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Profit First for Real Estate Investors

David Richter

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 mor...
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Profit First isn’t just a massive benefit for real estate investors—it can benefit any business across various industries.

To show you just how valuable the Profit First method can be, we’ve got AJ Aluthwala joining us today! He is an app developer, co-founder, and CEO of KallistoArt Online Marketing, a company that helps develop high-conversion websites and mobile apps for other businesses.

AJ is also a big advocate for the Profit First method! Listen as he shares his story in this episode.
Key Takeaways:
[00:43] Introducing AJ Aluthwala and His Projects
[03:54] AJ’s Money Struggles and Profit First Journey
[09:57] Why AJ Implemented Profit First Right Away
[11:30] Some People Live Paycheck to Paycheck Because of the Lack of Knowledge in Financial Management
[14:46] AJ’s Journey Into Entrepreneurship
[16:42] AJ’s Years of Entrepreneurship Before Profit First
[19:04] How AJ Restructured the Business With Profit First
[21:08] What Money Lessons AJ Wants to Teach to His Kids
[26:31] Persistence and Adaptability: AJ’s Keys to Success
[28:18] Connect With AJ
Quotes:
[09:37] “When you have $0 in your bank account, it's very easy to implement all things.”.
[12:08] “A lot of people like myself have not really been schooled, or [don’t] have school about managing money, or don't have the background about money management.”
[17:19] “When things aren't going right for you, you start seeing shiny objects, and then you start running after shiny objects... And that's what happened to me... Because [of] all of that, I was introduced to Profit First. And out of that, I was able to take profit first seriously.”
Connect with AJ:
AJ’s Website:
https://www.aja360.comElleApps Website: https://www.elleapps.comTired 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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Joining us for today’s episode is Mike Hambright, the CEO of Investor Machine, a real estate investor, mentor, and coach. He is also the Founder of the Real Estate Investor VIP Show and Investor Fuel, the top Real Estate Investor Mastermind in the country.

Mike is a prominent figure in the real estate investing world due to his passion for using his platform to provide value to the real estate investing community, dedicated to helping every investor find personal success. He joins us in this discussion to do exactly that.

Catch the full discussion on this episode of the Profit First for REI podcast!

Key Takeaways:
[00:42] Mike Hambright and Real Estate Investing
[05:25] Mike’s Money Struggles
[08:14] Why Should You Set Up a Financial Management System?
[11:47] Why Should You Have Someone Who Knows Your Business’s Numbers on Your Team?
[12:48] Mike’s Perspective on Why Investors Often Live Deal to Deal
[15:57] Advice for the Next Generation of Real Estate Investors
[18:30] On Tenacity and Confidence: Mike Hambright’s One Key to Success
[23:47] On Giving Up Control: The Lesson Mike Learned the Hardest
[26:51] Surround Yourself With the Right People: Mike’s Advice
[28:26] Connect With Mike
Quotes:
[19:19] “Failure needs to be a stepping stone.
[27:02] “Surrounding yourself with the right people.”
[27:57] “You can invest your way up that learning curve.”
Connect with Mike:
Investor Fuel Website:
https://www.theinvestormachine.com/front
Investor Machine: https://investorfuel.com/Mike’s Facebook: https://www.facebook.com/mlhambrightTired 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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Are you the type of business owner who doesn’t know their numbers and feels guilty because of it? It’s time to fix that.

Our guest, John Humphrey, used to be the same—until that mindset led to his finances spiraling into ruin. Now he runs his business with a new perspective: not only is he dedicated to knowing his numbers, he also works with people with complementary skills and uses a financial management system.

