Episode 182: “The Profit First Approach: How to Double Your Real Estate Profits”
Profit First
In this episode of Profit First for REI, Jim Manning joined us as he shed hope on how he succeeded in his real estate investing journey!
Jim is a courageous implementor and action-taker who transformed from being broke and chasing deals but not getting a profit; now, he generated over $5 million in passive income in 2022 alone!
Learn more about Jim and how you can benefit from his story!
Key Takeaways:
[00:56] Introducing Jim Manning
[02:32] Jim’s real estate investing journey
[09:27] Motivation and driving factor on chasing deals
[15:40] Jim’s lightbulb moment!
[21:33] How things started to change for good from being broke
[27:26] Advice for those starting their real estate investing journey
[30:07] Connect with Jim
Quotes:
[08:04] “Our egos were stroked, but our wallets broke.”
[12:12] “If I’m going to succeed… I will measure that success by what I give up in the process.”
[27:53] “Get educated, don’t let yourself get in the trap of ‘I’m too busy.'”
Connect with Jim:
Website: https://passivewealthshow.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:
Speaker 1:
I also thought I didn’t have enough time to really look at the financials, look at the books. Mm. Look at the waste of what was going on, because I had to go out and I had to do the next deal. Yeah. Okay. And finally, I don’t know where I learned this. I, I didn’t make this up. I learned this from somebody that the highest dollar producing activity you can possibly do is to look through your books and look through the waste and to eliminate waste.
Speaker 2:
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.
Speaker 3:
We have Jim Manning on the Pro first r e I show today, which he’s gonna go into <laugh>. He’s got some great one-liners here of how he was having his ego stroked, but his wallet was broke and we’re chasing deals, but then not getting profit. And if that is you or if you’ve ever been there, please listen to this episode. He’s gonna give you hope to get outta that hole. And I just, that’s why we have this show. Thank you so much for being a listener. I know this episode can help you along your real estate investing journey, no matter where you are. Keep profit of habit and make sure you listen to this episode to get some more hope and how it helped. Jim. Hey. Hey. We have the Jim Manning here. Well, on the prophet first, r a I show really excited about this because I’ve interviewed him in the past.
And I’ll never forget one of the stories he told me, cuz I tell this a lot. Like he was one of the first ones that did like an expense analysis and cut like a ton of money out of the expenses on a monthly basis. I use that story a lot, so if you hear me talk about it, it’s probably from his story back then. But we’re gonna talk to Jim again today about Prof first about that stuff, some of the stuff he’s got going on. But Jim, it’s great to have you back on the show.
Speaker 1:
All right, well, pleasure to be here. I really appreciate you, David.
Speaker 3:
Yeah. Well, I appreciate you too, because, you know, you’re a prof first fan, but you’re an implementer, you’re an action taker and you help a lot of people as well too, on the passive side in real estate investing. So, you know, like the, you are one of the investors here listening, and I know that this is gonna be a great episode, but let’s, like, let’s dive into it. Let’s just give people, can you give people maybe a, a one or two minute overview of like your real estate journey on like what’s you’re doing today, just so they have kind of that background before we go into the crux of the show?
Speaker 1:
Absolutely. Yeah. So I’m a, I guess what you would call a serial entrepreneur. I’m on my fourth real estate company. The first three are I’m still a business partner in, I really only do about 5% of the lifting as far as the ownership goes. I have business partners and all the other three entities that are running the show. Each one of ’em by itself is a multi-million dollar business, and didn’t always start out doing that. We have it now, but because it’s been over 15 years and we’ve kind of branched out and, and kind of made things bigger and better over the years. The most recent thing that I’ve been working on, I kind of feel a a pull, a pull or a calling to is called the Passive Wealth Show. And the reason why I’m really passionate about it is a a family member confided in me the other day and he said, Hey, I’m worried that I might run out of money, and Hmm, you don’t want anyone to say that much less a family member, right?
