Profit First Lessons From CEO of Renovestors and Real State Investors with George Salas

Episode 139: Profit First Lessons From CEO of Renovestors and Real State Investors with George Salas

The Profit First REI Podcast

December 19, 2022 

David Richter 

 

Summary:

One of the many goals of entrepreneurs is to build a business to the point that you can exit while it generates passive income.

George Salas is one of the many investors who had the same goal until he ran out of money from the get-go and struggled to pay himself. Finally, he realized he had to take charge of his cash flow. He then began to implement Profit First and take steps to ensure his finances were managed correctly. 

George is a real estate investment strategist and the CEO of Renovestors. He now utilizes the lessons he learned on money management to help other investors with his cash flow, and he joins us today to share his experience.

Key Takeaways:
[00:57] Introducing George Salas

[04:56] George Salas and His Money Struggles, Especially as a Beginner

[07:21] On Struggling to Pay Himself and Taking Initiative to Manage His Money

[13:42] On Adjusting to the Recession and Generating Profitability

[17:34] Why Do Many Investors Live Deal-to-Deal?

[20:36] On Lessons Learned and New Perspectives on Money

[22:28] Lessons to Pass on to His Kids

[24:20] George’s Keys to Success: Prioritize Personal Development

[27:08] What is Time Blocking?

[29:47] Advice for the Audience: Have an Attitude of Excellence

[32:55] Connect With George

Quotes:

[17:12] “I built a portfolio with the wrong strategy, because [it was the] wrong strategy for what I wanted as a goal.”

[24:50] “My biggest habit has been personal development, right? Making sure that I have a growth routine.”

[29:54] “Even if you’re going to deal-to-deal or you do have a goal, there’s always a way to improve what you’re doing. So in order to do that, you’ve got to have an attitude of excellence.”

Connect with George: 

George’s Website: www.georgesalas360.com
Free Training on Generating a Cash Flow Machine: www.jumpstart2freedom.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 

Transcription:

George Salas:

No matter where you are in your business, thinking can take you much farther and creating a vision, creating a goal, even if you’re going deal with deal or you do have a goal, there’s always a way to improve what you’re doing. So in order to do that, you’ve gotta have an attitude of excellence. So the one thing that has pushed me to, to just become better every day is, but like being around the people. So surrounding myself around higher end people like yourself.

Outro:

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 re e i 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:

Hey everyone. We have George Salas here today, the special guest on the Profit first, r e I podcast. He talks about some awesome things, like what his first deal, did he run out of money completely or did he not find out on this episode and how it made him feel. Then he made lots of changes to his business as he went through quite a few ups and downs, and he tells all about that, where he was, how he was doing that, really believe if you listen to that portion, it’s really gonna help you. And then he also talks about one of the best ways to make profit in the short term rental market, which was pretty awesome and got to ask a lot of questions around that. And then he also tells you what money loves, like what does money love inside of in the real estate investing world?

And he tells the three components of vision that has helped him and guided him, create the proper habits inside of his business to get him to where he is now, making six, seven figures with all the different entities that he’s managing and operating. He does quite a bit in the real estate investing world. This is someone I respect that goes to a lot of the different events that I’m a part of. A lot of people respect him, and I know that you’ll get a lot of value from this episode. Thank you for listening. Hey everyone, welcome to the Private First II podcast. Have another awesome guest today. We’ve got George Salas here. And guess what? This is about to be a new father. Oh man, he was just telling me about that and that’s just, I was telling him, you know, bringing a baby into the world, this is, life is about to change radically. So I’m super excited because he is also an amazing person in the real estate world. If you don’t know George, get to know him. I’m, we’ve got an awesome episode here today. But George, thanks for being on the show.

George Salas:

David, man, it has been a pleasure watching your growth and you launching this amazing book and really just, I, I’m a fan brother. I’m a fan of your work and I appreciate you and I, I’m honored to be here with

David Richter:

You. Awesome. Well back at you because I’ve seen your growth as well too, and all the stuff that you’re doing and all the people that recommend you. But I want to ask you first, I ask a lot of people this, what excites you about real estate investing? Why get into it?

