Profit First for Real Estate Investors with David Richter

RJ Bates III is the CEO of Titanium Investments, a multifamily investment company that assists investors in building wealth through passive income. Additionally, he hosts the Titanium Vault podcast, which centers around real estate investment.

Initially, RJ struggled with financial management as he expanded his business, a common problem among investors. Because of his experience, he has dedicated much of his work to educating and helping many investors in the real estate investing space to succeed.

In this conversation, we will delve into RJ's challenges and growth, and the current issues in his business that implementing the Profit First method can help solve!

Key Takeaways:

[01:01] Introducing RJ Bates III and His Story
[06:08] RJ’s Passion for Real Estate and His Podcast
[13:35] Profit First and How It Can Help His Business
[19:15] Why the Growth of His Business Led to Developing Financial Issues
[25:31] On Being Open to the Profit First Message and Unlearning Bad Money Habits
[31:38] Advice for People Who Want to Implement Profit First
[34:32] Connect with RJ

Quotes: 

[11:32] “I know that there are people out there that are trying to change their life, but they're struggling on…the management of their finances.”
[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.”
[33:42] “There is never a perfect time to do anything. The hurricane of being an entrepreneur never stops. At some point in time, you just gotta say ‘I’m making the commitment to start doing [managing my finances.]”

Connect with RJ

Facebook: https://www.facebook.com/OfficialRJBatesIII/
Youtube: https://www.youtube.com/c/RJBatesIII
Instagram: https://www.instagram.com/rjbatesiii
TikTok: https://www.tiktok.com/@rjbatesiii
Podcast: https://podcasts.apple.com/us/podcast/the-titanium-vault-hosted-by-rj-bates-iii

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 

Our guest today is Paul Sparks, a real estate investor and the owner & COO of BunnyHill Properties. He founded the Whale Club mastermind and is the host of the Investor Frame podcast.

Paul began his real estate career while working as an engineering salesman before going full-time as an investor. He shares how his lack of formal education in business and proclivity as a salesman made him more focused on making a profit and less on looking at his numbers and data—until he discovered the Profit First method.

Tune in as Paul shares his history, Profit First journey, and the practical steps to unlearn bad money habits and begin putting more focus on financial management.

Key Takeaways:

[00:52] Introducing Paul Sparks
[04:41] On His Difficulty Looking at His Numbers and Other Money Struggles
[08:10] Profit First and How It Helped Him Grow as an Investor
[20:53] On Learning More About Finances and Having Better Money Mentality
[25:30] Advice for Investors Who Want to Apply Profit First
[28:27] Connect With Paul Sparks

Quotes:

[06:11] “ It's really tough to run a profitable business if you do not collect and analyze the data because otherwise, you're just erring on the side of ‘How do I make more money?’ constantly…more revenue doesn't necessarily equate to more money in your pocket.”
[07:38] “I didn't know how to focus on how much money that I kept. It sounds so obvious when you say this stuff out loud. But it's not obvious when you're in the moment…I think it just took maturing as a business owner to understand: it doesn't matter how much you make unless you're keeping it.”
[26:18] “It's really, really tough to have financial freedom, financial certainty, if you don't have your finances dialed in.”

Connect with Paul

Instagram: www.instagram.com/paulsparksofficial
Website: www.realestatecertainty.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 

Welcome back to the Profit First for REI podcast. Our guest today is Charles Dobens, a multifamily attorney investor with years of experience in the real estate industry. He is the founder of Multifamily Investing Academy, the creator of the MultifamilyOS™️ System, and the host of the award-winning Multifamily Investing podcast.

Charles joins us to share his insights on the business of real estate and emphasizes the importance of treating it like a business. He also delves into the three parts of a real estate deal, breaks down the benefits of holding real estate, and offers practical steps for those looking to build wealth through real estate investments.

Whether you are interested in transitioning from single-family to multifamily real estate or simply want to keep more of the money you make with your investments, this episode is packed with valuable tips and insights that you won't want to miss. 

