#23- Using Private Capital For A Fix And Flip With Jay Connor
In this episode of the Nightfire Podcast, returning guest Jay Connor shares a detailed breakdown of a successful real estate deal on Chattam Street. Jay explains how he acquired a $240,000 ARV property for $90,000 cash using private money, budgeted $30,000 for renovations, and still brought home $30,000 in excess cash at closing. He emphasizes that private money isn’t just for distressed properties—it’s essential when sellers demand all cash. Jay’s key takeaway: if you can’t bring home a check when buying a property without using your own funds, you’re paying too much. The conversation wraps with a reminder to fulfill your commitments, repair the property, and exit profitably.
1. Introduction & Guest Welcome (0:00 – 0:58)
Daniel welcomes back Jay Connor, noting his 20+ years in real estate and expertise in raising private capital. Jay introduces his background and hints at the story of a notable deal.
2. The Chattam Street Opportunity (0:58 – 2:17)
Jay explains how he found the deal through a for-sale-by-owner lead. The property was owned free and clear, and although he attempted owner financing negotiations, the seller insisted on all cash.
3. Funding with Private Money (2:17 – 3:07)
Jay outlines the deal numbers: $240K ARV, $90K purchase price, $30K rehab budget. He used private money to meet the seller’s cash demand, illustrating that private funding works for more than just “ugly” houses.
4. Excess Cash to Close Strategy (3:07 – 4:52)
Jay borrowed $150K total, covering the purchase and rehab costs while leaving $30K extra at closing. He explains the concept of “excess cash to close” and why every investor should aim to leave closing with a check.
5. Final Advice & Resources (4:52 – 5:51)
Jay stresses the importance of doing what you say—fix, repair, and sell the house. He promotes his book (jayconnerbook.com) and his podcast Raising Private Money with Jay Connor, encouraging listeners to apply these strategies.
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