When it comes to real estate investing, one question consistently stands out: how do some investors manage to raise millions in private money while others struggle to secure even a single dollar? The answer goes far beyond spreadsheets and pitch decks. It’s rooted in trust, alignment, and the mindset that attracts capital.

On the latest episode of Raising Private Money, Jay Conner hosts Dave Lundgren, an accomplished real estate investor and educator with over $20 million raised in private capital. Together, they dive deep into syndications, bond equity alternatives, and how real financial independence is achieved—without relying on hype or shortcuts.

Understanding Private Money, Syndication, and Bond Equity Alternatives

The world of real estate funding is vast. Traditional private money involves relational, one-on-one transactions—often with local connections, where trust and personal alignment play key roles. Syndications, on the other hand, include pooling capital from multiple investors into a more formal legal structure, often for larger commercial and multifamily projects. This setup typically uses general partners to steer the deal, while limited partners contribute funds in exchange for a share of the returns.

Enter the bond equity alternative, a lesser-known but potentially game-changing approach. For large-scale projects, generally $50 million and above, a Wall Street-level bond company might underwrite and finance 100% of the project’s cost. This can mean fewer compliance headaches and a simplified capital stack, as all the money comes from one entity rather than dozens of private investors. While this opportunity isn’t fit for every deal—due diligence can be significant, with requirements like shovel-ready projects and a five-year maximum term—for the right situation, it flips the conventional syndication model and allows sponsors to retain more equity.

Matching Investments to Individual Needs

Dave Lundgren emphasizes that there is no one-size-fits-all solution when it comes to real estate investments. The right solution depends on each investor’s unique circumstances—where they are in their career, their risk tolerance, and their financial objectives. A personal, diagnostic approach ensures that the investment matches the investor’s goals, whether they’re seeking aggressive growth or steady, secure returns.

Servant leadership is vital. Instead of pushing everyone into a single deal type, asking about their interests and objectives builds trust. Investors feel valued when their specific needs are considered, which not only helps to attract capital but also creates long-term partnerships.

Boosting Builder Profits and Avoiding Common Mistakes

Innovation is another major theme in Dave Lundgren's approach. One way builders can dramatically increase profits is through steel framing, which has proven to be cheaper, stronger, and more efficient than traditional materials. This method can reduce build times, lower insurance costs, and minimize waste—doubling margins in some cases. For affordable housing, these advantages are particularly critical.

However, mistakes can occur when builders are not careful with their underwriting. Assuming the market will always rise or relying on historically low interest rates without a backup plan leads to risk. Having multiple exit strategies and being conservative with projections positions builders to withstand market shifts.

Building Authority and Passion for Financial Independence

What drives Dave Lundgren is not just the pursuit of wealth, but a commitment to helping others achieve spiritual and financial sovereignty. His experience as an Army chaplain and work through men’s retreats underlines the importance of personal growth alongside financial empowerment. For him, real estate stands out as an asset class that offers control, multiple returns, and flexibility—benefits that supp

***Guest Appearance

Credits to:

https://www.youtube.com/@FuquanBilal

“PFREI Series Episode 141: Jay Conner”

https://www.youtube.com/watch?v=LZG3uHXDWtI&t=1s

Raising private money is a powerful lever in real estate investing, but many investors—especially those just starting—find themselves facing significant roadblocks. In the latest Raising Private Money episode, Jay Conner and Fuquan Bilal discuss not only the critical importance of private money in deal-making but also the mindset shifts, practical steps, and relationship-building essential for success.

The Mindset Shift: Teaching, Not Begging

A central theme from Jay Conner is the need for a fundamental mindset change when approaching private lenders. The traditional approach to raising capital often feels like chasing, persuading, or even begging, which instills fear of rejection and desperation. Instead, Jay Conner encourages investors to become educators. By teaching rather than selling, you build trust and reduce anxiety—both for yourself and potential lenders.

