Profit First for Real Estate Investors with David Richter

From having one of his companies go from a chaotic mess to having more revenue and net profit to pay for taxes and other operational expenses, let us know more about Andrew Lucas' transformation story!

In this episode, Andrew Lucas, a real estate investor who runs a family-owned business, shares his real estate investing journey that will give you hope from failure to success!

Listen as he also shares how his wife got involved and got her an outlet for her wonderful talent! Enjoy the show!

Key Takeaways:

[01:30] Introducing Andrew Lucas
[04:58] What his business looks like before Profit First
[11:20] Starting the wholesaling business
[15:51] Challenges Andrew and his wife had to face in the real estate investing journey
[21:30] Husband-wife team on their real estate investing journey
[24:32] Andrew's Profit First story
[28:02] Get in touch with Andrew Lucas

Quotes:

[06:15] "They know they are making money, they don't know where it's going. They know they don't have as much now as they thought they would."
[25:40] "It's easy to lose track, but when you implement this, you will have opportunities that open up."
[26:14] "The people that succeed in real estate are the ones that can stick around the longest."

Connect with Andrew:

Website: https://reidealfinders.club/

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

"Unless you go out of your way and mess up, you'll be okay; unless you go out of your way to find an amazing deal, you'll probably still be okay."

In this episode, John Errico and Ryan Goldfarb share their real estate investing journey from working in the corporate world to focusing on short-term rentals, single-family, multifamily apartments, and commercial investing.

Listen as they share their amazing partnership and journey through the ups and downs of real estate investing!

Key Takeaways:

[01:50] Introducing John Errico
[03:57] Introducing Ryan Goldfarb
[08:04] Most fun part of John and Ryan's real estate investing journey!
[14:14] Focusing on short-term rentals and value-add construction projects
[21:26] Returns to expect when investing in Atlantic City
[27:52] Strategies John and Ryan have to make managing short-term rentals less stressful
[31:42] Their advice to aspiring real estate investors
[35:15] Connect with John Errico and Ryan Goldfarb

Quotes:

[13:27] "Trying out new things was an exercise in figuring out what I don't like."
[26:18] "Short-term rentals are like layering and operating business on top of real estate investment."
[32:58] "There are always reasons not to do something, if you want to do it and if it's something where you want to put your money... you just have to do it."

Connect with John and Ryan:

Website: https://brickxbrick.podbean.com/e/ep-1-meet-the-partners/ 

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

For today's episode of Profit First for REI, Sharon Lechter joined us to tell us more about who she is as a person and as a business mentor.

Sharon is a business strategist, mentor, keynote speaker, and co-author of the #1 Best-Selling Personal Finance Book, "Rich Dad, Poor Dad." She founded an organization that helps people through financial education!

Listen as she shares her story and what brought her to success, from doing crazy things to affecting millions of lives. Enjoy the show!

Key Takeaways:

[01:00] Introducing Sharon Lechter
[02:58] Brief background of Sharon and what she does today
[11:36] "Pay Your Family First"
[12:40] Part of the journey that excites her the most!
[18:21] Sharon's learning opportunities
[26:10] Advice to real estate investors
[29:54] Connect with Sharon Lechter

Quotes:

[13:41] "Find joy in every single day, and if you know you're making a positive impact on somebody, there's no greater joy."
[16:54] "You are financially free when the income from your assets exceeds your monthly expenses."
[28:46] "Challenge yourself to do something new and experience a little bit different life."

Connect with Sharon:

Website: https://sharonlechter.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

Entrepreneurs having trouble managing their finances is more common than you’d think. The constant feeling of stress and anxiety over your cash flow, being in the dark about where your money is going, and ending up living deal-to-deal. Our guest today has gone through the same process—until he implemented Profit First.

Alan Walker is a realtor and the owner of Origin Real Estate, dedicating his wealth of knowledge and experience to all his clients. In this episode, he shares the story of his personal struggles with money and how he overcame them with the Profit First method, and shares many insights on money management and saving. You’re in for an enlightening and inspiring episode! Tune in!

Key Takeaways:

[00:00] Introducing Alan Walker, His Background, and His Real Estate Career
[09:43] Before and After Implementing Profit First
[21:06] The Profit First Method’s Effect on His Taxes
[24:28] The Importance of Having Cash Reserves
[28:06] Connect With Alan Walker

Quotes:

[10:27] “ When I started to read [Profit First], he broke it down in such a way that was so easy to understand. All I had to do is like create a spreadsheet, and anytime money came in it divided it for me and I just made my transfers.”
[22:59] “The biggest thing that I always hear people talking about is ‘Oh, it's so hard to set up these accounts, there are so many online banks now.’ It is not hard to set up these accounts—you can have it done in 20 minutes, so stop making that as an excuse.”
[26:56] “As real estate people, we always think that we have to have our money working for us, and putting it in the bank is like a cardinal sin. [We call it] lazy money…it's not lazy money. You actually need that money.”

