Profit First for Real Estate Investors with David Richter

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

In this episode of Profit First for REI podcast, we interviewed Maura McGraw. She is a marine veteran, a mother, and an active real estate investor.Being a marine veteran, she talks about what she learned in the military and how it helped her in real estate investing. She also shares her Profit First journey from where she came from.You will learn a lot of practical advice in this episode, so listen and enjoy the show!Key Takeaways:[01:03] Introducing Maura McGraw[03:13] What she learned in the military that helped in her real estate investing journey[08:22] Why real estate?[11:49] Life Before Profit First[17:13] Managing multiple types of business[22:44] Financial benefits of paying yourself first[27:26] Biggest benefit of EOS and Profit First[32:12] Connect with Maura McGrawQuotes:[04:15] "There is no option except for mission accomplishment and that translates to, you can never give up."[17:48] "It's easy to lose sight of paying yourself as an owner."[28:22] "Having a financial system, that is like the lifeblood of your business. That is what's keeping everything going and the scorecard of whether you are succeeding or not."Connect with Maura:Website: https://www.duratusacademy.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

"Even if you are still working a day job, you can still do this on the side and should do this on the side until you have a pipeline."In this episode of Profit First for REI podcast, we interviewed David Randolph. He is a real estate investor best known for his highly profitable success in the Short Sales arena. He has one of the best systems that gets people real results. Now, he wants to share it with you! Listen as you will learn great lessons: ways of buying properties, getting into real estate, and how to do short-sale deals. Enjoy the show!Key Takeaways:[00:46] Introducing David Randolph[02:28] Focusing on short sales[09:07] The pitfalls of short sales[10:54] How long is the cash conversion cycle?[16:10] The team size on short-sales[20:12] Right way to run a business[26:00] "I would've sought expert help in the education field earlier."[27:12] Connect with David RandolphQuotes:[08:22] "You want to run a business? You want to make money? Short sales is one way to make a lot of money."[13:48] "Anybody in the United States can negotiate a short sale with the bank. Anybody, with the exceptions of California and Florida..."[21:19] "When you are making a lot of money, you don't need a lot of money to live off of. So why should you be making it and paying taxes? Why don't you do these deals in your retirement account vehicles?"Connect with David:Website: https://thedavidrandolph.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

"The biggest piece of advice I'd give people of what I learned from that is, nobody is going to manage your money but you."  In this episode of Profit First for REI podcast, we have Bill Allen. He is a real estate investor and the owner of 7 Figure Flipping. He and his team currently flip and wholesale 200+ deals every year.Bill shares his advice on how to become a better wholesaler and flipper. He talks about his journey in the real estate world, some of the biggest roadblocks he encountered, and his family program for teenagers. Enjoy the show!Key Takeaways:[00:46] Introducing Bill Allen and his background                                                      [02:15] Getting into real estate[04:30] Educating other people about real estate[12:15] Tips on becoming a better real estate investor[15:01] Why do most investors live deal to deal in their business?[23:21] Talking about the roadblocks in business[27:19] You have to be financially savvy[32:24] What is Teenage Tycoon all about?[41:48] Connect with Bill AllenQuotes:[10:02] "If you can figure out where you are weak, there are two options: You need to be higher up those weaknesses, or you can just dive in and strengthen them up."[25:54] "The longer you sit on a problem like that, the more expensive it gets." [27:19] "Nobody is going to manage your money but you. Nobody cares about it like you do."Connect with Bill:Website: https://www.7figureflipping.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

