Profit First for Real Estate Investors with David Richter

Welcome to the Profit First for REI Podcast! Our guest for this episode is Eric Brewer, a seasoned professional in the real estate industry who has completed over 3000 deals. Eric is the President of Integrity First Homebuyers, co-owner of CR Property Group, and owner of Hillside Financial.Eric joins us today to share his sales methodology and how he has achieved profitability despite having no accounting background. He also discusses how the Profit First method has helped him keep his finances organized and resulted in the biggest write-off in his business's history.Tune in to learn from Eric Brewer's valuable insights on innovation, sales, and the Profit First method. Gain actionable knowledge to help you make more money or keep more of it in your real estate business.Key Takeaways:[00:46] Introducing Eric Brewer and His Real Estate Journey[07:06] Eric and His Experience During the 2008 Crisis[11:55] Eric on Finances and Cash Flow[18:37] Why People Live Deal-to-Deal: The Lack of Formal Education[21:58] What are Novations?[28:12] Eric’s Sales Methodology[32:12] Connect With EricQuotes: [19:12] “All of the education and infrastructure and advice stops at the moment you start making money…I learned how to make money long before I learned how to keep it."[20:19] “If you don't sell, the accountant has nothing to count…And if you don't account for your money, you're gonna [have to] sell 10 times more just to keep your head above water.”[30:06] “When I got into real estate… I realized that…[there are] certain fundamentals of sales that are not changed, like building trust with the person [and] asking good questions.”Connect with Eric:Website With Links: https://brewermethod.com/homeTired 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 

We’ve got Terrie Schauer joining us here at the Profit First for REI podcast. She is a champion in every sense of the word, as a single mom, 3-time, title-holding ex-athlete, Ph.D. holder, and real estate investor. Her career in real estate began as a property manager before fully transitioning into investments. All the while, she worked as a professional athlete, competing in Brazilian Jiujitsu and even achieving world championship titles. In this episode, she shares her real estate journey, and how she applied a lot of what she learned as a professional fighter to her career. Tune in to the discussion!Key Takeaways:[00:40] Introducing Terrie Schauer and Her Background[03:55] On Mindfulness and How to Use It to Succeed[07:54] On Her Sports Career and How She Found Mindfulness[16:06] Juggling Her Sports Career, Being a Single Mom, and Her Work in Real Estate[21:10] Why People Live Deal-to-Deal: Fear and Not Managing It Properly[24:54] Advice for Real Estate Investors[27:14] Connect With Terrie and Grab Her BookQuotes:[04:37] “Mindfulness is not mindset. It's not positive affirmations. It's not your morning routine. It's not hustling at 5 am…Mindfulness is understanding how the human consciousness works, to be able to get the most out of the tool that is your mind.”[21:52] “The number one biggest [reason why real estate investors get in their own way] is fear, [and] not managing fear properly.”[25:27] “If you're not executing on something, or you're performing below the level at which you want to be in business, it's up here, [in your mind]. [Work] on your mind…Mindfulness training has really allowed me to get kind of get the most out of that”Connect with Terrie:Mindful Landlord: How to Run Rental Property for Profit and Peace of Mind: https://www.amazon.com/Mindful-Landlord-Rental-Property-Profit/dp/1554832365LinkedIn: https://www.linkedin.com/in/terrieschauerInstagram: https://www.instagram.com/terrieschauerFacebook: https://web.facebook.com/TerrieSchauerIncReal Estate Investors Club Podcast: https://podcasts.apple.com/us/podcast/real-estate-investors-club-podcast/id1530582814Tired 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 

