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
Feb 6, 2023 • 39min
Brandon Cobb, co-founder and CEO of HBG Capital, discusses how he expanded his business operations to include real estate developments.
Joining us today is Brandon Cobb, CEO and co-founder of HBG Capital, an investment firm dedicated to providing risk-adjusted returns that are transparent and insulated against market volatility. He is also the host of Recession-Resistant Real Estate Radio, which I’ve had the pleasure of guesting on before.Brandon started his journey in the real estate industry in fix-and-fliping and wholesaling but has also expanded his ventures into developments. He is also the CEO of HBG Construction which focuses on land developments, new buildings, and rehabilitation.In this episode, Brandon shares his story, from his transition from fix-and-flipping and wholesaling to development to the difficulties he experienced before applying the Profit First approach in his business. Jump in!Key Takeaways:[00:47] Introducing Brandon Cobb[02:35] Brandon’s Quick Start in the Real Estate Industry[11:29] The Adjustment from Fix-and-Flipping and Wholesale to Building and Development[13:08] On Knowing His KPIs[15:56] On Applying the Profit First Method[25:20] Having a CFO and the Benefit of Collaboration[30:33] On Why Having a Team is Key to Success[33:40] Advice for Investors: Double-Down on KPIs[35:40] Connect with BrandonQuotes:[14:35] “That's one of the reasons that actually helped me transition into the Profit First mode…You spoke to a very specific demographic, and you were very specific on the types of problems that this industry faces that are quite frankly very, very endemic.”[30:48] “You're not going to be able to scale without a team, so having really good hiring systems and processes is really key.”[33:53] “I think now more than ever, with the uncertainty of the market and the changing economy and interest rates…it's important to run a tight ship. Now you have to have a really well-oiled machine that's going to make it through whatever times [we are in]...Be ready to make quick and decisive decisions.” Connect with Brandon and get their free resources on this website: HBGcapital.netTired 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
Feb 2, 2023 • 39min
How this power couple used Profit First to rebuild their business with Adam & Amanda New
Today on the Profit First for REI podcast, we’ve got twice the guests for twice the value! Adam and Amanda New are the principal owners of The Cash Offer Company, buying houses from motivated sellers in Richmond, Virginia, and helping them with a hassle-free process. Adam and Amanda had worked together in some form for a very long time before they decided to focus on their wholesaling business. They got off to a rocky start, almost going out of business several times until they rebuilt their business by taking a Proft First approach.Catch the insights this power couple shares their story and the benefits of applying the Profit First method from day one of your business! Tune in to this episode! Key Takeaways:[00:54] Introducing Adam and Amanda New[02:04] Adam and Amanda’s Start in Real Estate[10:00] Why Realtors Often Live Deal-to-Deal[14:17] On Their Recent and Future Deals[16:18] On Applying Profit First Into Their Business[23:20] How They Managed After the Setback They Experienced[25:24] Planning Around Your Taxes Through Profit First[28:18] Adam and Amanda’s Future Ventures[31:10] Adam and Amanda’s Advice for the Audience: Why Profit First is a Benefit for Your Business[35:50] Connect With Adam and AmandaQuotes:[28:36] “I think we've built up a sizable enough war chest at this point, just kind of being unaware of where the economy is gonna go…We don't like to spend a lot of mental energy predicting things…We're just prepared, regardless of what direction it goes in. We've achieved the education that it doesn't really matter which direction the market goes, and we'll be prepared for that, too.”[31:29] “We started [Profit First] from day one, and what it did is it created space and grace for us to recognize when we can be aggressive and when we need to be concerned. And it gave us so much confidence in what the next step needed to be, whether it was growth or maintain.”[32:09] “[Profit First] has created firewalls. It has protected us, and it has given us all the confidence we need to know what the right decision is at the right time. And I don’t know what price tag you put on that.” Connect with Adam & Amanda:TikTok: @newinvestorsAdam’s Instagram: https://www.instagram.com/theadamnewAmanda’s Instagram: https://www.instagram.com/amandanewTired 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
Jan 30, 2023 • 32min
Zero to a Million - How a Strong Mentor, Great Partner & Profit First Got Him There with Michael McDonald
