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
Mar 13, 2023 • 25min
How Profit First Helped Bob Lachance Grow His Virtual Assistant Company
Being wealthy is more than just a full bank account. It’s about having a mindset of financial management to accumulate a resource that can continuously build on itself. Moreover, it has the potential to be taught and learned.Our guest today understands the potential of a system like Profit First for himself and others. Bob Lachance learned of the method’s principles at a young age and has applied it to his ventures to this day. He is a real estate investor and the founder and CEO of REVA Global, a premier virtual assistant staffing company focused on the real estate industry.Listen in as we discuss the importance of proper money management, the benefit of hiring virtual assistants, and Profit First.Key Takeaways:[00:50] Introducing Bob Lachance and His Real Estate Investment Journey[03:19] Profit First and the Entrepreneurial Tendency to Burn Cash[08:41] On Tracking Costs in Business and Experiencing Business Struggles[12:16] Developing Better Financial Habits and Applying Profit First[14:05] The Benefit that Virtual Assistants Bring to a Real Estate Investor[16:39] Things to Consider Before Hiring a Virtual Assistant[20:25] The Habit That Has Contributed to His Success the Most: Implement[21:13] Hardest Lesson Learn as an Investor[22:26] Connect With BobQuotes:[13:03] “The great thing about Profit First is you can then give it to the individuals that work for you.”[15:39] “If anybody is relying on a virtual assistant in a different country to close your deals, you will be out of business soon. That's not their role. Their role is either admin TAs or lead generation.”[21:46] “We start being successful when we start focusing first on that one thing. Instead of doing 900 things at once, you got to get good at that one thing”Connect with Bob:Website: www.revaglobal.comEmail: bob@revaglobal.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
Mar 9, 2023 • 33min
A Psychologist’s Perspective: The Struggles & Difficulties Investors Face; Why Profit First Can Help With Scott Emsley
Today’s guest is Scott Emsley, a real estate investor with Clear Sky Properties. He has been in the since 2020, first starting with single-family homes before eventually dipping into multifamily properties as he does today.Scott continues to work as a clinical psychologist while starting his venture into investing. Interestingly, he did not have a previous entrepreneurial background like most investors, making the Profit First system an invaluable tool for managing his finances and learning better money management. With his circumstances and background in psychology, Scott offers a unique insight into the benefit of Profit First and a psychologist’s perspective on some of the struggles of investors. Tune in!Key Takeaways:[00:47] Introducing Scott Emsley and His Real Estate Investment Journey[07:28] On Analysis Paralysis About Starting Real Estate Investing[11:02] On Implementing Profit First and Experiencing Its Benefits[17:40] Profit First in the Multifamily Space[22:47] Real Estate Investment Without Initial Entrepreneurial Experience[26:43] Scott’s Thoughts on His Career Without Profit First[29:05] Advice for Real Estate Investors: Without a Business Plan, You’re Doing It Wrong[30:30] Connect With ScottQuotes:[12:17] “[Profit First] is one of the biggest reasons why I've been able to pick up another 300 or so units [in] the remainder of last year.”[27:52] “I'm not equipped to be a business owner if I hadn't found profit first.”[29:46] “If you don't have a good business plan, you're doing it wrong…If you don't have a business plan, a business strategy, the house of cards is going to come toppling down.”Connect with Scott:Instagram: www.instagram.com/stewardscottyPodcast: The Worst Ever Real Estate Investing Podcast (currently in the works)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
Mar 6, 2023 • 26min
Why Giselle Loayza Implemented Profit First From The Onset Of Her Business
No matter where you are in running your business, implementing Profit First will always be a net positive. But applying the method from the get-go means securing stability through your business financials early on.Our guest today is somebody who had the foresight to apply the Profit First method to her business. Giselle Loayza is the regional director of the Veterans Service Group, a company dedicated to helping veterans with their VA benefits. As soon as Giselle heard about Profit First, she immediately knew that it was something she had to do. So tune in to hear what she has to say about the experience!Key Takeaways:[00:58] Introducing Giselle Loayza and Her Background[06:00] On Learning About the Profit First Message [10:48] Hiring a CPA and the Benefit of Applying Profit First[14:11] The Confidence Afforded by Implementing Profit First[16:08] The Biggest Lessons Learned as a New Business Owner: Communication Can Fixt It[22:21] Advice for People Who Want to Implement Profit First: Read the Book and Hire a CPA[24:26] Connect with GiselleQuotes:[13:01] “ I love the idea having separate bank accounts and doing the percentages.”[21:12] “I have learned…you have to take responsibility and face the situation, even if you don't like it and you feel uncomfortable.[22:10] “Read the book…Don’t delay opening up the bank accounts…And then hire a professional accountant/CPA that is familiar with Profit First.”Connect with Giselle:Website: https://www.veteranservicegroup.com/Email: giselleloayza1@gmail.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
