608: The “Golden Trio” Every Real Estate Investor MUST Have to Truly Profit First

<p>The <strong>Profit First</strong> system was revolutionary when introduced by <a href="https://www.biggerpockets.com/blog/biggerpockets-business-podcast-30-mike-michalowicz" rel="noopener noreferrer" target="_blank">Mike Michalowicz</a>. In simple terms, Profit First <strong>allowed small business owners to take home bigger paychecks</strong>, reinvest in their business, and scale with ease, oftentimes while doing even less. The age-old adage of “do more work, make more money” was turned on its head by <strong>simple accounting practices</strong>. In reality, the business owners who were doing the most work were making the least, while business owners who truly knew their numbers <strong>worked less, made more, and had more money to invest.</strong></p><p><br></p><p>After reading <em>Profit First</em>, <strong>David Richter</strong> knew that this same system could be applied to real estate investing. David grew a <a href="https://www.biggerpockets.com/blog/how-to-build-rental-portfolio-that-nets-10k-month" rel="noopener noreferrer" target="_blank"><strong>rental portfolio</strong></a> himself by learning from a local mentor. This mentor had a growing team, a scaling business, but was making less and less with every deal done. As David investigated more real estate investors’ businesses, he found that this wasn’t an isolated case. <strong>Most investors were making low wages, working far more than at the jobs they had quit</strong>, and had inflated businesses, to say the least.</p><p><br></p><p>With some simple accounting practices, which David describes in this episode, real estate investors can <strong>turn their business into Profit First powerhouses</strong> using very simple steps. If you’ve been feeling burnout from a barrage of deals, but aren’t seeing the profit you’ve worked so hard for, you’ll want to pick up David’s new book, <a href="https://www.amazon.com/Profit-First-Real-Estate-Investing/dp/1737514818/ref=sr_1_4?crid=3CZWNA1AP86JL&amp;dchild=1&amp;keywords=profit+first+for+real+estate+