

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

Jul 23, 2024 • 32min
Profit First Strategies with Jay Conner: The Power of Private Money
There are 15 reasons to love about borrowing private money over traditional money. One of them is making your own rules for your private money.In this episode of Profit First for REI podcast, Jay Conner, a nationally renowned real estate investor and the king of private money. He talks about how private money works.Jay helps you get your money from private lenders and will share with you the mindset that will get you money in the door without you ever having to worry about it. Listen and enjoy the show! Key Takeaways:[01:01] Introducing Jay Conner[05:00] Introduction to private money[08:30] The Great News Phone Call[11:23] Why don't you use your own money?[13:18] Maintaining relationships with private lenders[15:40] Private money vs traditional money[22:05] Things that make them want to recommend you[25:18] Advice for real estate investors[29:01] Connect with Jay ConnerQuotes:[07:34] "If you are talking about private money and raising private money with an individual and you got a deal for them to fund, you already sounded desperate."[12:07] "If you want to scale your business, private money is the way to go." [16:05] "In this world of private money, we make the rules. We set the interest rate, we sent the length and all of that."Connect with Jay:Website: https://www.jayconner.com/book-details/ Tired of living deal to deal? If you are a real estate investor or business owner who is tired of living deal to deal and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. - David

Jul 16, 2024 • 33min
Rising Above Challenges - Greg Slaughter's Real Estate Revival
"People must not just be successful financially but become a thriver in life."In this episode of Profit First for REI podcast, we interviewed Greg Slaughter. He is a real estate investor with a massive portfolio, especially in residential real estate.Greg talks about his real estate investing journey, through emotional ups and downs. He also shared how he lost everything back in 2008 and how he recovered and went to the best time of his life.He will ensure that you will be a great business owner and that your business will serve you. Enjoy the show!Key Takeaways:[00:49] Introducing Greg Slaughter[02:01] How he got into real estate[06:51] His W2 job[08:30] His first rental property[12:40] First year being full-time in real estate[20:54] Business must serve you[23:07] Helping people financially[29:10] The right way to do a business[30:21] Connect with Greg SlaughterQuotes:[07:47] "I was trained in the systems. Everything I do is a system, and what I do today is based on systems."[20:52] "Business is supposed to be serving you. You are not supposed to be serving your business."[29:10] "The concept isn't to grow business. The concept is to create a business around your lifestyle to provide the finances you desire. It should be built around you."Connect with Greg:Website: https://www.gregslaughter.com/ Tired of living deal to deal? If you are a real estate investor or business owner who is tired of living deal to deal and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. - David

Jul 9, 2024 • 36min
Realize Your REI Potential with Jennifer Steward: Authenticity, Profitability, and Consistency
In this episode of Profit First for REI podcast, we are sitting down with Jennifer Steward of REI Data Source, to unveil the secret weapon you've been missing: authenticity. Jen will crack the code on how to project a winning image that seals the deal…But wait, there's more! Learn the top revenue activities every entrepreneur should master and discover the power of consistent strategies to solve your REI problems.This episode is your blueprint to a thriving virtual business. Don't miss out!Key Takeaways:[0:50] Introducing Jennifer Steward[6:07] Project an image of success from time to time[9:16] Some best revenue activities that every entrepreneur should know[11:00] Leveraging every avenue that you can, get consistency, and make sure you’re solving current problems[17:43] The golden ratio in social media marketing is: 90% business and 10% personal[25:02] The benefits of running a virtual businessQuotes:[4:20] “Authenticity is like a business repellant.”[10:09] “In a market where you can’t dind deals but there’s plenty of money, you have to be the person who knows how to find the deals.” Connect with Jennifer:REI Data Source Website: https://www.reidatasource.netJen’s Email: jen@reidatasource.net Phone Number: (469) 952-8011Tired of living deal to deal? If you are a real estate investor or business owner who is tired of living deal to deal and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. - David

