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
Feb 4, 2022 • 27min
How to be Financially Free FAST With Fewer Deals Than You Think featuring Vance Courtney
Vance is the founder of SOS Home Offers. He found his purpose in real estate and has dedicated his knowledge industry to impacting other people and helping them see results and succeed in the real estate world. Prior to that, he served in the military. He learned something from his mate, who is always buying a home whenever they move in order to keep it in the hope to have two retirements. That stayed with him even after he got out of the army. So he started buying homes with the intent of holding them. It had always been that way until 2016 when he realized it was a very long-term play. He wanted to get into the game faster and looked for turnkey investment properties, but it didn't work so well for him - he even lost $40,000. Lesson learned.He then started finding investment properties and created a rental business that earned him a lot of revenue. And this is where, like any other business, some financial management issues arose. But with the help of the Profit First model, he was able to get a deeper understanding and control of the financial side of his business and is now growing more than ever. Listen in as we discuss how he effectively applied the method and how the whole concept helped him in directing money in his business.Key Takeaways[02:22] Vance’s journey of getting started in real estate[05:19] The “why’ behind getting into real estate[07:43] How the finances play in bringing in the top dollars and keeping it too[09:31] Finding his identity and purpose in the real estate world[12:10] Understanding the metrics and the KPIs[14:41] How Vance implemented the Profit First system and its result[21:07] Vance’s recommendations to investorsQuotables“If I'm doing the same thing over three times, I'm going to automate it.”“I believe firmly that your wealth isn't created in real estate. I really don't believe that. I believe it's preserved through real estate and wealth is created through businesses.”“Making money is actually not the hard part. The hardest part I'm having is finding my identity, my purpose.”“I believe that when you're in a servant mindset, the money will follow. So I don't stress or worry about the money and let's just serve the people.”LinksSOS Home Offers https://www.soshomeoffers.com/ Want to 2-3X your profit? If you want help making more money, book a FREE Discovery Call https://simplecfosolutions.com/apply/
Jan 25, 2022 • 34min
The Secret to Making Millions by Buying Real Estate Notes with Discount Note Expert Eddie Speed
Notes are a great way to invest in real estate. They’re not something that everyone knows about, but if you’d like to start creating passive income without much effort, notes could be an excellent option for you. There are many benefits to buying notes, and one thing that should be your main reason is the potential for unlimited passive wealth. And that exactly is what our guest will share with you today.Eddie Speed has almost 40 years of solid experience in buying notes and has purchased more than 50,000 notes in his entire career. He is also the founder of NoteSchool that has bought 3.5 billion dollars in notes. Now, that’s huge!Eddie focused on the seller financing and non-performing note industry and is now helping people leverage in the real estate industry. So, if you think you are one of those people he can help get started in this industry, let Eddie explain the benefits you should focus on and give you some strategies that have helped him succeed in this niche.Key Takeaways[02:02] Eddie's background and how he started with NoteSchool[05:25] How he created solid wealth through note buying and real estate investing[06:32] What he discovered from designing note systems for real estate investors[07:40] How to build a business that doesn't take a lot of energy and becomes your own little bank[12:20] How to leverage note buying in today's booming real estate market[14:44] Best strategies to get started in creating wealth with notes [18:37] How to win landlords to sell or finance you on the acquisition of rental properties[20:23] Techniques on creating long-term passive income through rental properties [22:44] The biggest pitfalls in buying notes you should avoid[25:37] What Eddie's business has been doing so far[28:34] Lessons about money Eddie wants to pass on[30:00] Eddie's advice for the real estate investorsQuotables“If your income is growing faster than your net worth, you're growing in the wrong direction.”“You are giving a landlord what they want. And as a result of that, they're going to be willing to sell or finance you on the acquisition.”“I've seen a lot of people that have done really well and wake up 10 years from now. And you think what happened to them? And I think it's because they lost a perspective of what they thought was money and how they utilized it.”“Your network is your net worth”. Don't go to some social media site and ask people the deepest, darkest, most important decisions you need to make in your life, unless you understand the competency of the person giving you advice.”LinksA Whole New Ball Game With Creative Financing www.noteschool.com/getstartedWant to 2-3X your profit? If you want help making more money, go to https://simplecfosolutions.com/apply/
