Hey everybody, welcome back to the show! I’m really excited to have my good friend, David Richter with us today! He’s the author of ‘Profit First for Real Estate Investors’ and he helps a lot of people with the financial side of the business. Today, we are going to talk about what to watch in your business on the financial side and how to set a clear vision for what it is that you’re trying to achieve in the first place. We will learn some great lessons in this episode, let’s get started!
Resources and Links from this show:
- Investor Fuel Real Estate Mastermind
- FlipNerd Facebook Group: Join for Free!
- Investor Machine Real Estate Lead Generation
- Profit First for Real Estate Investors
Listen to the Audio Version of this Episode
FlipNerd Show Transcript:
Mike: [00:00:00] Hey, everybody. Welcome back to the show. Really excited to have my good friend David Richter. Here he is. Uh, he runs a fractional CFO service. It really helps a lot of people with the financial side of their business. And if you don’t have your eye on the financial side of your business, what are you doing this for?
Right. This is an important thing. We’re going to learn some lessons today about what to watch in your business and on the financial side, really how to set a clear vision for what it is you’re trying to achieve in the first.
Professional real estate investors know that it’s not really about the real estate back real estate is just a vehicle of freedom. A group of over a hundred of a nation’s leading real estate investors from across the country. Meet several times a year at the investor fuel real estate mastermind to share ideas on how to strengthen each other’s businesses, but all sorts of come together as.
And those more fulfilling lives or all of those around us on today’s show, we’re going to continue our conversation [00:01:00] of fueling our businesses and our lives.
I’m glad you’re here.
Hey, David, welcome to the show.
David: Hey Mike, thanks for having me.
Mike: Appreciate ya. Yeah, glad. Good to see you, my friend. And so, uh, we run into each other all the time. Now. Not only are you in investor fuel, we’re in a couple of other groups together, you know, you’ve been traveling around you’re, you’re in a ton of different groups, kind of spreading your message, which is amazing.
Um, but always good to see you. And, uh, for those that maybe don’t know yet at this point, which I don’t know how it’s possible for many people to not know you these days, but maybe you could tell us a little bit about your, your kind of.
David: Sure. So I guess if you’re newer to invest your fuel or have never watched a show before don’t know me, I, my, a lot of people assume I’ve got like this CPA background and I get it.
I mean, I see, you know, if you’re watching this video, I get it totally. But my background is actually real estate investing. I was just on another podcast today. Was, it was like [00:02:00] telling your first deal story. And it was like back in 2012. So about 10 years ago now, when I bought my first deal and from there got hooked up with other real estate investors built a business where we were doing about 25, 30 deals a month, all different types of deals to, you know, turn key wholesale, wholesale retail, like anything that you can think of.
We were doing, he had a lot of at least option properties too. And so I cut my teeth on real estate. There did about 800 deals while I was there, uh, with that group. So I got to see a lot of different types of the real estate investing. I also got to see how a small business works and like how a team interacts together and how to create.
A, you know, a bigger kind of, you know, residential real estate investing team. So that was an amazing experience. Then I got to work with another investor in my lifetime here, uh, for a couple of years and, you know, saw a smaller portfolio. And that’s where, you know, I kinda got. The finance itch of, I think a lot of people need to help with their, with their financials [00:03:00] and from the real estate investing point of view and not just from the Spock accountants who speak a totally different language, you know, or whatnot.
So that’s, uh, it’s kind of why my background is more real estate investing. Rich dad, poor dad kicked it all off in heist in, uh, in college when a friend gave it to me. And that’s when I went out and bought my first deal back in 2002. That’s
Mike: awesome. And you know, what’s funny and I know, I know, you know this already, but just speaking to other people, there’s a lot of people that get into this business for finance, for financial freedom, right.
But their finances are a mess and stuff happens. Like they get hit with a big tax bill that they somehow never expected would come around. They didn’t anticipate that because their books weren’t clean enough to. You know, account for it or whatever, or they’re pulling a bunch of money out of their business when they really need it in there for different things.
And so my wife, you know, my wife, my wife is, is our CFO and she does have a financial background, pretty hefty one. So she’s, we’ve always been on top of our game for the most part, but, and these I’ll tell you again, Uh, David actually helped us [00:04:00] hire a fractional CFO. So we, we need help too. But, um, you know, we w we we’ve had the most kind of buttoned up books of the average real estate investor, just because my wife’s background, but I work with hundreds of professional, real estate investors that I know that that’s rare.