And and I was thinking about it. I’m like, well here’s a self-made millionaire that did everything the financial industry told him to do his entire life. And now he’s worried about running outta money because his net worth is down 20% over the last couple years, and inflation’s going crazy. He’s on fixed income. And, you know, like that’s not anything I I, I, I would want for my worst enemy, much less for a dear family member of mine. And one of the things I love about real estate is, you know, being I’m 39 right now, if I re restructured my real estate portfolio, I could be retired. And it wouldn’t matter if I lived at 80 or a hundred or 200 years old if a medical breakthrough comes out because of that passive income. So so that’s really the legacy and like the, the next the next evolution, the next project that I’m working on here in my career as a way to try and help other people out.
Speaker 3:
Awesome. Well, yeah, no, I like that a lot. We’ll definitely go into that more and then tell people how to get in touch with you, you know, at the end for sure. So we’ll go down that road and I wa like I said, love what you guys are doing. But let’s talk about the journey of the cashflow. Okay. So like, tell us about the early days of real estate investing, cuz now it sounds you got some pretty cool stuff going on, but was it always like that <laugh>?
Speaker 1:
No, it wasn’t. So if you rewind so, and I, I always hate when the natural tendency of us humans to play the comparison game, right? Yeah. Yep. Like if I look at myself today, yeah, we do over 500 deals a year. We’ve done over 3000 deals over the last decade and a half. That’s fantastic. But when I was just starting out, like I couldn’t compete against myself today when I was just starting out. I did one deal in my first 18 months, David.
Speaker 3:
Wow.
Speaker 1:
One deal, first 18 months. And, you know, I, it was, it was a very slow start. It took me a long time. I was just a kid 23, 24 years old, just outta college. No very little business experience trying to figure it all out on my own. And, and it took a long time. It was a heavy lift to, to get things going. And we started out just so back then short sales was the big thing. That was where, where the market was and, and what everybody was doing. Some of the newer people that are in the, in the industry now, it makes me feel old. If I say the word short sale, they look at me like I’m, I’m cross-eyed or something. <Laugh>, they give a funny look. But back then that was kind of the rage and we started out doing that and, and buying and, and, and selling properties and, you know, whether that was a wholesale or, or flipping them or whatnot.
And then we just kind of learned a little bit and, and took it from there and, and started growing a business. And in our heyday on the flipping business we had a year where we ended up owning 120 houses at the same time that we were flipping. Oh, wow. Yeah. And I, I know you have a lot of investors talking or that, that listened to this show. It really put it into perspective for me cuz like we were on this deal quest. We were just trying to build an empire and do more deal after more deal and more deal. And we were, so as we were scaling the company we achieved that. We started doing a lot of deals. One of the biggest brokerages in St. Louis as the top two brokerage has the most that and another office have the two most agents in the, in all of St.
Louis. at one point we had those 120 houses we own and that brokerage only had a hundred listings on the market. So, wow. Like, just to kind of put that in perspective, we had more houses we own than were flipping than the, the largest brokerage had listings. So but one of the things that we learned as we were double that doubling down on scaling is we bought an extra 150 houses that year than the year we had before. And our folks team hated us. Our sales team was okay. Yeah. They were okay with it cuz they were making good money. Our wives hated us cuz we were working crazy hours, right? Yeah. And then we did our p and l at the end of the year and we made less money than we did the year before. Oh.
So scaling broke, I guess you could call it. Yeah, no kidding. We, we got into this like almost false idle where we were just chasing the next deal. We were just chasing, okay, we wanted to do more, we wanted to do more, we wanted to do more. And if we made 50 grand on a deal, okay, well let’s just throw it into another property and let’s reinvest it so we can grow this deal machine. And, and we got that. Our eagles, our egos were stroked but our wallets weren’t. And so anyway, so then fast forward oh, I don’t, a couple years we, you know, we whittled down the business. We intentionally did less deals. We started making making the same margins. We were used to making after that mistake. And, and that’s when I started learning about Profit First. And I was like, oh my goodness, had I just known that had I just known that I would’ve, I’d had an extra couple million dollars on my net worth <laugh>. Yeah. It was like, you know, we did the excuse of all, well, we’re just reinvesting in. But it was just a little sloppy, right? Like, so, you know, if you’re reinvesting in, but then your expenses exceed the extra revenue that you get. It’s not a fun place to be. It’s something that I, I wouldn’t wish on anybody.
