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Episodes
David Talks with Joey Hart
Losing $50K on Deal One & Coming Back to Win $100K
August 17, 2026
Joey Hart spent 25 years in corporate America as an engineer, product manager, and salesman before going all in on real estate as a HomeVestors "We Buy Houses" franchisee in early 2025. What makes his story different is that he ran Profit First from deal number one, before he ever made a mistake he'd need it to catch.
In this episode Joey is refreshingly candid about a first deal that lost him over $50,000, a later flip that netted him around $100,000, and how a purpose bigger than money kept him steady through both. He breaks down his multiple-exit-strategy underwriting, how his CFO pushes him on gross margin targets, and why an engineer's risk-averse mindset made Profit First feel like a system that saves you from yourself. If you're eyeing the jump from corporate to real estate, this one is for you.
David Talks with Adam Whitney
The Cash Conversion Cycle That Quietly Wrecks Flippers
August 10, 2026
Adam Whitney spent over 20 years in the Marine Corps in military intelligence before going all in on real estate, and he brings that operator discipline to how he thinks about money. Now a leader at Seven Figure Flipping, he's a hardcore Profit First fan who built his personal money habits long before he built his business ones.
In this episode Adam gets refreshingly honest about the mistakes, the down months, and the psychology behind keeping what you make. He covers his journey from a $9,000 first-year military salary through Dave Ramsey's envelope system to Profit First, why cash flow management is the most underrated skill in business, and how the OODA loop from fighter-pilot dogfighting applies to financial decisions under pressure. If you make money but still feel broke, this is one to hear.
Featured Posts
If You Don’t Have a Reserve Strategy, You Don’t Have a Stable Real Estate Business
Money hit the bank account. Bills got paid. You funded the next property, covered payroll, and handled a few expenses that had been waiting. Then you looked at the account... And most of the money was... ...more
Cash Flow ,Profit First Budgeting &Profit
August 19, 2026•7 min read
If Your Financial Reports Are 30 Days Behind, Your Decisions Are 30 Days Wrong
Many real estate investors are making major decisions with old, inaccurate, or incomplete financial reports. Some do not receive their reports until 30 or 60 days after the month ends. Others have rep... ...more
Cash Flow ,Budgeting Profit &Bookkeeping
August 12, 2026•7 min read
Stop Building Everyone Else's Wealth First
You closed another deal. The rent checks came in. The rehab sold. The wholesale assignment funded. So where did all the money go? If you're like most real estate investors, you already know the answer... ...more
Cash Flow ,Budgeting Profit &Owner Pay
August 05, 2026•7 min read
Profit Isn't an Accident
No matter how good you are, you can't see through walls. The investors who thrive aren't the ones who avoid surprises. They planned for them before they ever made an offer. That's why building enough ... ...more
cfo ,Cash Flow Budgeting &Profit
July 29, 2026•7 min read
Your Bookkeeper Isn't Your CFO
if you're expecting your bookkeeper to help you make big financial decisions, you're probably leaving a lot of money on the table. I've seen this happen over and over again. And it's called The Most ... ...more
cfo ,Budgeting &Bookkeeping
July 22, 2026•6 min read
Your Business Isn't Too Small for Profit
If you've ever opened your bank account and thought, "I think we're OK because there's money in there," you're not alone. Many business owners run their company by checking one bank balance and hoping... ...more
cfo ,Budgeting &Profit
July 15, 2026•6 min read
David Talks with Kirby Atwell
The 1% Net Rule That Changes How You Buy Short Term Rentals
August 3, 2026
Kirby Atwell runs Living Off Rentals and has coached nearly 400 students to build cash-flowing short term rental portfolios over the past five years, alongside his own 43-property portfolio. A profit-first practitioner who lives on a farm with his family, he applies the system to how he buys properties, not just how he manages the cash.
This episode breaks down Kirby's unusual 1% net rule, why the highest-cash-flowing property beats the prettiest one, and how small multi-unit properties in secondary markets outperform luxury cabins. If you want to build a short term rental portfolio or squeeze more profit out of the one you have, this conversation is packed with tactical detail.
David Talks with Caylee Robles
How to Pay Yourself Consistently on Sporadic Real Estate Income
July 27, 2026
Caylee Robles is a retired CPA turned Florida real estate agent who spent five years earning her accounting credentials at the University of Wisconsin before walking away from Deloitte to chase real estate. After six months without a paycheck, a $90,000 wholesaling run, and two years of raiding her own tax account, she built a Profit First system that now pays her a salary every 1st and 15th and could carry her through six months of zero income.
David Richter and Caylee dig into why agents stay trapped in feast or famine, why she deliberately chose the lower risk agent path over investing, and the exact account structure that let her double three years of income in a single year. If you're a real estate agent or investor whose commissions land straight in your personal checking account, this episode is your wake-up call.
