Overcoming Habits and Fears and Developing as a Leader with Joe Theriault

Episode 126: Overcoming Habits and Fears and Developing as a Leader with Joe Theriault

The Profit First REI Podcast

November 3, 2022

David Richter

Summary:

Joseph “Joe” Theriault is today’s guest on Profit First for REI! He’s a real estate investor and owner of Inherited Property Solutions, a company focused on helping people liquidate inherited property. He is also actively involved in rehabs, novations, wholetail, wholesale, and brokerage.

This is one of my favorite episodes so far. Joe goes into the struggles he experienced when he took over the financial side of his business while retaining his old habits. He became unable to pay himself first, stressed over work, and found difficulty managing the company’s numbers. 

Everything changed when Joe made the conscious decision to take leadership coaching and apply Profit First in his business, developing his systems and mindset. Check out the whole discussion here!

Key Takeaways:
[00:49] Joe Theriault, His Background, and Journey

[07:39] On Getting Leadership Coaching

[09:29] On His Financial Struggles and the Benefit Profit First

[15:26] How His Business Struggles Affected His Life and Leadership

[19:24] On Being Able to Pay Himself 

[22:32] On Overcoming His Habits and Fears and Developing as a Leader

[29:55] How to Connect With Joe

Quotes:

[08:38] “I’m a big fan of…do what other people do. Just do it better…[You] don’t [have to] reinvent the wheel.”

[19:13] “[After Profit First,] my ego and money, all that stuff isn’t intertwined anymore.”

[28:22] “Right people, right seats. That’s what my coaches are right now, hands down. Right people right seats…That includes bringing you guys in Profit First.”

Connect with Joe: 

Facebook: https://www.facebook.com/joseph.theriault.35

Email: joe@ipscash.com

Website: https://www.ipscash.com/

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:

Joe Theriault:

Now I have no problems getting money. People I wanna give me, just give me money, right? Yeah. Cause everything’s straight. Everything was always straight. Cause I had a business partner and he was good with finances, but now I’m on top of it so I can go talk to people about money, right? Right. So it’s just, um, definite ceilings and that’s it, right? People write seats.

Intro:

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.

David Richter:

I’m going to get myself in trouble here, but I believe this is one of my favorite episodes, if not my favorite episode that you’re about to listen to. Joe Theriault is an active real estate investor. He’s come from a background of being a W2 employee to making that switch full time into real estate. And he talks about some hard things that he’s gone through in his life, in his business where he felt like he was sacrificing for his real estate investing company. He was paying himself a last, he was feeling stressed and burnt out. He would go to his 9:00 AM meetings and saying to people literally in that meeting, I haven’t gotten paid yet. We gotta rally together. And he thought that was gonna be motivational. Listen to his story. Listen to where he is been and where he is come to now, and how he can help you have hope for your business no matter where you are, even if you haven’t started investing in real estate or if you’ve done a million deals, I don’t care.

 

You’re going to get something from Joe. And the main thing, I believe is hope for wherever you are. Listen to this episode. I know you’re going to get a lot of value from it. Thank you for being a listener, and I appreciate you. Hey everyone. We have theJoe Theriault here. He’s an active real estate investor with Inherited Property Solutions. I’m excited to have ’em on. He also works with us as well too. He’s gonna tell about his profit First journey and how it’s been going, and we’re just gonna dive deep into it. But Joe, thanks for being on here today.

Joe Theriault:

You’re welcome.

David Richter:

And he’s a straight shooter. So, uh, just the disclaimer up front. I tell, he even asked me, he’s like, I, I use colorful language, you know, should I, should I tone it back or should I actually, you know, just be who I am? And I said, Please be who you are. So if you hear th those expedited today, it’s okay. I just want him, I want Joe to be Joe on this podcast. So I’m really excited about having him here. So, Joe, tell a little bit right now, what are you actively involved in? Is it flips rentals? Just let the, let the listener know what you’re doing?

 

Joe Theriault:

Yeah, generally speaking, uh, it’s rehabs, innovations, whole hotels, brokerage and wholesale is that typical business.

