Profit First for Real Estate Investors with David Richter

Have you ever felt guilty for taking money out of your business? That guilt is what keeps many entrepreneurs from taking the profits they’ve earned to the point of living deal-to-deal  Our guest today felt the same, even after he implemented Profit First.

Cory Boatright has been an entrepreneur for most of his life, having ran or been directly involved with almost forty different companies. He is also a coach, author, and real estate expert, and his vast knowledge is going to be a treat for new and veteran entrepreneurs alike.

Cory joins us today to talk about the emotions and mindset behind taking profits from your business and the importance of understanding your finances and how it can improve your life! Join us!

Key Takeaways:

[00:43] Introducing Cory Boatright
[02:15] On Profit First
[04:40] Cory’s Entrepreneurial Journey
[10:29] On His Mindset in Transitioning Into His Business and Profit First
[15:16] The Entpreneur’s Tendency to Avoid Finances
[20:37] The Benefits and the Clear Money Mindset Brought About by Profit First
[29:30] Advice for Somebody Who Wants to Implement Profit First
[34:47] Connect with Cory

Quotes:

[12:23] “It [isn’t] until you really [start] to consider Profit First’s way of thinking…that, first off, it's okay to pay yourself first. Now that's the very first thing that was a hard hurdle for me to get over.”
[28:53] “Profit First allows you to have organization [in] your business in a way that gives you consistency.”
[33:21] “You have to have structure. Profit First is one of the first ways to do that in your finances. Yeah. Which is like the heartbeat…of the business.”

Connect with Cory:

Learn Wholsaling with Cory: www.coryscoaching.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 

Our guest for this episode is Krisstina Wise, a money expert, coach, and the CEO and founder of Wealthy Wellthy. She dedicates herself to helping other entrepreneurs achieve wealth without the cost of their relationships and health—something she herself has gone through.

Krisstina’s mission is fuelled by her personal struggles. In 2013, she nearly lost her life due to a lifestyle dedicated to the pursuit of success and money. She realized that she achieved professional success at the expense of her health and happiness in other facets of life. From there, she went on a journey to understand money.

Krisstina now teaches how to have a healthy relationship with money, using her expert insights to help people reach financial satisfaction, including how to apply Profit First into your life. Tune in to hear all of it straight from an expert!

Key Takeaways:

[00:58] Introducing Krisstina Wise and Her Background
[04:41] Experiencing Money Struggles and Other Challenges
[08:58] How Krisstina Began to Dig Herself Out of Her Situation
[11:29] What Contributed to Her Going Through Financial Struggles and the First Category of Money Mindset Problems
[13:29] The Second Category of Money Mindset Problems: Parkinson’s Law
[16:22] The Third Category of Money Mindset Problems: The Fear of Spending
[17:01] The Three Money Mindsets
[20:53] On the Tendency for Entrepreneurs to Live Deal to Deal
[31:42] The Most Important Money Question: How Much Money is Enough?
[37:11] Connect with Krisstina and Check Out Her Book

Quotes:

[06:24] “Over 75%—close to 80%—of Westerners are paycheck-to-paycheck, regardless of income. So those statistics alone tell us that we really don't understand this thing called money.”
[21:55] “The number one money myth, the biggest money lie…[or] false belief there is out there is this belief that the answer to all of my money problems system make more money.”
[31:53] “The most important money question that we can ask ourselves…is “how much money is enough?” And it's an equally philosophical question as it is practical…It’'s a really important question because what we need to get to is a place of what's called satisfaction.”

Connect with Krisstina:

Facebook: https://www.facebook.com/WealthyWellthy/
Instagram: https://www.instagram.com/krisstinawise/?hl=en
Financial IQ Quiz: www.wisemoneymethod.com/quiz
Falling for Money: How to Have a Lifetime Love Affair with your Finances: https://www.amazon.com/Falling-Money-Lifetime-Affair-Finances/dp/0692560904
Wealthy Wellthy Podcast: https://podcasts.apple.com/us/podcast/wealthy-wellthy-podcast/id1087965675

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, we’re speaking with David Pupo, a real estate investor and the visionary of Florida House Buyers. He studied marketing and finance and worked a corporate job right out of college before transitioning into the real estate industry.

