Profit FIRST in Real Estate with Rocky Lalvani

<p>What you’ll learn in just 17 minutes from today’s episode:</p> <ul><li>Learn what a Profit First System is and how it protects you against yourself </li> <li>Find out how to build systems in your real estate that truly build wealth </li> <li>Learn how to tell your dollar where to go so that you can manage your cash flows and always be profitable </li> </ul> <p>Resources/Links:</p> <ul><li>Richer Soul Podcast: <a href='http://richersoul.com/'>http://richersoul.com/</a> </li> <li>Profit Answer Man Podcast: <a href='https://profitanswerman.libsyn.com/'>https://profitanswerman.libsyn.com/</a> </li> <li><a href='https://www.amazon.com/Profit-First-Transform-Cash-Eating-Money-Making-ebook/dp/B01HCGYTH4'>Profit First:</a><a href='https://www.amazon.com/Profit-First-Transform-Cash-Eating-Money-Making-ebook/dp/B01HCGYTH4'> Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz</a> </li> </ul> <p> </p> <p>Summary: </p> <p>Rocky Lalvani used the Profit First model in his real estate business. He owns rental units and flips houses in Harrisburg, PA. Rocky’s main goal is to help other real estate investors ensure they are always profitable.     In this episode, Rocky shares how he uses the Profit First System, and the equation of Sales – Profit = Expenses, where profit is truly accounted for, and bills are paid every time. </p> <p>Topics Covered: </p> <p>01:12 – Why profit first </p> <p>02:55 – The thing with portfolio envy </p> <p>03:34 – Being the spreadsheet geek that he is </p> <p>04:38 – What properties did he start with and the deals he’s into now </p> <p>06:36 – Creating systems that build wealth </p> <p>08:38 – The need to have a team </p> <p>12:54 – The need for cash flow management system </p> <p>13:26 – How do we protect against ourselves </p> <p>Key Takeaways: </p> <p>“We can make it work; we can figure out a way we kind of go in the opposite way. We want our deals to be so robust with so much extra room, that when