Financial Freedom From Day One – EP 1 – OLD

September 22, 2021

We want to help you become a better business owner, not just a better real estate investor…

DAVID RICHTER

Welcome to Our VERY FIRST episode!

My name is David Richter and my biggest passion is to help real estate investors learn how to manage their business finances.

I know, sounds boring right?

But let’s be real for a moment – most investors know how to make money… but they don’t know how to keep it!

For most of us, it feels like all the money that comes in, somehow always finds a way to go back out… and I can change that for you.

I’m a certified Profit First Professional and I’m one of the few that specializes in teaching the Profit First system to real estate investors.

For those who might not know, Profit First is a financial movement started by Mike Michalowicz.

It’s a revolutionary financial management system that automates profitability.

Yes, you read that right – The Profit First system makes you profitable from DAY ONE!

It’s also a system that can be managed simply and works with the way us real estate investors are wired.

I’m so passionate about this system and what I’ve seen it do for clients that I’m actually in contract to write the book on Profit First for Real Estate Investors.

I am on a mission to change the real estate investing world and how it thinks about finances.

In today’s episode I have the honor and privilege of having Jaren Barnes join our show where we discuss:

Implementing Profit First Principles
Cash Flow System
Managing Your Finances
And more!

Notable Links

Transcription

David: Hey, this is David Richter, with the Profit First REI podcast excited to be here. Especially on this first podcast because we’ve got a great one for you, and I wanted to actually jump right into a story first, so let me dive into that. Mario called me in a panic. I’m so frustrated, I don’t know where I stand financially, I don’t think I have enough money to cover all the expenses this month but don’t know for sure I have a couple of deals closing and rent coming in, but I need more cash in my account now to make me feel better. How many of you have been there? How many of you have ever had periods of time where you didn’t have enough money or didn’t even know how to check if you had enough money to keep the business going? Does that sound you- like you as a real estate investor? There is so many people I’ve talked to that are in that situation, and you are definitely not alone; real estate cash flow can be very, very cyclical. Does that sound familiar too? Where you’ve got those up and down you’re going deal-to-deal, month-to-month, the other month where you have way more than enough money coming in because you’ve done too flips and clips, and they just sold, or then you’ve gone two or three months without a fix and flip selling or without anything coming in and what about that? How- have you ever sat there and said the cash flow just isn’t there, so this is what I want to help you with, this is what this podcast is all of that because Mario and I met and after we realized that he had the information he needed and once he actually got that information and once he had the power to implement a cash flow system into his business, he was a lot more secure in that being able to go from flip-to-flip or have those- those times in between and that was from him looking at his book gaining that confidence, and that’s what we want to do with this podcast .We want to make sure you have that confidence, and I keep saying we because I’m going to have several co-hosts on the show and I have Jaren Barnes with me today, so I just wanted to introduce Jaren, and I wanted to at least tell you that story up front because I- so many Real Estate Investors where we talk, and we work with them, and that’s how they are but- Jaren do you want to say something to our group?

Jaren: Yeah, man, I’m excited to be here. I’m really excited about this podcast because I actually have been an active real estate investor on and off pretty much my entire adult life and when I first discovered Profit First I literally cried. I’ve had- this material has radically changed my life because like, David, was saying you know, we all know when- behind that- the curtain that a lot of the times the last day of the month is going to be the deciding factor whether this month is going to be our best month or our worst month and it’s never in between it feels like. It’s like- you know the stakes are always super high and if we get a bunch of closings in and it’s going to be great and then if we don’t then we’re going to be at a loss this month you know. And I just know it’s- a lot of people in real estate go around toting this like hey I’m doing x amount of deals or I am you know doing x amount of gross profit every month or every year but that doesn’t really tell the full story. A lot of us are actually living paycheck-to-paycheck and deal-by-deal and praying that we don’t- we don’t go under and there’s a better way and David and me actually I joined his team are trained in helping people that are Real Estate Investors implement the principles of- of profit first so I’m excited to be here. I’m really excited that we’re going to be putting out this material in the world and yeah I’m excited for it all, man. Do you want to kind of go over a little bit about what exactly like Profit First is? Maybe that would be a good direction, and then we can talk about SimpleCFO, and then how everything came to be while we are on the show today?

David: Yeah, so I would love to talk about Profit First because that definitely changed my life too. When I first read that book is- first of all, it’s a book by Mike Michalowicz, and if you haven’t read it, I highly recommend going to Amazon or wherever you can find that book and buying it. Because it has principles in there, It’s basically a cash flow system if you’ve ever heard of the envelope system that your grandparents might have used or you might have used or if you’ve heard of Dave Ramsey he preaches that for your personal finances but the envelope system where you basically take the money, and you stick cash into little envelopes for the different expenses that you have in a month. It’s basically doing that for your business that’s what the Profit First system is: it’s setting up different bank accounts, making sure that you have the cash for those bank accounts that you have for your business so you can know like, okay you’re already checking your bank account every single day. So, you might as well see the different types of expenses that you have, those main ones that you can save up for your taxes, you can save up for your operating expenses and we’ll dive into this- this isn’t the podcast- we’re going to dive deep into it but we are at least wanted to give you the framework of what Profit First is and why we’re starting this podcast and why we want to get that information out to you. Because we’re going to be diving into later episodes about really The Profit first- the basics of Profit First, Advanced Profit First, Profit First specifically for Real Estate Investors where there’s a whole different breed of Real Estate Investors whether you’re landlord or flipper or you’re wholesaler so we’re going to dive into a lot of those different nuances of the Real Estate Investing world and that’s what the basic principles of Profit First are. So, Jaren, I think right now I’d like to kind of give our backgrounds a little bit, you gave your background a little bit. But I’d like to give my background a little bit and why you would even want to listen to Jaren and I, and I’m going to just dive into that where my background is in real estate. I’ve been in the real estate world probably for the last 8 to 10 years. I bought my first house when I was 19, it was a great deal for me because I fixed and flipped it, I- you know I did all the work, had it all done it was a foreclosure and when that was done I actually lived in the house for 2 years and then I sold it on- I actually lease optioned it when I moved out of there. Because I wanted to not just do a rental but the option to buy a program too, so I actually did that with a tenant. That tenant was a super tenant he paid early on time and then he cashed me out 6 months later with that option so I was put from then and since I had lived in the house for 2 years out of the last five years for that first house I actually didn’t pay any capital gains tax on that increase which was even- which was even a better tale so like he paid early I was cash flowing and then he cashed me out. Which I was then working at a company where we had about 80 lease options and I think the only two people that ever cashed this out I knew that I had something pretty cool there when he did that. So I said I got to keep doing this so then I bought rentals on the side while I was working and I had my own little portfolio and so I want you to know that this is not just someone who’s- I’m not a CPA I’m not just this person who is going to spit financial jargon at you. I’ve sat there where you sit as a real estate investor, I’ve actually fixed and flipped houses, I’ve done the rentals. I’ve done the different areas like that too, so you’re not listening to someone who hasn’t sat where you sit, I definitely have sat where you sit. I’ve also been a part of big real estate companies too, like real estate investing companies, and when I say big you know like, we were doing I think that are highest point 30 deals of months between wholesaling, fix and flipping, lease optioning, rental, strait rentals, owner finance deals, subject too. We were doing everything and in between which I’m probably going to get into that more on different episodes in or whatnot. But that’s just a little bit about what I did and in that company, I’ve actually sat in all the different seats from acquisitions, dispositions to the sales, to the marketing, to the actual finance sit so the closing transactions and a transaction coordinator position so I actually got to see every single seat inside of a real estate company. So this podcast hopefully will be a help to you because I’ve sat where you sit and I know how important the finance keys of the real estate investing component is and how many times it’s neglected in the real estate world so that’s why we started this podcast. That’s why I started SimpleCFO solutions, my company and that’s why we’re doing this for you. Because we know how important it is that you’re making all that money you’re going out there you’re doing deals. And then that money just seems to go away; you have no idea what your real cash flow is; you don’t have any idea like if you’re going to be able to make it from a deal to deal, and that’s what you want to help you.