David is a big advocate of the Profit First method. He first applied it after realizing he had been spending so much on taxes and realized he needed a system to manage his money. Despite initially struggling to maintain the model, he has recently seen how much of a benefit it is to his business through following Profit First with discipline.

Tune in as we discuss his investment journey and how every investor needs Profit First.

Key Takeaways:

[00:46] Introducing David Pupo and His Background
[03:44] David’s Entrepreneurial Journey
[07:57] Encountering the Profit First Method
[10:16] The Value of Profit First After David’s Full Implementation
[11:56] Struggles Before Fully Implementing Profit First
[15:58] David’s Teaching Niche in Real Estate that Includes Profit First 
[17:58] David’s Future Goals for His Business
[20:51] Hardest Lesson Learn as an Investor
[22:10] Advice for People Who Want to Implement Profit First.
[23:13] Connect with David

Quotes:

[10:31] “[Profit First is] sheer discipline, that's what I see coming out from the other side is just a consistent action to make sure that at the end of the day—when it's tax season, you are not gripping, you're not holding for dear life.”
[21:11] “You don't need a partner for everything that you might think. You can delegate and hire out a lot of those responsibilities…I always thought that I needed a COO…While I know that there's a lot of benefits to having that COO, I've also been able to realize I can delegate and hire out a lot of what that responsibility was.”
[22:31] “[Profit First is] very elementary. It's very action and step oriented…to the point where I can show people that I'm bringing it on as coaching clients in the first two weeks of the program.”

Connect with David:

Website: www.tripleoffer.com
Facebook: https://www.facebook.com/david.pupo.9/
Instagram: @dollarswithdavid
TikTok: @dollarswithdavid
Youtube: https://www.youtube.com/@dollarswithdavid

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 

Being wealthy is more than just a full bank account. It’s about having a mindset of financial management to accumulate a resource that can continuously build on itself. Moreover, it has the potential to be taught and learned.

Our guest today understands the potential of a system like Profit First for himself and others. Bob Lachance learned of the method’s principles at a young age and has applied it to his ventures to this day. He is a real estate investor and the founder and CEO of REVA Global, a premier virtual assistant staffing company focused on the real estate industry.

Listen in as we discuss the importance of proper money management, the benefit of hiring virtual assistants, and Profit First.

Key Takeaways:

[00:50] Introducing Bob Lachance and His Real Estate Investment Journey
[03:19] Profit First and the Entrepreneurial Tendency to Burn Cash
[08:41] On Tracking Costs in Business and Experiencing Business Struggles
[12:16] Developing Better Financial Habits and Applying Profit First
[14:05] The Benefit that Virtual Assistants Bring to a Real Estate Investor
[16:39] Things to Consider Before Hiring a Virtual Assistant
[20:25] The Habit That Has Contributed to His Success the Most: Implement
[21:13] Hardest Lesson Learn as an Investor
[22:26] Connect With Bob

Quotes:

[13:03] “The great thing about Profit First is you can then give it to the individuals that work for you.”
[15:39] “If anybody is relying on a virtual assistant in a different country to close your deals, you will be out of business soon. That's not their role. Their role is either admin TAs or lead generation.”
[21:46] “We start being successful when we start focusing first on that one thing. Instead of doing 900 things at once, you got to get good at that one thing”

Connect with Bob:

Website: www.revaglobal.com
Email: [email protected]

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 Scott Emsley, a real estate investor with Clear Sky Properties. He has been in the since 2020, first starting with single-family homes before eventually dipping into multifamily properties as he does today.

Scott continues to work as a clinical psychologist while starting his venture into investing. Interestingly, he did not have a previous entrepreneurial background like most investors, making the Profit First system an invaluable tool for managing his finances and learning better money management. 

With his circumstances and background in psychology, Scott offers a unique insight into the benefit of Profit First and a psychologist’s perspective on some of the struggles of investors. Tune in!

Key Takeaways:

[00:47] Introducing Scott Emsley and His Real Estate Investment Journey
[07:28] On Analysis Paralysis About Starting Real Estate Investing
[11:02] On Implementing Profit First and Experiencing Its Benefits
[17:40] Profit First in the Multifamily Space
[22:47] Real Estate Investment Without Initial Entrepreneurial Experience
[26:43] Scott’s Thoughts on His Career Without Profit First
[29:05] Advice for Real Estate Investors: Without a Business Plan, You’re Doing It Wrong
[30:30] Connect With Scott

Quotes:

[12:17] “[Profit First] is one of the biggest reasons why I've been able to pick up another 300 or so units [in] the remainder of last year.”
[27:52] “I'm not equipped to be a business owner if I hadn't found profit first.”
[29:46] “If you don't have a good business plan, you're doing it wrong…If you don't have a business plan, a business strategy, the house of cards is going to come toppling down.”

