some of your early struggles when you started out and what's the lessons learned from it yeah that's a great question the biggest struggle i ever had with was with my own head um you know growing up a blue-collar guy now moving into a white-collar world it was very hard for me to believe early in my career that people would sell assets to me for a discount it was i it was self-worth like i did a ton of personal development to as part of my business development um believing that i was worthy believing that i had something of value which was which was my education which was the way that i i looked at a real estate transaction um and as you do here's the here's the key i think jay and i don't know if you agree with this i i anticipate that you do as long as i was always in motion in forward motion as long as i was putting honestly my very best effort one foot in front of the other if i was removing the negativity around me the people who said you can't i loved it when somebody said i can't because i i'd immediately turn it to i can and i just execute you know on the way by as i succeeded you know um so it was it was working on my mind first guy said to me dave he said there's six inches of detrimental thinking that lives between your ears he said only you can control that only you can are you wealth are you confidence are you joy are you value he said because if you believe you are then that will resonate to the people around you and i started looking at opportunities where i could bring massive value and it wasn't money driven jay it wasn't money money was the byproduct of service first helping a distressed homeowner looking after your contractors and treating them like like equals not like you know uh like they were a lesser citizen or whatever leaving my pride and my ego and parking it to one side stepping into every relationship with everybody being at a hundred and losing points rather being at zero and always having to gain points you know what i mean i brought an attitude of gratitude to to everything that i did and um you know i just kept going man there's a book out there it says i think it's uh six inches short of gold or six feet short of gold and the idea is is you know is it just that one more phone call is it just that one more author is it just that one more relationship are you gonna quit before it's time to succeed and what happens is is 90 of our competition if not higher quits and that's why guys like us succeed because we stay the course we have the tenacity we have the drive we have the faith the belief and again surrounding myself with with like-minded people who wanted to do what i was doing and that overcame any hurdle there aren't hurdles they're just little blips along the radar it's as simple as that well what you just said dave is one of the reasons that you and i resonate so well with each other and that is it's never about the money for the long term you know making a lot of money can be a motivation for somebody in the short term but you know it's been my experience over all the years of being in business whenever i got involved in an activity or an opportunity and the only interest that i had in that opportunity was to make money i never succeeded i never succeeded and it all comes down to what you just said having a servant's heart i mean you know i i know you got to love zig ziglar like i love zig ziglar right and you know like right on my wall right on my wall you can have everything in life you want if you will just help enough other people get what they want zig ziglar it's right there on my wall brother that's it that's it i know hey look my good thumbs mine are standing up the miners standing up on my neck so as far as your real estate investing journey what have you focused on uh fixing flips uh wholesaling uh what what niches of real estate have you like really been involved in and like just knocked it out of the park yes is the answer to all of them yeah look here's the thing as you become more intelligent in your industry you see more opportunities so you know the tv show flipping boston pidgin hold me as the you know the grumpy construction guy who just got it done which is our bs it's reality tv it's it's mickey mouse right but the reality of it was is i really did buy houses with my partner we really did renovate them you know fix them sell them and make a profit um you know wholesaling is is easier money um it's just great negotiation skills understanding the mechanics uh i think the biggest disservice in the education space is that people say you know if you know how to just learn how to be a wholesaler and make quick money well that's that's garbage you gotta know how to be a rehabber so that you can be a great wholesaler right if you don't understand the mechanics the numbers the time the arvs et cetera et cetera so i've always been in that field always always will be in that field although it's not my focus so much today along the way buy and hold get some cash flow coming in get some appreciation let the tenant go to work and pay down your debt service for you thank you very much treat them like the gold that they are don't be a slum landlord give them clean decent affordable housing give them a response immediately when they need you if you can to make sure that you build that relationship with them they're the most valuable asset that you have as a real estate investor is your tenant base and then today you know we we level up it's always a case of leveling up i can't sit still it's my it's my add dna and today we uh we're in the uh commercial real estate space i run a 100 million dollar private equity fund that invests in multi-family assets in the uh in the sun belt and we just uh we just started our build for rent um strategies where we've got six six um acreage plots in florida another eight acreage plots in south carolina and atlanta and uh now we're going to be building houses for the folks who want to rent and not own so there's a trajectory jay which part of that do you want to address first well yeah you've done it all and it's just it's just part of a sending up the ladder now you just mentioned that you've got a pretty large fund uh for the commercial project so uh like myself you know a whole lot about growing capital attracting capital i mean both you and i could talk a long time about that but let's just stop here for a moment tell us from your experience what's the best way to grow capital oh that's a great question so look there's there is an absolute learning curve right so when i was doing single family buy fix and flip um you know attracting an investor first of all who understood the business was critically important so you could do that through show and tell this is what we paid for it this is what we did to it this is how much we made and this is what our private lender made on it protected secured and insured 8 interest interest only blah blah blah you know the pitch right and that becomes a word of mouth so you know my my portfolio attracted that retail investor um i'm not gonna lie jay i'm gonna be truly transparent it can be hard work it could be heavy lifting sometimes with the retail investor uh we use the term of if it feels like i'm pushing a donkey up a hill then i got to stop doing it right so how do i get attraction how do i get motion repetitive actions it's by being successful the very first private loan i took was thirty five thousand dollars from a lieutenant at the fire department and i said to mikey give me 35 grand i'm going to put you in a third lean position on this property i said but i'm going to give you your 35 grand back in three weeks plus an additional 5 000.

