WS884: Profit First for Real Estate Investing with David Richter

[INTRODUCTION]

[0:00:00.0] ANNOUNCER Welcome to the Real Estate Syndication Show. Whether you are a seasoned investor or building a new real estate business, this is the show for you. Whitney Sewell talks to top experts in the business. Our goal is to help you master real estate syndication. 

And now your host, Whitney Sewell.

[INTERVIEW]

[0:00:24.4] WS: This is your daily Real Estate Syndication Show. I’m your host, Whitney Sewell. Today, our guest is David Richter. Thanks for being on the show, David.

[0:00:32.1] DR: Thanks for having me.

[0:00:33.9] WS: David has been a part of over 850 deals in his lifetime. He is currently writing Profit First for Real Estate Investing because he wants to change investors by giving them the power to wield money as a tool for their greater purpose through financial mastery. David, welcome to the show. I’m looking forward to hearing more about the Profit First model for real estate investors and what that looks like but share with us a little bit about who you are and maybe your – what you’ve done in real estate a little bit and let’s dive in.

[0:01:04.3] DR: Sure. I got started like a lot of people. Read Rich Dad, Poor Dad in college, did my first deal then, it was just a hut house that I bought back then and that was about 10 years ago now and fixed it up and rented it out before I lived in it, then I got married and then lived in that house. Lived in there for two years and then lease optioned it after that.

The tenant paid early on time and then cash me out. That was a nice introduction to real estate. Then, I said, “I need to do this more, I want to do this more. It works” so I started working with the real estate investing company where it’s a real estate investing company where they were doing about 80 or 90 deals a year at that point and then when I – 

As we grew that company, it went from 80 to 90 deals to about 300 deals in a year where we were doing fix and flip, turnkey, rentals, we saw things, everything in between. That’s where I really cut my teeth and I got to sit in every single seat because we were a growing company, we had the different apartments and the different seats and I got to sit in a lot of those different seats that on the leadership team and one of those seats were the finance seat and that’s where kind of sparked where I could see the numbers behind what it takes to run a business like that.

That got me really interested in that kind of through the school of Hard Knocks there and during that time too, I bought rentals and had a little portfolio and that was an awesome experience too. That’s kind of the background that I have in real estate and through that, we did over 800 deals while I was there and then I’ve done deals with my own too. That’s where the 850 deals comes into play.

[0:02:35.3] WS: Nice, well maybe you can share a little bit about some things that stood out to you while you were on that finance team that led you to do this for the Profit First, write the Profit First for Real Estate Investing?

[0:02:47.9] DR: Sure. I saw that even though we were doing it about 25 or 30 deals a month, we had about 25 people too. The overhead was really big and before, I had sat in different seats like marketing or sales or like property management or project management. Basically, getting those systems processes up and running.

Then, once I sat in the finance seat, I could see that what really happened with all that, what the product of all that work was. I saw, “Hey, as much as going is coming in — because we’re doing so much volume, a lot of that’s going out too” it’s that classic make a million but spend 1.1 and it’s like, that’s where I could see it’s not just about the volume and whatnot.

It was really about the numbers and tracking them. That’s what really sparked it for me. Then when I was in that seat, I made a big life change, we moved across the country, that was Northwest Indiana, now I live in Maryland, closer to family.

I started working with another investor and I sold my portfolio so I got a pretty good position so I started working with another investor and then I went in there and actually helped him with his numbers first. That was the first thing we focused on and it really helped him and he looked me in the eye after we did that and got his numbers in order and said, “Hey, you’ve changed my life.”

At that point too, we were able to pull out like $400,000 in actual cash from his properties because he was way under-leveraged on his portfolio and he wanted cash in the bank to do something and then that was around the time that the pandemic hit too in 2020.

He was sitting with a nice chunk of change. Prepared for anything basically at that point so to me, that was like, “Okay, I need to help other people with this and really help like get the message out,” and I had read Profit First, the original book by Mike Michalowicz and loved that line of thinking. I became a Profit First professional and opened up my own company, Simple CFO Solutions, to help people implement that mindset and to help them just have an advocate to be able to show them how to use your numbers and use that in different numbers simply.

To understand them and take actions behind it too. That’s really what sparked my interest in the Profit First world and in getting the financial education to real estate investors.

[0:05:03.0] WS: No, that is awesome. I actually just started that book. I barely begun. However, I’ve heard many great things from other entrepreneur and other masterminds that I’ve been in. I know lots of people have read it and just claimed it has changed so much about how they do business and it’s interesting to hear, you’ve become, well, they call it “Profit First”.

