Meet Jay Conner from Morehead City, North Carolina—population: 8,000. He invests in just two counties, totaling only 100,000 people, and his total target market is roughly 40,000 people.
Jay completes about two to three deals a month, averaging a profit of $67K each. He doesn’t have much competition, which he’s ecstatic about!
He bought his first single-family house in 2003. Like many who were in the business from 2003 to 2009, he relied on local banks to fund his deals. But in January 2009, all of that came to an end when his lines of credit were completely cut off.
Coincidentally, just two weeks after that, he learned about the world of private money. In fact, only 90 days later, he was able to raise $2,150,000 in private money from individuals. So in just 12 months from being cut off, business actually tripled!
He had plenty of funding to work with. He could make all-cash offers. And because of the economic downturn, there were plenty of great deals to invest in. To date, he’s completed roughly 400 rehabs!
This Investor’s Best Deal Ever
Jay’s best deal ever is actually underway right now! He just closed on a 3,300-square-feet, three-story beach home with private money at $480K. The ARV is $780K, and he plans to put approximately $100K worth of renovations into the home over the next three months—mostly cosmetic work.
Jay found the deal through his paid Facebook ad targeting motivated sellers. It was an inherited property, so there were eight people he had to negotiate with. It took a total of eight months to work through all of the parties, but he eventually closed at the end of 2019.
Deal by the Numbers
- Purchase: $480K
- Rehab: $100K
- All-In: $580K
- ARV: $780K
- PROFIT = $200K
Advice for Other Investors
Jay says it’s worth the money to have an assistant to talk to potential leads via text. Having his assistant text them in the beginning allows them to warm up to wanting to talk more about the opportunity.
Jay also says to not buy a house without doing a home inspection on it, no matter how many rehabs you’ve done.
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What was your best deal ever or the best deal you’ve ever heard about?
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