• Profit First for Real Estate Investors

  • By: David Richter
  • Podcast
Profit First for Real Estate Investors cover art

Profit First for Real Estate Investors

By: David Richter
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  • Summary

  • 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.
    © 2024 Profit First for Real Estate Investors
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Episodes
  • Avoiding Pitfalls: Keys to Short Sale Success

    Avoiding Pitfalls: Keys to Short Sale Success
    Apr 23 2024

    "Even if you are still working a day job, you can still do this on the side and should do this on the side until you have a pipeline."

    In this episode of Profit First for REI podcast, we interviewed David Randolph. He is a real estate investor best known for his highly profitable success in the Short Sales arena.

    He has one of the best systems that gets people real results. Now, he wants to share it with you!

    Listen as you will learn great lessons: ways of buying properties, getting into real estate, and how to do short-sale deals. Enjoy the show!

    Key Takeaways:

    [00:46] Introducing David Randolph
    [02:28] Focusing on short sales[
    09:07] The pitfalls of short sales
    [10:54] How long is the cash conversion cycle?
    [16:10] The team size on short-sales
    [20:12] Right way to run a business
    [26:00] "I would've sought expert help in the education field earlier."
    [27:12] Connect with David Randolph

    Quotes:

    [08:22] "You want to run a business? You want to make money? Short sales is one way to make a lot of money."
    [13:48] "Anybody in the United States can negotiate a short sale with the bank. Anybody, with the exceptions of California and Florida..."
    [21:19] "When you are making a lot of money, you don't need a lot of money to live off of. So why should you be making it and paying taxes? Why don't you do these deals in your retirement account vehicles?"

    Connect with David:

    Website: https://thedavidrandolph.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
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    30 mins
  • Flipping the Script: How Bill Allen Turned Education into Empowerment

    Flipping the Script: How Bill Allen Turned Education into Empowerment
    Apr 16 2024

    "The biggest piece of advice I'd give people of what I learned from that is, nobody is going to manage your money but you."

    In this episode of Profit First for REI podcast, we have Bill Allen. He is a real estate investor and the owner of 7 Figure Flipping. He and his team currently flip and wholesale 200+ deals every year.

    Bill shares his advice on how to become a better wholesaler and flipper. He talks about his journey in the real estate world, some of the biggest roadblocks he encountered, and his family program for teenagers.

    Enjoy the show!

    Key Takeaways:

    [00:46] Introducing Bill Allen and his background
    [02:15] Getting into real estate
    [04:30] Educating other people about real estate
    [12:15] Tips on becoming a better real estate investor
    [15:01] Why do most investors live deal to deal in their business?
    [23:21] Talking about the roadblocks in business
    [27:19] You have to be financially savvy
    [32:24] What is Teenage Tycoon all about?
    [41:48] Connect with Bill Allen

    Quotes:

    [10:02] "If you can figure out where you are weak, there are two options: You need to be higher up those weaknesses, or you can just dive in and strengthen them up."
    [25:54] "The longer you sit on a problem like that, the more expensive it gets."
    [27:19] "Nobody is going to manage your money but you. Nobody cares about it like you do."

    Connect with Bill:

    Website: https://www.7figureflipping.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
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    44 mins
  • The Importance of Staying Liquid and Paying Yourself First

    The Importance of Staying Liquid and Paying Yourself First
    Apr 10 2024

    "Get profitable and pay yourself first."

    If you want to become smarter financially and know where your money is going, we have a perfect guest!

    In this episode of Profit First for REI podcast, we have Chris Miles. Listen as he talks about the thought process of people around money. He also shares some tips on how you can pay yourself twice in your business and utilize passive income in your business to get the freedom you want. Enjoy the show!

    Key Takeaways:

    [00:45] Introducing Chris Miles
    [02:35] The Ultra Penny Pincher
    [06:20] Retiring at the age of 28
    [08:12] Jumping into real estate investing
    [11:19] Life Before Profit First
    [13:32] Follow your gut
    [16:32] Paying yourself twice
    [26:45] Business as your number one investment
    [27:42] His advice for real estate investors
    [28:41] Connect with Chris Miles

    Quotes:

    [05:49] "You can make better cash flow and income with real estate even if you are on the passive side."
    [13:32] "Follow your gut... If something doesn't feel right, don't go for it just because you can get a lot of money."
    [28:08] "Just get to the point where your business is an actual business. They can operate even without you, and you can get enough passive income that you don't need it either; to me, that's the true definition of freedom."

    Connect with Chris:

    Website: https://moneyripples.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
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    30 mins
Economics Personal Finance
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