[0:05:20.2] DR: Professional?

[0:05:21.4] WS: Yeah, professional and you’re helping many other people. Get us started a little bit because I think oftentimes, when you get into real estate, right? We think that passive income and growing wealth and the volume like you were talking about, we don’t get into it to become a bookkeeper or to sit behind a desk for that matter. 

Most of the time, we love being out, we’re very active people or just trying to make things happen, right? Man, we don’t sit on that finance team long enough or maybe spend enough time there, right? To learn it or to even just improve our own books and really figure out where’s our money going?

Are we making anything? Help us get started a little bit with that mindset, maybe where people are making mistakes and how you’re helping people just to think through this Profit First model?

[0:06:02.3] DR: The biggest thing that we help people with is behavior and the mindset and education, honestly. We really go into these companies and help them change the behaviors that has gotten a lot of people into bad positions or positions where they don’t know where there are with their money and really help change that behavior and then also, just help them be educated on what to do with their finances or what to look for or how to actually used the numbers in order to turn their business around if they need be.

Or, to have a better business because the whole Profit First mindset, he boils it down to a formula, which is great because the traditional accounting method or the formula is sales, minus expenses, equals profit. Meaning, you make a sale where you have rental income coming or you flip that house and then you pay all your expenses, marketing, everything out the door.

Then, if you have anything left over, then you might pay yourself something because you think you just have to reinvest everything. Then the Profit First formula is sales minus profit equals expenses. Meaning, make sure you and your company are healthy first. Get in the behavior of being a profitable company and then your expenses are what’s left over after that.

That’s where a lot of people say, “We got to grow and scale, we got to put everything in.” Where you got to take a step back and say, “Where are we right now in our business and are we in the position to grow in scale because we have the profit to do that?” Or, are we just throwing money at the wall and hoping to see what sticks and hopefully the growth solves my money problems?

Hopefully the revenue just covers everything, hoping the deals that I do. As long as the money is there, we’ll always be okay and that’s where a lot of entrepreneur get in trouble. Right now, today, we are in a hot market but if it was March of 2020, you have no idea what was coming or if it was going to be hot, if it was just going to tank, suddenly.

No one knows that at any time but as long as you’re taking the proper steps to behave your way into profit, you’ll always be prepared no matter what because you’ll be covered on the financial side. You’ll make sure that your company’s healthy, that you’re healthy, that you have that mindset of, “We need to be profitable and then pay our expenses from there.”

That’s really the mindset behind Profit First and getting that into real estate investor to say, “If you wait to grow and scale, that’s great. There’s a time and a place for that and making sure where are you right now” and some people we work with, we come in, they’re profitable, it’s like, “Yeah, let’s do this” we can pour it into the marketing or into people or whatever.

A lot of people come to us and they say, “My account had said I had like $100,000 in profit and my bank account is like negative right now. Can you explain that?” They’re paying taxes on something they don’t even have yet. That’s where we help people know, know their numbers, know where their money’s going.

Honestly, the biggest thing we help people do is get that behavior of being profitable and the education of just what is going on here and how can I read this simply?

[0:09:01.7] WS: It is a mindset, isn’t it? Or education, like you say. That changing that behavior. It is a behavior habit almost of how we look at those things, how we’re brought up, how we’re taught about, how we think we should think about business anyway and I’m the same way, invest back in, invest it back in, invest it back in.

Help us – what should that look like? Maybe you can give us an example, maybe a model that you’ve recently helped with or maybe that’s common to help us to start to think this is where to change our behavior?

[0:09:28.3] DR: Sure, there was a guy that came to us in 2019 at the end of 2019 and he was actually negative like in the red, 70,000 at the end of 2019. He came to us, basically saying, “Help, I can’t do this again, I need help on the financial side” What we did, on the practical steps of Profit First, to help you behave your way into profit is to setup bank accounts specifically for your benefit, for the owner’s benefit.

It’s like the envelope system. If you’ve heard of that like if you’re tracking your actual cash and the personal side. What we do is we implement these bank accounts where it’s profit, owner’s compensation and the owners pay. Those three bank accounts, I like to call them golden trio.

I’m a total nerd so if you follow me at all, I always like movie references so it’s like Harry Potter or if it’s like Star Wars, you’ve got the three heroes always going in there and making sure that the story is moving forward and that good wins.

You need that in your business too, you need accounts specifically set-up to make sure you’re winning in business, that you won’t go out of business and that you’re taking care of, that you can sleep at night.

