Profit First for Real Estate Investors with David Richter

Meet the world's leading authority on business and entrepreneurship, Carl Gould. Aside from being a serial entrepreneur, he's also a keynote speaker, a best-selling author, and the CEO and founder of 7 Stage Advisors. A coaching and executive mentoring company with over 100 advisors in more than 15 countries around the world. Today, he'll be giving a glimpse of his backstory, a comprehensive "how-to" guide for his business strategy, and some ideas behind building a legacy of wealth in the REI world.Are you ready to take your company to the next level? If so, then we've got your back! Hang out with us in this episode. Key Takeaways:[3:44] What is the idea behind seven-stage advisors?[5:11] The seven stages in real estate are: strategic planning, specialty stage, synergy stage, systems stage, sustainability stage, salability, and succession.[9:21] Carl’s early lessons about money and his perspectives on money today[10:48] The importance of value engagement through pricing[13:27] The closer your cash flow is to your operating expenses, the more attention you pay.[15:28] How does Carl apply systems to get his cash in order?[20:54] What's Carl's opinion on having a bottom-line profit but running out of cash?[24:01] If you’re in real estate, you must understand that the deal flow has to be there all the time.Quotable Quotes:[9:31] "All money is not created equal."[9:59] "Certain money is more valuable than other money."Links:Carl Gould’s Websites-https://carlgould.com/ and https://carl360.com/Carl’s LinkedIn- https://www.linkedin.com/in/carlgouldTired 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’ve been around in the real estate space for quite some time, then you’ve probably heard of the software REI Blackbook. Through the years, it has served its mission to make marketing and sales the easiest way to run your business. And behind its unwavering success lies a superstar team run by Damon Remy. Damon Remy is the founder and CEO of REI Blackbook. He’s on the show today to navigate the learning lessons, challenges, and triumphs that he has faced over the past 14 years. If you’re looking for some good advice, then grab a cup of Joe, put on your headphones, and start listening to this hotshot real estate magnate.Key Takeaways:[2:54] As a business owner, you have to figure out how to separate yourself from the competition.[9:43] The value you get from leaning in to others [11:19] Why does he love empowering others to pursue their passion?[13:52] What are the lessons that he has learned around money and what does he think about money today? [17:42] The most important thing he learned is: Once you really, truly get it, life changes. And money is just a tool. [19:58] Having a system that manages that money and making sure that you pay yourself first.[21:43] His advice to the real estate communityQuotable Quotes:[1:58] "I love systems, and there are systems for lead generation, there are systems for follow up, there are all kinds of systems." And absolute Profit First is a system for money. "[13:07] "There’s no one in the world who doesn’t like money. What money provides for people is what makes it likeable."[22:10] "You cannot copy somebody else’s vision. You cannot copy passion, you cannot copy their purpose, so go get some clarity on that. "Links: REI Blackbook-https://www.reiblackbook.com/trial/?fpr=sergei27 Damon’s Facebook- https://m.facebook.com/damonr  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 

Everyone aspires to be a millionaire, but only a very few motivated dreamers succeed in doing so. And in this podcast episode, we'll tell you the story of a successful immigrant who owns several 7-figure enterprises. Yes, you’re right, we’re talking about Batch Service’s very own Anny Draginova.Let's take a glimpse at Anny's journey and how she got started in chasing her very own American dream.Key Takeaways:[1:51] How did she get involved in the real estate investing world?[4:35] Why did she get attracted to real estate?[7:09] What products do they have and what other products are they launching next?[11:47] Early money lessons she learned vs. how she thinks about money now  [13:58] What did reading Profit First and implementing it help her in her business?[19:45] You can over complicate your KPIs by the gecko.[21:31] What’s the biggest contributor to Batch’s success?25:12 Don’t be afraid to fail and get uncomfortable with that because it’s going to be a consistent failure and you've got to be okay with it.Quotable Quotes:[12:04] "Lessons about money for me is trying to figure out what’s happening to the money."[13:03] "Having that habit of consistency is, I think, the biggest thing."Links:Anna Draginova’s Profile-https://instagram.com/annydraginova?igshid=YmMyMTA2M2Y= Batch Service’s- https://batchservice.com/ The Go Giver by Bob Burg-https://thegogiver.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 over thirty years of experience in the field, it’s a guarantee that Dave Rice gives unique and unmatched expertise when it comes to providing bookkeeping services. Dave's business management background and a degree in pharmacy helped start-ups sharpen their business in the most profitable areas, maximizing their fullest potential.Discover how he incorporates the Profit First system into his career while helping others build fast growth through actionable tactics. Tag along with us and learn more about his story in this week’s episode.Key Takeaways:[2:06] What got him into real estate and why real estate?[6:06] What early lessons did he learn about money and what does he think about money today?[9:20] How do they maintain their business and build their reputation?[10:17] How did he get into the “profit first” world?[15:11] People are thrilled when they first see real financials and learn where they’re making money, where they’re spending money, and where it’s going.[15:41] One of the most common mistakes made by investors on the financial side of the business[18:08] Last minute advice that David wants to send to the audience[18:14] You will want to have a handle on your finances and business. The key to success is having uncomfortable conversations.Quotable Quotes:[7:17] "Get paid first, and pay yourself first."[12:42] "It’s so rewarding to see that the business owner finally feels like a business owner and not just a slave to his business."[17:10] "I find it really fun to teach these investors who are visionary entrepreneurs but not necessarily ready to dig into the details. That’s the part of the plates that they hand out to us."Links:REI Bookkeepers- http://reibookkeepers.comDave’s LinkedIn- https://www.linkedin.com/in/mrdaverice 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 