Jan 17, 2022 • 29min
Build Your Real Estate Investing Business To Last For Generations with Cody Caswell
Have you wanted to start in real estate investing, but don’t know how to get started? Do you want to build a business that lasts for generations to come? Our guest, Cody Caswell is a 3rd generation real estate investor who shares his family’s hard-earned lessons on the power of collaboration, building your business to scale, and accumulating generational wealth. From avoiding the pitfalls of doing everything DIY to the systems you need to create a solid financial foundation – you’ll learn firsthand from Cody on how he started his real estate journey with his first rental at 16. [01:32] Growing up in a real estate investing family[03:25] Buying his first rental property at 16 [05:08] Getting an internship in a brokerage in the US[06:38] Choosing his path to flip and build homes[09:00] Childhood lessons about money Cody [12:54] The results of implementing the Profit First system[17:38] An insider’s look on scaling up a real estate business[21:30] Recommendations to investorsQuotables“You can't let money do its own thing, because it will. You have to give every dollar a job.”“Before you try to do something big, before you really try to scale, get everything in order before you do that.”“Lay that foundation solid, get your finances in order, get your business in order, figure out exactly the trajectory you want to go and have somebody ready to go there with you, and then hit the ground running and then do it.”“I'm a big believer that thinking small is just as hard as thinking big, if not harder. So think big.”“It's a lot easier to work with people and do big things than it is to work by yourself and do small things.”LinksConnect with Cody:Email: cody@ivory-company.com Instagram: https://www.instagram.com/codycaswellrealestate/ Facebook: https://www.facebook.com/cody.caswell.3 Want to 2-3X your profit? If you want help making more money, go to https://simplecfosolutions.com/apply/
Jan 10, 2022 • 30min
Marketing Secrets Revealed: How To Get Highly Motivated Seller Leads with TV Marketing. Featuring, Real Estate and TV Marketing Expert Tony Javier
Do you want to get a FLOW of steady Highly Motivated Seller leads that has little to no competition?In this episode, you’ll hear from our guest Tony Javier who is a TV marketing mastermind, author, and a business coach who helps real estate investors exponentially grow their leads and deal flow. Tony has 20+ years experience in the real estate space and has closed over 1000 flips by utilizing TV ads as his main marketing channel. If you own a real estate business, then you know how hard it is to be successful in this cut-throat competitive industry. When prospects show a hint of interest in a property, they’re bombarded by all sorts of messages from the robo phone calls, mass texts, emails, direct mail, and even knocks on their front door! The secret to grabbing sellers attention is to utilize a marketing channel produces the highest quality leads in an automated, targeted, and systematized way. Learn how Tony Javier has scaled his real estate investing business and maximized his deal flow by tapping into TV advertising.So, pay attention and click play to get started!Key Talking Points of the Episode[01:56] Tony’s background and expertise in real estate [03:11] How Tony made tax-free money from buying and refinancing properties [04:54] TV commercials as the number one lead source to scale your marketing and business[07:37] Past vs Current mindset around money[10:01] Why business owners undervalue what they provide[12:39] Lessons to pass onto the next generation[16:49] Why TV marketing is the best marketing channel[19:05] Launching Tony’s coaching program that helps real estate investors implement and maximize their results from TV marketing. [22:17] The right time to start TV AdsQuotables“Money is way more accessible than people think…You don't need money to get into this business. You don't need money for anything. You just need access to money.” “If you add enough value to people and you add enough value to what you're doing, you can charge a lot of money. If you under-promise, over-deliver, provide good customer service, your clients are going to pay you as much as they think it's going to be worth.”“Get yourself surrounded by like-minded people that are going to lift you up and get you to that next level.”“Don't hire cheap, hire great. The cheaper they are, you're going to get what you pay for. So sometimes, you just have to pay a premium.”LinksWant to increase your revenue by 2-3X? If you want help making more money, click here. To learn more about Tony, check out his expertise with TV and his podcast.
