Profit First for Real Estate Investors with David Richter

In this episode of Profit First for REI podcast, we are sitting down with Jennifer Steward of REI Data Source, to unveil the secret weapon you've been missing: authenticity. Jen will crack the code on how to project a winning image that seals the deal…But wait, there's more! Learn the top revenue activities every entrepreneur should master and discover the power of consistent strategies to solve your REI problems.This episode is your blueprint to a thriving virtual business. Don't miss out!Key Takeaways:[0:50] Introducing Jennifer Steward[6:07] Project an image of success from time to time[9:16] Some best revenue activities that every entrepreneur should know[11:00] Leveraging every avenue that you can, get consistency, and make sure you’re solving current problems[17:43] The golden ratio in social media marketing is: 90% business and 10% personal[25:02] The benefits of running a virtual businessQuotes:[4:20] “Authenticity is like a business repellant.”[10:09]  “In a market where you can’t dind deals but there’s plenty of money, you have to be the person who knows how to find the deals.” Connect with Jennifer:REI Data Source Website: https://www.reidatasource.netJen’s Email: jen@reidatasource.net Phone Number: (469) 952-8011Tired 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

In this episode of Profit First for REI podcast, we have Amanda Webster. She is a business funding educator, credit expert, leadership consultant, and speaker. She is also the Chief Operating Officer of Fund&Grow.Amanda talks about her relationship with her CEO, things about purchasing properties or building your business credit and making sure that you are not just always spending your own money. This episode is for you! Enjoy the show!Key Takeaways:[00:56] Introducing Amanda Webster[02:41] How she started working with Fund&Grow[04:32] Law of attraction[09:03] What makes a successful COO-CEO relationship[12:38] About Fund&Grow[18:12] Personal guarantees [21:00] The lines of credit[28:00] The advantage of using credit cards[30:36] Connect with Amanda WebsterQuotes:[05:29] "Leadership is what dictates the success of the company and its employees." [19:04] "A lot of people don't realize the importance of separating business and personal business and how much over-extending your personal hurts you in so many ways."[28:06] "There is an extreme amount of value in using business credit cards because there are points, rewards, and cashback."Connect with Amanda:Website: https://funding.fundandgrow.com/simple-cfo 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

In this episode of the Profit First for REI podcast, we have Shauna, the Tax Goddess. Shauna is a highly sought-after Tax Strategist who helps successful business owners, entrepreneurs, and high-wage earners reduce their tax burden.If you need practical advice on keeping more money in your pocket and not paying too much tax, Shauna has a wealth of knowledge! In this episode, she shares ways to save money on taxes and more ways to increase your profitability. Enjoy the show!Key Takeaways:[00:55] Introducing Shauna the Tax Goddess[01:45] 'The Tax Goddess'[03:18] How did she become a tax strategist?[07:25] Ordinary, necessary, reasonable[12:28] Different tax strategies[17:29] What is your aggression scale?[19:51] Specific tips for real estate investors[25:45] Performance vs Culture[28:40] Connect with Shauna, The Tax GoddessQuotes:[10:49] "A lot of what you do as a business owner, you need to run through this filter of ordinary, necessary, and reasonable to determine if for you and what you are doing, you believe that you need those three."[16:24] "Which strategy will be the best depends on what you as a taxpayer want for you, your family, and your wife."[18:09] "Your aggression scale will determine which strategies you can use or don't use."Connect with Shauna:Website: https://taxgoddess.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

Know other people's stories. It is Scot Poirier's striking advice for investors on their first deal.In this episode of the Profit First for REI podcast, Scot, a successful real estate investor and coach, gives you practical advice on investing in real estate and how to get a seller to open up.He also shares his story of his first deal and the challenges he overcame in his journey. Listen to have the right motivation and hope to pursue your real estate investing journey. Enjoy the show! Key Takeaways:[00:39] Introducing Scot Poirier[02:55] Life before real estate investing[06:17] His very first deal[09:57] After repair value[10:49] The wake-up call[16:51] Learning about people[25:28] How can you make people open up to you?[30:22] Remove 'permission language'[33:10] Connect with Scot PoirierQuotes:[05:13] "People are people. They have crises, and they need to have a sense of trust to work with you."[10:51] "When you don't know that you don't know, you might get lucky on a deal, but when the other shoot drops, it hurts." [29:12] "Don't give up. Surround yourself with good people. People that have your interest in mind."Connect with Scot:Website: https://www.facebook.com/scot.poirier 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

Joining us in this episode of Profit First for REI podcast is Chris Johnsen. He is a lawyer in the real estate space and worked primarily for commercial real estate.In this episode, Chris talks about the common pitfalls people go through in real estate and when you need a lawyer in your business.Listen as he explains why you should hire a lawyer for your business contracts. Enjoy the show!Key Takeaways:[01:03] Introducing Chris Johnsen[04:34] Getting into a specific niche as a lawyer[09:03] Education as an investment[14:52] The Golden Handcuffs[17:21] Most common questions he gets as a lawyer[23:20] Operating Agreement[26:48] At what point should people get a lawyer?[30:47] Connect with Chris JohnsenQuotes:[02:43] "I saw two things in lawyers. I saw that they provide value that is needed and are expensive."[09:03] "You should look at your education as an investment in yourself."[23:20] "Operating agreement is a contract between the company's owners on how to run the company... there are so many pitfalls."Connect with Chris:Website: https://www.johnsenlaw.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

