Profit First for Real Estate Investors with David Richter

Summary: 

Profit First is an amazing method for managing your business’ cash flow, but it can be so much more!

In this episode, we’ve got Jonathan Tovar, real estate investor, entrepreneur, and co-owner of Action REI, as he talks about his business journey before and after learning about Profit First.

He and his brother started their company in August 2019, just a few months before the pandemic hit and dealt a major economic blow on everyone. But through the highs and lows of Action REI, implementing Profit First gave them opportunities and options to keep their business going. Jonathan even started applying the method into his personal finances! 

Listen in on Jonathan’s thoughts and experiences with the Profit First method, and more!

Key Takeaways:
[0:55] On Jonathan Tovar and His Investment Background

[4:33] Jonathan on Profit First 

[8:16] Jonathan’s Situation Before and After Profit First

[14:14] How Profit First Quickly Changed Their Business 

[18:16] How Profit First Helps Your Business in Difficult Times

[22:54] Implementing Profit First Into Personal Finances

[27:00] What Jonathan Would Do Differently if Started From Scratch

Quotes:

[5:53 ] “Real estate (is a) roller coaster… You get good months and bad months. And what we’ve found is that the Profit First method really helped us out more so in the bad months.”

[8:36] “Once you start implementing those things, like Profit First especially, then you start really treating it like a business.”

[15:14] “Profit First (gives you) peace of mind in your business and knowing that everything is where it needs to be  ”

[26:11] “It doesn’t make you feel guilty for having a little bit of fun because you know everything is already accounted for.”

Links:

Connect with him through his Instagram @jonathan_action

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 

On this episode of Profit First, we’re going to dive in a bit on “Knowing Your Numbers” and more with Paul White!

Paul White is an orthodontist and real estate investor whose investment journey started the same way as most people’s–through passive investment. Paul didn’t realize how important knowing your numbers really are. So if you can’t do your due diligence, then at least find a way to have clarity over your portfolio to optimize your returns and make the best decisions possible.

This led to the creation of the Real Numberz app, designed to organize your investments so you can get full transparency with less work. 

Catch Paul’s insights on doing due diligence, why clarity over your numbers helps you have better control over your investments and more!

Key Takeaways:
[0:46] Paul White’s Background in Real Estate Investment and Professional History

[4:32] The Importance of Knowing Your Numbers in Real Estate

[6:58] Building an App to Keep Track of Investment Numbers

[10:29] Why You Should Know Your Numbers

[14:39] How Profit First Helped Paul’s Journey 

[19:49] How Does Knowing Numbers Help Investors?

[24:08] Paul’s Investment Tips

Quotes:

[8:42] “There is a sense of chaos and unease that comes with not knowing.”

[8:58] “If you think about the money that most of us invest, it’s at least after expenses and sometimes after-tax… It’s hard-earned money… we just don’t treat it like we should.”

[13:22] “My experience with passive investors, they see a big return, and that’s pretty much the end of due diligence.”

[16:04] “Fear comes from lack of control. Fear keeps us from looking at numbers and from taking the first step.”

Links:

Get a free trial/demo at their website-realnumberz.com

Connect with him through his email at [email protected]

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 

On this episode of Profit First, we’re going to dive in a bit on “Giving First” with Paul Moore and more!

Paul Moore is a real estate investor and self-proclaimed former serial entrepreneur. His journey started with him jumping from one venture to another, becoming what he calls a “Real Estate Speculator,” owing millions of dollars in debt, before finally finding his footing as a successful investor.

Tune in and hear about his wisdom on real estate investment based on a history full of ups and downs, how he overcame debt with ingenuity and charity, and his key insights to succeeding in investment!

Key Takeaways:
[0:46] Paul Moore’s Background in Real Estate Investment

[2:36] Paul on Self-Storage, and Growing Into an Investor

[6:01] On Struggles and Failures Along the Journey to Success

[10:00] How Paul Got Out of 2.5 Million Dollars of Debt

[13:58] Focusing on One Thing and Hiring an Expert for Others

[17:52] Paul’s Keys to Success

[20:22] Why is it Important to Find Your Big Why?

Quotes:

[5:24] “You’re taking something that you know is a weakness and you’ve turned it into a strength.”

[10:47] “Hope isn’t a good business strategy.”

[19:00] “Putting it in investment terms, if you’re always playing double-or-nothing with your money, someday you’ll end on nothing.”