Connect with Alan

Website: https://www.originutah.com/
Podcast: https://www.youtube.com/@alanwalkerplayyourgame

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, Jim Manning joined us as he shed hope on how he succeeded in his real estate investing journey!

Jim is a courageous implementor and action-taker who transformed from being broke and chasing deals but not getting a profit; now, he generated over $5 million in passive income in 2022 alone!

Learn more about Jim and how you can benefit from his story!

Key Takeaways:

[00:56] Introducing Jim Manning
[02:32] Jim's real estate investing journey
[09:27] Motivation and driving factor on chasing deals
[15:40] Jim's lightbulb moment!
[21:33] How things started to change for good from being broke
[27:26] Advice for those starting their real estate investing journey
[30:07] Connect with Jim

Quotes:

[08:04] "Our egos were stroked, but our wallets broke."
[12:12] "If I'm going to succeed... I will measure that success by what I give up in the process."
[27:53] "Get educated, don't let yourself get in the trap of 'I'm too busy.'"

Connect with Jim:

Website: https://passivewealthshow.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, Chris Naugle joined us to share hope in his real estate investing journey! Chris is an innovator and visionary in wealth-building and real estate.

He is part of the movement BYOB - Be Your Own Bank, and empowers others with his knowledge of how money works. Chris also dedicated his life to being America's #1 Money Mentor.

Listen and know more about Chris' Six Laws of Wealth, and how he got back from the lowest point of his life to the other side of it!

Key Takeaways:

[00:45] Introducing Chris Naugle
[02:16] Chris on what he does in BYOB
[08:45] Lowest point of his life
[11:37] Impact of money on his family
[13:32] How Profit First Impacted His Real Estate Journey
[24:16] "I built my own banking system."
[28:46] Six Laws of Wealth
[37:38] Connect with Chris

Quotes:

[04:36] "There are only two types of people, people with money and people that need money, and both have a problem. People with money, they want to make more. People that need money, they need money to make more money."
[11:45] "Money is the number one cause of divorce in this country."
[28:52] "Pay yourself first."

Connect with Chris:

Website: https://www.chrisnaugle.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 a regular 9-to-5, affording to travel requires so much more than just money—you need to have the time and energy for it. This is why traveling is one of the many reasons people begin as investors in the first place, with its promise of financial freedom and passive income. If you’re one of these investors or are someone who wants to expand on their lived experiences, this is the episode for you. 

Our guest today is Shane Mahoney, founder of Lugos Travel, a luxury travel company focused on providing authentic experiences at travel destinations. In this episode, we will discuss how you can reap the rewards of your ventures and enhance your travels beyond the beaten path. Tune in!

Key Takeaways:

[00:36] Introducing Shane Mahoney and His Background
[05:38] The Scope of Lugos Travel’s Offer
[19:18] On Lugos Travel’s Standard and Platinum Tours
[25:32] Expanding on the Fees and Plans
[31:27] Connect With Shane Mahoney and Lugos Travel

Quotes:

[05:31] “Experiences that change people's lives…that's been our goal for the last 12 years.”
[06:53] “I'm going to charge you for my time and expertise. In exchange, I'm gonna work to make sure that your tour is designed around everything that you know and love.”
[10:56] “I know what it was like to be a busy professional, to have like absolutely no time to plan things, but still want a great vacation.”
[27:01] “So here's my concern—If you come back from Paris from my tour, and your stories are exactly the same as the people that went to Paris, I have failed.”

Connect with Shane

Website: http://shanemahoney360.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 

Today’s guest is Sheri Fluellen, a real estate investor, syndicator, and coach. As a certified high-performance coach and psychologist, she works with entrepreneurs and real estate investors to keep them focused on their goals through research-based success coaching.

Sheri’s background as a psychologist, her experience in the investing space since 2007, and her profession as a coach all give her a unique insight into the mindset of investors. 

Throughout the episode, we discuss financial management, personal fulfillment, the Profit First Method, and more! Tune in!