David Richter:

So what don’t you do in real estate? I’m

Joe Theriault:

Just kidding, <laugh>. Yeah, that’s fine. The, I would like to be in the bigger, you know, some of the bigger asset classes, but I’m not into rentals and, um, we have, we got our mortgage, I got my banking license so that, um, I don’t have to hold rentals so that the game for me is the banking game.

David Richter:

Okay, That makes sense. So how many deals just collectively a month, would you say that you’re doing right now or that you’re buying? Either buying or selling? I,

Joe Theriault:

Yeah, I’d break it out for the year. Probably will fall in the realm of about 130 this year ish deals.

David Richter:

So you’re listing, if you’re listing right now, this is not someone who just got started in real estate. How long have you been doing it too, Joe?

Joe Theriault:

We, uh, full-time. I left my job, uh, seven years ago.

David Richter:

Wow. Was that, was that a monumental event for you? Was that, like, were you in the corporate world for a long time and then jumped into here? What were you doing before?

Joe Theriault:

Uh, yeah, I was, uh, I had been in manufacturing and a machinist for, since I’ve been 14. Okay. Um, you know, bought my first building when I was 21, Maybe didn’t make some good life decisions. And then, uh, ended up with, uh, no money homeless. And, uh, that was probably when I was about 30. And when I was 30 I was working in manufacturing and, um, was in a campground. And I bought my first apartment building again, uh, in that phase, I call it my first bought another one, bought another one. So I had apartment buildings, full-time job in a yoga studio. And I met my now wife who lived two hours away and said, Something’s fucking gonna give <laugh>. And, um, like, I gotta go do, like, I gotta, I gotta go do this or like, should have get off the pot. Right? Like, I can’t, can’t live in this middle world. So I, um, had 30 grand and said I got six months to make it in real estate. And that was about seven years ago.

David Richter:

Wow. You took that leap. And it seems like, I mean, you’re still in real estate, so how has it been so far?

Joe Theriault:

Yeah, it, it’s, it’s been an interesting journey, right? If you were said seven years ago, like, would I, would I be here in like class a office space with employees on a podcast, ran over to do a back to back closing this morning? And, uh, it like, no, like, would I have, you know, uh, ever thought that that was gonna be the case? So, you know, it, it’s definitely, you know, there’s lots of stress, no doubt. And I’m having to learn how to be, now it’s more of about me being a better leader and managing, you know, I come from manufacturing, right? Get, get it, get it your fucking machine at nine o’clock, the bell is off, the spindle better be turning like, let’s roll. Right? Yeah. You know, so that’s not really how you manage real estate people. And um, so, uh, you know, I’ve really had to, uh, you know, this past year especially, I mean, I have leadership coaching today, you know, so it’s like, man, that’s the stuff that struggling.

I always thought it would be like, how can I just grind more? Right? Yeah. Just do more business. And it isn’t, it’s now, it’s so there’s a, a facet of it. That’s, um, it’s definitely, I, um, saw something the other day about, I try, I’m trying to stay word from the stress, but like the pressure, right? Yeah. How do we deal with the pressure of it, right? Yeah. And, um, you know, cause I chose it, right? Right. Um, so it’s an interesting thing. It’s definitely exciting. I’m more about building a company now than I am. That’s what gets me excited. Like really building a company. Cuz then I can go build any company Right, Right. Through it with, you know, within reason. Right? So, um, that’s more what’s feeds me right now is the ins and outs of finance and relationships and growing people and employees and all that stuff that, that wasn’t, I thought I was just gonna do a flip.

David Richter:

Right?

