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

Jan 2, 2023 • 35min

Profit First Lessons From Pat Precourt A Highly Skilled Entrepreneur and Expert in Developmental Coaching

The Profit First method is based on establishing good financial habits. However, to adopt this approach, breaking free from negative behaviors that hinder growth is necessary. Our guest today is an expert at helping others break through and develop a better mindset, not just in money but also in leadership, teamwork, and personal growth. He is a knowledgeable real estate investor, coach, mentor, speaker, and real estate investor.Pat Precourt is a highly skilled entrepreneur who excels in personal development coaching, marketing, business development, and more. Tune in as he provides a rich source of insight into overcoming bad habits and achieving financial growth!Key Takeaways:[00:45] Introducing Pat Precourt and His Background in Developmental Coaching[03:52] The Common Financial Struggles of Entrepreneurs and How Pat Helps Them Recover[11:32] The Predictability of Human Behavior and How It Can Be Used for Developing Change[13:12] Pat’s Personal Money Struggles [14:50] Why Many People Live Deal-to-Deal and How to Break Away From It[19:31] How Pat Helps Leaders Who are Stuck Grow [25:55] The Benefit of Having a Coach When It Comes to Creating Positive Change[28:05] Pat’s Habit to Succes: Show Up and Build Momentum [30:35] The Hardest Lesson Pat Has Learned[33:04] Connect with PatQuotes:[15:33] “We don't lack work ethic…We're tough. We can endure a little pain and endurance…but as a result of that, we put ourselves in a position to endure a little pain. And we put ourselves in a position where we have to work long hours, only because we're capable of it, and therefore we let it [happen].”[26:27] “Your mind that got you this far, which is filled with all of your life experiences, all your wisdom, knowledge, expertise… [it] got you this far, [but it] can't get any further on its own. It only knows what it knows. And that's why you're exactly where you are right now until an outside force leans into you. And that's what a coach does for you.”[29:06] “ I made a habit of showing up. I think showing up when you're down and out and feel like shit, or you're crabby and grouchy…Just showing up is more important than then staying home and finding excuses why you should why you didn't show up.}Connect with Pat: Website: https://patrickprecourt.com/Social Media: “Patrick Precourt” on different platformsTired 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

Dec 29, 2022 • 36min

How Profit First Impacted David Dodge’s Favorite Business Model, The BRRRR Method

Acquiring assets with little to no money is a real challenge for first-time investors. We've got David Dodge, a full-time investor for eight years, who shares with you the BRRRR method and how to use this strategy to acquire using little to no money and doing it rapidly.Listen as David shares how Profit First impacted his business and why the BRRRR method is his favorite strategy in acquiring properties.Key Takeaways:[00:43] Introducing David Dodge[02:21] David on What Excites Him the Most about Real Estate[04:00] Introducing the BRRRR Method[05:42] How BRRRR Method Works[14:14] Money Struggles David Experienced in the Past[19:58] David Shares His Addiction to Investing[29:00] Keys to Success of David in Real Estate[34:06] Connect with David DodgeQuotes: [16:04] "Anybody that is gonna do due diligence for you is selling you."[27:52] "The richest people I know are experts of tax because they know how to avoid it."[29:20] "Failing is part of the process. The equation to success is a bunch of failures and a bunch of trying, then you get the success."Connect with David:Website: https://www.wholesalinginc.com/Tired 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

Dec 26, 2022 • 23min

Profit First Lessons from The Owner Of Offer on homes & Sales Expert Nathan Payne