Join us as we talk about John’s career, short-term rental business, money struggles, and how he changed his life by applying a better money mindset!
Key Takeaways:
[00:59] Introducing John Humphrey
[02:50] John’s Career History
[05:55] John’s Epiphanies Around Money Struggles
[09:06] Why You Should Hire Help and Use a Financial Management System
[14:49] Why Do Investors Often Live Deal to Deal?
[18:36] How Losing Everything Inspired John to Educate Himself on Finances
[25:00] How Knowing Your Numbers Makes You a Better Business Owner
[26:41] John’s Current Projects in the Short-Term Rental Vacation Space
[32:10] Connect With John Humphrey
Quotes:
[06:51] “I saw people having really the same struggles, like, it's all about making money, but then when you had the money, they didn't know what to do with it.”
[08:13] “I felt guilty that I didn't have the financial expertise with my money.”
[07:34] “[After using a financial management system] It wasn't just looking at a number—there was a purpose.”
[23:28] “I used to run my businesses pretty much by emotion and going for things...Now [we] have a CFO...we brought in professionals on our team that we never did before.”
Connect with John:

Website: https://www.linxstr.comTired 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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Are you an investor who wants to transition from single-family to multi-family investing?
We’ve got Sean Thomson with us today to give us his knowledge on multi-family real estate investing. He himself has made the jump from working in the single-family space to founding the Thomson Multi-Family Group and working with accredited investors to join his ventures throughout the country.
Join us as we cover multi-family real estate and beyond, including financial independence, self-belief, and more, in this episode of the Profit First for REI podcast!
Key Takeaways:
[00:40] Introducing Sean Thomson
[02:03] Sean on Why He Chose Real Estate and Multi-Family Investing
[07:07] His Current Progress in His Multi-Family Journey
[12:06] Financial Struggles He Experienced in His Journey
[17:06] What You Need to Start in Multi-Family Investing
[24:41] On Sean Working With His Family
[27:52] The Biggest Lesson Sean Has Learned in His Investing Journey
[31:11] Connect With Sean Thomson

Quotes:
[07:28] “I had to convince myself to believe in ME.”
[07:34] “I feel like one of the big things that happen in real estate is you always hear this old adage that real estate investors are extremely wealthy on paper, but they're broke in their bank account.”
[14:17] “We're constantly reinvesting...We're always looking at how to create a better future. And I think that's a very important skill for anybody that's going to be in any business.”.
[28:23] “I think if you think things through—if you really think about the strategies you're deploying, if you do things on a fundamental level that are solid and principled, and if you do your business properly—I don't think losing money is an inevitable inevitability.”
Connect with Sean:
Website:
https://www.thomsonmultifamilygroup.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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Today’s guest is Steven Pesavento. He is a real estate investor, a high-performance coach, and an expert in mindset and marketing. He hosts the Investor Mindset podcast and is the President of VonFinch Capital, an investment firm focusing on Multifamily Real Estate for executives and entrepreneurs.

Steve joins us to share his thoughts on anything between mindset, money management, multifamily real estate, and his personal journey starting in the investment space.

He’s got a ton of amazing nuggets of knowledge for investing veterans and newcomers alike! Catch all of it on this episode of Profit First for REI!

Key Takeaways:
[00:58] Steven Pesavento and Real Estate Investing
[07:14] On Financial Struggles in the Real Estate Investing
[14:40] Why It’s Necessary to Have a Business Plan
[17:34] On Multifamily Real Estate and Syndications
[25:12] Steven Pesavento’s Keys to Success and the Importance of Mindset
[30:00] Connect and Engage With Steven

Quotes:

[02:27] “What excites me about real estate investing is that it can unlock so many doors for people...My belief is that everyone, what they're really looking for when they get into real estate is they're looking for more freedom, flexibility, all with the purpose of having more fun. And I think there's no better path or no better vehicle to get in than real estate in order to help do that.”
[07:34] “I feel like one of the big things that happen in real estate is you always hear this old adage that real estate investors are extremely wealthy on paper, but they're broke in their bank account.”
[21:55] “My success has really come down to mindset. [I] define mindset [as] the thoughts and beliefs that directly lead to the actions you take and therefore the outcomes you experience.”

