Profit First for Real Estate Investors with David Richter

There are some aspects to consider when it comes to finding success in real estate investing—how well you negotiate deals being one of them. Luckily, our guest for today’s episode is a master at subconscious communication.Paul Ross is an author, speaker, trainer, master hypnotist, and master practitioner of neuro-linguistic programming. Even though his experiences lie mostly outside of real estate, his knowledge and expertise is sure to benefit those who are in the space.Have a pen and paper ready because Paul will drop a lot of gold nuggets on dealing with prospects, reprogramming your personal beliefs, and making exponential improvements!Key Talking Points of the Episode[01:20] An overview of Paul’s mission[03:12] What state of mind do you want the seller to be in so that they are receptive to what you have to say?[04:38] Have your financials lined up[06:32] How to create rapport over the phone[09:28] Have a different way of looking at the game[12:05] On building rapport with your subconscious[14:33] How to make affirmations work for you[17:13] Paul’s advice for real estate investorsQuotables“It’s the soft skills that really really make the difference between doing okay and skyrocketing.”“The ultimate state of mind is to be outcome-independent and uninvested.”“For every exploration, there must be a leader; and for every leader, there must be a follower.”“If you want to get a result that is much better than what you’re used to doing, you have to turn to a completely different way of thinking.”“Up until now, it was my experience that I didn’t have the skills to enjoy my success.”LinksApply to work with Paul Rosshttps://www.speakerpaulross.com/apply“Subtle Words That Sell” by Paul Rosshttps://www.amazon.com/Subtle-Words-That-Sell-Themselves/dp/1089598432

Virtual assistants can help you scale, but the success of your business (or your own personal development) really depends on a couple of things—your mindset and your habits. Our guest for today’s episode can help set you down the right path.Amy Ransdell is a transformation and peak performance executive coach and an active real estate investor, mentor, and trainer who is based in Atlanta, Georgia. She is also a licensed broker who has her own brokerage and is the CMO of REVA Global, a provider of pre-trained dedicated virtual assistants.Tune in to learn more about Amy’s journey, the “Profit First” system, and how you can level up into a powerhouse like her!Key Talking Points of the Episode[01:30] An overview of who Amy is [03:38] How she got into real estate and coaching[05:38] How she came to be a part of REVA Global[07:45] Her journey after encountering the “Profit First” system[10:00] How Amy first learned about money and how that shaped her mindset around it[13:00] Before doing something, figure out if it has a direct and measurable ROI[14:25] Why you should track your time[17:40] Make your business profit first before helping others[19:45] Amy’s advice for real estate entrepreneurs[22:25] How to get in touch with Amy and her teamQuotables“I love helping other people understand the power of all these things and the freedom of choice that can come from understanding how to run a business...”“Most of the time... there’s a mindset issue, and 70% of the time of that bucket is money mindset.”“Money is something that needs to be given freedom to flow in order to create opportunities.”“Everything we do is not spending money—it’s investing.” “What you want is what inspires you, what challenges you, and what serves you.”“We don’t face the fact that we haven’t changed our habits as to where time has been poured down the drain.”LinksREVA Globalhttps://revaglobal.com/Amy Ransdell’s emailamy@revaglobal.comAmy Ransdell on LinkedInhttps://www.linkedin.com/in/amy-ransdell-realtor-atlanta-coach-bepowerhouse/Amy Ransdell on Instagramhttps://www.instagram.com/amyransdell_bepowerhouse/Amy Ransdell on Youtubehttps://www.youtube.com/channel/UCtAn1v-r2ipn8Jjl3CamIfg

