Ep34 - Realty Rat Race with David Richter
04/15/21 • 41 min
Realizing how real estate investors are being stuck in the realty rat race, David sees the unique opportunity of exploring the financial side of property investing - Profit First Cash Flow System.
Utilizing all the knowledge he learned from the many seats he held in a real estate company, he has established his own profit advising company that has helped real estate businesses completely turn around from going out of business to building cash reserves.
The key points to be integrated into the system of real estate investing
- Calculation of real revenue
- Setting up a different bank accounts
In today’s episode of the Expert(ish) Podcast, our guest, David Richter will talk about the pitfall he discovered in most real estate endeavors. He will also discuss more about how business owners, especially real estate investors, plan out their cash flow and gain clarity in their business.
David Richter is Owner of Simple CFO Solutions which helps real estate investors apply profit first principles to their business. He is an active real estate investor who has been essential in closing over 850 deals which include wholesale, turnkey, owner finance, rentals, lease options, and any other exit strategy. His goal in life is to completely transform the Real Estate Investing industry when it comes to how real estate investors view their finances and – bring them true financial clarity and freedom.
Enjoy!
In this Episode
1:42 - Backstory of David Richter
6:45 - How David leveraged his knowledge from the many seats he held at a real estate company
11:01 - What inspired him to pursue the financial side of investing
16:52 - Diving deeper into the key points to be integrated in real estate investing
22:47 - How not to become overwhelmed when setting up too many business bank accounts
24:26 - The struggles investment companies go through other than the profit first side
28:42 - The difference between buying a marketing system and educating yourself
31:51 - David's mistakes on the investing side and what he learned from it
35:08 - How David help real estate investors grow their cash flow
Favorite Quotes
"Also in real estate too, just having like a P I T I account, especially if you're not paying taxes, but once or twice a year, like property taxes, making sure that you're setting up accounts specifically to save for those throughout the year. Because a lot of people get hit with those taxes doesn’t know, like, it's the end of the year now and I forgot to pay those taxes." - David Richter
"If you have that big enough reason or you have a big enough passion for it, you're going to do what it takes in order to get to where you want to be." - David Richter
"Learn as much as you possibly can to up-level yourself because no matter what route you take, you're going to always have to be leveling up in order to provide more value to people. And then the value comes back to you." - David Richter
"What really helps people on the real estate side is what account could we set-up that’s going to give you more clarity." - David Richter
"No two businesses are exactly alike. Even if you do the same things, your processes, procedures, your team members are going to be different. So you're going to have a different structure than other people." - David Richter
Engage with David Richter
Connect with Expert(ish) Podcast Host JAY JOHNSON
Call (858) 925- 4536
Listen to more episodes of the Expert(ish) Podcast
Realizing how real estate investors are being stuck in the realty rat race, David sees the unique opportunity of exploring the financial side of property investing - Profit First Cash Flow System.
Utilizing all the knowledge he learned from the many seats he held in a real estate company, he has established his own profit advising company that has helped real estate businesses completely turn around from going out of business to building cash reserves.
The key points to be integrated into the system of real estate investing
- Calculation of real revenue
- Setting up a different bank accounts
In today’s episode of the Expert(ish) Podcast, our guest, David Richter will talk about the pitfall he discovered in most real estate endeavors. He will also discuss more about how business owners, especially real estate investors, plan out their cash flow and gain clarity in their business.
David Richter is Owner of Simple CFO Solutions which helps real estate investors apply profit first principles to their business. He is an active real estate investor who has been essential in closing over 850 deals which include wholesale, turnkey, owner finance, rentals, lease options, and any other exit strategy. His goal in life is to completely transform the Real Estate Investing industry when it comes to how real estate investors view their finances and – bring them true financial clarity and freedom.
Enjoy!