Right. And so, um, the important thing is really to kind of get clarity over what your goals are. Right? A lot of us are just focused on the sales and maybe even the marketing side, although I run a marketing company, I can tell you most real estate investors don’t know what they’re doing. They’re either, but most of them are focused on just hustling and selling and thinking.
If I do all that, then everything else will work out. And that is not necessarily the truth. Is that right? David?
David: That is the truth. So that, you know, like that. So many people on that side, it’s natural to us as the entrepreneur, it’s more appealing to us to do the marketing and the sales side of things and come out.
Like, let’s be honest here that most education geared towards the real estate investing world and just entrepreneurs in general. It was focused around marketing and sales, the stuff that brings the money in, cause you got to bring money in. If you can’t do that, you, there is no education [00:05:00] for anything else that you need matters.
Right. Right. And nothing else matters. So yeah. At least have to get that, that knowledge and that education and what I think it boils down to is that. The real estate investor needs to flip a switch in his or her head of, I am not just a real estate investor. I’m a business owner. So I need to make sure I have the pro I’m getting the best.
Either people on my team as experts from marketing and sales. Like I shouldn’t be doing that all the time. Like, even if that’s what I love. That’s not the end all be all of what you want. If you’re wanting to create a real business, then it’s the same thing with the finances. That part, like you said, like usually gets neglected.
It’s like once a year they talk with their accountant or the CPA and like hand everything off to them and then say, just tell me what. Tell me, and then see if I have the money or if I need to go on a payment plan or extend and everything, and then I’ll talk to you next year. And that’s the extent of their finances and what they do.
And I just I’ve seen that if people want it, like you even said, professional real [00:06:00] estate investors, if you want to be a professional, if you want to be that business owner, you’ve got to have that working knowledge, uh, across the board. And I get it like the finance side. It’s usually the most boring topic.
Like that’s why I applied. Anyone who will have me on a podcast. Cause I know like if, when they’re marketing or whatnot, it’s like, oh my gosh, we’re going to talk about the finances, the most boring subject ever. So I totally get the stigma behind it as well too, but it doesn’t have to be born because the financial side of your business is the piece where you said my, you even said like, Most people want financial freedom.
And the first part of that word is financial. Like, you need to know the finances. Like you have to have the money and keep the money in order to have the freedom. You know, like you said, people take in too much out or reinvesting too much back in and it’s like, shoot, we just ran out of money. And now where are all my hopes and dreams of financial freedom that everyone.
So, yeah, that’s where I say the very first thing that any investor needs [00:07:00] when they, when it comes to the financial side of their business is getting that clarity. Just, we call it starting at the financial foundation square. One of, I at least need to know. My story, my numbers tell my story and the story, should we read like a children’s book and not like Warren piece.
That’s super complicated and not like a, you know, a blank book, you know, like it shouldn’t just be blanket with nothing in there. So it needs to read simply for the owner to get. The actual info out of it, because there’s so much power that’s behind actually knowing where you stand and what your story is telling you.
Like, should we go left? Should we go right? Should we, you know, pour more into this marketing channel? Should we do this? You know, like that unlocks a whole nother level. And that’s where, when you asked me my. Background, one of the other investors I worked with, first thing we did was went in there and got his books all squared away, you know?
And like that’s the most boring part. It is, it’s the most boring part. But then he saw, he was able to look inside of his books and see that I am [00:08:00] super under leveraged on my properties. And like that’s where all of his money went. He didn’t know, like we’re making money, hand over fist. I’m buying properties left and right.
But where is all my cash? You know, like that’s where everyone’s is. Especially, if you’re doing any fixing, flipping, you’re going to run into that. Like what the heck, we’ve got a ton of projects going on and I got a ton of other people’s money, but we’re running on fumes here. So with him, that was, this was even before I started my business.
We dove in there and like was able to reflect, he was able to refinance. He was able to button down like what his monthly expenses were. So that way he knew what if he was on track or not. And he said to me, Having this clarity gave me the confidence to be able to make the decisions I need to make for my business.
And he told me this has transformed my life and will transform my children’s lives. Like now I get to go out there and do what I need to do with my money and make those decisions. So to me, it was like light bulb. I bet you, a lot of other people have hidden money right now inside of their company, either that’s a [00:09:00] leaking at a faster rate than, you know, or that’s actually hidden money like that, where it was tied up in properties or whatnot.