We helped him implement the bank accounts but help him know, where he stood financially too. Dove into his books and said, “Here’s what you’re spending and here’s what the true profit is, now we need to get into the habit of” – you actually – he actually had room. To be able to – 

He had rentals and a fix and flip company and he had room to be able to pay himself from his flips if he slowed down and focused on more profitable flips and not like this doing insane amount of deals and overworking himself.

In 2019, his wife started working with him, started having seizures. I mean, he was like, he was stressed, overweight, he’s never been like as just as he was before in 2019. We had to take that step back and say, “Here are these accounts are for you specifically. Here’s what you can do right now, what percentages, as that money, as your sales come in or your rent comes in what you can flip to those accounts.”

What you can start paying yourself. He had never paid himself from his fix and flip company before. We were like, “We got to get a plan for paying yourself, what do you need, how many deals is that, what can we actually put in to place.”

We did, we put all that in place and then at the end of 2020, after going through the whole mindset shift, putting into bank accounts and meeting with him on a weekly basis. What we were able to do, he told me at the end of 2020, called me and said, “Hey, my accountant said, I made X,” and he was like, a very significant number, over $200,000 that he had made net profit and he said, “My accountant called me and he’s like, that’s awesome.”

She said, “I got owed taxes” he’s like, “David, I haven’t owed taxes for like years now because I’ve either been running negative or I’ve had just so slight profit that my rentals were able to wipe out the property, my depreciation.” He’s like, “This year, I actually made money.” He’s like, “I owe this in taxes.” 

It was only like $18,000 or something that he owed in taxes and he got that call from his accountant and said “Wait, give me one second.” He opened up his bank accounts and since he has two different entities, he had two different tax accounts he was saving into.

He looked at the balance and it was like $18,000 that he had saved by the end of 2020 and he said, “I’ve got the money there, I don’t need to go into my operational expense account, I don’t need to take from myself, I have the money already sectioned off there.”

Then he said, “This last month, I took a vacation right from my profit account. That account is specifically for me to enjoy the benefits. This was the first time I took money out of my business, did not feel guilty about it, took it out and took a vacation with my family from that specific account.”

It totally revolutionized his business, he’s actually still with us today because we know now we’re in the stage of actually paying – he’s doing an account to pay down his portfolio because he wants like 25 free and clear rental properties and we got a plan right now, he’ll be done paying all those off in six years.

We’ve got now, we’re sticking with them to like the other fun stuff he wants to do and he wants to fund a camp for the children’s ministry with his church or whatnot too. That’s why he’s paying down the debt on his property so that’s where I tell, profit is a habit but it also unlocks your “why” behind what you do.

It also unlocks, without that profitability, you’re not always going to reach your why because you might be too stressed about your money or you might not have your wife work in the business. The happy wife, happy life or your husband or your spouse, partner, business partner, whatever.

If you’re not profitable, you won’t be able to achieve why you started your business and that’s probably one of the best examples, giving actual steps of what we did inside of his business too, to help an investor completely transform from negative 70 to way below and past that in 2020 and then actually getting to the other benefits that you’re supposed to be getting from your business too.

[0:14:21.2] WS: It sounds like that may have saved his life as well. You said, having seizures, overweight, very extremely stressed, we know all those things are very bad for your health and so that’s awesome to hear. I like how you said like profit is a habit, it’s interesting to think about it that way.

I wanted to back up. You said like three accounts, I want to help the listener s do something today, right? Dare to change their behavior in some way. You said three accounts, you said profit, owner’s compensation, owner’s pay. 

Could you break that down a little bit? How do we know how much to put into those accounts or should we have more accounts than that or some people probably saying “Why do I need so many accounts?” right? How do we think through that?

[0:14:56.6] DR: There’s actually five foundational accounts. Those three accounts I talked about are for the specific owner’s benefit. Those are to benefit you, the profit account, owner’s compensation and the owner’s tax account. 

Then you’ve got your operational expense account which you probably already have set-up that is paying your bills right now. Then I would set-up an income account so all income goes into that account and it’s just a holding bucket to be able to wait to say, Okay, I have money in there to be able to allocate percentages on a percentage basis to the other accounts.

That income account is just a holding bucket to push through those other accounts.

[0:15:31.9] WS: That’s not the owner’s pay account?

[0:15:34.3] DR: Right, the income bucket is just to say, “Here’s the money that comes in and we’re going to use that just as a holding bucket to be able to push the profit to owner’s comp, to the owner’s tax into the operational expense account.”