Mar 2, 2023 • 31min
Creating Long-Lasting Cashflow & Wealth Because Of Profit First With Chris Miles
The ultimate goal of investing is to generate long-term wealth, not just earn more. You want to make money work for you and not the other way around. It takes effort and stability, but with guidance and an effective system, you will be more equipped to reach your financial goals.Our guest today is someone who dedicates himself to helping others achieve being wealthy. Chris Miles is a cash flow expert, investor, and the founder of Money Ripples, with a mission to teach other entrepreneurs to create quick cash flow.His career is a testament to tenacity, grown into success after suffering from the crash in 2008. So tune in for education and inspiration as Chris shares his story, work, and why you should implement the Profit First method into your life!Key Takeaways:[00:52] Introducing Chris Miles and His Background[02:41] On the Profit First Message [05:11] Experiencing the Real Estate Crash and What Happened After[10:18] Before and After Implemented Profit First into His Business[16:08] On Profit First Allowing Chris to Reinvest in His Business[18:17] On Profit First’s Effect on Chris’s Mindset[22:22] Passive Real Estate Investing[26:36] Advice for People Who Want to Implement Profit First[28:16] Connect with ChrisQuotes:[03:38] “[Profit First] really took hold of me…I talked about cash flow all the time [you’d] think I would [already be following] it.”[11:16] “I think too many entrepreneurs get into a hustle habit. Or they get stuck in hustle mode, even though they don't have to be, they start getting caught up working harder—not even smarter or working right.”[27:40] “Just [having separate buckets for different expenses and profit] alone, that kind of discipline, it actually just eye-opening.”[25:10] “When [you have] profit, don't spend it unless you know that money you want to spend will give you more money.”Connect with Chris:Podcast: https://podcasts.apple.com/us/podcast/money-ripples-podcast/id895555599Website: 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
Feb 27, 2023 • 27min
Implementing Profit First Principles From The Start Helped Ray Zhang’s Land Business Thrive & Grow
Throughout any investor’s journey, there is a point of struggle where giving up becomes more and more tempting as a solution. The people who decide to push on are the ones who learn that struggling doesn’t mean you can no longer succeed—our guest today is proof of that.Ray Zhang moved to America 11 years ago with only $3,000 in his pocket, even having to live in a car for a while. Now he is a successful investor, starting with flipping and wholesale and moving into the land investing niche alongside his other businesses.Tune in as Ray shares his story, insight into land investing, and the benefit of implementing Profit First into his business! Key Takeaways:[00:52] Introducing Ray Zhang and His Background[06:53] On the Impact of Profit First [10:44] Implementing the Principles of Profit First When He Started His Land Investing Business[11:54] How Ray Manages His Finances for His Businesses[15:43] On Starting His Land Investing Coaching Business[16:44] On His Money Mindset and His Thoughts on Coaching and Learning[24:06] Advice for Investors Who Want to Implement Profit First[25:32] Connect With RayQuotes:[20:49] “A book is not bad spending. A book, or a course, or paying someone as a coach is the best money that you can spend.”[24:25] “You've got to be really focused…That means you don't do wholesaling at the same time you want to do some rentals…Focus on one niche and do whatever you can.”[25:10] “When [you have] profit, don't spend it unless you know that money you want to spend will give you more money.”Connect with Ray:Instagram: https://www.instagram.com/virtualfliplandTired 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
Feb 23, 2023 • 35min
More Profit First Lesson and Tips from Jerry Green, founder of Real Estate Solutions, Inc on how