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I knew i could do it because the property was under contract we just needed this money to squeeze through to the finish line so i give him his money back in two weeks and he's ecstatic and he said to me that day he said dude that was a great deal i said thanks elsie i appreciate it he said if you ever magic words if you ever need money again you come to me first and if i don't have it i know somebody who does and what he was referred to was his father because his father was a retired chief so you know the first one is always the toughest one but once you've got traction underneath that it becomes a system it becomes repetitive and it creates its own motion today i mean i'm in a different sandbox altogether today i uh i attract capital through the portfolio i attract capital through um family offices institutional capital how how'd you like this for a problem jenny you ready i have 18 months to put together a half a billion dollar portfolio because i've got an arbitrage trust company that's ready to take it out at a full cap on the buy side and an eight and a half nine percent cash on cash return so there's a guy waving a half a billion dollar check in my face and he's like go find me the real estate let's go right so you know it's uh it's it's interesting because the first guy that that i learned commercial from uh was a very very cool gentleman his name is dave lindell he's in massachusetts yeah dave's uh dave's a good friend of mine okay so so dl said to me he said dave he said it's just zeros more zeros on the way in more zeros on the way out just run the deal the same way and i never forgot that so yeah that's that's uh that's how we raise money today man that's awesome attraction um i'm a big believer um well fir before i get to my next question let me ask you this first question so everybody's dying to hear the the short story summary of your television stardom uh the amy's show uh flip in boston so take a moment and tell us about well before you tell us about reality tv i tell people they'll say jay tell me about this you know all these flipping shows i said the only thing real about reality tv is none of it's real except dave seymour's flipping boston because we actually did but anyway take a moment and tell me in the audience about reality tv look it's it's a blessing and a curse depending on how you want to look at it the blessing was the national exposure um i don't know about anybody else i didn't get rich off of a tv show i think uh it was fifteen thousand an episode was was at the end of our career there um here's what it his the benefits are the exposure it put me on the today show multiple times it put me on the rachel ratio multiple times it allowed me to be recognized as a a national expert and a pundit on cnbc and cbs and other networks so that was that was the caveat to it you know the the nitty-gritty of a real estate transaction being filmed for a tv show you know if it's a half an hour tv show like these flippy flappity floppity shows on hdtv uh yeah you know what i mean right if it's a half hour show look man painting carpets paint and carpet you're not making 40 50 60 70 80 90 100 000 on paint and carpet okay so stop it be serious um you know they're creating a tv show you know with us up here in new england my inventory some old old ladies man i mean 1890 you know 18 1880 the oldest lady i ever loved was 1892 i think she was born and she was an old school in newburyport that we turned into a couple of high-end condominiums but you know we really did rip the houses apart put them back together again um and the thing that was i i'll always give kudos to my my ex partner pete on this was he ran the numbers as if there was nothing special about the exposure or anything else like the numbers were real the real numbers in the real numbers out the profit whether it was a skinny margin or a better margin he stayed true to the numbers look can can you flip a house in you know three weeks and make 40 50 grand maybe you can flip a contract and make 40 grand and you do that in 24 hours if you know what i know right so you know reality tv had to create a story had to create a show you know i allowed a goofball like me to have some fun you know i i'd break the fourth wall all the time the fourth wall is the camera i gotta break it all the time and just start talking to the camera you know what i mean now like you can't do that i said keep it in there it's good so uh yeah you know take if you're watching those shows watch them for their show value do not watch them for educational value because if you're watching for educational value you're going to get your butt handed to you you're watching for show value you know enjoy the pretty ladies enjoy the drama oh my god the pipes burst let's go to commercial right you can play all of those silly games if you want you know it's a show come on now thanks for telling it like it is dave after after all you are known as the tell it like it is guys so both you and i dave are big believers in the law of reciprocity so two questions tell everybody what's the definition what's your definition of the law of reciprocity and how does it apply to real estate investing yeah that's such a good question look man reciprocity they actually did um you know like the intelligent psychoanalyst kind of guys and girls looked at reciprocity and it's part of that dna and that dna says as homo sapiens that if i do something for you that is perceived to be valuable you in return will will do something back for me but don't don't don't bring value to someone with an expectation of value just give because giving is good right start there right our rewards are coming from high on high up above you know they're not always coming in in the paycheck you know what i