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
Jun 27, 2022 • 25min
Find Your Niche and Pay Yourself First: A Guide to Financial Success With Dave Rice
With over thirty years of experience in the field, it’s a guarantee that Dave Rice gives unique and unmatched expertise when it comes to providing bookkeeping services. Dave's business management background and a degree in pharmacy helped start-ups sharpen their business in the most profitable areas, maximizing their fullest potential.Discover how he incorporates the Profit First system into his career while helping others build fast growth through actionable tactics. Tag along with us and learn more about his story in this week’s episode.Key Takeaways:[2:06] What got him into real estate and why real estate?[6:06] What early lessons did he learn about money and what does he think about money today?[9:20] How do they maintain their business and build their reputation?[10:17] How did he get into the “profit first” world?[15:11] People are thrilled when they first see real financials and learn where they’re making money, where they’re spending money, and where it’s going.[15:41] One of the most common mistakes made by investors on the financial side of the business[18:08] Last minute advice that David wants to send to the audience[18:14] You will want to have a handle on your finances and business. The key to success is having uncomfortable conversations.Quotable Quotes:[7:17] "Get paid first, and pay yourself first."[12:42] "It’s so rewarding to see that the business owner finally feels like a business owner and not just a slave to his business."[17:10] "I find it really fun to teach these investors who are visionary entrepreneurs but not necessarily ready to dig into the details. That’s the part of the plates that they hand out to us."Links:REI Bookkeepers- http://reibookkeepers.comDave’s LinkedIn- https://www.linkedin.com/in/mrdaverice Tired of living deal to deal? If you are a real estate investor or business owner who is tired of living deal to deal, and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. - David
Jun 20, 2022 • 28min
From Praying for Rain to Making it Rain with Brad Smotherman
Brad Smotherman is a seasoned real estate investor. He's the nation’s ultimate house flipper and he’s always one step ahead in helping new investors build a lasting real estate company. Currently, he has invested in over 14 states and owns a top-notch REI business. His wits and knowledge in selling and marketing is unparalleled. Listen to this episode to find out how this genius has been doing it for years.Key Takeaways From This Episode:[1:38] What got him started in real estate?[5:23] Early lessons that he thought about money[6:58] We have to create long-term cash flow assets or we’re never going to get ahead.[10:38] Does he want to pass on lessons about money to his children?[15:47] How does he go about analyzing deals from his perspective?[18:46] Does he think that most entrepreneurs should have a basic understanding of the business world in order to be a savvy business owner?Quotable Quotes:[3:05] “Most of the time, your biggest wins come after the point that you want to quit, but you don't.”[13:24] "Come up with a plan that you’re comfortable with."[23:31] "If you can market the right way and negotiate the right deal structure, then it’s really tough to mess up this business."Links:Profit First for Real Estate Investing FB Group-https://m.facebook.com/groups/ProfitFirstREI/about/ Brad Smietherman’s Website- https://www.bradsmotherman.com/ Investor Creator Podcast- https://www.bradsmotherman.com/blog/podcastsTired of living deal to deal? If you are a real estate investor or business owner who is tired of living deal to deal, and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. - David
Jun 13, 2022 • 33min
Drop the Guilt and Enjoy Your Profit: A Profit First Strategy With Melissa Johnson
Being self-employed is scary, and there's a lot to learn. Getting your confidence up in the alley requires a lot of work, especially when entering a business like real estate. Every entrepreneur is unique, so it's essential to create a business and lifestyle that enriches and aligns with YOU as an individual. But don't you worry because Melissa Johnson will spill her secrets in today's episode and show you how. Key Takeaways:[2:13] Melissa's story on how she landed in real estate [4:17] How did she end up doing a thousand deals, and what steps did she take to get there?[6:18] The personal growth, mindset, and things that she'd learn while doing real estate [9:23] Did her parents sit down with her and talk about money growing up, or is it all self-taught?[20:02] What does she think about the Profit First framework, and how can they help people who just started real estate?[20:44] The importance of allocating your money where it needs to go [23:00] Why does she think finances take the back burner for most businesses?[24:36] A lot of people from real estate don't come from a real estate background. They come from other businesses.Quotable Quotes:[14:15] "Understanding what money can do for you is a big lesson."[15:15] "I think there's something to be said for enjoying the fruits of your labor." [26:37] "Learn from those who have gone before you."Links:Melissa’s Website-themelissajohnson.com Left Main CRM-leftmainrei.coMelissa’s LinkedIn-https://www.linkedin.com/in/melissa-mcray-johnson-8794827/ Rich Dad Poor Dad- https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194 Tired of living deal to deal? If you are a real estate investor or business owner who is tired of living deal to deal, and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. - David
