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
Apr 13, 2022 • 32min
Why 90% Of Businesses Fail and How to Scale Up with Nick Bradley
Investing in real estate can be fruitful, but dealing with it alone can be challenging and highly risky. Real estate is a tricky business that requires knowledge, talent, organization, networking, and perseverance. It also takes a little savvy to succeed in this highly competitive arena. If you want to scale your way up, you must remember to keep the end goal in mind.But what does that necessarily mean? Don't worry because real estate rockstar Nick Bradley will get to the bottom of that. Nick is in the show today to teach us how to network, organize and run a business that works without us. Join our talk by clicking on that play button! Key Takeaways for this Episode:[4:23] Networking with high net-worth individuals [6:27] How important it is for people to have that network, and when should they start building that high-level network?[6:4] The six reasons why your business will never hit eight figures[8:32] How do real estate investors keep the end goal in mind?[11:10] You need to know your need and want number[16:15] You have to scale to sale[19:11] The three principles to in driving your business: Clear end game, Scaling fast and build value, Exit rich[24:30] How did Profit First situate in his line of business?[27:20] Start with the good habits as early as possibleQuotable Quotes: [0:21] “People who don’t have a strong foundation of their finances from the beginning end up with a problem as they start to scale.”[9:30] “When you get something that is not optimized, and it needs to be to get the outcome that you want.”[12:45] “When you exit yourself from the business, and the business still runs, and you own it, you have freedom from that, but you don’t have to be there.”Links:Scale Up with Nick Bradley Podcast- https://open.spotify.com/show/3zWRNth6fPJc8rKdXgOZEH?si=_SdjZntfSH2P3hF-GQCj9g Traction by Gino Wickman- https://www.eosworldwide.com/traction-book Nick’s Facebook page: https://scaleup.vip/FB Nick’s LinkedIn: https://scaleup.vip/LI Nick's Instagram: https://scaleup.vip/IG 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 10, 2022 • 31min
How Overcoming Mental Roadblocks Will Make You More Profitable featuring Mark Stubler
Without an intentional focus on measuring and growing cash, as well as profit, your business might turn into an awful 360 degrees. Sharp-witted business owners are always one step ahead in maximizing growth, profitability, and value — especially in a competitive market like real estate. These strategies help leverage upcycles, weather downturns, and achieve your growth and value targets. If you’re not yet convinced, then you should give this episode a listen. Mark Stubler, owner and founder of Joe Homebuyer, is here to provide us with a blueprint on how to operate the “franchise model” in your business, understand your numbers better, and focus on profitability so you can achieve high levels of personal and financial success. But of course, success comes with failures. He will also talk about the mental roadblocks he encountered throughout his journey. So be ready to deep dive into these exciting topics!Key Takeaways[1:44] What is the hardest lesson he learned as a real estate investor?[4:53] What keeps Mark going in real estate?[6:34] Has he had any money struggles in his business as he grew business and branched out?[8:07] What are his struggles? How did he get past some of those, and what systems does he have to make sure that he’s taking as few risks as possible?[10:40] Has he incorporated the profit first system[12:24] The franchise model, how can you turn a successful business into a successful franchise?[16:27] What early lessons did he learn about money, and how does that compare to how he thinks about money today?[23:54] Understanding your numbers better and focusing on profitabilityQuotes[2:03] “There are many ways to make money in real estate; if you’re not careful, you can chase two rabbits and catch none.”[5:30] “It’s not an easy industry, but it’s simple. And if you apply consistently, you can yield such incredible returns on a fair amount of effort.”[11:07] “At the end of the day, if you’re not paying yourself, if you do not realize profits, you’re looking at it backward.”LinksMark’s LinkedIn- https://www.linkedin.com/in/mark-stubler-a201b56bJoe Homebuyer’s Website- https://joehomebuyer.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 10, 2022 • 31min
The Two Keys to Financial Freedom: Profit First & Cash Reserves featuring Justin Silverio
