Profit First for Real Estate Investors with David Richter

Starting your own business can be exciting, but it’s also very often difficult. Between coming up with capital and being unable to find their footing and a steady income, new investors can experience a feeling of “financial anxiety.”

Our guest today, Tim Oppelt, wasn’t safe from this feeling either. He experienced money problems while in real estate that led him to take another job elsewhere. But with the help of Profit First, he managed to get himself out of his unfortunate circumstances and build his business into the success it is today. 

If you’re experiencing financial anxiety, this is the episode you need to listen to give yourself the hope and motivation to keep pursuing your goals! Catch Tim’s story and insights into the industry in this episode of the Profit First for REI podcast. 

Key Takeaways:

[00:58] Introducing Tim Oppelt and His Background
[03:49] What Got Tim Into Profit First, the Difficulties He Faced, and Taking on Another Job
[10:47] On Continuing His Real Estate Career Despite the Difficulties
[12:13] Implementing Profit First and How It Alleviated His Financial Anxiety
[17:26] On Why Investors Live Deal to Deal and Experience Financial Anxiety
[20:19] Advice for People Who Want to Get Into Real Estate Investing
[24:10] What Should Investors Do With the Uncertain Climate in the Industry
[28:44] Connect With Tim

Quotes:

[12:57] “I created this kind of automated Profit First process, right? I opened up the bank accounts…read the book, and…it just spoke to me.”
[16:35] “Once I decided I was going to follow the book...my financial anxiety started to go down, even though nothing actually changed in my life…I had a plan, and to me, that plan was what gives me gives me hope there.
[28:12] “Any business has ebbs and flows. Some quarters…one could be amazing, but…I'm not stressed about it because I've been implementing Profit First.”

Connect with Tim

Youtube: https://www.youtube.com/channel/UCLIxhqZXnUPDDT0hmLWKLkg
Agency Website: www.wholesalingppc.com
Training Program: www.Get1HrDeals.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 investors become inclined to settle for an unoptimized lifestyle because they never realize how uncomfortable they truly are until they step outside their perceived “comfort zone.” Our guest today was the same—he didn't know how better things could be until he started actually exploring his options.

Matt Theriault is a real estate investor and mentor at Epic Real Estate Investing and also hosts its podcast. For a long time, he lived deal-to-deal and experienced financial issues to the point of nearly retiring, but after learning about and implementing the Profit First approach, he regained hope and grew his business to the success it is today.

This episode is going to hit home for many. If you find yourself in a similar situation, let this episode inspire you into taking the same steps! Join us!

Key Takeaways:

[00:43] Introducing Matt Theriault and His Background
[04:18] Matt and the Profit First Message
[07:46] Matt’s Business Before Profit First
[10:19] The Effect of Applying Profit First for His Business
[12:51] Matt on Nearly Retiring
[15:49] On How Profit First Helps Open Up More Options for His Business
[17:23] On Developing His Involvement in the Financial Side of Their Business
[21:01] The Habits that Helped Him Succeed as an Investor
[22:51] Advice for Investors: Implement Profit First ASAP
[24:30] Connect with Matt

Quotes:

[08:54] “Once you get out of your comfort zone, you'll quickly realize that you weren't that comfortable.
[16:11] “I have been able to tap into it, and go ahead and see some opportunities that I might not have otherwise been able to, just because I [implemented Profit First]’”
[22:58] “I want to say [implement Profit First] ASAP. If I were to go back in hindsight, when someone [asks] what’s one of the first things…that [I would] do…at the very least get a QuickBooks thing set up, get a bookkeeper set up just because to go back and fix all that stuff retroactively is very complicated, very time-consuming, and very expensive.”

Connect with Matt 

Youtube: https://www.youtube.com/channel/UC8ZYmCweKD2x-wy8PDEiFog

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 the world of real estate investing, a background in accounting or finance can be a great asset. Our guest today proves that success in the industry can be achieved even without it. 

Kaitlyn Phillips is an active real estate investor of Property Strides, rehabilitating houses in Utah with her husband. She and her husband have managed to grow their company into a full-time operation over the course of five years. In this episode, Phillips shares the story of their journey, including the challenges they faced, applying Profit First, and how they ultimately achieved success.

Whether you're just starting out in real estate investing as a side hustle or are already well-established, Kaitlyn's story is sure to inspire. Don’t miss this episode!

