179 episodes
Profit First for Real Estate Investors David Richter
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- Business
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5.0 • 106 Ratings
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You’re a real estate investor who is passionate about real estate and making a difference in your community. You’re a hard worker and you love the freedom that comes with being your own boss and owning your own business. You started this business because you wanted more time and money in your life, but financial freedom seems to always be on the other side of that “next” deal. Like most real estate business owners, you are broke and have no control over your finances, and it’s hard to admit it. You know how to make a lot of money, and you keep working harder and harder, but have little to nothing in your bank accounts to show for it. You give the keys to your finances to some bookkeeper or accountant that you “hope” will fix all the problems, yet the problem seems to get worse. You often feel like a rat in a maze, sometimes living from deal to deal, hoping to work your way out debt. This leads to feelings of stress and overwhelm because you aren’t paying yourself enough and you’re just one bad deal away from going out of business. It’s time to stop living paycheck to paycheck and start actually keeping more of the money you work so hard to make! To have less stress, less confusion, to sleep better at night, and have a healthy, profitable business that enables you to have more time with your friends and family, not less. It’s time to start putting more actual profit in your pockets and know what you can spend on yourself, your family, and on growing your business. The key to this future is to put profit first and have a system for your cash flow that is dependable and reliable. Cash is not king, cash management is king.When you control your cash, you control your business. And when you control your business, you’ll have more profit and more time to do more of what you love. You got into this business to achieve true time and money freedom in your life and I’m here to show you, that with the right systems in place, you can have all of those things…and so much more. We’re the Profit First for Real Estate Investors Podcast, where we put profit first because it changes the way we live our lives, build our businesses, and pursue the things that matter the most. Our mission is to make money “one less thing” you worry about by empowering you with the tips, tactics, and strategies you need to finally take control of your finances…and of your life. Join us each week on the Podcast as we speak with real estate investors from around the country who put profit before expenses, value substance over status, and place the health of their business above growing their egos. In each episode, real estate investors from across the country will share how they’ve completely changed their business by implementing Profit First. You’ll hear how these battle hardened real estate investors were able to completely turn around and revolutionize their businesses, and in many cases, their lives, and learn from their mistakes and failures...so you can avoid doing the same things in your own business. We focus on the journey to greater profitability and cash in your pocket without becoming a financial wizard or needing to close more deals. Earning more money and keeping more of what you earn is the only true path to freedom. You don’t need to do more deals to keep more money, you just need to take your profit first. Welcome to the Profit First for Real Estate Investors Podcast.
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Navigating Change and Achieving Profitability: A Real Estate Journey with Profit First
In a regular 9-to-5, affording to travel requires so much more than just money—you need to have the time and energy for it. This is why traveling is one of the many reasons people begin as investors in the first place, with its promise of financial freedom and passive income. If you’re one of these investors or are someone who wants to expand on their lived experiences, this is the episode for you.
Our guest today is Shane Mahoney, founder of Lugos Travel, a luxury travel company focused on providing authentic experiences at travel destinations. In this episode, we will discuss how you can reap the rewards of your ventures and enhance your travels beyond the beaten path. Tune in!
Key Takeaways:
[00:36] Introducing Shane Mahoney and His Background
[05:38] The Scope of Lugos Travel’s Offer
[19:18] On Lugos Travel’s Standard and Platinum Tours
[25:32] Expanding on the Fees and Plans
[31:27] Connect With Shane Mahoney and Lugos Travel
Quotes:
[05:31] “Experiences that change people's lives…that's been our goal for the last 12 years.”
[06:53] “I'm going to charge you for my time and expertise. In exchange, I'm gonna work to make sure that your tour is designed around everything that you know and love.”
[10:56] “I know what it was like to be a busy professional, to have like absolutely no time to plan things, but still want a great vacation.”
[27:01] “So here's my concern—If you come back from Paris from my tour, and your stories are exactly the same as the people that went to Paris, I have failed.”
Connect with Shane
Website: http://shanemahoney360.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 -
How Sheri Fluellen Uses Psychology To Help Real Estate Investors Achieve Their Goals
Today’s guest is Sheri Fluellen, a real estate investor, syndicator, and coach. As a certified high-performance coach and psychologist, she works with entrepreneurs and real estate investors to keep them focused on their goals through research-based success coaching.
Sheri’s background as a psychologist, her experience in the investing space since 2007, and her profession as a coach all give her a unique insight into the mindset of investors.
Throughout the episode, we discuss financial management, personal fulfillment, the Profit First Method, and more! Tune in!
