WIP 1003: Profit First – These Mistakes Are Costing You

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.

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