Profit First for Real Estate Investors with David Richter

Peter Kolat, also known as Polish Peter, is a multifaceted professional in the business world. He's an investor, entrepreneur, speaker, and transformational coach. He is a coach from Lifeoanaire, an organization with the goal of helping people reach fulfilling lives. Furthermore, he created the Immigrant Masters Unite mastermind, which focuses on helping and connecting immigrant entrepreneurs.

In the past, Peter faced some challenges that made him unhappy, despite his successful career in investing and coaching. He faced difficulty connecting with his family, and his tendency of people-pleasing impacted both his personal and professional life. Peter has been on a journey to overcome these struggles and has found success in both his life and his business with the help of the Profit First and Lifeonaire systems. 

In this episode, he will be sharing more of his story and wisdom with us—a great opportunity to learn from Peter's experiences and gain insights on how to gain true fulfillment!

Key Takeaways:

[00:41] Introducing “Polish Peter” Kolat
[03:47] Peter on the Profit First Method and
[06:56] On Struggling as a Business Owner and Leader
[11:26] On How Work Life Affected His Family Life
[14:58] On Personal Development
[17:53] The Importance of Having a Coach 
[19:42] Why Investors Live Deal-to-Deal: Not Having Support and Clear Goals
[26:39] Questions to Ask Yourself and Conquering Your Subconscious
[29:29] What Would Peter Do Differently If He Started From Scratch?
[31:47] Connect with Peter

Quotes:

[04:43] “When you start looking [at] the profit first and you focus on that number, amazing things happen in your life.”
[21:08] “When you write down what your life is going to look like, and you get very clear what you want to end up in…that's like at this GPS, this Guiding Light. Then the next question becomes, ‘okay, what does my business need to look like to support that life?.’”
[30:34] “One of the worst things you can do when you're a business owner, or when you're in a dark, dark, dark place, is [going] at it alone. You gotta reach out, you gotta surround yourself with other people.”

Connect with Peter and Get a Free Copy of Lifeonaire: An Uncommon Approach to Wealth Success and Prosperity:

Website: www.lifeonaire.com
Facebook: https://www.facebook.com/CoachPolishPeter/
Masterclass Website with Immigrant Entrepreneurs: https://mastersunite.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 the Profit First podcast, we have Al Nicoletti, the Florida probate King, as our guest. Al is a probate attorney known for his problem-solving skills and ability to bring in more revenue through unique marketing strategies. 

In this episode, he shares two of his biggest tips for marketing in the probate industry and his methodology for solving problems. He also talks about the importance of finding good people in his industry and gives listeners the right questions to ask when looking for talent. 

Al provides valuable insights that can help listeners make more money and grow their businesses, so be sure to tune in!

Key Takeaways:

[00:52] Introducing Al Nicoletti and His Background
[05:17] Al Nicoletti’s Money Struggles
[08:01] Al’s Work as a Probate Lawyer
[11:26] Al on Brand Building and Communication
[17:33] What Should You Look for in a Probate Attorney?
[20:59] What is Probate? 
[23:19] Profitable Probate Deals
[26:44] Al’s Advice for Real Estate Investors
[29:15] Connect With Al
[29:38] Closing

Quotes:

[12:28] “Relationships [are] what really [build] the bridges to where everybody's going.”
[12:52] “I think speaking is one of the most—it's the most unique, best form of networking marketing. It's a superpower that you can have because it will drive business, [and] it'll drive leads."
[27:51] “ Time is money and the amount of time that you spend with some of the sellers and they don't get anything. It's crazy…We want to do deals all day, we want to close all day. So that is a huge value add for you out there, you got to start building out a checklist and asking and keeping that right next to you.”

Connect with Al:

Website: www.alnicoletti.com
Instagram: www.instagram.com/attorneynicoletti
Facebook: https://www.facebook.com/alnicolettiesq
Youtube: https://www.youtube.com/c/alnicoletti
Phone No.: 904-999-0053

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 Rod Khleif. He is a successful entrepreneur, real estate investor, and business owner known for his expertise in the industry which he shares through his podcast, The Lifetime Cash Flow Through Real Estate Investing.

