226 episodes
Profit First for Real Estate Investors David Richter
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- Business
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5.0 • 108 Ratings
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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.
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The Importance of Staying Liquid and Paying Yourself First
"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 Miles
Quotes:
[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 -
The Land Investor's Playbook: Winning Strategies for Maximizing Returns
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 Haberkost
Quotes:
[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 -
Cornerstones of Success: Building Your Real Estate Business Brick by Brick
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 Iglesias
Quotes:
[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 -
The Power of Verbs Over Nouns: A Fresh Approach to Money Management
"I love verbs more than nouns when it comes to money. I don't care what you call my money."
For today's episode, we have Mark Willis. He is a certified financial planner and a real estate investor who works with people from 50 states and around the world to help them build real wealth outside of Wall Street.
In this episode, he talks about the more efficient way to manage your money and how to build wealth in ways that you can control and understand. Listen and enjoy the show!
Key Takeaways:
[00:44] Introducing Mark Willis
[05:45] Bank on Yourself
[07:47] Building up contractual wealth
[09:56] What is banking?
[11:55] T.G.I.F.
[15:38] Averages mean nothing
[20:57] Disgust in marketing
[23:51] Integrating the Bank on Yourself system into Profit First approach
[33:26] Connect with Mark Willis
Quotes:
[08:08] "Owning a property is the same as owning a policy in that they are both founded on the civilization technology known as the contract."
[09:52] "It is the most profitable enterprise in all of human history is banking."
[21:30] "It's impossible to convince someone of something when their salary is dependent on them not being convinced."
Connect with Mark:
Website: https://kickstartwithmark.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 -
Redefining Success: A Story of Adaptation and Growth in Entrepreneurship
In this episode of Profit First for REI podcast, we have Jason Lavander. He has been an entrepreneur since 2016, flipping houses, building a team, learning the process, and getting coaching and training.
He shares about his journey of Profit First and what he is then versus now. He also talks about the evolution of an investor.
Listen because it will help and give you hope in your real estate investing journey. Enjoy the show!
Key Takeaways:
[00:53] Introducing Jason Lavander
[03:12] The up and down cashflow rollercoaster
[06:34] The Walking Wounded
[07:55] What he does before real estate
[12:20] The time he started Profit First
[17:03] Finding the right person
[19:45] How to know if your business is healthy?
[26:46] Advice for people who want to implement Profit First
[29:22] Connect with Jason Lavander
Quotes:
[07:26] "The system works for you. It's your safeguard. It's your bumpers on the bowling alley. It's your safety net to protect you."
[17:03] "As an investor, much of what I've learned is to find the right person. Put the right person in the seat."
[26:50] "Ask yourself hard questions and give yourselves honest answers."
Connect with Jason:
Facebook: Jason Lavender
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 -
Unshackling Entrepreneurship: Finding Freedom Beyond Financial Success
"People become entrepreneurs because they want freedom, they want control. What happens is typically, the profession and the phase to get more and do more ends up controlling them."
Joining us in this episode of Profit First for REI podcast is Brad Chandler and Yvonne Trost. Brad and Yvonne's passion is to help people. They created a program as an opportunity to help people make a true impact on their lives.
In this episode, Brad and Yvonne dive deep into what is holding you back as a human being and as an entrepreneur. They can help you with the key aspects and first steps of getting on a better path, so keep tuned in!
Key Takeaways:
[00:57] Introducing Brad Chandler and Yvonne Trost
[06:04] The self-worth issue
[10:57] Being an entrepreneur as a trauma-response
[13:34] Everything that they have is inside them
[19:17] The limiting beliefs
[21:12] Letting go of fear and judgment
[26:00] The different money mindsets
[30:00] Reason behind perfectionism
[31:30] Connect with Brad Chandler and Yvonne Trost
Quotes:
[07:28] "It's built into us to find safety...our self-conscious mind's job is to keep us alive and safe."
[13:22] "Quite often, the things that we seek outside of ourselves are the things that turn around and not give us what we intentionally wanted to begin with... everything that they have is inside them."
[19:17] "You are the only person who limits you, not society, not the world, not your education, it's you. Primarily you limit yourself by self-learning beliefs that are in your head."
[30:51] "Trauma isn't the actual bad thing that happens to you. The trauma is the meaning that you place on that event."
Connect with Brad and Yvonne:
Website: https://www.bradchandler.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
Customer Reviews
Awesome podcast!
David is a great host!
Great Podcast
I had the privilege to be a guest on David’s podcast. The value he brings on this podcast is exceptional. I’ve been a huge fan of his since he wrote his book and this podcast is just as great. A must listen to for any real estate investor.
David brings in people that are taking control of their finances. Love it.
David brings on folks that help me tweak my business towards profitability each episode. I never miss one of these.