Episode 96: The Profit First Blueprint for Real Estate Success: Insights from David Richter

We have a special episode today featuring a successful real estate investor and author of “Profit First for Real Estate Investing”, David Richter!

On today’s podcast, David shares his insights on how to transform your real estate business and achieve financial freedom using the Profit-First cash flow system.

David Richter is the founder and owner of Simple CFO Solutions, a company dedicated to bringing financial clarity and freedom to investors. With his extensive experience in various real estate strategies, David has helped countless investors turn their finances around and maximize their profitability. His best-selling book, “Profit First for Real Estate Investing,” provides actionable steps to help you not only make money but also keep and utilize it effectively in your business.

In this episode, David and Jay discuss the concept of the “Golden Trio” – profit, owner’s cap, and owner’s taxes – which are key accounts in any successful business. They delve into the importance of setting up separate accounts and allocating funds correctly to ensure that you’re not only making a profit but also paying yourself consistently. David shares stories of successful real estate investors who have implemented this system and achieved incredible results in their businesses and personal lives.

One of the highlights of this episode is the discussion on how paying yourself first doesn’t harm your business. In fact, it helps you break free from the real estate rat race and build a solid financial foundation. David emphasizes starting small and gradually increasing the percentage of income allocated to paying yourself, all while maintaining a healthy business. By implementing the profit-first system, you’ll gain a better understanding of where your money is going and be able to make smarter financial decisions to grow your business sustainably.

If you’re tired of living deal to deal and want to create a thriving real estate business that supports your financial goals, this episode is a must-listen. David Richter’s expertise and insights will guide you on a path to financial freedom in the real estate investing industry.


0:01 – Raising Private Money with Jay Conner

3:39 – Profit First for Real Estate Investing: Summary of Cash Flow Management System.

6:30 – Income solves all problems, but systematic management is key.

11:32 – The Core Finance Principles

14:04 – The Golden Trio

17:48 – Profit account builds confidence and financial freedom.

22:31 – 90% of Business Owners don’t pay themselves enough.

25:10 – Start small, gradually increase payments, and prioritize survival.


29:31 – Financial leader helps businesses manage their finances.

31:29 – Jay’s Free Money Guide: https://www.JayConner.com/MoneyGuide


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It is available FREE (all you pay is the shipping and handling) at https://www.JayConner.com/Book 

What is Private Money? Real Estate Investing with Jay Conner


Jay Conner is a proven real estate investment leader. Without using his own money or credit, Jay maximizes creative methods to buy and sell properties with profits averaging $67,000 per deal.

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The Profit First Blueprint for Real Estate Success: Insights from David Richter



Jay Conner [00:00:01]:

My special guest today on raising Private Money is not only a good friend, we’re also fellow mastermind members Well, he’s been a real estate investor for quite a few years. And, you know, quite frankly, he’s been essential in closing over 850 real estate deals. Well, he’s got experience in all kinds of deals. he’s got experience in wholesaling, turnkey, the burn method, owner financing, rentals, and lease options, To tell you the truth, just about any other kind of real estate investing strategy or exit strategy that you can think of. Well, while he was growing and building his real estate business, to actually over 25 deals a month, He realized that there was just as much money going out the back door as there was coming in the front door every month. Well, he found a calling while sitting in the company’s finance seat to help businesses see where their money was going. I mean, at the end of the month, why were there so often more months left over than there was money? Well, he’s helped real estate companies completely turn around from going out of business to building cash reserves by using what he calls the profit-first cash flow system. Well, he’s been featured on Bigger Pockets. Real estate with Steve Traang, another great friend of ours, and many other podcast shows and stages. To help even more people, He is the author of the best-selling book Profit First For Real Estate Investing, which is a derivative of the original Profit First book, but this one is specifically for you as a real estate investor. Well, my Friend and my guest’s goal is to completely transform the real estate investing industry by helping real estate investors just like you make and keep there’s the magic word more money in your business. He’s the founder. He’s the owner of Simple CFO Solutions. and he wants to bring investors like you, true financial clarity and freedom, and to help you stop living deal to deal. In just a moment, You’re gonna meet my good friend, fellow mastermind member, Mister David Richter, right after this.