Speaker 3:
So let’s go back to, I like what you said, scaling broke. Like okay. During that time, what was the big motivation? Was it that ego, you know, like you said the, I love what you said there, ego stroke, but wallets weren’t, you know, but the wallets are broke, ego stroke, but the wallets broke and it’s like, what, you know, like what was that, it was the, was that the main driving factor or was it like, Hey, we have so much opportunity just keeps coming in the door. Like we don’t want to give it up as well too, like was a lot of the different factors at that point?
Speaker 1:
Yeah, I mean, I think for us it became, we wanted, the goal was to build the, the biggest and baddest investment company. We out everybody, you know, out of any of our competitors, we’re gonna do more deals than anybody. And we did that and then we found out that’s not what we should have wanted and not what we really wanted. Yeah. Because yeah, I mean, it’s, it’s more work and less pay is not a fun recipe for a good life. <Laugh>. Yeah.
Speaker 3:
Right. Yeah. Yeah. Sounds like you were working crazy hours. Sounds like you were doing like just running deal to deal. And then you even mentioned the home life, you know, like, eh, salespeople were about the only happy people at this point, <laugh> in the, in my sphere. But yeah, it is, I’m guessing that that was affecting your home life as well at that point, too, a
Speaker 1:
Lot. Yeah, that’s right. Yeah. And we made a lot of people a lot of money. Our lead sales guide took home four times. What we did that year, you know, heard because of the, because of the not having a handle on the operational expenses. Yeah, home life, my wife’s amazing. And I was at least able to, yeah. Not be like completely absent. You know, I had a my daughter was young at the time. I have four kids now, a daughter and, and three boys. And I was able to at least like, keep that in a perspective. And, and one of the reasons why I think even though all of this stress was happening that I was able to do that is I had the opportunity right after college to work for a self-made billionaire. And Oh wow. It was a couple week, it was a couple week project. I was really just the, the intern basically in the company. And he ended up liking me. And the first week I was with this self-made billionaire, I’m like, oh my gosh, this guy’s amazing. Like, like he’s drinking a thousand dollars bottles of champagne. He’s flying on private jets. Like, shoot, maybe I want to be this guy <laugh>.
He invites me to say an extra week. It’s over Thanksgiving week. So I’m like, okay, well hey mom, sorry, this is gonna be the first Thanksgiving dinner I don’t make. And my mom was not happy about it, but he let me do it. And he invites me to Thanksgiving dinner. And I was like, man, this guy must really like me. I get there and within five seconds I realize that the help’s there because the help keeps the peace. His daughter, his two daughters hate him and his wife absolutely hates him.
Speaker 3:
Wow.
Speaker 1:
The onion got peeled back. What I realized was the self-made millionaire is, is more miserable than my than my parents are. My middle class family parents are, and like my, they’re way happier than this guy was. And, and so the lesson that I learned was like, like if, if I’m going to succeed, I’m gonna scale a business. I’m gonna do things at, at that I can’t, at the highest level, I’m gonna measure that by that success, by what I had to give up in the process. Yeah. So my, you know, I’m very clear on my priorities. It’s, it’s God family and then work. And that’s been one of the, my guiding lights. One of the things that’s really helped me over the years, and one of the things I’m, I’m most proud about is I, I have been able to grow these multiple businesses and, you know, working on my next one and, and still have a, a very healthy present family life. Yeah. and you know, if I, then if I have to work at eight 30 after the kids go down cause something pops up, well, like, I’m willing to do that, but I’m not willing, not willing to be this self-made billionaire that that gave up his family in the process.