Connect with Scott:

Instagram: www.instagram.com/stewardscotty
Podcast: The Worst Ever Real Estate Investing Podcast (currently in the works)

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 

No matter where you are in running your business, implementing Profit First will always be a net positive. But applying the method from the get-go means securing stability through your business financials early on.

Our guest today is somebody who had the foresight to apply the Profit First method to her business. Giselle Loayza is the regional director of the Veterans Service Group, a company dedicated to helping veterans with their VA benefits. 

As soon as Giselle heard about Profit First, she immediately knew that it was something she had to do. So tune in to hear what she has to say about the experience!

Key Takeaways:

[00:58] Introducing Giselle Loayza and Her Background
[06:00] On Learning About the Profit First Message
[10:48] Hiring a CPA and the Benefit of Applying Profit First
[14:11] The Confidence Afforded by Implementing Profit First
[16:08] The Biggest Lessons Learned as a New Business Owner: Communication Can Fixt It
[22:21] Advice for People Who Want to Implement Profit First: Read the Book and Hire a CPA
[24:26] Connect with Giselle

Quotes:

[13:01] “ I love the idea having separate bank accounts and doing the percentages.”
[21:12] “I have learned…you have to take responsibility and face the situation, even if you don't like it and you feel uncomfortable.
[22:10] “Read the book…Don’t delay opening up the bank accounts…And then hire a professional accountant/CPA that is familiar with Profit First.”

Connect with Giselle:

Website: https://www.veteranservicegroup.com/
Email: [email protected]

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 ultimate goal of investing is to generate long-term wealth, not just earn more. You want to make money work for you and not the other way around. It takes effort and stability, but with guidance and an effective system, you will be more equipped to reach your financial goals.

Our guest today is someone who dedicates himself to helping others achieve being wealthy. Chris Miles is a cash flow expert, investor, and the founder of Money Ripples, with a mission to teach other entrepreneurs to create quick cash flow.

His career is a testament to tenacity, grown into success after suffering from the crash in 2008. So tune in for education and inspiration as Chris shares his story, work, and why you should implement the Profit First method into your life!

Key Takeaways:

[00:52] Introducing Chris Miles and His Background
[02:41] On the Profit First Message
[05:11] Experiencing the Real Estate Crash and What Happened After
[10:18] Before and After Implemented Profit First into His Business
[16:08] On Profit First Allowing Chris to Reinvest in His Business
[18:17] On Profit First’s Effect on Chris’s Mindset
[22:22] Passive Real Estate Investing
[26:36] Advice for People Who Want to Implement Profit First
[28:16] Connect with Chris

Quotes:

[03:38] “[Profit First] really took hold of me…I talked about cash flow all the time [you’d] think I would [already be following] it.”
[11:16] “I think too many entrepreneurs get into a hustle habit. Or they get stuck in hustle mode, even though they don't have to be, they start getting caught up working harder—not even smarter or working right.”
[27:40] “Just [having separate buckets for different expenses and profit] alone, that kind of discipline, it actually just eye-opening.”
[25:10] “When [you have] profit, don't spend it unless you know that money you want to spend will give you more money.”

Connect with Chris:

Podcast: https://podcasts.apple.com/us/podcast/money-ripples-podcast/id895555599
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 

Throughout any investor’s journey, there is a point of struggle where giving up becomes more and more tempting as a solution. The people who decide to push on are the ones who learn that struggling doesn’t mean you can no longer succeed—our guest today is proof of that.

Ray Zhang moved to America 11 years ago with only $3,000 in his pocket, even having to live in a car for a while. Now he is a successful investor, starting with flipping and wholesale and moving into the land investing niche alongside his other businesses.

Tune in as Ray shares his story, insight into land investing, and the benefit of implementing Profit First into his business!