Links:

5-Day eCourse and eBook on Commercial Real Estate-wellingscapital.com/resources

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 

In this conversation with Daniil Kleyman, you’ll get a chance to learn how to master REI from a real estate developer expert. Daniil has mastered real estate from the ground up. He’s an owner/operator of a development company and established a management software that’s currently helping thousands of investors.

Today we hear from Daniil's insights on how he's been able to grow organically in this field. He’ll be sending us tips on what to do, what to avoid, and how to supersize our efforts and make a profit from them.

Key Takeaways:

[1:43] Daniil’s background in real estate 

[6:11] How did he grow as a real estate investor?

[9:21] How did the “rehab valuator” help him in scaling up his process?

[13:24] What early lessons did he learn about money, and how does it compare with what he’s learned about money today?

[18:07] What are the biggest mistakes or hurdles that investors experience as they start their career in real estate?

[18:53] Become good at one market and strategy. Focus is incredibly important.

Quotes:

5:22 "I find real estate incredibly rewarding outside of the money that you make."

13:49 "A lot of us learn how to manage money but don’t know what is going on."

18:20 "Find one thing that you’re good at. Find one thing that you focus on. And find one thing that you become an expert on. "

Links:

Rehab Valuator Website-https://rehabvaluator.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 

"Start making profit a habit in your business."

Wise words from today’s guest, Oscar "the closer" Setiawan. Oscar is a man with great achievements—a real estate owner, investor, private lender, and serial entrepreneur who aims to achieve legacy wealth with the systems and processes that he has been cultivating. Through determination, he turned his side hustle into a full-time business. He now helps distressed property owners solve their real estate problems.

Let’s learn about his story entering the real estate investing arena and how he chose real estate to build generational wealth. Listen in and find out how Oscar can help you win in this fast-paced industry.

Key Takeaways:

[2:30] What’s the story behind his nickname “Oscar the closer”?

[4:20] What excites him the most about real estate investing?  

[8:02] Know your numbers, calculate them, and do all the things in between.

 [16:11] How does the Profit First system help investors? 

[18:34] His story about transitioning from real estate investor to real estate owner  

[22:24] Defining "generational wealth" in accordance with his personal experiences 

[24:27] What are some "core concepts" about money that he wants to pass on to his children?

[27:17] What is one key to his success?

Quotes:

[4:59] "Real estate is something that will change people’s lives when you do it correctly."

[5:23] “It is good to have a goal. It is good to have a drive in real estate, but if you don’t do your homework, you can get into a lot of trouble.”

Links:

Oscar on Instagram- https://instagram.com/oscarthecloser?igshid=NmNmNjAwNzg= 

Oscar’s Linktree-https://linktr.ee/oscarthecloser 

Quickbooks-https://quickbooks.intuit.com/ph/ 

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 

Every success story always starts with something. As investors, we start these businesses to fulfill our dreams and visions. It’s our fuel to climb high, giving us the might to push through beyond the limits. Without having a clear picture of where we're going, we wouldn’t be able to propel and move forward.

We’ve invited Brittany Thompson here to join us as we discuss the ways in which your vision puts you in your driver’s seat. So you can get away from that mind trap and steer your goals towards practicality.

If you listen to this, you'll have an idea of how to work your way through as a real estate investor and keep up with the challenges that your business brings.

Key Takeaways:

[3:16] What excites her the most about real estate investing?

[7:00] What financial struggles has she faced in life and business?

[8:34] Why does she think that a lot of real estate investors or business owners in general experience money struggles or live deal to deal?

[12:36] Was she ever forced to live deal to deal in real estate, or was she able to avoid it entirely?

[17:05] When did she start using the Profit First system and how does it apply to her journey in real estate?

[29:14] Understanding what it is to have plenty and understanding what it feels like to never have enough.

Quotes:

[9:30] "The reason that a lot of people struggle in real estate is because they don’t have a vision of why they’re doing it in the first place."

[14:06] "There are so many people that want success but don’t want the journey that comes with it."

Links:

She’s Killing It Website: https://www.sheskillingit.com 

Get My First Deal Challenge: https://www.getmyfirstdeal.com/august29 

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 

Jay Drexel is the jack of all trades when it comes to tax lien investing. With decades of experience, he will teach you how to skip the learning curve and get profitable faster than you could on your own. Jay has been doing tax yield deals for quite some time... and he loves teaching others his REI secrets.

Let’s find out how to avoid the mistakes that most investors make and get the strategies to get guaranteed returns.

Key Takeaways:

[2:35] What got him into taxing and real estate?

[6:46] What’s the process of his tax default property investments?

