Profit First for Real Estate Investors with David Richter

David Richter is an active real estate investor who has been essential in closing over 850 deals which include wholesale, turnkey, BRRRR, owner finance, rentals, lease options, and any other exit strategy you can think of. He is the author of Profit First for Real Estate Investing.

In this episode, David helps real estate investors transform their real estate investing business in how they view their finances and bring them true financial clarity and freedom.

Checkout: Raising Capital Without Rejection Full-Day Workshop (Online): https://investorattractionworkshop.com/

What you'll learn in just 17 minutes from today's episode:

Find out where most real estate entrepreneurs get messed up and how the Profit First book can help them with that
Learn how the Profit First Real Estate Investing book enables you to get a clear outline of your gross and net profit
Discover why you need to set up the Profit First system no matter where you are in your deals right now

Resources/Links:

Get your Profit First for Real Estate Investing book. Click here: https://simplecfosolutions.com/profit-first-david-richter/

Topics Covered:

01:57 - How he got inspiration reading the original Profit First book to writing his own Profit First for Real Estate Investing book
05:33 - Where do investors usually find themselves in trouble, and how does the Profit First book help on this
10:46 - A matter of mindset shift
12:23 - The tangible benefit of getting a clear idea of your gross and net profit

Key Takeaways:

"The biggest thing I see is that the mistake of avoiding finances. Really comes down to lack of control. That's where Profit First, I feel like how does that fix that not only helps you to focus on it, but it helps you focus on your finances from your perspective, from the entrepreneur, because we check our bank accounts. And Profit First is all about bank accounts. It's all about the practical steps, I should say." - David Richter

"It is all about that mindset shift from paying everyone else first besides yourself. That's why I like the practical steps because we hear it so often from so many different sources to pay yourself first. But then, until you start getting into that habit and seeing the tangible benefits of doing that, it's hard for that mindset to sink in. Unless you can totally see the goal line." - David Richter

"Many people, when they think they're savvy, and they can read the financial statements, and they can do this, in that there's a big difference between the financial statements like a profit and loss and the actual cash going in and out of the accounts, especially in the real estate investing world because we deal with loans." - David Richter

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