Jaren: it feels- it feels like there’s a hole in your pocket you know, like that’s how I describe it, it’s like I mean like I run a land business and this year we’ve like been on pace to I think triple the amount of deal flow that I mean, now that a coronavirus is hit so things a little bit different. But the first quarter I mean it was- it was awesome but it was like, every little penny that came in just went right out the door and I see- like oh wow, there’s like a lot of money in the bank today and then tomorrow is like poop because I didn’t understand that when it comes to the way you allocate funds it doesn’t have to be on a monthly basis. And something that we teach our clients with David being our- our head honcho that the team- team lead at Simple CFO one of the things that we teach that is so mind-blowing is that hey, like when you’re a beginning real estate investor you don’t have to spend out on marketing every single month, you can wait until deals actually sell and then allocate funds specific to marketing and have your cycle be from a deal-by-deal basis instead of you know, I’m going to just commit to spending $4,000 a month in marketing or whatever it is and yeah so I really wish that I met David and I met and- I learned about Profit first about like four years ago cuz I be sitting really fat right now. Because really the bottom line- Profit First is a behavioral-based approach to managing money and in the book- I like how Mike calls the- the CPA accountant types spocks because they are like not really human like the way that they think that, like huh I’m going to go into Quickbooks and I am going to geek on QuickBooks when the most real estate investors are like I hate QuickBooks, QuickBooks suck, I hate this. I just want to go and just log into my account and say, hmm there’s money there, that means I can spend money on marketing or oh no, there’s not a lot of money there I got to figure out a sale, you know, like it’s just the way that human beings are wired, and when you allocate funds into separate accounts, it’s like budgeting without budgeting because I hate budgeting my personality is not somebody who gets all excited about where like oh yeah I only want to spend $500 a month on food and blah, blah, blah. I want to be able to be like all right here’s the food bucket so like you know, this percentage of money goes to groceries or this percentage of whatever goes to operating expenses or you know even setting up like an OPM account that- you know for people who might not know that’s other people’s money. But if you’re listening to this podcast you should know what that is, but having a fund set up where I can actually park deposits or park private money loans or whatever and say okay, I know that I can not touch this money until this particular time and having that in place is going to like a revolution- I’m just- I cannot speak more highly about this system because it actually works with the way my brain works. I think that we’re representative of a lot of Real Estate Investors who fly by night, just go after their dreams, kind of people that don’t have time to like read a balance sheet you know.

David: Yup, I- I agree with that totally and the other- the other aspect of it is it’s a system for managing your finances because if you want to be a real estate investor full time for the rest of your life. And this is what you want to do and you want to own a company, you have to have some sort of system around your finances that can’t be the neglected part that’s one of the most important parts but one of the most neglected parts that I see when working with people. They just don’t- they don’t understand it so they shy away from it. But having a framework like profit first puts an actual system around your finances and makes you more of a business owner and not just an investor, you now have the makings of actually being a business owner where one day you might be able to walk away from the business for a week, 2 weeks, a month. Where it’s still coming, you still have the money in the bank, you have people that have a system built around the finances now because they know the appropriate scene or the appropriate percentages to put into the accounts or whatnot. So you have an actual system around your finances so that’s where it gets exciting for me because you go from being a real estate investor like Jaren was saying deal-to-deal just going like crazy because your cash is still crazy and you don’t know where it is and you go from that to being like okay I know where it is I know where we are staying and we can make these decisions and I know on this next deal we need to allocate this- these funds to these different areas and you’re actually putting- you’re putting a system around it without having to dive into- your like Jaren was saying being a numbers geek and into QuickBooks.
No, you just need to know this is what I need per month, this is what I need to make sure that this account has this, so that way I can spend it on- on this area so that way it’s putting that system around it and that’s what we really want to help with this podcast and at SimpleCFOsolutions. It’s helping people realize that you can do it no matter your background no matter what you’ve done in the past you don’t have to have a numbers degree or anything you can be a real estate investor and you could be 20 years old and not have gone to college you know, and not completed college or done anything and you can use this system or you could use this system. If you’ve been in real estate for 20 years and you- you’re still live in deal-to-deal or paycheck to paycheck this is for anyone and everyone in between where if you want a better system for managing your finances or if you have no system for managing the finances in your real estate business. This is where it becomes- you’re going to be an actual business owner and that’s what the end result is I don’t want you just knowing where your money is. I want you to have less stress, I want you to be able to say I can take a vacation and I can do this or that without having to always be in my business just working and grinding it out we want you to be able to not just grind it out and be working in the business but taking those steps back and saying I’m a business owner now. I can manage the finances with this system that simple to use and I can make sure that when I’m gone and I can go on a vacation that I don’t have to be worried or I don’t have to be stressed about okay what’s going to happen is there going to be enough money when I come back? So that’s really our goal is to help you be able to know that there is a way to manage your finances and there are people out here that actually can help that and we want that- that’s the whole goal of this podcast. We want to make you not only help make you more profit that helps you keep more profit too. Because a lot of people can make the profit a lot of people can go out there and sell sell sell but a lot of people just don’t know how to keep that like Jaren was saying it’s a hole in your pocket that hole in your- your cash bucket where you’re pouring in a bunch of deals but then it’s all falling out that hole we want to help plug up that hole and make sure you have a system around those finances.

