Profit First for Real Estate Investors with David Richter

"Real estate is the byproduct of caring."

In this episode, we interviewed Phillip Vincent. He is the founder and owner of Mom's House. Mom's House is one of the most trusted home buyer networks for seniors moving into senior living.

No matter what type of seller you walk into, either virtually or over the phone, get to know how to get the deal done through relationship building and better rapport.

Listen and enjoy the show!

Key Takeaways:

[00:57] Introducing Phillip Vincent
[02:13] How he got into real estate
[05:01] The driving force of becoming an entrepreneur
[13:45] How Mom's House started
[18:13] Branding, scripting, what to say, what not to say
[22:37] Why do you think investors live deal to deal?
[29:28] Phillip's advice to real estate investors
[32:03] Get to know more about Mom's House

Quotes:

[03:11] "I've learned two things: I've learned not to get old and if you do, be rich."
[07:26] "The thing about real estate is you can make 50 grand today and lose 80 grand tomorrow."
[21:32] "A wholesaler is not an identity, that's an exit strategy."

Connect with Phillip:

Website: https://momshouse.com/

Tired of living deal to deal? 

If you are a real estate investor or business owner 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 I 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

This week's episode will save your business and will give you hope to start with your life!

The guest for this episode of Profit First for REI podcast is Jason Marks. He has been in the business for 12 years and has run different companies. One of these is a wholesale company.

Listen as he shares his experiences on how he started making money and increased profitability through Profit First. 

He also tells about the stress of the taxes and how Profit First saved his life! Enjoy the show!

Key Takeaways:

[00:59] Introducing Jason Marks
[04:05] Jason's craziness before Profit First
[09:29] How goal setting helped him in his investing journey
[15:08] First hire in his business
[16:33] Importance of delegating
[23:19] Jason's tough times
[28:51] Making decisions based on your bank account and your goals
[34:05] Advice to first-time investors
[38:12] Contact us!

Quotes:

[13:26] "It's very important that you have to know what you want because you also have to get ready if you don't get it."
[17:29] "If you're not good at it and don't like it, you should not be doing it."
[28:51] "To run a successful business, you need to make decisions based on your bank account and your goals."

Connect with Jason:

Website: https://simplecfo.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

What are the things many real estate investors are doing, and what should they be doing?

In this episode of the Profit First for REI podcast, Aaron Chapman shares his experiences in real estate investing, especially on the mortgage side.

Aaron is a veteran in the finance industry and has been doing loans since 1997. He is a published author and has released books and tons of magazine articles. He also runs a team and is now sharing his wealth of knowledge with us!

Know more about him and enjoy the show!

Key Takeaways:

[00:57] Introducing Aaron Chapman
[05:51] Transition from working outdoors to being a telemarketer
[13:23] Why do you think investors live deal-to-deal on their business?
[17:42] Importance of life insurance to Aaron's financial freedom
[25:57] First-time home buyer program
[29:43] About his books
[35:37] Connect with Aaron

Quotes:

[12:40] "Our focus is on giving people practical data to make decisions with, not speculation and theory."
[13:27] "Good judgment comes from experience, and experience comes from bad judgment."
[33:45] "The most useful, elegant, and powerful tool ever created is the human mind, but if you misuse it for a split second, it can destroy not just you but everything around you."

Connect with Aaron:

Website: https://www.aaronbchapman.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

How does Simple CFO change lives, from CFOs to real estate investors, to the implementation process up to the light at the end of the tunnel?

In this episode of Profit First's CFO Series, Tiffany Vogel shares how she became financially free through real estate investing!

She is a great speaker, educator, and investor that wants to help you achieve your goals and get out of the rat race. Having young kids at home, she wants to be there for them. Learn more about her and her investing journey. Enjoy the show!

Key Takeaways:

[00:58] Introducing Tiffany Vogel
[02:26] How she started in what she is doing now
[07:34] Getting her interest in becoming a fractional CFO?
[10:48] Things that people struggle with in real estate investing
[14:47] Cashflow 101
[18:38] How Tiffany Discovered Profit First
[23:03] Advice for real estate investors
[25:27] Connect with Simple CFO

Quotes:

[11:22] "Adding one property might not have a huge cost for you, but running a portfolio of 20 properties, there are some overhead costs that don't get accounted for..."
[20:38] "I couldn't go tell clients, 'Hey you need to do this' if I'm not doing it myself."
[23:44] "Focus on what matters, usually your family, travel, something along that line and just chase the right dreams and your goals."

Connect with Tiffany:

Website: https://simplecfo.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

What are the differences between an entrepreneur and an investor?

Tony Castronovo clarified the differences between the two, and he has more to share in this another CFO Series of Profit First for REI podcast!

Tony tells his stories on how he went from owning a single family to a multi-family, his journey in real estate investing, and the ups and downs of the entrepreneurial world.

Listen and enjoy! You might see where you are right now and the areas you are struggling in real estate investing!

Key Takeaways:

[00:56] Introducing Tony Castronovo
[02:58] Journey of becoming a CFO
[07:44] Difference between investor and entrepreneur
[13:58] How Simple CFO helps in financial clarity
[15:40] Tony's Profit First Journey
[19:20] Best lesson/s he learned for decades
[21:07] Good first step in the real estate investing journey

Quotes:

[06:47] "Going full-time just gave me a bit of a supercharged boost to really go after it."
[07:44] "An investor is someone looking long-term to build wealth, and an entrepreneur is very much into a day-to-day income to have a business that will eventually produce wealth."
[13:41] "If you are not wise about how you buy and operate those deals, it is just chasing your tail."