Rod is considered one of the top real estate trainers in the country, and I’m excited for you to hear the insight he has to give. But more than sharing his knowledge, Rod comes on the show to inspire us with his own story, his struggles—financial or otherwise—and how he recovered from them.  

Tune in as he talks about how he made his first $100,000 in real estate, how he recovered from losing a lot of money in 2008, and his amazing mindset on money.

Key Takeaways:

[00:45] Introducing Rod Khleif and His Background
[05:45] Limiting Beliefs That Might Have Contributed to Holding Him Back
[11:32] On How He Recovered After Losing $50 Million
[18:39] How Rod Prepares for Downturns 
[22:50] Rod’s Denver Bootcamp
[26:15] Advice for Real Estate Investors: It Starts With Competence 
[28:30] Connect With Rod and Final Thoughts
[29:38] Closing

Quotes:

[12:57] “You've got to take that first step. Okay? And that first step can be the scariest step of your life. And it could be the most important step, especially for those [of who] you that are analytical. And you'll sit there analysis paralysis stuff, and you can't do that.”
[22:44] “So, how do you get ready [for downturns]? You keep your mindset right you focus on what you want, not what you don't want, you get into cash, you build relationships.”
[26:26] “Competence equals confidence equals passion and success… It starts with competence”

Connect with Rod:

Website: https://rodkhleif.com/
Podcast: The Lifetime Cash Flow Through Real Estate Investing
Text “Rod” to 72345 and remember the code “rodfriend” to get a lower price.

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 Profit First method is based on establishing good financial habits. However, to adopt this approach, breaking free from negative behaviors that hinder growth is necessary. 

Our guest today is an expert at helping others break through and develop a better mindset, not just in money but also in leadership, teamwork, and personal growth. He is a knowledgeable real estate investor, coach, mentor, speaker, and real estate investor.

Pat Precourt is a highly skilled entrepreneur who excels in personal development coaching, marketing, business development, and more. Tune in as he provides a rich source of insight into overcoming bad habits and achieving financial growth!

Key Takeaways:

[00:45] Introducing Pat Precourt and His Background in Developmental Coaching
[03:52] The Common Financial Struggles of Entrepreneurs and How Pat Helps Them Recover
[11:32] The Predictability of Human Behavior and How It Can Be Used for Developing Change
[13:12] Pat’s Personal Money Struggles
[14:50] Why Many People Live Deal-to-Deal and How to Break Away From It
[19:31] How Pat Helps Leaders Who are Stuck Grow
[25:55] The Benefit of Having a Coach When It Comes to Creating Positive Change
[28:05] Pat’s Habit to Succes: Show Up and Build Momentum
[30:35] The Hardest Lesson Pat Has Learned
[33:04] Connect with Pat

Quotes:

[15:33] “We don't lack work ethic…We're tough. We can endure a little pain and endurance…but as a result of that, we put ourselves in a position to endure a little pain. And we put ourselves in a position where we have to work long hours, only because we're capable of it, and therefore we let it [happen].”
[26:27] “Your mind that got you this far, which is filled with all of your life experiences, all your wisdom, knowledge, expertise… [it] got you this far, [but it] can't get any further on its own. It only knows what it knows. And that's why you're exactly where you are right now until an outside force leans into you. And that's what a coach does for you.”
[29:06] “ I made a habit of showing up. I think showing up when you're down and out and feel like shit, or you're crabby and grouchy…Just showing up is more important than then staying home and finding excuses why you should why you didn't show up.}

Connect with Pat:

Website: https://patrickprecourt.com/
Social Media: “Patrick Precourt” on different platforms

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 

Acquiring assets with little to no money is a real challenge for first-time investors. 

We've got David Dodge, a full-time investor for eight years, who shares with you the BRRRR method and how to use this strategy to acquire using little to no money and doing it rapidly.

Listen as David shares how Profit First impacted his business and why the BRRRR method is his favorite strategy in acquiring properties.

Key Takeaways:

[00:43] Introducing David Dodge
[02:21] David on What Excites Him the Most about Real Estate
[04:00] Introducing the BRRRR Method
[05:42] How BRRRR Method Works
[14:14] Money Struggles David Experienced in the Past
[19:58] David Shares His Addiction to Investing
[29:00] Keys to Success of David in Real Estate
[34:06] Connect with David Dodge

Quotes:

[16:04] "Anybody that is gonna do due diligence for you is selling you."
[27:52] "The richest people I know are experts of tax because they know how to avoid it."
[29:20] "Failing is part of the process. The equation to success is a bunch of failures and a bunch of trying, then you get the success."