Having a good life partner is also one of the keys to real investing success. We have Michael McDonald, a well-respected real estate investor, who shares his journey from having a debt of 45,000 and how in 2022, he was able to buy his dream car through his success in real estate investing.Listen as Michael shares how having a good life partner, trusted mentor, and Profit First helped him achieve a million deals from having zero deals.Key Takeaways:[01:32] Introducing Michael McDonald[02:06] Michael Shares His Journey in Real Estate and What He Do[04:20] The Moment He Knew Her Wife is Pregnant[05:46] Michael's Experiences in His First Real Estate Deal[15:02] Michael Discovered Profit First[18:28] How Profit First Impacts Michael's Real Estate Investing Journey[24:43] Michael Shares His Plan for 2023[28:20] Things He Has Done Differently When He First Started in Business[29:21] Connect with Michael McDonaldQuotes:[15:47] "Books are a disaster if you don't make it a priority."[21:11] "Treat yourself, take a trip, go on a vacation. You earned it."[25:51] "To have a team, the business can move on without your full attention."Connect with Michael:Website: https://www.thevirtualmillionaires.com/homeSocials: https://www.instagram.com/michaelmcdonaldreiTired of living deal to deal? If you are a real estate investor or business owner 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 I 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
Jan 26, 2023 • 31min
How Profit First Shaped This Father-Daughter CPA Firm with Byron McBroom & Melanie Sikma
On the Profit First for REI podcast, we hear from many investors and other business owners about their first-hand success at applying the Profit First method. While there is no better person to relay its benefits than the entrepreneurs who have used it for their businesses, someone else is just as close to your finances as you are—your accountant. Today we’ve got Measured Results CPA joining us for the show, namely its Founder, Byron McBroom, and Business Development Consultant, Melanie Sikma. They have been hard at work helping business owners plan their taxes through Measured Results and manage wealth through Abundant Life, where Melanie serves as the CEO.Stay tuned as this father-daughter tandem gives us a new perspective on why Profit First is the biggest boon for managing your finances!Key Takeaways:[00:36] Introducing Byron and Melanie of Measured Results CPA[03:54] Why Profit First Appealed to Their Firm[06:23] Why Business Owners Live Paycheck-to-Paycheck According to CPAs[09:08] How Profit First Fixes Profit Challenges[10:50] Measured Results CPA and What They Do[14:39] Wealth Management at Abundant Life[18:22] Abundant Life and Savings[21:32] Measured Results and Its Dedication to Simple Communication[23:44] Tax Tips From Our Guests[28:25] Connect With Byron and MelanieQuotes:[10:34] “The real beauty of Profit First is it forces [you] to address the problem early. It does not wait till the business is struggling to stay in business.”[13:18] “My job is to sit and create questions for people to ask, so we get the answers we need to…have them pay as little tax as legally possible, and stay out of trouble.”[22:05] “We say we don't speak accountant, as we speak English and [put] it in simple terms. That's something that we try we strive for, actually.”Connect with Melanie:Melanie’s Instagram for Tax Tips: https://www.instagram.com/melaniesikmaMeasured Results Instagram: https://www.instagram.com/measuredresults/Measured Results Website: https://measuredresultscpa.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
Jan 24, 2023 • 32min
Profit first lessons from a real estate expert and the founder of Express Homebuyers, Brad Chandler
Brad Chandler is a seasoned real estate expert and the founder of Express Homebuyers, a company that specializes in assisting home sellers with a fast process and fair pricing. In the 20 years since it started, they have successfully bought and sold over 4,000 properties across the country.Despite his professional success, Brad's journey was not without its challenges. He struggled with unresolved trauma from his childhood, leading to a lack of self-love and $9 million in business losses. Brad has since changed his perspective on success. He now focuses on providing as much impact through his real estate and coaching businesses and commits to having a healthier relationship with money by implementing Profit First. We’ve got an inspiring episode ahead of us, and I’m excited for you to tune in!Key Takeaways:[00:47] Introducing Brad Chandler[02:14] Why is Brad in Real Estate?[09:05] Unresolved Trauma and Why You Should Deal With It[15:43] Success is More Than Solving Money Issues[16:55] How Brad Faced His Unresolved Trauma[19:21] How Brad’s Process Differs From Therapy[21:04] Unresolved Trauma and How It Affects Your Business[24:37] Self-Love and Self-Compassion are the Path to Freedom[25:26] Recommend Resources[26:02] Self-Development is a Life-Long Journey[24:51] More Advice From Scott: Go to Flip Hacking Live[25:30] Connect With ScottQuotes:[07:23] “I don't need to go make a bunch of money and prove anything to the world. Because I already know the truth. And I'm enough. So I've switched [to] making an impact.”[21:54] “When you have unresolved trauma, and you feel unworthy, that means that you're likely in a fight or flight stage. When a lion is chasing you, how creative do you think you can [be]?...How great do you think you can [plan] the next step, or how to plan for the next business meeting, or talk to a seller? You can't.”[24:42] “The only way that you get freedom in life is through self-love and self-compassion.”Connect with Brad:Find Brad’s Socials on His Website: www.bradchandler.com/contactRecommended Resources:Radical Acceptance by Tara BrachWay to Love by Anthony de MelloTired 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
Jan 19, 2023 • 43min
Profit first lessons from a talented businessman and founding Parter of Ascend Partners, Trey Taylor
