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
Oct 24, 2022 • 27min
Lessons Learned on Money with Jack BeVier
On this episode of Profit First for REI, we have Jack BeVier, a real estate investor with Dominion Financial Services. He has worked in multiple aspects of investment real estate, and has contributed to the growth of the company into a recognizable name in the national lending scene for real estate investors. Jack comes on the show equipped with an abundance of knowledge in a wide-array of real estate investment fields, finance, and business building, offering a wealth of value to the people listening. Catch the discussion here.Key Takeaways:[00:43] Jack BeVier and His Real Estate Journey[08:20] On Starting Businesses and What He Would Do Differently in Hindsight[13:47] His Lessons Learned on Money[17:57] Advice for the Next Generation of People Getting Into Real Estate[21:33] Dominion’s Loan Products Suitable for Real Estate Investors[23:20] Last Piece of Advice for the AudienceQuotes:[04:47] “I was fortunate to start young...In real estate, youth is a humongous advantage.”[16:59] “In single-family real estate investing…it's best to learn how to do a couple of different things that complement each other.”[24:15] “Getting into hard assets where you can get attractive leverage and do it at a young age, you won’t help but be able to retire [early].”Links:Connect with Jack - rental-loans.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
Oct 20, 2022 • 31min
Developing Good Money Habits with Neil Timmins
Neil Timmins is the CEO of Legacy Impact Partners, a company that invests in residential, commercial, and even medical real estate. He has been in the industry for 18 years, starting as a realtor, moving on to flipping houses, investment, and even coaching and mentoring.Neil has since built up quite a portfolio and extensive experience. He gives us insight into money and people management, developing the right habits, and the lessons he learned that have since helped him build his success in the industry.Key Takeaways:[00:46] Neil Timmins and His Background[03:01] Real Estate Investing and Making an Impact[05:38] On Spending and Investing[07:10] Struggles With Money and Hiring the Wrong People [10:57] On Applying More Control and Finding Unicorns[14:37] On Developing Good Money Habits[22:18] On Personal Finances and Family[24:57] Neil Timmins’ Key to Success[27:07] Connect With NeilQuotes:[12:14] “[Success] requires bringing on the right people.”[20:45] “We are what we habitually do. And so it's imperative that if you want to be financially successful, you do what financially successful people do.”[25:25] “Find a determination that is second to none.”Links:Connect with Neil - legacyimpactpartners.com Piece on uncovering commercial real estate/cheat sheet - legacyimpactpartners.com/giftUnicorn Hunting for Real Estate Investment Companies: How to Easily Attract, Screen, and Land a Unicorn - The Complete Hiring Funnel - https://legacyimpactpartners.com/book/Profit First Real Estate Investors FB Group - https://m.facebook.com/groups/ProfitFirstREI/ Simple CFO - https://simplecfo.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
Oct 17, 2022 • 30min
The Benefit of Profit First for Real Estate Investors with Aryeh Sheinbein
Aryeh Sheinbein has done stocks, real estate, business buying, syndications, and more. He started with investment banking after graduating with a finance degree, and from there, built an impressive portfolio and even more impressive well of knowledge and experience.Aryeh Sheinbein’s expertise gives us profound insight into understanding numbers, cashflow and profit, and why implementing Profit First is a tremendous benefit to your business.Key Takeaways:[00:51] Aryeh Sheinbein and His Background[03:51] How Aryeh Sheinbein Started on Money[08:07] On Profit First[13:52] The Benefit of Profit First for Real Estate Investors [18:58] The Key Indicators in Finances to Look Out For [22:38] The Concept of Product Agnosticism[26:48] Advice for Real Estate Investors[22:44] His Advice for the Real Estate CommunityQuotes:[09:42] “The biggest driver isn't revenue, isn't profits–it's cashflow.”[16:08] “You need to understand where the money is.”[27:09] “Whether you want to be in the stock market, or whether you want to be in real estate [you have to ask yourself]…Are you creating a new job for yourself? Or are you actually creating some sort of passive income?”Links:Aryeh’s Instagram - https://www.instagram.com/aryehthebusinessman/?hl=enThe Investment for Wealth Coaching Program: solutionadvisory.comInside the Lion’s Den Podcast https://insidethelionsdenpodcast.com/Profit First Real Estate Investors FB Group-https://m.facebook.com/groups/ProfitFirstREI/ Simple CFO-https://simplecfo.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
