Profit First for Real Estate Investors with David Richter

Profit First helped a lot of investors. One of them is Trey Nixon, our guest for today's episode. Trey is a real estate investor, business owner, and successful entrepreneur. He implemented Profit First in his business and became successful in real estate.In this episode, he will share how Profit First transformed his life. He will give you hope about this method and how it works. Enjoy the show!Key Takeaways:[00:57] Introducing Trey Nixon[02:18] Life Before Profit First[06:10] Marathon vs Sprint Mindset[11:51] From employee mindset to thinking like a business owner[20:19] Goal of helping other people[25:14] The importance of systems[27:16] Connect with Trey NixonQuotes:[06:44] "There are two numbers that every investor needs to know. First, what do I need to run this business, and then what do I want?"[11:05] "It took us a couple of years to get from employee mindset to understanding what Rich Dad wanted us to do... We were successful but living paycheck to paycheck."[13:14] "Be yourself. Be strategic. Organize and deploy your money, time, and energy strategically."Connect with Trey:Website: https://www.skool.com/@treynixonofficial 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 Profit First for REI podcast episode, we feature The Investor Couple Mel and Dave! Today, we have Dave as our guest, and he shares incredible things about real estate investing.Dave Dupuis of the Investor Mel & Dave are innovative real estate investors and award-winning mentors who have acquired over 240 apartments in just a few short years in Canada, the US, Mexico, and Costa Rica. He will tell about his real estate investing journey, how they creatively buy a deal and some of the things that make them unique in the real estate space.Enjoy the show!Key Takeaways:[00:58] Introducing Mel and Dave[02:12] What is it like working with your spouse?[05:01] Getting into real estate[07:47] Buying Mel and Dave's first property[15:33] Paying back with interest first[21:55] The coaching structure[24:42] Get a coach and keep books up to date[26:24] Dave's advice for real estate investors[26:37] Connect with Mel and DaveQuotes:[05:53] "One of the biggest breakthroughs that they have with people is fear. Getting over that fear."[15:26] "The most important thing is I am looking at my time versus effort... and how much money I can make. Most importantly, because I'm using other people's money, paying them back with interest first."[25:33] "Get a coach and make sure your books are up to date from Day 1."Connect with Mel and Dave:Website: https://investormeldave.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 Profit First for REI podcast episode, we have Aaron Letzeiser. He is the co-founder and Chief Operating Officer of Obie, an insurance brokerage designed for the unique risks of homeowners and investors.Aaron gives you practical steps and things to do to lower your insurance rates and more about insurance in this episode, but he will surely make this boring topic more exciting. Enjoy the show!Key Takeaways:[01:04] Introducing Aaron Letzeiser[06:13] Insurance black holes[08:15] How Obie helps people[12:30] Maintaining competitive insurance rates[16:17] The claims process [23:48] Actual cash value vs replacement cost[30:01] Aaron's advice for real estate investors[31:10] Connect with Aaron LetzeiserQuotes:[10:30] "Speed and transparency, and more of a consultative approach to what you are buying or paying for, that's the difference with Obie."[15:27] "Find an agent that knows and understands the real estate investment space."[24:36] "Go check out how much property coverage you have."Connect with Aaron:Website: https://www.obieinsurance.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

To start your real estate journey, get a good financial team who are experts in real estate. That is Joe Viery's advice in this episode of Profit First for REI podcast.Joe is a cost segregation professional (CSP) and the CEO of US Tax Advisors Group. He has helped property owners keep a lot of money in their pockets by eliminating millions of dollars in income taxes. In this episode, he talks about cost segregation, a strategy you must know when you want to buy an old property. More of this topic, listen and enjoy the show!Key Takeaways:[00:51] Introducing Joe Viery[06:11] Accelerated depreciation[09:46] Redo cost segregation in the same building[12:44] Depreciation recapture[20:54] Joe's advice for business ownersQuotes:[06:11] "As long as you are a US-based paying taxes entity, whether it's a married couple or corporation, you can use accelerated depreciation."[10:47] "We like to see the building before any improvements are done because one caveat... a lot of accountants do not know the world of dispositions."[15:19] "Cost segregation reduces depreciation recapture."Connect with Joe:Website: https://ustagi.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 for REI podcast, we interviewed Maura McGraw. She is a marine veteran, a mother, and an active real estate investor.Being a marine veteran, she talks about what she learned in the military and how it helped her in real estate investing. She also shares her Profit First journey from where she came from.You will learn a lot of practical advice in this episode, so listen and enjoy the show!Key Takeaways:[01:03] Introducing Maura McGraw[03:13] What she learned in the military that helped in her real estate investing journey[08:22] Why real estate?[11:49] Life Before Profit First[17:13] Managing multiple types of business[22:44] Financial benefits of paying yourself first[27:26] Biggest benefit of EOS and Profit First[32:12] Connect with Maura McGrawQuotes:[04:15] "There is no option except for mission accomplishment and that translates to, you can never give up."[17:48] "It's easy to lose sight of paying yourself as an owner."[28:22] "Having a financial system, that is like the lifeblood of your business. That is what's keeping everything going and the scorecard of whether you are succeeding or not."Connect with Maura:Website: https://www.duratusacademy.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