Narrator [00:02:36]:

If you’re a real estate investor and are wondering how to raise and leverage Private Money to make more profit on every deal, then you’re in the right place. On raising Private Money, we’ll speak with new and seasoned investors to dissect their deals and extract the best hips and strategies to help you get the money because the money comes first. Now here’s your host, Jay Conner.


Jay Conner [00:03:04]:

Well, welcome to Raisin Private Money, David.


David Richter [00:03:09]:

Jay, it’s awesome to be back. Thanks for having me.


Jay Conner [00:03:12]:

Well, it’s just awesome to have you, Blake. Now, the last time I had you here on the show, you were actually in the process of launching your new book. It wasn’t quite out the door yet, but since that time, my lens, you’re like, I could barely get you scheduled to get here on the show from your book is so popular and boys. So tell us about your book. Tell everybody about the name of your book and what’s been going on with the book since it came out.


David Richter [00:03:39]:

Yeah. So the name of the book is Profit First For Real Estate Investing, and It’s been a whirlwind, for sure, because a lot of people have heard of the Profit First system in the small business world. And if you haven’t, It’s a cash flow management system, and you say, what does that mean? It means very simply, it helps you know where your money’s going. It gives every dollar a name and it helps you know exactly what’s going on. There it is. The prop first for real estate. It’s a real book. Look. There it is right there on Amazon, and if you do stay till the end, I will give it to you. Oh, you can either buy it on Amazon, or I’ll give you a copy. Like, I want to give you a copy because I have seen so many people. I’ve been doing this enough. Like Jay was saying, it was a little bit hard to get scheduled. I do a lot of this. Podcast speaking virtual in person. I’ve had people. I’ve been doing this long enough now where they’ve come back, and I’ve been on a second round. And people have said, I just did one thing from that book. or one thing from you speaking, and I have more money in my account now. And I’m like, that’s what I want. I want you to take action, and I want you to get something real. So I’m excited about this episode and decided to be here, Jay. Honestly, talking about, I would love to focus on the Private Money side too because that’s one of the things that most people comment to me after the launch of the book I have a specific account in the profit first system, and we can go over that that deals with the money and the lending and that part of it and just makes your life a whole lot simpler. So it’s been a whirlwind, but I’m glad to be back.


Jay Conner [00:05:05]:

I am so glad to have you back, and I want us to talk about, Private Money and how your system, you know, keeps up with that, you know, in the counting of it. but so first, one more time, I want us to bring the book. I want us to bring the book back up here before we leave the book for this moment. So, Sharib, if you can put that book right back up real quick, I wanna give everybody the exact title of this book on profiting first you know, as David said, you get it on Amazon. He’s gonna give it to you for free here at the end of the show. It’s called profit first for real estate investing. And so my first question, David, is why is it? Yeah. There’s the full there’s the full title. Probably first, we’re gonna stay investing. transform your real estate investing business from a cash-eating monster to a money-making machine. So, David, here’s here’s my first question. Why is it? And, of course, you must have seen this time and time and time again. You must have seen this as a trend to write the book. Why is it that you saw and you see so many real estate investors that are making, you know, big profits on deals, but When the end of the month gets here, the money’s gone? Why is that a common problem with investors?


David Richter [00:06:30]:

Oh, man. It’s a loaded question, but I know because there are so many reasons, I’m gonna boil it down to one simple thing. One simple thing that I believe that a lot of people in the re if you’re an entrepreneur, this is probably something that you’ve heard before this statement. income solves all problems. That’s, I believe, the root problem of why people don’t have money at the end of the month because even though I will be controversial with myself, I believe that’s a true statement. that income solves all problems, but there has to be a second part if you have a system to catch the income that comes in, that you can keep it. And I believe so many people have just been taught that. Like, if I can just sell, sell, sell, and as long as my bank account is going up and not down, I’ll be okay. That’s how most people operate their business. I don’t care. I’ve seen people doing a couple of 100,000 to several 1000000 operating like that. But both of those people, no matter what it is, that at a couple 100,000 or a couple million are stressed to the max because they don’t know what is their money. They don’t know where it is, where it’s going. And both sets of people usually at the end of the month don’t have any money, and they’re wondering what the heck happened to it because the root problem is that we think income solves all problems where you need income. Yeah. It doesn’t matter if you don’t have income because then there’s nothing to keep. So you need income coming in, but have you ever I want you to think? Have you ever in your life doubled the money that’s coming into you? Whether that’s like you got a better paying job, whether that’s like, hey. We went from one deal a month to 2 deals a month, or we did 10 deals this year. We did 20 deals the next year. ever it might be, have you ever done that or had a significant increase in the revenue that you’ve brought in? If you’ve ever done that, has that ever equated to more actual money in your pocket? For a lot of people, I’d say close to 90%. Most people would say no. It’s because we think that income solves all problems, but we have to have a system behind it to catch the money So that’s why I believe a lot of people struggle. There’s not a lot of money at the end of the month. Why do people live deal to deal? They’re stuck in their real estate rat race. It’s just, one more deal and will be okay. But then even if they add a 0 to their bottom, you know, to their top line, that does not translate to their bottom line. I’ve seen, like, the $100,000 investor scale to a $1,000,000, and now they’ve just added a 0 to their problems. So that’s why this book, that’s why this message, that’s why trying to get this out there because, yes, I want you to money, but I also, at the end of the day, want you to keep it and do what you were born to do for your business.


Jay Conner [00:09:09]:

I’ve heard people say You know, you just can’t go broke making a profit, but I would argue with that statement. you can’t go broke making a profit. Well, let me challenge that statement and then you chime in, David, because you’re the expert on this. I’d say you can go broke making a profit if your money runs out before you realize the profit.


David Richter [00:09:34]:

Oh, man. That is so good. there’s a story. Let me tell a quick story about that exact situation. I was literally on the phone with a guy a couple of months ago, and he had 21 deals in the pipeline. Like, about, I think, 15 of them, like, would have brought in $4,000,000. Like, and he was sitting on those too close. They were actually in the process through the closing process, but he had 4 projects he was in the middle of that were draining his cash. They’re cash he had in his business. And literally on that phone call, he said, I’m thinking about declaring bankruptcy. He had several,000,000 in profit in the pipeline, but was so stressed out. Didn’t love what he was doing all the money was being siphoned off. He was using a lot of his own money to do it. He was so stressed to the max. He was thinking about throwing the towel in, and not doing real estate investing anymore. and he was sitting on a multi-figure payday. That’s where I 100% agree with your statement there. And I’ve seen enough of these situations just like that where you could be in the middle of making a lot of money, but if your money runs out before then, what are you gonna do? Are you gonna get to the end goal? So that’s where it’s like, we’re trying to get people to stay as far away from that and enjoy their business along the way too.


Jay Conner [00:10:52]:

So now that we’ve identified the problem and we’ve exacerbated the pain, because I know we’ve got less here that are going, boy, can I relate to that? Boy, can I relate to that? You know, I’m just one deal away from ecstasy. one step away from ecstasy and pleasure. So since we’ve identified something that most of us can relate to, yes. We need to get the book. We need to read your book. But in the short time we have here on the show, Give us the give us the thirty thousand foot view. How do you fix the problem?


David Richter [00:11:32]:

So here’s the synopsis I’ll give you that thirty thousand foot view. Most people, if you’re listening to this podcast, have probably read Rich Dad Poor Dad sometime in your life. You probably read that book or you’ve heard about it, Robert Kiyosaki. If you haven’t, you probably read The Richest Man in Babylon. Oh, the seven Habits of Hailea people by Steve with Covey. All these books touch on a core concept of, like, rich ad port ads say to pay yourself first. Rich’s Bannon Babble on a portion of all I have is mine to keep the 7 Habits books as put first things first. So we’ve heard this core message that if you get into business, make sure you pay yourself and you’re healthy. Like, that’s the message they’re getting across. Like, if you’re running a for-profit business, the profit should come first and then you use the profit for what you want to do. But that’s where a lot of the messages stopped from those books. That’s why as an entrepreneur, I know I look like the numbers guy. I get it, but that’s where I sat down and read profit first. And I’m like, oh my gosh. says it tells you to profit first, the same messaging. Pay yourself first. A portion of all you have is yours to keep it to the same concept, but then there are actual steps behind finding it to be able to say, how do I keep more of what I’m making? And that’s where the thirty thousand-foot view is you probably heard of this too, the envelope method. the envelope method that Dave Ramsey made very popular or, like, a lot of the personal finance gurus out there have talked about because it’s telling every dollar where to go in your personal life by sticking the money in envelopes and saying once it runs out, we’re out. That’s why the profit-first system, the actual system behind payer, is built on the envelope method. And whether you love or hate the personal finance gurus, there are actual core principles of finance to learn. One of them is being intentional with every dollar that comes through your fingers and knowing where to put it and exactly how much you’re making and spending. Like, those are the three numbers. If you know those numbers, how much you make spending keep, you’ll be light years ahead. of other investors. So this system teaches you certain accounts to set up physical bank accounts because I don’t want you setting up envelopes, even though the envelope method is the core system, it’s still using bank accounts because you’re not gonna stuff envelopes with tens or 100 of 1,000,000 of dollars. You know, like, I don’t want you doing that. So you open up physical business bank checking accounts, and you say, here are the accounts that are for specific reasons. I’m gonna give you the 5 fundamental accounts. That and then there’s an extra one that I’m gonna give as a bonus that you should have as a real estate investor specifically. Here are the 5 fundamental accounts at a high level. Numbers 1, 2, and 3,


David Richter [00:14:04]:

I call the Golden Trio. Just like you’ve got the big epic sagas, Harry Potter Star Wars. They have the 3 main heroes. Right? Luke Hanlea, Harry Ron Hermione, you need 3 heroes in your business because your business is your epic saga. So the first three accounts I opened up called the Golden Trio are profit. owners cop and owner’s tax. So those 3 help you keep more profit. You take quarterly, and it’s the icing on the cake. It’s why you started your business. the owner’s cop is how much I need to get paid every month so I don’t feel I’m in survival mode all the time and start stuffing that bank account with enough money to pay myself consistently. The owner’s taxes, if you’re gonna pay taxes at the end of the year, you’ve at least got the taxes in there to say, hey. here, Mister CPA or Miss CPA, like, I want just want don’t wanna think about the money for taxes again, and you’d put, every portion of every deal, a small portion goes towards that tax account. The other 2 are very simple income where it’s just a separate account, a separate bank account where all the money comes in, So that way it’s sitting there, and then you tell it to go to the golden trio first, a portion of that money. And then the rest of the profit from the deal goes towards OpEx, which is the 5th one. You already have set up, operational expenses. That one’s the bad guy of the business. That’s where you’re spending all your money. That’s the one that most people just have that one account set up. I do wanna say the 61 has a lot to do with this show. OPM, other people’s money. If you’re going to take money from someone else, for your business or projects or rehabs or whatever, then you get that money in, and I don’t want you mingling it with the other accounts. So those are the 5 fundamental accounts in the six is one for real estate investing, but I tell people this. If we’re going back to the thirty thousand-foot view, can you at least set up one account from this presentation this podcast, and this video if you do that, set up one account and transfer 1% of all your deals going forward, you’re at least starting the habit of keeping more, which is something that a lot of people lack just that being able to not spend everything they make have money at the end of the day. This is the first step to a much happier you of actually having the money you want to be able to do the things you want. So at a high level, It’s first the mindset of paying yourself first like you’ve heard everywhere. Then I just gave you the thirty thousand foot view of the system, which the book dives a lot more into, like, where to set these up, how to set these up, how often do you transfer the money? What are the percentages in there? And that’s too much for today, but that’s at least a thirty thousand-foot view of some practical steps. And if you do that one thing, that’s where I’ve had people come back to me and said, I’ve set up at least one account and we’ve scaled to, like, 15% that we just put away from every deal, and that just makes us feel better because we’re not spending everything we’re making. I mean, start where you can. That’s the that’s the overview of the system.


Jay Conner [00:16:47]:

Now I want to drill down on that, advice that you just gave, David. So you said if you just do one thing, set up one account, and you said and you just put just 1% of what?