Every successful entrepreneur has their fair share of mishaps in business and there’s nothing wrong with dropping everything to start anew. That’s one of the things we’re talking about in this episode with our special guest, David Olds. David Olds is currently based in Chattanooga and has been a real estate investor since 2002. He has built a rental portfolio, he is flipping properties, and he has taught other people how to do it too! Listen to the episode to hear more about David’s journey in real estate investing, how the crash of 2008 made him burn the books and start over.Key Talking Points of the Episode[00:22] Official release date of Profit First for Real Estate Investors book[01:18] Who is David Olds? [02:33] What was David up to before real estate? [03:32] How David got started in flipping properties[04:19] Reading Rich Dad, Poor Dad[05:28] What was it like looking for a real estate group for the first time? [07:00] Finally attending his first real estate group event[07:49] David’s first time hearing stories from other investors[08:46] David’s realization from his first real estate group meeting[09:40] Central Florida Realty Investors [10:15] Is David into coaching? [11:20] The problem with being a coach[12:35] How did David learn about money? [13:18] David’s first steps into investing[14:58] The financial crash in 2008[16:50] Making the rookie mistake[17:55] Moving to Chattanooga[18:33] Burning the books and starting fresh[19:50] What was it like for David to start over? [20:30] Financial mishaps[21:05] Why it’s important to deal with finances[23:30] Finding the right person to work on the books[25:30] The mindset to help you get your numbers right[26:34] Not keeping track of your numbers[27:08] What KPIs does David and his students follow?[28:00] Why is it important to track your marketing channels?[29:07] The benefits of knowing where money comes from[30:30] David’s advice to entrepreneurs[32:43] Where can you find David? Quotables“You can do really well in this business, you don’t need some crazy complicated scheme. There’s no rocket science to making money. You just need to pick one thing and stick with it.”“The problem for me is, being a coach, some people want you to do everything because they’re paying for the coach. I felt responsible because people weren’t doing what they were supposed to do.” “My parents taught me frugalness and that stuck to me until today.” “My superpower is, I’m focused like a laser beam. Whatever it is, this is what we’re doing.”“If you don’t track things and follow where you spend your money and what produces dollars, you’re gonna make tragic errors.”“If you’re just starting out and you’re driving for dollars, sending postcards, and calling people, it can really be hard. Get involved and be around other investors.”LinksReal Estate Group: Central Florida Realty Investorshttps://www.cfri.net/Instagram: David Oldshttps://www.instagram.com/davidoldsrei/

Life won’t always go as planned and sometimes you’ll find yourself in the middle of a tunnel, not knowing what to do. If you feel like you’re in that exact spot in life now, you have to listen to this episode! Today, we have TJ Kosen on the show to give us more insight and wisdom when it comes to running a real estate investment business and how to get back up when life knocks you down - figuratively and literally. TJ Kosen is a Dallas-based real estate investor who is actively wholesaling, wholetailing, and flipping properties, while helping more investors grow and make the most out of their real estate businesses through the Platinum Real Estate Mastermind.He is taking us through his real estate investing journey, the journey through his real estate finances, learning how to walk again, and the life lessons he has learned along the way.Key Talking Points of the Episode[01:08] How did TJ get into real estate?[01:50] TJ’s real estate journey[02:55] Working with property management companies[03:42] Dealing with a crash in the economy[05:30] Dealing with a foreclosure sale[06:35] TJ’s general approach in business[07:20] How TJ got into wholesaling, wholetailing, flipping[08:00] Moving to Texas[08:55] The big accident[10:40] How the accident worked out for TJ[11:20] The learning experience from the accident[14:10] TJ’s take on business finances[14:32] The hustle phase[15:14] Understanding the profit first model[16:08] The shifting of market dynamics[16:37] What to do to make your business last[17:32] Shifting from the hustle mindset to the business mindset[18:04] What do you do with your numbers? [19:35] TJ’s advice for real estate investors[20:06] Falling in love with the process[21:07] What is TJ up to?Quotes:“We don’t like learning experiences because that means that we did something wrong. They’re inevitable in business, but we look at it as an opportunity to really meet the problem head on and address it fully.”“People think there’s a light at the end of the tunnel. When you’re in the middle of the tunnel, sometimes, there’s a train coming to hit you too. But I guarantee, whatever it is, whether it’s a light at the end or a train coming to hit you, it’s always better to be coming towards it at full speed with your solutions than running and hiding from it.”“You can hustle your way to some financial success, but you can’t hustle your way into a business that’s operational and repeatable.”“When you shift from the hustle mindset to the business mindset, all the operations stuff and all the numbers becomes so important.”“A lot of people know their numbers, but not all people know what to do with them.”Links:Private FB Group: Platinum Real Estate Investing - Uncensoredhttps://www.facebook.com/groups/PlatinumRealEstateMastermind/Website: Platinum Real Estate Mastermindhttps://www.reiAF.comYoutube Channel: TJ Kosen - Platinum Real Estate Mastermindhttps://www.youtube.com/channel/UCebJ_vdF183HkOCznIJ5vkw