Key Takeaways:

[00:18] Introducing Charles Dobens
[04:08] Why It’s Easier to Treat Multifamily as a Business Compared to Single-Family
[05:12] Ups and Downs and Lessons Learned in His Investing Journey
[08:42] What is a Cap Rate?
[15:43] The Five Ways to Make Money in Multifamily
[18:47] Transitioning From Single-Family to Multifamily
[22:16] Asset Management and Property Management
[26:24] Connect With Charles Dobens

Quotes:

[15:34] “[What] I really loved about multifamily was no emotion involved. It's just a formula. And if the formula works, you buy the property.”
[23:45] “If you set it up right the first time, and you build the systems to be constantly taking care of your clients, your investors? Yes, then you're going to have yourself a nice business.”
[26:46] “I spent over $200,000, building a CRM for members of my multifamily OS program. That helps because…acquisition Management is all about finding the deal, right? 90% of the business is sales and marketing and finding the deal.”

Connect with Charles and get a copy of his book, How to Get 1,000 Apartments in Five Years:

Website: www.multifamilyos.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 

For today's episode of Profit First for REI, Joe McCall joined us to share his journey to financial freedom. 

Joe is a down-to-earth Real Estate Guru that cares for people by helping them to make sure that everyone can make money in real estate investing. He is also helping people to improve their lives and reach ultimate financial freedom!

Listen as we share Joe's story, from financial dependence to financial freedom, and how Profit First helped him get out of that!

Key Takeaways:

[0:55] Introducing Joe McCall
[2:33] More of Joe Before Getting Into Real Estate Investing!
[8:32] Struggles When He Is Starting His Investing Journey
[17:27] How He Used His First Paycheck From a Deal
[21:00] Trying Different Lease Options
[23:25] Reading The Books, "Pumpkin Plan" and "Profit First"
[34:52] Joe's Advice to Real Estate Investors
[37:03] Connect with Joe McCall

Quotes:

[11:45] "When you get into real estate, it's different because you deal with people"
[20:15] "It's important to understand to keep your expenses low to take on as little debt as possible."
[22:19] "I guess I'm the case study of how to do things wrong, but not quit, not give up and learn the right ways to do it."

Connect with Joe:

Website: https://joemccall.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

In today's episode of Profit First for REI, we are joined by Nicholas Nick. He is a real estate entrepreneur and the founder, CEO, and CFO of Lead Mining Pros, a real estate lead generation company with a focus on cold calling. 

Nicholas started his journey in the restaurant industry and from there developed a unique skill set that he carries to this day, wearing as many hats when it comes to running his business. He shares how he uses his roles to run his business at the fullest potential but recognizes the importance of eventually hiring someone to take over. 

Tune in to hear more of Nick’s insights into leadership, the importance of knowing your numbers, and the power of cold calling!

Key Takeaways:

[00:45] Introducing Nicholas Nick and His Background
[06:47] On Knowing His Financials
[10:03] Leaving the Restaurant Scene and Starting His Real Estate Journey
[18:15] Lead Mining Pros and Their Cold Calling Services
[20:31] On Maintaining His Hands-On Leadership Methodology and Exiting His Business
[24:54] Seeing the Future in Numbers for His Business
[27:58] Why Investors Live Deal-to-Deal:
[32:32] Connect With Nick

Quotes: 

[27:16] “If you're not good at math, you're never going to get rich. Plain and simple.”
[28:41] “What makes me successful is I learned to do everything as cheap as humanly possible myself. And then when you do it as cheap as humanly possible, and you're really good at it. That only means now that throwing money at it makes you better.”
[31:46] “My personal secret to success is not being attached to the result…I'm more attached to the experience that I'm getting,”

Connect with Nick:

Website: https://leadminingpros.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 

Welcome to the Profit First for REI Podcast! Our guest for this episode is Eric Brewer, a seasoned professional in the real estate industry who has completed over 3000 deals. Eric is the President of Integrity First Homebuyers, co-owner of CR Property Group, and owner of Hillside Financial.

Eric joins us today to share his sales methodology and how he has achieved profitability despite having no accounting background. He also discusses how the Profit First method has helped him keep his finances organized and resulted in the biggest write-off in his business's history.

Tune in to learn from Eric Brewer's valuable insights on innovation, sales, and the Profit First method. Gain actionable knowledge to help you make more money or keep more of it in your real estate business.

