

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

Aug 15, 2023 • 27min
Creating Cashflow and Control in Real Estate: A Profit First Tale
How does Simple CFO change lives, from CFOs to real estate investors, to the implementation process up to the light at the end of the tunnel?In this episode of Profit First's CFO Series, Tiffany Vogel shares how she became financially free through real estate investing!She is a great speaker, educator, and investor that wants to help you achieve your goals and get out of the rat race. Having young kids at home, she wants to be there for them. Learn more about her and her investing journey. Enjoy the show!Key Takeaways:[00:58] Introducing Tiffany Vogel[02:26] How she started in what she is doing now[07:34] Getting her interest in becoming a fractional CFO?[10:48] Things that people struggle with in real estate investing[14:47] Cashflow 101[18:38] How Tiffany Discovered Profit First[23:03] Advice for real estate investors[25:27] Connect with Simple CFO Quotes:[11:22] "Adding one property might not have a huge cost for you, but running a portfolio of 20 properties, there are some overhead costs that don't get accounted for..."[20:38] "I couldn't go tell clients, 'Hey you need to do this' if I'm not doing it myself."[23:44] "Focus on what matters, usually your family, travel, something along that line and just chase the right dreams and your goals."Connect with Tiffany:Website: https://simplecfo.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

Aug 8, 2023 • 24min
Unveiling the Path to Profitable Real Estate Entrepreneurship: From Shiny Objects to Financial Focus
What are the differences between an entrepreneur and an investor?Tony Castronovo clarified the differences between the two, and he has more to share in this another CFO Series of Profit First for REI podcast!Tony tells his stories on how he went from owning a single family to a multi-family, his journey in real estate investing, and the ups and downs of the entrepreneurial world.Listen and enjoy! You might see where you are right now and the areas you are struggling in real estate investing!Key Takeaways:[00:56] Introducing Tony Castronovo[02:58] Journey of becoming a CFO[07:44] Difference between investor and entrepreneur[13:58] How Simple CFO helps in financial clarity[15:40] Tony's Profit First Journey[19:20] Best lesson/s he learned for decades[21:07] Good first step in the real estate investing journeyQuotes:[06:47] "Going full-time just gave me a bit of a supercharged boost to really go after it."[07:44] "An investor is someone looking long-term to build wealth, and an entrepreneur is very much into a day-to-day income to have a business that will eventually produce wealth."[13:41] "If you are not wise about how you buy and operate those deals, it is just chasing your tail."Connect with Tony:Website: https://simplecfo.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

Aug 1, 2023 • 33min
Wheelchairs and Real Estate: How Augie Byot Lives His Legacy through Chair the Love
"What I love about teaching real estate is seeing the transformation in individuals, families, and futures..." - Augie.In this episode of the Profit First for REI podcast, we have Augie Byllott, a nationally recognized author, trainer, coach, and speaker who teaches creative real estate investing.He was an investor since the 80s and helped a lot of people by making an impact on them. Augie owns an education and training company, and he supports a foundation.Know more about him and how he gets his life to the fullest by living your legacy!Enjoy the show!Key Takeaways:[01:00] Introducing Augie Byllott[04:40] "Living Your Legacy"[06:12] Becoming a Transaction Engineer[07:18] Becoming a Marketing Master[08:18] Being a Chief Entrepreneurial Officer[15:20] What he loves about teaching real estate investing[25:03] Learning exit strategies in lifeQuotes:[03:16] "You help entrepreneurs learn how to stop trading hours for dollars... Be careful not to become wage slaves."[06:43] "I had to learn how to engineer transactions so that I could always use my money the way I could use it best."[12:30] "Living one's legacy gives you the greatest fulfillment because you are living your true purpose."Connect with Augie:Website: https://www.chairthelove.org/fundraiser/ 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