It’s like, if you just, if you were just able to see where those numbers were, you’d be able to get yourself out of the pickle that you’re in right now in a cash crunch or whatnot. So it’s like having that, putting that back into your power, you know, is like one of the first steps. And I would also say too around clarity since you asked that.
Yeah. Knowing where you’re going. Do you want to be a real estate investor or a business owner? Real estate investor defined as you do a couple of few deals a year, but you know, do a small portfolio, don’t have many people on your staff. You’re just, you’re just passive. You’re trying to as much as possible passively invest in real estate or do just a few deals.
Where the business owner says, I want to scale. I want to create a real company and I want to go farther down the road. I want to be doing 10 deals a month, or I want to, you know, a hundred or a thousand unit portfolio, you know, like you want to do something that’s bigger and neither one of them is bad.
Like if you want to stay [00:10:00] small and keep it all can be insanely profitable. That’s one route. If you want to grow bigger and you want to have team members, that’s great too. But. You as the entrepreneur and the business owner need clarity on where you’re going, because that dictates every single decision in order to get there.
You don’t know if you need to hire that person, if that’s not, your goal is to hire a bunch of people or do you need that seat? You know, taking care of it’s where are you headed? What do you need? Then what do you need as an individual to, and as a small business, going to give that to you faster is a bigger business, you know, like, do you want more time, freedom, or do you want to make $500,000 net a year?
You know, it’s like, what, what are those goals that you have for yourself personally, and that vision of what you really want to do? Cause if you get clarity around that and clarity in your numbers, then it becomes math. Then it becomes formulas of, okay, I need to dump this much into marketing and I need to increase my deal flow to X amount per month to get to.
These goals of that I have for my business and whether you want to sell it, or whether you want to just grow it and grow it and grow, whatever it is [00:11:00] that you want to do. That’s having that end in mind. First, we’ll give you that, you know, that guidepost when you get lost. So that’s the very first thing is getting that.
Mike: before you even said, uh, start with the end of, I literally was about to say that until you said it. Uh, so I think, you know, a lot of times people look at the finance side. Um, if you’re not a financial person, you’re not an accountant, they’re looking at it as something that happens after the fact, what the truth is, is if you start with end in mind, you have a goal.
And I’ve said the same words that you just said many, many times, because I actually am a recovering finance guy, myself, is that you have to. I’ve said those same words. It’s just math. If you find out that on your average retail, you make 40 grand on your average wholesale, you make 20 grand and you know that it costs you $5,000 in marketing to generate a lead.
Those are, that’s almost all you need to know. What is it going to take for me to hit my goals? Right? I need to, if I need to do four deals a month, based on those numbers that we just shared there, then you can figure out this is me, my revenue. This much is going to [00:12:00] go to marketing. And then I have an admin and this much is going to go to taxes.
Like you can start to figure out the buckets, right. Of what go, what’s going to go where and how much is going to be left for you now. It never works out perfectly to the plan. And that’s why if you evaluate your financials on a monthly or quarterly basis, you have an idea. Like here’s what I set out to do.
Here’s what’s actually happening. What decisions can I make differently now that I know this.
David: Right. Exactly. And that’s where putting those guideposts in place helps you get to where you want to be. And then it does, like we’ve said, it becomes math at that point in you as the entrepreneur, the, the investor, the business owner.
I know that’s not the fun, the fun part to you is getting to that point. But if you never define that point, you won’t get to that point. If you just say I want financial. What the heck does that mean for you? Because I know what it means for a lot of the clients we work with. Like for one it’s a, he wants to buy an RV to take his family around, you know, and take a month off each summer for the rest of his kids’ summers, [00:13:00] until they’re off to college, you know, like that’s financial freedom to him right now, you know?
So it’s like, what is that for you? Like, what are, what goalposts do you have right now? What, you know, what do you want for the future? So it just helps you get, you, get, you, get you actually, where you want to be, because now you can measure. Yeah,
Mike: we’re using a bunch of analogies here, but it’s, it’s kind of like a GPS.