David Richter [00:17:02]:

Of the deal profit. Like, if you get the deal profit in and it comes into your accounts, like, you get it wired from the title company, or the closing attorney, or wherever that the money’s coming from, you get a check. Click deposit that account, deposit that money, and then have a separate account, call it profit. open up a profit account and just transfer from that money that’s deposited, just transfer 1%. The goal is to start the habit as soon as possible of, like, everything that comes in a little portion of it is going towards the actual cash profitability of our business. So that’s where I’m like, just start where you can. If all those accounts seem too overwhelming, start with 1 and transfer 1% of the income that comes into your business.


Jay Conner [00:17:44]:

And what do I get to do with that money?


David Richter [00:17:48]:

Oh, with that one, first of all, there’s a couple things. Number 1, it helps you grow It helps you grow your confidence in yourself, Number 1, of like, I don’t spend everything I make, and I can do this. So even if you start small. That’s where it’s, like, it’s helping you build that habit and self-confidence. Number 2, it’s a great psychological factor too of, like, I have money set aside that isn’t for just running the business, and I could do what I want with it. Because if you start small, it’s not gonna be in 1%. It might not grow significantly right then, but then if you start adding percentages, if you get on the full first system and have multiple accounts and you’re doing greater percentages than 1%, that can start to grow rapidly. And the profit account is specifically there for you to realize why you started your business. Why did you start your business? A lot of people say financial freedom. What does that mean to you? does that mean more trips or a car, or does that mean just time freedom or, like, whatever that paid-off portfolio that just brings in passive income, like, whatever that means for you? That’s what that profit account is supposed to be there for, where you take up to 50% out of it from every single quarter and you see how much you’ve built up in there and you get all excited because at the end of the quarter, you see, oh, man, we’ve done x amount of dollars and we put it inside of this account. and then you get to take up to 50% and, honestly, use it for whatever the heck you want. I don’t care if it’s paying down good debt on a portfolio or if it’s going out and buying that boat you’ve always wanted. or it’s going on a trip. Like, one of the first things one of the first clients I ever had and worked with, did a 3-day trip with his family from the first profit draw. It was just a little weekend trip, but he said that was the best trip I’ve ever taken because I took it from this one account and it wasn’t touching my operations, and I didn’t feel guilty about taking the money out. That same client is still with us. And last year, he took 3 weeks off with his family because by June, he had filled up all his accounts and he didn’t need to do another deal the rest of the year. So July through December, he didn’t have to do another deal, and he would have been okay. but that’s because of the system and being able to know, like, where his money was and how much he needed to operate his business. So it went from 3 days to 3 weeks. And what about you? Can you start somewhere like that where it’s like, hey? Can I at least get a 3-day weekend or an ice cream cone or something that I could just start with that I could buy with the profit I can feel like, hey. This is worth it. I wanna keep reinvesting into this system and, like, I wanna invest into the profit account, and I wanna make sure that this business is providing what I set out to do when I first started the real estate investing journey.


Jay Conner [00:20:25]:

It sounds to me like David, setting up this new account, this one account, your profit first account, could have a positive psychological effect on the entrepreneur to where you, in a guilt-free format, or in a guilt-free way. Celebrate your success along the way.


David Richter [00:20:51]:

Yes. Some so many entrepreneurs go out there and kick their butt. They go they do then 60, 70, 80, 90, 100 hour weeks They go out there. They sacrifice. They do everything possible to make their business successful, and then they never stop to celebrate that success or say here are the fruits of my labor. And, honestly, a lot of them, it’s just because of a lack of a system that they don’t have there and a lot of us just beat ourselves up a lot. We always think because there’s always another goal, we always push ourselves, so we never stop to smell the roses. We never stopped to say, hey. We just achieved that goal. That was awesome. And, look, we’re gonna take the profit and celebrate and do something fun with Like, that’s what I want for the entrepreneur community is to be able to say, I have a successful business. I have a system to tell every dollar where to go, and I get to celebrate with it so that way I don’t feel like I’m just running and gunning. And even though I’ve been successful on the way, I’ve never felt it.


Jay Conner [00:21:50]:

So I have a guess. I don’t know. I don’t know. But I have a guess. As to the percentage of the clients, entrepreneurs, and real estate investors, that you have worked with You’ve been exposed to how their brain works. You’ve been exposed to their financial statements. You’ve been exposed to the kind of real estate deals they do, and the amount of deals they do, and here’s my question. What percentage of those people that you start to work with, pay themselves last instead of 1st?


