WIP 1003: Profit First – These Mistakes Are Costing You

Wholesaling Inc with Brent Daniels

Find distressed properties for pennies on the dollar and turn them for huge profits!

News, Wholesaling, Education, Houses, Make Money, Business News, Real Estate Agent, Business, Real Estate, How To, Cash Buyers, Entrepreneurship, Wholesale Houses, Entrepreneur

4.9 • 1.4K Ratings

🗓️ 27 July 2022

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

Imagine making over $600k monthly with wholesaling and still losing money? Unfortunately this is a trap many real estate investors fall into. We tell ourselves the more deals and the more employees we have the better. And without an accounting system and accounting philosophy to keep us in check, we end up living paycheck to paycheck instead of achieving the true financial freedom we got into real estate for. Today’s guest, David Richter, is the founder of SimpleCFO and author of Profit First for Real Estate Investing. He joins Lauren Hardy to discuss the biggest financial mistakes real estate investors make and how to avoid them.

If you liked this episode and are ready to level-up your game and achieve true financial freedom, apply to Lauren’s Virtual Investing Mastery program.

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Show notes:

(0:48) - Beginning of today’s episode.
(1:52) - Many investors are living paycheck to paycheck – here’s how to avoid it.
(5:30) - The company you DON’T want to be.
(11:28) - The biggest financial mistake to avoid.
(19:38) - Why drinking the “social media Kool-Aid” is hurting you.
(24:35) - Save this much before hiring.
(28:35) - Lauren’s Quickbooks hack.
(33:15) - The importance of a CFO and what to avoid.

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Resources:

Want to learn more? Check out our Virtual Investing Mastery program.
To speak with Lauren or one of our other expert coaches call (281) 835-4201 or schedule here.
Interested in a part-time CFO? Learn more about David’s SimpleCFO here.
David’s Profit First for Real Estate Investing.

Go to Wholesalingincgroup.com to become part of one of the fastest growing Facebook communities in the Wholesaling space.

Get all of your burning Wholesaling questions answered, gain access to JV partnerships, and connect with other "success minded" Rhinos in the community.

It's 100% free to join. The opportunities in this community are endless, what are you waiting for?

Transcript

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0:00.0	So can you give one mistake that you see most newbie, like new to the business, say one
0:07.3	year or less in?
0:08.8	Could you think of one mistake that you see the most?
0:11.1	Biggest mistake I see is having one big bank account where all your money goes in, all
0:15.7	your money goes out and you're tossing a cash sound.
0:18.8	This is game changing information guaranteed to raise your real estate wholesaling
0:23.5	business with actionable steps you can take immediately to navigate the ins and outs
0:28.1	of wholesaling and start making money today.
0:31.6	Join us as we put our guests in the hot seat and dive deep to dissect their strategies
0:36.2	for success to enable you to duplicate their results.
0:39.4	You're listening to wholesaling ink.
0:41.8	The only show dedicated to making you a fortune in wholesaling.
0:48.3	What's up, rhinos?
0:49.8	You're listening to the wholesaling ink podcast.
0:53.3	I'm your host Lauren Hardy.
0:55.1	And today I've got David Richter on the show with me.
0:59.1	David owns a company called Simple CFO and David is the man to go to to talk your finances.
1:07.5	We're going to have an uncomfortable conversation.
1:09.8	I'm sure as you guys are listening, you might be squirming in your seats because I feel like
1:14.4	that's what everyone does when we actually start talking about your personal finances or
1:18.6	your business finances.
1:20.4	But we have to get real with ourselves, especially with the times right now, you know,
	...

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