Profit First for Real Estate Investors with David Richter

Joseph “Joe” Theriault is today’s guest on Profit First for REI! He’s a real estate investor and owner of Inherited Property Solutions, a company focused on helping people liquidate inherited property. He is also actively involved in rehabs, novations, wholetail, wholesale, and brokerage.

This is one of my favorite episodes so far. Joe goes into the struggles he experienced when he took over the financial side of his business while retaining his old habits. He became unable to pay himself first, stressed over work, and found difficulty managing the company’s numbers. 

Everything changed when Joe made the conscious decision to take leadership coaching and apply Profit First in his business, developing his systems and mindset. Check out the whole discussion here!

Key Takeaways:

[00:49] Joe Theriault, His Background, and Journey
[07:39] On Getting Leadership Coaching
[09:29] On His Financial Struggles and the Benefits Profit First
[15:26] How His Business Struggles Affected His Life and Leadership
[19:24] On Being Able to Pay Himself 
[22:32] On Overcoming His Habits and Fears and Developing as a Leader
[29:55] How to Connect With Joe

Quotes:

[08:38] “I'm a big fan of…do what other people do. Just do it better…[You] don't [have to] reinvent the wheel.”
[19:13] “[After Profit First,] my ego and money, all that stuff isn’t intertwined anymore.”
[28:22] “Right people, right seats. That's what my coaches are right now, hands down. Right people right seats…That includes bringing you guys in Profit First.”

Connect with Joe: 

Facebook: https://www.facebook.com/joseph.theriault.35
Email: [email protected]
Website: https://www.ipscash.com/

Tired of living deal to deal? 

If you are a real estate investor or business owner who is tired of living deal to deal, and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. - David 

Today we’ve got real estate investor and expert marketer Bryan Driscoll on the show. He is the CEO of Motivated Leads, a digital marketing agency dedicated to helping real estate investors handle their online marketing efforts to generate leads.

Bryan’s expertise gives us a unique, marketing perspective on real estate. He talks about how to improve your marketing efforts in both methods and documentation, and the lessons and mistakes he’s encountered both in marketing and money. Check out the full discussion here!

Key Takeaways:

[00:51] Bryan Driscoll on Real Estate and Marketing
[03:46] From Digital Marketing to Lead Generation
[05:07] Getting Consistent With Your Digital Marketing
[06:45] On Tracking Expenses
[09:25] Lessons Learned on Money
[11:05] Knowledge to Share With the Next Generation of People Going Into Real Estate
[12:07] The Principles of Successful Marketing
[14:31] Common Mistakes People Make in Marketing
[16:24] Advice and Actionable Marketing Decisions for the People in the Real Estate World
[18:01] How to Connect with Bryan

Quotes

[07:12] “Make sure your messaging is extremely direct.”
[12:48] “Track data sources so you can tell which sources give you good traffic, [and] which sources are giving you bad traffic.”
[17:17] “Get outside of your head, don't don't overthink it–set up a [marketing] campaign. Even if it's two bucks, or five bucks, go in and set it up.”

Connect with Bryan:

Website: motivated-leads.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 

On this episode of Profit First for REI, we’ve got my good friend Casey Smith. She is the owner of Atlas Transaction Coordination Services, a company that handles real estate deals of all forms. She works with a lot of real estate investors, closing over 1,500 transactions as an individual realtor and business owner.  

Casey shares her journey in the real estate investment space, the struggles she has experienced as a business owner, and her perspective on the challenges and the keys to success for real estate investors. Catch the discussion here.

Key Takeaways:

[00:52] Casey Smith
[02:19] On What Excites Her About Real Estate Investment
[03:36] Transaction Coordination
[04:20] Struggles and Financial Stress as a Business Owner
[09:08] The Investor Struggle of Paying Themselves and the Importance of Knowing Your Numbers
[20:29] Her Biggest Keys to Success
[23:07] Tasks That Casey Prefers to Outsource to Experts
[26:01] Connect with Casey Smith

Quotes:

[06:30] “You have to first understand your time and money cost…Unless you're paying attention and doing time studies…you're really not going to know how much time you're spending to make what you make.”
[14:50] “Due diligence happens in the transactional process because you can do your numbers on the house but if it doesn't close, it doesn't matter.”