David Richter [00:22:31]:

What? Okay. Before I do that and tell you that answer, I wanna ask you, what do you think that percentage is? 90%. Okay. Real good. And we’re on the same wavelength because I would say it is close to 90%. it’s a running joke with a lot of clients we work with or people that I see out and about when I go out and speak and stuff that they say that the books really should be called profit last. because that’s where we all take our profit. And I’m like, I need to do a parody book. I think that would sell a lot of copies just because a lot of people would identify with taking their profit last because most people do. Before pre-profit first, 2 things happen. You either starve yourself or starve your business. And most people don’t in don’t fall into the star of their business as much. That one’s more like, hey. I just did my first deal ever, and I went out and bought the Lamborghini, and, oh, shoot. I’m not I haven’t done a deal for a couple of months, and now it got repossessed. You know, it’s like you’re not starving your business. Most people aren’t doing that. If you are doing that, that’s a different problem. still workable. The other one is starving yourself. And if you’re starving yourself, you’re not serving anyone. Do you know why? Because you’re in survival mode. when you make decisions out of fear, you don’t make decisions from your purpose, and you won’t build the business you want to build. And so many people do. I would say it’s upwards of 90 to 90 5% when we start working with them, do not pay themselves either consistently or enough. Some people will start to pay themselves, but it’s like, random draws here and there, it’s still stressful. They still put us they’re still commingling personal in business. It’s like they are playing the money shuffle game left and right. So that’s where it’s like, we have to get into this where the business is a real business. You know the numbers that are going on and you have the profit to support this business as well.


Jay Conner [00:24:16]:

So I have a 2 part question now that we’ve ident now that we’ve identified most real estate entrepreneurs, have the mindset that whatever’s left over is for me. business first, Whatever’s left over is for me. So they have that mindset. So my 2-part question, with that being the case, is first of all, do you ever run into working with a new client and the new client has got this fear of Well, David, I’m afraid if I pay myself first,


David Richter [00:24:54]:

I may not have enough left over to take care of my business first so that I can even take care of myself at all, and I see you shaking your head. Yes. If that’s the case, How do you how do they fix that?


David Richter [00:25:10]:

So first of all, when I say pay yourself first and when everyone says pay yourself first, like, all these different things, That does not mean that you’re also killing the business at the same time. That might mean, like, right now, like, if I analyzed a business that was in front of me that we haven’t worked with. And I said, show me the numbers. Like, first of all, they probably couldn’t show the numbers because it’s probably not clear there, but that’s a different story. But, secondly, Okay. How much are you paying yourself? Okay. It’s random draws or whatever or maybe nothing at this point. Oh, you’re scared to take draws. Well, let’s see. Are we gonna get you to take the business? That’s why even said to set up one account and transfer 1%. That won’t usually tank someone’s business to be able to start there that small. and then grow from there. So what I wanna say, first of all, is if that’s where you are scared, we are trying to build a habit. If you’ve been in the business for any length of time, you didn’t get into the position for over a month. It was probably years worth or multiple months of, like, being the business owner that you were, pre-listening to something like this, you know, about paying yourself first and being responsible as a business owner. So how would you pay yourself? Number 1, I would say start with what you can. If it’s only 1% to the owner’s cop, okay. Well, then next month or next quarter, can it go to 2 or 5% or can we raise it? And then how quickly can we get you to what you need to be paid every month? That’s the first number. That’s where I tell people that it is not about getting you there like this incident. It’s about setting a goal of, like, a north star. Okay. Here we go. This is what we’re going after first. We have to at least get the owner out of survival mode. because the owners are in survival mode, that’s going also tank the business too. Think about it. If the owner goes down, the whole ship goes down. it’s like balancing that up front of, okay, how much can we get them? What other source of income do they have coming in and taking a snapshot of their life to be like, okay? How quickly can we get this up and running from the business and how many months do they have of their reserves or whatever they have in place to be able to give them that time? And if they don’t have any time, then we’re helping them say, okay. What’s the most we can put into marketing right now to be able to dump money in So we have money to manage that can help you and breathe, but now you’re gonna have a system to catch it. So it’s like those are some of the tiers that we go with people, but the first thing is to start with where you can. You might not be able to cover exactly what you need, but at least you’re in the right habit and then you’re aggressively attacking what you need to keep from the business every month as that number you’re posting right in front of you all the time.