Now, in real estate, the reason I’m writing Profit First for Real Estate Investing because there is nuances in real estate. If you have a rental portfolio or if you’re doing fix and flips or something where you’re getting other people’s money or if you have a different type of expense, you might need like what I call a pass-through account. If you get private lenders funds, you might want to set-up and OPM account like other people’s money, so that way it’s totally separate from your operational expenses, from your benefit. 

That way if you are funding a deal or whatnot and using that for the rehab portion, you have that. If you have like a rental portfolio, you might want to like a pass-through account, which includes like PITI, the principal interest, taxes and insurance. 

That way, you’re not mixing what’s really your rental income or your expenses with what you know you’re going to have to pay to someone else no matter what because you’re contractually obligated to that whether it’s a private lender, a mortgage or whatnot. There is the five foundational accounts, which is income, owner’s pay, the profit, owner’s tax and the operational expense. Then in real estate we can get more advance. We could say there’s an OPM to make sure you are separating out other people’s money.

There is an account for that PITI or something like a pass through account so that way you can make sure you are separating that money up and if I had to say to the listeners today, if you took once, I know that sounds like a lot of bank accounts like what in the world and I could go into the psychology behind it and I could go into well, you need to make it a habit and I can tell you the story again of the client from 2020 and 2019 but just open one account and call it profit and start transferring one percent.

Just do that. Just make it a shift and a habit that every time you close a property or rental income comes in, you just pushed one percent into that profit account. At least get into the habit and see how it works. It’s almost like if you read like The Automatic Millionaire before or other books like that or Robert Kiyosaki’s books or The Richest Man in Babylon, they’re always saying pay yourself first or make it as automatic as possible. 

Well, in this case set up that account and just push one percent of anything that comes into that income account into the profit account. Now, if you want to go the full shebang and set it up properly with all of the accounts, that will get you the most benefit from your business. That’s the real purpose of opening the accounts. It’s to give you the maximum benefit from your business, so once we explain that to people and really show that to them, we’ve had zero people who have come on board with us ever like say, “Well, I don’t want to open all the accounts.” 

That guy who was in 2019 to 2020 at first was like, “I don’t want to open these accounts” now, he has 12 bank accounts, like between his two entities and he’s like, “I love it. It gives me a clear snapshot of me as the owner.” I know where my profit is, my two cash profit not with someone who tells me on a piece of paper like a PNL or balance sheet where I am. I have it truly right there but if I had to say one thing, open a profit account and transfer one percent. 

Now as far as other percentages or the other accounts, if you read the Profit First book or if you’ve gone I believe the website too, they have what they’re called target allocation percentages for each bucket. Meaning like if you’re at this level, then you should be moving this much into the profit account like five percent or ten percent or whatnot and that’s the target to shoot for. It gives target allocation percentages and honestly, that was from a conglomeration of like studying a thousand businesses. 

When I am writing the book for like Profit First for Real Estate Investing, those caps are pretty similar for like the flipping and the wholesaling company of where you should transfer those percentages into those different accounts. I would just say do some research on that because it depends on the size of the business you are and those are targets. Those aren’t necessary what you should do today or what you can do because some people might go through this process and say, “You know, I’m spending a million but I’m only making 900,000.” 

In that case, you got to do some work to be able to say, “Okay, I got to cut some expenses but we’ve also got to make sure we’re doing at least one percent into the profit now.” What can you do right now? That’s where we come into these some situations and they have 95% is going to their operational expense account where like it needs to come from their distant fund what they have currently and that’s where we do a role out plan for like six quarters of like, “Okay, it might be at 95% now.” 

Which is okay, you’re probably in the majority of real estate investors but let’s move out slowly to where it should be like 60 or 50% depending on the size of your business. That’s where we go in and that’s where the percentage is. I would get the percentages from the TABS. They’re called TABS, the target allocation percentages like from Mike’s book or from the resources that he has online and that’s where I would say the one thing you could right now is open one account and transfer one percent of their profit into. 

[0:20:41.9] WS: Nice, I was going to ask you even doing an example, if I have this much income what percentage should go into maybe that would be helpful but it sounds like, I mean often people don’t know where their money is going, I think, right? Like I mentioned earlier, you just don’t know. You don’t know until the end of the year that you’re negative in a big way potentially, right? Maybe you do have a big tax bill coming and you are not prepared for it one way or the other. 