Connect with Steven:

Investor Mindset Podcast: https://podcasts.apple.com/us/podcast/id1459472778
Free Playbook: https://www.vonfinch.com/playbook
Website: https://www.stevenpesavento.com/
Instagram: https://www.instagram.com/steven.pesaventoTired 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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Money management is a powerful thing for entrepreneurs—very often, it can mean the difference between living paycheck to paycheck and seeing profits. Real estate investors often operate without knowing there is a better way to manage their earnings by adopting a solid money management structure.

For our guest, finding success early in his life led to the need for stable finances. Greg Helbeck’s continued upward trajectory made him realize that he had to treat money with respect—and that’s where Profit First came in.

On this episode of Profit First for REI, Greg and I talk about his journey in money management and being a leader. Listen in!

Key Takeaways:

[00:43] Introducing Greg Helbeck
[01:53] On Knowledge He’s Gleaned From Reading
[04:28] On How His Money Mindset Changed After Profit First
[08:50] The Hardest Lesson He Has Learned in Real Estate Investing
[11:04] On Managing a Team
[21:16] Greg’s Advice for Real Estate Investors
[23:50] Connect with Greg

Quotes:

[06:11] “If you are not prepared to have ups and downs from your cash flow, no matter how much marketing you do, if you don't save that money, and you don't have reserves, you're going to really get mentally stressed out.”
[13:29] “ If you're going to be a one-man show forever, that can work—you can make great money. But you're never gonna get to a level where you're making net seven figures [or eight].”
[21:55] “If you master lead generation and you master communication, you will earn income.”

Connect with Greg:

Podcast: https://podcasts.apple.com/us/podcast/pave-the-way-podcast-with-greg-helbeck/id1459746507
Instagram: https://www.instagram.com/grego_37
Website: https://www.velocityhousebuyers.com/
Email: greg@velocityhousebuyers.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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Today’s guest is Brett Snodgrass, an investor-entrepreneur and the founder of Iron Deep and Simple Wholesaling. Prior to founding his own businesses, Brett spent years as a real estate investor and expanding his professional tool kit.

After steadily growing his experience and expertise, Brett slowly scaled up his business, hiring people in roles he used to do on his own, eventually even stepping down and hiring a CEO for his company.

On this episode of Profit First for REI, Brett shares his history in real estate investing, Profit First, and how he got to where he is today. Tune in!

Key Takeaways:

[00:48] Introducing Brett Snodgrass
[03:14] Brett on Real Estate Investing
[08:45] On Building Success by Surrounding Yourself With Successful People
[15:37] Brett on Experiencing the Lack of Financial Clarity
[17:50] On Struggling to Pay Himself
[20:51] Factors That Keep People Living Deal to Deal
[23:56] Money Management as an Art to Teach to His Kids
[29:56] Connect With Brett

Quotes:

[04:41] “I don't know what other business model [other than real estate investing]–for me at least–that I can really build that financial freedom.”
[09:12] “That gave me confidence, to be around people in mastermind groups.”
[24:09] “I think that making money is an art. I think it's something that you can learn at a very young age and just like an artist or musician”

Connect with Brett:

Podcast: https://podcasts.apple.com/us/podcast/the-brett-snodgrass-podcast

IronDeep: https://www.irondeep.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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Today’s guest is Sharon Vornholt, a real estate investor and business coach. She has been in the property business since 1991, starting with her home inspection business before kicking off a career in investment in 1998.

Since 2013, Sharon has been running a successful blog and podcast, providing value on real estate investing to her audience. She has since expanded into providing coaching services on marketing and the industry for other investors who seek success.