Being a real estate investor means working for yourself. But, ironically, it also often leads to the inability to pay yourself. This is a symptom of improper financial management—a predicament that a system like Profit First can solve.For our guest today, Profit First is precisely what he needed to refocus his finances into what is necessary, kickstarting massive growth!We’ve got Nathan Payne joining us in this episode. He is a real estate investor, sales expert, and the owner of Offer On Homes. Listen in as he talks about his work, his struggles, and his success with the help of Profit First. Key Takeaways:[00:45] Introducing Nathan Payne[02:07] Nathan on Real Estate and How He Started[03:53] Nathans Money Struggles in Wholesaling[06:03] How Inaction Can Lead You to Living Deal to Deal[07:06] The Cash Conversion Cycle[07:31] Nathan’s Struggle to Pay Himself and Discovering Profit First [10:36] Nathan on How His Lack of Financial Knowledge Early on Held Him Back[12:18] Nathan’s Advice to Pass On: Consistent Action and No Excuses [14:11] Nathan’s Current Projects[15:16] On Hiring the Wrong and Right People[20:08] The Benefit of Networking for Your Real Estate CareerQuotes:[08:02] “My business partner and I were running this company [and] luckily our wives work. So we were able to live off of what they made…I think that might have been a handcuff to be like, ‘Hey, if we're not paying ourselves, it's okay.’ So it was a double-edged sword. .”[15:48] “I can't do everything—I wish I could. But hiring solid team members has been the best thing in my life where I can just be like, ‘Hey, I need you to do this.’ And they do it better than I can. And it's like the best feeling ever.”[18:06] “That's the advice that I would have for people…education is great, but you need to take action, and then you're gonna find out what you don't know real quick.”Connect with Nathan: Website: investordrive.comInstagram: https://www.instagram.com/nathanpayneofficialYoutube: https://www.youtube.com/@NathanPayneInvestorThriveTVTired 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

Dec 22, 2022 • 44min

Profit First Lessons From A Successful Real Estate Investor and Wholesaler from Gainesville, Florida with Brett McCollum

In this episode, we hear from an individual who has faced financial challenges and has taken steps to overcome them, eventually finding success. Our guest's journey has been one of great highs and lows, and they will share their experiences and insights with us.Joining us is Brett McCollum: a successful real estate investor and wholesaler from Gainesville, Florida and the owner of MVP Group International. Brett shares his personal story of overcoming financial struggles and achieving success in the industry, offering valuable insights and advice for other investors facing financial challenges. Tune in to hear Brett's journey and gain valuable knowledge on how to overcome financial obstacles in the world of real estate investing.Key Takeaways:[00:42] Introducing Brett McCollum[04:32] Brett on Growing up in Poverty and Other Employment and Financial Struggles[16:50] How Brett Started in Real Estate[24:10] On His Money Mindset Early On, and Learning How to Properly Manage It[28:01] Why Building Habits is Key to Becoming Better With Money Management[30:00] How Brett Learned to Pay Himself [34:07] Brett’s Breakthrough Moment and Working With His Wife to Manage Their Finances[40:34] Connect With Brett [42:39] Closing RemarksQuotes:[26:09] “In the coaching programs that I have, most of them don't teach you how to keep your money. And I guess that's absolutely the reason why you wrote [Profit First for Real Estate Investors].”[27:42] “I make plans for my business and how to market. I make plans for my business; how to generate those leads. I make plans for how to sell those deals. I make plans for how to do this and everything. Shouldn't I then also make a plan for where my money goes?”[32:30] “If I hadn't had a profit first plan, 2020 would have crushed me.”Connect with Brett: Facebook: https://www.facebook.com/brettcmccollumTired 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

Dec 19, 2022 • 35min

Profit First Lessons From CEO of Renovestors and Real State Investors with George Salas