This teaching approach involves explaining what private money is, how it operates, and the security that comes with investing in property-backed loans. It’s crucial to outline the program, the interest rates, terms, and how investors are protected. When investors understand the process, they become confident participants rather than skeptical bystanders.

Building Relationships and Networks

Relationships are at the heart of raising private money. Jay Conner's career was transformed when his access to traditional bank financing suddenly dried up. Forced to find alternatives, he leveraged his personal and professional networks—reaching out to contacts from the church, the Rotary Club, and business groups—to introduce them to the private lending model. His approach resulted in raising over $2 million in just three months and ultimately increased his business's profitability.

What stands out is how Jay Conner is not dependent on lenders who already understand private lending. He positions himself as a trusted advisor, cultivating long-term trust and transparency. As a result, his private lenders often refer new prospects, and his capital pool continues to grow—even when market conditions shift.

Overcoming Common Challenges

New investors often struggle with three main challenges: the wrong mindset, fear of rejection, and lack of confidence. Jay Conner emphasizes the importance of owning the "real estate between your ears" before expecting to own real estate out in the market. Investors must approach conversations with confidence, conviction, and a servant’s heart.

Confidence comes from mastering the private lending program; knowing how it works inside and out ensures conversations are natural and engaging. For those who worry about having no deals or experience, Jay Conner points out that lenders are secured by the property. With proper guidance, a new investor can safely structure their deals, and the lender's risk is mitigated.

A useful tip for conversational starters is the "Did you know?" question. Sparking curiosity can lead to discussions about the benefits of self-directed IRAs and how private investors can earn significant returns, sometimes even tax-free.

Navigating Market Headwinds

The episode touches on how market fluctuations—such as rising interest rates, changing investor sentiment, and increased volatility—have impacted private lending. For Jay Conner, the foundational relationship and education-based model has shielded him from market slowdowns. His lenders, having confidence in the security and returns of real estate-backed deals, remain engaged even during

For aspiring real estate investors, finding the right deal and the right funding is often the biggest barrier. Many are stuck chasing retail sellers, negotiating steep down payments with banks, or trying to compete with overcrowded “no money down” strategies that rarely deliver. However, Matthew Porcaro offers an alternative path that’s quietly transforming the way new investors break into the market and generate both equity and cash flow from their very first deal.

Matthew's journey started with frustration, spending four years attempting traditional investment methods, only to hit roadblocks at every turn. He eventually discovered a government-backed renovation loan – the FHA 203k – which became the game changer for him and many he has since coached.

The FHA 203k loan is a powerful tool designed to help homebuyers not only purchase a property with a low down payment, but also fund the renovation necessary to increase its value. Unlike conventional mortgages, this program allows buyers to put down only 3.5%, making it attainable for those without deep pockets. Beyond the purchase price, the loan also covers renovation costs, closing costs, and even the first year of mortgage payments, alleviating the financial strain while the property is being transformed.

Matthew's first experience with the 203k loan involved purchasing a distressed two-family property. With just $9,500 out of pocket, he was able to renovate both units using the bank’s money. The key strategy here was house hacking – living in one unit while renting out the other. The rental income from his tenant nearly offset his entire mortgage payment, resulting in positive cash flow each month. After the renovations and eight months of work, the property’s value soared, securing over $130,000 in equity for Matthew. This equity became the springboard for future investments, proof that a smart approach to renovation funding can accelerate a real estate portfolio quickly.

What makes the 203k loan even more attractive is its flexibility. Investors can buy up to four-unit properties using this method, applying the same low down payment. In states facing housing shortages, recent adaptations now allow buyers to convert single-family homes to include accessory units (like mother-in-law suites) and count that future rental income towards their loan approval. This creative approach expands opportunities, even for those in expensive markets like New York.

For many, the confidence to pursue a deal comes from mindset. Matthew’s upbringing was blue-collar, with little exposure to investing or creative financing. Breaking through early limiting beliefs about money was an ongoing process, but it allowed him to realize that opportunity isn’t just reserved for the wealthy or experienced. He built credibility for future deals through his success on the first one and was then able to raise over $500,000 in private money, mainly by simply sharing his story and offering others the chance to participate.