Key Takeaways:

[00:46] Introducing Eric Brewer and His Real Estate Journey
[07:06] Eric and His Experience During the 2008 Crisis
[11:55] Eric on Finances and Cash Flow
[18:37] Why People Live Deal-to-Deal: The Lack of Formal Education
[21:58] What are Novations?
[28:12] Eric’s Sales Methodology
[32:12] Connect With Eric

Quotes: 

[19:12] “All of the education and infrastructure and advice stops at the moment you start making money…I learned how to make money long before I learned how to keep it."
[20:19] “If you don't sell, the accountant has nothing to count…And if you don't account for your money, you're gonna [have to] sell 10 times more just to keep your head above water.”
[30:06] “When I got into real estate… I realized that…[there are] certain fundamentals of sales that are not changed, like building trust with the person [and] asking good questions.”

Connect with Eric:

Website With Links: https://brewermethod.com/home

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 Terrie Schauer joining us here at the Profit First for REI podcast. She is a champion in every sense of the word, as a single mom, 3-time, title-holding ex-athlete, Ph.D. holder, and real estate investor. 

Her career in real estate began as a property manager before fully transitioning into investments. All the while, she worked as a professional athlete, competing in Brazilian Jiujitsu and even achieving world championship titles. 

In this episode, she shares her real estate journey, and how she applied a lot of what she learned as a professional fighter to her career. Tune in to the discussion!

Key Takeaways:

[00:40] Introducing Terrie Schauer and Her Background
[03:55] On Mindfulness and How to Use It to Succeed
[07:54] On Her Sports Career and How She Found Mindfulness
[16:06] Juggling Her Sports Career, Being a Single Mom, and Her Work in Real Estate
[21:10] Why People Live Deal-to-Deal: Fear and Not Managing It Properly
[24:54] Advice for Real Estate Investors
[27:14] Connect With Terrie and Grab Her Book

Quotes:

[04:37] “Mindfulness is not mindset. It's not positive affirmations. It's not your morning routine. It's not hustling at 5 am…Mindfulness is understanding how the human consciousness works, to be able to get the most out of the tool that is your mind.”
[21:52] “The number one biggest [reason why real estate investors get in their own way] is fear, [and] not managing fear properly.”
[25:27] “If you're not executing on something, or you're performing below the level at which you want to be in business, it's up here, [in your mind]. [Work] on your mind…Mindfulness training has really allowed me to get kind of get the most out of that”

Connect with Terrie:

Mindful Landlord: How to Run Rental Property for Profit and Peace of Mind: https://www.amazon.com/Mindful-Landlord-Rental-Property-Profit/dp/1554832365
LinkedIn: https://www.linkedin.com/in/terrieschauer
Instagram: https://www.instagram.com/terrieschauer
Facebook: https://web.facebook.com/TerrieSchauerInc
Real Estate Investors Club Podcast: https://podcasts.apple.com/us/podcast/real-estate-investors-club-podcast/id1530582814

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 Noah Evans, a realtor and the investment director of Tree City Home Buyers. He also hosts the Chasing Freedom Podcast where he interviews top sellers in the industry, explores knowledge on home buying, renovation, house flipping, and more, and passes on valuable tips to his listeners.  

Noah's journey is a true testament to the power of Profit First and how it can help you achieve financial freedom, clarity, and control in your business, no matter where you are in your journey.

He shares his inspiring story of how implementing Profit First saved him from bankruptcy within the last year and talks about how hopeful he is for his current and future ventures.

This is a great episode for investors who’ve gone through similar struggles! Join us as Noah shares his Profit First journey, his real estate journey, and his insights on achieving financial freedom.

Key Takeaways:

[00:40] Introducing Noah Evans and His Background
[06:21] On Implementing Profit First
[11:57] What Attracted Noah to Profit First
[16:05] How Profit First Saved Noah From Bankruptcy
[19:37] How Noah Has Developed Security, Control, and Avoiding Ego Investing
[26:38] Advice for People Who Want to Implement Profit First
[29:52] Connect With Noah

Quotes:

[11:05] “In a time of chaos, you fall back to your systems, you fall back to your level of training… I started training myself to be more methodical in the placement of funds on separation of accounts, on treating it like a business and not like a hobby. These are all the things you talk about in the [Profit First] book.”
[19:45] “[By implementing Profit First,] not only do I have more peace, I [also] have more control…If we really boiled down entrepreneurship, I would say a lot of people get into it in real estate…because they want control—of [their] time [and] finances.”
[32:19] “Accountability at the start is really important…Willpower comes and goes, right? Like, this morning, I woke up late and my willpower to go to the gym was low because I just wanted to get to my day. But I have accountability, [so I show up anyway.]”