One of the many goals of entrepreneurs is to build a business to the point that you can exit while it generates passive income.George Salas is one of the many investors who had the same goal until he ran out of money from the get-go and struggled to pay himself. Finally, he realized he had to take charge of his cash flow. He then began to implement Profit First and take steps to ensure his finances were managed correctly. George is a real estate investment strategist and the CEO of Renovestors. He now utilizes the lessons he learned on money management to help other investors with his cash flow, and he joins us today to share his experience.Key Takeaways:[00:57] Introducing George Salas[04:56] George Salas and His Money Struggles, Especially as a Beginner[07:21] On Struggling to Pay Himself and Taking Initiative to Manage His Money[13:42] On Adjusting to the Recession and Generating Profitability[17:34] Why Do Many Investors Live Deal-to-Deal?[20:36] On Lessons Learned and New Perspectives on Money[22:28] Lessons to Pass on to His Kids[24:20] George’s Keys to Success: Prioritize Personal Development[27:08] What is Time Blocking?[29:47] Advice for the Audience: Have an Attitude of Excellence[32:55] Connect With GeorgeQuotes:[17:12] “I built a portfolio with the wrong strategy, because [it was the] wrong strategy for what I wanted as a goal.”[24:50] “My biggest habit has been personal development, right? Making sure that I have a growth routine.”[29:54] “Even if you're going to deal-to-deal or you do have a goal, there's always a way to improve what you're doing. So in order to do that, you've got to have an attitude of excellence.”Connect with George: George’s Website: www.georgesalas360.comFree Training on Generating a Cash Flow Machine: www.jumpstart2freedom.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

Dec 15, 2022 • 33min

Profit First Lessons From A Investor, speaker, founder of Common Goal with Nick Prefontaine

One of the most common goals in real estate investing and building wealth is developing that peace of mind that comes with financial security.Joining us today is Nick Prefontaine, an investor, speaker, founder, and CEO of Common Goal. He talks about the difficulties he and other investors experienced and how he has managed to build his success and achieve that peace of mind through financial management.Tune in as he talks about his investment journey, the influences and lessons he learned growing up with a dad who is a real estate investor, and implementing Profit First!Key Takeaways:[00:52] Introducing Nick Prefontaine[03:02] On Nick Starting His Investment Journey After Coming out of the Hospital[09:49] Money Struggles Nick Experienced During His Journey[17:32] On Learning Money Management Early [24:46] Employing an Abundance Mentality: How Investors Can Stop Living Deal to Deal[28:19] Taking Things a Step at a Time: Nick’s Keys to Success[30:22] Advice for Real Estate Investors[32:03] OutroQuotes:[11:46] “In order to influence people, in order to let them help you, you have to allow them to bring down their walls. And that's done by relating to them.”.[19:24] “The principles that I learned in [the Millionaire Mindset seminar] they stick with me to this day, and really it really allows me to have so much more flexibility and peace of mind.”[28:50] “You have to just take your first step. And then once you take your first step, it allows the next step to become possible. So just breaking it down, David, to taking things one step at a time.”Connect with Nick: Nick’s Master’s Class: https://smartrealestatecoach.com/mastersclassTired 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

Dec 12, 2022 • 28min

Profit First Lessons From A 30+ years Experienced Real Estate Investors with Dwan Bent-twyford

In real estate investing, it is essential to have guidance and direction for your business.Our guest, Dwan Bent-Twyford has been in real estate for 30 years, tells you the importance of mentorship and how it helped her manage her finances. Join us as we talk about Dwan's career, financial struggles, and what turned her from spending every dollar to not becoming broke. Key Takeaways:[01:00] Introducing Dwan Bent-Twyford[02:34] Dwan on What Excites Her About Real Estate Investing[04:00] Financial Struggles in Her 30 Years Investing Journey[09:08] Dwan's Experience of Living Deal to Deal[12:09] How Financial Classes Helped Dwan in Managing the Money[18:37] Lessons Dwan Wants to Pass on to Millenials[23:34] Dwan's Advice to Real Estate Investors[25:25] Connect with Dwan Bent-TwyfordQuotes:[07:52] "If I have someone like you that gave lessons, 'this is what you need to do to be successful, and 'these are the steps,' I feel like I would have listened this time."[17:33] "No matter what you do, you work for yourself. There was no freedom outside of working for yourself."[19:14] "If you would take the risk to work for yourself, I don't think you ever regret it."[20:04] "If you put the value of time as your most valuable asset, you will look at it differently."Connect with Dwan:Website: https://dwanderful.com/ Tired 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

Dec 8, 2022 • 30min

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