George Salas:

You know, what, from day one in real estate investing, I didn’t think, like I thought, I think now, but the one thing that I wanted right, was I first thought I wanted just to be this real estate guy and make money, right? Yeah. Then I grew up into this, you know, into this like, I need cashflow type of error, right? Where I essentially started real estate and it was a struggle. And then I would make a deal and I would close a rehab or do a wholesale deal and I would get a nice paycheck, but then I was like, I need cash flow. So first of all, I wanna be number one in real estate or whatever I do, and I wanted into flipping first. That’s what excited me, right? But from the beginning, right? I always thought that I wanted to, whatever I did, I wanted to convert it into impact to millions type of deal, right? Yeah. I wanted to impact a lot of people in the end and whatever I did, right. So that was sort of an idea that I had no idea how to create, you know, and then it was money, that was a vision, and then it was money, and then it was cashflow for the business, and then today is freedom. Hmm. Right? Today’s

David Richter:

Freedom. There you go. Absolutely love that. So, let’s see. On your real estate journey, how long have you been in the real estate investing world?

George Salas:

So I did my first deal, David and, uh, February of 2018. Right. I started studying, going to seminars since, so, you know, like right after the hurricane came through, uh, Texas Hurricane Harvey hit. Yeah. That’s when I changed my entire business model and I just went into real estate, went super deep, and then three, four months later I got my first flip and uh, and then that’s when I

David Richter:

Started. Yeah. Awesome. So a little over four years. So that’s a you’ve got some years under your belt and it’s awesome to see your meter rise in that as well too. So that is awesome. In that time that you’ve been in real estate investing, have you ever faced any money struggles in your business role along your journey?

George Salas:

Um, bunch of Thomas brothers, <laugh>, of course we all have. Right? So the first one was essentially when we launched our flips. Right. I thought that you could do flips with no money down, right? You could buy properties, no money down <laugh>. Yeah. That doesn’t exist anymore. Um, but you could, I got a couple deals that I did. I put 5,000 down for sub two or whatever. Yeah. Something to right. And, uh, I don’t wanna get too deep into it, but I thought you could do deals with no money down. So I partnered with two different groups of, you know, just people that were in the business and that were too busy. Right? So one was a contractor and one was a, uh, just an investor. Okay. Right. Passive investor. So we did that was one group and there was another group. And in the first group, this guy put the money and this guy did the deal, and I would go find it and I would run around to help manage, right? So we ran outta money on our first deal.

David Richter:

Wow.

George Salas:

I’m telling you, like first deal run outta money, right? But, and then the re and i, I did that deal with this contract, right. And it was because we wanted, we didn’t think that we would put out of pocket, right. And we did, and I have to borrow money for the down payment, which is cool. I ended up making $46,000, but we did run out of money and I was putting a lot of my cash. It was just getting started, right?

David Richter:

Yeah.

George Salas:

Right. So, um, it was cool. And that was the first struggle from then. I was like, I’m gonna do more deals. I wanna do more deals, I’m just gonna partner. And I started partnering, right? And then I was, okay, well if we have to put all our money and I only have $5,000 in my pocket <laugh>, and that’s all my money that I had, then, uh, then I have to, you know, I have to make a choice. Either I would go find private money or I would go partner with somebody and then find private money. So I didn’t have to put that down payment on the flip right. On the right wholesale that we bought, that was the first truck.

David Richter:

Okay. Well, I get that. A lot of flippers get into that situation. And especially on that first one, I feel like you’re cutting your chops there and it’s like, oh man, I didn’t get enough private money, or we went way over budget. So I think a lot of people have been in that position before. So let me ask you about this. On your journey, since you’re a Profit first fan, it’s a pro First Star podcast, what, have you ever struggled to pay yourself on this journey of real estate investing over the last few years?

George Salas:

Absolutely. Up until I made one change in my business.

David Richter:

Okay.

George Salas:

Okay. And it was a big change. Uh, is it okay if I take you through about two minutes of prerequisite to where this, uh, thing happened? Okay. This is when is your time. Alright. Right. Cool. Appreciate that brother. We started flipping, then I figured out what wholesaling was and I was getting big chunks to doing about one or two deals a month. Right. I’ve done about 20 wholesale deals in that whole time. Right. And then the summer of 2018, I found out about Shortterm rentals. Hey. Right. And I was in big need of cash flow. I needed cash flow. That’s when my mind started going from, Hey, I wanna do deals and I want to be a badass real estate investor and make money to, hey, I actually need cash flow in my business. Yeah. Right. So that’s when essentially I went and figured out, Hey, shortterm mile’s. Cool. I figured out that I could do apartments, right? And I was doing flips and whole deals, and I started doing this model called rental Arbitrage. Right. I rent a property, mostly one bedroom apartments from another multi-family landlord. Right. And I would go put on Airbnb, right. And I would make about 500 to a thousand dollars. It’s called rental Arbitrage where Rent. Yeah. And that was cool. So by the end of 2018, I had 20 apartments.