Jan 3, 2022 • 28min
Former Marine Matt Theriault Shares How To Make Millions in Real Estate
We often hear “rags to riches' stories, but today, we’re taking you on a rollercoaster story of someone who started as a young millionaire, got hit by bankruptcy, and had to reset to make it all back and more.Matt Theriault became a millionaire when he was only 30. When He got out of the Marine Corps, he spent the next several years in the music business, living the dream and the life, making lots of money. Little did he know that this luxury lifestyle would end soon after the music industry shifted to digital download. Matt shares the struggles he went through after his business was hit by bankruptcy, how he worked below-average income jobs to make ends meet, and finally how he overcame it all to make more money than he ever had beforeKey Talking Points of the Episode[01:55] Matt’s real estate journey [05:33] How discovering how to make real wealth in real estate transformed Matt[07:13] Starting out as a Real Estate Agend and Matt’s first deal[11:47] His mindset about money and the definition of wealth[15:01] How Profit First creates a wealth mindset[20:32] Velocity Investing[22:34] Matt’s advice on streaming cash, paying yourself first and using assets to buy more assetsQuotables“Real estate, it's the final frontier where the average person has a legitimate shot at creating real wealth.”“And certainly I would have never discovered it and never would have stumbled upon it unless, you know, I had that great upset in my life.”“Having experienced both of those large bank accounts, but having to work and then a small bank account and not having to work, I liked the smaller bank account and not having to work better.”“And in the opening chapters, [Rich Dad, Poor Dad] Mike was just, he was really reading my life. Like you make a lot of money, but at the end of the year, you don't have any left. You just keep on spending every single thing that you make. And it doesn't matter how much you make, you just find a way to spend it. And I was like, you know what, you're right.”“Real financial freedom comes from streaming cash rather than saving cash.”“Pay yourself first and then pay your bills with what's left over.”LinksEPIC Real Estate | Download your free Real Estate cheat sheets https://www.epicbreakthrough.com/?r_done=1 Join the Profit First for real estate investors Facebook grouphttps://www.facebook.com/groups/ProfitFirstREI CFO Solutionshttps://cfosolutions.com/
Dec 28, 2021 • 13min
The Real Estate Investor's Guide to Instantly Assess The Health Of Your Business
It can be scary to take the next step you know you need to do for your real estate business, especially if you’re just starting out in the industry. A lot of people get hung up on what formula is best or if they should be tracking their expenses or income first. Meanwhile, they lose out on thousands or even hundreds of thousands of dollars while they figure it out. What if I told you that there are steps to help you make and keep more money in your pocket that are very simple and easy to follow?In this episode, I discuss the ‘Instant Assessment'. It’s the first step on your Profit First journey; the actual steps to becoming a thriving, profitable real estate business. So pay attention and be ready to get real with your finances and yourself!Key Talking Points of the Episode[01:00] What is the ‘Instant Assessment’[01:43] 3 numbers you need to run an ‘Instant Assessment’ [04:12] What you made - what you spent = what you keep[05:15] Why you should not mix your business and personal bank accounts[06:58] Being honest with yourself is the first step [08:28] An ‘instant assessment’ into how we handle money[09:52] Ask yourself: Where do you want to take your business?Quotables“What is the instant assessment? It's really to get you where you are right now in your business”.“If you're mixing business and personal, [bank accounts] you're making it harder for yourself.”“If you can get those percentages and those numbers, and be honest with yourself, that is the first step.”“If we can just face those facts and say, we can do better from here. That's what the instant assessment is all about. Honestly, it's an instant assessment into how we handle money.”“You have to be very real with yourself about where you want to take your business.”LinksWant to connect with David or work with his team to 2-3X your revenue? Check out his website hereWant the proven system to make and keep more money in your business? Click here to get your copy of David’s latest book Profit First for Real Estate Investing. Want to see how real estate investors are growing their cash flow & reserves while paying themselves first? Join our private Facebook group here to learn, grow, and connect.