Connect with David:

Website: https://www.wholesalinginc.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

Being a real estate investor means working for yourself. But, ironically, it also often leads to the inability to pay yourself. This is a symptom of improper financial management—a predicament that a system like Profit First can solve.

For our guest today, Profit First is precisely what he needed to refocus his finances into what is necessary, kickstarting massive growth!

We’ve got Nathan Payne joining us in this episode. He is a real estate investor, sales expert, and the owner of Offer On Homes. Listen in as he talks about his work, his struggles, and his success with the help of Profit First.

Key Takeaways:

[00:45] Introducing Nathan Payne
[02:07] Nathan on Real Estate and How He Started
[03:53] Nathans Money Struggles in Wholesaling
[06:03] How Inaction Can Lead You to Living Deal to Deal
[07:06] The Cash Conversion Cycle
[07:31] Nathan’s Struggle to Pay Himself and Discovering Profit First 
[10:36] Nathan on How His Lack of Financial Knowledge Early on Held Him Back
[12:18] Nathan’s Advice to Pass On: Consistent Action and No Excuses 
[14:11] Nathan’s Current Projects
[15:16] On Hiring the Wrong and Right People
[20:08] The Benefit of Networking for Your Real Estate Career

Quotes:

[08:02] “My business partner and I were running this company [and] luckily our wives work. So we were able to live off of what they made…I think that might have been a handcuff to be like, ‘Hey, if we're not paying ourselves, it's okay.’ So it was a double-edged sword. .”
[15:48] “I can't do everything—I wish I could. But hiring solid team members has been the best thing in my life where I can just be like, ‘Hey, I need you to do this.’ And they do it better than I can. And it's like the best feeling ever.”
[18:06] “That's the advice that I would have for people…education is great, but you need to take action, and then you're gonna find out what you don't know real quick.”

Connect with Nathan:

Website: investordrive.com
Instagram: https://www.instagram.com/nathanpayneofficial
Youtube: https://www.youtube.com/@NathanPayneInvestorThriveTV

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 hear from an individual who has faced financial challenges and has taken steps to overcome them, eventually finding success. Our guest's journey has been one of great highs and lows, and they will share their experiences and insights with us.

Joining us is Brett McCollum: a successful real estate investor and wholesaler from Gainesville, Florida and the owner of MVP Group International. Brett shares his personal story of overcoming financial struggles and achieving success in the industry, offering valuable insights and advice for other investors facing financial challenges. 

Tune in to hear Brett's journey and gain valuable knowledge on how to overcome financial obstacles in the world of real estate investing.

Key Takeaways:

[00:42] Introducing Brett McCollum
[04:32] Brett on Growing up in Poverty and Other Employment and Financial Struggles
[16:50] How Brett Started in Real Estate
[24:10] On His Money Mindset Early On, and Learning How to Properly Manage It
[28:01] Why Building Habits is Key to Becoming Better With Money Management
[30:00] How Brett Learned to Pay Himself
[34:07] Brett’s Breakthrough Moment and Working With His Wife to Manage Their Finances
[40:34] Connect With Brett
[42:39] Closing Remarks

Quotes:
[26:09] “In the coaching programs that I have, most of them don't teach you how to keep your money. And I guess that's absolutely the reason why you wrote [Profit First for Real Estate Investors].”
[27:42] “I make plans for my business and how to market. I make plans for my business; how to generate those leads. I make plans for how to sell those deals. I make plans for how to do this and everything. Shouldn't I then also make a plan for where my money goes?”
[32:30] “If I hadn't had a profit first plan, 2020 would have crushed me.”

Connect with Brett:

Facebook: https://www.facebook.com/brettcmccollum

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 

One of the many goals of entrepreneurs is to build a business to the point that you can exit while it generates passive income.

George Salas is one of the many investors who had the same goal until he ran out of money from the get-go and struggled to pay himself. Finally, he realized he had to take charge of his cash flow. He then began to implement Profit First and take steps to ensure his finances were managed correctly. 