Key Takeaways:

[00:47] Introducing Kaitlyn Phillips and Her Background
[03:16] On Achieving Success That Allowed Her Husband to Retire and Become an Investor Full-Time
[05:36] On Implementing Profit First
[11:03] The Effect of Applying Profit First to Their Business
[15:56] On Applying the Profit First Method
[21:10] What Kaitlyn Would Do Differently if She Started Their Business Again
[23:18] Connect With Kaitlyn

Quotes:

[11:27] “It's been way easier to just be able to…log on to the bank account and be like, ‘Okay…there's enough to do that rehab, and there's enough to pay the taxes. [Profit First] just makes it really clear-cut.
[17:04] “When he dragged me to that seminar, and I listened to them speaking, I was like, ‘this makes so much sense…Why not make your money make money for you?’”
[21:44] “ Start taking action, and don't wait to know everything before you start doing things. Because…we wouldn't even be started yet if I was waiting to know everything.”

Connect with Kaitlyn

Facebook: https://www.facebook.com/kaitlyn.phillips.180
Property Strides Facebook: https://www.facebook.com/propertystrides

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 today is Brandon Cobb, CEO and co-founder of HBG Capital, an investment firm dedicated to providing risk-adjusted returns that are transparent and insulated against market volatility. He is also the host of Recession-Resistant Real Estate Radio, which I’ve had the pleasure of guesting on before.

Brandon started his journey in the real estate industry in fix-and-fliping and wholesaling but has also expanded his ventures into developments. He is also the CEO of HBG Construction which focuses on land developments, new buildings, and rehabilitation.

In this episode, Brandon shares his story, from his transition from fix-and-flipping and wholesaling to development to the difficulties he experienced before applying the Profit First approach in his business. Jump in!

Key Takeaways:

[00:47] Introducing Brandon Cobb
[02:35] Brandon’s Quick Start in the Real Estate Industry
[11:29] The Adjustment from Fix-and-Flipping and Wholesale to Building and Development
[13:08] On Knowing His KPIs
[15:56] On Applying the Profit First Method
[25:20] Having a CFO and the Benefit of Collaboration
[30:33] On Why Having a Team is Key to Success
[33:40] Advice for Investors: Double-Down on KPIs
[35:40] Connect with Brandon

Quotes:

[14:35] “That's one of the reasons that actually helped me transition into the Profit First mode…You spoke to a very specific demographic, and you were very specific on the types of problems that this industry faces that are quite frankly very, very endemic.”
[30:48] “You're not going to be able to scale without a team, so having really good hiring systems and processes is really key.”
[33:53] “I think now more than ever, with the uncertainty of the market and the changing economy and interest rates…it's important to run a tight ship. Now you have to have a really well-oiled machine that's going to make it through whatever times [we are in]...Be ready to make quick and decisive decisions.” 

Connect with Brandon and get their free resources on this website: HBGcapital.net

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 on the Profit First for REI podcast, we’ve got twice the guests for twice the value! Adam and Amanda New are the principal owners of The Cash Offer Company, buying houses from motivated sellers in Richmond, Virginia, and helping them with a hassle-free process. 

Adam and Amanda had worked together in some form for a very long time before they decided to focus on their wholesaling business. They got off to a rocky start, almost going out of business several times until they rebuilt their business by taking a Proft First approach.

Catch the insights this power couple shares their story and the benefits of applying the Profit First method from day one of your business! Tune in to this episode!

Key Takeaways:

[00:54] Introducing Adam and Amanda New
[02:04] Adam and Amanda’s Start in Real Estate
[10:00] Why Realtors Often Live Deal-to-Deal
[14:17] On Their Recent and Future Deals
[16:18] On Applying Profit First Into Their Business
[23:20] How They Managed After the Setback They Experienced
[25:24] Planning Around Your Taxes Through Profit First
[28:18] Adam and Amanda’s Future Ventures
[31:10] Adam and Amanda’s Advice for the Audience: Why Profit First is a Benefit for Your Business
[35:50] Connect With Adam and Amanda

Quotes:

[28:36] “I think we've built up a sizable enough war chest at this point, just kind of being unaware of where the economy is gonna go…We don't like to spend a lot of mental energy predicting things…We're just prepared, regardless of what direction it goes in. We've achieved the education that it doesn't really matter which direction the market goes, and we'll be prepared for that, too.”
[31:29] “We started [Profit First] from day one, and what it did is it created space and grace for us to recognize when we can be aggressive and when we need to be concerned. And it gave us so much confidence in what the next step needed to be, whether it was growth or maintain.”
[32:09] “[Profit First] has created firewalls. It has protected us, and it has given us all the confidence we need to know what the right decision is at the right time. And I don’t know what price tag you put on that.” 