Dec 21, 2021 • 16min
What Profit First REI Means to Me - David Richter
Understanding the importance of keeping your profit positive is critical for any real estate investor. David Richter is a speaker, author (Profit First for Real Estate Investing), CFO and an active real estate investor who has been essential in closing over 850 deals. He started his profit advising company (SimpleCFO) to help owners make more money, keep more money, and have more time to spend with their loved ones. In this exclusive webinar, you’ll learn the secrets to how to transform your real estate investing business from a cash-eating monster to a money-making machine. You may have used other methods to keep your books, but once you understand Profit First, you may be surprised how easy the method actually is. Listen to this podcast to learn more about the basic principles of Profit First and how those principles can help real estate investors build wealth with their businesses.Key Talking Points of the Episode03:03 The wrong formula to use to run your Business 04:12 The Profit First formula: Sales - Profit = Expenses08:12 Reasons why businesses are hurting10:25 Why do we have financial insecurities11:39 What inspired David to start his businessQuotables“Profit First is about your owners' benefit; you getting the maximum benefit from your business.”“Make sure your company is healthy and then whatever's left over is the expenses.”“Sales minus profit equals expenses means the business lives off of the leftovers from your profit.”“If you can internalize the formula of taking your profit first and making it a habit and not in a nebulous event at the end of the year, that's what's truly going to help you.”“What is Profit First? It's really that mindset. It's the mindset of “I’m going to make sure I know that I'm profitable.”“Profit First is really about internalizing the concepts of “My profit does come first” and there's nothing wrong with that.”“I started my business because I wanted to make sure that I could help other people get over the same insecurities I had about money.”LinksWant to connect with David? Check out his website here.Do you want help making and keeping more money in your business? Click here to apply to work with David and his team of CFOsHave you seen David’s latest book? Click here to Profit First for Real Estate Investing now! Want to learn how other real estate investors are making and keeping more money in their business? Click here to join our community of over 1100+ real estate investors who are implementing Profit First!
Dec 14, 2021 • 23min
How to Get Sellers Motivated to Sell With Master Hypnotist Paul Ross
There are some aspects to consider when it comes to finding success in real estate investing—how well you negotiate deals being one of them. Luckily, our guest for today’s episode is a master at subconscious communication.Paul Ross is an author, speaker, trainer, master hypnotist, and master practitioner of neuro-linguistic programming. Even though his experiences lie mostly outside of real estate, his knowledge and expertise is sure to benefit those who are in the space.Have a pen and paper ready because Paul will drop a lot of gold nuggets on dealing with prospects, reprogramming your personal beliefs, and making exponential improvements!Key Talking Points of the Episode[01:20] An overview of Paul’s mission[03:12] What state of mind do you want the seller to be in so that they are receptive to what you have to say?[04:38] Have your financials lined up[06:32] How to create rapport over the phone[09:28] Have a different way of looking at the game[12:05] On building rapport with your subconscious[14:33] How to make affirmations work for you[17:13] Paul’s advice for real estate investorsQuotables“It’s the soft skills that really really make the difference between doing okay and skyrocketing.”“The ultimate state of mind is to be outcome-independent and uninvested.”“For every exploration, there must be a leader; and for every leader, there must be a follower.”“If you want to get a result that is much better than what you’re used to doing, you have to turn to a completely different way of thinking.”“Up until now, it was my experience that I didn’t have the skills to enjoy my success.”LinksApply to work with Paul Rosshttps://www.speakerpaulross.com/apply“Subtle Words That Sell” by Paul Rosshttps://www.amazon.com/Subtle-Words-That-Sell-Themselves/dp/1089598432
Dec 9, 2021 • 27min
How Profit First upgrades your mindset and increases your income: An Interview with Amy Ransdell
