David Richter is an active real estate investor who has been essential in closing over 850 deals which include wholesale, turnkey, brrrr, owner finance, rentals, lease options, and any other exit strategy you can think of. While growing and building a real estate business from 5 deals a month to over 25 deals a month, he realized that as much money was coming in, it was going right out. With the unique opportunity of being in every seat as a real estate investor, he found a calling to help real estate investors make and keep more money. David has helped real estate companies completely turn around from going out of business to building cash reserves through his profit advising company Simple CFO Solutions, LLC. His goal in life is to completely transform the Real Estate Investing industry when it comes to how real estate investors view their finances and – bring them true financial clarity and freedom.
David is in the process of writing Profit First for Real Estate Investing. He implements the Profit First REI process in real estate companies. He wants to get the message of Profit First to the real estate investing world because he has seen the transformational power in that system.
What you’ll learn about in this episode:
- How David got started in real estate investing and grew his investment portfolio, and how Gino Wickman’s Entrepreneurial Operating System impacted his business and team
- How David realized the important role accounting and understanding financials could play in strengthening his investment portfolio
- How David began working with other real estate investors to help them manage their accounting needs through his Simple CFO Solutions profit advisory company
- How to get a free copy of David’s book “Less Stress, More Profit”, where he outlines high level financial concepts and systems for real estate investors
- Why understanding your financials is crucial for knowing where best to spend your money and truly master your business
- What financial changes David made for an investor that completely changed the investor’s life and refocused his business
- Why typical accounting systems generally don’t offer at-a-glance monthly cashflow and other key metrics real estate investors should be tracking
- Why “sales minus expenses equals profit” is the wrong way to look at things, and why using the formula “sales minus profit equals expenses” can be the backbone of a powerful mindset
- Why setting up a single account dedicated to paying yourself first and transferring a small amount of each deal into that account is a life-changing action you can take today