Profit First for Real Estate Investors with David Richter

"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

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

"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

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

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

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

"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

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

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 

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