Key Takeaways:
[00:44] Introducing Sheri Fluellen and Her Background
[04:29] On Selling Her Private Psychology Practice
[11:13] Her Background as a Psychologist and How It Adds to Her Coaching
[17:21] The Psychology Behind Poor Financial Management in Investors?
[22:01] How to Counteract the Insecurity That Can Affect Our Financial Management Skills
[26:08] How Profit First Has Helped Sheri’s Business
[29:53] Advice for Investors Who Want to Implement Profit First
[30:27] Connect With Sheri
Quotes:
[18:39] “Put a sale in front of me, put a prospect in front of me, and I will get them to buy. But then managing the money that we make on the backend, like, you know, a spreadsheet will make his eyes cross and he just can't stand it…I've seen that in a lot of real estate investors. ”
[20:28] “There is this strong relationship between how much money I make and how worthy I am…So, whether it's real estate investing or any sort of business when things aren't functioning smoothly, that can significantly impact one's sense of self-worth, self-efficacy, their ability to be a good business person.”
[30:11] “[Implement Profit First] now, because the longer you wait, the more complicated it gets to try to undo what you’ve already done.”
Connect with Alex & Shimon
Website: https://www.drsherifluellen.com/
LinkedIn: https://www.linkedin.com/in/drsheri/
Instagram: https://www.instagram.com/drsfluellen
Coaching Mastery Podcast: https://www.coachingmasterycommunity.com/blog
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 -
Prioritizing Profit, Escaping The Deal-to-Deal Cycle with Alex Chizhik & Shimon Lazarov
We’ve got double the value for today’s episode with two great guests—Alex Chizhik and Shimon Lazarov, the hosts of The Dollar Auction podcast! They discuss anywhere from Bitcoin, government regulations, investing, economics, finance, and more.
Alex is an experienced executive with nearly two decades worth of experience in managing organizations and is passionate about technology and cryptocurrency. Shimon is a growth leader with an extensive strategy background in digital strategy, market research, and business development.
These two strategic minds join us today to discuss various topics surrounding money mindset and intentionality, and how it can greatly affect your business growth. Tune in!
Key Takeaways:
[00:48] Introducing Alex Chizhik & Shimon Lazarov
[03:48] Blitzscaling: Why People Don’t Prioritize Profit
[15:49] Why People Live Deal-to-Deal
[23:16] Thoughts on Fractional Businesses
[25:29] On Real Estate and Cryptocurrency
[33:55] Connect with Alex & Shimon
Quotes:
[15:37] “It doesn't matter if you're making a million a year or hundreds of millions a year. You need to know where you are on the financial side.”
[17:05] “If you don't put some [money] aside, then you can literally have 10 years pass by and for nothing to show for it. And I actually have friends who worked on Wall Street and friends who worked in Silicon Valley making over half a million dollars per year. They didn't save too much. ”
[31:50] “All these investments, including cash, is a tool for something…So be intentional about what you're investing in.”
Connect with Alex & Shimon
Alex’s Twitter: https://twitter.com/mrebitda
Shimon’s Twitter: https://twitter.com/ShimonLazarov
The Dollar Auction Podcast: https://podcasts.apple.com/gb/podcast/dollar-auction-show/id1492748168
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 -
Joseph & Jenn Delle Fave, The Duo Behind The Creative Finance Playbook, Share How Profit First Changed The Course Of Their Business
Family is often a big factor in any person’s life, so when family becomes an obstacle when starting a business, it becomes a significant roadblock. For our guests today, overcoming this hurdle became a major struggle.
Joseph and Jenn Delle Fave are real estate investors, coaches, and the duo behind the Creative Finance Playbook—a Youtube channel where they share the wonders of non-traditional financing for real estate.
If you're someone who has struggled with family resistance or fear holding you back from pursuing your entrepreneurial dreams, this episode is for you. Tune in as Joe and Jenn share their inspiring story and how Profit First has helped them with their business.
Key Takeaways:
[00:41] Introducing Joe & Jenn Delle Fave and Diving Into Joe’s Background
[07:35] Joe’s Past Struggles
[12:23] On Pursuing Real Estate Despite Family Struggles
[17:31] How Joe & Jenn Connected
[20:29] Jenn’s Background
[23:53] On Moving to Florida
[27:46] On Learning About and Implementing Profit First
[33:39] On Profit First Alleviating Fear
[36:55] Connect with Joe & Jenn
Quotes:
[29:11] “The whole concept of [Profit First], like the envelope system, that's something that every person needs to really implement. And so even though we were organized, things could be even more organized. ”
[21:23] “I feel like the whole time I was listening to your book, you were just speaking directly to me about a lot of the issues that we've been dealing with for years.”