Brad Smotherman is a seasoned real estate investor. He's the nation’s ultimate house flipper and he’s always one step ahead in helping new investors build a lasting real estate company. Currently, he has invested in over 14 states and owns a top-notch REI business. His wits and knowledge in selling and marketing is unparalleled. Listen to this episode to find out how this genius has been doing it for years.Key Takeaways From This Episode:[1:38] What got him started in real estate?[5:23] Early lessons that he thought about money[6:58] We have to create long-term cash flow assets or we’re never going to get ahead.[10:38] Does he want to pass on lessons about money to his children?[15:47] How does he go about analyzing deals from his perspective?[18:46] Does he think that most entrepreneurs should have a basic understanding of the business world in order to be a savvy business owner?Quotable Quotes:[3:05] “Most of the time, your biggest wins come after the point that you want to quit, but you don't.”[13:24] "Come up with a plan that you’re comfortable with."[23:31] "If you can market the right way and negotiate the right deal structure, then it’s really tough to mess up this business."Links:Profit First for Real Estate Investing FB Group-https://m.facebook.com/groups/ProfitFirstREI/about/ Brad Smietherman’s Website- https://www.bradsmotherman.com/ Investor Creator Podcast- https://www.bradsmotherman.com/blog/podcastsTired 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 

Being self-employed is scary, and there's a lot to learn. Getting your confidence up in the alley requires a lot of work, especially when entering a business like real estate. Every entrepreneur is unique,  so it's essential to create a business and lifestyle that enriches and aligns with YOU as an individual. But don't you worry because Melissa Johnson will spill her secrets in today's episode and show you how. Key Takeaways:[2:13] Melissa's story on how she landed in real estate [4:17] How did she end up doing a thousand deals, and what steps did she take to get there?[6:18] The personal growth, mindset, and things that she'd learn while doing real estate [9:23] Did her parents sit down with her and talk about money growing up, or is it all self-taught?[20:02] What does she think about the Profit First framework, and how can they help people who just started real estate?[20:44] The importance of allocating your money where it needs to go [23:00] Why does she think finances take the back burner for most businesses?[24:36] A lot of people from real estate don't come from a real estate background. They come from other businesses.Quotable Quotes:[14:15] "Understanding what money can do for you is a big lesson."[15:15] "I think there's something to be said for enjoying the fruits of your labor." [26:37] "Learn from those who have gone before you."Links:Melissa’s Website-themelissajohnson.com Left Main CRM-leftmainrei.coMelissa’s LinkedIn-https://www.linkedin.com/in/melissa-mcray-johnson-8794827/ Rich Dad Poor Dad- https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194 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 

James “Jim” Manning is a true industry professional. He's well-known for his excellent communication skills and quick wit. His attitude, grit, and determination made him surpass all of the challenges and earn a couple of milestones.It is undeniable that Jim has proven to comprehend the various dynamics of the ever-changing market and has done all things real estate for the past thirteen years.  In today’s show, let’s hear it firsthand from Jim on how he’s been able to climb the success ladder while implementing the Profit First strategy. So much to unlock in this exciting episode!Key Takeaways From This Episode:[4:08] How did he manage to do 3,000 deals in a span of 13 years?[9:22] You need to keep an eye on your books and the bottom line. [11:00] Knowing your numbers and keeping track of how the money is flowing within your organization may feel like you don’t have time, but that is one of the most valuable investments that you could possibly make for your time and business.[17:06] Having that money for yourself and being able to think a little bit differently and having that system in place, having that profitability and seeing the true cash flow.[18:53] Invest all the profits into the business, grow it, and get more to grow it as fast as you possibly can.[23:53] If you’re a new investor, there’s a system to help you avoid making mistakes.[25:25] There are all sorts of resourceful ways you can make a profit first.[27:36] There are riches and niches; don’t try to be the jack of all trades. Find something that you’re passionate about, that you’re good at, and that you can do over and over again.Quotable Quotes: [4:50] “If you’re just starting out in business, don’t compare yourself to someone who has 13 years of full-time effort building a business.”[9:49] “The highest dollar producing activity that you can possibly do is to cut expenses and audit your books.”[22:52] “Do not lie to yourself that you don’t have enough time. That's just not how it works.”Links:Door To Deal Website: http://doorstodeals.comDoors To Deal Podcast: https://open.spotify.com/show/5ylH82AN6t0SF4mgfGRJ6u?si=climrZ4OQnKkxAl2nZAuQA 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 