David Richter:

Oh

George Salas:

Wow. Right. 20 apartments. And I was like, this works, right? This works. I was doing everything by myself and I was, uh, essentially like, okay, cool. This is really cool. And at the end, at the beginning of 2019, you know, three months later I had 27 apartments. Hmm. Then in May I launched my first house. I turned one of my flips three Hals into a house, Airbnb started making $3,000 $3,500 a month, and my mortgage was 1500 bucks. Right? Yes. In a 2,500 square foot. Like that’s pretty cool, right? Yeah. Right. Then I started hiring some people, And I hired, uh, I had cleaners already, but I started hiring people because ultimately I wanted to build a business that was automated, right? Yeah. I wanted to build, like a business that I wasn’t involved, right.

And then I wanted to build a business with, I could take out profit and essentially not have to worry if I needed to pay my myself running. And then I’m like, okay, well I hired this person and I was paying her like 2000, $2,500 a month. And then I’m like, okay, is cool. Like, then I hired another person and then all of a sudden, you know, I hired a pa so now I’m running 30 units, right? Close to 30 units, a couple houses. It’s mostly apartments, maybe one or two houses. And now I’m like, okay, well this month I couldn’t pay myself $2,000, David. Yeah. I know of 27 apartments. And I’m like, why can’t I pay myself? So I found out about this book called Profit First <laugh>, and I was like, I gotta figure something out, right? And, um, so I went and read the book and I’m like, okay, well I gotta take out my profit first, right?

And I started taking out my profit first, right. And I was trying to model, I had a cool bookkeeper that really started learning, and I was just kind of moving things around myself. I didn’t really have a good financial team like I do now. Right? So then that happened, and when I would take out myself, I still couldn’t pay them, right? I still couldn’t pay my staff. Then I figured out that, uh, you know, about a year later, guess what? The pandemic happened. I had 35 apartments all leased in about four or five houses. Okay? Then I find out, you know, when the pandemic hit, I was upside down for a couple months, right? I lost probably the first month, 30, $40,000 first check of month, which was April, probably another 40, $50,000. Now I can’t pay anyone. And I’m like, okay, well something is wrong.

So I read another book, right? Called Fix this next, right? And that’s when I figure out that my business model was wrong, right? My business model was with the wrong type of real estate in the business. In the short-term rental industry. I was doing these smaller properties that were only bringing smaller margins. So when I started hiring, my margins just disappeared. So I changed my model to median houses, right? And then, and I started making more money. So now I was able to pay myself again, right? So I went a few months without paying myself, especially with the pandemic happen, So I made a transition and I got read, I, at one point, it is at the beginning of 2021, right? I was starting to figure out what the change it was that I needed to make.

It took me six months. So by the beginning of 2021, I had like, like 51 properties on Airbnb, short-term notification rental platforms. Right? And that’s when I switched my model and I realized that I needed to fix my sales mix. And my sales was, I didn’t have enough properties that were bringing me enough revenue, but I had the staff that was running them, right? Yeah. So when you have staff, you gotta pay them. So my payroll was like 10, 15 grand a month. And since I was not doing that, I was building out other business, like another business, right? I was trying to build out, you know, I was working on building out how to create my education program at that time, right at the beginning when the pandemic happened. So then I just realized my model was wrong and I started switching my entire model.

Today our business model is only median luxury houses, right. And our profit margins range between 40, 50%. Which is insanely different, right? We run way less staff, right. And my payroll at one point was 25 square a month. And I was running the 25 grand a month is about 300,000. That’s 25% of the 1.2 that we did last year. Right? Wow. But then you got rents, you got mortgages, you got maintenance, you got upbringing spaces, you got utilities, you know, and all that. So that’s when I realized that I need to make the big change. Right. And I’ve been implementing profit first over the last year and a half, right. We’re not fully, I, we only do it for one entity, but we have several entities and for the fund, right. Which you and I already talked about, right? We’re gonna help on a call and figure out how to make this the best way to make sure that we’re taking out the profit. We’re definitely gonna use that model. But that was a little bit of my journey of how I went from making some profit to really making no profit. Right. And I didn’t know how to take it out, is struggling for a few months here and there, and then the pandemic taking me down to coming back super strong.