A crucial aspect for those considering the 203k way is the importance of working with specialists. Not all lenders have experience with renovation loans, so partnering with experts who understand the nuances is essential. The process involves a consultant who helps outline the scope of work and connects buyers with contractors and appraisers to ensure the highest after-repair value is achieved – sometimes allowing you to borrow up to 110% of the finished value.

Matthew emphasizes careful stewardship of borrowed funds and treating every transaction as a win-win. By focusing on the right structure, leveraging government programs, and maintaining a supportive mindset, even first-time investors can create massive equity and recurring cash flow, setting themselves up for long-term success.

The 203k way is not just about acquiring a property. It’s about launching a strategy that transforms your financial trajectory. For those tired of hitting wal

Many aspiring real estate investors are held back by the belief that they need significant capital, personal connections, or a background in real estate to get started. However, the journey of Alex Kononov demonstrates that it’s possible to break into the field with limited resources, strategic thinking, and the willingness to leverage new technology.

Alex began his investing career in 2018, starting with a W2 job and $30,000 in savings—no family wealth, no real estate experience. Instead of seeking out large deals, Alex focused on the basics: finding the right property and mastering the fundamentals. His first purchase was a two-family house in Trenton, New Jersey, introduced to him by a relative. The initial project was proof that the “BRRRR” strategy—Buy, Rehab, Rent, Refinance, Repeat—could work even without abundant resources. By carefully underwriting hundreds of properties before buying, Alex was able to identify an opportunity where the numbers made sense and forced appreciation through strategic renovations. His first deal was far from smooth; he overcame setbacks with contractors and even had to supervise renovations himself, but he ultimately cashed out through refinancing, regaining his investment, and setting the stage for rapid growth.

Within two years, Alex scaled his portfolio to 30 units. He continually refined his approach, forcing appreciation through smart renovations and focusing on value-add opportunities like finishing attics, basements, or converting office spaces into bedrooms. These improvements increased both rent potential and property value, providing a blueprint for other investors to follow.

A core skill that set Alex’s strategy apart was his focus on underwriting—the process of analyzing deals, understanding market comps, and evaluating risk factors. Underwriting isn’t just crunching numbers; it involves reversing the appraisal process, understanding property types, market dynamics, rental rates, cash flow projections, and the factors that influence long-term value. Alex spent time analyzing hundreds of deals, which taught him how to spot great opportunities and avoid costly pitfalls. He emphasized that effective underwriting goes beyond spreadsheets; investors should consider neighborhood trends, school proximity, local businesses, hospitals, and universities—all of which can influence demand and property performance.

Recognizing inefficiencies in traditional underwriting, Alex built uWise, an AI-powered platform for deal analysis and pipeline management. The system aggregates multiple AI tools and trusted data sources, guiding users through questions about property type, rental comps, renovation plans, and market conditions. Rather than making assumptions or relying on a single data provider, uWise creates a guided report that helps investors and passive lenders evaluate deals quickly and accurately. For example, investors can compare AI-generated reports with sponsor projections to spark informed conversations and deeper due diligence. The platform’s design ensures flexibility, letting users adjust risk appetite and customize their analysis to fit their business strategy.

From the perspective of private lenders and passive investors, tools like uWise offer third-party perspectives on potential deals. If the sponsor’s numbers differ from the AI’s projections, the technology serves as a conversation starter—helping stakeholders discuss renovation plans, rental income assumptions, and other critical elements before committing capital.

Alex underscores that, while AI speeds up underwriting and reduces the risk of bad assumptions, it doesn’t replace relationships and trust. Real estate is fundamentally built on networks, and effective technology supports better decision-making, not the removal of human judgment. By embracing AI solutions, investors can move faster and smarter—positioning themselves as reliable partners for private funding.