Jay Conner [00:27:50]:

David, your book, Profit First, for Real Estate Investing is an amazing book. Congratulations on the abundant success of this book so far. Now you promised at the beginning of the show that you were going give this book away. You even have an audio version that you can give away as well. So how do our listeners and, viewers here get the book?


David Richter [00:28:13]:

So if you want the full book, it’s www.Simplecfo.com/freebies. What it gives you is the profit first cheat sheet that says, here are the first couple steps to take. No matter where you are in your journey, a 1000 deals in or one deal like this will help you at least be profitable from the next deal. then one of the links in that cheat sheet is the link to my book. So if you’re like, you want because come on. Let’s be honest. What are you gonna look at as are you gonna dive in and read the 200-page book in one sitting? Probably not. So I have the cheat sheet there so you can get up and running, and then you have the book there as well. If you have questions, as you go along explain more in-depth the one-page cheats that are on that page there.


Jay Conner [00:29:00]:

So to get your the fast track, to paying yourself first, go to www.Simplecfo.com/freebies.  That’ll get you the cheat sheet. I’ll also get you the link to the book. And, take a moment, David. give us a 30,000-foot view. How do you work with your clients?


David Richter [00:29:37]:

Oh, sure. So we have a frac I own a fractional CFO company, which is just a fancy term for part-time and part-time too because it is not the full-time cost of a full-time CFO. The full cost of a full-time CFO is about $200,000, $250,000


David Richter [00:29:52]:

We’re nowhere near that. What we do is we come in and we put a financial leader on your team, a chief financial officer, that doesn’t cost an arm and leg and doesn’t take a ton of your time, but it comes in and we do three things up front. We call laying the financial foundation. making sure you know your numbers that you have a good bookkeeping system process in person, and that we manage the bookkeeper and the CPA. So that way, you don’t have to have all those tiki-tack conversations anymore. We’re trying to get you as far away from the decimal point as possible. Number 2, we implement profit first. everything you get on the cheat sheet there or everything you read in the book, like, we dive in and customize it for your business. And then number 3, we set up a dashboard. We call it the simple CFO dashboard. we have high-level conversations with the owner, literally saying, What are you making, spending, and keeping? When we do the cash flow forecasting and all the different things that we do in your cash positions. At the end of the day, we’re doing it from the framework of are you making enough? Are you spending it in the right places to get what you want? And then are you keeping any of it to make sure that it’s worth it for you? And that’s where the CFO is that financial leader on your team to direct and guide the financial side. So you, at the end of the day, keep more money.


Jay Conner [00:31:02]:

David, thank you so much for offering up, your fast track. a fast-track cheat sheet on someone implementing, the profit-first strategies. And I can’t wait to see you at the upcoming, mastermind meeting, David. It’s always a pleasure to see you.


David Richter [00:31:20]:

Oh, likewise. And thanks for having me again, Jay, It’s always a pleasure with you, and it’s I’m looking forward to it in a couple of weeks as well.


Jay Conner [00:31:28]:

You got it. Well, there you have it. Another amazing episode, of Raising Private Money. I’m Jay Conner, the Private Money authority. And if you found this episode motivating, inspiring, inspirational, and informative, If you are listening on iTunes or Spotify, be sure and follow so you don’t miss out on any of the upcoming amazing episodes. If you happen to be watching on YouTube, Be sure and ring that bell so you don’t miss out as well. If you’re on LinkedIn, shoot me a private message. I’d love to connect with you on LinkedIn. So here’s 2. Taking your business to the next level. Looking forward to seeing you right here on the next episode of Raising Private Money with Jay Conner.



Are you feeling inspired by the knowledge you gained in this episode? Then head over to www.JayConner.com/MoneyGuide.  That’s www.JayConner.com/MoneyGuide and download your free guide that shares 7 reasons why Private Money will skyrocket your real estate investing business right now. Again, that’s www.JayConner.com/MoneyGuide to get your free guide. We’ll see you next time on Raising Private Money with Jay Conner.