Jul 2, 2024 • 33min
CEO Synergy and Business Credit Unveiled by Amanda Webster
In this episode of Profit First for REI podcast, we have Amanda Webster. She is a business funding educator, credit expert, leadership consultant, and speaker. She is also the Chief Operating Officer of Fund&Grow.Amanda talks about her relationship with her CEO, things about purchasing properties or building your business credit and making sure that you are not just always spending your own money. This episode is for you! Enjoy the show!Key Takeaways:[00:56] Introducing Amanda Webster[02:41] How she started working with Fund&Grow[04:32] Law of attraction[09:03] What makes a successful COO-CEO relationship[12:38] About Fund&Grow[18:12] Personal guarantees [21:00] The lines of credit[28:00] The advantage of using credit cards[30:36] Connect with Amanda WebsterQuotes:[05:29] "Leadership is what dictates the success of the company and its employees." [19:04] "A lot of people don't realize the importance of separating business and personal business and how much over-extending your personal hurts you in so many ways."[28:06] "There is an extreme amount of value in using business credit cards because there are points, rewards, and cashback."Connect with Amanda:Website: https://funding.fundandgrow.com/simple-cfo Tired of living deal to deal? If you are a real estate investor or business owner who is tired of living deal to deal and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. - David

Jun 25, 2024 • 31min
How to Save Big on Taxes: Practical Advice from Shauna, the Tax Goddess
In this episode of the Profit First for REI podcast, we have Shauna, the Tax Goddess. Shauna is a highly sought-after Tax Strategist who helps successful business owners, entrepreneurs, and high-wage earners reduce their tax burden.If you need practical advice on keeping more money in your pocket and not paying too much tax, Shauna has a wealth of knowledge! In this episode, she shares ways to save money on taxes and more ways to increase your profitability. Enjoy the show!Key Takeaways:[00:55] Introducing Shauna the Tax Goddess[01:45] 'The Tax Goddess'[03:18] How did she become a tax strategist?[07:25] Ordinary, necessary, reasonable[12:28] Different tax strategies[17:29] What is your aggression scale?[19:51] Specific tips for real estate investors[25:45] Performance vs Culture[28:40] Connect with Shauna, The Tax GoddessQuotes:[10:49] "A lot of what you do as a business owner, you need to run through this filter of ordinary, necessary, and reasonable to determine if for you and what you are doing, you believe that you need those three."[16:24] "Which strategy will be the best depends on what you as a taxpayer want for you, your family, and your wife."[18:09] "Your aggression scale will determine which strategies you can use or don't use."Connect with Shauna:Website: https://taxgoddess.com/ Tired of living deal to deal? If you are a real estate investor or business owner who is tired of living deal to deal and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. - David

Jun 18, 2024 • 36min
From Ministry to Real Estate - How Scott Poirier Built a Thriving Business
Know other people's stories. It is Scot Poirier's striking advice for investors on their first deal.In this episode of the Profit First for REI podcast, Scot, a successful real estate investor and coach, gives you practical advice on investing in real estate and how to get a seller to open up.He also shares his story of his first deal and the challenges he overcame in his journey. Listen to have the right motivation and hope to pursue your real estate investing journey. Enjoy the show! Key Takeaways:[00:39] Introducing Scot Poirier[02:55] Life before real estate investing[06:17] His very first deal[09:57] After repair value[10:49] The wake-up call[16:51] Learning about people[25:28] How can you make people open up to you?[30:22] Remove 'permission language'[33:10] Connect with Scot PoirierQuotes:[05:13] "People are people. They have crises, and they need to have a sense of trust to work with you."[10:51] "When you don't know that you don't know, you might get lucky on a deal, but when the other shoot drops, it hurts." [29:12] "Don't give up. Surround yourself with good people. People that have your interest in mind."Connect with Scot:Website: https://www.facebook.com/scot.poirier Tired of living deal to deal? If you are a real estate investor or business owner who is tired of living deal to deal and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. - David

Jun 11, 2024 • 33min
The Essential Legal Checklist for Real Estate Investors
Joining us in this episode of Profit First for REI podcast is Chris Johnsen. He is a lawyer in the real estate space and worked primarily for commercial real estate.In this episode, Chris talks about the common pitfalls people go through in real estate and when you need a lawyer in your business.Listen as he explains why you should hire a lawyer for your business contracts. Enjoy the show!Key Takeaways:[01:03] Introducing Chris Johnsen[04:34] Getting into a specific niche as a lawyer[09:03] Education as an investment[14:52] The Golden Handcuffs[17:21] Most common questions he gets as a lawyer[23:20] Operating Agreement[26:48] At what point should people get a lawyer?[30:47] Connect with Chris JohnsenQuotes:[02:43] "I saw two things in lawyers. I saw that they provide value that is needed and are expensive."[09:03] "You should look at your education as an investment in yourself."[23:20] "Operating agreement is a contract between the company's owners on how to run the company... there are so many pitfalls."Connect with Chris:Website: https://www.johnsenlaw.com/ Tired of living deal to deal? If you are a real estate investor or business owner who is tired of living deal to deal and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. - David

