Profit First for Real Estate Investors with David Richter

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 

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 

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 

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 

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 

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 

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 

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 

For today's episode of Profit First for REI, Joe McCall joined us to share his journey to financial freedom. Joe is a down-to-earth Real Estate Guru that cares for people by helping them to make sure that everyone can make money in real estate investing. He is also helping people to improve their lives and reach ultimate financial freedom!Listen as we share Joe's story, from financial dependence to financial freedom, and how Profit First helped him get out of that!Key Takeaways:[0:55] Introducing Joe McCall[2:33] More of Joe Before Getting Into Real Estate Investing![8:32] Struggles When He Is Starting His Investing Journey[17:27] How He Used His First Paycheck From a Deal[21:00] Trying Different Lease Options[23:25] Reading The Books, "Pumpkin Plan" and "Profit First"[34:52] Joe's Advice to Real Estate Investors[37:03] Connect with Joe McCallQuotes:[11:45] "When you get into real estate, it's different because you deal with people"[20:15] "It's important to understand to keep your expenses low to take on as little debt as possible."[22:19] "I guess I'm the case study of how to do things wrong, but not quit, not give up and learn the right ways to do it."Connect with Joe:Website: https://joemccall.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

In today's episode of Profit First for REI, we are joined by Nicholas Nick. He is a real estate entrepreneur and the founder, CEO, and CFO of Lead Mining Pros, a real estate lead generation company with a focus on cold calling. Nicholas started his journey in the restaurant industry and from there developed a unique skill set that he carries to this day, wearing as many hats when it comes to running his business. He shares how he uses his roles to run his business at the fullest potential but recognizes the importance of eventually hiring someone to take over. Tune in to hear more of Nick’s insights into leadership, the importance of knowing your numbers, and the power of cold calling!Key Takeaways:[00:45] Introducing Nicholas Nick and His Background[06:47] On Knowing His Financials[10:03] Leaving the Restaurant Scene and Starting His Real Estate Journey[18:15] Lead Mining Pros and Their Cold Calling Services[20:31] On Maintaining His Hands-On Leadership Methodology and Exiting His Business[24:54] Seeing the Future in Numbers for His Business[27:58] Why Investors Live Deal-to-Deal: [32:32] Connect With NickQuotes: [27:16] “If you're not good at math, you're never going to get rich. Plain and simple.”[28:41] “What makes me successful is I learned to do everything as cheap as humanly possible myself. And then when you do it as cheap as humanly possible, and you're really good at it. That only means now that throwing money at it makes you better.”[31:46] “My personal secret to success is not being attached to the result…I'm more attached to the experience that I'm getting,”Connect with Nick:Website: https://leadminingpros.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