Jun 1, 2022 • 34min
How Profit First Helped James Manning Marry the Girl of His Dreams After Hitting Rock Bottom
James “Jim” Manning is a true industry professional. He's well-known for his excellent communication skills and quick wit. His attitude, grit, and determination made him surpass all of the challenges and earn a couple of milestones.It is undeniable that Jim has proven to comprehend the various dynamics of the ever-changing market and has done all things real estate for the past thirteen years. In today’s show, let’s hear it firsthand from Jim on how he’s been able to climb the success ladder while implementing the Profit First strategy. So much to unlock in this exciting episode!Key Takeaways From This Episode:[4:08] How did he manage to do 3,000 deals in a span of 13 years?[9:22] You need to keep an eye on your books and the bottom line. [11:00] Knowing your numbers and keeping track of how the money is flowing within your organization may feel like you don’t have time, but that is one of the most valuable investments that you could possibly make for your time and business.[17:06] Having that money for yourself and being able to think a little bit differently and having that system in place, having that profitability and seeing the true cash flow.[18:53] Invest all the profits into the business, grow it, and get more to grow it as fast as you possibly can.[23:53] If you’re a new investor, there’s a system to help you avoid making mistakes.[25:25] There are all sorts of resourceful ways you can make a profit first.[27:36] There are riches and niches; don’t try to be the jack of all trades. Find something that you’re passionate about, that you’re good at, and that you can do over and over again.Quotable Quotes: [4:50] “If you’re just starting out in business, don’t compare yourself to someone who has 13 years of full-time effort building a business.”[9:49] “The highest dollar producing activity that you can possibly do is to cut expenses and audit your books.”[22:52] “Do not lie to yourself that you don’t have enough time. That's just not how it works.”Links:Door To Deal Website: http://doorstodeals.comDoors To Deal Podcast: https://open.spotify.com/show/5ylH82AN6t0SF4mgfGRJ6u?si=climrZ4OQnKkxAl2nZAuQA Tired of living deal to deal? If you are a real estate investor or business owner who is tired of living deal to deal, and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. - David
May 27, 2022 • 33min
Expand Your Thinking, Take Action, Repeat: A Blueprint for Financial Success with Rafael Cortez
Have you had enough of your 9 to 5 and want to make a big leap in real estate investing?Well, you’re in the right direction because today, we’re getting into the mind and systems of Rafael Cortez from REI Wholesaling. Get the blueprint to building your own real estate business by listening to today’s episode. Make sure to strap in because Rafael will teach you how to expand your perspective, bring pulse to your business and take immediate action to build that legacy wealth!Key Takeaways for This Episode:[1:52] How Rafael started in business transportation to real estate investing[7:47] Organizational psychology helps you build a blueprint of the right people going on the right seats[11:20] One of his biggest lessons is understanding that he had limited beliefs, and his financial thermostat wasn’t dialed in yet[12:18] The importance of paying yourself first[16:34] Rafael shares how he’s structured his business throughout the years[17:14] You’re not accounting for that money to rescue you. You have to make it work[20:05] Getting into those habits of what are you trying to accomplish in both your personal life and career[24:58] There’s no magic recipe for success. It comes down to putting yourself in rooms that will make you growQuotable Quotes:[1:43] “I didn’t choose the thug life. The thug life chose me.”[7:15] “Everything begins with mindset. Once you understand the mindset, you can become aware of what can happen as you go to your low and high cycles.”[16:46] “At a very simple essential level, you create a budget for your business.”Links:Rafael’s Instagram-https://instagram.com/rafaelcortezceo?igshid=YmMyMTA2M2Y=REI Wholesaling- www.reiwholesaling.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
May 20, 2022 • 28min
Financial Peace Without Losing the Thrill of Investing With Scott Meyers