Oct 13, 2022 • 32min
Lessons Learned and how Profit First helped him through his hardest year with Brandon Neely
Brandon Neely is an experienced entrepreneur and dedicated financial planner who runs the Wealth Wisdom Financial Podcast with his wife and business partner, Amanda.After a difficult and emotional second year of running a coffee shop business, Brandon and Amanda started their foray into dedicated financial planning. This led them to Profit First and applying its principles in both their business and personal finances.In this episode, Brandon shares his insight on the importance of valuing your work and your worth, and why you should start implementing Profit First into your life.Key Takeaways:[00:46] Brandon Neely and Profit First[03:26] The Struggles Brandon Experienced During His Journey[07:12] On People Devaluing Their Work and Not Paying Themselves[11:11] The Infinite Banking System [16:05] On Passing on Profit First Principles[20:40] On Lessons Learned After His Hardest Year [22:52] The Effect of Money[26:28] The Importance of Quality Questions[22:44] His Advice for the Real Estate CommunityQuotes:[06:30] “We need to start paying ourselves…as a business owner, we weren't the only ones dealing with this not paying ourselves. It is like a plague.”[07:54] “We devalue our own efforts or works…I think that sometimes, we don't realize that we need to [stop doing] that.”[15:28] “It's just thinking about where you put your money so it can multiply.”[23:18] “What are your goals?...The hard part is most people have not actually thought about them, or talked to their spouse about that.”Connect with Brandon: Still Method- stillmethod.comProfit First Real Estate Investors FB Group-https://m.facebook.com/groups/ProfitFirstREI/ Simple CFO-https://simplecfo.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
Oct 10, 2022 • 26min
Building Other Businesses Around Your Core Business with Daniel Martinez
From effective synchrony in his businesses and to having an altruistic mission, Daniel Martinez has come a long way in his 4-year career in real estate. He is a commercial investor, co-owner of a data company, and founder of HiveMind, a CRM tool designed for real estate investors. This portfolio of assets and skills gives him a view of the market from multiple angles, no doubt instrumental to his success.Daniel also uses his unique position to share the knowledge he gains with so many in the real estate community, just as he does on this episode of Profit First.Listen in on the discussion!Key Takeaways:[00:00] Daniel Martinez and His Background[04:10] The Entrepreneurship Bug and Starting Real Estate[07:06] Starting the Hive With Us Podcast[08:50] On Going Into Data and Software [11:06] Lessons Learned About Money[14:59] On His Business “Why” [17:00] On His Legacy for His Children[19:07] The Challenges and Opportunities in Real Estate[22:44] His Advice for the Real Estate CommunityQuotes:[07:46] “The power of content and going into the digital space is that it’s there forever.’”[09:16] “You build your own infamy off the content that you produce.”[09:57] “When you do a business, you always want to build other businesses around that business.”[12:50] “If you throw your profits right back into the business, recycle it, and grow it, it can lead into large numbers.”[19:49] “If you do enough marketing, you’re going to trip into a deal. You don’t have to be the best negotiator.”Links: Facebook: HiveMind CRM - https://www.facebook.com/groups/hivemindcrm/about/Text HIVE at: +1-210-972-1842Profit First Real Estate Investors FB Group-https://m.facebook.com/groups/ProfitFirstREI/ Simple CFO-https://simplecfo.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
Oct 3, 2022 • 35min
Steve Rozenberg's Recipe for Success: Know Your Numbers and Fail Often