Key Takeaways:

[00:52] Introducing Ray Zhang and His Background
[06:53] On the Impact of Profit First
[10:44] Implementing the Principles of Profit First When He Started His Land Investing Business
[11:54] How Ray Manages His Finances for His Businesses
[15:43] On Starting His Land Investing Coaching Business
[16:44] On His Money Mindset and His Thoughts on Coaching and Learning
[24:06] Advice for Investors Who Want to Implement Profit First
[25:32] Connect With Ray

Quotes:

[20:49] “A book is not bad spending. A book, or a course, or paying someone as a coach is the best money that you can spend.”
[24:25] “You've got to be really focused…That means you don't do wholesaling at the same time you want to do some rentals…Focus on one niche and do whatever you can.”
[25:10] “When [you have] profit, don't spend it unless you know that money you want to spend will give you more money.”

Connect with Ray:

Instagram: https://www.instagram.com/virtualflipland

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 

As investors, we’re always at the mercy of the market. Because of that, learning how to navigate economic challenges and adapt your business is crucial to keep your business surviving and thriving.

At 28 years in the business, our guest today has experienced the many changes in the economic climate and the real estate industry. Jerry Green is the president and founder of Real Estate Solutions, Inc., beginning his journey in wholesaling and retailing. Now, he is a successful business owner and has expanded his mission into sharing his knowledge with other people who want to enhance their businesses.

Tune in as we talk finances, operations, sales, and the many systems that make a business work from the insight of someone who has been tested by time! 

Key Takeaways:

[00:45] Introducing Jerry Green and His Background
[07:30] Making Money and Keeping Money are Different Skills
[08:38] How Jerry Would Rank Business Skills
[10:27] Entrepreneurs Who Get Into the Real Estate Industry and the Tendency to Not Initially Treat It as a Business
[19:12] “Hodge-Podge” Properties
[23:28] Real Estate Entrepreneurs and Having Financial Systems
[25:30] The Importance of Knowing Your Numbers
[28:12] Advice for Real Estate Investors: Make Sure Your Sales Team is Dialed In
[31:55] Connect With Jerry

Quotes:

[07:10] “Now what happens is all these mortgage reps, they have to sell [but] they don't know what to do…It's the same way with real estate investors…they've got to change us up here first to realize that it's no longer the marketplace that's going to take them through, it's their skills.”
[12:50] “Real estate's no different than any other product or service out there….All we [have] to do [is[ concentrate on the business component…If we build that up, then that allows us to be able to turn more product.”
[30:57] “We can grow during this time (of economic shifts). We can produce more revenue…we just gotta realize that now’s the time to grow up and be business owners—true business owners.”

Connect with Jerry

Facebook: https://www.facebook.com/jerrygreenrei/
Instagram: https://www.instagram.com/thejerrygreen
Real Estate Training Website: https://www.thejerrygreen.com/
REI Sales Academy Website: https://www.reisalesacademy.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 

Many entrepreneurs struggle with financial management because they don’t know these three essential numbers: what you’re making, spending, and keeping. Having multiple revenue streams means knowing all this information from different businesses.

Today’s guest, Esteban Andrade, provides a unique look into the Profit First model. Unlike other guests who have applied the model and reaped its benefits, Esteban is in the middle of the book, slowly being made aware of his pain points and how to overcome them for his five revenue streams. Let’s dive in and learn with him!

Key Takeaways:

[00:47] Introducing Esteban Andrade and His Background
[03:31] About His Virtual Assistant Service 
[08:02] Esteban’s Different Revenue Streams
[14:15] Esteban’s Financial Situation 
[17:46] How Much Esteban Makes, Spends, and Keeps
[20:37] On Living Paycheck to Paycheck
[21:54] What Would Esteban Do Differently If He Started His Business Over?
[25:18] Advice for Real Estate Investors 
[28:23] Connect With Esteban

Quotes:

[04:08] “It's hard for [new entrepreneurs] to understand that they need to create not only a system to generate leads and closings…but be able to grow through people.”
[15:00] “One of the biggest things that I do not have, because I do not have a CFO or someone that is financially like an expert inside of my company, and that's kind of like one of my biggest pain points.”
[25:54] “I was trying to keep almost every single penny as possible…It felt real good to have…good profits. [But] I was not utilizing those profits to properly. [I didn’t] put it back into the things that will make me grow and make me more money.”

Connect with Esteban

Instagram: https://www.instagram.com/estenick
Linktree for redirects to his businesses and podcast: https://linktr.ee/estenick

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