Jaren: Yeah, you know I was telling somebody the other day that when it comes to real estate investing there is kind of two sides to becoming a successful real estate investor. There’s the craftive knowing how to do your strategy like for me, for example I buy and sell vacant land so I have to know how to send out direct mail,I need to know how to do due diligence on land and all of that, that’s one piece of it but the other piece and the piece that not a lot of people actually talk about is how to run a business like how to read a profit and loss statement even knowing what that is and I feel like there’s two heads of the same coin and a lot of people are like really good at doing deals they got that down like that’s their thing but they don’t understand this piece and I’m really hoping that not only what the services we provide at SImpleCFO but through our content here on the podcast and in our Facebook group and in all that we can help you master that second head to that coin of- of financial management, of running a business and because it’s important if you don’t have a managed money you’re not telling your money what to do, it really will disappear and something that I love about profit first is that profit has to be baked in the equation on day one you know like the traditional counting formula is revenue minus (REVENUE-EXPENSES= PROFIT)expenses equals profit well profit first flips that on its head and it says (REVENUE-PROFIT=EXPENSES)revenue minus profit expenses and I love that so much because it really- it makes it a very clear picture like I’m in business to make money and my number one priority is to make money even if it’s like ten bucks it doesn’t matter. I’m going to make money because that’s the function of my business and then whatever is leftover from what I just declare as profit, I’m going to figure out how to run my business off of and if I have to like work the magic and go knock on doors instead of doing direct mail or whatever and you know I have to like figure out how to become creative and getting what I need to get done accomplished I’ll get creative and I’ll do it but I’m going to make profit my number one priority and I’m actually going to keep the money that I make. That shift was so mind-blowing for me because like I was born in California and I’ve spent half of my life in Georgia half my life in- in the San Francisco Bay area and I think like coming off the coat-tails of the tech industry where like nobody’s profitable and they don’t even care about profitability because their- because their objective is growth at all cost I thought like hey like the idea of the business is to grow, grow, grow, grow and then eventually you are going to be so big, you’re going to have all this money and you’re going to be super happy but when you’re first starting off it’s like you reinvest everything and you like- you’re crazy and you like cylinders on all- all blast you know, you’re going after it and it’s not the case. Unless your objective is to grow a business to the point where you can sell it one day, you really need to be baking profit into- into the equation from day one and that’s what we teach and it’s pretty amazing. So, David, I wanted to ask you how did you transition from Real Estate into SImpleCFO like what was that whole process like?

David: So, that whole process is- it was a- I’ve always wanted to have a business and I’d even started a side business before when I was working as a real estate you know, like, in the real estate companies that I had- where we build Podio systems for Real Estate Investors, and we built about 24 of them, different ones for different companies over about a year-and-a-half when I did that kind of on the side, and so I’d always wanted to start another business, and I think just after working with Real Estate Investors and seeing the actual like- having my own deals and whatnot. There was just a big gap where a lot of Real Estate investors like I said didn’t know their numbers and when they taught- when they have your CPA or accountant they’re not a real estate investor so they don’t know how to speak that language, they don’t know how to speak the language of real estate investor. So I was like there is has to be kind of an in-between person who can help people really know that what important about the numbers and how is really relevant to the rest of their business and that’s why I jumped into SImpleCFO and that’s why I started it. Because I want it- I knew that I knew how to speak real estate and I knew that I knew what numbers were important to a real estate investor to make sure that their business could keep operating and have those- be able to put the power in the business owner’s hands to be able to make those decisions to say we need to either start doing this or you know start marketing harder in this area or we need to cut this expenses or we need to do this better than the other thing in order to actually be profitable. So that’s why I started it because I saw there really wasn’t a lot of people out there that knew how to speak real estate investor and could also talk finances with the Real Estate Investors where I’ve always been- I’ve kind of been geared towards to- I wanted to help people with finances like in the past too. I’ve been a part of you know, like, helping people with their personal finances and what not to- so when- after being in this business for about eight-nine years I wanted to be like okay, well there is a huge gap here where people just don’t know how to- how to really track their finances or what’s important to them and they don’t have a system around it. So that’s why I started SimpleCFO and that’s why- that’s why simple CFO is a little bit different than most other companies. We don’t do tax preparation, we don’t do even bookkeeping, we refer out with some of our bookkeeping or whatnot, but we literally just help people know where you stand, we help people get- get their picture of where they stand and make sure that they know where they stand, and then we implemented profit first system. So that’s really what SimpleCFO is all about. I wanted to give just a little bit of a breakdown here of like why SimpleCFO? And why is this podcast just some like bullet points so that if you don’t listen- if you don’t listen to our stories and don’t listen to anything you’ve at least got something there that you can take from this podcast. So, why SimpleCFO? Because everyone in SimpleCFO has to have been- has to have done a real estate deal or worked a real estate company and so that way we can speak the language there’s not going to be that training curve of oh yeah, we need to learn this that or the other thing in real estate you know everyone in there has done a fair amount of deals and worked with big companies and knows real estate inside and out. So, we have worked with all types of deals and transactions, I personally have been apart of over rising 850 transactions or actual sales I should say, so like those are deals done not just bought and sold but like- I mean bought and sold not just bought and not just sold so that’s- I’ve seen over 850 deals done. So that’s where we have that unique advantage of being able to see the whole bunch of different types of real estate transactions being done, as we speak real estate investor that is so paramount that you can’t work in this business and with SimpleCFO or on our team without speaking real estate investor and really knowing that. And we’re currently helping investors manage their cash flow and keep making more profit so we do what we’re saying and not just- we don’t just speak it, we actually do it too. So we’re doing this for the actual investors right now and then we use the profit first principles so that is core to what we teach and that is that system that we’ve adopted that you see that- that works with Real Estate Investors also and I know that there’s some people who say well profit first might not work for real estate investing because of this that and I just say you’re dead wrong because they- it is totally relevant and it’s not like there- might be nuances to it and there might be for specific situations or whatnot and that’s where you work through it. It’s a management system to where you might go to a store and some stores are set up differently but they still have the same processes or whatnot. And it’s the same thing here you go- with profit first you might have a different bank account than someone else, or you might this, that or the other thing but at the end of the day, the principles are still going to help you because that’s what it’s really about. It’s about those principles and that’s what SimpleCFO really takes and makes sure that in your business you have that. So that’s why Simple CFO and why this podcast? Why would you even want to keep listening? Well, we’ve already given some of those reasons away. We want to help you become a better business owner, not just a better real estate investor but a better business owner. So that way you can have that less stress, more profit, be able to take vacations, be able to know where your cash is sitting, know what the cash flow in your- your company’s doing so that’s what this podcast is about. We’re going to teach the profit first principles on his podcast. We’re going to help you figure out the finance side of your business in a simple way. We’re going to make sure that you can use your bank account as a cash flow tool and not just like- not just that- that one big pot of money where there’s a lot of money and you’re feeling good, and if there’s not a lot of money then you’re going in a panic mode. so we’re going to help you with that too. We want to help those investors and business owners that have gone to the struggles that you’re going through and actually interview them. We’re going to have- sometimes when it’s not just us talking, me and Jaren and then sometimes Tim the other person that’s going to be co-hosting. It’s not just- always going to be us sometimes, we’re going to interview Real Estate Investors, and if you want to be considered for that, we’re going to have an actual place where you can sign up to see if- if you have a good story about your finances in your real estate company. So that’s where we’re going to be interviewing some people, and then we’re always going to strive to have one main takeaway, and we’re going to get to the point quickly so like this podcast- this specific episode is all about why this podcast and why simple CFO solution so we wanted to at least to built everything around this episode of around that. So every single episode that we do that we talk and that we’re giving information we want one central theme on that podcast episode, and we want to make sure that that helps you so that way you could go back through and really get those nuggets that you need and that it’s very practical to you. So, Jaren, I wanted to give that just as kind of just- as we’re closing out here why this podcast. Why SimpleCFOSolutions and kind of just tell about that. Is there anything else that you want to add there before we’re wrapping up here?