It’s like a map, right. It kind of helps you. Here’s where I want to go. What’s the best way to try to get there, instead of just saying, I want to go west and just start driving generally west and then also. Which way is west right now, I’m kind of turned around, right? I’m pretty good with directions. And there’ve been times before where I’m going the exact wrong direction of where I thought I was going to say, I got turned around, but that’s what a map, obviously it does for you or a GPS device these days, or, uh, your financial reports and somebody to kind of help you guide the way there.
So, you know, in the past, you know, one of the challenges even. We’ve been fairly financially savvy in my shop, just because of my wife. We always relied on our CPA, um, to help [00:14:00] us at the end of the year, the truth is, is we would generally meet with him and we still kind of do this today. We meet a little bit more frequently because.
More like tax planning and we’re a little more sophisticated now than we used to be. Right. But, um, we wouldn’t meet until like the whole year would go by. We wouldn’t meet until like November and then we would try to predict what’s going to happen for the rest of the year. And he would give us some guidance on, you know, you can put this into your self-directed accounts.
You should do you need a new truck this year, you should buy it now or whatever. We would get some kind of tax. Guidance. And then somebody would kind of prep the forms, but we really were kind of flying by the seat of our pants most of our year, even though again, my wife was fairly savvy and we would look at financial reports, but we didn’t really have anybody to kind of guide us.
And I think, I think that’s more typical of the average investor is they view financial planning as tax prep at the end of the year. But it’s really about having somebody to kind of look at your business. Every week, every day, every month, right. They can kind of give you some [00:15:00] guidance and let you know where the bones are buried or whether there’s issues popping out that you weren’t aware of.
What’s your cast situation or whatever. And I think you’ve helped the industry in many ways of people. I realize that I don’t have to have a full-time person on my staff. I mean, we outsource stuff to virtual assistants. A lot of us do, we outsource stuff to, um, acquisitions managers. And they’re usually a lot of times independent contractors and sales salespeople to help.
And until you started kind of talking about this much more frequently, I don’t think a lot of people realize that I can get a fractional financial person, an accountant bookkeeper, uh, even a CFO to help me. And I can just get a small fraction of their time. I don’t have to have a full-time person because.
People listening to this. It’s not a full-time job.
David: Right, exactly where I want to get that message out more just about fractional leadership, where, uh, you know, I think, uh, CEOs like, especially who are listening to this and are a part of our circles are a diamond. [00:16:00] Because there are so many out there that if they will become a part of the circle, that’s where you have your interacting with all the other visionaries, but there’s not that COO or those people that help you actually execute.
Those are the people that are like gold to the visionary where like they go to these meetings and it’s like, yeah, we know there’s a bunch of visionaries and we’re going to get a bunch of ideas. But where’s the meeting with all the people that are going to help us implement. So that’s where I want to let people know, like there’s fractional leaders that you can hire, even if you have like an integrator in your business or a COO or a right-hand person.
Why not hire a fractional COO of like a a hundred million dollar. You know, like that has run huge budgets or run those things. Maybe they could a level up your current integrator, same thing on the financial side. What if you had someone there that had run finances for the large companies or other real estate investing companies, or knows the things to look out for for you?
Because so many people want to [00:17:00] hire experts at the cheapest possible rate. I get it is you’re a business owner. You want to get the best bang for your. So that’s where I love the concept of fractional leadership, because it’s a fraction of the cost of a full-time person. And it’s a fraction of the time too.
So you’re not killing yourself at a finance meeting every single day or an operations meeting every single day. So I just love the concept of fractional type of leaders for that. I want to get that out there because even for my business, I’ve got people in our operations, but I just hired in the last month, a fractional col to like guide us, make sure we’re growing as a leadership team, like two guys and directors, but I don’t get this person, you know, 40 hours a week.
I get them at our leadership meetings and I get them at like random meetings in between. But, you know, that’s where I would just want people to know there’s that type of leadership out there. We were at an event recently, Mike, where what’s his name? Robert Allen spoke where he spoke about. Well, if you don’t know Robert Allen, he wrote like the one minute millionaire, [00:18:00] he wrote nothing down.
He wrote, you know, like real estate books. He wrote multiple streams of income. Oh, geez. Right. Yeah, exactly. He’s got millions and millions of copies sold around the world of his books and has a million, you know, and had millions and millions of dollars in royalties coming in from what he was doing. And he taught seminars and webinars, you know, like, and, you know, like all the different types of stuff back then, you know, like live events he had.
