David Richter

Do I want to go and be a part of a mastermind that I've never been part of before? Like, you know, like, do I want to jump in with Justin and get mentoring from him? It's like, these are the things of where you get to go out and do the fun things you want from life. And I would do that on a quarterly basis, taking the money out of their owner's cop. Here we go.

Do I want to go and be a part of a mastermind that I've never been part of before? Like, you know, like, do I want to jump in with Justin and get mentoring from him? It's like, these are the things of where you get to go out and do the fun things you want from life. And I would do that on a quarterly basis, taking the money out of their owner's cop. Here we go.

This is how we could have solved the 25 deals a month issue. This is how Justin and his business could have solved the 1% or whatever, you know, like the single digit percentage, you know, like making all those seven figures that I see this over and over having an account dedicated to the owner to pay themselves consistently. by a percentage that you decide, that the owner decides.

This is how we could have solved the 25 deals a month issue. This is how Justin and his business could have solved the 1% or whatever, you know, like the single digit percentage, you know, like making all those seven figures that I see this over and over having an account dedicated to the owner to pay themselves consistently. by a percentage that you decide, that the owner decides.

At first, if you're already in the trenches, you might be like, well, I'm not paying myself and I'm not profitable. I would warn you right now, this is the exact time you need to start implementing something like this because you're not profitable. So let me just put that as a side. The other bank account would be the owner's tax.

At first, if you're already in the trenches, you might be like, well, I'm not paying myself and I'm not profitable. I would warn you right now, this is the exact time you need to start implementing something like this because you're not profitable. So let me just put that as a side. The other bank account would be the owner's tax.

When we're recording this, it's right in the thick of tax season, and it's like, good God, do you have your taxes? Do you know them? Are they up to date? Are you going to pay an arm and a leg because you're only an active real estate investor? Well, if you are, this is where an owner's tax account is like a peace of mind account. These are to save from the business.

When we're recording this, it's right in the thick of tax season, and it's like, good God, do you have your taxes? Do you know them? Are they up to date? Are you going to pay an arm and a leg because you're only an active real estate investor? Well, if you are, this is where an owner's tax account is like a peace of mind account. These are to save from the business.

Like every deal you do, you slice a little bit off, put it into the tax bank account. And then when tax time comes, you don't have to be like hair on fire. Oh, shoot. I got to do four flips right now just to cover this tax bill or like my first six figure tax bill. What do I do?

Like every deal you do, you slice a little bit off, put it into the tax bank account. And then when tax time comes, you don't have to be like hair on fire. Oh, shoot. I got to do four flips right now just to cover this tax bill or like my first six figure tax bill. What do I do?

I actually talk about one of our friends from the groups were a part of just like in the book where he got his first six figure tax bill. And he's like, It took him years to pay that off before he found profit first, and then it took him like a year to get it out the door. And it's like that's a peace of mind account. So those are the first three, profit, owner's comp, owner's tax.

I actually talk about one of our friends from the groups were a part of just like in the book where he got his first six figure tax bill. And he's like, It took him years to pay that off before he found profit first, and then it took him like a year to get it out the door. And it's like that's a peace of mind account. So those are the first three, profit, owner's comp, owner's tax.

The other two, well, you already have one of them. You already have OPEX. The operational expenses, that was your black hole bank account where all your money flows out. Well, now instead of it being chaos, it's only the outflow. I do separate out income.

The other two, well, you already have one of them. You already have OPEX. The operational expenses, that was your black hole bank account where all your money flows out. Well, now instead of it being chaos, it's only the outflow. I do separate out income.

That's the fifth one is income would be you get your wires in and now you can see where's my money and how much did I bring in over the last month? That's more of like what you made.

That's the fifth one is income would be you get your wires in and now you can see where's my money and how much did I bring in over the last month? That's more of like what you made.

Yeah. And in the book too, like if you ever get money in like from a private lender or something, that's where I'd give another system for that. If you're a real estate investor, I will say though, here's a bonus account. If you are a real estate investor, especially in the active flipping space or active side, if you're getting money from private lenders, we call it OPM, other people's money.

Yeah. And in the book too, like if you ever get money in like from a private lender or something, that's where I'd give another system for that. If you're a real estate investor, I will say though, here's a bonus account. If you are a real estate investor, especially in the active flipping space or active side, if you're getting money from private lenders, we call it OPM, other people's money.

So if you take money from other people, I would highly recommend an account dedicated to their funds. And this is where people ask me, well, what if I have a bunch of lenders or what if I have like five projects going on at a time?

So if you take money from other people, I would highly recommend an account dedicated to their funds. And this is where people ask me, well, what if I have a bunch of lenders or what if I have like five projects going on at a time?