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
Jun 6, 2023 • 30min
Mindful Money Management: Real Estate Tips Inspired by Profit First Principle
Entrepreneurs having trouble managing their finances is more common than you’d think. The constant feeling of stress and anxiety over your cash flow, being in the dark about where your money is going, and ending up living deal-to-deal. Our guest today has gone through the same process—until he implemented Profit First.Alan Walker is a realtor and the owner of Origin Real Estate, dedicating his wealth of knowledge and experience to all his clients. In this episode, he shares the story of his personal struggles with money and how he overcame them with the Profit First method, and shares many insights on money management and saving. You’re in for an enlightening and inspiring episode! Tune in!Key Takeaways:[00:00] Introducing Alan Walker, His Background, and His Real Estate Career[09:43] Before and After Implementing Profit First[21:06] The Profit First Method’s Effect on His Taxes[24:28] The Importance of Having Cash Reserves[28:06] Connect With Alan WalkerQuotes: [10:27] “ When I started to read [Profit First], he broke it down in such a way that was so easy to understand. All I had to do is like create a spreadsheet, and anytime money came in it divided it for me and I just made my transfers.”[22:59] “The biggest thing that I always hear people talking about is ‘Oh, it's so hard to set up these accounts, there are so many online banks now.’ It is not hard to set up these accounts—you can have it done in 20 minutes, so stop making that as an excuse.”[26:56] “As real estate people, we always think that we have to have our money working for us, and putting it in the bank is like a cardinal sin. [We call it] lazy money…it's not lazy money. You actually need that money.”Connect with AlanWebsite: https://www.originutah.com/Podcast: https://www.youtube.com/@alanwalkerplayyourgameTired 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
May 30, 2023 • 32min
The Profit First Approach: How to Double Your Real Estate Profits
In this episode of Profit First for REI, Jim Manning joined us as he shed hope on how he succeeded in his real estate investing journey!Jim is a courageous implementor and action-taker who transformed from being broke and chasing deals but not getting a profit; now, he generated over $5 million in passive income in 2022 alone!Learn more about Jim and how you can benefit from his story!Key Takeaways:[00:56] Introducing Jim Manning[02:32] Jim's real estate investing journey[09:27] Motivation and driving factor on chasing deals[15:40] Jim's lightbulb moment![21:33] How things started to change for good from being broke[27:26] Advice for those starting their real estate investing journey[30:07] Connect with JimQuotes:[08:04] "Our egos were stroked, but our wallets broke."[12:12] "If I'm going to succeed... I will measure that success by what I give up in the process."[27:53] "Get educated, don't let yourself get in the trap of 'I'm too busy.'"Connect with Jim:Website: https://passivewealthshow.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
May 23, 2023 • 40min
Conquering Financial Challenges: The Roadmap to Economic Freedom
In this episode of Profit First for REI, Chris Naugle joined us to share hope in his real estate investing journey! Chris is an innovator and visionary in wealth-building and real estate.He is part of the movement BYOB - Be Your Own Bank, and empowers others with his knowledge of how money works. Chris also dedicated his life to being America's #1 Money Mentor.Listen and know more about Chris' Six Laws of Wealth, and how he got back from the lowest point of his life to the other side of it!Key Takeaways:[00:45] Introducing Chris Naugle [02:16] Chris on what he does in BYOB[08:45] Lowest point of his life[11:37] Impact of money on his family[13:32] How Profit First Impacted His Real Estate Journey[24:16] "I built my own banking system."[28:46] Six Laws of Wealth[37:38] Connect with ChrisQuotes:[04:36] "There are only two types of people, people with money and people that need money, and both have a problem. People with money, they want to make more. People that need money, they need money to make more money."[11:45] "Money is the number one cause of divorce in this country."[28:52] "Pay yourself first."Connect with Chris:Website: https://www.chrisnaugle.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
May 16, 2023 • 34min
Navigating Change and Achieving Profitability: A Real Estate Journey with Profit First