Speaker 3:
Well, that’s really good. No, I, I like that, that perspective a whole lot. And that’s, that’s crazy to be exposed to that, you know, and just be like, well, okay, this is not all crack. It’s cracked up to be. I did wanna ask then, since it sounds like during the scaling broke period, I’m just gonna call that, I love that terminology. So during that scaling broke time, was there a time since things were out of whack, it sounds like, like the priorities were then work was taken on like a mo it was becoming a monster that was consuming a lot of things. Did you ever think about throwing it all away? Like giving it, you know, throwing in the towel or, you know, giving it up and saying, you know what, eh, I’m done. You know, like what were your thoughts? Or did you ever get to that point or? No?
Speaker 1:
So I would say like not maybe, I don’t know if it was a daily basis, but certainly a weekly or a monthly basis. Okay. Does creep in, like, oh, would it be easier just to fold? You know, would it be easier just to give up and, and I think like, I, I forget where I read this, but there was a study done on businesses and, and I think it said that there’s normal, each business that’s out there that’s made it over a decade has had at least two times where it was like a make or break pivotal moment that, that it’s either gonna be done or it’s gonna go to the next level. And yeah, I had I had multiple moments like that. That was one of the phases. We had a, another one earlier in our career when I had some health stuff come up.
But the yeah, like the motivation and like the why you’re doing it for me it was really God made me a little bit stubborn and I was like, well, I set out to do this. I set this goal and I’m just gonna keep, I’m just gonna keep working until I, until I get out of it, you know, I’m just gonna keep trying to figure it out and getting the right people around me to help solve, solve some of these problems that I’ve created that I don’t even, I’m not even aware that I, I’ve created or, or how to get out of it. But yeah, I mean, and if you just don’t give up, you just keep going. At some point the solution presents itself, the person with the solution presents itself and you’re able to crawl out of it if you just keep moving forward. Right?
Speaker 3:
Yeah. Yeah, for sure. And so then during that, after like you went through that period, when did you say like, this is enough, like with you and your partners, like with something has to change because then you did like 150 deals more that next year while you were scaling and then had less, you know, did more deals, had a less profit to show for it. Was it that p and l meeting where you’re like, okay, this is not happening this next year. You’re like, what was the light bulb moment of like, we gotta do less deals?
Speaker 1:
Was there one crashing moment? I mean, the p and l like looking at it and then just like, yeah, so taking the time, like one of the things that got us was <laugh>, this is a nasty trap to be in. I, you know, I need to do the next deal. I need to do the next deal so I can pay for the 20 grand of direct mailings we just sent out,
Speaker 3:
Right?
Speaker 1:
Yeah. A monthly basis. I need to do the next deal to pay for all this overhead to keep me doing all these deals, right? Yeah. And then you get into this, and when we really, and, and, and, and part of the problem when we were in that situation was we also thought, or at least I can’t speak for my business partner, Ryan, the, the co-founder of this with me, but I can speak for myself. I also thought I didn’t have enough time to really look at the financials, look at the books. Mm. Look at the waste of what was going on because I had to go out and I had to do the next deal. Yeah. Okay. And finally, I don’t know where I learned this. I, I didn’t make this up. I learned this from somebody that the highest dollar producing activity you can possibly do is to look through your books and look through the waste and to eliminate waste. Yeah. If you think about it, it does make sense. So let’s say I’m spending a thousand dollars a a year on some random software that I got an add on, it looked exciting, I buy it and then I never use it again. Who’s done that? I know I’ve done that multiple times, right?
Speaker 3:
Yes.