David Richter:

Yeah. So, with this, I want to ask a couple questions from you. Learning during that time, like obviously you took the hit and you said, Hey, something’s gotta change. And you started changing it with those different books and with those implementation, let me ask this, now that you’re on the other side of that and you’re using the luxury homes, do you think that’s more recession proof? That like, hey, if another pandemic comes or something happens, like this model will help no matter what.

George Salas:

Number one is during the pandemic, the ADRs average daily rates of smaller units, urban actually went down. Oh, okay. The model that I’m doing right now, which is not luxury, is median luxury. So it’s median priced houses Yeah. That we convert sort of to luxury small little houses. Right. So they’re not, that makes sense. They’re not three to $400 a square foot properties that are a million plus. Yeah. They’re anywhere between four, which is median is 413,000 right now in Texas, Houston to about seven 50, 800,000. That’s where our biggest luxury right now. So they’re median luxury. We call that media luxury. Right. And that model has two markets, right? You’re in the metro market in the vacation rentals, right. Metro market, which is your short term rental market. And then you have your vacation rental market, which is regional where you drive to go on vacation.

Right. So what we are doing is we’re actually going into the sweet spot, which is the suburban markets mm-hmm. <affirmative>, where smaller cities go less regulations, they’re still vacationing spots where people can come in and they want to be close to their, you know, wanna see their family, they wanna vacations, they come for different reasons. That model went up on average state rates and our revenue during the pandemic. Wow. And then the vacation rental drivable market, which is called the regional market. Yeah. That model went up by 42% Wow. During the pandemic. Right. So that’s pretty, that’s what I realized. Yeah. That’s when I realized that what am I doing here with these apartments? Right?. No profits losing money. ADRs are down, money revenues are down and they’s still down. Yeah. Right. And then, so that was a big change in big moments to where I’m like, Hey, I need to study this. I need to really figure out what’s my next step? How am I gonna do it better not make the same mistake twice.

David Richter:

So if you’re listening to this podcast, he mentioned Profit First Of course. So, I mean, this is a profit First Star High podcast. Make this pick, make sure to pick up that book. The other book he mentioned was Fix This Next by Mike Markowitz. And it literally takes you through, if you’ve heard of that Maslow’s hierarchy of needs, like for a human being, Mike takes you through like the needs of a business. Like what do you start off with sales, like making sure your sales are good and then profit, and then order and like processes, things like that. And he takes you through of like, these are the different steps. And that’s what George is referring to because that’s what helped him get to where he wanted to be. I love that. I love when not only when people read it, but then they did take that action and it sounds like it helped you on the other side get to where you wanna be and now today actually being able to be profitable and pay yourself and get you know, like what you really wanted from your business. Is that what I’m hearing now?

George Salas:

Absolutely. Awesome. And it took years because I didn’t have, right? Mm-hmm. <affirmative>, I mean, a book is cool, but I already made the mistakes first. Yeah, right. I built a portfolio with the wrong strategy and because wrong strategy is for what I wanted as a goal, right? . If you wanna work in your business every day and never take a vacation and never have time for your family with kids, then you could build it and make money with the model I did.

David Richter:

Right.

George Salas:

So,

David Richter:

But that’s not what he wants. Especially with the little baby on the way. He wants time for the little guy and for his wife, you know? So that’s what we all want. Right? That’s what, uh, that’s why we even start our business. We wanna make sure that we have the time to be able to do this type of stuff. Which brings me to the point, why do you think a lot of investors live deal to deal inside of their business or in their own mind?

George Salas:

They do that because they like to be micromanagers of their own business and be just, I believe that, you know, when you wanna micromanage everything in your business and, it’s because now you don’t have to vision, right? Maybe you want the goal, but you don’t have the vision. Right?. You’re not seeing farther than like one deal at a time or farther than six months from now. Right. It all starts to me with the vision and it grows with three components. Right. And then this is what I follow, this are our core values. Right. To me, your vision is what drives you and the three components that get you there every day. Right. This is not your execution plan, this is not your skills. This is all internal.

David Richter:

Yeah.