In a regular 9-to-5, affording to travel requires so much more than just money—you need to have the time and energy for it. This is why traveling is one of the many reasons people begin as investors in the first place, with its promise of financial freedom and passive income. If you’re one of these investors or are someone who wants to expand on their lived experiences, this is the episode for you. Our guest today is Shane Mahoney, founder of Lugos Travel, a luxury travel company focused on providing authentic experiences at travel destinations. In this episode, we will discuss how you can reap the rewards of your ventures and enhance your travels beyond the beaten path. Tune in!Key Takeaways:[00:36] Introducing Shane Mahoney and His Background[05:38] The Scope of Lugos Travel’s Offer [19:18] On Lugos Travel’s Standard and Platinum Tours[25:32] Expanding on the Fees and Plans[31:27] Connect With Shane Mahoney and Lugos TravelQuotes: [05:31] “Experiences that change people's lives…that's been our goal for the last 12 years.”[06:53] “I'm going to charge you for my time and expertise. In exchange, I'm gonna work to make sure that your tour is designed around everything that you know and love.”[10:56] “I know what it was like to be a busy professional, to have like absolutely no time to plan things, but still want a great vacation.”[27:01] “So here's my concern—If you come back from Paris from my tour, and your stories are exactly the same as the people that went to Paris, I have failed.”Connect with ShaneWebsite: http://shanemahoney360.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
May 9, 2023 • 33min
How Sheri Fluellen Uses Psychology To Help Real Estate Investors Achieve Their Goals
Today’s guest is Sheri Fluellen, a real estate investor, syndicator, and coach. As a certified high-performance coach and psychologist, she works with entrepreneurs and real estate investors to keep them focused on their goals through research-based success coaching.Sheri’s background as a psychologist, her experience in the investing space since 2007, and her profession as a coach all give her a unique insight into the mindset of investors. Throughout the episode, we discuss financial management, personal fulfillment, the Profit First Method, and more! Tune in!Key Takeaways:[00:44] Introducing Sheri Fluellen and Her Background[04:29] On Selling Her Private Psychology Practice [11:13] Her Background as a Psychologist and How It Adds to Her Coaching[17:21] The Psychology Behind Poor Financial Management in Investors?[22:01] How to Counteract the Insecurity That Can Affect Our Financial Management Skills[26:08] How Profit First Has Helped Sheri’s Business[29:53] Advice for Investors Who Want to Implement Profit First[30:27] Connect With SheriQuotes: [18:39] “Put a sale in front of me, put a prospect in front of me, and I will get them to buy. But then managing the money that we make on the backend, like, you know, a spreadsheet will make his eyes cross and he just can't stand it…I've seen that in a lot of real estate investors. ”[20:28] “There is this strong relationship between how much money I make and how worthy I am…So, whether it's real estate investing or any sort of business when things aren't functioning smoothly, that can significantly impact one's sense of self-worth, self-efficacy, their ability to be a good business person.”[30:11] “[Implement Profit First] now, because the longer you wait, the more complicated it gets to try to undo what you’ve already done.”Connect with Alex & ShimonWebsite: https://www.drsherifluellen.com/LinkedIn: https://www.linkedin.com/in/drsheri/Instagram: https://www.instagram.com/drsfluellenCoaching Mastery Podcast: https://www.coachingmasterycommunity.com/blogTired 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
May 4, 2023 • 37min
Prioritizing Profit, Escaping The Deal-to-Deal Cycle with Alex Chizhik & Shimon Lazarov
We’ve got double the value for today’s episode with two great guests—Alex Chizhik and Shimon Lazarov, the hosts of The Dollar Auction podcast! They discuss anywhere from Bitcoin, government regulations, investing, economics, finance, and more.Alex is an experienced executive with nearly two decades worth of experience in managing organizations and is passionate about technology and cryptocurrency. Shimon is a growth leader with an extensive strategy background in digital strategy, market research, and business development.These two strategic minds join us today to discuss various topics surrounding money mindset and intentionality, and how it can greatly affect your business growth. Tune in! Key Takeaways:[00:48] Introducing Alex Chizhik & Shimon Lazarov[03:48] Blitzscaling: Why People Don’t Prioritize Profit [15:49] Why People Live Deal-to-Deal[23:16] Thoughts on Fractional Businesses[25:29] On Real Estate and Cryptocurrency[33:55] Connect with Alex & ShimonQuotes: [15:37] “It doesn't matter if you're making a million a year or hundreds of millions a year. You need to know where you are on the financial side.”