So in tapes, I guess he had tapes and cassettes, you know, like he had all this different type of stuff and he told us this story, which just absolutely for me, that he bought, he poured all of his money into real estate and into this specific house on, you know, on a mountain, that was absolutely gorgeous.
You know, a high up in the mountains and you know, like his dream house and he had her, he thought he had arrived. Like, this is it. This is where I’m going to live and die. You know, like on this place, it’s just, it was built for him, you know, like that was where he wanted to live out his days. And before they were able to move in, like right [00:19:00] before then I remember him talking to him.
An avalanche came and totally demolished his house, that, that beautiful house and the insurance wouldn’t cover it, which just to me was like, oh my gosh. So all of that millions of dollars that he had inside of this house and all the, you know, like all the assets that were tied to this house. Cause he said he leveraged other assets with his house.
Like he lost everything. Robert Allen, this multi-multi millionaire, multimillion books sold, went back to square zero. And it’s like, that’s where. If you don’t have the right people on your team, what’s your avalanche, you know, like what would take you out that right now that you’re not seeing, because you don’t know, like, what is that that’s coming down the pipeline, if it’s insurance or whether it’s something on the books or the cash in your business and like, shoot, you’re going to run out in a month and like, you know, like, what is that avalanche for you?
Because that’s the questions. And like Keith Cunningham, like the road less stupid, those types of books where he says the magic question is. [00:20:00] What don’t I see what don’t I see. And that’s where I love the story of, of Henry Ford too. He said, I can answer any question like that, just to let me phone my team, you know, like I can answer any question in the world.
Like, let me build a team that knows all the answers. I just have to collect them. So that’s where you, as the owner, that’s your real job is collecting those experts around you that know those answers to the questions that you don’t even know to ask. And getting that because a lot of us too, if you’re starting out in real estate investing or doing a few deals a year, or maybe a hundred deals a year, you may have never made money like this before.
Maybe you didn’t have this W2 job, or it was just like, you were making six, seven figures a year. And this is the first time, not only becoming a business owner, but making more than you’ve ever made. It’s like, what do I do with the money? You know, as it comes in, how do I make sure I’m reinvesting it in.
You know, in the best places, that’s where I don’t want you to have your avalanche. I don’t want you to have those types of things. I want you to be [00:21:00] able to say I have these experts that I have access to, to be able to ask the question so that way I can sleep well at night, knowing that something’s not going to just completely demolish us.
Mike: tremendous peace of mind of knowing. It’s like a dashboard. What, where am I at in my business? Right. And I, you know what the other thing is, I was just talking to somebody else about this. One of my, I guess, mistakes, um, early on in business was I looked at every time I added people or I needed to add more things.
I looked at it as an expense. And I think in hindsight, now I look at it as how do I, how do I effectively make that an asset? How do I make. Additive to my business. So if I’m going to bring on a salesperson, well, it gives me more capacity, um, to take on more leads. Therefore I can advertise more. So if you look at it as like, my business is here and I’m, I’m not intending to grow it and everything I add as an expense, that’s one thing, if you look at it and say, well, how can I scale my business?
The best part of business is when you start to scale and you can [00:22:00] pull yourself back and you’re making more money, you can afford to have a team, and now you have a business and not a job. Right? So on the finance side, I can tell you that it’s very obvious. And you’ve talked about this a fair bit today already.
If, you know, what, what, what, where your cash situation is or what all your assets look like? Like, do you have too much cash buried in the certain things? You will make different decisions that will more than offset the cost of the person that’s telling you that, right? You can not borrow as much from other people because you are, you have more cash.
It’s just trapped over here and you’ll stay a lot safer in terms of, you know, if you’re running low on cash, not making kind of bad decisions. So the cost of. The fraction of somebody’s time to kind of keep this all on the rails for you. So you don’t have to worry about not only is there peace of mind, but it will definitely help you make more money because that’s your biggest, like your cash and the real estate that we’re buying with our cash.
And sometimes, certainly other people’s money is our biggest asset by far, but it’s, it’s from the average real estate investor right now. It’s definitely not being. [00:23:00] Professionally managed like from a finance, you, you know, I’ve, she has a pretty heavily into multifamily. Um, and not only do we have professional management teams, there’s asset management teams that are, that are professional finance people that are managing these things, but single-family folks don’t typically have people helping with that.