The message f

Most real estate investors are used to chasing the same leads as everyone else, competing tirelessly over properties listed on the MLS or platforms like Zillow. However, there’s a lucrative avenue that often goes unnoticed: off-market inherited property deals.

In a recent episode of Raising Private Money, host Jay Conner sat down with Micah Nicholes, owner and CEO of US Lead List, to reveal why pre-probate and inheritance leads offer unparalleled opportunities for savvy investors.

Micah isn’t a typical data broker—his hands-on experience since 2014 includes buying, holding, wholesaling, and selling properties himself, using the very data his company provides. Through US Lead List, he’s helped investors all over the country find motivated sellers and close deals that most competitors don’t even know exist.

What makes these leads so potent is that many inherited properties aren’t yet being marketed, and their owners haven’t fully decided on selling. This creates a window for investors to step in early and position themselves as trusted problem solvers.

Inherited property deals differ from traditional motivated seller leads in several crucial ways. First, inherited homes are often paid off, which means sellers aren't wrestling with mortgage pressure. The families involved face logistical and emotional challenges after the loss of a loved one, and the property is just one aspect of their complex situation. The pain points for these sellers aren’t always strictly financial—they're searching for simple, respectful solutions, and they value the guidance of investors who approach with empathy.

Building rapport is paramount in these deals, as Micah Nicholes has learned both professionally and personally. In recent months, he navigated probate following his father’s passing, feeling the whirlwind of emotions and logistics that heirs regularly face. He stresses the importance of being a listener first, putting aside the investor’s immediate objectives to understand what the seller is going through. Creating trust opens the door to strong relationships—and often, sellers will choose the investor they trust over higher offers from others.

Another benefit of working with inherited property lists is the lack of direct competition. These leads are fresh, often provided monthly, and have not yet been inundated by calls or offers from other investors. This gives acquisition teams a chance to engage sellers before they think of listing, negotiating, or entertaining competing bids. Jay Conner, who’s used Micah’s service for years, values being able to reach sellers ahead of the competition, making the process less about battling for offers and more about establishing a genuine connection.

Direct mail marketing plays an essential role in this strategy. Letters sent to inherited property owners are generic and sensitive, never mentioning the recent passing in the initial outreach. The aim is to invite conversation without poking at fresh emotional wounds—most sellers volunteer information about their inherited status naturally during early discussions. By approaching with subtlety and respect, investors can build the goodwill that’s essential for closing such deals.

US Lead List stands out for the depth and segmentation of its data. Investors receive not just names and addresses, but detailed property information, tax delinquency status, vacancy data, and more. These datasets are divided into critical subgroups, including pre-probate, surviving spouse, trusts, and inter-family transfers, each with its unique implications for timing and negotiation. Micah’s favorite niche is marketing to those inheriting portfolios of multiple properties; helping heirs navigate this headache offers relief for them and great opportunities for investors.

Success in this niche isn’t only about having great lists. Consistency in marketing, empathetic acquisition teams, and persistent outreach make all

***Guest Appearance

Credits to:

https://www.youtube.com/@dwellynn-realestate

“DS67 | Finding deals before anybody else does | Jay Conner”

https://www.youtube.com/watch?v=QU3F3w5veYM

In today's competitive real estate landscape, innovative funding solutions can be the difference between scaling your business and hitting a financial plateau. On a recent episode of the Dwellynn Show, Ola Dantis sat down with Jay Conner to unpack the practical strategies that have propelled Jay to success as a “private money authority.” Drawing from decades of experience, Jay shared not only the nuts and bolts of his funding system but also actionable tips on lead generation and building lasting relationships in real estate.

Jay’s business journey is rooted in small-town North Carolina. Despite focusing on a market of just 40,000 people, he’s managed to build a seven-figure business, primarily refinancing single-family homes and overseeing commercial projects alongside his wife, Carol Joy. What’s remarkable about Jay’s story isn’t the volume of deals—he averages just two to three properties a month—but the consistent, sizable profits that each transaction yields. Over the last year, his average profit per deal reached an impressive $64,000. This higher per-deal profit means he doesn’t have to play the numbers game; instead, he targets quality, high-yield projects.

