Profit First for Real Estate Investors
David Richter
You’re a real estate investor who is passionate about real estate and making a difference in your community. You’re a hard worker and you love the freedom that comes with being your own boss and owning your own business. You started this business because you wanted more time and money in your life, but financial freedom seems to always be on the other side of that “next” deal. Like most real estate business owners, you are broke and have no control over your finances, and it’s hard to admit it. You know how to make a lot of money, and you keep working harder and harder, but have little to nothing in your bank accounts to show for it. You give the keys to your finances to some bookkeeper or accountant that you “hope” will fix all the problems, yet the problem seems to get worse. You often feel like a rat in a maze, sometimes living from deal to deal, hoping to work your way out debt. This leads to feelings of stress and overwhelm because you aren’t paying yourself enough and you’re just one bad deal away from going out of business. It’s time to stop living paycheck to paycheck and start actually keeping more of the money you work so hard to make! To have less stress, less confusion, to sleep better at night, and have a healthy, profitable business that enables you to have more time with your friends and family, not less. It’s time to start putting more actual profit in your pockets and know what you can spend on yourself, your family, and on growing your business. The key to this future is to put profit first and have a system for your cash flow that is dependable and reliable. Cash is not king, cash management is king.When you control your cash, you control your business. And when you control your business, you’ll have more profit and more time to do more of what you love. You got into this business to achieve true time and money freedom in your life and I’m here to show you, that with the right systems in place, you can have all of those things…and so much more. We’re the Profit First for Real Estate Investors Podcast, where we put profit first because it changes the way we live our lives, build our businesses, and pursue the things that matter the most. Our mission is to make money “one less thing” you worry about by empowering you with the tips, tactics, and strategies you need to finally take control of your finances…and of your life. Join us each week on the Podcast as we speak with real estate investors from around the country who put profit before expenses, value substance over status, and place the health of their business above growing their egos. In each episode, real estate investors from across the country will share how they’ve completely changed their business by implementing Profit First. You’ll hear how these battle hardened real estate investors were able to completely turn around and revolutionize their businesses, and in many cases, their lives, and learn from their mistakes and failures...so you can avoid doing the same things in your own business. We focus on the journey to greater profitability and cash in your pocket without becoming a financial wizard or needing to close more deals. Earning more money and keeping more of what you earn is the only true path to freedom. You don’t need to do more deals to keep more money, you just need to take your profit first. Welcome to the Profit First for Real Estate Investors Podcast.
Episodes
Mentioned books
Sep 16, 2025 • 35min
Rebuilding After Losing $550K in His Real Estate Business with Caleb Luketic
What happens when your business loses over half a million dollars—and it’s your own fault? In this episode, I’m joined by my good friend and client Caleb Luketic, who shares how he climbed out of a $550K loss through strategy, grit, and knowing his numbers. We dive deep into the raw, behind-the-scenes reality of being on the brink—and how clarity, accountability, and CFO support helped him rebuild a thriving business in just 18 months.Caleb doesn’t just talk about the comeback. He reveals the specific shifts in strategy that saved his business—like choosing assignments over flips, getting creative with owner financing, and radically narrowing his marketing focus to only what worked. If you’re in real estate and feeling overwhelmed, this episode will show you it’s not just possible to turn things around—it’s profitable.Episode Timeline[0:00] – Introduction[2:05] – Caleb’s background in marketing and how it evolved into real estate investing[5:50] – How poor decisions and bad hires led to $550K in losses[8:30] – Facing the choice: bankruptcy or bounce back[10:20] – The 18-month payoff plan and how data made all the difference[12:00] – Why gut decisions nearly sank the business—and what saved it instead[14:10] – Flipping vs. wholesaling: how choosing cash now won the long game[16:00] – The $80K wholesale assignment that cleared the final debt[18:15] – New challenges: when the market shifts mid-flip[22:40] – Why Caleb is moving away from flips to owner financing and wholesale[24:00] – The emotional difference between retail buyers and owner-financed buyers[28:00] – Caleb’s marketing agency focus: SEO, PPC, and Meta ads[30:20] – Real ROI breakdowns for marketing channels[32:00] – Why you need someone to help you pivot—before it’s too late5 Key TakeawaysLosing money isn’t the end—lack of strategy is. Caleb turned a $550K loss into a growth story by facing the numbers head-on.Wholesaling brought the cash flow flipping couldn’t. Fast assignments became the engine for rebuilding his business.Marketing without data is dangerous. Narrowing efforts to what worked (and ditching what didn’t) saved thousands.You must pay off the emotional debt too. Caleb shares how personal shame nearly sidelined his comeback.You don’t need more leads—you need more clarity. Profit First helped Caleb make smarter decisions and recover with purpose.Links & ResourcesConnect with Caleb Luketic: www.calebluketic.comLearn more about Profit First implementation: www.simplecfo.comIf this episode inspired you, helped you, or made you rethink your strategy—don’t forget to rate, follow, and share the show. Your reviews help more real estate investors discover the Profit First for REI podcast. Let’s keep growing together!