In this episode, we got a chance to chat with the self-storage king himself, Scott Meyers. He’s an expert in the self-storage business and has an unwavering passion for sharing his experiences and wisdom to help others. He’s in the show to share some tips on how you can make your money work for you so you can focus on living your life exactly as you’ve always wanted. Listen to today’s show, and learn a thing or two from this savvy industry expert! Key Takeaways for This Episode:[1:45] How did Scott Meyers start in the real Estate investing world?[6:26] What early lessons did he learn about money, and how does that compare to his recent experiences?[9:12] What prompted him to implement the Profit First system? [11:50] Scott explains how he still uses reserves for growth [15:15] At the end of the day, you need to run things bright and stop putting your business and everyone in your team at risk[15:55] What does it take to have a business that is running, profitable and successful? [19:50] What does he want to pass on to the next generation regarding money?[23:07] Don’t get overleveraged. Have those cash reserves in place, and be prepared for that. [23:54] Surround yourself with people who are smart about money. Who also has reserves and cash.Quotable Quotes:[8:03] “We immediately learn that we have to turn the business around.”[8:20] “You have to have a little more runway, a little more cash reserves to weather any kind of storms.”[12:22] “We sometimes fall on that gap of continuing to plow every penny into our business, and we do it at the expense of leaving our cash reserves short.”[19:21] “If you want to be able to help people that are in that poverty, you can’t be in poverty yourself.” Links:Profit First Real Estate Investing by David Richter-https://simplecfosolutions.com/profit-first-david-richter/ Profit First by Mike Michalowicz- https://www.amazon.com/Profit-First-Transform-Cash-Eating-Money-Making-ebook/dp/B01HCGYTH4 Self Storage Investing - https://selfstorageinvesting.com/ The Pumpkin Plan by Mike Michalowicz- https://www.amazon.com/Pumpkin-Plan-Strategy-Remarkable-Business/dp/1591844886 Rich Dad Poor Dad by Robert Kiyosaki-https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194 Tired of living deal to deal? If you are a real estate investor or business owner who is tired of living deal to deal, and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. - David
May 11, 2022 • 35min
Think First and Drop the Ego - Leveling Up Strategies with Marck de Lautour
Time is such a finite thing. So when you trade time for dollars, you cap your income. As it should be pretty clear by now, there can be a serious problem when you barter your time for money. And with us in the show is someone who’s a master in creating generational wealth and passive income. Marck de Latour will give you a mind-shift change as he lays down the benefits of real estate investing and how to keep your money rolling without you!Key Takeaways for This Episode:[1:31] Where is Mark from?[3:59] Would he put a high value on the education that he perceived along the way in his real estate investing journey?[8:54] The story of how he became a full turnkey provider?[10:41] The mindset of creating a team that will help you in your business?[12:14] The mind-shift for him was analyzing that he needed to pay high wages and high compensation.[14:22] If you don’t want to scale your business, you don’t have to[17:04] There are no secrets to success, only executive [17:47] What early lessons did he learn about money?[18:46] Understanding trading time for dollars vs. owning something [21:34] The value of your compensation will be equal to the problems that you solve in life[29:11] Think of where you want to go. The destination is important, and enjoy the journey.Quotable Quotes:[6:09] “It’s easier to do than to think. But it’s harder to think and plan and strategize.”[11:29] ”When you reach the point where you're trying to scale and grow, you can get good, but it's really how to get great and remove you from the process.”[14:39] “When you’re doing big deals throughout the year, you have to scale up and go through the pain.[29:42] “The strength of the entrepreneur becomes the organization's weakness.”Links: Profit First Real Estate Investing by David Richter-https://simplecfosolutions.com/profit-first-david-richter/ The Legend of the Monk and Merchant by Terry Fellber-https://www.amazon.com/Legend-Monk-Merchant-Principles-Successful/dp/0529120801 Mark’s LinkedIn-https://www.linkedin.com/in/mark-de-lautour-012154203?originalSubdomain=nz Tired of living deal to deal? If you are a real estate investor or business owner who is tired of living deal to deal, and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. - David
May 4, 2022 • 24min
How to Work Smarter Not Harder With Cameron Dunlap