Joe Theriault:

I don’t know. Right. Like, do a flip. I don’t know, like, however, hang some banded signs. Like I, that’s what I thought 70 and I did, I was king banded signs for a long time. Uh, so I don’t know. Long winded question. Uh, long winded answer to your question, but, uh, that’s

David Richter:

True. Believe me, I’ve had much more long-winded answers. So that was No, that was really good because I wanna focus on a couple things there. Number one, I was a machinist before I stepped into the world of real estate. Um, I was there for a few years and then jumped in. So I definitely get the, like, you gotta be there. The spindle has to be turning, you gotta punch in the numbers, It’s gotta be like go, go go. Yeah. And they’re like just hovering over you basically the whole day. And like, we had cameras up everywhere and, you know, Oh yeah. They’re just watching you. And it is totally different in the small business, the real estate world. And I love what you said that you are not just grinding anymore, you’re becoming a better leader. You know, it’s not just about how much can I work? It’s how much can I pour into others. You even mentioned leadership coaching that, was that a decision because you saw that over the, the last year or something like way, Hey, I gotta be a better leader. Like, I don’t wanna keep grinding away. Or like, what was that spark that you took the step to even reach out to get a leadership coach?



Joe Theriault:

Yeah, it, you know, I I, it, it’s a weird dynamic for me because I can be very, very driven. Yeah. But I’m also super analytical. Okay. So I like varying, like, I like bumpers to a certain degree. Yeah. Even though I don’t like bumpers, it’s kind of weird. Um, you know, a couple years ago, just suggestion of, um, you know, someone I know when we ended up, uh, you know, with Gary and Susan and, uh, shopper, you know, going through that and I saw that, you know, where I’m buying out my now bus, I’m buying out my business partner. Right. Like, all of those things that I had to go and learn Yeah. And, and be like, I was seeing other guy. I’m a big fan of like, just do what other people do. Just do it better. Right. Right. You know, don’t reinvent the wheel. And all these guys had co, you know, had coaches. Right? Yep. So, um, you know, it’s, it’s a couple times a week I probably meet with somebody that, and I’m like, Oh, yeah, okay. That’s right. All

David Richter:

Right. Yeah.

Joe Theriault:

So it

David Richter:

That’s

Joe Theriault:

Good. Yeah. It’s been an inevitable kind of just with things learning, right?

David Richter:

Right. You’re the small business owner and then you start to grow and then you’re doing 130 deals and you’re like, now the hats are different. It’s not just sales marketing, operations, it’s, it’s leadership, it’s management, it’s, you know, it’s all those other things. Those intangibles more as you get, you know, as you’re actually building a big company. Cuz the hundred 30 deals has nothing to sneeze at. That’s a, that’s a really, that’s a very healthy company as far as like the volume that you’re doing. Yeah. So then let’s talk about, we’ll go this direction too. When did you get excited about the Profit first message? Like how did that come into your world and into that being like, cuz we’re talking about coaching and leadership training, this is definitely a different type there. So Profit First. Where did that enter?

Joe Theriault:

Yeah, Funny, funny enough, uh, again, this is a, this is a story. Uh, but years ago I had heard of Profit First, uh, just straight Profit first. Right? Yeah. And took it to my business partner and was like, Man, like I would really like to do this, you know? Um, and it was like, you know, you know, no, basically, Right. So, Okay. He had money and so it was a different op. Like I didn’t have that kind of money. Right. So he’d already retired and it was a di different dynamic of where he was at his life. Right. Okay. He’s already run a 50 mil, 50 million a year revenue company. Right. So his way of doing things wasn’t necessarily my way of doing things. Yeah. So, so that was a no. And then this year, um, this past year, I stepped into running the company basically, and where he hasn’t been in the office.

And we, we both agreed to that. And then over the past, since March, I offered to buy him out. Right. And all of that, you know, one of the reasons he was my business partner was I didn’t have to worry about finance. Right. Mm. I just went and, and made sure the business was there Yeah. And was running and gunning. Right? Yeah. Like, I ran the company, but I was just running and gunning let’s do business. Like I didn’t look at QuickBooks, I knew it was in the bank roughly, and like last year we made good money, right? Yeah. But we just stripped it outta the company. Right. So we just took all the, I didn’t have, like, I didn’t have rehab budgets set up allocations, we just, we just ripped it all out. Yeah. Right. We took the profits, we said, Oh, we’ll leave a couple hundred in the bank, you know, for whatever, and we’re gonna take the rest out.