[11:35] One great advantage of foreign investing is the price point.

14:44 What early lessons did he learn about money, and how does it compare to what he learns about money today?

16:59 What is one of the biggest mistakes investors make in real estate investing?

Quotes:

[13:25] "Let’s find you someplace that’s easy to invest in, that’s affordable and works within your budget, and has a good rate of return."

[15:33] “You don’t have to start with a ton of money to be able to retire comfortably. It’s about what you keep and learning all the different things. "

[19:46] "Continue to learn different aspects and different points of view"

Links:

Text “invest” to 72000 to get access to their free ebook!

United Tax Leins: http://unitedtaxliens.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 

Today’s guest derives his experience from diverse fields such as technology, financial services, venture capital, and commercial real estate. On top of that, he runs a family office where they nurture budding entrepreneurs from generation to generation, optimizing growth and wealth together as a family.

Trey Taylor is the talk of the town. He’s the managing director of Trinity | Blue, a consultancy designed to provide executive coaching and strategic planning to C-Suite leaders. He is frequently featured as a keynote speaker and has addressed attendees at the Human Capital Institute, the Ascend Conference, and many other engagements.

Key Takeaways:

[2:21] What got him interested in real estate?

[5:18] What is a family office? 

[6:52] Understanding that wealth comes through focused action and dedicated hard work

[8:30] How does he find a business to invest in?

[12:13] What was the thought process behind writing a book?

[17:13] What early lessons did he have about money and what does he think about money today?

[22:28] How does he manage the money as a real estate investor and implement the Profit First system on his end?

Quotes:

[3:30] "When you combine multiple generations of wealth into one investment thesis and philosophy, you’d be surprised at how many doors have opened."

[25:38] "You better buy it right because the world is changing."

Links:

Read Taylor’s Newsletter-https://plantyourflag.substack.com/pe 

Taylor’s Website-http://taylorinsuranceservices.com/ 

Taylor’s LinkedIn-https://www.linkedin.com/in/treytaylor/ 

A CEO Does Only 3 Things by Trey Taylor-https://www.amazon.com/CEO-Only-Does-Three-Things/dp/B09HMYRD78 

Trinity|Blue Consulting Firm-https://trinity-blue.com/ 

Rich Dad Poor Dad by Robert Kiyosaki-https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194 

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 

Paul David Thompson is always on a mission to help purpose-driven men and women entrepreneurs break the mundane corporate cycle by teaching them to start investing. He’s an expert in scaling up businesses to the next level by guiding aspiring real estate investors through the process of closing record-breaking deals. Today we dive into the finer details of how he’s able to incorporate the Profit First system so he can attain a life of abundance and live his life by design under his control.

Key Takeaways:

[1:56] How did he get started in his real estate career?  

[4:42] How does he get passive income in a quicker way?  

[8:34] What were his early lessons on money like, and how do they compare to how he thinks about money now?

[13:08] What money mindsets does he want to pass on to his children?  

[16:36] What are his thoughts on the Profit First system and how did it help him through his business? 

[18:30] What other benefits from Profit First has he found out and how does it give him a sense of clarity and control?

[23:08] Take what the market gives you

Quotes:

[3:50] "You’re constantly adjusting to the marketplace and to what marketing channels work, building systems and processes and people around having a business that does that consistently."

[9:09] "When you find the opportunity to raise money in real estate, it’s not hard to make money."

Links:

My Freedom Foundry - https://pauldavidthompson.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 

We have a returning guest on the show today, and that's none other than Kapil Singla. The young entrepreneur who skyrocketed his way to the top after moving to the US.

In this episode, he'll be giving us an update of where he's at in his life and business after a few years of implementing systems and using Profit First as key drivers to his success.

Key Takeaways:

[2:05] Kapil shares his whole real estate story with us.

[9:12] What early financial lessons did he learn, and how do they compare to where he is now?

[13:03] How is profit first factored into his business?

[15:15] In terms of finances, what does he value the most in his business?

[18:15] What are the lessons around money that he wants to pass on to the next generation?

Quotable Quotes:

[8:22] "A lot of people, no matter what level they’re at, find it important to surround and connect with people that share the same goals as you."

[10:07] "Money was hard, money was everything at some point."

[10:35] "A persistent action towards a goal and having the faith to back up your ideas makes money come to you."

Links:

Contact Kapil: 929-4139-322

Kapil’s Facebook-https://m.facebook.com/kapil.singla.756 

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

Simple CFO-https://simplecfosolutions.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