Two of the most important resources a business owner needs are knowledge and mindset.In this episode, we have Steve Rozenberg sharing the wisdom he’s developed over the years along his business journey.A full-time pilot, investor, business owner, and now a business coach, Steve emphasizes how important knowing your numbers is and how getting a coach is one of the best decisions you can make in business.But more than just managing your finances, he talks about how maintaining your mindset is just as important when thinking about money and making business decisions.Catch all that and more on this episode of the Profit First Podcast!Key Takeaways:[0:49] Steve Rozenberg and His History[5:52] Why Get a Business Coach [9:48] Learning the Importance of Knowing Your Numbers[13:07] On His Money Struggles [19:45] Including the Spouses in the Business[21:47] Implementing Profit First Into the Business[28:50] On Action Being the Key to SuccessQuotes:[7:26] “We go to see this business coach to do a diagnostic, and we are going to walk out of here with a silver bullet.”[10:39] “You grow exponentially, your gap gets bigger. At some point, you cannot fill that gap.”[12:39] “The numbers are telling you a story, and we had no idea what that story was until we started becoming masters at reading that language.”[16:28] “I think every business has money [struggles], but I think the mindset is what causes people to look at it differently.”[17:46] “You can never shrink to profitability. You can never take a company and keep cutting expenses without growing the company.”Links:Steve’s Instagram - https://www.instagram.com/rozenbergsteve/Steve’s Website - https://steverozenberg.com/Steve’s Podcast - https://podcasts.apple.com/us/podcast/high-stakes-with-steven-rozenberg/id1618253812Tired 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
Sep 29, 2022 • 41min
More Profit, More Savings, and Less Stress with Chris and Julie Gould
In this conversation with Chris and Julie Gould, sibling business partners for a real estate wholesaling company, we get to hear all about how implementing Profit First can change your business and your personal life for the better.They share how they experienced the feeling of almost living paycheck-to-paycheck despite having good numbers and the stress of the lack of clarity–that is until they heard of Profit First.Now they enjoy financial comfort in their personal lives, running a business independent from its visionary, focusing on new ventures, and diving deep into creating more clarity in their business to make better data-driven decisions. Check it out on this episode of the Profit First Podcast!Key Takeaways:[0:57] Chris & Julie Gould and on Working With Family [6:44] On their Wholesaling Company[10:53] On Profit First[15:27] On the Stress Before Profit First [17:00] How It Felt to Implement Profit First for the Business[19:23] Profit First and Owner Compensation[25:04] How Profit First Helps Make the Business Be More Independent From Chris[29:38] On the Growth of Profit First and Their Business[32:21] What Was The Best Thing You’ve Done With The New Profit Distribution?Quotes:[12:12] “Before we implemented the Profit First system, there’s this question that we ask a lot: ‘Are we actually making money?’”[14:37] “[Before implementing Profit First], it’s almost like living paycheck to paycheck, even though the numbers are a lot bigger .”[15:04] “A huge part of looking toward Profit First, and implementing more infrastructure in the business, we’re depending more on data than gut-feeling. We have numbers in front of us.”[18:42] “It’s not worth it to NOT implement Profit First.”[25:36] “I think a big part of being able to separate and pull [Chris] out of the business was having Profit First to lean on.”[35:5l; 9] “You live your whole life thinking there’s not another way, and someone pops up and is just jlike, ‘Hey, it doesn’t have to be like that at all.’”Links:Level 10-https://level10official.com/Profit First Real Estate Investors FB Group-https://m.facebook.com/groups/ProfitFirstREI/Simple CFO-https://simplecfo.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
Sep 26, 2022 • 33min
How Profit First Can Give You Peace of Mind in Hard Times With Jonathan Tovar
Summary: Profit First is an amazing method for managing your business’ cash flow, but it can be so much more!In this episode, we’ve got Jonathan Tovar, real estate investor, entrepreneur, and co-owner of Action REI, as he talks about his business journey before and after learning about Profit First.He and his brother started their company in August 2019, just a few months before the pandemic hit and dealt a major economic blow on everyone. But through the highs and lows of Action REI, implementing Profit First gave them opportunities and options to keep their business going. Jonathan even started applying the method into his personal finances! Listen in on Jonathan’s thoughts and experiences with the Profit First method, and more!Key Takeaways:[0:55] On Jonathan Tovar and His Investment Background[4:33] Jonathan on Profit First [8:16] Jonathan’s Situation Before and After Profit First[14:14] How Profit First Quickly Changed Their Business [18:16] How Profit First Helps Your Business in Difficult Times[22:54] Implementing Profit First Into Personal Finances[27:00] What Jonathan Would Do Differently if Started From ScratchQuotes:[5:53 ] “Real estate (is a) roller coaster… You get good months and bad months. And what we’ve found is that the Profit First method really helped us out more so in the bad months.”