Well, well come to find out when I’m actually the owner and buy my business partner out and having to do 10 rehabs at a time, which is what about what we’re doing. Yeah. Well, there’s lots of money that comes outta my deals that don’t go to my pocket nowadays. Mm. Yeah. Right. So I had to learn and what, so what we did, you know, again, I found someone that I knew that already had a coach from you guys. Yeah. And I said, Who are you using that is the coach with, with Profit First? And, uh, you know, he, he, he told me, and, and you know, as far as I know, I have your best profit First Coach in the company <laugh>. Um, as far as from what she tells me anyway, um, you know, so, um, and I

David Richter:

Fair, she is the director of all of our other CFOs. Correct? Yeah. She, Yeah. Yeah,

Joe Theriault:

Yeah. Um, you know, so it’s, Does that answer, does that answer the question

David Richter:

Well enough? Yeah. So it sounds like years ago you heard about Profit First, you took it to the business partner, but he was kind of the financial part and he’d already run a lot of the business, but now you stepping into that seat, you’re like, Hey, I, I haven’t run the $50 million business and I was leaning on the partner. Now I need someone to come in and say, What the heck do we do with the money? And where the heck do we need to put it? So that’s where, I guess, So before you had implemented it then in the business, like when you were relying on him, how I, I guess you were just looking at the cash, like you said, you knew stuff was there, but not really knowing, having to go deep into it, was it affecting you at all up these past seven years? Yeah. Until, Yeah. So tell us a little bit about that.

Joe Theriault:

That’s piece, Yeah. Yeah. So that’s the motion piece that we, that I missed. So the piece of that as, as, as a machinist or someone that’s been on a paycheck their whole life, waiting to get paid to the end is not healthy for me. Okay. And then it also makes me, um, hate everybody. It makes me hate the employees. It makes me hate the company because now I’m getting paid at the end. Yeah. And now I just wanna drive and, and grind and be even hotter. Like, what do you mean you didn’t get that deal? Like we lost money like that, The personality out of me that you don’t want coming out of me. Yeah.

When we paid Joe last, even though he may get paid more, I don’t, I don’t want that. So what Profit First has done for me is I get paid first on an all on an allocation, Right. Because we now, we have everything set up and everything’s allocated. So if a hundred thousand dollars comes in this week, we get a certain amount goes into, we have it all figured out based off of our, uh, budget for the year and all our expenses. And, uh, with the CFO from Profit First, and then now it’s, I have 10 different business, 10 different accounts and everything gets allocated. Right. So a certain percentage goes into rehab, certain percentage goes into Joe’s account, the different, you know, income account, opex account, right? Yeah. So I’m far less stressed from at least that standpoint. Yeah. It’s more of, at least now I know I’m getting paid. Right. Because with my inevitable, and I think a lot of entrepreneurs will just dump all their money back into the company. Right. And, and burn themselves. Like, I’m guilty of it and I’ll just keep my money there. Even, even Chris, even the, uh, coach from CFO is like, Did you take that money out of that account that you’ve been allocated? Did you actually pay yourself even though it’s there? Right. So, um, anyway, Yeah. So that’s, that’s, that’s my story,

David Richter:

Man. That’s honestly, that’s a lot of people’s story. Like you said, you can speak for the entrepreneur and for that person, because I think a lot of people get that irritated or like they, the shoulders, you know, tightening. You’re like, Why that deal didn’t close. Like, we needed to close that deal, or we needed to, you know, like, what are you doing? You’re making that decision just then. I honestly, Do you feel like when you were in that part, but when Joe was playing, when Joe was paid last, let’s just say during that time, did it also affect not just the business, but like other relationships? Either like family or other thing? Like was it, was it, you know, did it seep out other places as well too?

