David Richter's Recipe for Success: Balancing Business and Personal Finances in Real Estate

Speaker 1: 0:02

Welcome to the Aim High podcast. I'm your host, bud Evans. Today, we're thrilled to have David Richter. David is a seasoned real estate expert. David's journey in real estate began in 2012 and since then, he's been part of over 900 deals. In this episode, David shares his insights on the importance of financial management in real estate. Here are my three takeaways: First, the critical role of understanding and managing your finances in real estate success. Second, the necessity of keeping more of your earnings. And last, the diverse experience David brings from marketing to property management. Join us as we dive into these valuable lessons with David Richter. Author of Profit First for Real Estate Investing. You're about the book and more, where we provide real estate investors with the tools to achieve generational wealth. This is the AMI podcast episode number 60.

Speaker 2: 0:42

Good day High Flyer and welcome to the Aim High podcast. I am your host, bud Evans, and today I am joined by an impressive individual. This guy is not only an author, but he's also someone that I got the hang out with for an entire day down in Lakeland, Florida, recently with our friends Tarek El Moussa and David Richter. How are you, david?

Speaker 3: 1:01

Bud I'm doing it. Great Thanks for having me on the show.

Speaker 2: 1:03

It is an absolute pleasure, man. I will tell you flat out, one of the reasons that I really was looking forward to getting you on here is, simply put I'm a fan. I read your book. I listened to it on audio first and then having you in my ear telling me about some military guy who came to you and you gave him the news about his business and he hung up on you and that resonated greatly with me because my books were so bad and now I'm actually a client of yours. Do me a favor. For anyone who doesn't know you, Can you just give me a quick introduction?

Speaker 3: 1:39

Yeah, so I've actually been in the real estate world since 2012,. Bought my first house on 121212. And since then it's been a whirlwind. I was at a real estate company for five years. We did over 850 deals, or 800 deals while I was there, then moved across the country, started working with another investor, did about 50 deals with him there and, honestly, what helped me get to where I am now today is that I saw in both businesses that everyone has trouble with the numbers, with keeping the money, paying themselves what they want to. We were doing 25 deals a month in that first company. At our highest point, doing 300 deals a year, but spending 26 were. Who cares? Who cares that we're doing all these deals, all this activity and not making any money? So that's where got into more of the. I want to help people keep more of what they're making and nowhere to put their dollars in their business and because that's just sorely lacking. So I've got a lot of experience. It was a lot of single family deals, lots of different exit strategies. I've sat in lots of different seats for marketing, sales, transaction coordination, finance, like project management, property management. So I've got a little taste of it all and love the real estate world, but just want to help people make sure they're keeping more of what they actually bring home. So that's what I'm doing more of today. But, yeah, my real estate journey has been a whirlwind for the last 10 years.

Speaker 2: 3:01

Awesome. Now I got to give a kick out here to Mike McCollough. It's because I read his profit first accounting book and fell in love with it, hired an organization that was working with profit first accounting, but I was failing measurably, so that's what brought me to you. When exactly did you read that book and how exactly did you come along with the decision to start your own thing?