Jun 4, 2024 • 33min
The Secret Sauce of Real Estate Investing: Insights from Martine Richardson
"I'm okay with sacrificing now for a greater future." In this episode of the Profit First for REI podcast, we have Martine Richardson. She has been a real estate investor for about ten years, from being a full-time employee with no money and no time freedom.Martine shares practical steps on getting out of the rat race and her experiences on her real estate journey. Listen and enjoy the show!Key Takeaways:[00:50] Introducing Martine Richardson[02:40] Before entering the real estate space[07:10] Sandwich lease option[11:31] Buy and hold[14:04] The Power of Holding[15:55] Two ways to know how much money you need per month to live comfortably[19:34] Mid-term rentals[28:14] Martine's advice for real estate investors[30:45] Connect with Martine RichardsonQuotes:[07:13] "Sandwich lease option agreement, when you are leasing a property and you have the option to purchase it in the future."[13:49] "I've always been like a long-term thinker. I'm okay with sacrificing now for a greater future. Me holding made complete sense to me."[28:23] "Many people are stuck in the analysis-paralysis stage because they want to know everything about how to do something... I would encourage people to learn the first step and take action on that first step. Learn the second step and take action on the second step."Connect with Martine:Website: https://www.facebook.com/groups/thefreedominc Tired of living deal to deal? If you are a real estate investor or business owner who is tired of living deal to deal and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. - David

May 28, 2024 • 29min
Shifting from Employee to Business Owner Mindset
Profit First helped a lot of investors. One of them is Trey Nixon, our guest for today's episode. Trey is a real estate investor, business owner, and successful entrepreneur. He implemented Profit First in his business and became successful in real estate.In this episode, he will share how Profit First transformed his life. He will give you hope about this method and how it works. Enjoy the show!Key Takeaways:[00:57] Introducing Trey Nixon[02:18] Life Before Profit First[06:10] Marathon vs Sprint Mindset[11:51] From employee mindset to thinking like a business owner[20:19] Goal of helping other people[25:14] The importance of systems[27:16] Connect with Trey NixonQuotes:[06:44] "There are two numbers that every investor needs to know. First, what do I need to run this business, and then what do I want?"[11:05] "It took us a couple of years to get from employee mindset to understanding what Rich Dad wanted us to do... We were successful but living paycheck to paycheck."[13:14] "Be yourself. Be strategic. Organize and deploy your money, time, and energy strategically."Connect with Trey:Website: https://www.skool.com/@treynixonofficial Tired of living deal to deal? If you are a real estate investor or business owner who is tired of living deal to deal and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. - David

May 21, 2024 • 29min
Couples Who Invest Together: The Secret to Mel & Dave’s Real Estate Success
In this Profit First for REI podcast episode, we feature The Investor Couple Mel and Dave! Today, we have Dave as our guest, and he shares incredible things about real estate investing.Dave Dupuis of the Investor Mel & Dave are innovative real estate investors and award-winning mentors who have acquired over 240 apartments in just a few short years in Canada, the US, Mexico, and Costa Rica. He will tell about his real estate investing journey, how they creatively buy a deal and some of the things that make them unique in the real estate space.Enjoy the show!Key Takeaways:[00:58] Introducing Mel and Dave[02:12] What is it like working with your spouse?[05:01] Getting into real estate[07:47] Buying Mel and Dave's first property[15:33] Paying back with interest first[21:55] The coaching structure[24:42] Get a coach and keep books up to date[26:24] Dave's advice for real estate investors[26:37] Connect with Mel and DaveQuotes:[05:53] "One of the biggest breakthroughs that they have with people is fear. Getting over that fear."[15:26] "The most important thing is I am looking at my time versus effort... and how much money I can make. Most importantly, because I'm using other people's money, paying them back with interest first."[25:33] "Get a coach and make sure your books are up to date from Day 1."Connect with Mel and Dave:Website: https://investormeldave.com/ Tired of living deal to deal? If you are a real estate investor or business owner who is tired of living deal to deal and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. - David