Sep 9, 2025 • 28min
How Chad Bought 80 Rental Units Without a Bank or a W-2 with Chad Harris
In this episode, I chat with Chad Harris, a former missionary turned full-time real estate investor, who’s quietly mastered the art of building a rental portfolio without ever using traditional bank financing. Chad walks us through how he raised millions in private money—starting with zero savings and a $2K/month income—and why less interest is actually more attractive to lenders.From structuring win-win deals to understanding what private lenders actually want, Chad breaks down his strategy with a calm, no-hype approach that cuts through the noise. If you’ve been scared to ask for money, or you’re stuck using your own cash, this episode will completely change how you think about raising capital.[Timeline Summary][0:00] – Introduction[1:01] – Why higher interest rates actually scare off private lenders[2:06] – Chad’s journey from rural Kenya missionary to real estate investor[3:33] – No savings, no job, no bank—but a vision that convinced others to fund him[4:32] – Helping others become investors through lending[6:12] – Where to find private lenders (hint: they’re everywhere)[8:21] – Why 6–8% is a gift to most retirees and stock investors[9:18] – The 3-part pitch Chad uses every time to start the private money conversation[11:08] – 37+ places to find lenders (free resource)[12:17] – Why Chad chose rentals over flips or wholesale[14:10] – How he generated cash at acquisition and refinance without using banks[17:03] – The turning point: when cash flow pressure finally eased up[18:22] – The lender mindset shift: lower rates = lower risk = more money raised[22:10] – The case for 10-year, interest-only loans[25:05] – How to work with Chad or learn more from him directly5 Key TakeawaysHigher interest ≠ more money. Lenders see high rates as high risk. Lowering rates actually increased Chad’s capital access.Private money is everywhere. Most people don’t know they can be lenders—until you show them how.Longer terms, less chaos. Chad now uses 10-year, interest-only loans to reduce stress and balloon headaches.Start with your story. Use a simple “why, what, how” pitch to build interest and trust with new contacts.You don’t need a bank. Chad built an 80-door portfolio using only private and seller financing—and teaches others how.Links & ResourcesFree guide: 37+ Places to Find Private LendersLearn more or work with Chad: TrueWealthInvestors.comNeed financial clarity in your business? SimpleCFO.comEnjoyed this episode? Don’t forget to follow, rate, and review the show—and share it with someone who thinks they need a bank to build wealth.