Jaren: Yeah, I just wanted to clarify why that was such a big deal to you. I thought it was- so I thought it’s pure gold, man. When we’re brainstorming the podcast- you are really- you are a fan of like short and to-the-point because you’re busy, and I feel like that resonates with so many Real Estate Investors like they got to go so much fluff in order to extract the gold out of a lot of the content stuff that’s out there. And we want to be a kind of gold at front heavy so like you listen to like 10-15 minutes of our show and you can get that one nugget that you need for the day, and then you can go, take care of your tenants or go take care of what you’ve got to take care of, contractors or what have you. So, I just really appreciate your heart behind that and I just wanted to like clarify why that’s such a big deal is that you want this thing to be efficient and you want it to be high-value, and so yeah we’re very open to feedback. We’re really excited to see what the future holds.

David: Yeah, I totally agree, and that was my whole reason behind it. I know as a real estate investor, you have things to do, high-level things you have things to work on your business and in your business. And I want to make sure that you, as a business owner, can take snippets of these podcasts or even though the shows main central theme on the podcast episode title and just be like, oh, that’s where I need help. I know that if I listen to this if I just listen for 10-15 minutes, 20 minutes. I’m going to get something out of that I can use or that I can replay and use over and over again that’s what we really want to strive for like, Jaren said give us feedback we want your feedback we want you to be able to tell us where- if you there something that you want us to go over and that’s why we set up we have- we are setting up ProfitFirstREI.net. That site- we’re going to have where you can fill out an application to be on the- the actual podcast so that way if you have a story or something that you have on the financial side of your business or that you could help other investors you can actually apply there. We’re going to have a feedback of page on there too. So that way you can at least give us some feedback on the actual podcast, we’re going to set up a couple of pages like that too. So we want to hear from you so that’s ProfitFirstREI.net. So that’s where we’re going to be housing those- those different applications and forms, so we want to make sure you give us feedback and because like I said and like Jaren so we want to get that one idea crossed and make sure that there’s the actual value to each and every episode.

Jaren: Love it, so is there anything else we need to touch base on regarding this show, man? I think we’ve pretty much hammered it. We were like paw- paw-paw. it was great!

David: Right? So I think- I think now the next theme is we’re going to be recording more podcast episodes for you, and we want to make sure you as a business owner really know where you stand financially. We really appreciate you listening to this podcast. I have just, so you know too if you want just a very short book, I wrote a very short book called Westchester more profit for the serious real estate investor, which it’s on my site SimpleCFOsolutions.com if you go to the recession prove page. There is at the top- there’s a building recession-proof businesses say that recession proofing on there if you click that link you can get the book that I wrote and it’s a very short book. And that’s just another thing that I can provide value for you just a little bit of my thoughts on the financial side. We’re actually going to be writing more books too, so that way we can get the information out there. We want to help as many investors as we can on the financial side of their business because we want to make sure you can keep going. So we really appreciate you being on this podcast. We really appreciate you listening to us, and we hope that this podcast was a help to you and Jaren; thanks for co-hosting today, and we look forward to the next podcast episode.

Jaren: Yup, and so guys, every episode is going to be posted on Tuesday morning. I believe six a.m.eastern standard times, so iTunes, any major podcast outlet, you’re going to be able to find us. Tuesday’s new episodes every morning so.

David: Well, thank you so much, Jaren; we appreciate you as a co-host, and we appreciate you as our listeners, and we look forward to having you on the next episode.

Title: “Profit First Strategies with Jay Conner: The Power of Private Money”

Episode: 242

There are 15 reasons to love about borrowing private money over traditional money. One of them is making your own rules for your private money.

In this episode of Profit First for REI podcast, Jay Conner, a nationally renowned real estate investor and the king of private money. He talks about how private money works.

Jay helps you get your money from private lenders and will share with you the mindset that will get you money in the door without you ever having to worry about it.

Listen and enjoy the show!

Key Takeaways:

[01:01] Introducing Jay Conner

[05:00] Introduction to private money

[08:30] The Great News Phone Call

[11:23] Why don’t you use your own money?

