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David Richter is a former real estate investor who now runs a fractional CFO business for real estate investors. He started his CFO business because he saw a need for real estate investors to have a better understanding of their finances.
Richter believes that it is important for real estate investors to know where their money is coming in from, where it is going out to, and how much they are keeping. He says that this information is essential for making good business decisions.
Richter also believes that it is important for real estate investors to have a system in place for managing their finances. He recommends the Profit First system, which is a way to allocate money to different areas of your business, such as taxes, profit, and operating expenses.
Richter says that the Profit First system has helped him and his clients to become more profitable and to have more control over their finances.
Richter says that many real estate investors are struggling with their finances because they are not taking the time to understand their numbers. He says that it is important for real estate investors to know where their money is coming in from, where it is going out to, and how much they are keeping.
Richter also says that it is important for real estate investors to have a system in place for managing their finances. He recommends the Profit First system, which is a way to allocate money to different areas of your business, such as taxes, profit, and operating expenses.
Richter says that the Profit First system has helped him and his clients to become more profitable and to have more control over their finances.
 
Ryan Goldfarb (00:05.322)Welcome back to the Brick by Brick podcast. I am John Errico here as always with Ryan Goldfarb today We are extremely excited to have a special guest David Richter David is a many was many hats but
is also a podcast host as we are for the profit first for our podcast right i have appeared on david's podcast i don't know when that will be released relative to when this is being released but please check us out on that podcast and check out the podcast in general uh... is great information but david uh... first of all welcome thank you for being on our podcast yeah thanks for having me and always it's always a pleasure to get on and spread the message as much as possible so they want to start uh... if you could give us sort of the high level of
review of what you currently do and that I would love to kind of drill down into your career, how and why you are doing what you're doing and then branch off from there. So currently
I'm the author of Profit First for Real Estate Investing, a book out there for the real estate investing community. But I also run a fractional CFO business, so part-time chief financial officers, because everyone has a sucky bookkeeper in CPA usually, and they don't have anyone to be the glue there to actually say what's actually going on the financial side. So where are they making it, spending it, and are they keeping any of it? So that's what we really focus on to make sure people are keeping more of the money that they're making.
That's what I'm into right now and trying to spread the message of profit first as well too. Just making sure people make profit a habit inside their business.
Ryan Goldfarb (01:41.174)That's awesome. So I would love to hear how that I, you know, I believe if I'm not mistaken that your path to that involved real estate, right? Owning real estate, closing deals, wholesaling, et cetera, et cetera. I would love to hear a little bit about that, that journey. First of all, do you have a background in finance? Is that how the CFO fractional CFO business kind of generated? If you can see me, I don't know if people are just listening to this or can see me. I know I look like I should have a background in finance and then I have a
I'm a fractional CFO company, but I have zero background in finance. I wasn't a bookkeeper, wasn't a CPA, didn't get my

BREAKING NEWS: John and Ryan talk about something other than real estate!
This week, John and Ryan plan a hypothetical 72-hour trip to Atlantic City.
Where will they eat? Where will they drink? How will they pass the time? 
Tune in as the hosts discuss each of their preferred itineraries, including a visit to a newly reopened restaurant, indoor activities, outdoor activities, and more. 
What would your ideal 72-hour trip to Atlantic City look like?
 
[00:00:02] 72-Hour Non-Real Estate Itinerary for Atlantic City[00:03:24] Exploring Limited Dining Options in Atlantic City[00:06:23] Planning a Day in Atlantic City[00:09:29] Recommended itinerary for a trip to Atlantic City[00:12:35] Ideal itinerary for a day in Atlantic City[00:15:56] Day and Night Plans in Atlantic City[00:19:05] Exploring Atlantic City and New York City[00:22:00] My Ideal Summer Day in Atlantic City[00:25:25] Weekend Plans in Atlantic City[00:28:37] Ideal Activities for a Day in Atlantic City[00:31:40] Dining options in Atlantic City[00:34:26] Redefining Atlantic City Beyond the Casinos[00:37:23] Exploring Food and Culture in the City[00:40:24] Things to do in Atlantic City[00:43:14] Summer Activities in Atlantic City and Beyond[00:46:21] Things to do and eat in Atlantic City[00:49:09] Lack of diverse dining and family activities in Atlantic City[00:52:04] The Need for More Amenities in Atlantic City[00:54:58] Creating a Vibrant Commercial Corridor[00:58:00] The Future of Atlantic City's Amenities[01:00:55] Updates on 'Brick by Brick' Podcast

This week, John and Ryan introduce their largest project to date -- a 48-unit condo building in Atlantic City called La Renaissance. The duo details the challenges they face in every phase of the project, from pre-closing obstacles to mechanical systems and everything in between.
 