Speaker 1:
And so what happens is is then if I’m looking through all and auditing all of my expenses and I find this one, it’s like, oh shit, I don’t even remember what that is. Why are we paying a thousand bucks a year? And then I delete it, okay. That 10 minutes that it took me to actually go in and, and delete that expense that 10 minutes saved me a thousand dollars, but then it also saved me a thousand dollars next year and it save me a thousand dollars a year after and it save me a thousand dollars a year after <laugh>. So when you add in your dollar, your, your just time and like the, the dollar savings of what your time, that time input got you back. You know, like we, we eliminated, oh man. When we talked last, it was fresher and I think I had the number, I’m, I’m not forgetting, this was a couple years ago when we Yeah. When we had that last conversation. I wanna say it was, I wanna say we eliminated about 40 or 50% of our monthly overhead. And it only took us a couple weeks to kind of really sort through. And, and mind you, we were doing over 500 deals a year. So there was a lot of expenses, right. It
Speaker 3:
Only, I remember the numbers you told me because I they’re burned into my brain. Yeah. You said you were at 110. Me, my numbers of <laugh>. Well, yeah, well, <laugh>, I remember cuz it’s, it’s, I was like holy credit, it went from like one 10 to like 60 k a month. You know, like, so you cut like 50 K outta the budget just by sitting down for a few hours and going through those line items. Then you, you know, you made some personnel changes as well too, like, from what I can remember. So it was like, yeah, it was definitely a big
Speaker 1:
Quite 50%. But yeah, so then when
Speaker 3:
We got, yeah, but still, still a good and size number though. That’s still
Speaker 1:
40 ish percent. Yeah. Yeah, that’s, yeah. This is, this is why we have the day visit the world guys. Really
Speaker 3:
<Laugh>.
Speaker 1:
That’s hilarious that you remember that. So so when we stopped playing the how many deals can we do game and started finding out how much money can we end up with at the end of the day?
Speaker 3:
Ooh,
Speaker 1:
Can we play? Then all of a sudden it became, okay, the $20,000 a month on direct mail, you know what, that’s 30% of our, that’s 30% of our revenue of our deals. Okay? We’re only making a dollar and a half for every dollars that we spend. Okay, well let’s, rather than try that, let’s try out a different campaign that we can maybe make $3 for every dollar we’re spending. And now we have all this time back because half of our labor, half of our sales teams labor’s going into all these direct mail leads, now they have time to do their own leads. And like when we started shifting in that and, and playing that game and what we realized when we really studied the numbers was like, holy cow, we can literally do we can cut our expenses by 40%, it’s probably gonna cut our deal flow by a third. And we’re gonna make a whole lot more money. So Yeah. You know, and then our ops team, our transaction coordinator’s not ready to kill us. Our why aren’t going at us cuz we’re late for another dinner. Right? Right.
Speaker 1:
And and then why, you know, and then circling back, so like we kind of went through a lot of this evolution and then why, like, when I started reading and studying Profit first, why that was so profound to me was like, oh my goodness, I just did this the wrong way this whole time. And you can scale companies but you wanna scale it. You wanna scale it profitably, you wanna have more control over it. We did it. The you know, we sacrificed profits for quick growth and I mean, what’s the point? Like, you know Yeah. Business is there to help the, to make money, to make profits and help the community at the same time. Is is is what how I believe business is true. Yeah. but yeah, if you’re gonna just do more deals to do more deals, isn’t that like the hamster wheel? You might Right. Go to corporate America if you want to be on that hamster wheel and I trade dollars for and trade a lot of hard work for yeah. A little bit of profit. Right? So,
Speaker 3:
So once you were exposed to profit first, then how did life look afterwards? Cuz we’ve said we’ve gone through the scaling broke and we’ve gone through the, like all the ego stroking and the walls broke, you know, I like all that stuff. So it’s like, what about the other side? Like how does it feel being on the other side once you read it and you were like, oh shoot, we are doing it wrong now on the other side of implementing.
Speaker 1:
Okay, so a couple shifts happened. Okay. Okay. So the intentionality within the prophet first we’re working with one of Christina, one of David’s fractional CFOs. She’s awesome. Christina, if you’re listening you’re awesome. The so that, and knowing the books is a key step. Then the other key step that we did just from a real estate strategy standpoint was we started looking at things from more of a recurring basis. Hmm. if you’re scaling and doing as many deals as you can do and and you’re growing to a certain point, like you’re really only as good as your last deal and then the whole thing can fall apart if you have a, a huge, massive mistake. Yeah. so I have a good friend that’s, that’s pretty well known in the real estate space and not to name names cuz many of you listening probably know her.