"Get profitable and pay yourself first."If you want to become smarter financially and know where your money is going, we have a perfect guest! In this episode of Profit First for REI podcast, we have Chris Miles. Listen as he talks about the thought process of people around money. He also shares some tips on how you can pay yourself twice in your business and utilize passive income in your business to get the freedom you want. Enjoy the show!Key Takeaways:[00:45] Introducing Chris Miles[02:35] The Ultra Penny Pincher[06:20] Retiring at the age of 28[08:12] Jumping into real estate investing[11:19] Life Before Profit First[13:32] Follow your gut[16:32] Paying yourself twice[26:45] Business as your number one investment[27:42] His advice for real estate investors[28:41] Connect with Chris MilesQuotes:[05:49] "You can make better cash flow and income with real estate even if you are on the passive side."[13:32] "Follow your gut... If something doesn't feel right, don't go for it just because you can get a lot of money."[28:08] "Just get to the point where your business is an actual business. They can operate even without you, and you can get enough passive income that you don't need it either; to me, that's the true definition of freedom."Connect with Chris:Website: https://moneyripples.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 episode of Profit First for REI podcast, we are joined by Dan Haberkost. He is a real estate investor focusing on new development, land investing, and consulting.Dan talks about marketing and the fears he had about spending money on it. He also talks about incentivizing employees and the expectations he sets for them. Listen and enjoy!Key Takeaways:[00:41] Introducing Dan Haberkost[01:55] The Big Picture Blueprint[02:34] How did you land on land?[07:27] Land Investing[09:59] Room by room rentals[13:23] Why did Dan choose land investing?[20:32] The fear of spending money[26:07] How do you incentivize your employees?[28:53] Dan's advice to real estate investors[29:51] Connect with Dan HaberkostQuotes: [07:48] "Land is the means of making money. You can do it from anywhere."[09:28] "I'd rather focus on the active income... and just buy nice real estate."[28:55] "Get clear on your goals and pick the asset and the business that align."Connect with Dan:Website: https://danhaberkost.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 episode of Profit First for REI podcast, we have Frank Iglesias. He is a real estate investor who tells several deep things about his real estate journey.Frank is well-versed in many areas of real estate. He talks about the right coach in his life that helped turn him around, the right timing, and books that helped him. Listen to this episode if you want to become a good business owner. Enjoy the show!Key Takeaways:[00:46] Introducing Frank Iglesias[01:53] How he got into real estate[05:10] "I wish I would have just picked one route."[09:04] Sales and marketing in real estate investing[13:20] Learning about new construction[15:18] Difference between fix and flip and new construction[19:49] The money side of new construction[27:23] Fundamentals and People's Journey to Success[30:04] Connect with Frank IglesiasQuotes:[06:25] "I wish I'd learned more about business because real estate is just the vehicle. It sits on top of this."[08:35] "Most real estate courses don't teach business, they teach real estate. But it's a different world when you start looking at it as a vehicle."[18:04] "What I like about new construction is you're creating something. I like the creation process."Connect with Frank:Website: https://frankiglesias.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 love verbs more than nouns when it comes to money. I don't care what you call my money."For today's episode, we have Mark Willis. He is a certified financial planner and a real estate investor who works with people from 50 states and around the world to help them build real wealth outside of Wall Street.In this episode, he talks about the more efficient way to manage your money and how to build wealth in ways that you can control and understand. Listen and enjoy the show!Key Takeaways:[00:44] Introducing Mark Willis[05:45] Bank on Yourself[07:47] Building up contractual wealth[09:56] What is banking?[11:55] T.G.I.F.[15:38] Averages mean nothing[20:57] Disgust in marketing[23:51] Integrating the Bank on Yourself system into Profit First approach[33:26] Connect with Mark WillisQuotes:[08:08] "Owning a property is the same as owning a policy in that they are both founded on the civilization technology known as the contract." [09:52] "It is the most profitable enterprise in all of human history is banking." [21:30] "It's impossible to convince someone of something when their salary is dependent on them not being convinced."Connect with Mark:Website: https://kickstartwithmark.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 episode of Profit First for REI podcast, we have Jason Lavander. He has been an entrepreneur since 2016, flipping houses, building a team, learning the process, and getting coaching and training.He shares about his journey of Profit First and what he is then versus now. He also talks about the evolution of an investor.Listen because it will help and give you hope in your real estate investing journey. Enjoy the show!Key Takeaways:[00:53] Introducing Jason Lavander[03:12] The up and down cashflow rollercoaster[06:34] The Walking Wounded[07:55] What he does before real estate[12:20] The time he started Profit First[17:03] Finding the right person[19:45] How to know if your business is healthy?[26:46] Advice for people who want to implement Profit First[29:22] Connect with Jason LavanderQuotes:[07:26] "The system works for you. It's your safeguard. It's your bumpers on the bowling alley. It's your safety net to protect you."[17:03] "As an investor, much of what I've learned is to find the right person. Put the right person in the seat."[26:50] "Ask yourself hard questions and give yourselves honest answers."Connect with Jason:Facebook: Jason LavenderTired 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

"People become entrepreneurs because they want freedom, they want control. What happens is typically, the profession and the phase to get more and do more ends up controlling them."Joining us in this episode of Profit First for REI podcast is Brad Chandler and Yvonne Trost. Brad and Yvonne's passion is to help people. They created a program as an opportunity to help people make a true impact on their lives.In this episode, Brad and Yvonne dive deep into what is holding you back as a human being and as an entrepreneur. They can help you with the key aspects and first steps of getting on a better path, so keep tuned in!Key Takeaways:[00:57] Introducing Brad Chandler and Yvonne Trost[06:04] The self-worth issue[10:57] Being an entrepreneur as a trauma-response[13:34] Everything that they have is inside them[19:17] The limiting beliefs[21:12] Letting go of fear and judgment[26:00] The different money mindsets[30:00] Reason behind perfectionism[31:30] Connect with Brad Chandler and Yvonne TrostQuotes:[07:28] "It's built into us to find safety...our self-conscious mind's job is to keep us alive and safe."[13:22] "Quite often, the things that we seek outside of ourselves are the things that turn around and not give us what we intentionally wanted to begin with... everything that they have is inside them."[19:17] "You are the only person who limits you, not society, not the world, not your education, it's you. Primarily you limit yourself by self-learning beliefs that are in your head."[30:51] "Trauma isn't the actual bad thing that happens to you. The trauma is the meaning that you place on that event."Connect with Brad and Yvonne:Website: https://www.bradchandler.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