It’s incredible how profitability can give you so many options. It gives you the freedom to do whatever you want, and it also helps level up your business. Making more profit means having what it takes to navigate your real estate journey and achieve your personal goals. We’re pulling in Justin Silverio as he deep-dives and spills out facts on how one can scale up their business and build a profitable company with the help of ridiculously awesome team players. He will also share snippets on how he’s been able to use his app, Invelo, to help improve people’s careers. And as well as dissect the benefits of using profitability to scale up and expand our business endeavors. What are you waiting for? Click that play button and kickstart your day by listening to this insightful episode! Key Takeaways[1:37] The most significant and most challenging lessons he’s learned throughout his real estate investing career[2:04] Making sure that you have the right people in your business [5:21] Has he ever run into money struggles and problems along the way?[5:42] On the importance of cash flow management [6:56] How did Profit First enter his sphere, and how did it help him in his business?[9:03] Making more profit gave him the opportunity and freedom to do things[11:44] Using the profit to start a business and have team players[17:01] Building a platform (Invelo) for investors that have three critical aspects: Software, Education, and Community[24:42] Generating deal flow is one of the most critical aspects to having a successful business other than cash flow management Quotes:[1:53] “I am making sure that I align myself with the right people in my business.”[6:27] “If you don’t have a good process don’t start to scale, those issues will be much larger and it will critically impact your business.”[11:20] “Everyone is just so impressively amazing and it’s just exciting to be able to work around these people. And scale the business together.”Links:Email Justin- justin@inveloapp.comInvelo app- www.inveloapp.comJS2 Homes LLC- http://js2homes.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
Mar 24, 2022 • 29min
How to Live Off Rentals and Stress Less w/ Vacation Rental Expert Kirby Atwell
"Start your business with an outcome in mind." These are rousing words from the master of rental property investment himself, Kirby Atwell. After serving in the US Army, he felt a calling to go all out and start venturing into real estate. Throughout his real estate career, he has faced a lot of lessons that became his pillar to fortune. Now Kirby is one of the hottest real estate investors in the country. He also runs his podcast show that has inspired many to dive headfirst into rental properties. With that being said, this episode revolves around Kirby's journey towards success. And how he has overcome setbacks along the journey. Learn how he paved his way to financial freedom, earned massive profits, and achieved security by living off rentals.Key Takeaways[0:28] What is the most important and most challenging lesson he learned in real estate investing?[1:48] How has profit first impacted his life?[5:27] Using his investments to pay a debt[8:50] Talking about his brand “Living Off Rentals.”[10:33] Why did he decide to switch investing in rental properties, and how has he maximized the BRRRR method?[13:08] How many rental properties do you need to walk away from your full-time job and feel secure?[13:52] What have been his challenges while living off rentals?[17:19] It’s essential to focus on what you’re good at[18:36] Learn how to say no to the things that don’t serve you at the highest level [20:57] The whole point is to start making profit a habit[23:56] Figure out how your business is going to lead you to the lifestyle that you wantQuotes[0:46] “I learned that you should start a business with an outcome.”[14:16] “You’re always in that constant “crack addict rehab mindset” where you have to get another deal.”[14:53] “There are just so many benefits to not thinking about how many deals you should make to pay your bills.”Links:Living Off Rentals Podcast-https://open.spotify.com/show/21uAWBRUnfaSw5VN7j4UUJ?si=HLlD8qoyR1maj2gYGDYFygKirby Atwell’s LinkedIn-https://www.linkedin.com/in/kirbyatwell 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
Mar 23, 2022 • 30min
Get More Money & Create Your Dream Lifestyle by Leveraging Profit First - w/ Short Sale Queen Nicole Espinosa
Here’s a real kicker! Nicole Espinosa, a.k.a the Short Sale Queen, will give us pearls of advice in today’s talk. Nicole started real estate way back in 2011, and she has been processing short sales ever since. Throughout her years of expertise, she’s gone through several challenges and met seasoned real estate investors who shaped her to where she’s at today. She’s also written a couple of books that became a global hit and helped many. On top of that, Nicole is a full-time mom who has mastered the art of balancing her career and personal life. She always believes that consistency and perseverance to work hard are the way to victory. Curious about how she did it? Find out by listening to the full episode!Key Takeaways [2:06] What got her started in real estate investing?[3:26] She spent a lot of time perfecting systems processes and instilling education to real estate professionals to debunk myths about short sales.[6:12] The advantages of specializing in short sales niche[7:32] Why did she get into real estate?[10:41] Did short-sale contribute to her success?