[21:04] “If you've got the mentality to adapt, or pivot and find the opportunity, wherever you are, then I think you can be successful in this industry.”

You have to first understand your time and money cost. And I think that that's it unless you're paying attention and doing time studies, and going really in-depth there, you're really not going to know how much time you're spending to make what you make.

Connect with Casey: 

Website: AtlasTCservices.com

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

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 

On this episode of Profit First for REI, we have Jack BeVier, a real estate investor with Dominion Financial Services. He has worked in multiple aspects of investment real estate, and has contributed to the growth of the company into a recognizable name in the national lending scene for real estate investors. 

Jack comes on the show equipped with an abundance of knowledge in a wide-array of real estate investment fields, finance, and business building, offering a wealth of value to the people listening. Catch the discussion here.

Key Takeaways:

[00:43] Jack BeVier and His Real Estate Journey
[08:20] On Starting Businesses and What He Would Do Differently in Hindsight
[13:47] His Lessons Learned on Money
[17:57] Advice for the Next Generation of People Getting Into Real Estate
[21:33] Dominion’s Loan Products Suitable for Real Estate Investors
[23:20] Last Piece of Advice for the Audience

Quotes:

[04:47] “I was fortunate to start young...In real estate, youth is a humongous advantage.”
[16:59] “In single-family real estate investing…it's best to learn how to do a couple of different things that complement each other.”
[24:15] “Getting into hard assets where you can get attractive leverage and do it at a young age, you won’t help but be able to retire [early].”

Links:

Connect with Jack - rental-loans.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 

Neil Timmins is the CEO of Legacy Impact Partners, a company that invests in residential, commercial, and even medical real estate. He has been in the industry for 18 years, starting as a realtor, moving on to flipping houses, investment, and even coaching and mentoring.

Neil has since built up quite a portfolio and extensive experience. He gives us insight into money and people management, developing the right habits, and the lessons he learned that have since helped him build his success in the industry.

Key Takeaways:

[00:46] Neil Timmins and His Background

[03:01] Real Estate Investing and Making an Impact

[05:38] On Spending and Investing

[07:10] Struggles With Money and Hiring the Wrong People 

[10:57] On Applying More Control and Finding Unicorns

[14:37] On Developing Good Money Habits

[22:18] On Personal Finances and Family

[24:57] Neil Timmins’ Key to Success

[27:07] Connect With Neil

Quotes:

[12:14] “[Success] requires bringing on the right people.”

[20:45] “We are what we habitually do. And so it's imperative that if you want to be financially successful, you do what financially successful people do.”

[25:25] “Find a determination that is second to none.”

Links:

Connect with Neil - legacyimpactpartners.com 

Piece on uncovering commercial real estate/cheat sheet - legacyimpactpartners.com/gift

Unicorn Hunting for Real Estate Investment Companies: How to Easily Attract, Screen, and Land a Unicorn - The Complete Hiring Funnel - https://legacyimpactpartners.com/book/

Profit First Real Estate Investors FB Group - https://m.facebook.com/groups/ProfitFirstREI/ 

Simple CFO - https://simplecfo.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 

Aryeh Sheinbein has done stocks, real estate, business buying, syndications, and more. He started with investment banking after graduating with a finance degree, and from there, built an impressive portfolio and even more impressive well of knowledge and experience.

Aryeh Sheinbein’s expertise gives us profound insight into understanding numbers, cashflow and profit, and why implementing Profit First is a tremendous benefit to your business.