But she confided in me. She said back in the back in the early two thousands she had over 4,400 rental properties and she was set for life. She didn’t need to buy anything else. She, her, she was good. Yeah. And then what she did was her and her hu husband decided to go out and buy a commercial building. And that commercial building wiped out and just completely caused them that completely wrecked them. They lost all 400 of their other houses. Ah, they lost, they really ended up losing everything. Right. So, wow. Strategy standpoint what we realized where we were at is because we were just flipping house, or that’s not true, we were building our rental portfolio as well, but we were predominantly flipping houses and Okay. Tailing a little bit too. That didn’t fit our model. We decided to shift and then shift into more recurring avenues.
So the most, the majority of the deals we do now are buy and holds. We’re working, Ryan and I, were just running the books saying we think it’s a very realistic, it’s not a stress goal or anything like that, but by the end of 2024 our business will be financially free and so on one, one of a month we’re already have all of our expenses paid, so we don’t do any deals, we don’t make any money. That month we decided to just go on a break. That’s awesome. All the overhead, all the salaries and everything like that. Yeah, we’re, we’re back up on our, on our, on our overhead now since, since back then when the story of when we cut it down, I mean we are around a hundred and around 130,000 a month again. But yeah, the difference was, you know, we took that step back, we slowed down so then we could, then we could apply proper fundamentals of and, and proper profit strategies as as we grew again.
Speaker 3:
Yeah. Because now you might be spending that, but hopefully you’re making a whole lot more than the hundred 30 instead of like where it was before where it’s probably like, oh my gosh. It’s like some months, we’re not even even halfway there. It’s
Speaker 1:
A nasty, like when we had the $110,000 a month and we were really just where we flips was our, our main driver. Yeah. Man, it’s a tough spot to be, to be like, okay man, we gotta have these, these three deals hit before Mm. Even before we even got all of our expenses covered, you know? Right. And you just get into this nasty trap. So. Yeah. So yeah, so I mean, it’s been a, it’s been a learning experience, you know, I feel like we’re better for it and, and hopefully some of y’all listening will just listen and, and, and do it the right way to start <laugh>
Speaker 3:
Nice.
Speaker 1:
Not make mistakes we’ve made. But I wanna have it any other way, you know, I yeah. I’m where I am, I’m who I am cuz of everything I’ve been through. Right. So so it’s been good overall. So
Speaker 3:
Yeah, no, that, that’s very encouraging and that’s where I like, I like when people are honest and like, this is where we were and like this was where we were the wrong reasons and doing too much and then, you know, getting into the profitable point and like, okay, it is doable where like you did have to cut yourself 50 K a month but then now you’re back up to it, but now you’re profitable and now you can see it and it’s clear and it’s not your working eight, you know, 80, 90, a hundred hour weeks all the time. It’s like being able to give people that hope too, that even if you are doing it at scale <laugh>, cuz that’s what some people’s mental frame is too. Like, I’m doing so much, can I even get back out of this? And it’s like, this is a good lesson as well too, no matter where you are on the journey just starting out or you know, if you’re knee deep deepen deals, like being able to see that.
Speaker 1:
But yeah. And there are some problems that you can’t work your way outta. You have to, your way outta,
Speaker 3:
That’s
Speaker 1:
Really good. I’m just gonna work hard. I’m gonna <laugh> Cardone, I’m gonna 10 this, I’m
Do more deals. You know? Okay. Yeah. That’s just digging, that’s digging a bigger hole, <laugh>. Yep. You know? Yep. cause the more revenue we, hundred percent it was leaking out of the backend. Right. so yeah, so it’s been it’s been great and yeah, I appreciate being connected with you David. And, and I, I’m a, a huge fan. I’m a big believer in the Profit First system and yeah, I mean I would highly recommend people to to think and run their business within the Profit First methodology even if you’re a brand new starting out just working on like your second or third deal type of thing,
Speaker 3:
You know? Yeah. So that’s one of my last questions too. Like what advice, since you’ve gone through this and then you’re encouraging people to get Star, like how would you ex say this is how you could get Star? Like what advice would you give them? Like if they’re looking to adopt Profit First?