George is a real estate investment strategist and the CEO of Renovestors. He now utilizes the lessons he learned on money management to help other investors with his cash flow, and he joins us today to share his experience.

Key Takeaways:

[00:57] Introducing George Salas
[04:56] George Salas and His Money Struggles, Especially as a Beginner
[07:21] On Struggling to Pay Himself and Taking Initiative to Manage His Money
[13:42] On Adjusting to the Recession and Generating Profitability
[17:34] Why Do Many Investors Live Deal-to-Deal?
[20:36] On Lessons Learned and New Perspectives on Money
[22:28] Lessons to Pass on to His Kids
[24:20] George’s Keys to Success: Prioritize Personal Development
[27:08] What is Time Blocking?
[29:47] Advice for the Audience: Have an Attitude of Excellence
[32:55] Connect With George

Quotes:

[17:12] “I built a portfolio with the wrong strategy, because [it was the] wrong strategy for what I wanted as a goal.”
[24:50] “My biggest habit has been personal development, right? Making sure that I have a growth routine.”
[29:54] “Even if you're going to deal-to-deal or you do have a goal, there's always a way to improve what you're doing. So in order to do that, you've got to have an attitude of excellence.”

Connect with George:

George’s Website: www.georgesalas360.com
Free Training on Generating a Cash Flow Machine: www.jumpstart2freedom.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 

One of the most common goals in real estate investing and building wealth is developing that peace of mind that comes with financial security.

Joining us today is Nick Prefontaine, an investor, speaker, founder, and CEO of Common Goal. He talks about the difficulties he and other investors experienced and how he has managed to build his success and achieve that peace of mind through financial management.

Tune in as he talks about his investment journey, the influences and lessons he learned growing up with a dad who is a real estate investor, and implementing Profit First!

Key Takeaways:

[00:52] Introducing Nick Prefontaine
[03:02] On Nick Starting His Investment Journey After Coming out of the Hospital
[09:49] Money Struggles Nick Experienced During His Journey
[17:32] On Learning Money Management Early
[24:46] Employing an Abundance Mentality: How Investors Can Stop Living Deal to Deal
[28:19] Taking Things a Step at a Time: Nick’s Keys to Success
[30:22] Advice for Real Estate Investors
[32:03] Outro

Quotes:

[11:46] “In order to influence people, in order to let them help you, you have to allow them to bring down their walls. And that's done by relating to them.”.
[19:24] “The principles that I learned in [the Millionaire Mindset seminar] they stick with me to this day, and really it really allows me to have so much more flexibility and peace of mind.”
[28:50] “You have to just take your first step. And then once you take your first step, it allows the next step to become possible. So just breaking it down, David, to taking things one step at a time.”

Connect with Nick:

Nick’s Master’s Class: https://smartrealestatecoach.com/mastersclass

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 real estate investing, it is essential to have guidance and direction for your business.

Our guest, Dwan Bent-Twyford has been in real estate for 30 years, tells you the importance of mentorship and how it helped her manage her finances. 

Join us as we talk about Dwan's career, financial struggles, and what turned her from spending every dollar to not becoming broke. 

Key Takeaways:

[01:00] Introducing Dwan Bent-Twyford
[02:34] Dwan on What Excites Her About Real Estate Investing
[04:00] Financial Struggles in Her 30 Years Investing Journey
[09:08] Dwan's Experience of Living Deal to Deal
[12:09] How Financial Classes Helped Dwan in Managing the Money
[18:37] Lessons Dwan Wants to Pass on to Millenials
[23:34] Dwan's Advice to Real Estate Investors
[25:25] Connect with Dwan Bent-Twyford

Quotes:

[07:52] "If I have someone like you that gave lessons, 'this is what you need to do to be successful, and 'these are the steps,' I feel like I would have listened this time."
[17:33] "No matter what you do, you work for yourself. There was no freedom outside of working for yourself."
[19:14] "If you would take the risk to work for yourself, I don't think you ever regret it."
[20:04] "If you put the value of time as your most valuable asset, you will look at it differently."

Connect with Dwan:

Website: https://dwanderful.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