A significant pivot in Jay's career came when he transitioned from relying on traditional banks to leveraging private money. This shift not only gave him control over his business's financial destiny but also allowed him to design a system where money isn’t a constant constraint. His approach is grounded in attracting, rather than chasing, private investors—an attitude he encourages others to adopt. Rather than pleading for funds, Jay underscores the importance of presenting a compelling program that speaks for itself and naturally draws interest from potential lenders.

One of the most effective marketing tactics Jay employs is the yellow letter campaign. Unlike generic postcards, his method uses personalized, hand-addressed letters—designed to look like notes from friends or family—which dramatically increase open rates. These letters are especially effective with absentee property owners, targeting those tired of managing tenants and looking for an exit strategy. Jay is meticulous about controlling the mailing process, ensuring letters are sent from his local zip code and handled by a trusted provider, emphasizing accountability and personal touch every step of the way.

For those new to the concept, Jay clarifies that private lenders are regular individuals—often from his existing network, new warm contacts, or those referred by current lenders—who invest their capital or retirement funds in real estate deals. More than half of his lenders use self-directed IRAs, which means investors can have control over their retirement funds and potentially earn higher returns than conventional investment vehicles.

From the perspective of the private lender, there are three key reasons for choosing Jay’s investment opportunities: higher returns than traditional banks, security through documented and conservative loans, and protection from market volatility. Unlike stocks, where the principal can fluctuate dramatically, the principal amount in Jay's deals remains stable until repayment. The deals are structured to be both safe and transparent, with clear documentation such as promissory notes, mortgages, or deeds of trust, and proper insurance and title coverage.

Jay highlights the value of authenticity, collaboration, and education in building a sustainable real estate business. He encourages regular engagement wit

***Guest Appearance

Credits to:

https://www.youtube.com/@GRIDInvestor

“Ep #33 Jay Conner —Where To Find The Money: How To Fund Your Deals Using Private Money”

https://www.youtube.com/watch?v=ZVigcl05thY

When most people first consider real estate investing, one of their greatest fears is how they’ll fund their deals. Banks and hard money lenders seem like the obvious go-to, but what happens when those sources dry up, as they once did for Jay Conner? The answer, as Jay Conner discovered, is private money—and embracing it doesn’t just solve a financing problem, it can dramatically accelerate business growth.

Early Days and the Banking Roadblock

Jay Conner didn’t start his career in the realm of single-family rehabs. Raised in the manufactured homes business, he was surrounded by affordable housing from a young age. But when financing for mobile homes disappeared in the early 2000s, the transition to single-family investment was a natural next step. Going full-time in 2003, Jay Conner began as many do, relying entirely on traditional banks and mortgage companies for funding his rehab deals. This process seemed rock-solid—until the financial crisis of 2008 hit.

Suddenly, with deals under contract, Jay Conner found his bank had shut down his lines of credit overnight. He was left with deals he couldn’t close, earnest money at risk, and no warning. This kind of scenario is exactly what keeps new investors awake at night.

Discovering the Power of Private Money

Rather than give up, Jay Conner made a choice to pivot—and it changed his life. Asking the right questions, he turned to a friend and learned about a new world: private lending. Unlike banks, private money involves borrowing from individuals—those with investment capital or retirement funds, people you may already know through your own network.

Rather than applying for money, Jay Conner began to teach people what private lending was and how they could earn secure, above-average returns. This education-first approach put him in a position of offering opportunity, not asking for a favor. Within less than three months, Jay Conner raised over two million dollars—enough to fund his deals and more.