[32:03] “[Profit First can benefit you because] of clarity of everything that's going on in the health of your business…Just like being able to open up the hood [of] a car and find out what's wrong with it and tinkering [with] it. But you don't have to. It's just showing right in your face now.”
Connect with Joe & Jenn
Website: https://www.creativefinanceplaybook.com/
Facebook: https://www.facebook.com/CFPlaybook/
Youtube: https://www.youtube.com/@creativefinanceplaybook
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 -
Building Wealth Through Passive Income With RJ Bates
RJ Bates III is the CEO of Titanium Investments, a multifamily investment company that assists investors in building wealth through passive income. Additionally, he hosts the Titanium Vault podcast, which centers around real estate investment.
Initially, RJ struggled with financial management as he expanded his business, a common problem among investors. Because of his experience, he has dedicated much of his work to educating and helping many investors in the real estate investing space to succeed.
In this conversation, we will delve into RJ's challenges and growth, and the current issues in his business that implementing the Profit First method can help solve!
Key Takeaways:
[01:01] Introducing RJ Bates III and His Story
[06:08] RJ’s Passion for Real Estate and His Podcast
[13:35] Profit First and How It Can Help His Business
[19:15] Why the Growth of His Business Led to Developing Financial Issues
[25:31] On Being Open to the Profit First Message and Unlearning Bad Money Habits
[31:38] Advice for People Who Want to Implement Profit First
[34:32] Connect with RJ
Quotes:
[11:32] “I know that there are people out there that are trying to change their life, but they're struggling on…the management of their finances.”
[21:23] “I feel like the whole time I was listening to your book, you were just speaking directly to me about a lot of the issues that we've been dealing with for years.”
[33:42] “There is never a perfect time to do anything. The hurricane of being an entrepreneur never stops. At some point in time, you just gotta say ‘I’m making the commitment to start doing [managing my finances.]”
Connect with RJ
Facebook: https://www.facebook.com/OfficialRJBatesIII/
Youtube: https://www.youtube.com/c/RJBatesIII
Instagram: https://www.instagram.com/rjbatesiii
TikTok: https://www.tiktok.com/@rjbatesiii
Podcast: https://podcasts.apple.com/us/podcast/the-titanium-vault-hosted-by-rj-bates-iii
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 -
How Profit First Broke Unhealthy Financial Habits With Paul Sparks
Our guest today is Paul Sparks, a real estate investor and the owner & COO of BunnyHill Properties. He founded the Whale Club mastermind and is the host of the Investor Frame podcast.
Paul began his real estate career while working as an engineering salesman before going full-time as an investor. He shares how his lack of formal education in business and proclivity as a salesman made him more focused on making a profit and less on looking at his numbers and data—until he discovered the Profit First method.
Tune in as Paul shares his history, Profit First journey, and the practical steps to unlearn bad money habits and begin putting more focus on financial management.
Key Takeaways:
[00:52] Introducing Paul Sparks
[04:41] On His Difficulty Looking at His Numbers and Other Money Struggles
[08:10] Profit First and How It Helped Him Grow as an Investor
[20:53] On Learning More About Finances and Having Better Money Mentality
[25:30] Advice for Investors Who Want to Apply Profit First
[28:27] Connect With Paul Sparks
Quotes:
[06:11] “ It's really tough to run a profitable business if you do not collect and analyze the data because otherwise, you're just erring on the side of ‘How do I make more money?’ constantly…more revenue doesn't necessarily equate to more money in your pocket.”
[07:38] “I didn't know how to focus on how much money that I kept. It sounds so obvious when you say this stuff out loud. But it's not obvious when you're in the moment…I think it just took maturing as a business owner to understand: it doesn't matter how much you make unless you're keeping it.”
[26:18] “It's really, really tough to have financial freedom, financial certainty, if you don't have your finances dialed in.”
Connect with Paul
Instagram: www.instagram.com/paulsparksofficial
Website: www.realestatecertainty.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
Customer Reviews
David brings in people that are taking control of their finances. Love it.
David brings on folks that help me tweak my business towards profitability each episode. I never miss one of these.
Amazing!!!
This info is key to helping you get a grip on your finances in your business!! A must listen!
What a brilliant mind!!!!
I pre-ordered David’s book “Profit First” and when released I began reading and immediately saw the potential of this writing to those taking the time to not only read but follow the advice. David is insightful and well-versed in the business world and it is invigorating listening to him speak with passion on whatever the topic may be. I was so captured by his intellect that I have my 16 year old son now reading and listening to David’s advice. Thank you for investment into me and my family.