Profit First for Real Estate Investors with David Richter

In this episode of Profit First for REI podcast, we have Ted Manahan. Ted is an engineering graduate turned real estate investor in the Bay Area in California.He talks about the money mindset that hindered him from growing his business and how he overcame it. Ted also talks about how his significant other has gained from Profit First and shares some great culture on the road to financial freedom.Listen and enjoy the show!Key Takeaways:[00:41] Introducing Ted Manahan[07:02] The Saver Mindset[09:30] How the "Scarcity Mindset" hindered Ted[14:42] Finding and Treating Employees[18:33] Protecting the culture inside the company[22:19] Ted's book recommendation[25:33] Talking more about his business[31:09] Connect with Ted ManahanQuotes:[07:54] "I was always saving money, always. For me it was freedom, it was to get away from a situation that was not ideal."[13:27] "You have to standardized process. As you do the process, you are going to learn how to do it better."[17:23] "Once they are there in your company, train them. Give them the tools. Give them ownership."Connect with Ted:Website: https://www.bayhomebuyers.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

Telling about his Profit First journey, we have Tony Clark in this episode of the Profit First for REI podcast.Tony is a real estate agent/investor who did many things in real estate, including wholesaling and helping other agents become successful.Listen as he shares some money mindsets many people have gone through and how he was able to break through them and come out better on the other side.Enjoy the show!Key Takeaways:[00:56] Introducing Tony Clark[01:51] Why Real Estate?[04:50] About his team and finding the right niche[12:03] Life before and after Profit First[16:54] Being stuck in a start-up mindset[21:52] One habit that contributed a lot to Tony's success[26:14] Connect with Tony ClarkQuotes:[02:17] "Real estate is just a really tangible option for running a business, and I can see it, I can feel it."[12:13] "Implementing Profit First made my wife much happier... before, I was just always chasing the next deal and didn't have a system in place."[17:12] "Things that can be healthy for a period of time aren't always healthy forever."Connect with Tony:Website: https://www.agentos.io/  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

Do you want some honest and helpful information to help you achieve financial freedom?We have Shannon Weinstein for today's episode of Profit First for REI podcast. Shannon is a financial expert, podcast host, and entrepreneur. She is ready to take complicated subjects and make them very simple. Shannon also talks about reasons why we don't pay ourselves enough. Learn more about this topic and the psychology behind it. Enjoy the show!Key Takeaways:[01:19] Introducing Shannon Weinstein[03:22] When Shannon started to help people[06:32] The Language of Business[13:02] Leaving her corporate job[18:46] Why don't people keep more of what they earn?[21:26] Shannon's work as fractional CFO[29:12] About tax laws[33:05] Connect with ShannonQuotes:[06:45] "When you speak it (language of business)... I forget other people don't speak it, you don't have that perspective."[18:45] "Why don't people keep more of what they earn?... The main reason I think is because they are not paying attention to what the number is to tell them." [26:15] "You never really gonna be feel ready... you have to start the habit now."Connect with Shannon:Website: https://www.fitnancialsolutions.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

With her over eight years of experience as a CPA in tax services and being one of the top Chief Financial Officers, this is an exciting episode of the Profit First for REI podcast.  Today, we have Mehak Begemann sharing some top tips that help you understand where you are in the journey as an owner or as an operator. She also shares her investing journey that will inspire you! Listen and enjoy the show! Key Takeaways:[01:13] Introducing Mehak Begemann[02:07] Professional life as a CPA[06:40] Mehak started to get interested in real estate[11:05] Indicators for clients that are winning[13:54] Two types of owner[18:20] Cool client testimonials/story[24:24] Her fun experiences working with clients as CFO [29:36] Connect with MehakQuotes:[12:01] "Owners should be able to answer what their operating cost is at least on average."[21:07] "You can't build unless you know where you are at today."[22:38] "Whatever doesn't get measured gets lost." Connect with Mehak:Website: https://www.instagram.com/mehakbegemann/?hl=en 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