[13:18] Maintaining relationships with private lenders

[15:40] Private money vs traditional money

[22:05] Things that make them want to recommend you

[25:18] Advice for real estate investors

[29:01] Connect with Jay Conner

Quotes:

[07:34] “If you are talking about private money and raising private money with an individual and you got a deal for them to fund, you already sounded desperate.”

[12:07] “If you want to scale your business, private money is the way to go.”

[16:05] “In this world of private money, we make the rules. We set the interest rate, we sent the length and all of that.”

Connect with Jay:

Website: https://www.jayconner.com/book-details/

Tired of living deal to deal?

If you are a real estate investor or business owner who is tired of living deal to deal and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. – David

Transcript:

Speaker 1 (00:00):

I got 15 reasons I love private money over traditional money. I won’t share all 15, but the biggest one is it puts you in the driver’s seat. The traditional way to borrow money is you go to the bank and get on your hands and knees and you’re begging and chasing. Well, they are making the rules right? Like the lender is making the rules. But in this world of private money, we make the rules, we set the interest rate, we set the length of the note and all that.

Speaker 2 (00:34):

If you’re a real estate investor who’s sick and tired of living deal to deal, then welcome home. Hear from everyday real estate investors just like you, and discover how they’ve completely transformed their business by taking a profit First approach. This is the profit first for REI podcast, where we believe revenue is vanity. Profit is sanity. It’s time to start making profit a habit in your business. So here’s your host, David Richter.

Speaker 3 (01:01):

We have Jay Connor back on the podcast. I love Jay Connor. He helps you get your money, the money from private lenders and that whole framework and process, but he does it from a passion and a place of heart. And servant Teachership. I feel like he goes out there and is a servant teacher of how private money works. Listen to this episode. He gives the magic question he tells about desperation and private lending, and I thought his perspective was so good, and then ultimately the mindset that will get you money in the door without you ever having to worry about it. So listen to this episode. Can’t wait for you to get value from it. Thank you for being a listener of the Profit First. RII podcast. Have a great episode. Hey, here’s the profit first RI podcast. Really excited to have Jay Connor back because he’s the came of private money. And this is where I love to go into this topic because I don’t care what kind of business you’re in, you probably need help with this, but especially if you’re in the real estate world, this comes up all the time at every event I’m at with every conversation I have. So we’re having the cane here talk about private money today. So Jay, thanks for being on the show.

Speaker 1 (02:07):

Hey David, thank you so much for having me come on here to talk about my most favorite topic. Of course, that being private money. And why is that? Because private money’s had a bigger impact on our real estate investing business than any other strategy that we’ve implemented in our business.

Speaker 3 (02:24):

Why did you go down that road though? I mean, you teach this all the time. You’re helping a ton of people, like anyone I’ve ever talked to that works with you is like he taught me how to do and I got money and it actually works. So I mean, how did you even go down that road where it made a difference on you and then you wanted to get it to others?

Speaker 1 (02:43):

Well, I actually backed into it. I didn’t do it on purpose. So here’s what happened. So my wife, Carol, joy and I, we’ve been investing in real estate, single family houses, other real estate full time here in eastern North Carolina since 2003. And here’s what happened. From 2003 until 2009, David, all I knew to do in my real estate investing business was rely on the local banks to fund my deals. I mean, all I knew to do was go to the bank, get on my hands and knees, put my hand underneath my chin, raise my skirt up so they could look at all my personal financial statements and stuff and actually beg to get my deals funded. That’s all I knew to do. And so I had a big wake up call in January of 2009 after being in this business here in Eastern North Carolina. I called up my banker.

(03:38):

I told him about these two deals I had under contract in Newport, these two single family houses. And David, I learned like that over the telephone that my line of credit had been shut down with no notice. My banker, his name was Steve, and the bank was bb and t at the time. I said, Steve, what in the world are you telling me? My line of credit is shut down. I got two deals under contract. You gave me no notice. Why is the bank closing my line of credit? He said, Jay, don’t. There’s a global financial crisis going on right now. I said, no, but now you just gave me a global financial crisis. Financial crisis, yeah, I ain’t got no way to fund my deals. And I got ’em under contract. So I hung up the phone and here’s what happened, David. I sat here and I asked myself a very important question.

(04:27):

And so I’m going to share this question with your audience right now. This question I’m going to share with you will help you solve any problem you’ve got. I don’t care if it’s business, financial, career, health, relationships. I don’t care what your problem is. By the way, David, these people going around and saying, any problem, you got some opportunity I want to throw up. I didn’t have no opportunity. I had a problem of not funding my deal. So here’s the question I asked myself. The question I asked myself was, Jay, who do you know that can help you with your problem? And when I asked myself that question, I immediately thought of my good friend Jeff, who lived in Greensboro, North Carolina at the time, and he was investing in real estate. And so I called him up and I told him what happened. And he said, well, Jay, welcome to the club.

(05:18):

I said, what club? He said, the club of the bank shutting you down and losing amount of credit. They shut me down last week. I said, well, how are you funding your deals, Jeff? He says, well, have you ever heard of private money? And I hadn’t. So Jeff told me about private money. He told me about self-directed IRAs and how people can use their retirement accounts and funds that they currently have and move them over to a self-directed IRA company and then loan that money out to us real estate investors, either tax deferred or tax free depending on the type of account they’ve got. Well, that just opened up my whole world. I’d never heard of that. And so what did I do? How did raise $2,150,000 in less than 90 days after being cut off from the bank? Well, here’s what I did, and here’s the secret sauce I put on my teacher hat.

(06:10):

So I put on my teacher cap, which is my private money teacher cap, and I just started teaching people in my own network what private money is, how they can earn high rates of returns safely and securely. And what’s interesting, Carol, joy and I, we got 47 private lenders right now. Not one of them had ever heard of private money and private lending. Not one of them had ever heard of self-directed IRA companies and what a third party custodian is. That’s important by the way, to establish a relationship with a self-directed IRA company because over half of my private lenders are using their retirement funds. And if I didn’t have that relationship to introduce them to move their retirement funds over, I’d be missing out on over half of my private money. So how did I go about raising all this money when I was cut off from the banks?

