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Make More Money, Do Fewer Deals, and “Profit First”

The Profit First system was revolutionary when introduced by Mike Michalowicz. In simple terms, Profit First allowed small business owners to take home bigger paychecks, reinvest in their business, and scale with ease, oftentimes while doing even less. The age-old adage of “do more work, make more money” was turned on its head by simple accounting practices. In reality, the business owners who were doing the most work were making the least, while business owners who truly knew their numbers worked less, made more, and had more money to invest.

After reading Profit First, David Richter knew that this same system could be applied to real estate investing. David grew a rental portfolio himself by learning from a local mentor. This mentor had a growing team, a scaling business, but was making less and less with every deal done. As David investigated more real estate investors’ businesses, he found that this wasn’t an isolated case. Most investors were making low wages, working far more than at the jobs they had quit, and had inflated businesses, to say the least.

With some simple accounting practices, which David describes in this episode, real estate investors can turn their business into Profit First powerhouses using very simple steps. If you’ve been feeling burnout from a barrage of deals, but aren’t seeing the profit you’ve worked so hard for, you’ll want to pick up David’s new book, “Profit First for Real Estate Investing”!

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Join BiggerPockets for FREE:
https://www.biggerpockets.com/signup?utm_source=youtube&utm_medium=description&utm_campaign=none
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Grab Your Tickets for BPCon 2022:
https://www.biggerpockets.com/bpcon2022?utm_source=youtube&utm_medium=description&utm_campaign=none
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Grab the Books Mentioned in Today’s Show:
“Profit First for Real Estate Investing”: https://www.amazon.com/Profit-First-Real-Estate-Investing/dp/1737514818/ref=sr_1_4?crid=3CZWNA1AP86JL&dchild=1&keywords=profit+first+for+real+estate+investing+david+richter&qid=1633613093&sprefix=profit+first+foraps187&sr=8-4
“Rich Dad Poor Dad”: https://www.biggerpockets.com/richdadpoordad?utm_source=youtube&utm_medium=description&utm_campaign=none
“The Book on Managing Rental Properties”: https://store.biggerpockets.com/products/the-book-on-managing-rental-properties?utm_source=youtube&utm_medium=description&utm_campaign=none
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Hear Our Interview with “Profit First” Author, Mike Michalowicz:
https://www.biggerpockets.com/blog/biggerpockets-business-podcast-30-mike-michalowicz?utm_source=youtube&utm_medium=description&utm_campaign=none
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Grab David’s Free Giveaway for BiggerPockets Listeners:
https://simplecfosolutions.com/biggerpockets/
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Invest in David and Rob’s Next Property:
https://www.investwithdavidgreene.com/
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Subscribe to David’s YouTube Channel:
https://www.youtube.com/c/DavidGreeneRealEstate
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Connect with Rob (Roubilt) on Youtube, Instagram, Tiktok, and Twitter:
Youtube: https://www.youtube.com/c/Robuilt
Instagram: https://www.instagram.com/robuilt/
TikTok: https://www.tiktok.com/@robuilto
Twitter: https://mobile.twitter.com/robuiltchannel
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Connect with David and Rob on BiggerPockets:
David: https://www.biggerpockets.com/users/davidgreene24?utm_source=youtube&utm_medium=description&utm_campaign=none
Rob: https://www.biggerpockets.com/users/robuilt?utm_source=youtube&utm_medium=description&utm_campaign=none
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Follow David on Instagram:
@davidgreene24 or https://www.instagram.com/davidgreene24/

Episode 608

Show notes at: https://www.biggerpockets.com/blog/real-estate-608?utm_source=youtube&utm_medium=description&utm_campaign=none

00:00 Intro
06:21 Quick Tip
07:24 Doing Deals Without Making Money?
15:32 Biggest Money Mistake Rookies Make
18:41 The “Profit First” Strategy
25:51 David’s Profit First Past & Portfolio
39:50 The “Golden Trio” of Profit Accounts
50:20 Deal Deep Dive
55:48 Famous Four

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