[11:50] Being consistent matters[12:45] What early lessons about money did she learn? And how does it differ from her perspective today?[15:49] Changing her perspectives on money: Working less and making more[18:15] What does she want to pass on to her children about money?[25:47] Have a bigger vision of what you are trying to accomplish and create Quotes:[6:49] “Your reputation is your brand.”[7:32] Why did she get into real estate?[8:32] “I was not always the smartest person in the room, but I was always hard working”[9:30] “You don’t know everything, you can always learn something from someone because they offer a fresh new perspective.”Links:The Short Sale Queen Website- www.thessqueen.comNicole’s Instagram- www.instagram.com/thenicoleespinosa The Short Sale Queen YouTube- https://m.youtube.com/c/TheShortSaleQueen How To Master Short Sales by Nicole Espinosa- https://thessqueen.com/how-to-master-short-sales/ The #1 SHORT SALE FREE FB group: www.facebook.com/groups/theonlyshortsalegroupworthbeingapartof 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
Mar 11, 2022 • 30min
Building Your Dream Team - How the Right People and Systems Will Take Your Business to 7-Figures Featuring Tiffany & Josh High
If you want to take the plunge and start your own successful real estate business, generate massive profits, and build legacy wealth, then this episode is the right fit for you. Tiffany and Josh High are on the show to bring in helpful tips that will guide you to drive better and faster results for your growing business. They will also instill insights like how to invest your money consistently, track KPIs, and keep systems. This power couple knows the ins and outs of the business, so make sure to amp up your volume and tune in for more!Key Takeaways [7:10} Learning the value of having a mentor[8:17] Staying away from fear and friendships attachments[9:37] What early lessons did both learn regarding handling money, and how is that compared to their current financial situation?[10:13] If you don’t spend and invest money consistently, it doesn’t result in predictable results[12:59] Even though times might be challenging, there’s a lesson in that resistance. Take that lesson and apply it, make changes that you need to make, and everything else will work out in the end, so trust the process.[17:43] What lesson do they want to pass down to their child regarding money?[20:00] How do they track their KPIs in the business?[27:01] Building a business all starts with the foundation and the systems Quotes[11:47] “When it comes to money, the more you grow the bigger problems get.”[12:22] “Just keep doing what you’re doing, have faith and trust the process because it’s all going to work out in the end.”[19:11] “What you lose in risking it all is so much more valuable than not taking the chance.”LinksTiffany’s Instagram- https://www.instagram.com/tiffanyhighofficial/?hl=en Josh’s Instagram-https://www.instagram.com/joshhighofficial/?hl=en Tiffany and Josh’s Website-https://solo.to/tiffanyandjoshhigh 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
Mar 4, 2022 • 38min
From Wholesaling Houses to Building Apartments – How Mentorship & Profit First Helped Casey Ames Scale Multiple Businesses
Maximizing your profit in real estate will amplify your business to a whole new level!Casey Ames is the President and founder of Taylor Jene Homes. The journey to his career began when his parents started their own real estate business. At first, he thought that he wasn't exactly the right fit for the real estate world, but he tried anyway. Now, Casey is doing great things in the field and is always one step ahead in coaching his students to pursue their real estate dreams. His upbringing, morals and drive to inspire others make him a force to be reckoned with. Today, we get a chance to sit down with him as he brings valuable insights to the table. Key Takeaways[1:39] An overview of Casey and how he started his real estate journey?[8:12] How can you maximize profits within a good amount of time?[19:27] His take on making sacrifices to get to your end goal[19:47] How can we leverage time to get the most dollars?[29:47] Why is it important to stay hyper focused on what you are working on to make more impact in your life?Quotables[5:07] "Build value for people."[5:32] "To create value, you have to give more than you expect in compensation."[22:48] "You talk your problems up a ladder, not down the ladder and not across the table."[32:42] "Don't get caught up in the scale. Get good at what you are doing and amplify it as you move forward."LinksThe Go-Giver by Bob Burg and John David Mann- https://thegogiver.com/Never Split the Difference: Negotiating As If Your Life Depended On ItBook by Christopher Voss and Tahl Raz- https://info.blackswanltd.com/never-split-the-differenceEmail: casey@taylorjenehomes.comWant to 2-3X your profit? If you want help implementing Profit First and increasing your revenue in your business, you can go here to book a call. I’d love to chat and see how I can help you make and keep more money in your business.