Connect with Noah:

Instagram: https://www.instagram.com/noahevans_realestate
Podcast: https://www.youtube.com/channel/UC745tjFMvtRV3oo8F8DPrIw

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 

Managing taxes and retirement funds are big factors in any investor’s financial system, which is why self-directed IRAs are such an invaluable investment tool, allowing you to build and control where your retirement funds are invested and pay fewer taxes while growing your wealth.

To shed some light on the topic in this episode, we are joined by John Bowens. He is a real estate investor and an expert in the self-directed IRA/401(k) process, serving as the Director of Education at Equity Trust Company's Equity University. 

Tune in as John shares his wealth of knowledge, providing valuable insights on maximizing your investment and better managing your taxes, and discussing how you can leverage your IRA to buy real estate properties. Get ready to learn from a seasoned pro in the industry!

Key Takeaways:

[00:44] Introducing John Bowens and the Use of Self-Directed IRAs
[06:32] What Keeps Investors From Using Self-Directed IRAs
[11:05] The Investor’s Tendency to Live Deal-to-Deal and How It Can Keep Them From Using Self-Directed IRAs
[16:30] What Can’t You Invest in With a Self-Directed IRA?
[23:50] Types of Accounts Offered by Equity Trust
[30:49] Connect With Equity Trust
[31:43] Fees Associated When Working with Equity Trust and Their Services

Quotes:

[07:08] “The financial services industry as a whole has failed you, and that's because most instances, in financial services, you're not going to be informed about a self-directed IRA to invest in real estate.”
[28:51] “By eliminating the variable of taxation, you increase your annual yield…If your transactions are structured properly, and you're working through the process, and you're doing your due diligence, you could potentially get to your retirement goals and your financial goals by leveraging that component.”
[32:19] “[Equity Trust is] not charging a fee based on transactions, or selling investments products…an account holder that moves over, let’s say, a hundred and fifty thousand dollars, they only pay a five-hundred-dollar maintenance fee.”

Connect with Equity Trust:

Website: www.trustetc.com
Youtube: https://www.youtube.com/user/EquityTrustCompany

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 aren’t taking profit for yourself, what are you working for? As business owners, struggling with finances is almost a constant hazard. Sometimes it’s not enough, or there’s the fear of it, and we end up skimping on ourselves.

Paul Do Campo struggled with the same until he implemented Profit First and took the initiative in managing his numbers as he grew as an entrepreneur. Today, his fear of not having enough has gone from the dread of not being able to pay his mortgage to more of a motivation to reach his monthly profit goals. 

Paul is an investor, copywriter, and the owner of REI OmniDrip, a company that helps investors with tailored marketing. He joins us today to talk about financial management, Profit First, and the importance of discipline. Tune in!

Key Takeaways:

[00:42] Introducing Paul Do Campo and His Background
[04:17] On Struggling With “Not Enough” and Setting His Profit Goals
[10:54] On Profit First and Entrepreneurial Discipline
[18:00] The Importance of Having a Money Management System and Talking More on YNAB
[21:43] On Minimalism
[23:41] How Minimalism, His Money Mindset, and His Dedicated System Influences His Confidence in Reaching His Goals
[28:11] Advice for the Real Estate Investing Community and on Copywriting
[28:59] The Key to a Good Copywriter
[30:44] Connect with Paul and REI Omnidrip

Quotes:

[13:12] “It wasn't just about having more money every month, it was more about structuring my finances for my business.”
[18:26] “For me, [YNAB is] worth the cost. I mean, I think you need something right?”
[29:20] “The biggest thing that [real estate investors] can do [for copywriting] is [to] ‘write like you talk.’”

Connect with Paul:

Omnidrip Website: www.reiomnidrip.com
Invest in Multifamily Apartments or Self-Storage: www.investingcapitalgroup.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