George Salas:

Right. It’s your growth and learning every day. Right. I see your books right behind you. I’m thinking grow and learn every day. I live by that, by that mom. That’s my motive. Every day I’m listening to something, podcasts or you know, book or a course. I have a lot of like 35 something courses, right? Yeah. Or a mastermind. The second is purpose to me. Right. There’s always gotta be a reason internally of where why I wanna get. Yeah. Right. And that drives me every day. Right. And third is the process, is how you change your process. That’s your execution plan. That’s where you apply everything you learn every day in those mastermind in those courses. Right. If you just think of those three things as an approach to life, right? You’re gonna end and in having a vision, you’re gonna end up making those changes, right? Yeah. And you’re going, you’re gonna get to that goal. It’s just a different times for everybody. Right. Takes longer to, for other people, it took us three, four years to get what we wanted and or not even what we wanted. Right. We created new goals. So yeah, brother, just a little, you know, like from the bottom of my heart, type of like how I live my life every

David Richter:

Day. Yeah. No, I love that. And you know, it’s like growth, purpose and process. It’s like who you need to become, why you need to do it, and how you’re going to actually accomplish it. I love that little three points. If you can take tho nugget from the, from this episode, go apply it, go find out, you know, what you will need to do right now in order to take that action. What do you need to grow and learn so you can get out of that. And that’s how you get outta that deal to deal cycle. Like, you know, that growing, that warning, that purpose, that drive that you have, and then the how it’s, I love it how you all tied that together. So you’re becoming a father. Yes. So I wanna ask you maybe a little deeper question, we’ll get to that portion in a second. But what early lessons about money did you learn and how does that different than how you view money today?

George Salas:

Love that question. Great question, brother. So number one lesson is the money. Money is speed, right? Money loves speed. Mm-hmm. <affirmative> Okay. But speed when you don’t have the process by is you don’t know. And I made so many of these mistakes, bro. Yeah. Right. When you don’t have the numbers right, then you make the big mistakes. But the momentum, money loves momentum. Right. I’ll learn that. So anytime I get momentum in my business, a higher momentum, it takes me to hire places. Right. Number two is never put all your X in one basket. Right. I learned that because I invested into a nightclub when I was in my last industry in 2015 and I lost 400 grand mm-hmm. <affirmative>, now I’ve got property here, property there, and it was somebody else’s project that I became a partner on. Yeah. And I didn’t do the right vetting.

Right. So, and I brought in investors to the venue, to the buildout as a 1.3 million buildout of an nightclub here in Houston. And then after that, you know, it was unproperly built out in the deals. We started with total madness and chaos on financial side. Yeah. Right. So I never again will put all my money into one basket. Now I diversify. Perfect example, diversifying my own money into 20 plus Shortterm rentals. Some of ’em bring me 200,000 a year. Nice. Right? Yeah. That’s where I’ve learned how I took that lesson and I applied into my life. David.

David Richter:

Awesome. Saw it. So, absolutely love that. So now that you’re gonna have a child, what lessons do you wanna pass on to them in the future? Have you thought about that? Of like what kind of things that you want to teach them?

George Salas:

Absolutely. I wanna make him think, you know, that, uh, I wanna make sure that he learns to make less mistakes. I’m sure he is gonna make mistakes, but the way that I think today, I wish that I saw it a year ago, two years ago, five years ago. Right. So I’m gonna teach him how to think out of abundance. Yeah. Right From the get-go. Because you know, like from year zero to seven, everything a child learned, they’re recording into their subconscious.

David Richter:

Yeah. They are.

George Salas:

Right. So that’s when you’ve gotta teach ’em how to think. That’s when you gotta teach ’em what’s right or wrong. And, then that’s when you gotta watch out the most. Right. So I wanna make sure that he doesn’t make the mistakes behind me because 37 years old just achieving my dreams. I mean, I want ’em to achieve them at 25, 23. Why not 21? Right. Smart investors investing at 13 years old maybe. Right? Right. So, and it’s all all about the way they think if they grow up, you know, thinking that their parents are gonna give them everything and they don’t need to learn. Right. That’s what they’re gonna expect. So Yeah. When you become, or you expect

David Richter:

Right. Exactly. That’s real good. Teaching them how to think and how to think abundantly. That’s really good. I’ve heard some answers and that is a really good one cuz it’s so critical just to teach thinking today. Oh my gosh. In the world we live in. If we just had more people that could think it would be a better place. But, uh, we’ll leave that one there <laugh>. But, uh, no, that was great. I wanted to ask you another question for, you’ve been in real estate, you’ve seen the ups and downs. It sounds like you’ve had some other things that you’ve had happen in the past, but I would say that you’ve been very successful in taking the action, like from other people or like your own mistakes. What would you say is maybe one or two of the keys or one or two habits that you’ve created that have helped you become successful in real estate investing in as a entrepreneur?

