WIP 769: How to Keep More of the Money You Make (Legally) in Your Wholesaling Business
Wholesaling Inc with Brent Daniels
Find distressed properties for pennies on the dollar and turn them for huge profits!
4.9 • 1.4K Ratings
🗓️ 6 September 2021
⏱️ 29 minutes
🔗️ Recording | iTunes | RSS
🧾️ Download transcript
Summary
If you want to run a successful wholesaling business, you need to understand accounting. However, that could get very technical. Fortunately, our guest today is an expert in that field. David Richter is the founder of Simple CFO Solutions, and his company’s goal is to transform the real estate investing industry by changing the way real estate investors view their finances. It empowers business owners to keep more profit in order to live life on their terms by adhering to the “profit first” philosophy.
In this episode, David Richter will weigh in on the common mistakes that real estate entrepreneurs make when it comes to the accounting aspect of their business, and then he will give us insight into how Simple CFO Solutions manages those issues. He will also explain why “profit first” is one of the best strategies when running a real estate business.
RESOURCES:
- Virtual Investing Mastery
- David’s Instagram
- Profit First For Real Estate Investors Facebook group
- Profit First for Real Estate Investors
- Profit First REI Podcast
- Simple CFO Solutions
- Rich Dad Poor Dad by Robert Kiyosaki
- Profit First by Mike Michalowicz
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
Click on a timestamp to play from that location
| 0:00.0 | You're listening to wholesaling in episode number 769 the profit first formula is sales minus |
| 0:07.2 | profit equals expenses. You have to have sales. Then you have to take your profit first and then |
| 0:12.7 | live have the business to live off the expenses that are left over that in a nutshell is the profit |
| 0:18.7 | first mentality. This is game changing information guaranteed to raise your real estate wholesaling |
| 0:25.1 | business with actionable steps you can take immediately to navigate the ins and outs of wholesaling |
| 0:30.5 | and start making money today. Join us as we put our guests in the hot seat and dive deep to |
| 0:36.4 | dissect their strategies for success to enable you to duplicate their results. You're listening to |
| 0:42.0 | wholesaling ink. The only show dedicated to making you a fortune in wholesaling. |
| 0:47.2 | What's up rhinos. This is Lauren Hardy and you are listening to the wholesaling ink podcast. |
| 0:55.6 | Today, we are going to put our accounting hats on and we are going to talk about numbers. This |
| 1:02.2 | might not be interesting to all of you guys, but believe me, you need to know this. You need |
| 1:09.9 | to understand how to read financial statements. You need to understand accounting if you are going |
| 1:16.2 | to have a successful wholesaling business. Today, I got on an absolute expert. His name is David |
| 1:23.5 | Richter and he is going to tell us all about the profit first strategy. He created simple CFO |
| 1:31.9 | and what simple CFO does is they help real estate investors implement a profit first strategy |
| 1:39.2 | to their business accounting. I am so excited because I have heard about profit first for a very |
| 1:45.3 | long time, but I don't know what it is or how it works. So David's going to tell me all about it. |
| 1:51.7 | David, thank you so much for coming and welcome to the show. Yeah, thanks for having me. Really |
| 1:56.4 | looking forward to sharing today. Awesome. Awesome. I am excited too. So David, let's start with a |
| 2:01.9 | little background about yourself. Tell me about, you know, how did you get into the business that |
| 2:07.2 | you're in? Sure. First of all, I hate accounting. So I'm going to just say that for all of you |
| 2:13.2 | investors out there so we can be on the same page. My background is real estate investing. |
... |
Transcript will be available on the free plan in -1303 days. Upgrade to see the full transcript now.
Disclaimer: The podcast and artwork embedded on this page are from Find distressed properties for pennies on the dollar and turn them for huge profits!, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Find distressed properties for pennies on the dollar and turn them for huge profits! and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.