Sep 2, 2025 • 30min
Turn One House into $20K/Month with Residential Assisted Living with Isabelle Guarino
In this episode, I sit down with Isabelle Guarino, CEO of Residential Assisted Living Academy, to talk about one of the most overlooked and impactful real estate investment opportunities in the market today. We dive deep into how owning and operating a residential assisted living home can create lasting income, build generational wealth, and provide critical care for a rapidly growing aging population.Isabelle shares how her late father pioneered the RAL movement, how the industry exploded during COVID as families turned away from big-box facilities, and why this business model is not just recession-resistant—but recession-proof. From licensing to staffing, cash flow to exit strategies, this episode is packed with real-world insights and an inspiring mission: to do good and do well.[Timeline Summary][0:00] – Introduction[1:45] – COVID exposes flaws in big-box senior care and boosts small-home demand[3:01] – How one student opened two homes—and filled them within months[4:15] – Why most RAL investors end up selling everything else to go all-in[6:25] – Big-box vs. boutique care: The numbers that reveal the quality gap[8:02] – Do you need a license? The truth about roles, regulation, and how it works[10:05] – Four ways to get started: build, buy, convert, or lease[11:07] – The cash flow math: How 10 residents at $5,500/month adds up[13:49] – How RAL Academy trains you to scale with staffing, licensing, and funding[16:00] – Marketing that fills beds: Facebook buzz, placement agents & more[18:48] – It’s not just income—it’s a real, sellable business + real estate play[22:18] – Why this model is steady through recessions and economic chaos[24:32] – Impact first, money second: how mission drives this model[27:00] – How to get started: training, resources, and what to expectLinks & ResourcesLearn more and get started: RAL101.comIsabelle’s organization: Residential Assisted Living AcademyWant help organizing your business finances first? Visit SimpleCFO.comIf this episode opened your eyes to a new path in real estate, don’t forget to follow, rate, and review the show. Share it with someone who’s ready to invest with purpose—and build a legacy while they’re at it.
Aug 26, 2025 • 34min
Why My Real Estate Company Didn’t Collapse When I Did with Mike Webb
In this episode, I sit down with Mike Webb—firefighter, real estate investor, and co-founder of Jump Capital—to talk about the moment life forced him to stop… and how it reset everything. After a terrifying medical event took him out of commission for months, Mike shares what it taught him about being intentional, building a real business (not just a job), and why profit without purpose means nothing.We get into how his business survived without him, the power of partnerships, and how Profit First helped him and his partner Bill Kenny finally pay themselves on purpose. Whether you’re chasing financial freedom or just trying to stop the entrepreneurial chaos, Mike’s story is a powerful reminder of what matters most.[Timeline Summary][0:00] – Introduction[1:09] – Mike’s dual identity: firefighter and financial freedom builder[2:36] – A sudden brain bleed, ICU stay, and a forced five-month reset[5:21] – Why their business didn’t collapse—and how they built it to survive[8:10] – The “wild card” test: how Bill stepped up when Mike was down[13:18] – From flippers to lenders: their pivot into more sustainable income[16:00] – What finally pushed them to hire a CFO and how it changed everything[18:46] – Profit First in action: going from random paydays to intentional salaries[22:32] – Building a business you can run with a laptop and a phone[26:24] – The real “why” behind it all: Mike opens up about fatherhood, family, and legacy[32:05] – Where to find Mike, and why you should follow his journeyLinks & ResourcesMike’s lending company: Jump CapitalLearn more or book a CFO: SimpleCFO.comIf this episode hit home for you, do me a favor—rate, follow, and share this podcast with someone who needs it. And don’t forget to leave a review if you got value from today’s conversation.
Aug 19, 2025 • 29min
What a $250K Monthly Burn Rate Taught Joe About Running a Real Estate Business with Joe Theriault