Joe Theriault:

Yeah. Um, it, it did, but my, my candy, my wife Yeah. Uh, is a COO here. Right. So it’s kind of like, uh, Okay. You know? Right. And then, and then Jeff, who was the coo, he was taking a lot of stress of things too. Right. Okay. So when I, he went over to rehab manager, which has been a way better transition for him. Yeah. And, um, so, you know, Yes. You know, I, I, I I believe so. And I think the, uh, you know, moving on from my business partner, uh, and, and like all of that kind of like plays in, So there’s still quite a bit of like stress and angst that I’m trying to like ba balance out still of like, now I need X amount more each month. Right.

David Richter:

To

Joe Theriault:

Pay him off. Right. Yeah. So there’s still, there’s still some, some there. I, I think more of what it was is I don’t take it out on the employees as much. Okay. I can remember at nine o’clock meetings being like saying it. I haven’t saying it in front of everybody and not even realizing it, thinking that I was justified saying it would say, I haven’t even gotten paid yet. Right. To right. Like that, that was my, my like chest pounding, like, come on guy. Like the, you know, that, you know, So in the, since we’ve, and I felt truly justified that it was, and not even in a rude way Sure.

David Richter:

It’s gonna motivate them. Cause it’s almost like trying to motivate them. I’m sacrificing for you what that was that was that kind of the attitude that you brought to it. Yes,

 

Joe Theriault:

Yes. Right. I’m sacrificing for you. Right. Yeah. And in reality, you know, so I mean, the stupid airplane thing put on your mask first, Right? Sure. Whatever the Yeah. Analogy is. Right. But, you know, to a degree it’s, it’s, it’s, it’s true. And it’s kind of at least tempered me and I haven’t had any of that in my nine o’clock meetings and other meetings I’ve had. I’m way more positive.

David Richter:

Yeah. Well that, that is a huge step because I think it goes back to what you said. You’re not in the W2 punch in punch out world, you’re, it’s a lot more fluid and a lot more, especially if you’re working with salespeople, because probably back in the machinist day you probably didn’t deal with the frontline salespeople that were dealing with the contracts and everything. So it’s like in this world, you go into those meetings and you think like, Oh yeah, rah rah, you know, like, I’m not even getting paid. And, you know, it’s like that’s motivating to them and they’re just like, Oh shoot. You know, like, what are we doing wrong? Right. You know, like, looking at you. So, man, that is, that is powerful. Cuz I think a lot of people are there too. They think they’re sacrificing for them that that’s gonna motivate them. But the employees want you to be successful, Right. They want the owner to be successful. They want this company to be successful. Cuz everything hinges on that for them as well too. Would you say that’s how most people are in the companies? You know, they want you to be successful too, Just if not saying that, but for that peace of mind, would you say that’s true?

Joe Theriault:

Yeah. Yeah. For sure. Right. Like and, and that’s what I thought was the MO would motivate. Okay. Right. Yeah. Right. So I would kind of like play on that. Yeah. And instead it’s just now it’s just focused on, on growing them. Right? Yeah. And, and what do we need to work on each week? You know, if guy’s suffering on conversion, it isn’t me being like, What the fuck man, I ain’t getting paid. Right. Right. Like, dude, you better convert. It’s all right. What do we gotta do? What do we gotta coach better on? Okay. You’re not converting on, uh, action deals. Fine, let’s let’s do some more training on that. Right. Yeah. And, and my ego and money, all that stuff isn’t intertwined anymore. Right. That’s, that’s behind the scenes, you

David Richter:

Know? Ah, that’s great stuff. And that’s where, what, how did it feel that first time that you were able to pay yourself like on, you know, and you actually took a check from the company first V versus last. Did you, what feelings were going on at

Joe Theriault:

That point? Uh, you know, it, it, it definitely was. I mean, I remember telling the cfo, you know, you’re a coach from Profit First and I’m trying not to name names cause I don’t want everyone running over toward me. Like Joe said, use this person. Right. Like, so I’m not going there. Oh, unless you tell me too, then I will, but I won’t in this moment. That’s why I’m being a little like Yeah. Not saying the name. Um, and um, so there was, um, I remember very, very, uh, uh, full of gratitude, uh, towards the, uh, Profit First Coach. Uh, and I, I did let her know thank you. And I appreciated that quite a bit, uh, cuz she actually forced me to actually take the damn money out too <laugh>. So, um, you know, that was important and it was, it was, I know it sounds, this gotta, sounds stupid or whatever the fuck it is, right?