They just have. My wife, who’s kind of a detail oriented. Does my bookkeeping or my cousin kind of does it when she’s not cutting hair or whatever. Like we just like throw it over the fence to somebody else and no offense to anybody that cuts there. But my point is it’s not their area of expertise. They just kind of did it in their own business and they’re doing it for somebody else.
And I can just tell you that’s that’s, that’s not the right way to run a professional.
David: Uh, well, what you said too about, you know, the team being an investment cause that, especially if you’re wanting to build a business, that’s how to think about it because there’s two ways to think about it. Do I, am I going to get a return on money or return on time with this person with marketing and sales people, it’s usually return on.
Your return on money. [00:24:00] Like there should be an actual number tied to that. And if it’s admin operations, finance, that’s usually return on time. Usually they’re telling you the best ways in order to increase efficiency or the best ways to spend the money in order to get a better return, or they’re helping you not to do a seat that you would hate sitting in, you know, like, so they’re helping you give a return on your time.
So I would think about it like that. Wipe all moment for me was as I’m going to different events and warning and a leveling up, my thinking is with my team, how can I pay them the most and still have a profitable business? Because we so many times think I need a VA, I need the cheapest option, you know, but we need to be thinking, how can I pay these people the most and still run a profitable business?
Because I want amazing people that not just do. For me, I want amazing people that think that think and solve problems in that are able to put other team members together and like be the leaders of the leaders, you know? So it’s like, [00:25:00] how can I build a team like that? Like how can I invest the money in order to get the best people in the, in the right seat?
So now I just love that you brought that up.
Mike: Yeah, we have to look at it as it, as an investment. Right. And, and I know you said from the finance side, sometimes it’s return on time, but it’s a return on investment too, because if you, you know, one of the first examples you gave up front is if somebody is monitoring your marketing to see what’s working, and what’s not, you’re going to make better decisions in your marketing and say, well, why have I been doing this channel for like six months?
And I don’t even have a return from it. And you don’t catch that because you’re just blurring it all together and flying by the seat of your pants for the average investor. Um, but somebody else could be watching that for you and telling you. You know, don’t do this, or even I think about this and I’ve got, sometimes I get sloppy and areas.
We have a bunch of people on our team, but I have a couple of rehabs right now that I have one in particular that sat there for like five months before we started rehabbing. And we were waiting for a foundation guy. W work on it, it was warranty work and there was a bunch of stuff going on. And then I thought my property management company is [00:26:00] going to handle it.
And then they didn’t. So I handed it to my contractor and then we kind of went back and forth and, you know, I was like, I wish my property management company, for example, in a finance person could have done this for me is to say, It’s like an inventory report. Like this house has been vacant for four months, you know, and all I have to do is pick up the phone and call people, but I just got sidetracked and nobody was reminding me, uh, on this particular instance and, you know, a financial person could do that for you, right?
David: Yeah, exactly. So that’s exactly what you’re looking for. What are the things that are going to actually move the needle in my business? What are the things I’m missing? Or what are the things that aren’t there, you know, that I’ve not seen? Or what questions do I not know to ask? So that’s exactly, it’s, it’s catching those types of things.
Having them on a dashboard, having someone there to say, Hey, you’re losing money. Every single month that this sits there, you know, that without a project going or without, you know, like if you wholesale the deal over here, you know, like if you wholesale it, instead of flipped it, this is what it would look like.
And, you know, just things like that that will [00:27:00] help the actual investor and business owner make the better.
Mike: Yeah. Yeah, but I can, I can tell you guys that are listening to this right now. We, my wife is a pretty savvy financial. She used to be an investment banker out wall street. Like she’s pretty savvy.
Right. But she’s just, you know, got to a point to where she just doesn’t want to do this anymore. And doesn’t, she has her hands in a lot of things as well, just. I keep coming up with new ideas and chasing them and she’s cleaning up my messes, but we decided to have David help us hire a fractional CFO.
And it’s a great thing. Like it’s fairly new, we’re easing into it right now, but just to have somebody else handle those things. And I think for a lot of you that are out there, you’d be surprised at what somebody that is an expert in an area can do. Like something that you think is. 50 hours a week. Like for somebody, those are they’re doing, it might be like 10, right.
You just don’t know, it takes you forever because you suck at it and it’s not your area of expertise. Um, but for somebody else, they could be way more efficient or they could even say like, why are you doing it like that, that doesn’t even make sense. Like, um, [00:28:00] but, uh, so David, if folks wanted, I want to talk a bit about your, your book too.