[00:00:02] Renovations of Atlantic City Condo Building[00:03:49] The Deterioration of a Timeshare Building in Atlantic City[00:07:34] The Complexities of Buying Big Buildings[00:11:20] Acquiring Title for a Challenged Building[00:14:22] Purchasing Property Without Inspection: Renovation Challenges[00:18:18] Challenges of Renovating a Tall Building[00:21:44] Renovating a commercial building with complex systems[00:25:18] Navigating Complex Building Systems[00:28:50] The Cost and Condition of Elevators[00:31:52] Renovation Progress Updates[00:35:18] Renovating a Large Building for Short Term Rentals[00:38:28] Designing a Unique Hotel Experience[00:41:42] Challenges of Renovating Large Building[00:45:19] Determining Cost Basis for Building Renovation[00:48:45] Leveraging contractor bidding for better pricing[00:52:11] Considerations for Occupying a Building[00:55:34] Challenges in Construction Project[00:59:00] Water Penetration Issues in Atlantic City Building[01:02:00] Handling Stress and Excitement in a Project[01:05:04] Year in Review and Building Updates

Hosts Ryan Goldfarb and John Errico are back to discuss the benefits of creating their own direct booking website for their short-term rental properties in Atlantic City. Tired of relying solely on third-party platforms like Airbnb, they aim to increase their control over their business and provide a better guest experience. Through their discussions, they cover topics such as RevPAR, pricing strategies, marketing initiatives, the importance of a domain name, and collecting email addresses.
 
[00:00:02] Direct booking website for Atlantic City rentals[00:04:06] Improving RevPAR through Direct Booking Platform[00:07:17] The Power of Direct Bookings[00:10:31] Benefits of Focusing on One Geographic Area[00:14:01] Measuring Vacation Rental Marketing Success[00:17:08] Benefits of Dual Property Management/Ownership Model[00:20:25] Pricing Strategies in Vacation Rental Industry[00:23:51] Pricing and value issues on Airbnb[00:27:13] Maintaining Quality for Airbnb Rentals[00:31:14] Benefits of Using Guesty Channel Manager[00:34:39] Benefits of a Suitable Domain Name for SEO[00:38:03] Marketing approach for vacation rental properties[00:41:30] Email Collection Strategies and StayFi System[00:44:39] Maximizing Existing Resources for Atlantic City Rentals[00:47:36] Importance of Quick Decision Making[00:50:39] Special Offer and Call for Guest Suggestions[00:53:44] Podcast hosts encourage social media engagement
 
[00:03:49] By taking control of the distribution, we have an opportunity to do things like increase ultimately increase our RevPAR, which is the primary metric by which we gauge the revenue or monitor revenue of argument properties
[00:05:41] This is an opportunity for us to really showcase our properties, the quality of them, showcase the experience and attention to detail and focus on hospitality that we've been building out over the last few years
Having additional levers to pull from a promotional standpoint, including videos and more information, is hugely valuable and something that Airbnb doesn't like to show
[00:13:11] An advantage for us is that we can offer a discount to our Airbnb pricing and still ultimately make more money

What could we do if we couldn't buy any more real estate?
In our long awaited return to the airwaves, we debate a life-altering hypothetical.
Would we even want to live in such a world?
[00:06:37] Maximizing Distribution and Advertising for Direct Bookings (AtlanticCityVacationRentals.com)[00:10:21] Optimize Space[00:13:39] Stimulate Off-Peak Demand[00:17:25] Planning Unique Experiences for Workers and Special Events[00:28:02] Budgeting and Cost Controls[00:31:19] Grow PM Company[00:38:14] Maximizing Side Businesses[00:47:57] Using Occupancy and Pricing to Maximize Profit
[00:50:55] Debt and Debt Management

In this episode, John and Ryan discuss the hidden gem that is Atlantic City with former Mayor of Belmar and CRDA Executive Director, Matt Doherty. They dive in the impact of casinos in AC, real estate opportunities, and why it is high time to invest in Atlantic City today.
00:00 Intro
05:35 Role of Government in Private Investment
07:43 The Hard Truth of Redevelopment
12:51 Flip Side of Rooming Houses
14:00 Real Estate Opportunities in Atlantic City
18:37 Why Did it Take Long for AC to Flourish?
23:58 Why Invest in AC Now?
32:14 Matt's Time in CRDA
33:58 The Domino Effect of Improvement
36:21 Are Casinos PRO Atlantic City?
39:37 Transportation Issues To & From AC
44:46 Diversifying Neighbourhood Amenities
47:40 How Involved Are Casinos in City Development?
49:51 What's Next for Matt Doherty?
Podcast Channels:
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🎧 Google Podcasts https://tinyurl.com/yabdwv38
Connect with us!
📩 john@libertyhudson.com
📩 ryan@libertyhudson.com
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