Speaker 3: 3:25

Yeah. So I was working with that second investor. I had moved across the country and my own portfolio sold that and just had financial freedom. Star worked with another investor and one of the first things I said was, like I need your numbers, I need to know if you're a rock solid business or not, because at that, by that point, even with no formal background or training or education in the accounting space, I was dangerous enough to read the P and L, the balance sheet, the profit and loss, the balance sheet, the cash flow statement. So then I looked at his books and they were a mess, just like everyone. It seems like when we first either start working with them or just see their books, it was just stuff not in the right place, wasn't able to give them direction. I'm like, okay, we got to get this straightened out so we at least have numbers so we can move forward from there. So that's what even got me thinking, okay, this is probably happening in a lot of other places, like it happened before where I was. It's happening with him, got the wheels turning and then I helped him turn that around in just a couple months and then he knew what he was making, spending and keeping. And he came to me and said this has been life changing. Just knowing the numbers, like having clarity, even if it's a bad situation or good situation. He was like it doesn't matter. Now I can take action based on the numbers. And I'm like, okay, boom, my mind was blown. Okay, I can help people with this. I can help people with this concept of getting clarity in their business. That's when I started Simple CFO, or when the thought idea of it was born. But then I had a mentor that I called and said what do you think of this business idea? Do you think that there's actually a market for it? And he's, oh yeah, because he was a business coach in the real estate investing space. And he's like, oh yeah, everyone's struggling with this. You should do it, but you should also read profit first. So that's where I got introduced to it myself and read the book that night, took 10 pages of notes, said, boom, this is it. This is how I know like everyone struggles with the cash and the cash management and cash flow in their business and this is a great system for the entrepreneur. So that's when I read that book. And then my life was changed. Then too, like we implemented in Simple CFO, started implementing it in all the real estate investing businesses we were working with, saw people actually turn around from going out of business and buddy even heard that story of one of the guys early success stories that even had me. That was one of the reasons I wrote profit first for real estate investing. So that was from there. About 10 months into it I went to Mike McCallits and said I've got a heavy real estate background. I've now implemented profit first multiple times with different real estate companies. Could I write profit first for real estate investing? And that's how I got that deal done, just reaching out to him and with my experience and background. And now the book is out there Profit First for Real Estate Investors. So there's the journey of my company and Profit First.

Speaker 2: 6:10

Yeah, man, and I'll be honest, I'm a big fan of Ready Fire Aim and you did you notice? It's not on the shelf, right, it's not? I'm actually going through this right now, with a couple of our employees who are working with me to implement this across the eight different companies. But, man, I got to give you credit because you jumped out of the plane and then built the parachute on the way down. How did you get in touch with Mike McCallits, by the way?

Speaker 3: 6:40

Later, strategically, when I first started doing this, he has a group called Profit First Professionals where you get certified. We basically become part of that circle and it's not like you get access to him anytime, anyplace, anywhere there. But I knew he had done a book deal with other people and only two or three people at that point where they had written a book for their industry and I'm like I think I could do that. After one of the people that was on my team was like you should reach out to him and see if you would do this, and I was like, contemplating, okay, I'll do it. So I just emailed him out of the blue, because I had his email from being a part of that group. And then that's how, from there, you emailed back. Let's jump on a call. I'll never forget it because that call happened on my birthday, I think in 2020. Yeah, and COVID year. So, yeah, I'll never forget that. And then so, from there, had that call with him and did that deal. But that's how I got in touch with him, because I was part of his circle and I was like, oh, I think this would be good. Another thing, too, was I believed in it so much I believed I needed to get it out in a different media form than just my company. Like I can't work with everyone We've worked with now hundreds and hundreds of companies to do this and but I'm still like, okay, I need to reach everyone the person who's done one deal or the person who's done thousands of deals. This is a great framework for telling every dollar where to go in your business. So that's why the other driving force was I just need to get this message out, and people had tried to apply it to real estate before and I had heard that and I don't understand it, so I wanted to. I'm a bottom shelf type of guy, so it's, I just need to put it on the bottom shelf. Here's how you do it in a real estate business, and that's what like drove me to do. But yeah, that's how I got in touch with Mike, was a part of his circle, his group, and then got some experience under my belt, had some ammo to go to him to say I think I'd be able to do this pretty well. So what do you think?

Speaker 2: 8:36

Awesome. So you're let's go back to when you were not David Richter, author of property real estate investors. Let's talk about little David Richter getting into real estate and you are buying your first property, scared to death. There's no tomorrow. What did it look like then?

Speaker 3: 8:54

So I bought that first house on 121212. I was. I read rich dad, poor dad. In college that was even unlocked my mindset and I'm like, of course, gotta go down the real estate path. I read a bunch of books, but I'm like I need to take action too. So I got in touch with a realtor and this is 2012.