Want to know more about Profit First and how it works best for business owners and becoming better leaders?Listen to this Profit First for REI podcast episode as we interview Annie Yatch. She has been an entrepreneur for 15 years but originally started working in the Defense Intelligence Agency. Annie talks about trauma, trauma freedom, and how it affects potential leaders in the real estate industry! Enjoy the show!Key Takeaways:[00:54] Introducing Annie Yatch[04:07] What is trauma? [06:08] Trauma and your calling[12:41] Good saver, bad spender[16:54] Where did Annie get knowledge about people's behavior?[22:50] Three big gaps in companies[27:17] Profit First and role in trauma freedom [31:12] Connect with Annie YatchQuotes:[04:06] "Trauma has to do with any time in your life that there is a perceived lack of control."[06:08] "If you figure out what your trauma is, you figure out what your calling is as well."[19:38] "Every problem that you experience in business is a behavior problem... a behavior you have to start, a behavior you have to stop, or a behavior you have to modify."Connect with Annie: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

"Real estate is the byproduct of caring."In this episode, we interviewed Phillip Vincent. He is the founder and owner of Mom's House. Mom's House is one of the most trusted home buyer networks for seniors moving into senior living.No matter what type of seller you walk into, either virtually or over the phone, get to know how to get the deal done through relationship building and better rapport.Listen and enjoy the show!Key Takeaways:[00:57] Introducing Phillip Vincent[02:13] How he got into real estate[05:01] The driving force of becoming an entrepreneur[13:45] How Mom's House started[18:13] Branding, scripting, what to say, what not to say[22:37] Why do you think investors live deal to deal?[29:28] Phillip's advice to real estate investors[32:03] Get to know more about Mom's HouseQuotes:[03:11] "I've learned two things: I've learned not to get old and if you do, be rich."[07:26] "The thing about real estate is you can make 50 grand today and lose 80 grand tomorrow."[21:32] "A wholesaler is not an identity, that's an exit strategy."Connect with Phillip:Website: https://momshouse.com/ Tired of living deal to deal? If you are a real estate investor or business owner 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 I 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

This week's episode will save your business and will give you hope to start with your life!The guest for this episode of Profit First for REI podcast is Jason Marks. He has been in the business for 12 years and has run different companies. One of these is a wholesale company.Listen as he shares his experiences on how he started making money and increased profitability through Profit First. He also tells about the stress of the taxes and how Profit First saved his life! Enjoy the show!Key Takeaways:[00:59] Introducing Jason Marks[04:05] Jason's craziness before Profit First[09:29] How goal setting helped him in his investing journey[15:08] First hire in his business[16:33] Importance of delegating[23:19] Jason's tough times[28:51] Making decisions based on your bank account and your goals[34:05] Advice to first-time investors[38:12] Contact us!Quotes:[13:26] "It's very important that you have to know what you want because you also have to get ready if you don't get it."[17:29] "If you're not good at it and don't like it, you should not be doing it."[28:51] "To run a successful business, you need to make decisions based on your bank account and your goals."Connect with Jason: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

What are the things many real estate investors are doing, and what should they be doing?In this episode of the Profit First for REI podcast, Aaron Chapman shares his experiences in real estate investing, especially on the mortgage side.Aaron is a veteran in the finance industry and has been doing loans since 1997. He is a published author and has released books and tons of magazine articles. He also runs a team and is now sharing his wealth of knowledge with us!Know more about him and enjoy the show!Key Takeaways:[00:57] Introducing Aaron Chapman[05:51] Transition from working outdoors to being a telemarketer[13:23] Why do you think investors live deal-to-deal on their business?[17:42] Importance of life insurance to Aaron's financial freedom[25:57] First-time home buyer program [29:43] About his books[35:37] Connect with AaronQuotes:[12:40] "Our focus is on giving people practical data to make decisions with, not speculation and theory."[13:27] "Good judgment comes from experience, and experience comes from bad judgment."[33:45] "The most useful, elegant, and powerful tool ever created is the human mind, but if you misuse it for a split second, it can destroy not just you but everything around you."Connect with Aaron:Website: https://www.aaronbchapman.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

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

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