No, that’s so interesting and maybe we’ll go to that website and the listener can and look that up or if you can quickly go through that. I wanted to get to a few final questions but if somebody makes, I don’t know, $100,000 in their flipping business over the next couple months, maybe you could say, “Okay, this percentage is account,” can you do that?

[0:21:21.1] DR: Yeah, off the top of my head, I know that first level because a lot of people are there. It’s between zero dollars to 250,000 that you’re making is what’s called real revenue and real revenue is a term coined in the Profit First book by Mike Michalowicz that it’s in the real estate world it’s really simple. It’s on a flipping or a sign-in or wholesale side, it’s your property profit. Whatever your property profit is for the year like how much did you make on your total on all of the properties that you sold on your rental business. 

It’s your rental income minus your PITI to get your real revenue. If you are between zero to 250,000, the suggested target allocation percentages for the profit account is 5%. For the owner’s compensation, is 50%. For the owner’s tax is 15% so there, we have right there just between those account you got – 

[0:22:15.4] WS: You said owner’s tax? 

[0:22:17.1] DR: Yeah, the owner’s tax is 15%, so between those three accounts you got 50% to owner’s pay, 15 to the owner’s tax and then five to the profit account. That’s 70% right there, so the rest of it, what you have to live on is 30% inside of the operational expense. That should be going to operational expenses at that level because when you first start, a lot of people think, “Well, I need to hire people and I need to hire this VA and I need to do this that and the other thing.” 

They don’t think I need to make sure that number one, I am taking care of, number two, I am actually growing in a profitable manner and not just throwing money on what I think the solution is to the problem. Making sure, okay, if these are the targets that’s only while you’re liking the startup phase because then to phase two and beyond like as you start to grow and scale, those percentages start going a lot differently because your operational expense will definitely increase. 

Your owner’s pay like what you pay yourself, the percentage will decrease but what you pay yourself will increase because it’s a percentage of what you’re making in total. That’s where the percentages and why running it by percentages is so powerful because at the beginning between those three owner’s benefit accounts, the owner’s comp profit and the owner’s tax, you’re taking 70% basically as your owner’s benefit at the beginning but you are making sure you’re okay. 

You got a business that supports you and then as you can grow and scale from there and making sure can you replace yourself like in some of those seats, do you have funds to be able to do that but those are the percentages when you start out that it gives out the target allocation percentages. 

[0:23:49.4] WS: No, that’s very helpful. At least helpful as you start to think that way and breaking these things down, knowing where your money is going. What about the bookkeeping or just tracking these things, any suggestions for that? 

[0:24:00.6] DR: Hey, you need – if you’re in real estate, make sure they’re real estate, they know real estate or you’ve got a CFO or something that knows real estate that can guide people. That is where I see a lot of people have issues. They just think, “I’m going to give this to a bookkeeper and they’ll handle everything” when the bookkeeper you hired might not even know what they’re doing. They might not know real estate and so then, honestly like we ignored a lot of the gap side. 

Which is like the PNL, the balance sheet and the cash flow statement and honestly, when you first get started you just need a baseline of knowing how to manage your money and most entrepreneurs aren’t going to be looking at those documents every single day or QuickBooks or something like that. They are going to say, “Look at my bank account.” That is why Profit First is so powerful but on the other side, you definitely need a great bookkeeper, you need a great financial system. 

That’s why as you grow and scale you’ll need to add people to your team likely a great bookkeeper, like a great potentially like the CFO, even a fractural CFO who knows what they’re doing in real estate. That’s the service that we provided at Simple CFO and then we’ve got the great CPA especially in real estate if you got rentals, making sure you’re getting all the tax breaks that you even possibly can especially if you’re syndicating too. 

Taking every single deduction that you can, all the depreciation that’s available to you, making sure you got a good CPA on your team too. That’s where you definitely need to know that side and that’s what’s going to help you as you grow and scale, know where you are as a business and give you those good KPI’s, those key performance indicators of where you are in your financials and making sure, “Okay, are we truly profitable as a business and then on the other side if you got Profit First, you’re actually going to see the profit piling up in your profit account. 

It is not going to just be some nebulous number anymore. That’s where on the other side yes, you need a great bookkeeper, potentially a CFO too to help guide you and get you in that position and then the CPA to make sure you’re getting all the tax breaks you can. 

[0:25:53.7] WS: No doubt about it but I will give a quick shout out to Ben at Lion Share Bookkeeping. He’s our book keeper and advertises on the show and stuff like that, being at Lion Share Bookkeeping. Reach out to him, let him know I sent you. David, do you have any daily habits that you are disciplined about that have helped you achieve success? 