Speaker 1: 9:11

Okay, so like deals were still on the MLS. They were on fire.

Speaker 3: 9:15

Exactly and they were still. There was the four coaches all over the place. You could throw a rock at the HUD home store and get and find a deal. It's like we were. They were all over the place. So that's where I got a realtor, though at that time because I wasn't a part of that company yet nothing, the real estate investing company so I didn't have all the knowledge I had. A few years later, after seeing hundreds of deals done, so that first one, I asked for help from a realtor in my network that I trusted, and she helped, and other investors too. So I just said can we get a house in this area in this price range? And she brought a deal. It was only 50 K purchase price. It was five minutes from where I was living at that point and I'm like, okay, I'm going to take this deal down. I got it. I even remember I got an FHA 203K loan which for a first time home buyer was like I could get the purchase price plus repairs from the bank. So it was great. I did that loan lined up. The contractor got it all done. I think that was the. My first deal was the most money I'd ever brought out of pocket two for any house. That I did after that just cause I got smarter and I wanted to keep cash more than have the best purchase price. So it was more about what my tolerance level was. But for that first deal it was in my backyard, it took about three months to finish it, like they even had a repair escrow I saw and went over budget, but they held enough back in the 203K loan to be able to cover it. So it's yes, thank God, like on this first deal didn't go over too much and we had the money to cover it. Then, from there, I did lots of things with that first property. I rented it out first to some family and friends, which you're never supposed to do, right, but I put an agreement in place and it was only three or four months but I cash flowed and they paid on time, but I still had an agreement in place. Then, from there, I lived in it with my wife cause this was when I was like early 20s, like 2021, when I first bought it. So we lived there for two years in that house. So then, after two years, she found another deal because she was working with the same company. I was at that point in the real estate investing world and she found a different deal and they're like, close to where we were living. She's like, why don't we rent out this house and go to a different house? So that was awesome. So then we did another rental but we did a lease option with that first property. So lease with an option to buy, so that way that tenant could purchase the property. And so we did that. That only lasted six months with that tenant because he actually cashed me out. He was like super tenant. He cashed me out six months later and because I had lived there two out of five years, I walked away with a check that was tax free not tax deductible, but tax free because the US tax law says if you live in a place two out of five years, there's no capital gains up to a certain amount If you're married. It was like $500,000. So we were able to pocket that money tax free. It was a home run deal on that first one that I kept for multiple years, after buying other ones as well too, but that's how I got into it. Then I like, while I still had that house, is when I got introduced and went to my network for real estate investing like working with an actual company. I wanted to earn and learn at the same time. So like here, do you need help? How can I help? Here's what I am good at Let me help you at the company and then from there earning and learning about real estate while I was there. But first nine months I worked like night and weekends for free while I was doing my factory job and stuff, so put a lot of sweat equity into it beforehand. So that was my early journey, just trying to learn as much as possible and take the risk, but calculated risk. And then, as I grew in my knowledge, I did not know what a lease option was when I first bought that first property. But I did, after a few years into it and being in, learning a lot and being like, okay, that's the way I want to do it when we move out of it. So it's like that I just kept stacking the real estate knowledge while I was also helping that company would grow in the deal size that they were doing too.

Speaker 2: 13:16

That's awesome. Listen, everybody's got the trouble that they go through with their first few deals. Now I'm making an assumption here, but I'm guessing the books and the accounting portion of it wasn't really the hard part for you. What was the hardest thing that you had to go through when you were just starting out?