Key Takeaways:

[00:44] Introducing Sheri Fluellen and Her Background
[04:29] On Selling Her Private Psychology Practice
[11:13] Her Background as a Psychologist and How It Adds to Her Coaching
[17:21] The Psychology Behind Poor Financial Management in Investors?
[22:01] How to Counteract the Insecurity That Can Affect Our Financial Management Skills
[26:08] How Profit First Has Helped Sheri’s Business
[29:53] Advice for Investors Who Want to Implement Profit First
[30:27] Connect With Sheri

Quotes:

[18:39] “Put a sale in front of me, put a prospect in front of me, and I will get them to buy. But then managing the money that we make on the backend, like, you know, a spreadsheet will make his eyes cross and he just can't stand it…I've seen that in a lot of real estate investors. ”
[20:28] “There is this strong relationship between how much money I make and how worthy I am…So, whether it's real estate investing or any sort of business when things aren't functioning smoothly, that can significantly impact one's sense of self-worth, self-efficacy, their ability to be a good business person.”
[30:11] “[Implement Profit First] now, because the longer you wait, the more complicated it gets to try to undo what you’ve already done.”

Connect with Alex & Shimon

Website: https://www.drsherifluellen.com/
LinkedIn: https://www.linkedin.com/in/drsheri/
Instagram: https://www.instagram.com/drsfluellen
Coaching Mastery Podcast: https://www.coachingmasterycommunity.com/blog

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’ve got double the value for today’s episode with two great guests—Alex Chizhik and Shimon Lazarov, the hosts of The Dollar Auction podcast! They discuss anywhere from Bitcoin, government regulations, investing, economics, finance, and more.

Alex is an experienced executive with nearly two decades worth of experience in managing organizations and is passionate about technology and cryptocurrency. Shimon is a growth leader with an extensive strategy background in digital strategy, market research, and business development.

These two strategic minds join us today to discuss various topics surrounding money mindset and intentionality, and how it can greatly affect your business growth. Tune in! 

Key Takeaways:

[00:48] Introducing Alex Chizhik & Shimon Lazarov
[03:48] Blitzscaling: Why People Don’t Prioritize Profit
[15:49] Why People Live Deal-to-Deal
[23:16] Thoughts on Fractional Businesses
[25:29] On Real Estate and Cryptocurrency
[33:55] Connect with Alex & Shimon

Quotes:

[15:37] “It doesn't matter if you're making a million a year or hundreds of millions a year. You need to know where you are on the financial side.”
[17:05] “If you don't put some [money] aside, then you can literally have 10 years pass by and for nothing to show for it. And I actually have friends who worked on Wall Street and friends who worked in Silicon Valley making over half a million dollars per year. They didn't save too much. ”
[31:50] “All these investments, including cash, is a tool for something…So be intentional about what you're investing in.”

Connect with Alex & Shimon

Alex’s Twitter: https://twitter.com/mrebitda
Shimon’s Twitter: https://twitter.com/ShimonLazarov
The Dollar Auction Podcast: https://podcasts.apple.com/gb/podcast/dollar-auction-show/id1492748168

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 

Family is often a big factor in any person’s life, so when family becomes an obstacle when starting a business, it becomes a significant roadblock. For our guests today, overcoming this hurdle became a major struggle.

Joseph and Jenn Delle Fave are real estate investors, coaches, and the duo behind the Creative Finance Playbook—a Youtube channel where they share the wonders of non-traditional financing for real estate.

If you're someone who has struggled with family resistance or fear holding you back from pursuing your entrepreneurial dreams, this episode is for you. Tune in as Joe and Jenn share their inspiring story and how Profit First has helped them with their business.

Key Takeaways:

[00:41] Introducing Joe & Jenn Delle Fave and Diving Into Joe’s Background
[07:35] Joe’s Past Struggles
[12:23] On Pursuing Real Estate Despite Family Struggles
[17:31] How Joe & Jenn Connected
[20:29] Jenn’s Background
[23:53] On Moving to Florida
[27:46] On Learning About and Implementing Profit First
[33:39] On Profit First Alleviating Fear
[36:55] Connect with Joe & Jenn

Quotes: 

[29:11] “The whole concept of [Profit First], like the envelope system, that's something that every person needs to really implement. And so even though we were organized, things could be even more organized. ”
[21:23] “I feel like the whole time I was listening to your book, you were just speaking directly to me about a lot of the issues that we've been dealing with for years.”
[32:03] “[Profit First can benefit you because] of clarity of everything that's going on in the health of your business…Just like being able to open up the hood [of] a car and find out what's wrong with it and tinkering [with] it. But you don't have to. It's just showing right in your face now.”

Connect with Joe & Jenn

Website: https://www.creativefinanceplaybook.com/
Facebook: https://www.facebook.com/CFPlaybook/
Youtube: https://www.youtube.com/@creativefinanceplaybook

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