"Even if you are still working a day job, you can still do this on the side and should do this on the side until you have a pipeline."In this episode of Profit First for REI podcast, we interviewed David Randolph. He is a real estate investor best known for his highly profitable success in the Short Sales arena. He has one of the best systems that gets people real results. Now, he wants to share it with you! Listen as you will learn great lessons: ways of buying properties, getting into real estate, and how to do short-sale deals. Enjoy the show!Key Takeaways:[00:46] Introducing David Randolph[02:28] Focusing on short sales[09:07] The pitfalls of short sales[10:54] How long is the cash conversion cycle?[16:10] The team size on short-sales[20:12] Right way to run a business[26:00] "I would've sought expert help in the education field earlier."[27:12] Connect with David RandolphQuotes:[08:22] "You want to run a business? You want to make money? Short sales is one way to make a lot of money."[13:48] "Anybody in the United States can negotiate a short sale with the bank. Anybody, with the exceptions of California and Florida..."[21:19] "When you are making a lot of money, you don't need a lot of money to live off of. So why should you be making it and paying taxes? Why don't you do these deals in your retirement account vehicles?"Connect with David:Website: https://thedavidrandolph.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

"The biggest piece of advice I'd give people of what I learned from that is, nobody is going to manage your money but you."  In this episode of Profit First for REI podcast, we have Bill Allen. He is a real estate investor and the owner of 7 Figure Flipping. He and his team currently flip and wholesale 200+ deals every year.Bill shares his advice on how to become a better wholesaler and flipper. He talks about his journey in the real estate world, some of the biggest roadblocks he encountered, and his family program for teenagers. Enjoy the show!Key Takeaways:[00:46] Introducing Bill Allen and his background                                                      [02:15] Getting into real estate[04:30] Educating other people about real estate[12:15] Tips on becoming a better real estate investor[15:01] Why do most investors live deal to deal in their business?[23:21] Talking about the roadblocks in business[27:19] You have to be financially savvy[32:24] What is Teenage Tycoon all about?[41:48] Connect with Bill AllenQuotes:[10:02] "If you can figure out where you are weak, there are two options: You need to be higher up those weaknesses, or you can just dive in and strengthen them up."[25:54] "The longer you sit on a problem like that, the more expensive it gets." [27:19] "Nobody is going to manage your money but you. Nobody cares about it like you do."Connect with Bill:Website: https://www.7figureflipping.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

"Get profitable and pay yourself first."If you want to become smarter financially and know where your money is going, we have a perfect guest! In this episode of Profit First for REI podcast, we have Chris Miles. Listen as he talks about the thought process of people around money. He also shares some tips on how you can pay yourself twice in your business and utilize passive income in your business to get the freedom you want. Enjoy the show!Key Takeaways:[00:45] Introducing Chris Miles[02:35] The Ultra Penny Pincher[06:20] Retiring at the age of 28[08:12] Jumping into real estate investing[11:19] Life Before Profit First[13:32] Follow your gut[16:32] Paying yourself twice[26:45] Business as your number one investment[27:42] His advice for real estate investors[28:41] Connect with Chris MilesQuotes:[05:49] "You can make better cash flow and income with real estate even if you are on the passive side."[13:32] "Follow your gut... If something doesn't feel right, don't go for it just because you can get a lot of money."[28:08] "Just get to the point where your business is an actual business. They can operate even without you, and you can get enough passive income that you don't need it either; to me, that's the true definition of freedom."Connect with Chris:Website: 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

In this episode of Profit First for REI podcast, we are joined by Dan Haberkost. He is a real estate investor focusing on new development, land investing, and consulting.Dan talks about marketing and the fears he had about spending money on it. He also talks about incentivizing employees and the expectations he sets for them. Listen and enjoy!Key Takeaways:[00:41] Introducing Dan Haberkost[01:55] The Big Picture Blueprint[02:34] How did you land on land?[07:27] Land Investing[09:59] Room by room rentals[13:23] Why did Dan choose land investing?[20:32] The fear of spending money[26:07] How do you incentivize your employees?[28:53] Dan's advice to real estate investors[29:51] Connect with Dan HaberkostQuotes: [07:48] "Land is the means of making money. You can do it from anywhere."[09:28] "I'd rather focus on the active income... and just buy nice real estate."[28:55] "Get clear on your goals and pick the asset and the business that align."Connect with Dan:Website: https://danhaberkost.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 for REI podcast, we have Frank Iglesias. He is a real estate investor who tells several deep things about his real estate journey.Frank is well-versed in many areas of real estate. He talks about the right coach in his life that helped turn him around, the right timing, and books that helped him. Listen to this episode if you want to become a good business owner. Enjoy the show!Key Takeaways:[00:46] Introducing Frank Iglesias[01:53] How he got into real estate[05:10] "I wish I would have just picked one route."[09:04] Sales and marketing in real estate investing[13:20] Learning about new construction[15:18] Difference between fix and flip and new construction[19:49] The money side of new construction[27:23] Fundamentals and People's Journey to Success[30:04] Connect with Frank IglesiasQuotes:[06:25] "I wish I'd learned more about business because real estate is just the vehicle. It sits on top of this."[08:35] "Most real estate courses don't teach business, they teach real estate. But it's a different world when you start looking at it as a vehicle."[18:04] "What I like about new construction is you're creating something. I like the creation process."Connect with Frank:Website: https://frankiglesias.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