"I'm okay with sacrificing now for a greater future." In this episode of the Profit First for REI podcast, we have Martine Richardson. She has been a real estate investor for about ten years, from being a full-time employee with no money and no time freedom.Martine shares practical steps on getting out of the rat race and her experiences on her real estate journey. Listen and enjoy the show!Key Takeaways:[00:50] Introducing Martine Richardson[02:40] Before entering the real estate space[07:10] Sandwich lease option[11:31] Buy and hold[14:04] The Power of Holding[15:55] Two ways to know how much money you need per month to live comfortably[19:34] Mid-term rentals[28:14] Martine's advice for real estate investors[30:45] Connect with Martine RichardsonQuotes:[07:13] "Sandwich lease option agreement, when you are leasing a property and you have the option to purchase it in the future."[13:49] "I've always been like a long-term thinker. I'm okay with sacrificing now for a greater future. Me holding made complete sense to me."[28:23] "Many people are stuck in the analysis-paralysis stage because they want to know everything about how to do something... I would encourage people to learn the first step and take action on that first step. Learn the second step and take action on the second step."Connect with Martine:Website: https://www.facebook.com/groups/thefreedominc 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

Profit First helped a lot of investors. One of them is Trey Nixon, our guest for today's episode. Trey is a real estate investor, business owner, and successful entrepreneur. He implemented Profit First in his business and became successful in real estate.In this episode, he will share how Profit First transformed his life. He will give you hope about this method and how it works. Enjoy the show!Key Takeaways:[00:57] Introducing Trey Nixon[02:18] Life Before Profit First[06:10] Marathon vs Sprint Mindset[11:51] From employee mindset to thinking like a business owner[20:19] Goal of helping other people[25:14] The importance of systems[27:16] Connect with Trey NixonQuotes:[06:44] "There are two numbers that every investor needs to know. First, what do I need to run this business, and then what do I want?"[11:05] "It took us a couple of years to get from employee mindset to understanding what Rich Dad wanted us to do... We were successful but living paycheck to paycheck."[13:14] "Be yourself. Be strategic. Organize and deploy your money, time, and energy strategically."Connect with Trey:Website: https://www.skool.com/@treynixonofficial 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

In this Profit First for REI podcast episode, we feature The Investor Couple Mel and Dave! Today, we have Dave as our guest, and he shares incredible things about real estate investing.Dave Dupuis of the Investor Mel & Dave are innovative real estate investors and award-winning mentors who have acquired over 240 apartments in just a few short years in Canada, the US, Mexico, and Costa Rica. He will tell about his real estate investing journey, how they creatively buy a deal and some of the things that make them unique in the real estate space.Enjoy the show!Key Takeaways:[00:58] Introducing Mel and Dave[02:12] What is it like working with your spouse?[05:01] Getting into real estate[07:47] Buying Mel and Dave's first property[15:33] Paying back with interest first[21:55] The coaching structure[24:42] Get a coach and keep books up to date[26:24] Dave's advice for real estate investors[26:37] Connect with Mel and DaveQuotes:[05:53] "One of the biggest breakthroughs that they have with people is fear. Getting over that fear."[15:26] "The most important thing is I am looking at my time versus effort... and how much money I can make. Most importantly, because I'm using other people's money, paying them back with interest first."[25:33] "Get a coach and make sure your books are up to date from Day 1."Connect with Mel and Dave:Website: https://investormeldave.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

In this Profit First for REI podcast episode, we have Aaron Letzeiser. He is the co-founder and Chief Operating Officer of Obie, an insurance brokerage designed for the unique risks of homeowners and investors.Aaron gives you practical steps and things to do to lower your insurance rates and more about insurance in this episode, but he will surely make this boring topic more exciting. Enjoy the show!Key Takeaways:[01:04] Introducing Aaron Letzeiser[06:13] Insurance black holes[08:15] How Obie helps people[12:30] Maintaining competitive insurance rates[16:17] The claims process [23:48] Actual cash value vs replacement cost[30:01] Aaron's advice for real estate investors[31:10] Connect with Aaron LetzeiserQuotes:[10:30] "Speed and transparency, and more of a consultative approach to what you are buying or paying for, that's the difference with Obie."[15:27] "Find an agent that knows and understands the real estate investment space."[24:36] "Go check out how much property coverage you have."Connect with Aaron:Website: https://www.obieinsurance.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

To start your real estate journey, get a good financial team who are experts in real estate. That is Joe Viery's advice in this episode of Profit First for REI podcast.Joe is a cost segregation professional (CSP) and the CEO of US Tax Advisors Group. He has helped property owners keep a lot of money in their pockets by eliminating millions of dollars in income taxes. In this episode, he talks about cost segregation, a strategy you must know when you want to buy an old property. More of this topic, listen and enjoy the show!Key Takeaways:[00:51] Introducing Joe Viery[06:11] Accelerated depreciation[09:46] Redo cost segregation in the same building[12:44] Depreciation recapture[20:54] Joe's advice for business ownersQuotes:[06:11] "As long as you are a US-based paying taxes entity, whether it's a married couple or corporation, you can use accelerated depreciation."[10:47] "We like to see the building before any improvements are done because one caveat... a lot of accountants do not know the world of dispositions."[15:19] "Cost segregation reduces depreciation recapture."Connect with Joe:Website: https://ustagi.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