[17:05] “If you don't put some [money] aside, then you can literally have 10 years pass by and for nothing to show for it. And I actually have friends who worked on Wall Street and friends who worked in Silicon Valley making over half a million dollars per year. They didn't save too much. ”[31:50] “All these investments, including cash, is a tool for something…So be intentional about what you're investing in.”Connect with Alex & ShimonAlex’s Twitter: https://twitter.com/mrebitdaShimon’s Twitter: https://twitter.com/ShimonLazarovThe Dollar Auction Podcast: https://podcasts.apple.com/gb/podcast/dollar-auction-show/id1492748168Tired 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
May 1, 2023 • 40min
Joseph & Jenn Delle Fave, The Duo Behind The Creative Finance Playbook, Share How Profit First Changed The Course Of Their Business
Family is often a big factor in any person’s life, so when family becomes an obstacle when starting a business, it becomes a significant roadblock. For our guests today, overcoming this hurdle became a major struggle.Joseph and Jenn Delle Fave are real estate investors, coaches, and the duo behind the Creative Finance Playbook—a Youtube channel where they share the wonders of non-traditional financing for real estate.If you're someone who has struggled with family resistance or fear holding you back from pursuing your entrepreneurial dreams, this episode is for you. Tune in as Joe and Jenn share their inspiring story and how Profit First has helped them with their business.Key Takeaways:[00:41] Introducing Joe & Jenn Delle Fave and Diving Into Joe’s Background[07:35] Joe’s Past Struggles[12:23] On Pursuing Real Estate Despite Family Struggles[17:31] How Joe & Jenn Connected[20:29] Jenn’s Background[23:53] On Moving to Florida[27:46] On Learning About and Implementing Profit First[33:39] On Profit First Alleviating Fear[36:55] Connect with Joe & JennQuotes: [29:11] “The whole concept of [Profit First], like the envelope system, that's something that every person needs to really implement. And so even though we were organized, things could be even more organized. ”[21:23] “I feel like the whole time I was listening to your book, you were just speaking directly to me about a lot of the issues that we've been dealing with for years.”[32:03] “[Profit First can benefit you because] of clarity of everything that's going on in the health of your business…Just like being able to open up the hood [of] a car and find out what's wrong with it and tinkering [with] it. But you don't have to. It's just showing right in your face now.”Connect with Joe & JennWebsite: https://www.creativefinanceplaybook.com/Facebook: https://www.facebook.com/CFPlaybook/Youtube: https://www.youtube.com/@creativefinanceplaybookTired 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 27, 2023 • 37min
Building Wealth Through Passive Income With RJ Bates
RJ Bates III is the CEO of Titanium Investments, a multifamily investment company that assists investors in building wealth through passive income. Additionally, he hosts the Titanium Vault podcast, which centers around real estate investment.Initially, RJ struggled with financial management as he expanded his business, a common problem among investors. Because of his experience, he has dedicated much of his work to educating and helping many investors in the real estate investing space to succeed.In this conversation, we will delve into RJ's challenges and growth, and the current issues in his business that implementing the Profit First method can help solve!Key Takeaways:[01:01] Introducing RJ Bates III and His Story[06:08] RJ’s Passion for Real Estate and His Podcast[13:35] Profit First and How It Can Help His Business[19:15] Why the Growth of His Business Led to Developing Financial Issues[25:31] On Being Open to the Profit First Message and Unlearning Bad Money Habits[31:38] Advice for People Who Want to Implement Profit First[34:32] Connect with RJQuotes: [11:32] “I know that there are people out there that are trying to change their life, but they're struggling on…the management of their finances.”[21:23] “I feel like the whole time I was listening to your book, you were just speaking directly to me about a lot of the issues that we've been dealing with for years.”[33:42] “There is never a perfect time to do anything. The hurricane of being an entrepreneur never stops. At some point in time, you just gotta say ‘I’m making the commitment to start doing [managing my finances.]”Connect with RJFacebook: https://www.facebook.com/OfficialRJBatesIII/Youtube: https://www.youtube.com/c/RJBatesIIIInstagram: https://www.instagram.com/rjbatesiiiTikTok: https://www.tiktok.com/@rjbatesiiiPodcast: https://podcasts.apple.com/us/podcast/the-titanium-vault-hosted-by-rj-bates-iiiTired 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 24, 2023 • 31min