Speaker 3: 13:32

That was my first deal. The next few deals weren't as fun. It was like rentals in not great areas and tenants that I was knocking on the doors and trying to get the money from. So that was the not fun part. That's when I learned that I'll pay a little bit more if there's less headaches in my life versus the two. So that was one thing I learned very early on For that first deal. It was just taking the plunge, even before I had more real estate knowledge of actually purchasing that deal. And is this going to work out? What if we do go over budget? Do I have enough money? It was just all the fear, just the fear to break through in that mindset and actually getting that deal done. I remember thinking, wow, this is a lot of paperwork. The first deal when I'm getting all this loan and said the 203K loan, so it's like the purchase plus the repairs. And then there was a lot of hoops to jump through. So I'm like this is why it's a path to wealth, because there's, even though it might be a low barrier to entry in real estate, it's like to stay in it. You've got to tackle lots of different obstacles, whether you open up a wall and there's something there that you're like oh shoot, it's going to set us back, or just all the different hurdles that you go through. So I think that was a lot of it was just getting the actual deal done. Stop reading about it and buying a deal, going through the process, getting the education. It was stopping the analysis and just actually jumping into it. Those were a couple of the big things up front.

Speaker 2: 14:55

Yeah, man, taking massive action is the first way to get started right Jumping on that airplane without a parachute. I already said that, but I got to ask you. There's always the one deal. The one deal that is the absolute nightmare.

Speaker 3: 15:06

Okay, yeah, I've got one personally and then I have one with the company I was with. So the one personally was the one I was talking about where the guy didn't wasn't paying on time, wasn't taking care of the house. I had to go over there multiple times and knock on the door and he'd pay a little bit. It was just like a nightmare for me because it was taking so much of my time and then trying to sell the thing on the back end. Not fun, so it's, and that was every month. So that just, I got a great education on it. Really, a bad tenant is a lot is, most of the time, worse than, or better no, worse than no tenant. A bad tenant worse than no tenant, so that was one. The worst deal I was ever a part of, though, was with this company that I was with, and we bought one in Chicago and because we were in the Northwest Indiana area, so we were in Byn and Crook County, illinois, and we had a deal there that was a nightmare, because we had contractors that stole money, sending us pictures and updates that weren't of the house, and that happened a couple of times on this specific deal, which was just insane. Then, from there. We finally got people we trusted they were actually doing the work, and then the basement kept flooding every single time it rained and it was like, okay, this is a complete nightmare. We had that property for I don't know three or four years like the whole time it was there almost and then finally sold it for a $200,000 loss. So it was a nightmare along the way and then the result was not very pretty. So, that's where I feel like while I was at this company, it wasn't just all about the real estate, it was learning what to do as a business owner and what not to do. There's great things to do and there was just so many lessons learned and that's where two even a deal like that it also helped that we were doing a lot of deals and that wasn't our only deal. If that was our only deal and like doing one deal at a time, we would have gone down with that one deal. So it was very eye-opening. But then it was also eye-opening of okay, if we didn't have all this, this would be very bad, like we've got to change something. So you always learn from your mistakes, and that was I got a huge education in that part of the business.

Speaker 2: 17:24

That's all right. So that is a key. That is an incredible story, and the reason I say that is because there's always that one I call it Baltimore there's always the one that shall not be named. We always do those great projects where it's like oh man, I can't believe I did that. Oh man, I can't believe I did that. Oh man, I can't believe how much rent I'm getting out of this deal Always the one that you just go. Why am I in real estate?

Speaker 3: 17:52

Yes yes, so that one. There was others too, but those are the two that stand out for me personally.

Speaker 2: 17:59

Now, I've already stated that I am now a client of SimpleCFO. So now you're an author, you're a CEO, you are a real estate investor. What's next?