Jul 25, 2023 • 28min
Behind the Scenes: The Enrolled Agent's Guide to Financial Success
We have our CFO Series for this episode of the Profit First for the REI podcast!Alexis Sidney, a seasoned Chief Financial Officer, joined us in the show as she shared how she made an impact as a fractional CFO. How CFOs make a difference? How did they make an impact? Listen as she answers these questions. Alexis also talks about the struggles that they see daily. Enjoy the show!Key Takeaways:[01:00] Introducing Alexis Sidney[03:10] What does she do as an EA?[06:37] Interesting part of the CFO Role[08:15] Different types of struggle people encounter[15:56] Benefits of Profit First for Alexis as CFO[19:40] Pros of working with a CFO[23:48] Alexis' advice for real estate investors[26:48] Connect with Alexis and Simple CFOQuotes:[06:52] "There was something more just behind a profit and loss report... those number means something."[12:55] "It does take time for people to trust you, and you can't overwhelm them by forcing them... just assure them."[20:12] "Working with a CFO allows you to have that person on your shoulder."Connect with Alexis:Website: https://simplecfo.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

Jul 18, 2023 • 24min
From Crisis to Prosperity: How Chris Prefontaine Navigated the 2008 Crash
"What hinder success is mental blockage and mindset issues."In this episode, best-selling author Chris Prefontaine talks about Real Estate on Your Terms, a book he wrote in 2017. He also tells about his experiences with the crash in 2008 he went through.Listen as he also talks about cash positions and how Profit First helped along his real estate investing journey. Enjoy the show!Key Takeaways:[01:01] Introducing Chris Prefontaine[03:22] What is Creative Real Estate?[06:54] Why do people struggle with money in real estate?[08:17] Chris before his Profit First Journey[11:41] Getting and meeting the right people[15:35] Hardest lessons on his entrepreneurial journey[19:17] Get an Executive Assistant[21:18] Chris' advice to people starting in real estate investing[22:10] Connect with Chris PrefontaineQuotes:[07:16] "If you try a bunch of courses and it didn't have the same success... you get a little bit less aggressive." [10:45] "Exposure means so much more than we think, more effective than we all realize... it means a lot."[15:54] "Don't utilize your personal signature to sign on debt, especially for investment."Connect with Chris:Website: https://smartrealestatecoach.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

Jul 11, 2023 • 36min
Profit First in Real Estate: Transforming Your Business for Financial Freedom
If you need help with deal consistency and flow and starting to hire anyone, this episode is for you!We had Jennie Hudspeth, a sales trainer and a talented business professional with a career potential of no limits. She has done over a thousand deals in 12 months.Listen as she shares some great practical tools she has for people starting to hire anyone. Jennie also talked about how important Profit First is. Enjoy!Key Takeaways:[01:00] Introducing Jennie Hudspeth[03:11] Jennie's real estate investing journey[10:42] What you would have done differently on the way up?[13:55] "Everyone has to be on the same boat."[19:15] The Theory of Constraints[26:14] Jennie and the REI Sales Tools[34:38] Connect with Jennie HudspethQuotes:[11:22] "As I matured in management, I learned that it's not about me."[13:55] "To be able to have consistency, everyone has to be on the same boat."[23:46] "If we do more of the right things consistently, the wrong things go away naturally."Connect with Jennie:Website: https://reisalestools.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

Jul 4, 2023 • 29min
From Feast-and-Famine to Financial Stability: How Profit First Revolutionized Real Estate Investing
In this episode of Profit First REI, Dave Dubeau joined us to share his knowledge on how to put more money in your pocket, as he does!Dave is a huge Profit Fist fan who now helps people in the real estate investing world raise capital through his new podcast.Learn more about Dave and how Profit First helped him a lot!Key Takeaways:[00:50] Introducing Dave Dubeau[01:41] Implementing Profit First for the first time[09:46] Increasing visibility to raise capital[12:51] What is the 30-second elevator pitch?[15:07] Don't go cheap on business cards[18:56] Exposure to other people's media[28:03] Connect with Dave DubeauQuotes:[12:42] "Just dress business casual when you are speaking with people about money."[14:56] "Figure out something short and sweet that's gonna create curiosity and get the conversation going."[15:10] "If you are looking to raise capital, don't go cheap on the business cards."Connect with Dave:Website: https://www.daveinterviewsyou.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