Key Takeaways:

[00:51] Aryeh Sheinbein and His Background

[03:51] How Aryeh Sheinbein Started on Money

[08:07] On Profit First

[13:52] The Benefit of Profit First for Real Estate Investors 

[18:58] The Key Indicators in Finances to Look Out For 

[22:38] The Concept of Product Agnosticism

[26:48] Advice for Real Estate Investors

[22:44] His Advice for the Real Estate Community

Quotes:

[09:42] “The biggest driver isn't revenue, isn't profits–it's cashflow.”

[16:08] “You need to understand where the money is.”

[27:09] “Whether you want to be in the stock market, or whether you want to be in real estate [you have to ask yourself]…Are you creating a new job for yourself? Or are you actually creating some sort of passive income?”

Links:

Aryeh’s Instagram - https://www.instagram.com/aryehthebusinessman/?hl=en

The Investment for Wealth Coaching Program: solutionadvisory.com

Inside the Lion’s Den Podcast https://insidethelionsdenpodcast.com/

Profit First Real Estate Investors FB Group-https://m.facebook.com/groups/ProfitFirstREI/ 

Simple CFO-https://simplecfo.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 

Brandon Neely is an experienced entrepreneur and dedicated financial planner who runs the Wealth Wisdom Financial Podcast with his wife and business partner, Amanda.

After a difficult and emotional second year of running a coffee shop business, Brandon and Amanda started their foray into dedicated financial planning. This led them to Profit First and applying its principles in both their business and personal finances.

In this episode, Brandon shares his insight on the importance of valuing your work and your worth, and why you should start implementing Profit First into your life.

Key Takeaways:

[00:46] Brandon Neely and Profit First

[03:26] The Struggles Brandon Experienced During His Journey

[07:12] On People Devaluing Their Work and Not Paying Themselves

[11:11] The Infinite Banking System 

[16:05] On Passing on Profit First Principles

[20:40] On Lessons Learned After His Hardest Year 

[22:52] The Effect of Money

[26:28] The Importance of Quality Questions

[22:44] His Advice for the Real Estate Community

Quotes:

[06:30] “We need to start paying ourselves…as a business owner, we weren't the only ones dealing with this not paying ourselves. It is like a plague.”

[07:54] “We devalue our own efforts or works…I think that sometimes, we don't realize that we need to [stop doing] that.”

[15:28] “It's just thinking about where you put your money so it can multiply.”

[23:18] “What are your goals?...The hard part is most people have not actually thought about them, or talked to their spouse about that.”

Connect with Brandon: 

Still Method- stillmethod.com

Profit First Real Estate Investors FB Group-https://m.facebook.com/groups/ProfitFirstREI/ 

Simple CFO-https://simplecfo.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 

From effective synchrony in his businesses and to having an altruistic mission, Daniel Martinez has come a long way in his 4-year career in real estate. 

He is a commercial investor, co-owner of a data company, and founder of HiveMind, a CRM tool designed for real estate investors. This portfolio of assets and skills gives him a view of the market from multiple angles, no doubt instrumental to his success.

Daniel also uses his unique position to share the knowledge he gains with so many in the real estate community, just as he does on this episode of Profit First.

Listen in on the discussion!

Key Takeaways:

[00:00] Daniel Martinez and His Background

[04:10] The Entrepreneurship Bug and Starting Real Estate

[07:06] Starting the Hive With Us Podcast

[08:50] On Going Into Data and Software 

[11:06] Lessons Learned About Money

[14:59] On His Business “Why” 

[17:00] On His Legacy for His Children

[19:07] The Challenges and Opportunities in Real Estate

[22:44] His Advice for the Real Estate Community

Quotes:

[07:46] “The power of content and going into the digital space is that it’s there forever.’”

[09:16] “You build your own infamy off the content that you produce.”

[09:57] “When you do a business, you always want to build other businesses around that business.”

[12:50] “If you throw your profits right back into the business, recycle it, and grow it, it can lead into large numbers.”

[19:49] “If you do enough marketing, you’re going to trip into a deal. You don’t have to be the best negotiator.”