Speaker 3: 18:12

Oh, next, I like to focus on one thing. That's one thing I learned from that company we were doing too many exit strategies. We had grown to 25 deals a month but we were doing wholesale retail, turnkey, subject to buying, rentals, lease options. We had seven to 10 different exit strategies but it was almost like we were building another business but not adding the resources or adding too many, and it got top heavy. And then that's what brought that company down. So I said when I start SimpleCFO, I am going to. I have sold all my real estate. I am focused 100% on this. I'm focused on building the culture, on building the right team, bringing the right clients on. So for me, this is the long-term game of what I'm doing, because I also believe in this mission of what we're doing. Like you even said for yourself messy books and I'm like I see that all over again, but it is not original to that. That is where a lot of people though we don't talk about the money, a lot of people are embarrassed about it, they're ashamed, they're scared. There are lots of different things, like I talked about in that book, with that, with the military guy in the book, dan, or with Joey, or like just a lot of just people have these fears and a lot of people think they're alone too, because we don't talk about that side of the business. When you go to a mastermind event everyone talks about like when we went, it was all about the 25 deals a month we were doing, not the 26th of them per month that we were losing out on. That's where a lot of people don't talk about that and that's why I believe I'm on this mission Like I want to help. I want to help our industry. I want to help just business owners who make money but feel broke and don't know what to do because they have no clarity. Where do I put this money? I don't have any numbers. So for me, it's being the CEO of this company for many more years, focusing, buckling down and really helping and making even a bigger dent in what we're doing Because it is snowballed and I'm just like I want to really focus, which is funny because we've said massive action is what you take at the beginning. I've had now leadership coaches as we've grown and stuff, and it's not all about massive action on my part anymore. It's about massive thinking time and it's about helping the leaders on the team and becoming a leader of other leaders at this point, so that way the people that we have and the team that we have can take the action to help people. It's like for us, it's about making sure we're just removing barriers and roadblocks. So it's it is it's new levels, new devils. So that's where, right now, I'm very focused on what we're doing. I want to provide great service. I want to have a great culture. I want to have a great team. I want to have great people we work with as clients. Like that's what I'm really focused on. So I don't see that stop. I'm still relatively young too, so I've probably got a decade or two more where, even if I was retired, this is still a mission where I love talking about it, I love presenting on it. I am very passionate about it. Like I don't want people, if you are going to go out there and bust your butt to make money or get deals done or just do sales like anything like that, you better dang, keep it or have a system for keeping it, so that way you're not just spinning your wheels. Because I've been doing this long enough now, where I personally talked to people in the business for decades and they're like I wish you were around one or two decades ago and I'm like that that lights a fire under me to be like, okay, I really need to buckle down. I really need to get this message out. More people need to hear it. I need to give people at least a sliver of hope. Click that you don't have to stay stuck in that rat race, that wheel that you're just going on. Even as an entrepreneur, you trade W2, paycheck to paycheck, living for deal to deal, living in the real estate space, so it's. I don't want you to stay stuck there. So when you ask that question, I usually tell that answer. I'm very focused. I want to stay here for a long time. I want to help, just because I know how many people struggle with this and entrepreneurs that need this type of help too.

Speaker 2: 22:06

Great, I got to tell you something. I was a veteran very long time. I did about six and a half years of contingency orders like combat support. I got to say the first and I've been rocketed. I've been more than I've been shot at. The scariest thing that I ever did was buy my first rental property or my first flip. The thing that scared me even more was when I had to account for my books. How much am I going to mess up so that federal government is going to catch me? So, Dave, I really appreciate it and simple CFO, I am really looking forward to working with you guys for an extended period of time. So thank you, I got to ask though, isn't there one takeaway as your wealth increased? Is there one takeaway that you can share? Something that, as your wealth increased, you will?