[0:26:11.0] DR: Daily habits, well, I get up at about 5:30 every morning and a daily habit right now, I’m on a Zoom call from six to 7 AM on Monday through Friday that I do with Mike Michalowicz and other people and we just write or we work on a project at that time in the morning. That is one thing that’s really helped me recently just getting very focused in the morning. Then from seven to about 8:30 or nine, I play with my daughter too.

That’s a daily habit that I have like that’s Monday through Sunday that is every single day of the week. As long as she gets up early enough, we play before work starts and that is one of the things that’s helped me stay grounded as an entrepreneur and show her that love and support and then also, I’m a Christian so I read my Bible and pray every morning too. There’s been a lot of daily habits that I have that I have then given and passed down to me by a lot of good people. 

I have a lot of good habits from seeing that from a lot of good people in my life, then I have a daily huddle every day from nine to 9:15 with my team to get on the same page, to get on the right page, make sure there’s no issues or anything that we need to go over. We go over clients in that meeting too just to get on making sure everyone is taken care of. They are some of the daily habits that help me get to the next stage and to keep us on track to make sure I am always the leader who I need to be for my people. 

[0:27:33.3] WS: Thank you for sharing that. That morning routine is so crucial. What’s the number one thing that’s contributed to your success? 

[0:27:39.2] DR: Well, definitely I would say having God as the foundation like before every single huddle with the team, I pray for five minutes, like through any specific request that they need. Just making sure as a Christian that’s what I base my faith on and the rock and my foundation. I feel like as long as I’m in tuned with God, I should be in tuned with everything else. I feel like that’s been the center of what’s really helped and then also those daily huddles too.

That’s been another big thing, making sure then that the people are all on the same page and making sure we’re growing in the same direction every day. 

[0:28:14.6] WS: How do you like to give back? 

[0:28:16.3] DR: How do I like to give back, right now we have a specific giving account because at Profit First, there is a specific bank account for missions and giving. Right now, we’re supporting four missionary teams and we’re supporting one girl who is going to college. This morning, just bought some food for Backpacks for Children and that was someone that one of our CFO’s brought to us as something like that. There is another missionary that we reach out with their support. 

We’re always looking for ways to give back and then honestly, one of the biggest ways we give back to is with our clients just helping them get to that profitability state so they can give back and do what they wanted to do too. Those are some tangible things we’re doing right now. 

[0:28:54.4] WS: Nice, well David I’m grateful to have met you and had you on the show. I just appreciate you sharing even how you give back and just your faith and I can appreciate that personally but walking through this Profit First Model, I think is so interesting. Like I said, I’ve just started that book as well. It’s neat I think for the listeners to start to think that way also where is your money going. You need to know, if you don’t, you need to know. 

Hopefully, you’ll take some of David’s advice and maybe reach out to him as well so he can help you set these things up. David, how can they do that? How can they get in touch with you and learn more about you? 

[0:29:26.1] DR: Sure, simplecfosolutions.com is our website address and there we have the application, see if we’re the best fit for you. We do everything from Profit First implementation, bookkeeping, all the different types of things to make sure you’re financially successful. Then also we have for when the book launches like I want to make sure that even if we’re not the right fit for what you need in your business that we get the information out there. 

That will have – the launch will be until later this year for the book but that is where you can see like the updates on the book. We have a free podcast there too that just gives free information on like making sure you have the Profit First mentality and other people who implemented it too. That way you have encourage that there are other investors that have gone through this process and have seen the benefit from it too. I’d say simplecfosolutions.com if you want to work with us, profitfirstrei.com if you want education on Profit First. 

[END OF INTERVIEW]

[0:30:21.5] WS: Don’t go yet, thank you for listening to today’s episode. I would love it if you would go to iTunes right now and leave a rating and written review. I want to hear your feedback. It makes a big difference in getting the podcast out there. You can also go to the Real Estate Syndication Show on Facebook so you can connect with me and we can also receive feedback and your questions there that you want me to answer on the show. 

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[0:31:02.2] ANNOUNCER: Thank you for listening to the Real Estate Syndication Show, brought to you by Life Bridge Capital. Life Bridge Capital works with investors nationwide to invest in real estate while also donating 50% of its profits to assist parents who are committing to adoption. Life Bridge Capital, making a difference one investor and one child at a time. Connect online at www.LifeBridgeCapital.com for free material and videos to further your success.

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