Profit First isn’t just a method for struggling business owners. Our guest today is proof that Profit First is a system that can benefit even the most successful entrepreneurs, giving them a better way to manage their cash flow. Trey Taylor is a talented businessman, speaker, and executive leader. He holds the positions of CEO at Taylor Insurance Services, Managing Director at trinity | blue consulting, and Founding Partner at Ascend Partners. He is also the author of “A CEO Only Does Three Things,” a book I’ve had the pleasure of reading and applying in my career.Today, he joins us to talk about his career, the problems he encountered along the way, the importance of partnership, and how Profit First revolutionized his business. Catch the full discussion here!Key Takeaways:[00:41] Introducing Trey Taylor[07:11] How Profit First Fits Into His Business [08:27] Problems He Encountered Before Profit First[11:33] The Effect of Implementing Profit First[16:12] How Profit First Gives You a Better Perspective on Money Management[20:30] On His Real Estate Business, His New Partnership, and Implementing Profit First Into It[26:41] On His Book: “A CEO Only Does Three Things”[29:01] On Using His Book and the Profit First for REI Book to Get as a Way to Start Conversations Between Partners About Money[35:46] Advice for People Who Want to Get Into Real Estate Investing[40:13] Connect With TreyQuotes:[8:10] “ I remember reading it on an airplane. I came home, got my accountant and bookkeeper together, and we sat down and revamped our entire financial picture.”[23:21] “Yeah, I think it's all about over; communicating everything before you make the decision. Partnerships are marriages, in almost every sense of the word, they are legal unions…and so you need to have a way to get into that, which should be based on shared values that are authentic to both of you.”[36:54] “Don't wrestle with the ideas [once] they've been proven out, just implement them...don't study on [Profit First] for too long, just get it into place, and start letting it benefit you, and growing your business through that.”Connect with Trey:Website: trey-taylor.comConsulting Website: https://trinity-blue.com/Newsletter: https://plantyourflag.substack.com/Get a copy of his book “A CEO Only Does Three Things”: https://www.amazon.com/CEO-Only-Does-Three-Things-ebook/dp/B08L8FRQQ8Tired 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
Jan 16, 2023 • 28min
Profit first lessons from the owner of Stellar Realty Investments and an Air Force engineer, Scott Carlin
We’ve heard the benefits of applying Profit First and how it can change the way you manage your money for the better, but not about what it can do for you when you start using it from the very beginning.Our guest today is Scott Carlin, an Air Force engineer, realtor, real estate investor, and the owner of Stellar Realty Investments. He is also a big believer in the Profit First method and has seen firsthand how it has impacted his business.In this episode, Scott discusses how the Profit First method has helped him set up a system to achieve his goals while still having money for marketing and other expenses! Whether you’re a new or seasoned investor, you’re getting value either way. Tune in!Key Takeaways:[00:46] Introducing Scott Carlin[03:34] On Joining a Mastermind[05:50] On Getting Five Deals Within His First Few Months of Wholesaling[08:55] On Learning About Proft First[11:16] On His Current Deals and What Got Him Into Wholesaling[13:15] On Scaling His Business and Transitioning to Real Estate Full-Time[15:13] Scott’s Advice for New Investors: Join a Mastermind[17:21] On the Importance of Knowing Where Your Money is Going[19:43] What is Scott Doing With His Profit Money? [21:22] Scott’s Keys to Success[24:51] More Advice From Scott: Go to Flip Hacking Live[25:30] Connect With ScottQuotes:[15:22] “Join a mastermind…What made me take action was joining a group and getting a coach.”[17:21] “Cashflow—they don't know where their money's going. Like I had originally before Profit First, they just had just everything in one account. And I didn't want to do anything with it, because I wasn't really sure how much money I could scale up.”[21:56] “I have a lot of the things that I've learned in the Air Force. It’s…directly been beneficial in my real estate career…[The] dedication, persistence, leadership. My ability to focus.”Connect with Scott:Website: www.floridaREbuyers.comFacebook: https://www.facebook.com/carlinscottm/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
Jan 12, 2023 • 35min
Profit first lessons from business coach & investor, Polish Peter
Peter Kolat, also known as Polish Peter, is a multifaceted professional in the business world. He's an investor, entrepreneur, speaker, and transformational coach. He is a coach from Lifeoanaire, an organization with the goal of helping people reach fulfilling lives. Furthermore, he created the Immigrant Masters Unite mastermind, which focuses on helping and connecting immigrant entrepreneurs.In the past, Peter faced some challenges that made him unhappy, despite his successful career in investing and coaching. He faced difficulty connecting with his family, and his tendency of people-pleasing impacted both his personal and professional life. Peter has been on a journey to overcome these struggles and has found success in both his life and his business with the help of the Profit First and Lifeonaire systems. In this episode, he will be sharing more of his story and wisdom with us—a great opportunity to learn from Peter's experiences and gain insights on how to gain true fulfillment!Key Takeaways:[00:41] Introducing “Polish Peter” Kolat[03:47] Peter on the Profit First Method and [06:56] On Struggling as a Business Owner and Leader[11:26] On How Work Life Affected His Family Life[14:58] On Personal Development[17:53] The Importance of Having a Coach [19:42] Why Investors Live Deal-to-Deal: Not Having Support and Clear Goals[26:39] Questions to Ask Yourself and Conquering Your Subconscious[29:29] What Would Peter Do Differently If He Started From Scratch?