Feb 26, 2022 • 34min
How a Business Owner Multiplied His Profit in 90 Days Using Profit First featuring Josh Culler
“Build a business. Don’t just focus on hustling.”Wise words from this episode’s special guest, and that is no other than Josh Culler. He is a creative soul with over ten years of experience in content production. Josh made his way into real estate with a vision to serve missionaries. With utmost determination, he’s able to widen his horizons in the real estate world. According to Josh, there’s been a substantial difference in how his business has flourished while following the profit first strategy. Let us find out how he’s been using this as a tool to get to where he’s at today. Get ready to be inspired and learn how to manage your finances in the best way possible.Key Takeaways [2:37] Josh’s background in real estate.[6:51] The reason why he decided to do real estate full-time?[9:43] Finding his purpose by supporting missionaries.[12:35] His journey as an entrepreneur on the financial side of the business.[14:47] How the pandemic changed the real estate pacing for real estate investors?[16:37] The value of delegation and implementing the profit first strategy to his business.[18:02] The profit first is truly profit-driven, and there’s been a substantial difference on where we’re at right now.[19:13] What early lessons did he learn about money vs. what does he think about money now, and how does he use it?[24:54] Josh talks about his books and the process of writing them.[29:50] The relevance of media consulting.Quotables[8:57] “Purpose is changing all the time.”[12:55] “A lot of business owners get into this trap where they’re so focused on the craft and not building a business.”[13:37] “Build a business, don’t just focus on hustling.”[13:35] “Hustle is for a season, not a lifestyle.”[28:41] “Get the content you’re already creating and make sure that it’s getting out in the world and they get to know who you are.”LinksReal Estate Masterminds-https://www.facebook.com/groups/calltend1/Tools of Titans by Tim Ferriss-https://www.amazon.com/Tools-Titans-Billionaires-World-Class-Performers/dp/1328683788REI Marketing Weekly Podcast- https://podcasts.apple.com/us/podcast/rei-marketing-weekly/id1501711912REI Marketing Book-https://reimarketingbook.com/Profit First Audiobook-https://www.audible.com/pd/Profit-First-Audiobook/B06X15WX5BCuller Media - https://cullermedia.com/Profit First For Real Estate Investors- https://m.facebook.com/groups/2110639412415407?group_view_referrer=search Josh on Instagram - https://instagram.com/thecontentninja?utm_medium=copy_linkWant to 2-3X your profit? If you want help implementing Profit First and increasing your revenue in your business, you can go here to book a call. I’d love to chat and see how I can help you make and keep more money in your business.