Connect with Adam & Amanda:

TikTok: @newinvestors
Adam’s Instagram: https://www.instagram.com/theadamnew
Amanda’s Instagram: https://www.instagram.com/amandanew

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 

Having a good life partner is also one of the keys to real investing success. 

We have Michael McDonald, a well-respected real estate investor, who shares his journey from having a debt of 45,000 and how in 2022, he was able to buy his dream car through his success in real estate investing.

Listen as Michael shares how having a good life partner, trusted mentor, and Profit First helped him achieve a million deals from having zero deals.

Key Takeaways:

[01:32] Introducing Michael McDonald
[02:06] Michael Shares His Journey in Real Estate and What He Do
[04:20] The Moment He Knew Her Wife is Pregnant
[05:46] Michael's Experiences in His First Real Estate Deal
[15:02] Michael Discovered Profit First
[18:28] How Profit First Impacts Michael's Real Estate Investing Journey
[24:43] Michael Shares His Plan for 2023
[28:20] Things He Has Done Differently When He First Started in Business
[29:21] Connect with Michael McDonald

Quotes:

[15:47] "Books are a disaster if you don't make it a priority."
[21:11] "Treat yourself, take a trip, go on a vacation. You earned it."
[25:51] "To have a team, the business can move on without your full attention."

Connect with Michael:

Website: https://www.thevirtualmillionaires.com/home
Socials: https://www.instagram.com/michaelmcdonaldrei

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

On the Profit First for REI podcast, we hear from many investors and other business owners about their first-hand success at applying the Profit First method. While there is no better person to relay its benefits than the entrepreneurs who have used it for their businesses, someone else is just as close to your finances as you are—your accountant. 

Today we’ve got Measured Results CPA joining us for the show, namely its Founder, Byron McBroom, and Business Development Consultant, Melanie Sikma. They have been hard at work helping business owners plan their taxes through Measured Results and manage wealth through Abundant Life, where Melanie serves as the CEO.

Stay tuned as this father-daughter tandem gives us a new perspective on why Profit First is the biggest boon for managing your finances!

Key Takeaways:

[00:36] Introducing Byron and Melanie of Measured Results CPA
[03:54] Why Profit First Appealed to Their Firm
[06:23] Why Business Owners Live Paycheck-to-Paycheck According to CPAs
[09:08] How Profit First Fixes Profit Challenges
[10:50] Measured Results CPA and What They Do
[14:39] Wealth Management at Abundant Life
[18:22] Abundant Life and Savings
[21:32] Measured Results and Its Dedication to Simple Communication
[23:44] Tax Tips From Our Guests
[28:25] Connect With Byron and Melanie

Quotes:

[10:34] “The real beauty of Profit First is it forces [you] to address the problem early. It does not wait till the business is struggling to stay in business.”
[13:18] “My job is to sit and create questions for people to ask, so we get the answers we need to…have them pay as little tax as legally possible, and stay out of trouble.”
[22:05] “We say we don't speak accountant, as we speak English and [put] it in simple terms. That's something that we try we strive for, actually.”

Connect with Melanie:

Melanie’s Instagram for Tax Tips: https://www.instagram.com/melaniesikma
Measured Results Instagram: https://www.instagram.com/measuredresults/
Measured Results Website: https://measuredresultscpa.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 

Brad Chandler is a seasoned real estate expert and the founder of Express Homebuyers, a company that specializes in assisting home sellers with a fast process and fair pricing. In the 20 years since it started, they have successfully bought and sold over 4,000 properties across the country.

Despite his professional success, Brad's journey was not without its challenges. He struggled with unresolved trauma from his childhood, leading to a lack of self-love and $9 million in business losses. 

Brad has since changed his perspective on success. He now focuses on providing as much impact through his real estate and coaching businesses and commits to having a healthier relationship with money by implementing Profit First. 

We’ve got an inspiring episode ahead of us, and I’m excited for you to tune in!

Key Takeaways:

[00:47] Introducing Brad Chandler
[02:14] Why is Brad in Real Estate?
[09:05] Unresolved Trauma and Why You Should Deal With It
[15:43] Success is More Than Solving Money Issues
[16:55] How Brad Faced His Unresolved Trauma
[19:21] How Brad’s Process Differs From Therapy
[21:04] Unresolved Trauma and How It Affects Your Business
[24:37] Self-Love and Self-Compassion are the Path to Freedom
[25:26] Recommend Resources
[26:02] Self-Development is a Life-Long Journey
[24:51] More Advice From Scott: Go to Flip Hacking Live
[25:30] Connect With Scott

Quotes:

[07:23] “I don't need to go make a bunch of money and prove anything to the world. Because I already know the truth. And I'm enough. So I've switched [to] making an impact.”
[21:54] “When you have unresolved trauma, and you feel unworthy, that means that you're likely in a fight or flight stage. When a lion is chasing you, how creative do you think you can [be]?...How great do you think you can [plan] the next step, or how to plan for the next business meeting, or talk to a seller? You can't.”
[24:42] “The only way that you get freedom in life is through self-love and self-compassion.”

