David Richter

Exactly. That's where it's like you got to have those right people in place that are supporting the profit first mentality, I would say, too, of like they support that you want to set all this up and do it. But then they also need to know real estate like that's the other big one.

Exactly. That's where it's like you got to have those right people in place that are supporting the profit first mentality, I would say, too, of like they support that you want to set all this up and do it. But then they also need to know real estate like that's the other big one.

If you have a CPA who doesn't know real estate and you're buying real estate, especially to hold it like good luck, like getting the actual tax benefits right. from the IRS because you have that CPA that's in place. And I'm more on the CFO side, which is more business and money management.

If you have a CPA who doesn't know real estate and you're buying real estate, especially to hold it like good luck, like getting the actual tax benefits right. from the IRS because you have that CPA that's in place. And I'm more on the CFO side, which is more business and money management.

So it's like, I even see this all the time where people have the bookkeeper CPA, which you need those people in your life. But if they're not real estate investing specific and that's the industry you're in, then that could end up costing you like what Justin said there. I could tell you story after story now of just people where they thought it was right or they didn't even know.

So it's like, I even see this all the time where people have the bookkeeper CPA, which you need those people in your life. But if they're not real estate investing specific and that's the industry you're in, then that could end up costing you like what Justin said there. I could tell you story after story now of just people where they thought it was right or they didn't even know.

And honestly, a lot of times people don't care. Honestly, the real estate investor is just like, let me make money. Let me do the deal. And I'll get to the books when I get to the books. And then it bites them in the butt big time. And they come back and they're like, oh, shoot.

And honestly, a lot of times people don't care. Honestly, the real estate investor is just like, let me make money. Let me do the deal. And I'll get to the books when I get to the books. And then it bites them in the butt big time. And they come back and they're like, oh, shoot.

You know, like maybe I should have been paying attention to this the whole time because it's not just a bill they get slapped with. It's like, oh, I could have done a better business. You know, I could have built something that actually served me, you know, versus like the mess and chaos that I'm in right now. So it's like hitting it from multiple angles.

You know, like maybe I should have been paying attention to this the whole time because it's not just a bill they get slapped with. It's like, oh, I could have done a better business. You know, I could have built something that actually served me, you know, versus like the mess and chaos that I'm in right now. So it's like hitting it from multiple angles.

Yep. Yes, indeed. And we see that a lot of people don't, like you said, they don't have that good foundation, which is why I'm so adamant. And I love that you brought that up, that even if you're just doing your first deal, like you're in the middle of your first deal or you're about to set up your LLC, the EIN and all the banks, you know, bank stuff, it's like, set up this system.

Yep. Yes, indeed. And we see that a lot of people don't, like you said, they don't have that good foundation, which is why I'm so adamant. And I love that you brought that up, that even if you're just doing your first deal, like you're in the middle of your first deal or you're about to set up your LLC, the EIN and all the banks, you know, bank stuff, it's like, set up this system.

Like, have good habits from deal one versus, okay, I was 850 deals into my real estate career before profit first even entered my, you know, headspace. And I'm like, good grief. If we would have had this from deal one, that could have been 850 deals where we had more profit and a system for it.

Like, have good habits from deal one versus, okay, I was 850 deals into my real estate career before profit first even entered my, you know, headspace. And I'm like, good grief. If we would have had this from deal one, that could have been 850 deals where we had more profit and a system for it.

And I'm like, please, for the love of God, if you are doing this now and getting into it, set it up from deal one. If you're a thousand deals into it, don't let your next thousand deals be not as profitable as they could be because you didn't do something from this podcast.

And I'm like, please, for the love of God, if you are doing this now and getting into it, set it up from deal one. If you're a thousand deals into it, don't let your next thousand deals be not as profitable as they could be because you didn't do something from this podcast.

Yeah, it's literally my book and the Profit First Cheat Sheet. So if you're like, here, let me distill this down into one page because I know I'm an entrepreneur. Like, just give it to me. The bottom line, what is it? There you go. You can go there and get that one-page cheat sheet and the book.

Yeah, it's literally my book and the Profit First Cheat Sheet. So if you're like, here, let me distill this down into one page because I know I'm an entrepreneur. Like, just give it to me. The bottom line, what is it? There you go. You can go there and get that one-page cheat sheet and the book.