[31:47] Connect with PeterQuotes:[04:43] “When you start looking [at] the profit first and you focus on that number, amazing things happen in your life.”[21:08] “When you write down what your life is going to look like, and you get very clear what you want to end up in…that's like at this GPS, this Guiding Light. Then the next question becomes, ‘okay, what does my business need to look like to support that life?.’”[30:34] “One of the worst things you can do when you're a business owner, or when you're in a dark, dark, dark place, is [going] at it alone. You gotta reach out, you gotta surround yourself with other people.”Connect with Peter and Get a Free Copy of Lifeonaire: An Uncommon Approach to Wealth Success and Prosperity: Website: www.lifeonaire.comFacebook: https://www.facebook.com/CoachPolishPeter/Masterclass Website with Immigrant Entrepreneurs: https://mastersunite.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
Jan 9, 2023 • 32min
Profit first lessons from Florida probate king Al Nicoletti
In this episode of the Profit First podcast, we have Al Nicoletti, the Florida probate King, as our guest. Al is a probate attorney known for his problem-solving skills and ability to bring in more revenue through unique marketing strategies. In this episode, he shares two of his biggest tips for marketing in the probate industry and his methodology for solving problems. He also talks about the importance of finding good people in his industry and gives listeners the right questions to ask when looking for talent. Al provides valuable insights that can help listeners make more money and grow their businesses, so be sure to tune in!Key Takeaways:[00:52] Introducing Al Nicoletti and His Background[05:17] Al Nicoletti’s Money Struggles[08:01] Al’s Work as a Probate Lawyer[11:26] Al on Brand Building and Communication[17:33] What Should You Look for in a Probate Attorney?[20:59] What is Probate? [23:19] Profitable Probate Deals[26:44] Al’s Advice for Real Estate Investors[29:15] Connect With Al[29:38] ClosingQuotes:[12:28] “Relationships [are] what really [build] the bridges to where everybody's going.”[12:52] “I think speaking is one of the most—it's the most unique, best form of networking marketing. It's a superpower that you can have because it will drive business, [and] it'll drive leads."[27:51] “ Time is money and the amount of time that you spend with some of the sellers and they don't get anything. It's crazy…We want to do deals all day, we want to close all day. So that is a huge value add for you out there, you got to start building out a checklist and asking and keeping that right next to you.”Connect with Al: Website: www.alnicoletti.comInstagram: www.instagram.com/attorneynicolettiFacebook: https://www.facebook.com/alnicolettiesqYoutube: https://www.youtube.com/c/alnicolettiPhone No.: 904-999-0053Tired 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
Jan 5, 2023 • 31min
Profit first lessons from a top real estate investor & educator Rod Khleif
Joining us today is Rod Khleif. He is a successful entrepreneur, real estate investor, and business owner known for his expertise in the industry which he shares through his podcast, The Lifetime Cash Flow Through Real Estate Investing.Rod is considered one of the top real estate trainers in the country, and I’m excited for you to hear the insight he has to give. But more than sharing his knowledge, Rod comes on the show to inspire us with his own story, his struggles—financial or otherwise—and how he recovered from them. Tune in as he talks about how he made his first $100,000 in real estate, how he recovered from losing a lot of money in 2008, and his amazing mindset on money.Key Takeaways:[00:45] Introducing Rod Khleif and His Background[05:45] Limiting Beliefs That Might Have Contributed to Holding Him Back[11:32] On How He Recovered After Losing $50 Million [18:39] How Rod Prepares for Downturns [22:50] Rod’s Denver Bootcamp[26:15] Advice for Real Estate Investors: It Starts With Competence [28:30] Connect With Rod and Final Thoughts[29:38] ClosingQuotes:[12:57] “You've got to take that first step. Okay? And that first step can be the scariest step of your life. And it could be the most important step, especially for those [of who] you that are analytical. And you'll sit there analysis paralysis stuff, and you can't do that.”[22:44] “So, how do you get ready [for downturns]? You keep your mindset right you focus on what you want, not what you don't want, you get into cash, you build relationships.”[26:26] “Competence equals confidence equals passion and success… It starts with competence”Connect with Rod: Website: https://rodkhleif.com/Podcast: The Lifetime Cash Flow Through Real Estate InvestingText “Rod” to 72345 and remember the code “rodfriend” to get a lower price. 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