In this Episode
1:42 - Backstory of David Richter
6:45 - How David leveraged his knowledge from the many seats he held at a real estate company
11:01 - What inspired him to pursue the financial side of investing
16:52 - Diving deeper into the key points to be integrated in real estate investing
22:47 - How not to become overwhelmed when setting up too many business bank accounts
24:26 - The struggles investment companies go through other than the profit first side
28:42 - The difference between buying a marketing system and educating yourself
31:51 - David's mistakes on the investing side and what he learned from it
35:08 - How David help real estate investors grow their cash flow
Favorite Quotes
"Also in real estate too, just having like a P I T I account, especially if you're not paying taxes, but once or twice a year, like property taxes, making sure that you're setting up accounts specifically to save for those throughout the year. Because a lot of people get hit with those taxes doesn’t know, like, it's the end of the year now and I forgot to pay those taxes." - David Richter
"If you have that big enough reason or you have a big enough passion for it, you're going to do what it takes in order to get to where you want to be." - David Richter
"Learn as much as you possibly can to up-level yourself because no matter what route you take, you're going to always have to be leveling up in order to provide more value to people. And then the value comes back to you." - David Richter
"What really helps people on the real estate side is what account could we set-up that’s going to give you more clarity." - David Richter
"No two businesses are exactly alike. Even if you do the same things, your processes, procedures, your team members are going to be different. So you're going to have a different structure than other people." - David Richter
Engage with David Richter
Connect with Expert(ish) Podcast Host JAY JOHNSON
Call (858) 925- 4536
Listen to more episodes of the Expert(ish) Podcast
Previous Episode
Ep33 - Syndication: Preservation of Investor Capital Vinney "Smile" Chopra
From a mechanical engineer to one of the largest companies in India, Vinney moved to the United States to pursue a Master of Business Administration in Marketing. As he knocked on doors to sell Bibles, encyclopedias and other educational books to earn his tuition fee, he discovered his fascination for sales. His morals and genuine care for people have helped him to build a successful career in real estate and manage over $440 million in assets today.
His sole interest in mind:
- Preservation of capital of the investors as a syndicator
In today’s episode of the Expert(ish) Podcast, our guest, Vinney Chopra will talk about his journey of pursuing his dream and how he transitioned from being an engineer into a real estate syndicator. He will also share the practices that have enabled him to build trust and relationships with everyone around him and achieve the success he enjoys today.
Vinney “Smile” Chopra is the Founder and CEO at Moneil Investment and Management Groups & Multifamily Syndication Academy. He is also a Multifamily Investor, Syndicator, Educator, Motivator, Podcaster and Author. His books, Apartment Syndication Made Easy and Positivity Brings Profitability, have made him the Best Selling International Author. His podcasts, Syndication Made Easy and Mr. Smiles Motivation Talk Show, are the home of many golden nuggets on investing and inspirational motivation.
Enjoy!
In This Episode
3:13 - Backstory of Vinney "Smile" Chopra
4:46 - What inspired him to change careers from engineering to investing?
9:26 - How he gained knowledge about real estate investing
14:45 - Vinney's dedication and work ethic
17:16 - What made him become a multifamily investor
23:26 - How Vinney's multifamily properties focus on caring for the elderly
31:54 - His other investments outside of the senior market
47:33 - How tax benefits work with his multifamily investment for seniors
53:33 - His list of struggles in dealing with property investments
58:29 - His experience with building trust and relationships with the right people
Favorite Quotes
"Money is so cheap right now. Refinancing, pulling the dead money out, is the right thing to do. If you have a gain of any kind, any kind, you could put that into the opportunity zone. Don't have to pay any taxes." - Vinney Chopra
"I think one should be very vigilant and always be thinking and planning what we are doing with our life and how we could make it better. But the key thing is to really put it into action." - Vinney Chopra
"I believe if we want to be successful in any decision we make, we need to be totally committed to it." - Vinney Chopra
"We have so many dreams. We have so many goal settings we do on paper or in the mind. I believe in writing it down and looking at it again and again to see if I am moving towards the goal." - Vinney Chopra
"Make the best of the best with the energy that we put out around us. Because the people who would like us will be the people we built, the people we respect and the people we add value to." - Vinney Chopra
"I always believe that you cannot burn bridges. You've got to keep everybody. The network is the net worth. The key thing is to add value to everybody." - Vinney Chopra
"'I've been a product of not knowing anything to where I am now. It's a success that took me 15 years. I have gone through so many ups and downs. And the good part is having the right attitude and just moving the needle makes you stronger." - Vinney Chopra
"The key thing is if you have your attitude that everything is temporary, don't sweat the small stuff."