Have you had enough of your 9 to 5 and want to make a big leap in real estate investing?Well, you’re in the right direction because today, we’re getting into the mind and systems of Rafael Cortez from REI Wholesaling. Get the blueprint to building your own real estate business by listening to today’s episode. Make sure to strap in because Rafael will teach you how to expand your perspective, bring pulse to your business and take immediate action to build that legacy wealth!Key Takeaways for This Episode:[1:52] How Rafael started in business transportation to real estate investing[7:47] Organizational psychology helps you build a blueprint of the right people going on the right seats[11:20] One of his biggest lessons is understanding that he had limited beliefs, and his financial thermostat wasn’t dialed in yet[12:18] The importance of paying yourself first[16:34] Rafael shares how he’s structured his business throughout the years[17:14] You’re not accounting for that money to rescue you. You have to make it work[20:05] Getting into those habits of what are you trying to accomplish in both your personal life and career[24:58] There’s no magic recipe for success. It comes down to putting yourself in rooms that will make you growQuotable Quotes:[1:43] “I didn’t choose the thug life. The thug life chose me.”[7:15] “Everything begins with mindset. Once you understand the mindset, you can become aware of what can happen as you go to your low and high cycles.”[16:46] “At a very simple essential level, you create a budget for your business.”Links:Rafael’s Instagram-https://instagram.com/rafaelcortezceo?igshid=YmMyMTA2M2Y=REI Wholesaling- www.reiwholesaling.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 

In this episode, we got a chance to chat with the self-storage king himself, Scott Meyers. He’s an expert in the self-storage business and has an unwavering passion for sharing his experiences and wisdom to help others. He’s in the show to share some tips on how you can make your money work for you so you can focus on living your life exactly as you’ve always wanted. Listen to today’s show, and learn a thing or two from this savvy industry expert! Key Takeaways for This Episode:[1:45] How did Scott Meyers start in the real Estate investing world?[6:26] What early lessons did he learn about money, and how does that compare to his recent experiences?[9:12] What prompted him to implement the Profit First system? [11:50] Scott explains how he still uses reserves for growth [15:15] At the end of the day, you need to run things bright and stop putting your business and everyone in your team at risk[15:55] What does it take to have a business that is running, profitable and successful? [19:50] What does he want to pass on to the next generation regarding money?[23:07] Don’t get overleveraged. Have those cash reserves in place, and be prepared for that. [23:54] Surround yourself with people who are smart about money. Who also has reserves and cash.Quotable Quotes:[8:03] “We immediately learn that we have to turn the business around.”[8:20] “You have to have a little more runway, a little more cash reserves to weather any kind of storms.”[12:22] “We sometimes fall on that gap of continuing to plow every penny into our business, and we do it at the expense of leaving our cash reserves short.”[19:21] “If you want to be able to help people that are in that poverty, you can’t be in poverty yourself.” Links:Profit First Real Estate Investing by David Richter-https://simplecfosolutions.com/profit-first-david-richter/ Profit First by Mike Michalowicz- https://www.amazon.com/Profit-First-Transform-Cash-Eating-Money-Making-ebook/dp/B01HCGYTH4 Self Storage Investing - https://selfstorageinvesting.com/ The Pumpkin Plan by Mike Michalowicz- https://www.amazon.com/Pumpkin-Plan-Strategy-Remarkable-Business/dp/1591844886 Rich Dad Poor Dad by Robert Kiyosaki-https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194 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 

Time is such a finite thing. So when you trade time for dollars, you cap your income. As it should be pretty clear by now, there can be a serious problem when you barter your time for money. And with us in the show is someone who’s a master in creating generational wealth and passive income. Marck de Latour will give you a mind-shift change as he lays down the benefits of real estate investing and how to keep your money rolling without you!Key Takeaways for This Episode:[1:31] Where is Mark from?[3:59] Would he put a high value on the education that he perceived along the way in his real estate investing journey?[8:54] The story of how he became a full turnkey provider?[10:41] The mindset of creating a team that will help you in your business?[12:14] The mind-shift for him was analyzing that he needed to pay high wages and high compensation.[14:22] If you don’t want to scale your business, you don’t have to[17:04] There are no secrets to success, only executive [17:47] What early lessons did he learn about money?[18:46] Understanding trading time for dollars vs. owning something [21:34] The value of your compensation will be equal to the problems that you solve in life[29:11] Think of where you want to go. The destination is important, and enjoy the journey.Quotable Quotes:[6:09] “It’s easier to do than to think. But it’s harder to think and plan and strategize.”[11:29] ”When you reach the point where you're trying to scale and grow, you can get good, but it's really how to get great and remove you from the process.”[14:39] “When you’re doing big deals throughout the year, you have to scale up and go through the pain.[29:42] “The strength of the entrepreneur becomes the organization's weakness.”Links: Profit First Real Estate Investing by David Richter-https://simplecfosolutions.com/profit-first-david-richter/ The Legend of the Monk and Merchant by Terry Fellber-https://www.amazon.com/Legend-Monk-Merchant-Principles-Successful/dp/0529120801 Mark’s LinkedIn-https://www.linkedin.com/in/mark-de-lautour-012154203?originalSubdomain=nz 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