Speaker 1:
Well I think somebody with Glasses wrote a pretty good book, <laugh>
Speaker 3:
Behind You there. That’s
Speaker 1:
Great. Yeah. I would say, yeah, start out just reading a little bit. David’s got a really good book. I’ve read it. Profit First for Real Estate Investors. Yep. I think that would be a really good start. No, I do not get paid in sales proceeds from the Sale of Profit s <laugh>
Speaker 3:
<Laugh>.
Speaker 1:
But yeah, I would say just get educated and then don’t let yourself get in that trap of I’m too busy, I don’t have enough time.
Speaker 3:
Yeah.
Speaker 1:
Cause that’s not gonna do you any good. Like there’s things that are really important, important that will never be urgent, will never be a fire. And the finances of your business may feel like it’s like, oh, I don’t have enough time to do it and I promise you, if you don’t, you’re gonna create a lot of problems on the back end that you’re gonna wish that you had just set it up right in the first place.
Speaker 3:
Well, there you go. That’s, that’s really good advice. Just getting it started as soon as possible. This has been an awesome episode. We’re gonna wind down here. Only one last question, but I loved where <laugh>, the, the, we’ve got some great one-liners here where you were like scaling broke or the ego stroke, but the wallet’s broke. You know, the, I did like how you’re talking about the highest dollar per hour task is just looking at those expenses, combing through that. That’s like something anyone can do at any stage of their business. Like if they’re just starting out, like you should be doing that once a month or once a quarter. Like look at those numbers and especially if you’re down the road, you could be saving thousands of dollars. Then I also really liked how you said in 2024, like our goal is like, or we know that the business will be financially free, not just you guys and like you as real estate investors, but like the business.
Like we wouldn’t have to sell a deal and we know all of our expenses could be covered. That is such a cool goal that I wish more people had a goal like that for their business. Like you think about financial freedom when we think that’s always for the person. Think about for your business too, because then if you have to wake up and then nothing has to happen for your business expenses to be paid, then everything else is icing on the cake in the business world. So that’s really cool. Then if it’s not how many deals you switch your mindset from, not how many deals, but how much profit can we make? I love that statement too. It’s like switching that, just that one simple equation of like, okay, it’s not the deal flow, it’s the actual profit that we’re making. So even if that’s less deals, it’s means more money in our pockets. So this was, this was a great episode. I really appreciate. So Jim, how can people get ahold of you? Like what’s, give ’em like the link to your show or like, whatever you’ve got going on now, wherever you wanna Absolutely. Point
Speaker 1:
Of. Right. So I, I don’t know when this airs, if it’s live or, or or how you do it. Yeah, I’m in the middle. We we’re almost launched the Passive Wealth Show, so Passive wealth dot com or passive wealth show.com. We also LinkedIn, if you just wanna search for Jim Manning on LinkedIn Connect with Connect with Me that way is a good way too. And I’ll, you know, shoot me a message on there and, and you know, I have a I’m looking at it and I have team members helping me just make sure I don’t miss anything. But that would be a good way too. And, and yeah, so good luck with everything guys. I really appreciate it. Hopefully sharing my story is gonna gonna help each and every one of you out and, and thanks for everything you’re doing, David.
Speaker 3:
Yeah, for sure. And thank you for being like thank you for giving people hope. And if you’re listening to this now, like please take what Jim is saying here and if you do need help, if you’re like, okay, that sounds great, but I don’t wanna touch the finances with a 10 foot pole, reach out to us. Go to simple cfo o.com. Jim is a client, he is a, he gave Christina a shout out. She is amazing, she’s incredible. But we’ve got a lot of incredible people. If you’re looking for that person on the team to help you implement some of this stuff, the I Profit First or a dashboard or those types of things to give you that clarity cuz I don’t want you while to be broke while you’re scaling up, like let’s keep you scaling and profitable. So go to simple cfo.com, remember to make profit a habit in your business. Jim, thank you so much again for being on
Speaker 2:
This episode of The Profit First for re 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@simplecfo.com right now. We’ll see you next time on the Profit First for r e I podcast with David Richter.