On this episode of Profit First for REI, Sharon’s going to share the wealth of knowledge she has accumulated in her years. Don’t miss it!
Key Takeaways:
[01:41] Sharon Vornholt and her Background

[05:02] Sharon and Her Career as a Marketer

[06:19] Direct Marketing and Branding

[08:08] On Probates

[10:28] On Learning About and Implementing Profit First

[14:43] On Her Money Mindset Then and Now

[16:21] Beliefs to Pass on to the Next Generation of Investors

[22:18] Advice for the Real Estate Investing Community

[24:04] Connect With Sharon

Quotes:

[12:41] “We all understand income and expenses, and you got to have the money coming in to pay the bills. But [the Profit First Approach] is at a much deeper level...it challenges you really to look at money differently.”

[17:03] “I think you have to invest in yourself, you have to invest in your education, because why should you have to learn everything the hard way, when you can get a coach?”

[22:59] “Focus on getting the leads in the door, and focus on your brand–even if you're brand-spanking new.”

Connect with Sharon:
Blog & Podcast:
https://louisvillegalsrealestateblog.com

Probate Course: https://probateinvestingsimplified.com/

Website: https://sharonvornholt.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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Time is without a doubt one of our most important resources, but how we spend it often doesn’t get the consideration it deserves. Time is a finite asset we pull from for every single activity we do in our lives, from lifestyle to work, and like any resource, we should be smart about how we invest it.

Our guest today is an expert on the subject. Justin Donald is the author of The Lifestyle Investor, a book all about finding balance between work and personal time, and investing with an emphasis on achieving the lifestyle you want.

His entire philosophy on putting lifestyle first has a fantastic intersection with the Profit First method’s focus on making sure that the owner-investor gets their share. Tune in!
Key Takeaways:
[00:43] Justin Donald

[02:29] The First Commandment: Lifestyle First

[06:35] Why People Live With the Intentionality of Putting Themselves First

[10:17] On the Money Struggles Justin Has Experienced

[14:22] On the Lion Logo on His Book

[18:06] Money Mindset to Pass on to His Children

[22:00] Justin Donald’s Keys to Success

[28:08] The Hardest Lesson Justin Has Learned

[30:36] How Listeners Can Provide Value Back to Justin
Quotes:
[03:36] “For me, the whole purpose of life is to be in control of your time, to be a time billionaire, to really buy your time back and spend it in a way that you see fit.”

[13:33] “You're just a mindset shift away from this abundant place, this opportunity of never running out and having more than you can ever use.”

[26:12] “The more you hang out with people that are bigger thinkers, you're just naturally going to become a bigger thinker.”
Connect with Justin:
Get a free copy of his book:
lifestyleinvestorbook.com

Buy a copy: The Lifestyle Investor: The 10 Commandments of Cash Flow Investing for Passive Income and Financial Freedom

Website: justindonald.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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Now is an excellent time to start investing no matter where you are, no matter what age you are.

We've got Mark Podolsky, a land geek sharing his knowledge on conquering the fear of investing and financial insecurity to move forward to achieve the tri-factor of life: Money, Health, and Time.

Listen as Mark shares how Profit First impacted his business and gained knowledge on how he transforms lands into a passive income now!

Key Takeaways:
[01:00] Introducing Mark Podolsky
[01:54] Mark on What Excites Him the Most about Real Estate Investment
[03:49] Financial Struggles He Experienced in the Past
[08:24] Mark's Insight on Why Most Investors Live Deal to Deal
[12:07] Profit First's Impact on His Business
[15:26] How His View of Money Changed Over the Years
[20:51] One Key for Mark's Success in Life
[23:08] Hardest Lesson Mark Learned in His Real Estate Investing Career
[25:04] Mark's Advice to Real Estate Investing Community
[28:03] Connect with Mark Podolsky

Quotes:
[05:54] "Stuff is great, vacations are great, cars are great but that doesn't make me happy."
[18:27] "There will never be better times of your life when you have the tri-factor of life: Money, Health, and Time."
[21:43] "Many people are spending so much of their days, life, and energy on this thing called money that doesn't fulfill them, doesn't light them up, isn't their true purpose."
Connect with Mark:
Website:
https://www.thelandgeek.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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