Links: 

Facebook: HiveMind CRM - https://www.facebook.com/groups/hivemindcrm/about/

Text HIVE at: +1-210-972-1842

Profit First Real Estate Investors FB Group-https://m.facebook.com/groups/ProfitFirstREI/ 

Simple CFO-https://simplecfo.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 

Two of the most important resources a business owner needs are knowledge and mindset.

In this episode, we have Steve Rozenberg sharing the wisdom he’s developed over the years along his business journey.

A full-time pilot, investor, business owner, and now a business coach, Steve emphasizes how important knowing your numbers is and how getting a coach is one of the best decisions you can make in business.

But more than just managing your finances, he talks about how maintaining your mindset is just as important when thinking about money and making business decisions.

Catch all that and more on this episode of the Profit First Podcast!

Key Takeaways:

[0:49] Steve Rozenberg and His History
[5:52] Why Get a Business Coach
[9:48] Learning the Importance of Knowing Your Numbers
[13:07] On His Money Struggles
[19:45] Including the Spouses in the Business
[21:47] Implementing Profit First Into the Business
[28:50] On Action Being the Key to Success

Quotes:

[7:26] “We go to see this business coach to do a diagnostic, and we are going to walk out of here with a silver bullet.”
[10:39] “You grow exponentially, your gap gets bigger. At some point, you cannot fill that gap.”
[12:39] “The numbers are telling you a story, and we had no idea what that story was until we started becoming masters at reading that language.”
[16:28] “I think every business has money [struggles], but I think the mindset is what causes people to look at it differently.”
[17:46] “You can never shrink to profitability. You can never take a company and keep cutting expenses without growing the company.”

Links:

Steve’s Instagram - https://www.instagram.com/rozenbergsteve/
Steve’s Website - https://steverozenberg.com/
Steve’s Podcast - https://podcasts.apple.com/us/podcast/high-stakes-with-steven-rozenberg/id1618253812

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 conversation with Chris and Julie Gould, sibling business partners for a real estate wholesaling company, we get to hear all about how implementing Profit First can change your business and your personal life for the better.

They share how they experienced the feeling of almost living paycheck-to-paycheck despite having good numbers and the stress of the lack of clarity–that is until they heard of Profit First.

Now they enjoy financial comfort in their personal lives, running a business independent from its visionary, focusing on new ventures, and diving deep into creating more clarity in their business to make better data-driven decisions. 

Check it out on this episode of the Profit First Podcast!

Key Takeaways:

[0:57] Chris & Julie Gould and on Working With Family 
[6:44] On their Wholesaling Company
[10:53] On Profit First
[15:27] On the Stress Before Profit First 
[17:00] How It Felt to Implement Profit First for the Business
[19:23] Profit First and Owner Compensation
[25:04] How Profit First Helps Make the Business Be More Independent From Chris
[29:38] On the Growth of Profit First and Their Business
[32:21] What Was The Best Thing You’ve Done With The New Profit Distribution?

Quotes:

[12:12] “Before we implemented the Profit First system, there’s this question that we ask a lot: ‘Are we actually making money?’”
[14:37] “[Before implementing Profit First], it’s almost like living paycheck to paycheck, even though the numbers are a lot bigger .”
[15:04] “A huge part of looking toward Profit First, and implementing more infrastructure in the business, we’re depending more on data than gut-feeling. We have numbers in front of us.”
[18:42] “It’s not worth it to NOT implement Profit First.”
[25:36] “I think a big part of being able to separate and pull [Chris] out of the business was having Profit First to lean on.”
[35:5l; 9] “You live your whole life thinking there’s not another way, and someone pops up and is just jlike, ‘Hey, it doesn’t have to be like that at all.’”

Links:

Level 10-https://level10official.com/
Profit First Real Estate Investors FB Group-https://m.facebook.com/groups/ProfitFirstREI/
Simple CFO-https://simplecfo.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