[8:36] “Once you start implementing those things, like Profit First especially, then you start really treating it like a business.”[15:14] “Profit First (gives you) peace of mind in your business and knowing that everything is where it needs to be ”[26:11] “It doesn’t make you feel guilty for having a little bit of fun because you know everything is already accounted for.”Links:Connect with him through his Instagram @jonathan_actionProfit First Real Estate Investors FB Group-https://m.facebook.com/groups/ProfitFirstREI/ Simple CFO-https://simplecfo.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
Sep 22, 2022 • 28min
Ditch the Fear, Know Your Numbers, and Take Action With Paul White
On this episode of Profit First, we’re going to dive in a bit on “Knowing Your Numbers” and more with Paul White!Paul White is an orthodontist and real estate investor whose investment journey started the same way as most people’s–through passive investment. Paul didn’t realize how important knowing your numbers really are. So if you can’t do your due diligence, then at least find a way to have clarity over your portfolio to optimize your returns and make the best decisions possible.This led to the creation of the Real Numberz app, designed to organize your investments so you can get full transparency with less work. Catch Paul’s insights on doing due diligence, why clarity over your numbers helps you have better control over your investments and more!Key Takeaways:[0:46] Paul White’s Background in Real Estate Investment and Professional History[4:32] The Importance of Knowing Your Numbers in Real Estate[6:58] Building an App to Keep Track of Investment Numbers[10:29] Why You Should Know Your Numbers[14:39] How Profit First Helped Paul’s Journey [19:49] How Does Knowing Numbers Help Investors?[24:08] Paul’s Investment TipsQuotes:[8:42] “There is a sense of chaos and unease that comes with not knowing.”[8:58] “If you think about the money that most of us invest, it’s at least after expenses and sometimes after-tax… It’s hard-earned money… we just don’t treat it like we should.”[13:22] “My experience with passive investors, they see a big return, and that’s pretty much the end of due diligence.”[16:04] “Fear comes from lack of control. Fear keeps us from looking at numbers and from taking the first step.”Links:Get a free trial/demo at their website-realnumberz.comConnect with him through his email at drwhite@realnumberz.comProfit First Real Estate Investors FB Group-https://m.facebook.com/groups/ProfitFirstREI/ Simple CFO-https://simplecfo.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
Sep 19, 2022 • 28min
How Paul Moore Subdivided His Way Out of $2.5 Million in Debt
On this episode of Profit First, we’re going to dive in a bit on “Giving First” with Paul Moore and more!Paul Moore is a real estate investor and self-proclaimed former serial entrepreneur. His journey started with him jumping from one venture to another, becoming what he calls a “Real Estate Speculator,” owing millions of dollars in debt, before finally finding his footing as a successful investor.Tune in and hear about his wisdom on real estate investment based on a history full of ups and downs, how he overcame debt with ingenuity and charity, and his key insights to succeeding in investment!Key Takeaways:[0:46] Paul Moore’s Background in Real Estate Investment[2:36] Paul on Self-Storage, and Growing Into an Investor[6:01] On Struggles and Failures Along the Journey to Success[10:00] How Paul Got Out of 2.5 Million Dollars of Debt[13:58] Focusing on One Thing and Hiring an Expert for Others[17:52] Paul’s Keys to Success[20:22] Why is it Important to Find Your Big Why?Quotes:[5:24] “You’re taking something that you know is a weakness and you’ve turned it into a strength.”[10:47] “Hope isn’t a good business strategy.”[19:00] “Putting it in investment terms, if you’re always playing double-or-nothing with your money, someday you’ll end on nothing.”Links:5-Day eCourse and eBook on Commercial Real Estate-wellingscapital.com/resourcesProfit First Real Estate Investors FB Group-https://m.facebook.com/groups/ProfitFirstREI/ Simple CFO-https://simplecfo.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