Um, that came out recently. I know the audio version is coming out, but if folks wanted to learn more about your fractional CFO business and just kind of talk about it,
David: So simple CFO solutions.com, simple CFO, like chief financial officer solutions.com. It’s kind of the one-stop shop. It’s got a link to the book there, the link to our podcast, the profit first REI podcast.
If you want more info on managing your cash and a profit first methodology, uh, we also have. On there, just our services as well, too, if you want to click to get started. So you’ll have a phone call with us to at least at least point you in the right direction. I’m, we’re connected to a lot of people on the financial side.
So if we’re not your fit, I bet you, I could find someone for you, um, to make sure that you’re getting what you need. So that’s how you reach out to a simple CFO solutions.com for services or our book or the podcast as well, too.
Mike: And if you guys have read, if you have, or you haven’t read profit first.
David literally wrote the book [00:29:00] profit first real estate investing. Um, and so. Great book, great information. And I know that you just came out with, or you’re about to come out with the audio version for those that say they read books, but they really listened to them. It’s
David: officially out. So I’m, I’m releasing in April 1st, 2022, uh, like officially on Facebook.
And like that’s when I’m marketing, you know, and getting the word out, but it’s actually available right now. If you listen to it today, from when we’re running.
Mike: Yeah, well in this show, we’ll be coming out right after, in a few days from now. So right after April
David: and it’s already out listen
Mike: to this. It’s already out.
Yeah. Go, go
David: look on Amazon.
Mike: It’s there. Look on Amazon. Okay, great. Awesome. And we’ll add a link to the book down bullets. You can get to it from your site. So David Good stuff. So you’ve been a part of, uh, even serving our investor fuel members for a couple of years now. Um, would you mind just kind of sharing a little bit of your insight you’re in a lot of different groups and stuff too.
Would you mind sharing a little bit of insight into your experience with investor fuel?
David: So I, I feel like the leadership [00:30:00] with bike and with everyone there is just very . Good hearts, you know, they want what’s best for you. You’ve got a lot of great investors as well, too, to rub shoulders with. And depending on which group you’re in, cause now I love that you’ve even expanded to different types of groups.
You know, you’ve got the gold planning, but you’ve also gotten multi-family and you know, the different opportunities that investors have. If they want to go and learn something different or they want to dive into it. So I really like it from that aspect and yeah, I’m a part of a bunch of ones and this is definitely one of my favorite ones for sure.
Is the investor fuel message.
Mike: Awesome. I appreciate that. So, David, you give the link one more time. It’s a simple CFO solutions.com for folks. Any other way to connect with you at all, or is that the best place for them to go?
David: That’s the best place to go. I’ve got my Facebook and LinkedIn and Instagram and whatnot.
So you can connect with me there. I’m about full on the Facebook friends. It’s like, you know, always tutoring on the 5,000 right now. So you can at least follow the. Also, we’ve got a Facebook group profit first for real [00:31:00] estate investors. So, um, that’s where people ask questions or I post in there, you know, like some of the philosophies or tools and whatnot as well, too.
So, but that’s, you can find that from our links as well, too, on the simple CFO solutions. Awesome, David, I
Mike: appreciate you. Appreciate you for being a great member of investor fuel as well and serving so many of our members and helping me. So I appreciate that for sure. Everybody, if you, if you have not checked out investor fuel yet, uh, at the time that this is coming out, our next meeting is literally just around the corner a few weeks out.
We’d love to talk to you about it. Our group has been growing rapidly. We were. Coming up on our five-year anniversary, actually this fall. And we’ve really created a, an amazing group of people that give and share and are just doing life together. And so if you’re a professional real estate investor, whether it’s on the single family side or the multi-family side, we’d love to tell you more about it.
You can go to investor fuel.com, click the apply link, schedule a call with us, and we’ll tell you more about it and see if we’re a fit. So appreciate you otherwise. We’ll see you on the next. Have a great day.[00:32:00]
Mike: Are you an active real estate investor? If so, and you want to latch onto the power of surrounding yourself with over a hundred of the nation’s leading real estate investors, all committed to building stronger businesses and living richer fuller lives. You should jump on a call with us to learn more about Investor Fuel, simply visit investorfuel.com to get started.