mean so reciprocity is just going out and being of service i believe um i know a guy this is this is my ultimate in reciprocity i know a guy who's financially stable this guy has a a couple of boys they're now 11 and 9 years old and what this man does is he takes his children to walmart the last two weeks before christmas every year and he will put down five thousand dollars at the layaway counter and tell the lady behind the counter pay down five thousand dollars worth of layaways whatever comes up on your screen until those layaways are all paid off and he just shows his sons that that's reciprocity this man and i've had many many many conversations with him and he says you know reciprocity is has put me in a position to be financially free and the law of reciprocity says if i want to keep something i have to give it away say that again if you have something of value if you're going to keep it then you have to give it away pass it on is what we uh what we use for a terminology so that's my definition of reciprocity and here's the other thing man when it comes to charity and giving and philanthropic don't do it to get recognized do something good for somebody else and then keep your mouth shut because that i believe is the definition of humility which works side by side with reciprocity so that's just my own philosophies on it and it served me pretty well it reminds me what jesus told the pharisees when they're out there praying in the public square with their arms lifted up and leg jesus said go pray in your closet and shut the door right i love it how does the law how does the law of reciprocity apply in real estate investing look through coaching through um passing it on through being humble okay there's a lot of ego in our industry jay let's just be just be honest about it right look at me i'm the best i've got a private jet i've got a big house you know all that stuff i don't believe that encompasses reciprocity what reciprocity is is an opportunity to give somebody a hand up not give somebody a hand out right when you're in a position to share knowledge knowledge is only powerful if implemented right so that's what i like about real estate reciprocity and then we get to pass that along to our clients to a homeowner in distress to uh you know whatever that situation is and the reciprocity in there works along the way of you know what that person knows somebody else and my reputation will always walk before me unfortunately bad news travels faster than good news we all know that but if you make loud if you make loud good news with clients and let them speak your words afterwards then reciprocity and momentum uh follows afterwards so that's how i look at it brother right or wrong it served me well i love it dave what book have you gifted to other people more than any other book the law has the secret by rhonda byrne of attraction and then my good friend um jack canfield secrets of success oh yes i went to my wife carol joy and i i'm looking at the certificate up here we went to jack canfield's first event of his that i went to was breakthrough to success and i got so excited i went back and paid the big bucks and got certified to teach jack canfield stuff because i just love it i love it dave i tell you i have just loved having you here on the podcast as we wind down what are any parting comments or final advice that you would like to share with the audience and then be sure and tell it folks how they can get a hold of you yeah for sure you know it's it's always interesting how you wrap up you know a conversation for me i think about the people who listen to us jay you know what do they want what are their needs how can we serve them best and i i you know it sounds kind of kitschy but i i always say to thine own self be true is what you've been doing working be honest with yourself and if it hasn't it's okay to do something different you don't have to know everything before you do anything take the first step educate don't speculate and find the people that are doing what you want to do at the highest level possible do your due diligence and then step into action it's a lot of fantastic people sitting on couches wishing and wanting and dreaming uh but then there's a smaller population guys like us who are out there actually doing it right not just teaching it but we're actually out there doing it as well so step into your own greatness and if if you want to connect with us if you want to learn anything about what we do at freedom venture investments i know jay's got a website that he can send you to there um i'm old school brother you can pick up the phone and call us at 781-922-4418 uh one of my team members will pick up the phone uh connect to me if if that's possible i try and be as available as i can so i just want to keep it keep it moving forward brother i'm not i'm not sitting still so that's awesome so folks um my friend dave's website is www.freedomventurefreedomventure.com and uh dave one more time that phone number please 781-922-4418 that's awesome dave thank you so much for joining me best half hour of the day brother thank you man you got it look forward to seeing you at the upcoming uh mastermind meeting as well well there you have it folks my special guest dave seymour what a journey what a story uh fantastic having dave on and look folks don't miss out on any of these podcasts be sure to uh if you're on itunes or google play be sure to rate uh subscribe and review and don't miss out like and share and subscribe don't miss out on any of these shows well i'm jay connor the private money authority wishing you all the best here's to taking your real estate investing business to the next level and we'll see you right here on the next private money podcast we'll see you then

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