(07:02):

I led with a servant’s heart. I led with education. And here’s a really, really important point. I separated the activity. I separated the conversations of telling people what private money is and how they can earn high rates of return safely and securely and having a deal for them to fund. You see, desperation has got a smell to it. And when you talk about is that not true, David? Yeah, very true. So if you’re talking about private money and raising private money with an individual and you got a deal for them to fund, you’re already sounding desperate and you’re not even trying to sound desperate. So we don’t talk about deals and when we’re first exposing somebody to how they can earn high rates of return, we talk about private money. So how do we separate those conversations? Well, when someone has told me that they’ve got, let’s say they’ve got $150,000 they want to invest and get high rates of return conservatively, I’ll say, great, I’ll put your money to work for you just as soon as possible.

(08:11):

I don’t talk about a deal upfront. If they’ve got retirement funds that they want to get higher rates of return on, I’ll introduce ’em to the self-directed IRA company that I recommend. They’ll get their funds moved over. And so here’s what happens and here’s the magic sauce, David, I give ’em and I call ’em up with what I call the great news phone call. What in the world is the great news phone call? Well, the great news phone call is not a pitch. I’ve never pitched a deal in my life ever since I started raising private money in 2009. I pick up my handset with my cord attached to it here in North Carolina and I call some of your, don’t even know what that is. And let’s say, David, let’s say you’re one of my private lenders. So I’ll put my phone right up here and you’ll answer the phone and we’ll have a little chitchat and I’ll say, Dave, I got great news for you.

(09:06):

I can now put your money to work. I got a house in Newport with an after repaired value of $200,000. The funding requires 150. Closing is next Tuesday. You’ll need to have your funds wired to my real estate attorney next Monday. I’m going to have my real estate attorney email you the wiring instructions end of conversation. Notice I didn’t ask If you want to fund the deal, of course you want to fund the deal. You’ve been waiting for the phone call. I’ve told you the program. I’ve taught you the program, you know what kind of rate you get, what the maximum loan to value is, the program that I’ve taught you. And so now you’re waiting for the good news phone call, which I just gave you. And in addition to that, if you as my private lender, if you’ve moved your retirement funds over to a self-directed IRA company, you ain’t earning any money until I put your money to work.

(10:04):

You moved it at my recommendation. Now I’m ethically bound to put your money to work. You ain’t earning any money until you actually put her to work. So again, we separate conversations, we leave with a servant’s heart, we educate, and by the way, David, these people going around saying don’t just get the deal under contract. The money is show up. I want to throw up where is the money going to show up? Is it just going to rain out of clouds or something? No, get the money lined up and you can get it lined up fast. Just like me. There’s always going to be deals.

Speaker 3 (10:38):

Yeah. Oh man, that’s really good stuff. I love how you went down that road and it helped you personally. Now you’re just teaching a lot of people. I love that magic question. Who do you know that can help me with my problem? It’s that who, it’s not always the how. It’s the who did I know, and in that point it really helped you. I also run into a lot of times, I don’t know if you see this, where there’s someone who’s like, I could save a couple interest points if I just use my own money versus a private lender’s funds. What are your thoughts on that of always taking down your own deals versus going out there and putting the work into getting a private lender?

Speaker 1 (11:17):

Sure, I get that question all the time. They say, Jay, you making all that money? Why don’t you use your own money to invest in real estate? Why are you still borrowing private money? Well, here’s the answer. If you’re just going to do one deal, that’s a great use of your money. That’s a fantastic use of your money. But do you want to scale your business? I mean, right now we’ve got seven different projects going on, single family houses simultaneously. Well, I don’t want my money buried in seven houses or projects simultaneously, which here in our local market can easily be over 3 million with the prices of our homes. So if you want to scale and really, I mean most people have got a bottom of the bucket in their checkbook. So if you want to scale your business, then private money is the way to go. Another answer to that question is, do I want to pay myself 8% or do I want to use my money for something else,

Speaker 3 (12:22):

Right? Yep.

Speaker 1 (12:24):

So that’s a couple of answers to why I use private lending and why I’m still using 47 private lenders,

Speaker 3 (12:33):

Which is great. I love what you said. If you want to scale, it can run out of cash real quick. If you just keep using your own money where a lot of people have to choose between, okay, paying some percentage points or sleeping at night, and it’s like, I think I like your option a whole lot better, especially if you’re looking to grow. But I like how you said that one deal. That’s okay, but if you are looking to be a real estate investor, this is something you’re going to have to go down that road. Now, last time I asked you some questions about the private lending process. I don’t think I asked this one though, is how do you maintain a relationship with that many private lenders? You’ve got 47 people in your network that you call up with the good news call. So is it like how do you maintain a relationship with all those people?

Speaker 1 (13:22):

I mail ’em checks.

Speaker 3 (13:25):

I love that. That’s a great answer. Oh man. No better way to keep a relationship there.

Speaker 1 (13:33):

I mean, they love getting money in the mail, right? Yeah. They love mailbox money, so I mail ’em checks.

Speaker 3 (13:41):

So you mail ’em checks. So you’ve built a good enough business where you can keep 47 lenders busy and their money active.

Speaker 1 (13:50):

Well, to be totally transparent, I mean, it is a juggling act to tell you the truth. I mean, there’s more money than there is deals.

Speaker 3 (14:00):

Yep.

Speaker 1 (14:01):

There’s more money than there is deals. And so we got 47 private lenders. Some of them have got $30,000 with us, some of ’em have got a million dollars with us. I can’t buy a house for 30,000, but I can use 30,000 for rehab money. You can use private money, borrow private money in a junior position, you’ve got to disclose that. But I can put private money in a junior lien. But what comes into play there is what we call total loan to value. So I’m not going to be borrowing more than 75% of the after repaired value. I didn’t say the purchase price 75% of the after repaired value. But let’s say back to that example that we just talked about, David, where if I’ve got a after repaired value on a home of 200,000 for easy figuring, I can borrow up to 150,000. That’s 75% of the after repaired value. But if I buy it for a hundred thousand, which I do all the time, 50% of the after repaired value, I can have a private lender in first position at a hundred grand. I could have another private lender in second position at 50 grand. So add a hundred to the 50, now one 50 divided by 200,000 after repaired value, I got a total loan to value of still 75%.

Speaker 3 (15:27):

Yeah, I love that. And it seems like private money gives you flexibility and

Speaker 1 (15:32):

Options. Does that make sense?

Speaker 3 (15:34):

Yeah, that makes sense. A hundred percent.

Speaker 1 (15:37):

Oh, absolutely. Flexibility is where it’s all at. I got 15 reasons. I love private money over traditional money. I won’t share all 15, but the biggest one is it puts you in the driver’s seat. The traditional way to borrow money is you go to the bank and get on your hands and knees and you’re begging and chasing, well, they are making the rules, right? The lender is making the rules. But in this world of private money, we make the rules, we set the interest rate, we set the length of the node and all that.