"I have the fiduciary responsibility towards the money of my investors. So building the team and keeping it solid is so important." - Vinney Chopra
Engage with Vinney “Smile” Chopra
Connect with Expert(ish) Podcast Host JAY JOHNSON
Call (858) 925- 4536
Listen to more episodes of the Expert(ish) Podcast
Next Episode
Ep35 - Creating Your Own Opportunities with Mario P. Fields
Interacting with diverse groups of people and learning from his mistakes while in the US Marine Corps, Mario developed a deep understanding of human dynamics. Although his original transition plan did not transpire as planned, his business of creating opportunities and unleashing potential has made him a highly-sought-after resource in business and professional circles. Through his mission to connect inspirational speakers with speaking opportunities, he is enabling developing managers to demonstrate positive leadership qualities, manage change, and thrive during crises.
The qualities that are invaluable in business:
- Attitude
- Dependability
- Comfortable in crisis
In today’s episode of the Expert(ish) Podcast, our guest, Mario P. Fields will talk about his leadership behavior, how his experience in the US Marine Corps laid the foundation of his business, and how he manages his time very well while caring for others.
He will also share his juicy secret of looking young after almost 30 years in the Marine Corps.
Sergeant Major Mario P. Fields, United States Marine Corps (retired), is a combat veteran and successful business owner. He is the Co-Founder and CEO of Global Inspirational Speakers which offers public speaking services that meet a wide range of business needs. Mario is also the C-Suite Network Executive Leader and the Founder of the Still Serving, a not-for-profit organization dedicated to improving the academic performance and career opportunities of students living in underserved communities.
Enjoy!
In This Episode
3:53 - Backstory of Mario P. Fields
5:33 - The civilian equivalent of a Marine Corps Sergeant Major's duties and responsibilities
10:44 - How he reacts to mistakes and setbacks
14:40 - His approach towards leadership behavior
17:28 - The impact of fostering a relationship that makes people feel comfortable talking to you
21:50 - The qualities that won the applicant the job
26:34 - How Mario controls his time well
30:23 - How getting rid of the binary discussion framework saves him time
37:05 - The most confusing situation he had in his first executive position in the private sector
44:30 - How his not dream business became his company
48:10 - The concept behind Mario's podcast, Unarmored Talk
52:10 - His advice to service members on the financial side of things
Favorite Quotes
"You can hire someone that doesn't have the degree. They may not be credentialed. If they have a great attitude and they're dependable, I can get you in the company. We could pay for you to get that bachelor's, maybe to get that certification. But I can't see you to the university of attitude. And it's the attitude that a lot of, I believe servicemen and women, bring to the private sector that was invaluable." - Mario P. Fields
"Leadership is a behavior and behaving in a way that builds a team across the board." - Mario P. Fields
"I believe a lot of professionals who've never served in the military think that there's a big difference between a private sector structure, business structure in the military. It's not. We still do onboarding." - Mario P. Fields
"Every human being is totally different and you cannot take a cookie cutter approach to your leadership behavior. It changes daily." - Mario P. Fields
"There's things that happen while living that changes the dynamics of your mental state and the person that's leading. You need to understand that today is not the same as tomorrow and tomorrow is not the same as the next day." - Mario P. Fields
"I believe that service men and women are very comfortable with looking for opportunities in some of the worst despair situations." - Mario P. Fields
"One of the most important things I believe any human being has is their own personal time. If I give you my time, no matter what, then that means I care." - Mario P. Fields
"What else I learned about being in the military, it allows you to buy property near military bases, which is almost recession proof. You just buy a property that you may even come back to or want to get rented because you're right near a funding stream called a military installation." - Mario P. Fields
Engage with Mario P. Fields
Website: Global Inspirational Speakers
Connect with Expert(ish) Podcast Host JAY JOHNSON
Call (858) 925- 4536
If you like this episode you’ll love
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