320: How to Work LESS and Earn MORE by Putting "Profit First" in Real Estate w/Mike Michalowicz

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 9 September 2023

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

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Summary

We know what you want: more profit while working less in your real estate business. As a rookie, investing in real estate can sometimes seem like more trouble than it’s worth. But, a few simple adjustments can take HOURS off your plate while making you more money than you can imagine, as today’s special guest will demonstrate! Welcome back to the Real Estate Rookie podcast! In this episode, we’re joined by Mike Michalowicz—serial entrepreneur, business coach, and multi-time best-selling author. Today, we’re dialing in on two of Mike’s books—Profit First and Clockwork—and discussing how they can help YOU in real estate. If you feel like you’re treading water with your real estate business, this is an episode you need to hear! By turning the traditional profit formula on its head, Mike shows you how to rewire your brain and the way you think about profit. You’ll learn the importance of paying yourself first and building a buffer for the inevitable expenses you incur as a real estate investor. You’ll also learn about the first hire ALL business owners should make and how to free up more of your valuable time through the power of delegation. In This Episode We Cover: The importance of paying yourself first (flip the profit formula!) How to start delegating tasks you don’t need to be doing Determining a realistic amount to pay yourself from your property business The first hire EVERY real estate business owner MUST make Tools you NEED to effectively onboard a new virtual assistant Improving your business and freeing up time with “captures” And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz How to Guarantee Profit From Day 1 w/ Mike Michalowicz Grab Your Copy of “Profit First” and “Clockwork” Join Relay for Profit First Banking Grab Your Copy of “Getting Things Done” Follow Andrea Cwik on Instagram Connect with Mike: The Entrepreneurship Elevated Podcast Mike’s Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-320 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie Episode 320.
0:04.8	What profit first is, is we flip the formula to be sales minus profit that equals expenses.
0:10.4	In practice, what you do is every time there's a transaction,
0:13.2	we take the predetermined gold profit, remove it from the business, hide it away,
0:17.6	and then the remainder of what we run our business off of.
0:20.4	It's the pay yourself first principle applied to business.
0:23.6	My name is Ashley Care, and I am here with my co-host, Tony J. Robinson.
0:28.4	And welcome to the Real Estate Rookie Podcast, where every week, twice a week,
0:32.0	we're bringing the inspiration, motivation, and stories you need to get to kick start your investing journey.
0:36.6	And today, we've got one heck of an episode for you guys.
0:40.9	We have the author, entrepreneur, coach, Mike McCallowicz.
0:44.9	He's written tons of, you know, high selling books, super popular in the world of
0:50.2	entrepreneurship and real estate investing.
0:52.1	We had him back on episodes 30 for actually business.
0:56.4	So the Bigger Podcast Business Podcast is episode 30.
0:59.0	He's on the Rookie Show for episode 132, and he's back today for another amazing episode.
1:04.0	Mike has authored the book Profit First.
1:06.4	He also wrote the book Clockwork.
1:08.3	And we talk about both of those books in today's episode.
1:11.0	And you're going to hear a lot of great information that applies to both
1:14.0	real estate investing and entrepreneurship in general.
1:16.0	Yeah, last time we had Mike on, we talked about a little bit about profit first,
	...

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