Feb 17, 2022 • 23min
How Paying Yourself First Makes You A Better Business Owner featuring Jeremy & Joshua Mathis
Jeremy and Joshua Mathis, also known as the “Mathis Twins,” are here to provide you with actionable tips in this exciting new episode. The two are best known for their dynamic not only as brothers but also as lifelong business partners. The twins dabbled their way to businesses that both gave them profit and learning lessons. They have an excellent pang for real estate and have completed numerous real estate transactions.Indeed, these two are a force to be reckoned with when it comes to money-making.Today, we will be hearing the ups and the downs of their journey. We will also listen to their insights on how you can handle your money correctly and be financially smart. Jeremy and Josh will also talk about how they both benefit from the Profit First system. KNOW and GROW your CASH FLOW click that play button NOW!Key Takeaways [1:31] What got them started out for the real estate investing journey?[2:31] How long have they been into real estate?[2:50] The ups and downs of their real estate journey[4:04] How much are they doing in terms of deal volume?[5:18] How is it like working with each other and how does their dynamic work as a team?[7:13] What are their first thoughts and concepts about money?[9:09] Joining big groups such as Masterminds[9:26] What lessons about money do they want to pass onto their children?[12:00] Experience of the Profit First system [13:50] The benefits of the profit first system [15:28] Thoughts on having a CFO on the team[17:52] Recommendations and advice that they have in store for the audienceQuotables[5:33] “The trust is there and we can hold ourselves to a different level of accountability.”[6:19] “We lean on each other a lot and that’s something that I’ve been realizing”[10:23] “ I want them to understand that in order to earn money, you have to work for it.”[12:49] “Once you start becoming engrain and deceitful of the profit first bond you start to understand that, it’s something that’s awesome”[18:16] “Once you start breaking bad habits you’ll see the benefits, why you need to break those habits and it just starts rolling from there”[18:53] “You can always make more money but you can’t make more time”LinksRich Dad Poor Dad by Robert Kiyosaki-https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194Mathis Twins on Instagram-https://instagram.com/mathistwins?utm_medium=copy_linkWant to 2-3X your profit? If you want help implementing Profit First and increasing your revenue in your business, you can go here to book a call. I’d love to chat and see how I can help you make and keep more money in your business.
Feb 15, 2022 • 26min
How Profit First Protects You from Economic Downturns Featuring Land Wholesaler Luke Harris
Luke Harris was a forester and a forestry consultant. Due to the nature of his work, doing timber inventory and all, he was always traveling, and with a young family of his own, he thought it wasn't the kind of sustainable way to raise his family. His goal was to provide for his family and provide a situation for them that he didn't have to be gone all the time. Thanks to Google, where he found notable gurus in the industry, Luke was able to kickstart his real estate business through land-flipping. After three years, it became a full-time gig that paid the bills and sustained his family. He now runs his company “The Farm Finders”, which specializes in providing affordable properties by finding unimproved land and offering it at affordable prices.Growing up, Luke learned the value of money and the discipline one needs to manage money correctly. In this episode, he talks about the importance of securing your business by putting enough cash in the bank to protect it, whatever crisis hits the economy. He also shares how the Profit First system helped him build that kind of discipline he employed to maintain a good standing around the financial side of his business.Listen as Luke drops a lot of knowledge bombs and philosophies around money on this episode. Key Takeaways[01:32] Luke’s background in forestry and what got him going down the real estate path[03:19] The average deals he sold each year after starting in real estate[06:07] Why real estate? Is there a purpose behind it?[08:37] Luke’s role models about money and the value of giving[11:39] Lessons around money he wanted to pass on to his children[15:59] How Profit First helped him make habits of being a profitable company[19:12] What it’s like having a CFO in his team [20:41] Luke’s recommendations to investorsQuotables[05:15] “The keys to your success were trying to model someone who had gone down this path and getting that mentorship from someone”.[13:49] “Cash balance, personally and in the business, is important especially at some point where we're going to be having another recession or economic downturn and that’s the number one way that you can be prepared for that as a business owner.”[21:10] “Making sure you have a really big cash reserve before you scale is incredibly important.”[21:27] “A lot of businesses will probably go under with whatever economic crisis we have coming…But I think having that cash in the bank, it's like the number one thing you can do to protect your business against that.”LinksEmail Harris at harrislandcompanylb@gmail.com Want to 2-3X your profit? If you want help implementing Profit First and increasing your revenue in your business, you can go here to book a call. I’d love to chat and see how I can help you make and keep more money in your business.