Connect with Tony:

Website: https://simplecfo.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

"What I love about teaching real estate is seeing the transformation in individuals, families, and futures..." - Augie.

In this episode of the Profit First for REI podcast, we have Augie Byllott, a nationally recognized author, trainer, coach, and speaker who teaches creative real estate investing.

He was an investor since the 80s and helped a lot of people by making an impact on them. Augie owns an education and training company, and he supports a foundation.

Know more about him and how he gets his life to the fullest by living your legacy!

Enjoy the show!

Key Takeaways:

[01:00] Introducing Augie Byllott
[04:40] "Living Your Legacy"
[06:12] Becoming a Transaction Engineer
[07:18] Becoming a Marketing Master
[08:18] Being a Chief Entrepreneurial Officer
[15:20] What he loves about teaching real estate investing
[25:03] Learning exit strategies in life

Quotes:

[03:16] "You help entrepreneurs learn how to stop trading hours for dollars... Be careful not to become wage slaves."
[06:43] "I had to learn how to engineer transactions so that I could always use my money the way I could use it best."
[12:30] "Living one's legacy gives you the greatest fulfillment because you are living your true purpose."

Connect with Augie:

Website: https://www.chairthelove.org/fundraiser/

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

We have our CFO Series for this episode of the Profit First for the REI podcast!

Alexis Sidney, a seasoned Chief Financial Officer, joined us in the show as she shared how she made an impact as a fractional CFO. 

How CFOs make a difference? How did they make an impact? Listen as she answers these questions. Alexis also talks about the struggles that they see daily. 

Enjoy the show!

Key Takeaways:

[01:00] Introducing Alexis Sidney
[03:10] What does she do as an EA?
[06:37] Interesting part of the CFO Role
[08:15] Different types of struggle people encounter
[15:56] Benefits of Profit First for Alexis as CFO
[19:40] Pros of working with a CFO
[23:48] Alexis' advice for real estate investors
[26:48] Connect with Alexis and Simple CFO

Quotes:

[06:52] "There was something more just behind a profit and loss report... those number means something."
[12:55] "It does take time for people to trust you, and you can't overwhelm them by forcing them... just assure them."
[20:12] "Working with a CFO allows you to have that person on your shoulder."

Connect with Alexis:

Website: https://simplecfo.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

"What hinder success is mental blockage and mindset issues."

In this episode, best-selling author Chris Prefontaine talks about Real Estate on Your Terms, a book he wrote in 2017. He also tells about his experiences with the crash in 2008 he went through.

Listen as he also talks about cash positions and how Profit First helped along his real estate investing journey. Enjoy the show!

Key Takeaways:

[01:01] Introducing Chris Prefontaine
[03:22] What is Creative Real Estate?
[06:54] Why do people struggle with money in real estate?
[08:17] Chris before his Profit First Journey
[11:41] Getting and meeting the right people
[15:35] Hardest lessons on his entrepreneurial journey
[19:17] Get an Executive Assistant
[21:18] Chris' advice to people starting in real estate investing
[22:10] Connect with Chris Prefontaine

Quotes:

[07:16] "If you try a bunch of courses and it didn't have the same success... you get a little bit less aggressive."
[10:45] "Exposure means so much more than we think, more effective than we all realize... it means a lot."
[15:54] "Don't utilize your personal signature to sign on debt, especially for investment."

Connect with Chris:

Website: https://smartrealestatecoach.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

If you need help with deal consistency and flow and starting to hire anyone, this episode is for you!

We had Jennie Hudspeth, a sales trainer and a talented business professional with a career potential of no limits. She has done over a thousand deals in 12 months.

Listen as she shares some great practical tools she has for people starting to hire anyone. Jennie also talked about how important Profit First is. Enjoy!

Key Takeaways:

[01:00] Introducing Jennie Hudspeth
[03:11] Jennie's real estate investing journey
[10:42] What you would have done differently on the way up?
[13:55] "Everyone has to be on the same boat."
[19:15] The Theory of Constraints
[26:14] Jennie and the REI Sales Tools
[34:38] Connect with Jennie Hudspeth

Quotes:

[11:22] "As I matured in management, I learned that it's not about me."
[13:55] "To be able to have consistency, everyone has to be on the same boat."
[23:46] "If we do more of the right things consistently, the wrong things go away naturally."

Connect with Jennie:

Website: https://reisalestools.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 REI, Dave Dubeau joined us to share his knowledge on how to put more money in your pocket, as he does!

Dave is a huge Profit Fist fan who now helps people in the real estate investing world raise capital through his new podcast.

Learn more about Dave and how Profit First helped him a lot!

Key Takeaways:

[00:50] Introducing Dave Dubeau
[01:41] Implementing Profit First for the first time
[09:46] Increasing visibility to raise capital
[12:51] What is the 30-second elevator pitch?
[15:07] Don't go cheap on business cards
[18:56] Exposure to other people's media
[28:03] Connect with Dave Dubeau

Quotes:

[12:42] "Just dress business casual when you are speaking with people about money."
[14:56] "Figure out something short and sweet that's gonna create curiosity and get the conversation going."
[15:10] "If you are looking to raise capital, don't go cheap on the business cards."

Connect with Dave:

Website: https://www.daveinterviewsyou.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