Profit First for Real Estate Investors Why Not Tracking Your Numbers Will Kill Your Business with David Olds
Every successful entrepreneur has their fair share of mishaps in business and there’s nothing wrong with dropping everything to start anew. That’s one of the things we’re talking about in this episode with our special guest, David Olds.
David Olds is currently based in Chattanooga and has been a real estate investor since 2002. He has built a rental portfolio, he is flipping properties, and he has taught other people how to do it too!
Listen to the episode to hear more about David’s journey in real estate investing, how the crash of 2008 made him burn the books and start over.
Key Talking Points of the Episode
[00:22] Official release date of Profit First for Real Estate Investors book
[01:18] Who is David Olds?
[02:33] What was David up to before real estate?
[03:32] How David got started in flipping properties
[04:19] Reading Rich Dad, Poor Dad
[05:28] What was it like looking for a real estate group for the first time?
[07:00] Finally attending his first real estate group event
[07:49] David’s first time hearing stories from other investors
[08:46] David’s realization from his first real estate group meeting
[09:40] Central Florida Realty Investors
[10:15] Is David into coaching?
[11:20] The problem with being a coach
[12:35] How did David learn about money?
[13:18] David’s first steps into investing
[14:58] The financial crash in 2008
[16:50] Making the rookie mistake
[17:55] Moving to Chattanooga
[18:33] Burning the books and starting fresh
[19:50] What was it like for David to start over?
[20:30] Financial mishaps
[21:05] Why it’s important to deal with finances
[23:30] Finding the right person to work on the books
[25:30] The mindset to help you get your numbers right
[26:34] Not keeping track of your numbers
[27:08] What KPIs does David and his students follow?
[28:00] Why is it important to track your marketing channels?
[29:07] The benefits of knowing where money comes from
[30:30] David’s advice to entrepreneurs
[32:43] Where can you find David?
Quotables
“You can do really well in this business, you don’t need some crazy complicated scheme. There’s no rocket science to making money. You just need to pick one thing and stick with it.”
“The problem for me is, being a coach, some people want you to do everything because they’re paying for the coach. I felt responsible because people weren’t doing what they were supposed to do.”
“My parents taught me frugalness and that stuck to me until today.”
“My superpower is, I’m focused like a laser beam. Whatever it is, this is what we’re doing.”
“If you don’t track things and follow where you spend your money and what produces dollars, you’re gonna make tragic errors.”
“If you’re just starting out and you’re driving for dollars, sending postcards, and calling people, it can really be hard. Get involved and be around other investors.”
Links
Real Estate Group: Central Florida Realty Investors
Instagram: David Olds
https://www.instagram.com/davidoldsrei/