Jun 27, 2023 • 30min
From Chaos to Clarity: How Profit First Revolutionized Our Real Estate Business
From having one of his companies go from a chaotic mess to having more revenue and net profit to pay for taxes and other operational expenses, let us know more about Andrew Lucas' transformation story!In this episode, Andrew Lucas, a real estate investor who runs a family-owned business, shares his real estate investing journey that will give you hope from failure to success!Listen as he also shares how his wife got involved and got her an outlet for her wonderful talent! Enjoy the show!Key Takeaways:[01:30] Introducing Andrew Lucas[04:58] What his business looks like before Profit First[11:20] Starting the wholesaling business[15:51] Challenges Andrew and his wife had to face in the real estate investing journey[21:30] Husband-wife team on their real estate investing journey[24:32] Andrew's Profit First story[28:02] Get in touch with Andrew LucasQuotes:[06:15] "They know they are making money, they don't know where it's going. They know they don't have as much now as they thought they would."[25:40] "It's easy to lose track, but when you implement this, you will have opportunities that open up." [26:14] "The people that succeed in real estate are the ones that can stick around the longest."Connect with Andrew:Website: https://reidealfinders.club/ Tired of living deal to deal? If you are a real estate investor or business owner who is tired of living deal to deal and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. - David

Jun 20, 2023 • 37min
Ignite Your Real Estate Fortunes: Insider Strategies from Elite Investors
"Unless you go out of your way and mess up, you'll be okay; unless you go out of your way to find an amazing deal, you'll probably still be okay."In this episode, John Errico and Ryan Goldfarb share their real estate investing journey from working in the corporate world to focusing on short-term rentals, single-family, multifamily apartments, and commercial investing.Listen as they share their amazing partnership and journey through the ups and downs of real estate investing!Key Takeaways:[01:50] Introducing John Errico[03:57] Introducing Ryan Goldfarb[08:04] Most fun part of John and Ryan's real estate investing journey![14:14] Focusing on short-term rentals and value-add construction projects[21:26] Returns to expect when investing in Atlantic City[27:52] Strategies John and Ryan have to make managing short-term rentals less stressful[31:42] Their advice to aspiring real estate investors[35:15] Connect with John Errico and Ryan GoldfarbQuotes:[13:27] "Trying out new things was an exercise in figuring out what I don't like."[26:18] "Short-term rentals are like layering and operating business on top of real estate investment."[32:58] "There are always reasons not to do something, if you want to do it and if it's something where you want to put your money... you just have to do it."Connect with John and Ryan:Website: https://brickxbrick.podbean.com/e/ep-1-meet-the-partners/ Tired of living deal to deal? If you are a real estate investor or business owner who is tired of living deal to deal and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. - David

Jun 13, 2023 • 32min
Numbers Don't Lie: Mastering Financial Intelligence in Real Estate
For today's episode of Profit First for REI, Sharon Lechter joined us to tell us more about who she is as a person and as a business mentor.Sharon is a business strategist, mentor, keynote speaker, and co-author of the #1 Best-Selling Personal Finance Book, "Rich Dad, Poor Dad." She founded an organization that helps people through financial education!Listen as she shares her story and what brought her to success, from doing crazy things to affecting millions of lives. Enjoy the show!Key Takeaways:[01:00] Introducing Sharon Lechter[02:58] Brief background of Sharon and what she does today[11:36] "Pay Your Family First"[12:40] Part of the journey that excites her the most![18:21] Sharon's learning opportunities[26:10] Advice to real estate investors[29:54] Connect with Sharon LechterQuotes:[13:41] "Find joy in every single day, and if you know you're making a positive impact on somebody, there's no greater joy."[16:54] "You are financially free when the income from your assets exceeds your monthly expenses."[28:46] "Challenge yourself to do something new and experience a little bit different life."Connect with Sharon:Website: https://sharonlechter.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