David Talks with Zach Richards
How Private Lenders Actually Structure Deals Differently Than Banks
July 20, 2026
Zach Richards is a private lender and co-founder of REI Capital Guys, who made his first private loan in July 2020 using $100,000 of his own savings while still working a software job. He now runs a lending fund with his business partner, doing loans across the country while living rurally in New England, keeping bees, and volunteering with mountain search and rescue.
This episode covers how to break into private lending, how lenders structure deals differently than banks, and how to put idle capital in your Profit First tax and reserve accounts to work. If you have money sitting on the sidelines in a savings account, an old 401(k), or an IRA and you want it working harder, this conversation is for you.
David & Christina Discuss Why Cash Is Not King
Why Cash Is Not King for Real Estate Investors
July 13, 2026
David Richter and Christina Gutierrez, co-hosts of the Profit First for Real Estate Investors podcast and business partners at Simple CFO, break down why the "cash is king" mantra fails so many real estate investors. Between them they've coached hundreds of investors and business owners who make good money yet still feel broke.
This episode challenges conventional financial wisdom head-on: cash isn't king, and neither is cash flow. It's cash flow management that actually builds wealth, and this conversation is for any real estate investor or business owner who closes deals but never sees money left at the end of the month.
David Richter Talks with Justin Noe
Take a Four Week Vacation Without Your Business Falling Apart
July 6, 2026
Justin Noe spent just over 20 years as an active duty Marine before retiring and going all in on real estate. Today he runs a sales team, flips houses, and holds rentals in the Tampa area, and every piece of it is built on the Profit First system.
Justin first read Profit First in 2019 while still in the military, but the real shift came at the end of 2022 when he looked back at a year of solid revenue and asked where all the money went. In January 2023 he fully implemented the system in his business and never looked back.
In this conversation with host David Richter, Justin explains how he built a full year of owner's comp reserves for himself and his wife, why he genuinely looks forward to his monthly allocations, and the operational systems that now let him take a four week trip to France and Sweden while his team runs the business. He also shares the allocation formula he uses for new income streams: 10% to his church, 25% to debt paydown, 25% to investments, and 40% to family trips and home renovations.
If you're a real estate investor making good money but wondering where it goes every month, this episode is a working model of cash flow management, paying yourself consistently, and the financial peace of mind that comes with mastering your money.
David Richter Talks with Rich Lennon
The Fractional Wrap Framework for Hands Off Real Estate Income
June 29, 2026
Rich Lennon is a longtime real estate investor turned private lender who built one of the largest hard money lending operations in Richmond, Virginia, after a career of flips, rentals, and buy-and-hold deals. He reached financial freedom by stepping out of active investing and into the lending seat, where he now earns 30 to 50% returns doing only a few hours of work per deal while traveling the world.
In this episode, Rich breaks down the fractional wrap, the strategy he uses to combine his own capital with private money and capture the arbitrage between what he borrows at and what he lends at. He explains why being the bank is the lowest-risk seat at the table, how to underwrite a deal, why staying local matters, and the morality of protecting your borrowers.
David and Rich go deep on the mechanics: the $50,000 starting point, taking a first-loss position to protect underlying lenders, and how returns scale with how hard you want to work. Rich shares why flippers and operators are perfectly positioned to make the jump, since their worst-case scenario as a lender is taking back a property at 50 to 60 cents on the dollar.
If you are a real estate investor or entrepreneur who has stacked some cash and wants to put it to work without chasing marketing, finding deals, or managing renovations, this conversation lays out exactly how to move from operator to lender the right way.
Jason Lucchesi Talks with David Richter
Why Closing More Deals Won't Fix Your Cash Flow Problem
June 22, 2026
David Richter is the author of Profit First for Real Estate Investors and founder of Simple CFO, a company built to help real estate investors get control of their cash flow, pay themselves consistently, and stop living deal to deal. He spent nearly a decade inside a real estate business that scaled to 25 wholesale deals a month, where he eventually took the finance seat, only to discover they were spending more than they were making — and that nearly everyone around them was in the same boat.
In this featured episode, David joins Jason Lucchesi on the No Flipping Excuses show to walk through the exact financial foundation every investor needs from their first deal forward. From the Golden Trio bank accounts to finding your keep number to what clean financials actually look like to a lender, this conversation gives real estate investors a clear, no-excuse starting point for building a profitable business.
This is a practical, straight-talk episode for investors at every stage — whether you're still waiting on deal one or you're ten years in and still chasing your tail. If you've ever wondered where your money goes after a deal closes, or why more deals aren't translating to more personal wealth, this is the episode that answers it.
David's core message is simple: real estate is the vehicle, but money is the game. And most investors don't know the rules. This conversation gives you the foundation to start playing it right.
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