Today’s guest is Noah Evans, a realtor and the investment director of Tree City Home Buyers. He also hosts the Chasing Freedom Podcast where he interviews top sellers in the industry, explores knowledge on home buying, renovation, house flipping, and more, and passes on valuable tips to his listeners.  Noah's journey is a true testament to the power of Profit First and how it can help you achieve financial freedom, clarity, and control in your business, no matter where you are in your journey.He shares his inspiring story of how implementing Profit First saved him from bankruptcy within the last year and talks about how hopeful he is for his current and future ventures.This is a great episode for investors who’ve gone through similar struggles! Join us as Noah shares his Profit First journey, his real estate journey, and his insights on achieving financial freedom. Key Takeaways:[00:40] Introducing Noah Evans and His Background[06:21] On Implementing Profit First[11:57] What Attracted Noah to Profit First[16:05] How Profit First Saved Noah From Bankruptcy[19:37] How Noah Has Developed Security, Control, and Avoiding Ego Investing[26:38] Advice for People Who Want to Implement Profit First[29:52] Connect With NoahQuotes:[11:05] “In a time of chaos, you fall back to your systems, you fall back to your level of training… I started training myself to be more methodical in the placement of funds on separation of accounts, on treating it like a business and not like a hobby. These are all the things you talk about in the [Profit First] book.”[19:45] “[By implementing Profit First,] not only do I have more peace, I [also] have more control…If we really boiled down entrepreneurship, I would say a lot of people get into it in real estate…because they want control—of [their] time [and] finances.”[32:19] “Accountability at the start is really important…Willpower comes and goes, right? Like, this morning, I woke up late and my willpower to go to the gym was low because I just wanted to get to my day. But I have accountability, [so I show up anyway.]”Connect with Noah:Instagram: https://www.instagram.com/noahevans_realestatePodcast: https://www.youtube.com/channel/UC745tjFMvtRV3oo8F8DPrIwTired 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 

Managing taxes and retirement funds are big factors in any investor’s financial system, which is why self-directed IRAs are such an invaluable investment tool, allowing you to build and control where your retirement funds are invested and pay fewer taxes while growing your wealth.To shed some light on the topic in this episode, we are joined by John Bowens. He is a real estate investor and an expert in the self-directed IRA/401(k) process, serving as the Director of Education at Equity Trust Company's Equity University. Tune in as John shares his wealth of knowledge, providing valuable insights on maximizing your investment and better managing your taxes, and discussing how you can leverage your IRA to buy real estate properties. Get ready to learn from a seasoned pro in the industry!Key Takeaways:[00:44] Introducing John Bowens and the Use of Self-Directed IRAs[06:32] What Keeps Investors From Using Self-Directed IRAs[11:05] The Investor’s Tendency to Live Deal-to-Deal and How It Can Keep Them From Using Self-Directed IRAs[16:30] What Can’t You Invest in With a Self-Directed IRA?[23:50] Types of Accounts Offered by Equity Trust [30:49] Connect With Equity Trust[31:43] Fees Associated When Working with Equity Trust and Their ServicesQuotes:[07:08] “The financial services industry as a whole has failed you, and that's because most instances, in financial services, you're not going to be informed about a self-directed IRA to invest in real estate.”[28:51] “By eliminating the variable of taxation, you increase your annual yield…If your transactions are structured properly, and you're working through the process, and you're doing your due diligence, you could potentially get to your retirement goals and your financial goals by leveraging that component.”[32:19] “[Equity Trust is] not charging a fee based on transactions, or selling investments products…an account holder that moves over, let’s say, a hundred and fifty thousand dollars, they only pay a five-hundred-dollar maintenance fee.”Connect with Equity Trust:Website: www.trustetc.comYoutube: https://www.youtube.com/user/EquityTrustCompanyTired 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 

If you aren’t taking profit for yourself, what are you working for? As business owners, struggling with finances is almost a constant hazard. Sometimes it’s not enough, or there’s the fear of it, and we end up skimping on ourselves.Paul Do Campo struggled with the same until he implemented Profit First and took the initiative in managing his numbers as he grew as an entrepreneur. Today, his fear of not having enough has gone from the dread of not being able to pay his mortgage to more of a motivation to reach his monthly profit goals. Paul is an investor, copywriter, and the owner of REI OmniDrip, a company that helps investors with tailored marketing. He joins us today to talk about financial management, Profit First, and the importance of discipline. Tune in!Key Takeaways:[00:42] Introducing Paul Do Campo and His Background[04:17] On Struggling With “Not Enough” and Setting His Profit Goals[10:54] On Profit First and Entrepreneurial Discipline[18:00] The Importance of Having a Money Management System and Talking More on YNAB [21:43] On Minimalism [23:41] How Minimalism, His Money Mindset, and His Dedicated System Influences His Confidence in Reaching His Goals[28:11] Advice for the Real Estate Investing Community and on Copywriting[28:59] The Key to a Good Copywriter[30:44] Connect with Paul and REI OmnidripQuotes:[13:12] “It wasn't just about having more money every month, it was more about structuring my finances for my business.”[18:26] “For me, [YNAB is] worth the cost. I mean, I think you need something right?”[29:20] “The biggest thing that [real estate investors] can do [for copywriting] is [to] ‘write like you talk.’”Connect with Paul:Omnidrip Website: www.reiomnidrip.comInvest in Multifamily Apartments or Self-Storage: www.investingcapitalgroup.comTired 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 

