Profit First for Real Estate Investors with David Richter

Know other people's stories. It is Scot Poirier's striking advice for investors on their first deal.

In this episode of the Profit First for REI podcast, Scot, a successful real estate investor and coach, gives you practical advice on investing in real estate and how to get a seller to open up.

He also shares his story of his first deal and the challenges he overcame in his journey. Listen to have the right motivation and hope to pursue your real estate investing journey. Enjoy the show!

Key Takeaways:

[00:39] Introducing Scot Poirier
[02:55] Life before real estate investing
[06:17] His very first deal
[09:57] After repair value
[10:49] The wake-up call
[16:51] Learning about people
[25:28] How can you make people open up to you?
[30:22] Remove 'permission language'
[33:10] Connect with Scot Poirier

Quotes:

[05:13] "People are people. They have crises, and they need to have a sense of trust to work with you."
[10:51] "When you don't know that you don't know, you might get lucky on a deal, but when the other shoot drops, it hurts."
[29:12] "Don't give up. Surround yourself with good people. People that have your interest in mind."

Connect with Scot:

Website: https://www.facebook.com/scot.poirier

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

Joining us in this episode of Profit First for REI podcast is Chris Johnsen. He is a lawyer in the real estate space and worked primarily for commercial real estate.

In this episode, Chris talks about the common pitfalls people go through in real estate and when you need a lawyer in your business.

Listen as he explains why you should hire a lawyer for your business contracts. Enjoy the show!

Key Takeaways:

[01:03] Introducing Chris Johnsen
[04:34] Getting into a specific niche as a lawyer
[09:03] Education as an investment
[14:52] The Golden Handcuffs
[17:21] Most common questions he gets as a lawyer
[23:20] Operating Agreement
[26:48] At what point should people get a lawyer?
[30:47] Connect with Chris Johnsen

Quotes:

[02:43] "I saw two things in lawyers. I saw that they provide value that is needed and are expensive."
[09:03] "You should look at your education as an investment in yourself."
[23:20] "Operating agreement is a contract between the company's owners on how to run the company... there are so many pitfalls."

Connect with Chris:

Website: https://www.johnsenlaw.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

"I'm okay with sacrificing now for a greater future." 

In this episode of the Profit First for REI podcast, we have Martine Richardson. She has been a real estate investor for about ten years, from being a full-time employee with no money and no time freedom.

Martine shares practical steps on getting out of the rat race and her experiences on her real estate journey. Listen and enjoy the show!

Key Takeaways:

[00:50] Introducing Martine Richardson
[02:40] Before entering the real estate space
[07:10] Sandwich lease option
[11:31] Buy and hold
[14:04] The Power of Holding
[15:55] Two ways to know how much money you need per month to live comfortably
[19:34] Mid-term rentals
[28:14] Martine's advice for real estate investors
[30:45] Connect with Martine Richardson

Quotes:

[07:13] "Sandwich lease option agreement, when you are leasing a property and you have the option to purchase it in the future."
[13:49] "I've always been like a long-term thinker. I'm okay with sacrificing now for a greater future. Me holding made complete sense to me."
[28:23] "Many people are stuck in the analysis-paralysis stage because they want to know everything about how to do something... I would encourage people to learn the first step and take action on that first step. Learn the second step and take action on the second step."

Connect with Martine:

Website: https://www.facebook.com/groups/thefreedominc

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

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 Nixon

Quotes:

[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 Dave

Quotes:

[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 Letzeiser

Quotes:

[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 owners

Quotes:

[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 McGraw

Quotes:

[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 Randolph

Quotes:

[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 Allen

Quotes:

[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