Speaker 3 (16:14):

I love that. Flexibility is the ultimate play in real estate. You want to have flexibility and you want to be able to have that. So I love what you teach. Who is the person that you’re trying to teach out there? Is it the person that’s done one deal a thousand deals? Who are you trying to help the most with your business?

Speaker 1 (16:33):

Yeah, that’s interesting. At my live events, which is called the private money conference, and my live events, we have about 60% or so have already done deals. They’ve already done deals. They want to scale their business. They are real estate investors wanting to scale their business, and about 40% are looking to get their very first deal. So I’m helping everybody. I mean Stu and Harriet Baldwin from New York State, they enrolled and joined my mastermind membership community and they already had a portfolio of a hundred houses. They’d already raised over $2 million in private money, but they wanted to see how I went about it. Well, just one webinar that I recorded with them brought in 1.2 million in additional private private money. So I’ve worked with real estate investors that are brand new and those that are also seasoned to help them get more private money ready to go for their business.

Speaker 3 (17:33):

I love that. It sounds like a lot of people out there need private money, and even if you’re just getting started, if you don’t have the funds to do that first deal, like you mentioned, you do that first deal, that one deal at a time, it might be okay, but this sounds like a great spot where if you’re getting into it or if you’ve got lots of stuff going on, this could be another way to make sure your company can keep running without what you ran into with the banks back in 2007, eight or oh nine. Would you say that’s true as well?

Speaker 1 (18:04):

Absolutely. Absolutely. I mean, I’ve met very, very few people. In fact, I can’t even think of one. I haven’t met any real estate investor that says, I got enough money.

Speaker 3 (18:20):

Yeah, me either.

Speaker 1 (18:22):

I can’t use any more private money. However, David, you are looking at one right now. I got about almost $2 million right now, what I call sitting on the shelf waiting to be deployed. And I tell you what, I’ve had new private lenders come into my world that want to invest and just to prove to them that I can perform. I’ll take the new private lender’s money and pay off a current private lender, refinance the deal so I can get their money to work for ’em, right?

Speaker 3 (18:53):

Ah, yep, that makes sense. I like that. As you grow and scale, you might run into that issue and you make one lender a little bit happy. I mean, at least they’re getting paid off, but then they probably come back to you and say, I want you to put my money to work again. Do you have that come up a lot?

Speaker 1 (19:12):

Quite frankly, when I pay ’em off, they’re not happy.

Speaker 3 (19:17):

That’s why I said just a little happy, maybe a little bit.

Speaker 1 (19:20):

But when I pay ’em off, they’re not making any money on that money. In fact, with a new private lender, I’ll get ready to pay ’em off cashing out on a deal and I’ll call ’em up and say, Hey, just want you to know that you’re going to have a check coming in the mail from a real estate attorney’s trust account. We’re paying off this house. And they’ll say, Jay, can’t you just keep the money? And I’ll go, no, I can’t keep the money unless I’ve got your money secured by a property because we do not borrow unsecured funds. Now, here’s maybe a little advanced strategy for some folks, but I do substitutions of collateral or loan modifications all the time. If it’s a small amount of money that a private lender’s invested 30, 40, $50,000, and we use it for rehabbing a property. So when I’ve got another property I’m getting ready to start on, I’ll substitute the collateral and keep that 30 or $50,000 note in play. So they keep earning money on that money, but we will substitute the collateral just to a different project that we’re moving to.

Speaker 3 (20:25):

That’s awesome. So then sounds like you have a good problem. It’s like, I want that. Well, I think a lot of real estate investors would rather the problem, I have too much money versus I’ve got these deals and I can’t fund them. So I really like how you teach people that and where it could snowball into this, where it’s like, I’ve got 47 private lenders, I’ve got to go out there and get the deals for ’em. Absolutely. And I really like that. And

Speaker 1 (20:50):

For goodness sakes, you don’t start out with 47 private lenders. I started out with one, right? I started out with one and then that quickly became two and three and four and five because private lenders tell other people what’s going on. So I haven’t actively attracted private money for years because our current private lenders just keep sending us people. In fact, day before yesterday, day before yesterday, I got a phone call from the mother of a good friend of mine, his name’s Craig, lives in Newburg, North Carolina. Craig had told his mother about this investment thing that I got going on and she had never heard of it, which is really funny. I’ve been doing it now private money since 2009. So she calls me up and she says, Hey, my son’s been telling me about this investment thing you got going on. Tell me about it. So word of mouth gets around very, very quickly when you start doing business with private lenders the way I do.

Speaker 3 (21:53):

Yeah, I like that a lot. So in order to get people to talk like that, what are the biggest things that you do for your current private lenders that makes them want to recommend you?

Speaker 1 (22:07):

Well pay ’em on time.

Speaker 3 (22:08):

There you go. That’s a big one. Sounds like that would be a really great place to start.

Speaker 1 (22:12):

Pay ’em on time. But I also have three times a year I put on a party for our private lenders at the Dunes Club. So we have three times a year a VIP reception over at the Dunes Club on the beach, and it’s just an evening of private lenders getting together and we have a good old time and I feed them and give them all the soft shell crabs they want, and I tell ’em to bring their friends with them.

Speaker 3 (22:42):

Yeah, that’s awesome. So number one though, that anyone can do at any stage is pay people on time. So actually pay, would you say, what about communication? I hear that come up sometimes too. How do you do a good job on the communication with your private lenders as well?

Speaker 1 (23:03):

Well, it must be good enough. They never go away,

Speaker 3 (23:06):

Right? Yeah, that’s the big things I hear.

Speaker 1 (23:10):

Here’s one thing I have not delegated as far as communication. I personally, I mean my relationships with my private lenders are very, very important. So I personally pick up the phone, pick up the phone, and call my private lenders when I have got a deal for them to fund. I do not delegate that out. I could

(23:37):

Delegate that out, but I don’t, when I got a deal for them to fund, I’m the person on the phone keeping that relationship When I’m getting ready to pay them off. I don’t have a check just show up in the mail. Of course they got to sign a payoff instruction letter if a different closing agent is closing it for a buyer. But before any of that happens, I personally call ’em up and I tell ’em that we’ve got that property sold. We’re getting ready to pay you off. Or I’ll call ’em up and I’ll say, Hey, we’re getting ready to pay this property off, but I will keep your note open so you can keep earning money. I’m just going to substitute the collateral. We got some documents we’re going to email to you for you to sign and send back the communication. I’m personally involved in putting their money to work and letting them know when we’re cashing out and where they are on the deal.