Sure. But like, it was like, to a degree, like a small little dream coming true. Mm-hmm. Right? Because what, what, what what was a, what I was able to do was keep building all these accounts and keep building this business and still get paid. Right. And right. So everything was, all my needs were being met where I didn’t have to, I was still dumping money back into the company to try and build it. Right. But in the meantime I was, I was still getting something out. Right. Yeah. So it, it, I mean you gotta understand, I’m fucking machinist man. Right? You’re talking a couple thousand dollars in your bank account, Okay. I had some rentals, fine, whatever. Like, there’s millions moving in and out of this company, right? Mm-hmm. <affirmative>, like, and I’m borrowing millions of dollars that is, that doesn’t like, like we forget very often people that are involved in this land of real estate. Yeah. And what this is like, that doesn’t happen all the time to everybody. I know there’s a lot of talk out there and the, you know, and we’re all connected in these rooms. Yeah. You go out on the street, man, and when I’m in a meeting and I’m out there in a, some kind of support group style meeting and someone’s dude just getting sober, dude, it’s pretty, pretty fucking heavy. Like the amount of shit that we’re doing that where we came from, Right? Yeah.

David Richter:

That is so true. That’s that book. Right? Um, what’s his name? Dan Sullivan. The Gap in the Gain. Yeah. Like where, where have you come from and to where you are now? Cuz that’s a, that’s huge. Like you said, going from W2 to now, millions of dollars flowing through. But then you even said like, what in the world, you know, I’m getting paid last, you know, like sacrificing everything. So it’s like even then coming outta the W two job, it’s almost like still being conditioned to almost be that W two employee, but you’re trying to run the company now with that

Joe Theriault:

That it’s a good, that’s a good analogy actually. That’s, that’s that’s fucked up. Yeah. But yeah, that, that’s funny how you, you, you Right. Go back to just what’s finding what’s comfortable no matter what. Right, Right. Um, so Exactly. Yeah. That is a good, that is a solid analogy.

David Richter:

Well, and that’s, and that’s where sometimes you have to have that kick in the pants to say you have to do this. Like you are the business owner, I’m sure on your leadership coaching too, there’s probably been breakthroughs that you’ve had of like, Oh shoot, I didn’t even realize I was doing this. Yeah. You know, and it’s like holding me back and it’s holding my people back. Yeah. Same thing with the money there. You were almost like you said, the CFO had to like force me to take this money. Right. And then, you know what you just said, you just said, you know, to a small degree here, a dream came true right. In the business because now the needs are met. Plus I get to invest in the business. Right. And in the people, you know, and it’s like, that’s what you’re wanting. So I love that.

That was to me getting the goosebumps. I know you were like, ah, maybe it sounds fine, but No, this is, you are giving people that are listening right now hope. Yep. Hope that even no matter what background they came from, that W two machinist background or real estate investing for the last seven years or however many years that you can get to this point at least. And I love what you said too. You said you, you had to put aside the ego and like, hey, and it’s like, hey, we gotta do the things we need to do in order for us to be, to be profitable. This has been, this has been amazing and I’ve just got a few last questions here, you know, on this podcast. But, uh, what would you say is one of the biggest areas of success that you’ve had in business or like one of the key factors of your success that you’ve had and growing to 130 now breaking through some of these leadership barriers, some of these, you know, other barriers as well too in finance and paying yourself, what would you say is a catalyst for a lot of that success?

Maybe a character trait or maybe something that you attribute to you that someone else could maybe learn from.

