Ep34 - Realty Rat Race with David Richter

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

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Simple CFO Solutions Website

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Call (858) 925- 4536

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