Speaker 3 (24:31):

That’s awesome. Then since it’s the profit first I podcast here, I love this concept of the private money because you need your cash in your accounts. So to be able to run your business, do those things, and then setting up a separate account just for your private money lenders, so it makes it easier to do what Jay just told you to pay them back, to pay them back on time to be in good communication with them. So now this has been really good. Do you have any other advice before I ask you? How could they work with you? How can they get in touch with, because I know this is something that is needed desperately, that I send people your way all the time. I know I trust you to help people, but any other last minute advice here that you would give to the real estate investors listening to the podcast?

Speaker 1 (25:18):

Sure. I appreciate you asking that question. It’s going to be very hard to own a lot of real estate

(25:26):

Until you own the real estate between your ears. So what do I mean by that? People ask me, how do I start? How do I start raising money? I can tell you how you start raising private money. You get your heart right, you get your mindset right. So what do I mean by that? Well, what do you do? You lead with a servant’s heart, you lead with education, you put your private lender money hat on, you private lender, teacher hat on, and you leave with education, don’t pitch deals, and you really, really are concerned about the other person and realize, part of this mindset is realize you’ve got an opportunity to change people’s lives, right?

Speaker 3 (26:11):

That’s so good.

Speaker 1 (26:13):

We’ve got countless people that are particularly in their retirement years, that have thanked me and Carol Joy for making a difference in their retirement years to where they can, I mean, they don’t want to touch their principal. They want to live off of their principal investment. So they’ve been able to travel, go see grandkids, do all this stuff that they couldn’t do otherwise until they got involved in our program. So just know that you’ve got a way to really make an impact on other people’s lives. And lemme tell you another part of mindset. It ain’t about reaping. It’s not about reaping. It’s all about sowing. It’s all about sowing. I can’t be reaping all that private money and deals until I have sown and given and led with value first. So how you sow is how you’re going to reap.

Speaker 3 (27:08):

Yeah. Oh man, this is so good. I’m glad I asked that question because I hear the passion in your voice and I hear that you really care about the people you work with, the people that have private money lenders out there, you care about that relationship. I love what you said. Get your heart right, get your head right. I also think, like you said too, that if they don’t have that desperation has a smell. So if you’re out there, you’re desperate and you’re just going out there, then you won’t have people like you have that want to keep coming back, that want to continuously invest in you. So that was, I think, the best advice that you could give right there. Get it between your ears and get your heart right. I absolutely love that. And just to recap too, I love your magic question.

(27:55):

Who do you know that can help me with my problem? Then one day you’re going to wake up and you’re going to be like Jay, and you’re going to be helping other people with their problem. I’ve got money. I want to put it somewhere, and you’re the able to get them to where they can be. Desperation has a smell. I love that. And then honestly, I love that pivot. You are like, it’s not about the reaping, it’s not about the interest that I’m making or the profit I’m making for the deal. It’s more about sowing those seeds and ultimately you’re changing lives. That’s why you get private money, and it’s like that interest that you’re paying them is twofold. It’s like you get to sleep at night, you’re not using all your money and you’re getting to help someone else get a return that they wouldn’t be able to get anywhere else or in someone that they trust as well too, and that’s a little bit more tangible than the stock markets or all this other Bitcoin, some of that stuff that’s floating around out there. So this has been awesome. So how do people then, Jay, take that next step with you? Do you have a book? You talked about an event. What can people do?

Speaker 1 (29:01):

Absolutely. Well for your audience, David, I’ve got two gifts. First of all, I finished writing my book Where to Get the Money. Now, this is not a ebook. This is a book book that we actually send in the mail Autographic where to get the money. Now the subtitle is How and Where to Get Money for Your Real Estate Deals Without Relying on Hard Money Lenders or Traditional Lenders. It’ll walk you through step by step how to get all the private money you would want. Very, very easy to read. It’s $20 on Amazon, but you can get it for free. Being David’s audience, just cover shipping. You can go to www dot j Connor, J-A-Y-C-O-N-N-E r.com/book. So I’m an er, not an or. So that’s j Connor, J-A-Y-C-O-N-N-E r.com/book, and we’ll three day priority mail it out to you. Now, in addition to that, I’ve got an upcoming $3,000 per ticket live event right around the corner. But for your audience, Dave, I’m going to let everybody come for free with a measly $97 registration fee. This private money event. You can check it out at www.theprivatemoneyconference.com. The private money conference.com. That’s coming up right around the corner in June. Get on over there. Registrations are open, and I’d love to meet you in person at the private money conference.com.

Speaker 3 (30:31):

Awesome. I’m excited about that too. I love what you’re doing and you’re solving a big need that we hear all the time. Just like all people always needing to sharpen their acts when it comes to private money, you graciously have also invited me there to speak about Profit First. So I’m excited to get to tell people about that so they can get more private money and be more confident and not be desperate when they go and ask for people. So I’m really excited about that as well. So make sure we’re going to put those links there, but make sure either get his book or go to that event. I cannot endorse Jay Moore because I know how many people he helps, but then he also has the heart. You heard it right here. That’s how he wants to help you too. It’s very much a heart and a mission and a passion for him.

(31:13):

So Jay, thank you for coming on, for sharing your wisdom, your knowledge today. If you are listening to this episode and you feel stuck like, what the heck is going on? Where is my money? I don’t know what to do. I’m a little bit nervous to go out there and get private money. I can’t keep my own house in order. That’s where you could go to simple cfo.com where we can help you walk you through that process. We’ll link you up to Jay too. If you need private money or need to learn about private money, this is who we recommend. I recommend Jay to many people, so make sure that if you need that help you go to simple cfo.com. But Jay, again, thank you for being on the show and sharing your wisdom here today.

Speaker 1 (31:51):

David, thank you so much for having me. God bless you.

Speaker 2 (31:54):

This episode of the Profit First for REI podcast is over, but there are plenty more where that came from. Are you ready to learn how David and his team can help implement the Profit First system in your business? Schedule a discovery call@simplecfo.com right now. We’ll see you next time on The Profit First for REI podcast with David Richter.