What is Profit First for Real Estate Investors and how is it different from Mike Michalowicz’s Profit First system? In today’s episode, we’re talking about what makes Profit First for Real Estate Investors different from the original Profit First system created by Mike Michalowicz. Learn more about the mindset, principles, and systems that were created to ensure the profitability of your business specifically for you, the real estate investor. Key Talking Points in the Episode[00:36] What is Profit First for REI for?[01:00] Ups and downs of cash flow[02:25] The emphasis on reserves[04:20] The original Profit First formula[05:18] What is real revenue in real estate? [06:00] What is pass through revenue?[07:53] Funding deals with OPM[09:14] How to keep OPM separate from operational expenses and profit[09:59] The big differentiators of Profit First for Real Estate Investors[10:51] Grab a copy of Profit First for Real Estate Investors!Quotables “One of the key characteristics of being a real estate investor is the ups and downs of cash flow. You can be rolling in 7-figures one day and have less than 5-figures the next, and that can be very tiresome.”“In Profit First for REI, we’re making it very clear that you need to have a reserve account as one of your main accounts.”“If you’re running on E all the time, anything will wipe you out. You won’t be able to get to the gas station one of those times and then it will be game over.”“The best people who live the best lives have choices. Reserves give you choices, that’s why you need them.”“If you’re a real estate investor, you’re probably going to touch other people’s money at some point.”LinksBook: Profit First for Real Estate Investorshttp://profitfirstrei.com/amazonWebsite: Simple CFO Solutionshttps://www.simplecfosolutions.comPrivate Facebook Group: Profit First for Real Estate Investorshttps://www.facebook.com/groups/ProfitFirstREI/Podcast: Profit First for REI Podcasthttps://podcasts.apple.com/us/podcast/the-profit-first-rei-podcast/id1526029555https://profitfirstrei.com/podcast/https://open.spotify.com/show/4wB4qlImFs4MuCdgqyucITInstagram: David Richterhttps://www.instagram.com/richterscale91/

 In this episode, I will share the three pillars of Simple CFO and why they are essential in any business. It doesn't matter what industry you are in; the three pillars are applicable. The truth is, regardless of the industry you are in, you'll always deal with money.Profit first: This pillar aims at helping business owners change their mindset, behavior, and habits created from their financial perspective. This pillar helps to bring clarity to the entrepreneur and helps them align with their true values.Good financial Clarity: This pillar involves knowing exactly where you are at any time from the data you have in your business. It's knowing your company's story. You need always to be aware of where you are as a company for you make informed decisions. It also includes having a great team.Wealth creation and accumulation: This pillar revolves around making sure that you make a lot of money in your business. For instance, if you are in real estate and you stick long enough, you'll learn the industry's ins and outs. The experience will help you decide the path that works best for you in the long term and short term. I will be digging deeper into this topic in future episodes.Key Talking Points of the Episode:[01:15] Profit first core value[00:52] The three pillars of Simple CFO[02:35] The second pillar of Simple CFO, financial clarity[04:53] Wealth creation Quotable Quotes:“Profit first is all about sales minus profit equals expenses.”“Your books and the numbers that you are being fed should read to you like a children's book and not like 1000-page novel.”“Financial clarity is all about having the numbers to make the key decisions in your business.”Feel free to join our Facebook group (Profit First For Real Estate Investors) https://www.facebook.com/groups/ProfitFirstREI/