Have you ever felt guilty for taking money out of your business? That guilt is what keeps many entrepreneurs from taking the profits they’ve earned to the point of living deal-to-deal  Our guest today felt the same, even after he implemented Profit First.Cory Boatright has been an entrepreneur for most of his life, having ran or been directly involved with almost forty different companies. He is also a coach, author, and real estate expert, and his vast knowledge is going to be a treat for new and veteran entrepreneurs alike.Cory joins us today to talk about the emotions and mindset behind taking profits from your business and the importance of understanding your finances and how it can improve your life! Join us!Key Takeaways:[00:43] Introducing Cory Boatright[02:15] On Profit First[04:40] Cory’s Entrepreneurial Journey[10:29] On His Mindset in Transitioning Into His Business and Profit First[15:16] The Entpreneur’s Tendency to Avoid Finances[20:37] The Benefits and the Clear Money Mindset Brought About by Profit First[29:30] Advice for Somebody Who Wants to Implement Profit First[34:47] Connect with CoryQuotes:[12:23] “It [isn’t] until you really [start] to consider Profit First’s way of thinking…that, first off, it's okay to pay yourself first. Now that's the very first thing that was a hard hurdle for me to get over.”[28:53] “Profit First allows you to have organization [in] your business in a way that gives you consistency.”[33:21] “You have to have structure. Profit First is one of the first ways to do that in your finances. Yeah. Which is like the heartbeat…of the business.”Connect with Cory:Learn Wholsaling with Cory: www.coryscoaching.comInvest in Multifamily Apartments or Self-Storage: www.investingcapitalgroup.comTired 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 

Our guest for this episode is Krisstina Wise, a money expert, coach, and the CEO and founder of Wealthy Wellthy. She dedicates herself to helping other entrepreneurs achieve wealth without the cost of their relationships and health—something she herself has gone through.Krisstina’s mission is fuelled by her personal struggles. In 2013, she nearly lost her life due to a lifestyle dedicated to the pursuit of success and money. She realized that she achieved professional success at the expense of her health and happiness in other facets of life. From there, she went on a journey to understand money.Krisstina now teaches how to have a healthy relationship with money, using her expert insights to help people reach financial satisfaction, including how to apply Profit First into your life. Tune in to hear all of it straight from an expert!Key Takeaways:[00:58] Introducing Krisstina Wise and Her Background[04:41] Experiencing Money Struggles and Other Challenges[08:58] How Krisstina Began to Dig Herself Out of Her Situation[11:29] What Contributed to Her Going Through Financial Struggles and the First Category of Money Mindset Problems[13:29] The Second Category of Money Mindset Problems: Parkinson’s Law[16:22] The Third Category of Money Mindset Problems: The Fear of Spending[17:01] The Three Money Mindsets[20:53] On the Tendency for Entrepreneurs to Live Deal to Deal [31:42] The Most Important Money Question: How Much Money is Enough?[37:11] Connect with Krisstina and Check Out Her BookQuotes:[06:24] “Over 75%—close to 80%—of Westerners are paycheck-to-paycheck, regardless of income. So those statistics alone tell us that we really don't understand this thing called money.”[21:55] “The number one money myth, the biggest money lie…[or] false belief there is out there is this belief that the answer to all of my money problems system make more money.”[31:53] “The most important money question that we can ask ourselves…is “how much money is enough?” And it's an equally philosophical question as it is practical…It’'s a really important question because what we need to get to is a place of what's called satisfaction.”Connect with Krisstina:Facebook: https://www.facebook.com/WealthyWellthy/Instagram: https://www.instagram.com/krisstinawise/?hl=enFinancial IQ Quiz: www.wisemoneymethod.com/quizFalling for Money: How to Have a Lifetime Love Affair with your Finances: https://www.amazon.com/Falling-Money-Lifetime-Affair-Finances/dp/0692560904Wealthy Wellthy Podcast: https://podcasts.apple.com/us/podcast/wealthy-wellthy-podcast/id1087965675Tired 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 