In this episode, I catch up with real estate investor and operator Joe Theriault, who pulls no punches about the gritty reality of scaling a company from solo hustler to a 20-person powerhouse. Joe shares the lessons, sacrifices, and systems that got him from being burnt out on renovations to building a culture-first business with a massive vision—and the finances to back it up.We get into everything from top-grading talent and building true loyalty, to navigating cash flow chaos with Profit First, and why he now invests heavily in coaching, leadership, and legacy. If you want the raw behind-the-scenes of what it actually takes to build a sustainable, profitable business in real estate, this is it.Episode Timeline Highlights[0:00] – Introduction[1:20] – Joe reflects on surviving slow months with a $250K/month burn rate[2:15] – How he scaled from solo flipper to a 20-employee company[5:40] – Why he focused on being “the best company to work at” and how it changed everything[7:15] – Topgrading, Predictive Index, and the hiring process that helped him scale[10:00] – The secret to keeping great people? Genuinely giving a damn[11:35] – 401Ks, Puerto Rico retreats, and using your company to change lives[13:30] – How working with Simple CFO helped Joe navigate a business partner buyout and gain financial control[17:00] – Investing $40K in Q2 marketing and turning it into $2M+ in assignment fees[22:00] – The power of coaching, consulting, and removing your blind spots as a CEO[24:00] – Joe’s current focus: JV deals, mobile home land packages, and park acquisitions[26:45] – How to connect with Joe if you’re looking to partner or bring deals5 Key Takeaways1. Scaling requires more than systems—it takes soul. Joe’s team stays because he invests in them as people, not just employees.2. Profit First gives clarity during chaos. When Q1 sucked, Joe leaned on the numbers to make bold, profitable moves in Q2.3. Culture is a competitive edge. Offering 401Ks, paid trips, and real mentorship isn’t common in real estate—but it’s changed Joe’s company.4. Consulting isn’t a cost—it’s a multiplier. Joe surrounds himself with experts in finance, leadership, and personal development to grow faster and smarter.5. Vision drives opportunity. Joe’s next move? JV partnerships, mobile home land packages, and long-term wealth plays in the Northeast.Links & ResourcesEmail: joe@ipscash.comFacebook: Joe TheriaultInstagram: @bostonjoetheriaultSimpleCFO.com – Learn how to make profit a habit in your businessEnjoyed this episode? Don’t forget to rate, follow, and review the show. And if you’re sitting on a deal, land, or mobile home park, hit up Joe—he’s ready to partner.
Aug 12, 2025 • 26min
Making More Lending in Real Estate Over Flipping Properties with Bill Kenny
In this episode, I reconnect with my friend and client Bill Kenny, who shares his powerful transformation from grinding through dozens of flips and transactions a year to building a more sustainable and scalable business. Bill opens up about how burnout pushed him to pivot into commercial real estate and start his own hard money lending company, Jump Capital.We unpack how he transitioned from being in the trenches to funding deals for others, and how implementing Profit First (with help from Simple CFO) gave him the clarity and structure to grow with confidence. If you’ve ever wondered when it’s time to level up your strategy—or how to lend without losing sleep—this episode has the roadmap.Episode Timeline Highlights[0:00] – Introduction[1:11] – Bill shares what he’s seeing in the current Mid-Atlantic market[3:36] – From flipping and wholesaling to launching a hard money lending company[5:49] – The moment burnout hit and Bill decided to shift toward commercial and passive income[7:14] – Why lending felt like a natural next step—and how they approached it as operators[8:53] – Lending criteria, target deals, and markets Jump Capital focuses on[11:06] – What sets Jump Capital apart: partnership mindset and in-the-trenches experience[13:01] – How they help new investors avoid costly mistakes and bad deals[14:28] – Growth goals: Doubling annually and managing millions in active loans[17:06] – The real impact of working with Simple CFO and fixing messy books[20:34] – Advice for investors in today’s shifting markets[22:58] – When to consider transitioning into lending or commercial investing5 Key TakeawaysBurnout can signal your next big move. Bill’s pivot to lending came after years of grinding through 90+ annual transactions.Lending works best when you’ve been in the trenches. His background as a flipper makes him a more valuable, reliable lender to investors.The right systems matter. Profit First and a strategic CFO gave Jump Capital the clarity and confidence to scale intentionally.Not all loans are created equal. Bill’s hands-on approach includes deal vetting, feedback, and mentorship—not just money.Growth comes from focus. Bill narrowed his scope to bread-and-butter deals and now doubles his lending business year after year.Links & ResourcesJumpCapital.Loans – Connect with Bill and apply for fundingInstagram: @billkennyreiSimpleCFO.com – Book a call to implement Profit First in your businessIf you’re ready to move from chaos to clarity, or want to work with a lender who truly understands your journey, this episode is for you. And if you enjoyed it, please rate, review, and follow the show. Your feedback helps us reach more investors ready to build profitable, purposeful businesses.