Joe Theriault:

Yeah. You know, it’s, um, I, I, I seek, uh, you know, and I’m, I’m a low burnt, right? Like a years are just grinding can burn you. I won’t, I won’t put, I’ll fucking be real about that. Right. There’s definitely some, My drive has dropped a notch over the, over the years. Um, but, um, you know, the, the, the, the, the, the money, the money piece of it was what I was scared of, right? Mm-hmm. <affirmative>, like I, I, I had a business partner and gave half of like, I was a driving catalyst behind things, right? Like I was the one that went and drove right. But I brought someone on that was detail oriented and safe and conservative and he knew about money, right? And I wasn’t willing to confront the where my weaknesses were. I could just keep going and driving down and being a better grinder and, and a bigger asshole.

Right? Like, this way I’ve had to focus on my weakness and focus on where it’s the toughest part of going and talking to people about money and finance and like all that stuff. Like, and being able to come in and offer my business partner or buyout and feel comfortable that I’m not gonna like burn this company down. Right? Right. Like that there, there’s a, the whole piece surrounding money for me is a, is a really big thing. Yeah. It, it’s, it’s, you know, I grew up poor, right? Like Yeah. You know what I’m saying? Like, I mean, this, this shit wasn’t around 30 years. Like there were no investor meeting podcast 30 years ago. Like everyone went to work, right? You were either blue collar and that’s where you were, right? Yeah. Like, okay, maybe people bought tout buildings, but we’re fucking poor growing up, you know? So this mentality of where we’re at is, uh, I can’t even get my fucking head around it half the time. Yeah. You know,

David Richter:

You’re doing deals now probably where you’ve made that amount of money in a year before in the past, you know, like now you’re making it on one deal

Joe Theriault:

Today. The deal, the thing that I signed this morning <laugh>, Right? Like the one thing I did this morning, right? Right. Like this, this week alone, what will bring in years of, stuff, right? Yeah. Like just, I don’t even, I don’t even,

David Richter:

And I get it what you’re saying because you said that’s what you were scared of. It’s because you have a power in your hand. It’s like athletes, right? Like athletes, they come from whatever their background is to superstar them. Well, in real estate it’s your, like the athlete of entrepreneurs because you could do in one deal, like he said, he did one deal today that is like years worth of what he’s made in the past. And that’s where, that’s where it can get very intimidating. So I get it. If that’s one of the biggest areas of that, you know, being able to be, you said that being able to confront that weakness, I mean, but that’s, you, you, you sought it out. You said I need the help here. Like I’m the one, you know, you were the one to be like, Hey, I need this help cuz you knew if the business partner’s going away, I can’t just rely on him anymore either.

Right. So you took that leap of faith as well too. So I think this has been, I think like I keep saying, you’re giving hope to people no matter where they are right now, that there’s either someone that can help them or facing your weaknesses, just like you said, that is just, you know, and the thing that you’re probably scared of the most is probably what you need to help the most in order to go to that next level. That’s probably where your ceiling is. I don’t know if you felt that way before. Oh yeah. That you’ve had a ceiling and I don’t know if you’re feeling like you’re being able to break through some of those

Joe Theriault:

For for sure. You know, I I I I know there’s, there’s like ceilings and even though we’ve had to like step back a little bit this year Yeah. You know, to a degree, um, we’ve become bankable. Right. There’s some pieces there Right. Of like now I have no problems getting money. Yeah. Right. People that I wanna give me just give me money. Right? Yeah. Cause everything’s straight and everything was always straight. Cause I had a business partner and he was good with finances, but now I’m on top of it so I can go talk to people about money. Right. Right. So it’s just, um, definite ceilings and um, it’s just, uh, that’s it. Right. Awesome. You know? Right. People write seats and that’s, that’s what that my coaches right now, hands down, write people right seats. Yeah. And that includes bringing you guys in profit first cfo, right. People right seats. Yeah. Gets along with my team, you know, so it’s, um, ah, shshsh.

David Richter:

Well, and I’ll tell you too, the CFO that’s working with you behind the scenes have said like she’s seen amazing leadership growth in you as well too. So it’s like you’re taking all this that you’re learning and actually implementing it. Cuz sometimes it’s so much of a barrier to people. They’ll know what to do, They’ll have the step right in front of ’em. They literally just has to reach out and grasp it or take that next step up the ladder and they just don’t, they’re frozen there. So yeah, Joe’s a good, a good example of you just listen to the right people and do the right things and then you get the confidence to be able to go in, walk in a bank or go anywhere and say, this is what we need or start paying ourselves. Get that confidence. Man, this has been incredible because I think what you provided here today more than anything else was hope for the listener that no matter where they are, if they’re still not in real estate and they’re still in the machinist job, they can know that, hey, I want to be like Joe when I get into real estate from that first deal.