George Salas:

So my biggest habit has been, um, has been personal development. Right? Yeah. Making sure that I have a growth routine every day. I start my morning off with my own personal value. Right. Teaching, putting something very, you know, something that’s gonna make my mind have a better day. Yeah. And how you start your day is how your day goes. Right. So that’s one. Right. My growth mourning habits, my second habit that’s been an impact over the last year has been time blocking. Mm. Right. Time blocking has helped me so much, David. It’s incredible. Right. And then my third habit is planning and applying and execution plan. Right? Yeah. Um, I’m implementing right now this execution plan called 12 week Year.

David Richter:

Yeah.

George Salas:

Yeah. Right. So applying a plan and looking at it every day.

David Richter:

Yeah.

George Salas:

Look, being reminded. So what is being reminded of your execution plan of your goals. What does that mean? That means that, right? That number one, you’re actually looking at it and your vision is pulling you every day. Oh, that’s my goal. I’ve gotta be reminded every day. I’ve gotta make sure that I achieve that. Cause I’m looking at it, right? I’m looking at it every day. Right. And then I’m like, why am I looking at it? Boom, boom, boom, boom, boom. Right. You’re seeing the goal and you’re seeing the process, the plan. Right. But it’s like, I’m looking every day because why? This is what I want. My goal is X like I want freedom with my family, my kids. I wanna travel. I just came back from my Hawaii for god’s sake. I wanna go back.

David Richter:

Right.

George Salas:

I wanna spend, I wanna do four, I wanna take the 30 day vacation one day. I haven’t made, haven’t done that yet. Right? Yep. So 30 day vacation. Right. So that’s the goal.

David Richter:

<laugh> awesome. We’ve had some of our clients be able to do that because it’s like you have to get to that point of, you know, that profitability gain where you want to be and it’s the having those habits, that personal development, time blocking, making sure you have that plan. It’s all good stuff. I love that. We love time blocking. Do you wanna explain, like, just in case someone doesn’t know what time blocking is, so if they might know what planning is and personal development, but just explain that real quick, what time blocking is. Oh,

George Salas:

Absolutely. So time blocking is where you actually create blocks of time on your calendar for every task that you need to do. It doesn’t matter if it’s like wash the dishes right. Or do this. Right. So for example, I time block the strategic time three hours to rethink work on the business. I time block me. The things I need to do, I time block buffer time. Yeah. Right. Which is where you gotta, what I go into and I’m like, Hey guys, I’m available. Let me know. I’m just responding to messages. Cuz you got that all day, right? Right. I time block, uh, one hour of buffer time every day. Then I time block things I need to do, if I need to be on the podcast, obviously this was on our calendar, but if I have a wedding, if I have a calendar, if I have to wash the dishes, if I have to train on this, if I have to block, you know, I don’t wash the dishes, but if I have to do support the wife <laugh> Yeah.

I don’t do dishes that we, we pay someone to do that. Right. Nice. But if you have anything in your day that drives you to your goal, you time block it, then now you’re aware. So the other thing I do is this is has a little crazy, and this is actually something that Mike, uh, teaches in his clockwork book. I write down every 30 minutes on a sheet Monday to Friday. I’ve got a planner that has 30 minute blocks. Yeah. So I highlight what is strategic that is part of my goal in yellow.

David Richter:

Okay. Right.

George Salas:

And then at the end of the week, I go back and I’ll review it. How many yellows do I have for nine hour periods from nine to right. And then if I’m like at 80% or more, then I’m good. If I’m at 60%, I’m like, ooh, I got distracted. Yeah. By what happened there. Right. So on, in addition to time blocking, I also highlight, but it goes hand on hand with each other. Right. So I’m time blocking everything you have to do in your day. And even if like time block your time off, right. Time block your vacation time. Right time. Even if you haven’t planned it time off. Right. Because that creates the plan and now it’s in your calendar. And I live on my calendar, Nathan.

David Richter:

Oh yeah, I understand that. So <laugh> get it on there or it doesn’t happen. Uh, exactly. I have my calendar literally on the other screen over here and it is filled to the brim because of, it’s like even my, like he said, the personal time, like, you wanna put that time in there? That’s so good. That’s, uh, I call it the prophet first life. Like, start with your week by time blocking the things that are really important to you, like your family time and all of that. It’s like, make sure you’re doing that first, but really good stuff. What’s, uh, I only have a couple last questions. What is some last minute advice here that you would give to the real estate investors listening to this podcast?