Aug 5, 2025 • 31min
The Deal-Closing Machine with Maximum Profit with Matt Kamp
In this episode, I’m joined by Matt Kamp from DealMachine—an expert in real estate lead generation, partnerships, and all things systems. If you’ve ever struggled with keeping your deal flow consistent or wondered how tech can help you scale your investing business, this one’s a must-listen. Matt shares how DealMachine evolved from a simple tool for driving for dollars into a full-fledged real estate marketing platform that helps investors find, finance, and flip properties with ease.We also dive into Matt’s personal investing journey—from doing deals with a full-time job to implementing Profit First from day one with his business partner. He opens up about their process, how they celebrate wins, and why intentionality and clarity in finances have been crucial to their success. Whether you’re looking to close your first deal or streamline your back-end systems, you’ll walk away with actionable insights.Episode Timeline Highlights[0:00] - Introduction[1:05] - Matt’s entrepreneurial roots and how he joined the DealMachine team[2:45] - The evolution of DealMachine: from solving a personal pain to building an industry-leading tool[6:00] - Why referrals and community are key to DealMachine’s growth strategy[9:30] - Driving for dollars 101 and how DealMachine simplifies the process[10:45] - Skip tracing, list building, and marketing—all in one platform[12:20] - How the DealMachine community fosters education, connection, and success[14:00] - Matt’s personal investing story and using DealMachine to source and close local flips[18:00] - Implementing Profit First from deal #1: the accounts, the mindset, and the structure[21:00] - Celebrating profit the right way—how Matt and his partner stay grounded[24:50] - Using partnerships to fund and flip deals without burnout[28:00] - Where to find DealMachine and how to get Matt’s exclusive bonus for listeners5 Key Takeaways1. Don’t just generate leads—build a pipeline. DealMachine integrates data, skip tracing, and marketing to streamline your acquisition process.2. Community drives success. Weekly training and networking calls help users stay engaged, educated, and supported.3. Profit First isn’t optional. Matt and his partner adopted the system from day one to stay disciplined and profitable.4. Celebrate your wins. Even with busy lives, Matt’s team makes time to honor the milestones with family-centered traditions.5. Leverage your network. By partnering with GCs who fund and flip, Matt focuses on what he does best—finding great deals.Links & ResourcesDealMachine.com – Explore the platform and get Matt’s free bonus for podcast listenersContact Matt: matt@dealmachine.comSimpleCFO.com – Learn more about Profit First and getting your finances in orderIf this episode gave you clarity or inspired you to take action, don’t forget to rate, review, and follow the show. Share it with a fellow investor who needs better systems and more profit!
Jul 29, 2025 • 33min
God, Goals & Money Framework: A Spiritual System for Financial Success with Nicole Purvy
In this engaging discussion, Nicole Purvy, a serial entrepreneur and founder of a prominent real estate community in Philadelphia, dives into her inspiring journey from early setbacks to financial success. She shares how getting fired for her YouTube ambitions fueled her determination. Nicole uncovers the importance of her God-centered framework for abundance and how implementing the Profit First method transformed her approach to money management. Her candid take on overcoming trauma and self-doubt resonates deeply, offering valuable insights for aspiring investors.
Jul 22, 2025 • 42min
Surviving a Down Market with Creative Finance Strategies with Joe & Jenn Delle Fave
In this high-energy episode, I welcome back two of my favorite recurring guests, Joe and Jenn Delle Fave—real estate pros who are in the trenches every day. If you’re feeling the effects of a down market, this episode is your survival guide. We break down actionable strategies you can implement today, especially if your go-to tools like wholesaling or flipping aren’t hitting like they used to. Joe and Jenn explain how adding creative finance to your investor toolkit can be a total game-changer.But it’s not just strategy—we talk about the real stuff too. From building teams and family life to handling fear and taking messy action, Joe and Jenn open up about the wins, the hard lessons, and what it really takes to thrive as an investor. Whether you’re new or seasoned, this episode will inspire you to simplify, pivot, and make smart moves—especially in turbulent times.Episode Timeline Highlights[0:00] - Introduction[0:45] - Welcoming Joe & Jenn back and setting the tone for the episode[2:00] - Why mindset and money management are critical from day one[4:15] - Understanding market