Connect with Brad:

• Find Brad’s Socials on His Website: www.bradchandler.com/contact

Recommended Resources:

• Radical Acceptance by Tara Brach
• Way to Love by Anthony de Mello

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 isn’t just a method for struggling business owners. Our guest today is proof that Profit First is a system that can benefit even the most successful entrepreneurs, giving them a better way to manage their cash flow. 

Trey Taylor is a talented businessman, speaker, and executive leader. He holds the positions of CEO at Taylor Insurance Services, Managing Director at trinity | blue consulting, and Founding Partner at Ascend Partners. He is also the author of “A CEO Only Does Three Things,” a book I’ve had the pleasure of reading and applying in my career.

Today, he joins us to talk about his career, the problems he encountered along the way, the importance of partnership, and how Profit First revolutionized his business. Catch the full discussion here!

Key Takeaways:

[00:41] Introducing Trey Taylor
[07:11] How Profit First Fits Into His Business
[08:27] Problems He Encountered Before Profit First
[11:33] The Effect of Implementing Profit First
[16:12] How Profit First Gives You a Better Perspective on Money Management
[20:30] On His Real Estate Business, His New Partnership, and Implementing Profit First Into It
[26:41] On His Book: “A CEO Only Does Three Things”
[29:01] On Using His Book and the Profit First for REI Book to Get as a Way to Start Conversations Between Partners About Money
[35:46] Advice for People Who Want to Get Into Real Estate Investing
[40:13] Connect With Trey

Quotes:

[8:10] “ I remember reading it on an airplane. I came home, got my accountant and bookkeeper together, and we sat down and revamped our entire financial picture.”
[23:21] “Yeah, I think it's all about over; communicating everything before you make the decision. Partnerships are marriages, in almost every sense of the word, they are legal unions…and so you need to have a way to get into that, which should be based on shared values that are authentic to both of you.”
[36:54] “Don't wrestle with the ideas [once] they've been proven out, just implement them...don't study on [Profit First] for too long, just get it into place, and start letting it benefit you, and growing your business through that.”

Connect with Trey:

Website: trey-taylor.com
Consulting Website: https://trinity-blue.com/
Newsletter: https://plantyourflag.substack.com/
Get a copy of his book “A CEO Only Does Three Things”: https://www.amazon.com/CEO-Only-Does-Three-Things-ebook/dp/B08L8FRQQ8

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 heard the benefits of applying Profit First and how it can change the way you manage your money for the better, but not about what it can do for you when you start using it from the very beginning.

Our guest today is Scott Carlin, an Air Force engineer, realtor, real estate investor, and the owner of Stellar Realty Investments. He is also a big believer in the Profit First method and has seen firsthand how it has impacted his business.

In this episode, Scott discusses how the Profit First method has helped him set up a system to achieve his goals while still having money for marketing and other expenses! Whether you’re a new or seasoned investor, you’re getting value either way. Tune in!

Key Takeaways:

[00:46] Introducing Scott Carlin
[03:34] On Joining a Mastermind
[05:50] On Getting Five Deals Within His First Few Months of Wholesaling
[08:55] On Learning About Proft First
[11:16] On His Current Deals and What Got Him Into Wholesaling
[13:15] On Scaling His Business and Transitioning to Real Estate Full-Time
[15:13] Scott’s Advice for New Investors: Join a Mastermind
[17:21] On the Importance of Knowing Where Your Money is Going
[19:43] What is Scott Doing With His Profit Money?
[21:22] Scott’s Keys to Success
[24:51] More Advice From Scott: Go to Flip Hacking Live
[25:30] Connect With Scott

Quotes:

[15:22] “Join a mastermind…What made me take action was joining a group and getting a coach.”
[17:21] “Cashflow—they don't know where their money's going. Like I had originally before Profit First, they just had just everything in one account. And I didn't want to do anything with it, because I wasn't really sure how much money I could scale up.”
[21:56] “I have a lot of the things that I've learned in the Air Force. It’s…directly been beneficial in my real estate career…[The] dedication, persistence, leadership. My ability to focus.”

Connect with Scott:

Website: www.floridaREbuyers.com
Facebook: https://www.facebook.com/carlinscottm/

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