Are you tired of constantly taking home what remains after your expenses? It is time for you to acquire a profit-first mindset. A profit-first mindset dictates that you start with profit and what remains to go to expenses. In this episode, I will share the three pillars of Simple CFO and why they are essential in any business. It doesn't matter what industry you are in; the three pillars are applicable. The truth is, regardless of the industry you are in, you'll always deal with money.Profit first: This pillar aims at helping business owners change their mindset, behavior, and habits created from their financial perspective. This pillar helps to bring clarity to the entrepreneur and helps them align with their true values.Good financial Clarity: This pillar involves knowing exactly where you are at any time from the data you have in your business. It's knowing your company's story. You need always to be aware of where you are as a company for you make informed decisions.Wealth creation and accumulation: This pillar revolves around making sure that you make a lot of money in your business. For instance, if you are in real estate and you stick long enough, you'll learn the industry's ins and outs. The experience will help you decide the path that works best for you in the long term and short term.Listen in to this episode to learn more about the three pillars of Simple CFO.Key Talking Points of the Episode:[00:19] The profit first process[01:11] Profit first pillar[02:50] Good financial clarity pillar[05:10] Wealth creation and accumulation pillarIf you found this episode valuable, could you do me a quick favor can give us an honest rating within iTunes? Please be honest; you could say whether you liked it or not. With iTunes, the more reviews, and ratings we have, the better it is for other people searching for profit first podcast.Feel free to join our Facebook group (Profit First For Real Estate Investors) https://www.facebook.com/groups/ProfitFirstREI/

Have you been trying to have a seven-figure income from your real estate investment all in vain? This episode is for you!Today, we have Nick Perry joining us on the show. He is the CEO of the 7 Seven figure Selling Cartel. He is on a mission to help real estate investors who are actively wholesaling and flipping get to a consistent seven-figure income.In this episode, Nick will share his real estate investment journey, how he got his business back after a rough patch in life, his profit first mindset, and nuggets of wisdom for real estate investors. Nick’s entrepreneurship journey indicates that we can achieve anything we want if we remain focused and determined.Listen in to this episode to hear Nick’s story.Key Talking Points of the Episode:[01:31] Getting to know Nick[02:25] What got Nick into real estate investing?[07:19] Nick’s real estate journey[14:43] How Nick runs the business and why he got involved with other companies[18:51] Nick’s profit-first mindset[29:59] Nuggets of wisdom for real estate investorsQuotable Quotes from the Episode:“When you have excess time and money on your hands, you start look into other opportunities, because if not, you’re going to get taxed on that money.”“I see a lot of investors, go out of business because their expenses got out of control in one department.”“Debt used the proper way will catapult you to that next level very quickly.”Connect with Nick Perry:Instagram: https://www.instagram.com/nickperryrei/The 7 Figure Wholesaling Cartel: https://7figurecartel.mykajabi.com/

How Important is Lender Relationships with Brent Daniels

Existing and potential real estate investors are often in the quest to better and grow their businesses while prioritizing profits. Today, Lane tags us along as he explores the roadmap on value-addition and business elevation in real estate investing. Moreover, he will take us through tips and tricks of maintaining a profit-first mentality for survival in the real estate business.Lane has some incredible experience in the real estate world where he owns over 4000 units, is a writer for Forbes, and is Amazon's bestseller. His progressive accumulation of wealth in the real estate business is attributed to his profit-first mindset. Acquiring the first few properties is tough and weary, but you have to keep going until you achieve what you want.Venturing into real estate requires resilience, especially when you don't have the power and people privilege around you. Real estate is rewarding as it gives you the tax benefits and is highly ranked in risk-adjusted returns, and if you are on the lookout for percent returns, Lane's profit-driven techniques are what you need to achieve that.Are you ready to make profits? Listen to this episodeKey Talking Points of the Episode:[02:02] Lane’s Backstory: How he got into real estate[08:23] How Lane implemented the profit-first mindset[16:41] Different financial KPIs [18:47] Tips and tricks in real estateStandout Quotes from the Episode:“There are not many things out there that beat real estate in terms of risk adjusted returns.”“Buy term and invest the difference.”“Get out of institutional funds and work directly with sponsors.”Connect with Lane Kawaoka: LinkedIn: https://www.linkedin.com/in/lanekawaoka/Website: https://simplepassivecashflow.com/