Keep your steam engines running for this exciting episode, and we’re bringing in a very special guest for you. We’re joined by no other than Cameron Dunlap, the founder, and CEO of Real Estate Worth Network. Today, he’ll be sharing with us his real estate journey and how he’s been able to achieve his success by using the exact REI tools to move his business forward.Catch this genius-making action by listening to today’s jam-packed session!Key Takeaways for This Episode:[2:09] How did he start to build up his rental portfolio?[2:56] Cameron shares his teaching and real estate journey[5:57] Was there ever a time in the business where he felt like he was doing a lot but wasn’t keeping as much?[7:45] When did the financial freedom fill in and did all the work?[11:00] Was the Profit First methodology a new concept to him?[16:22] You can use the buyer’s money to fund a purchase for your seller[18:41] With the cash buyer’s data fee, you don’t have to build a buyer’s listQuotable Quotes:[5:41] “I get a lot done, but I don’t work that hard.”[15:50] “That was a big changer because it helped me focus my energy on the right people.”Links:Profit First by Mike Michalowicz-https://mikemichalowicz.com/profit-first/Profit First REI by David Richter - https://simplecfosolutions.com/profit-first-david-richter/ Real Estate Worth Network- https://realestatewealthnetwork.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
Apr 25, 2022 • 26min
From BRRRR to Metal Boxes — How Scott Meyers went from King of Making Mistakes to King of Self-Storage
The self-storage king is on the show today, so better expect an explosive episode coming your way.Scott Meyers, also known as the nation’s leading expert in the self-storage business, is here to bring value and share his side of the story. He’s been the architect of several extremely successful real estate transactions. He is always ready to teach others about the business and help them correct their mistakes to achieve a higher level of success. In this episode, he’ll uncover the mystery behind that. Let’s find out how Scott implemented a process plan that made him run his business and leverage his way to the top! Key Takeaways for this Episode:[1:32] When did he first implement Profit First, and how was that journey?[2:52] People who are passionate about their businesses have to reinvest[5:02] Having a process and plan in place allows for making better decisions [6:12] What are some of the benefits of implementing this system?[10:39] How many storage units do he have, and how long has he been doing storage units?[13:00] The hardest lesson that he’s learned in real estate?[16:22] If you haven’t been on a personal journey of self-awareness, you don’t understand what it’s like to know your unique ability [17:34] Talk to people about investing in self-storage[19:44] Keep your ear to the ground and your eyes wide openQuotable Quotes:[3:10] “I am passionate about my business because I know that the leverage that it provides allows us to do more mission work and impact people’s lives.”[8:50] “It’s also freeing from just a personal standpoint to have that cushion and everything in place, so we can have the mindset to serve.”[15:36] “Getting an education, surrounding yourself with the right people allows you to move forward.”Links:The Self Storage Podcast- https://open.spotify.com/show/6l3jf0p0WT9jdEYZ90Q9kZ?si=71HgWYlaR2yj3nHXUg-tHA Self Storage Investing Website- https://selfstorageinvesting.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
Apr 18, 2022 • 36min
Do You Want to Make More Excuses or More Money? Real Estate Legend Ron Legrand Reveals His Money-Making Secrets
Meet the Godfather of creative real estate, Ron LeGrand. He was born with the heart of an entrepreneur and started doing business transactions by the time he was eighteen. Ron entered the real estate world in 1982, and from then on, his innovative mind, true heart, and logical systems propelled him to sell houses without any risks. Discover the secret strategy that got him to garner massive deals for the last 37 years. Strap in, and let’s hear out how this genius climbed his way up the ladder.Key Takeaways for This Episode:[1:51] What got him started in real estate, and why did he choose real estate?[6:03] People who are looking for a lot of excuses don’t make a lot of money[6:28] The problem of low self-esteem[7:48] You have to be careful to whom you’ll listen. It would help if you weren’t listening to anybody until you have—a reason to believe that you can trust what anyone says. [12:46] His journey facing six market corrections[14:20] Delegation, Automation, and Systemization makes real estate easier[19:09] The absolute key is selecting the best people for your business[22:21] How important is it to know your business numbers?[27:22] Take action, go out there and implement things[30:29] Get your education from qualified people to render itQuotable Quotes:[0:13] “When you spend your life swapping hours for dollars and never really hit a home run, you never really had way more money to live on. It’s hard to get into the mindset that you’re entitled to get more money.”[11:11] “Somewhere along the line, we have to start digging a little deeper, and find a faster and easier way to make money without the risk.”[22:30] “Anybody running their business that doesn’t know their numbers wouldn’t be in the business very long.”Links:Join Ron LeGrand’s Online Training- http://ronlegrand.com/terms 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