Why Private Money is a Real Estate Gamechanger

For Jay Conner, private money isn’t just about having cash to close. It fundamentally shifts who controls the transaction. When working with banks, you’re subject to their rules, rates, timelines, and risk tolerances. With private money, you set the terms: interest rates, note lengths, and payment schedules. Your credit score becomes irrelevant, and approvals aren’t based on a rigid box of qualifications.

This flexibility means Jay Conner can offer to close deals in as little as seven days—a huge competitive advantage when negotiating with sellers, especially those in distress or dealing with off-market properties. Because private money doesn’t limit the amount of capital available or the number of deals that can be funded, Jay Conner hasn’t missed out on a deal for lack of funds since early 2009. In fact, his business tripled in volume right after making the transition.

The structure is also attractive for lenders. Their money is secured by real estate and is typically only loaned out up to 75% of the after-repaired value of the property, leaving a healthy equity cushion. In the unlikely event of a default, the lender’s position is protected and, in many cases, they would recoup their investment plus a profit.

Building a Network of Private Lenders

How does one attract private lenders? Jay Conner’s method revolves around education and transparency. He hosts private lender luncheons, Zoom presentations, and ope

***Guest Appearance

Credits to:

https://www.youtube.com/@yourAREATV-FongChua

“JAY CONNER - The Private Money Authority w/ Fong - PPSS#191 - YOU REAP WHAT YOU SOW.”

https://www.youtube.com/watch?v=g4GxheJdrgI

Stepping into the world of real estate investing can seem daunting, but learning from industry leaders like Jay Conner makes the path clearer and more approachable. On a recent episode of the Raising Private Money Podcast, Jay Conner, together with Fong Chua, shared his wealth of experience, offering actionable insights for both new and seasoned investors. The conversation was packed with wisdom on sourcing deals, leveraging private money, building strong relationships, and scaling a real estate business through automation.

A Humble Beginning and an Unlikely Pivot

Jay Conner’s route into real estate wasn’t exactly pre-planned. He was raised in a family business focused on affordable housing through the mobile and manufactured homes industry. When the financing landscape for manufactured homes changed in 2003, Jay saw an opportunity to transition into single-family homes and house flipping, inspired by a friend’s profitable venture in that space. With over 500 flips since then, Jay’s early lesson was simple: leverage your background, be open to change, and let necessity guide innovation.

The Power of Private Money

A major turning point in Jay’s business arrived in 2009. After years of relying on the local banks for funding, his line of credit was abruptly closed during the global financial crisis. Rather than seeing the loss as a roadblock, Jay viewed it as a challenge to overcome. Within two weeks, he had learned about private money and began to educate those in his network on the advantages of lending privately—including higher returns, security, and passive income.

Instead of pitching investment opportunities directly or asking for money, Jay took the role of an educator. He created a private lending program, taught people what private money was, and explained how they could safely and securely earn high returns. Those interested would stay on his radar until a relevant deal arose, at which point Jay would make a “good news phone call” to let them know their money could be put to work. This approach, based on teaching rather than pitching, helped Jay build a list of 47 private lenders and raise over $2 million in funding in less than three months, ensuring he never missed a deal due to a lack of capital.

Building Relationships and Keeping Lenders Engaged

A key theme throughout Jay’s approach is relationship-building. He never tries to persuade or pressure people, instead focusing on transparency, education, and letting potential lenders make the decision themselves. The structure of his lending program minimizes risk and maximizes value for everyone involved, with all funds secured by real estate, and private lenders receiving a solid return on their investments—rates which have remained consistent and attractive even during fluctuating markets.

To keep things running smoothly, Jay meticulously tracks available lender capital, prioritizing new and smaller investors, and ensuring everyone stays engaged and satisfied.

Consistently Sourcing Deals in a Small Market

Remarkably, Jay operates in a target market of just 40,000 people, doing two to three deals a month with average profits of $78,000 per property. His lead-generation strategy is multifaceted. He leverages a meticulous foreclosure tracking system, sending direct mail to those in distress and genuinely seeking to help homeowners overcome hardship—even if it means no financial