Virtual assistants can help you scale, but the success of your business (or your own personal development) really depends on a couple of things—your mindset and your habits. Our guest for today’s episode can help set you down the right path.Amy Ransdell is a transformation and peak performance executive coach and an active real estate investor, mentor, and trainer who is based in Atlanta, Georgia. She is also a licensed broker who has her own brokerage and is the CMO of REVA Global, a provider of pre-trained dedicated virtual assistants.Tune in to learn more about Amy’s journey, the “Profit First” system, and how you can level up into a powerhouse like her!Key Talking Points of the Episode[01:30] An overview of who Amy is [03:38] How she got into real estate and coaching[05:38] How she came to be a part of REVA Global[07:45] Her journey after encountering the “Profit First” system[10:00] How Amy first learned about money and how that shaped her mindset around it[13:00] Before doing something, figure out if it has a direct and measurable ROI[14:25] Why you should track your time[17:40] Make your business profit first before helping others[19:45] Amy’s advice for real estate entrepreneurs[22:25] How to get in touch with Amy and her teamQuotables“I love helping other people understand the power of all these things and the freedom of choice that can come from understanding how to run a business...”“Most of the time... there’s a mindset issue, and 70% of the time of that bucket is money mindset.”“Money is something that needs to be given freedom to flow in order to create opportunities.”“Everything we do is not spending money—it’s investing.” “What you want is what inspires you, what challenges you, and what serves you.”“We don’t face the fact that we haven’t changed our habits as to where time has been poured down the drain.”LinksREVA Globalhttps://revaglobal.com/Amy Ransdell’s emailamy@revaglobal.comAmy Ransdell on LinkedInhttps://www.linkedin.com/in/amy-ransdell-realtor-atlanta-coach-bepowerhouse/Amy Ransdell on Instagramhttps://www.instagram.com/amyransdell_bepowerhouse/Amy Ransdell on Youtubehttps://www.youtube.com/channel/UCtAn1v-r2ipn8Jjl3CamIfg
Oct 26, 2021 • 36min
Why Not Tracking Your Numbers Will Kill Your Business with David Olds
Every successful entrepreneur has their fair share of mishaps in business and there’s nothing wrong with dropping everything to start anew. That’s one of the things we’re talking about in this episode with our special guest, David Olds. David Olds is currently based in Chattanooga and has been a real estate investor since 2002. He has built a rental portfolio, he is flipping properties, and he has taught other people how to do it too! Listen to the episode to hear more about David’s journey in real estate investing, how the crash of 2008 made him burn the books and start over.Key Talking Points of the Episode[00:22] Official release date of Profit First for Real Estate Investors book[01:18] Who is David Olds? [02:33] What was David up to before real estate? [03:32] How David got started in flipping properties[04:19] Reading Rich Dad, Poor Dad[05:28] What was it like looking for a real estate group for the first time? [07:00] Finally attending his first real estate group event[07:49] David’s first time hearing stories from other investors[08:46] David’s realization from his first real estate group meeting[09:40] Central Florida Realty Investors [10:15] Is David into coaching? [11:20] The problem with being a coach[12:35] How did David learn about money? [13:18] David’s first steps into investing[14:58] The financial crash in 2008[16:50] Making the rookie mistake[17:55] Moving to Chattanooga[18:33] Burning the books and starting fresh[19:50] What was it like for David to start over? [20:30] Financial mishaps[21:05] Why it’s important to deal with finances[23:30] Finding the right person to work on the books[25:30] The mindset to help you get your numbers right[26:34] Not keeping track of your numbers[27:08] What KPIs does David and his students follow?[28:00] Why is it important to track your marketing channels?[29:07] The benefits of knowing where money comes from[30:30] David’s advice to entrepreneurs[32:43] Where can you find David? Quotables“You can do really well in this business, you don’t need some crazy complicated scheme. There’s no rocket science to making money. You just need to pick one thing and stick with it.”“The problem for me is, being a coach, some people want you to do everything because they’re paying for the coach. I felt responsible because people weren’t doing what they were supposed to do.” “My parents taught me frugalness and that stuck to me until today.” “My superpower is, I’m focused like a laser beam. Whatever it is, this is what we’re doing.”“If you don’t track things and follow where you spend your money and what produces dollars, you’re gonna make tragic errors.”“If you’re just starting out and you’re driving for dollars, sending postcards, and calling people, it can really be hard. Get involved and be around other investors.”LinksReal Estate Group: Central Florida Realty Investorshttps://www.cfri.net/Instagram: David Oldshttps://www.instagram.com/davidoldsrei/