How Profit First Broke Unhealthy Financial Habits With Paul Sparks
Our guest today is Paul Sparks, a real estate investor and the owner & COO of BunnyHill Properties. He founded the Whale Club mastermind and is the host of the Investor Frame podcast.Paul began his real estate career while working as an engineering salesman before going full-time as an investor. He shares how his lack of formal education in business and proclivity as a salesman made him more focused on making a profit and less on looking at his numbers and data—until he discovered the Profit First method.Tune in as Paul shares his history, Profit First journey, and the practical steps to unlearn bad money habits and begin putting more focus on financial management.Key Takeaways:[00:52] Introducing Paul Sparks[04:41] On His Difficulty Looking at His Numbers and Other Money Struggles[08:10] Profit First and How It Helped Him Grow as an Investor[20:53] On Learning More About Finances and Having Better Money Mentality[25:30] Advice for Investors Who Want to Apply Profit First[28:27] Connect With Paul SparksQuotes: [06:11] “ It's really tough to run a profitable business if you do not collect and analyze the data because otherwise, you're just erring on the side of ‘How do I make more money?’ constantly…more revenue doesn't necessarily equate to more money in your pocket.”[07:38] “I didn't know how to focus on how much money that I kept. It sounds so obvious when you say this stuff out loud. But it's not obvious when you're in the moment…I think it just took maturing as a business owner to understand: it doesn't matter how much you make unless you're keeping it.”[26:18] “It's really, really tough to have financial freedom, financial certainty, if you don't have your finances dialed in.”Connect with PaulInstagram: www.instagram.com/paulsparksofficialWebsite: www.realestatecertainty.comTired 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 20, 2023 • 30min
More Real State Advise from a Multifamily Investing Academy Creator, Charles Dobens
Welcome back to the Profit First for REI podcast. Our guest today is Charles Dobens, a multifamily attorney investor with years of experience in the real estate industry. He is the founder of Multifamily Investing Academy, the creator of the MultifamilyOS™️ System, and the host of the award-winning Multifamily Investing podcast.Charles joins us to share his insights on the business of real estate and emphasizes the importance of treating it like a business. He also delves into the three parts of a real estate deal, breaks down the benefits of holding real estate, and offers practical steps for those looking to build wealth through real estate investments.Whether you are interested in transitioning from single-family to multifamily real estate or simply want to keep more of the money you make with your investments, this episode is packed with valuable tips and insights that you won't want to miss. Key Takeaways:[00:18] Introducing Charles Dobens[04:08] Why It’s Easier to Treat Multifamily as a Business Compared to Single-Family[05:12] Ups and Downs and Lessons Learned in His Investing Journey[08:42] What is a Cap Rate?[15:43] The Five Ways to Make Money in Multifamily[18:47] Transitioning From Single-Family to Multifamily[22:16] Asset Management and Property Management[26:24] Connect With Charles Dobens Quotes: [15:34] “[What] I really loved about multifamily was no emotion involved. It's just a formula. And if the formula works, you buy the property.”[23:45] “If you set it up right the first time, and you build the systems to be constantly taking care of your clients, your investors? Yes, then you're going to have yourself a nice business.”[26:46] “I spent over $200,000, building a CRM for members of my multifamily OS program. That helps because…acquisition Management is all about finding the deal, right? 90% of the business is sales and marketing and finding the deal.”Connect with Charles and get a copy of his book, How to Get 1,000 Apartments in Five Years:Website: www.multifamilyos.comTired 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