Speaker 3: 22:59

Pull. It's hard to picture this. I would say what I was talking about there focus. Focus is so key we get as entrepreneurs. We're so squirrely right Like squirrel, let's just boom. There's the new thing. I created a new business yesterday. It's great for you. Is your other business suffering, though, like the main thing? That's bringing you the food that you put on your dinner table? So that's where I think that's been huge. The other one is, as we've grown, there is just new mindsets to break through. If you hit your first six figures as a business owner, that's a new level for you. It's different. Even if you're making six figures in corporate before and another job, it's different. Once you make it as an entrepreneur, then if you go from six to seven figures totally new mindset, totally different team like just the whole thing changes. So you have to constantly learn, and it really is. It is really contingent on how much you want to learn and how much you grow for your business to really grow. And that's where I've seen that a lot of the people that make it go far have the systems for the back end, and I know that sounds so self-serving or biased for what I teach, but it is. It goes hand in hand. If you have a system for making the money, they have a system for keeping it. That's where so many people come to us like you're going to experience this. But they say I feel like a business owner now. I feel like I know my numbers, I'm not scared of it anymore and I have the confidence to make the right decision. So that's where that focus is very key Focusing on, when you're small, the revenue producing activities. You don't need a new website, you don't need new business cards. You need to go out there and get the deals in the door, the money to happen. That's where that massive action especially like you said, bud, like when you first get started it is all about that massive action. And as you grow, there's other things that you add to your tool belt and there's things you take away as well. That's why, if you're a leader of a bigger company, you start to get to seven figures and you're the one taking massive action. All the time you're probably stepping on other people's rugs or stepping on their toes, when you should be empowering them to be a leader in that position and it's oh shoot. So I know you wanted one takeaway. I'll say focus is the takeaway, but there's so many other things that I've learned along the way where I'm like man. It's just that consistent growth, always looking for the people. Here's another one too Get around the people where you are or a few steps ahead of you. So if you go to six figures, be around those six figures. You're entrepreneurs, but you probably want a couple of seven figures as well too. How did you get there? Where are you? Because right now in my life, at seven figures, I have eight figure coaches, so I'm not even going to the hundred million. I don't need to go from seven figures to nine figures. I want to go from seven to eight, and I want it to be consistent growth. I want it to be quality growth. I want it to be where our company doesn't break down and we lose quality and we don't have the right culture. So there's so many things. Don't let it scare. You. Take it one bite at a time. People overestimate what they can do in one year, but underestimate what you can accomplish in five. So that's where, as an entrepreneur, you just have to keep consistent growth, keep consistent mindset, and I do. I wish that I would have known back in those real estate days that I could have said hey, we got to stop all these eggs strategies. We really got to buckle down. We got to focus on just the ones that are profitable for us. Cut anything else, even if it's making us a little money. No, we got to just focus on the things we're really good at. That company probably would have taken a different direction, but I probably want to be here today, so I'm also blessed for what I went through. But it's like those are one of the things I wish I could have told myself back then.

Speaker 2: 26:47

Hey, listen, I'm going to tell you this. So yesterday I was on with Render and Michael and I was talking to them and I had the best night's sleep. Nice, I love it. Just going through the process. It just it takes so much off your shoulder man, so thank you for that. Yeah for sure. Moving on, let's go into the soaring four. These are the same four questions that I ask every guest that can achieve someone who is just starting out achieve new heights. Okay, here we go. What is one thing that you use that keeps you motivated?

Speaker 3: 27:19

Oh, one thing I use, well, I have for me why did I I started simple CFO to give one million to charity within the first 10 years? We track that and that is honestly why I keep growing. If I didn't have that I probably would just sit very comfortably now at home Like that's where this motivates me, because now I want to keep growing because two, two big reasons I want to give and the mission Like we are truly helping people, like what you just said, bud, we hear lots of times over and over again just having someone help them. So those that would be one big thing is the motivation of why I started it and what keeps me going.

Speaker 2: 27:57

Great man. What is one thing that you learned and that completely changed your mindset?

Speaker 3: 28:04

As we grew that massive action is not what I should always be taking. That massive action is great up front, so do not go out there. And David said to be lazy. You have to trade the massive action for thinking time. Read the book the Road Less Stupid by Keith Cunningham, and it is harder to just sit and think for an hour than it is to be busy for an hour doing something. So that's one thing that, as you grow, you'll need to start building into your schedule.

Speaker 2: 28:32

That is absolutely true, man. I love that. That's for cool. Yeah, what is one thing you use to keep you on track?