As investors, we’re always at the mercy of the market. Because of that, learning how to navigate economic challenges and adapt your business is crucial to keep your business surviving and thriving.At 28 years in the business, our guest today has experienced the many changes in the economic climate and the real estate industry. Jerry Green is the president and founder of Real Estate Solutions, Inc., beginning his journey in wholesaling and retailing. Now, he is a successful business owner and has expanded his mission into sharing his knowledge with other people who want to enhance their businesses.Tune in as we talk finances, operations, sales, and the many systems that make a business work from the insight of someone who has been tested by time! Key Takeaways:[00:45] Introducing Jerry Green and His Background[07:30] Making Money and Keeping Money are Different Skills [08:38] How Jerry Would Rank Business Skills[10:27] Entrepreneurs Who Get Into the Real Estate Industry and the Tendency to Not Initially Treat It as a Business[19:12] “Hodge-Podge” Properties[23:28] Real Estate Entrepreneurs and Having Financial Systems[25:30] The Importance of Knowing Your Numbers[28:12] Advice for Real Estate Investors: Make Sure Your Sales Team is Dialed In [31:55] Connect With JerryQuotes:[07:10] “Now what happens is all these mortgage reps, they have to sell [but] they don't know what to do…It's the same way with real estate investors…they've got to change us up here first to realize that it's no longer the marketplace that's going to take them through, it's their skills.”[12:50] “Real estate's no different than any other product or service out there….All we [have] to do [is[ concentrate on the business component…If we build that up, then that allows us to be able to turn more product.”[30:57] “We can grow during this time (of economic shifts). We can produce more revenue…we just gotta realize that now’s the time to grow up and be business owners—true business owners.”Connect with JerryFacebook: https://www.facebook.com/jerrygreenrei/Instagram: https://www.instagram.com/thejerrygreenReal Estate Training Website: https://www.thejerrygreen.com/REI Sales Academy Website: https://www.reisalesacademy.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
Feb 20, 2023 • 32min
How Profit First Helps Esteban Andrade Manage Five Revenue Streams
Many entrepreneurs struggle with financial management because they don’t know these three essential numbers: what you’re making, spending, and keeping. Having multiple revenue streams means knowing all this information from different businesses.Today’s guest, Esteban Andrade, provides a unique look into the Profit First model. Unlike other guests who have applied the model and reaped its benefits, Esteban is in the middle of the book, slowly being made aware of his pain points and how to overcome them for his five revenue streams. Let’s dive in and learn with him!Key Takeaways:[00:47] Introducing Esteban Andrade and His Background[03:31] About His Virtual Assistant Service [08:02] Esteban’s Different Revenue Streams[14:15] Esteban’s Financial Situation [17:46] How Much Esteban Makes, Spends, and Keeps[20:37] On Living Paycheck to Paycheck[21:54] What Would Esteban Do Differently If He Started His Business Over?[25:18] Advice for Real Estate Investors [28:23] Connect With EstebanQuotes:[04:08] “It's hard for [new entrepreneurs] to understand that they need to create not only a system to generate leads and closings…but be able to grow through people.”[15:00] “One of the biggest things that I do not have, because I do not have a CFO or someone that is financially like an expert inside of my company, and that's kind of like one of my biggest pain points.”[25:54] “I was trying to keep almost every single penny as possible…It felt real good to have…good profits. [But] I was not utilizing those profits to properly. [I didn’t] put it back into the things that will make me grow and make me more money.”Connect with EstebanInstagram: https://www.instagram.com/estenickLinktree for redirects to his businesses and podcast: https://linktr.ee/estenickTired 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
Feb 16, 2023 • 33min
How Tim Oppelt Has Persevered Through Difficulties In His Real Estate Career
Starting your own business can be exciting, but it’s also very often difficult. Between coming up with capital and being unable to find their footing and a steady income, new investors can experience a feeling of “financial anxiety.”Our guest today, Tim Oppelt, wasn’t safe from this feeling either. He experienced money problems while in real estate that led him to take another job elsewhere. But with the help of Profit First, he managed to get himself out of his unfortunate circumstances and build his business into the success it is today. If you’re experiencing financial anxiety, this is the episode you need to listen to give yourself the hope and motivation to keep pursuing your goals! Catch Tim’s story and insights into the industry in this episode of the Profit First for REI podcast. Key Takeaways:[00:58] Introducing Tim Oppelt and His Background[03:49] What Got Tim Into Profit First, the Difficulties He Faced, and Taking on Another Job [10:47] On Continuing His Real Estate Career Despite the Difficulties[12:13] Implementing Profit First and How It Alleviated His Financial Anxiety[17:26] On Why Investors Live Deal to Deal and Experience Financial Anxiety[20:19] Advice for People Who Want to Get Into Real Estate Investing[24:10] What Should Investors Do With the Uncertain Climate in the Industry[28:44] Connect With TimQuotes:[12:57] “I created this kind of automated Profit First process, right? I opened up the bank accounts…read the book, and…it just spoke to me.”