fluctuations in Florida vs. New York[7:00] - Why owning cash-flowing assets still wins over time[10:00] - The trap of taking every deal and why cherry-picking matters[13:30] - The fear of making offers—and the bigger fear of getting a “yes”[17:45] - How Jenn simplified investing concepts using her background as a teacher[20:30] - What the J-curve teaches us about learning and progress in real estate[22:00] - Profit First in action: Taylor Swift concerts and month-long family road trips[25:30] - Homeschooling, real estate, and building a team that supports the dream[30:15] - The Blue Ad Method: a no-cost Facebook strategy for incoming leads[36:00] - The real reason most people don’t follow through—and what to do instead[38:30] - Where to find Joe & Jenn and get their Creative Finance Playbook5 Key TakeawaysCreative finance is a must-have tool in today’s real estate market, especially if traditional methods are no longer working.Mindset and money habits go hand-in-hand—Profit First helps protect your business from chaos.Don’t rush into every deal. Cherry-picking the right deals leads to long-term success, especially for newer investors.Fear of success is real. Many new investors freeze not from failure, but from not knowing what to do when someone says “yes.”You don’t need a big budget to generate leads. Joe and Jenn’s Facebook “Blue Ad” strategy shows how to bring in deals organically.Links & ResourcesCreativeFinancePlaybook.com – Joe & Jenn’s lead generation playbook and free trainingJoe’s contact: (585) 207-2240Instagram: @jendellefave and @josephdellefaveSimpleCFO.com – Learn how we help real estate investors implement Profit FirstIf you enjoyed this episode, please rate, follow, and leave a review. Share it with someone who could use a new strategy in today’s real estate market. Let’s keep building profitable businesses—one smart decision at a time.
Jul 15, 2025 • 31min
Scaling to a $12M Real Estate Business with the Profit First Playbook with Jonas Medrano
In this episode, I sit down with Jonas Medrano, a powerhouse of discipline and drive who took the principles he learned from sports and fitness and applied them masterfully to real estate investing. From wholesaling his first property to scaling a $12 million business from his dining room table, Jonas’ story is not just about financial success, it’s about the mindset and grit it takes to get there.We dig into how Jonas adopted the Profit First philosophy early in his business and how that has fueled his high-profit margins and lean operations. He also opens up about his new passion for coaching and the exact type of driven individuals he’s looking to mentor. If you’re looking for inspiration and actionable insights from someone who’s done the work and built a thriving real estate business from the ground up, this episode is for you.Episode Highlights[0:00] – Introduction[1:01] – The “Profit First” moment that brought Jonas and I together[2:03] – Jonas lands a $40K wholesale deal right out of the gate[3:44] – Self-imposed “jail” of learning 16 hours a day to master wholesaling[4:48] – Securing his first deal just one month into wholesaling[6:07] – Discipline rooted in sports and inspired by Kobe Bryant[9:35] – How Jonas turned wholesaling into a $12M-a-year business[10:56] – Scaling with low overhead, lean team, and high margins[11:28] – Profit First mindset from day one, and saving $100K before hiring[13:06] – Transitioning from wholesaling to fix-and-flip and holding properties[14:25] – $60K average wholesale fees and $150K minimum on flips[15:30] – Launching a coaching program focused on driven real estate newcomers[20:09] – Jonas’ full involvement and personal access in his coaching model[22:02] – Long-term vision: $1B real estate portfolio and $1M monthly passive income[24:44] – Early signs of discipline, from flipping sneakers to excelling in school5 Key TakeawaysDiscipline is everything – Jonas credits his fitness and sports background for building the mental toughness needed to thrive in business.Start lean, grow smart – He focused on maximizing profit and minimizing expenses, only hiring after saving his first $100K.Education is the edge – Jonas consumed books, podcasts, and resources relentlessly to master his craft before making his first deal.Profit First works – The financial structure and clarity from Profit First helped him build and scale a highly profitable operation.Giving back creates fulfillment – Now Jonas is focused on coaching others and sharing the same tools and mindset that brought him success.Links & ResourcesFollow Jonas Medrano on Instagram: @jonasmedranoLearn more about the Profit First system: simplecfo.comIf you enjoyed this episode, please take a moment to rate, review, and share it with someone who would benefit from hearing Jonas’ inspiring journey. And don’t forget to follow the show so you never miss an episode.