In this episode, we’re speaking with David Pupo, a real estate investor and the visionary of Florida House Buyers. He studied marketing and finance and worked a corporate job right out of college before transitioning into the real estate industry.David is a big advocate of the Profit First method. He first applied it after realizing he had been spending so much on taxes and realized he needed a system to manage his money. Despite initially struggling to maintain the model, he has recently seen how much of a benefit it is to his business through following Profit First with discipline.Tune in as we discuss his investment journey and how every investor needs Profit First.Key Takeaways:[00:46] Introducing David Pupo and His Background[03:44] David’s Entrepreneurial Journey[07:57] Encountering the Profit First Method[10:16] The Value of Profit First After David’s Full Implementation[11:56] Struggles Before Fully Implementing Profit First[15:58] David’s Teaching Niche in Real Estate that Includes Profit First  [17:58] David’s Future Goals for His Business[20:51] Hardest Lesson Learn as an Investor[22:10] Advice for People Who Want to Implement Profit First.[23:13] Connect with DavidQuotes:[10:31] “[Profit First is] sheer discipline, that's what I see coming out from the other side is just a consistent action to make sure that at the end of the day—when it's tax season, you are not gripping, you're not holding for dear life.”[21:11] “You don't need a partner for everything that you might think. You can delegate and hire out a lot of those responsibilities…I always thought that I needed a COO…While I know that there's a lot of benefits to having that COO, I've also been able to realize I can delegate and hire out a lot of what that responsibility was.”[22:31] “[Profit First is] very elementary. It's very action and step oriented…to the point where I can show people that I'm bringing it on as coaching clients in the first two weeks of the program.”Connect with David:Website: www.tripleoffer.comFacebook: https://www.facebook.com/david.pupo.9/Instagram: @dollarswithdavidTikTok: @dollarswithdavidYoutube: https://www.youtube.com/@dollarswithdavidTired 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 

Being wealthy is more than just a full bank account. It’s about having a mindset of financial management to accumulate a resource that can continuously build on itself. Moreover, it has the potential to be taught and learned.Our guest today understands the potential of a system like Profit First for himself and others. Bob Lachance learned of the method’s principles at a young age and has applied it to his ventures to this day. He is a real estate investor and the founder and CEO of REVA Global, a premier virtual assistant staffing company focused on the real estate industry.Listen in as we discuss the importance of proper money management, the benefit of hiring virtual assistants, and Profit First.Key Takeaways:[00:50] Introducing Bob Lachance and His Real Estate Investment Journey[03:19] Profit First and the Entrepreneurial Tendency to Burn Cash[08:41] On Tracking Costs in Business and Experiencing Business Struggles[12:16] Developing Better Financial Habits and Applying Profit First[14:05] The Benefit that Virtual Assistants Bring to a Real Estate Investor[16:39] Things to Consider Before Hiring a Virtual Assistant[20:25] The Habit That Has Contributed to His Success the Most: Implement[21:13] Hardest Lesson Learn as an Investor[22:26] Connect With BobQuotes:[13:03] “The great thing about Profit First is you can then give it to the individuals that work for you.”[15:39] “If anybody is relying on a virtual assistant in a different country to close your deals, you will be out of business soon. That's not their role. Their role is either admin TAs or lead generation.”[21:46] “We start being successful when we start focusing first on that one thing. Instead of doing 900 things at once, you got to get good at that one thing”Connect with Bob:Website: www.revaglobal.comEmail: bob@revaglobal.comTired 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 

Today’s guest is Scott Emsley, a real estate investor with Clear Sky Properties. He has been in the since 2020, first starting with single-family homes before eventually dipping into multifamily properties as he does today.Scott continues to work as a clinical psychologist while starting his venture into investing. Interestingly, he did not have a previous entrepreneurial background like most investors, making the Profit First system an invaluable tool for managing his finances and learning better money management. With his circumstances and background in psychology, Scott offers a unique insight into the benefit of Profit First and a psychologist’s perspective on some of the struggles of investors. Tune in!Key Takeaways:[00:47] Introducing Scott Emsley and His Real Estate Investment Journey[07:28] On Analysis Paralysis About Starting Real Estate Investing[11:02] On Implementing Profit First and Experiencing Its Benefits[17:40] Profit First in the Multifamily Space[22:47] Real Estate Investment Without Initial Entrepreneurial Experience[26:43] Scott’s Thoughts on His Career Without Profit First[29:05] Advice for Real Estate Investors: Without a Business Plan, You’re Doing It Wrong[30:30] Connect With ScottQuotes:[12:17] “[Profit First] is one of the biggest reasons why I've been able to pick up another 300 or so units [in] the remainder of last year.”[27:52] “I'm not equipped to be a business owner if I hadn't found profit first.”[29:46] “If you don't have a good business plan, you're doing it wrong…If you don't have a business plan, a business strategy, the house of cards is going to come toppling down.”Connect with Scott:Instagram: www.instagram.com/stewardscottyPodcast: The Worst Ever Real Estate Investing Podcast (currently in the works)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