[16:35] “Once I decided I was going to follow the book...my financial anxiety started to go down, even though nothing actually changed in my life…I had a plan, and to me, that plan was what gives me gives me hope there.[28:12] “Any business has ebbs and flows. Some quarters…one could be amazing, but…I'm not stressed about it because I've been implementing Profit First.”Connect with TimYoutube: https://www.youtube.com/channel/UCLIxhqZXnUPDDT0hmLWKLkgAgency Website: www.wholesalingppc.comTraining Program: www.Get1HrDeals.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
Feb 13, 2023 • 27min
Living Deal-To-Deal Almost Forced Matt Theriault To Quit Real Estate, Then He Found Profit First
Many investors become inclined to settle for an unoptimized lifestyle because they never realize how uncomfortable they truly are until they step outside their perceived “comfort zone.” Our guest today was the same—he didn't know how better things could be until he started actually exploring his options.Matt Theriault is a real estate investor and mentor at Epic Real Estate Investing and also hosts its podcast. For a long time, he lived deal-to-deal and experienced financial issues to the point of nearly retiring, but after learning about and implementing the Profit First approach, he regained hope and grew his business to the success it is today.This episode is going to hit home for many. If you find yourself in a similar situation, let this episode inspire you into taking the same steps! Join us!Key Takeaways:[00:43] Introducing Matt Theriault and His Background[04:18] Matt and the Profit First Message[07:46] Matt’s Business Before Profit First[10:19] The Effect of Applying Profit First for His Business[12:51] Matt on Nearly Retiring[15:49] On How Profit First Helps Open Up More Options for His Business[17:23] On Developing His Involvement in the Financial Side of Their Business[21:01] The Habits that Helped Him Succeed as an Investor[22:51] Advice for Investors: Implement Profit First ASAP[24:30] Connect with MattQuotes:[08:54] “Once you get out of your comfort zone, you'll quickly realize that you weren't that comfortable.[16:11] “I have been able to tap into it, and go ahead and see some opportunities that I might not have otherwise been able to, just because I [implemented Profit First]’”[22:58] “I want to say [implement Profit First] ASAP. If I were to go back in hindsight, when someone [asks] what’s one of the first things…that [I would] do…at the very least get a QuickBooks thing set up, get a bookkeeper set up just because to go back and fix all that stuff retroactively is very complicated, very time-consuming, and very expensive.”Connect with Matt Youtube: https://www.youtube.com/channel/UC8ZYmCweKD2x-wy8PDEiFogTired 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
Feb 9, 2023 • 27min
How this real estate investor Kaitlyn Phillips ultimately achieved success by applying Profit First
In the world of real estate investing, a background in accounting or finance can be a great asset. Our guest today proves that success in the industry can be achieved even without it. Kaitlyn Phillips is an active real estate investor of Property Strides, rehabilitating houses in Utah with her husband. She and her husband have managed to grow their company into a full-time operation over the course of five years. In this episode, Phillips shares the story of their journey, including the challenges they faced, applying Profit First, and how they ultimately achieved success.Whether you're just starting out in real estate investing as a side hustle or are already well-established, Kaitlyn's story is sure to inspire. Don’t miss this episode!Key Takeaways:[00:47] Introducing Kaitlyn Phillips and Her Background[03:16] On Achieving Success That Allowed Her Husband to Retire and Become an Investor Full-Time[05:36] On Implementing Profit First[11:03] The Effect of Applying Profit First to Their Business[15:56] On Applying the Profit First Method[21:10] What Kaitlyn Would Do Differently if She Started Their Business Again[23:18] Connect With KaitlynQuotes:[11:27] “It's been way easier to just be able to…log on to the bank account and be like, ‘Okay…there's enough to do that rehab, and there's enough to pay the taxes. [Profit First] just makes it really clear-cut.[17:04] “When he dragged me to that seminar, and I listened to them speaking, I was like, ‘this makes so much sense…Why not make your money make money for you?’”[21:44] “ Start taking action, and don't wait to know everything before you start doing things. Because…we wouldn't even be started yet if I was waiting to know everything.”Connect with Kaitlyn Facebook: https://www.facebook.com/kaitlyn.phillips.180Property Strides Facebook: https://www.facebook.com/propertystridesTired 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