Or if I’m, if I’m like, Joe doing 130 deals a year right now, like it doesn’t have to be stressful all the time or like taking it out on the employees or sacrificing everything. So you have told a lot of stuff and this has been absolute gold for the listeners. I wanna wrap this up with one last question and that’s, since you provide a ton of value here, how can people reach out to you? Like how can they provide value to you and where would you wanna send them to? Or like what do you, you know, what do you have going on right now?

Joe Theriault:

Yep. So biggest thing, if you wanna get in touch with me, you know, Facebook me for one thing, right? I’m Joe Terrio, ipss Cash is my, my what we run under on the dba. Yep. Uh, Joe at ipss Cash. Right. And just throw something in the, in the email line. Right. Like do something that it gets my attention. Right. So, uh, you know, Profit first or David’s name, right. That’s, you know, one way to get like, get my attention, you know, there biggest thing right? Right now is I’m doing, there isn’t, I think all, all the New England states I’ve done deals in truly, and I probably, I have deals in four of the New England states right now. So New England stuff, we can cover it from a standpoint of like, do you need help with doing a innovation deal? Cause I got the brokerage, I got the attorneys that we have licensed in three states with the brokerage, right?

So we can move it through. So not everybody’s here in New England and I like to keep it that way. Um, and so New England and mobile homes, I’ve gotten a reputation, uh, for buying mobile homes in various parts of the country. Awesome. Um, in couple groups, that’s my kind of my specialty. So like inherited stuff anywhere in the country I can handle mobile homes, uh, anyone wants to need some help on. Cause I buy ’em in PO all the time. That’s been my little bit of a niche is a lot of people don’t know how to buy mobile home po um, mobile homes in po. Um, cause I told ’em they can’t, they can and I do it all the time. Yeah. And it’s just having that right relationship with the pack and making sure that you’re a business and you’re not just Joe below the flipper, they don’t particularly care for that. So those are my big like things that, um, I’m doing that if anybody wants to, to any level, Pat jv, they got a question on it, I, I’m happy to see where I can, where I can lead with it.

David Richter:

Awesome. So there you go. Reach out to him on Facebook. His last name is spelled T H E R I A U L T. So you could look him up there, get in touch with him. He’s a giver. If you realize a lot of the people that have come on the podcast like Joe, who have then not on the financial side, but just the leadership training, like that they want to help others. So if you have, you know, like if you want a jv, if you have partnership lending, you’re like, whatever. Joe’s a good investment in your time and effort and like don’t just take him out for a coffee, pay him for his time. If you’re a newbie or if you’re a seasoned real estate investor, he’d be a good partner to work with. Joe, this has been incredible. Thank you for being here today.

And I just wanted to end with this. If you are, if you’re listening to this now and you’ve ever been in Joe’s position, w2, you know you’ve been in real estate investing, if you’ve ever felt like you’re sacrificing everything, living deal to deal not getting here, paying yourself last instead of first. If you ever have felt like that, it doesn’t have to be that way. Joe is giving you hope here. You can head over to simple cfo.com. That’s where you can see if we can help you as well too. Just like the CFO’s helping Joe, we would love to be able to be there for you or at least point you in the right direction. I don’t want you living in the real estate rat race. I don’t want you feeling that stress every day that you need to. And I want you to get out of that and not sacrifice everything for your own sake. Make sure that you’re a healthy business owner. So head over there and remember to start making profit a habit in your business. And then Joe, thank you so much for being here today.

Joe Theriault:

You’re welcome. Pleasure.

Intro:

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 at simplecfo.com right now. We’ll see you next time on The Profit First for REI podcast with David Richter.

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