Speaker 3: 28:39

Ooh, we use in our business. We used EOS, the entrepreneurial operating system, the book Traction, so we have our daily weekly quarterly goals and then our overall yearly goals are broken down in those daily weekly quarterly. So we know for on track or off track. It's just a great framework, business wise, to keep us on track. And then my personal life. I've got my routines going to the gym, reading the Bible, praying, doing the things like for me that fill me up, and then I build into my calendar, first off spending time with family. As my daughter was young, like before she'd gotten to school, certain amount of playtime in the morning and then at night, and then when she got to school, it's okay, the afternoon is going to be our playtime then. So keeping those first things first, not just on the money side, but then in the life too, so using the same type of systems for the personal life.

Speaker 2: 29:33

And the last thing is if you had to start all over, what would you change?

Speaker 3: 29:37

Oh man, profit first, like starting all over. If I'd be, I'd push for that in the business because that would have just exposed a lot of things back then. If I had to start all over, it would just we would, like I said, we'd be raking in the money at that point because we would know what to shut off, what to focus on, keeping the money, the ownership would be happy, the leadership team back then. And then also, if I had to start my company all over again because I had profit first right from the beginning, I would at that point oh man, there's so many things. I would probably just tell myself you're going to, as an entrepreneur, have these ups and downs days, just don't worry. Like nothing is the end of the world. Keep going, keep pushing forward. You're going to help a lot of people. Just continue to believe in yourself and make sure that you bring other people along that really want to help you from the beginning. Because even out front I didn't know I was building a fractional CFO company. Like I didn't know what I was at the very beginning and then it just became more apparent in the first few months and then year of okay, this is really catching on. So just giving myself that shot in the arm.

Speaker 2: 30:45

I love the one excerpt from your book where it's Pace Morby. If I'd have known profit first what I thought, oh shit, yes.

Speaker 3: 30:52

Yeah, that made my jaw hit the floor when he said I would have 5 million more in my bank account right now. And that was a few years ago. We still work with him. We still work with him today. Yeah, he loves profit first. It's just you really need to know where every dollar is going. It just helps a whole lot, like you said, to sleep well at night and even if it's bad, at least you know how bad it is and where you need to make the changes. It's not like we've had peaches and roses this whole time because profit versus this magic formula to always never have any issues. No, you now know what to do when the issues come up and you can ask yourself better questions now.

Speaker 2: 31:31

I've always told my wife it's easier for me to go out and earn $10,000 than it is for me to find $10,000 in the money I'm already making. The problem is that I don't know where that money's going.

Speaker 3: 31:41

Exactly, and that is why I know most people lose sleep at night. It's not because they're losing money. They don't know how much they are or if they're making money Like on some slim chance. That that's the setup, so I totally get it Awesome, david, thank you very much.

Speaker 2: 31:58

The book is Profit First for Real Estate Investors. Listen, man, I can't tell you how groundbreaking that book is. In addition to the Mike McCollough, it's Profit First book. If somebody wanted to reach out, how would they do that?

Speaker 3: 32:12

I'll give you a cheat sheet for Profit First, which includes at least the e-book. So you might like the physical version, audio version. You could go purchase that on Amazon or Audible. But if you go to simplecfocom forward slash gift, you can get the cheat sheet. So the cheat sheet for Profit First, if you're like what the heck is Profit First and what you've been talking about, that gives you the one, two, three overview and then it gives you my book too as well to follow along. So I want to give you hope. As an entrepreneur, you're not getting a lot of this education on keeping the money side, maybe from tax perspective or bookkeeping, but I'm not talking about that. I'm talking about cashing your account. Where should it go? Go to simplecfocom forward slash gift. You can get that, download it and then start implementing.

Speaker 2: 32:55

Awesome man and listen. It was great hanging out with you on a Sunday a couple of weeks ago. Thank you very much for your time. I know you're busy and absolutely crushing it, but jumping on the podcast I really do appreciate it.

Speaker 3: 33:06

But thanks for having me. Like I said, I'm passionate about getting this message out. I want to help more people realize that they can keep more of what they're making.