The Secrets To Building A Massively Profitable Business and Real Estate Investment Portfolio Using The Profit First Framework | David Richter

Millionaire Mindcast

Matt Aitchison Media, Inc

Productivity, Stocks, Realestate, Lifestyle, Finance, Commercialrealestateinvesting, Personalgrowth, Entrepreneur, Business, Entrepreneurship, Rich, Mastermind, Money, Personalfinance, Millionaire, Mentorship, Realestateinvesting, Success, Mentor, Wealth, Investing, Millennials

4.4 • 716 Ratings

🗓️ 17 February 2025

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

Many business owners and real estate investors make money but struggle with profitability. In this episode, David Richter shares his journey from scaling to 25 deals a month yet barely keeping any profit, to discovering and implementing the Profit First system. Now, as the author of Profit First for Real Estate Investing and founder of Simple CFO Solutions, David helps entrepreneurs keep more of their hard-earned money and build true financial freedom.

Key Takeaways:

Why making money does not equal keeping money
The three must-have bank accounts for financial clarity
Avoiding the “hope and pray” financial strategy
The biggest financial mistakes investors make
How to implement Profit First in your real estate business
Why a fractional CFO might be your secret weapon

Free Resource: Get David’s Profit First Checklist

Resources Mentioned:

Profit First for Real Estate Investing – https://simplecfosolutions.com/profit-first-david-richter/
Simple CFO Solutions – SimpleCFO.com

Episode Sponsored By:

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Transcript

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0:00.0	What's going on, guys? Welcome into today's episode. I've got David Richter. He's an active real estate investor who has a lot of experience over the course of his career, over 850 deals in the last
0:23.8	decade. He's done anything from wholesales to bird, owner finance, lease options, you name it.
0:30.5	But really where things transformed after going from five to 25 deals and really scaling his
0:36.7	business, he realized that as much money
0:39.5	that was coming in, it was all going out the door. And I don't know if you can relate as a business
0:43.7	owner, as an investor, where on the outside, a lot of people or you are making great money,
0:50.8	but on the inside, the profitability is almost non-existent. And you have this big
0:55.9	machine that is, you know, generating revenue, but it's not really moving the needle on
1:01.0	unlocking freedom, creating profitability, that financial wealth and stability that so many
1:05.7	people get into business and investing for in the first place. And that is what led David to partnering and writing the profit first, which is originally
1:19.2	a system, a cash flow system for business owners and entrepreneurs that was written by
1:24.6	Mike McAulowitz, who I actually interviewed, gosh, going on seven, eight years
1:29.2	ago. And now it's got profit first for doctors, for Dennis, for, you know, real estate investors,
1:36.8	all of the different industries where profit first and the framework can apply to help
1:41.1	business owners, you know, keep more of the revenue and the profitability
1:45.4	that they generate and leverage that into building real wealth, real financial freedom.
1:51.6	David wrote the profit first for real estate investors. And out of that, he also founded
1:58.1	and is the owner of simple CFO solutions. So we really dive into a lot of different
2:02.9	topics around accounting, around peniles and balance sheets and financial, you know,
2:07.9	skills and habits and disciplines that are going to help you actually run your business,
2:13.1	run your investments like a real business owner and wealth builder would. So we dive into a lot of
2:18.6	different topics on how to, you know, build those habits and disciplines, a lot of the mistakes
	...

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