George Salas:

Um, I would say, you know, no matter where you are in your business, right? Thinking can take you much farther. Creating a vision, creating a goal, right? Even if you’re going deals with deal or you do have a goal, there’s always a way to improve what you’re doing. So to, in order to do that, you’ve gotta have an attitude of excellence. So the one thing that has pushed me to just become better every day is, but like being around the people, so surrounding myself around higher end people like yourself, right? You’re teaching me things, I’m, you know, going to these masterminds, hanging out with you guys at a mastermind. And then also just doing the whole person development thing. Dave Yeah. Has just been phenomenal. Like one of my mentors, I’ve got two mentors. I love them and I’ve never met them one day I am right. It’s the goal for me, Darren Hardy has been an impact in my life like no other. And Brendan Bechard has been a personal development, impact leadership and Darren Hardy. So every day I listen to these two guys in the morning now.

David Richter:

Hmm. Not sure what happened there, but <laugh> it was fine up until that point you were at Brendan Bouchard and, um, Darren Hardy, let’s just start from there. Yeah. You

George Salas:

Look, you look very, uh, you’re like very excited.

David Richter:

Yeah. It got down both sides. I was like, it’s frozen. I’m not sure what’s happened. Just there you go. Yeah, keep

George Salas:

Going. So yeah, just personal development. Awesome. Right. And yeah, that’s a big end that I commend.

David Richter:

Awesome. So this has been an incredible episode. We had George on here and he told us about a lot of different things. He told us about the struggles when he first, you know, started there with his first deal running out of money. If you’re there, starting with your first deal, you’ve got a lot of company there. If you run outta money on that first fix and flip, George is not the first one and he is not gonna be the last one. So I love how you got into that and like, you still made money, but it was just a learning experience there that helped you make a change in your business. Like a big change to single, you know, to the short term rental. And then another big change during the pandemic, like you took action once you saw like if things weren’t working, love that you brought in there, the different books as well too that helped guide you and get you on the right path.

Personal development, how big that is for you, your vision and the three components that everyone here with. The growth, the purpose and the process, you know, and what does money love, you know, like that’s all these different things. And I will absolutely love this episode because he told you, he told you his habits that get him there, the time blocking. I absolutely love that as well too. If you can take something from this, take one of those things that I just mentioned and stick ’em in your backpack, you know, like take one of those things and take action on them. If it’s time blocking that can revolutionize your life. You know, just being intentional with the time that you’re given every single day. So, absolutely loved it. So George, you provided, as you can hear, you provide a lot of value on this episode. How can the listeners provide value back to you as well? Like how can they get in touch with you? What are you working on? Like direct them?

George Salas:

Absolutely. So I’ve got two places, right? Um, for those of you who just wanna connect, right? Be in my ecosystem, be friends on Facebook or whatever, social media, right? My personal website is Georgesalas360.com. Okay. Um, I’ve got all my socials on there. Email, if anybody just wants to chat about Short Term rentals, right? That’s my info there. And if you wanna dig deep into how it created a cash flow machine, right? With all these short-term rentals, I’ve got a free training, right? And then the link to that is jumpstart the number two freedom, right? So that’s a free training that I can deliver even more value. So you guys, worldwide ecosystem, join my ecosystem. That’s enough value for me and I’ll return that right back with more value to you guys with, uh, my the training on how to create six figure short. So that’s exactly what this training is

David Richter:

About. Awesome. Well that’ll be great. We’ll make sure it’s in the show notes as well too. Connect with George, get him in your eco ecosphere and just, he’s a good person to be around. A lot of people respect him in these means that I’m a part of. So Georgia was great having you today, so thank you so much for being on my friend.

George Salas:

Thank you David. Appreciate

David Richter:

It. So if you’re a real estate investor like George and you’re running outta money on your deals, don’t do that anymore. We can help you. Go to simpleCFOsolutions.com, click schedule a call and that is going to be a no obligation call for you. You don’t have to work with us. We can find someone in the finance space that can help you, but if we are a good fit, we can work with you. So you never run outta money again and you build the profitability and not feel like the broke real estate investors that George was talking about who have that mindset. We’d love to help you if we can remember, make profit a habit in your business. Thank you so much.

Outro:

This episode of the Profit First for r e I 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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