Justin Colby

And they don't know how to be a CFO. And that is where the rubber meets the road, ladies and gentlemen, is when you make money and what you do with the money. So you're not just making money and feeling broke. I'll tell you my story because the reason we resonate is when I was introduced to you years and years ago. I had a very similar example.

And they don't know how to be a CFO. And that is where the rubber meets the road, ladies and gentlemen, is when you make money and what you do with the money. So you're not just making money and feeling broke. I'll tell you my story because the reason we resonate is when I was introduced to you years and years ago. I had a very similar example.

We had a very high performing year, multiple seven figures. And my personal paycheck was like a single digit percentage of that. And that's insane, right? And to be able to make that much money, build that team, do that much volume, lose a whole lot of hair doing it, right?

We had a very high performing year, multiple seven figures. And my personal paycheck was like a single digit percentage of that. And that's insane, right? And to be able to make that much money, build that team, do that much volume, lose a whole lot of hair doing it, right?

And to be able to look and be like, dude, I could have worked at pretty much any corporation and made this kind of money without this much stress, right? is a very real thing that us professional, full-time real estate investors go through. And so let's talk a little bit about the nuts and bolts, because I think, first of all, everyone needs to go get his book.

And to be able to look and be like, dude, I could have worked at pretty much any corporation and made this kind of money without this much stress, right? is a very real thing that us professional, full-time real estate investors go through. And so let's talk a little bit about the nuts and bolts, because I think, first of all, everyone needs to go get his book.

Where do you want to send everybody to learn more about the book, take a look at it? I know it's called Profit First for Real Estate Investors, but I know you put together a website.

Where do you want to send everybody to learn more about the book, take a look at it? I know it's called Profit First for Real Estate Investors, but I know you put together a website.

Simple CFO.com forward slash JC. So if you're hearing this and maybe you've done a couple of deals or maybe you're doing a couple of deals a month and you're like, I'm making some money here, but where the hell's my money? then this is a very real episode, right?

Simple CFO.com forward slash JC. So if you're hearing this and maybe you've done a couple of deals or maybe you're doing a couple of deals a month and you're like, I'm making some money here, but where the hell's my money? then this is a very real episode, right?

This is one you really want to make sure you're tuned into, dialed into, share with friends if you know they're going through it, right? So let's talk about the fundamentals here because I think, you know, the people want to know, right? What are the things that they should be doing? What are the roles that should be having, you know, what bank accounts should they be setting up?

This is one you really want to make sure you're tuned into, dialed into, share with friends if you know they're going through it, right? So let's talk about the fundamentals here because I think, you know, the people want to know, right? What are the things that they should be doing? What are the roles that should be having, you know, what bank accounts should they be setting up?

All those good things that you and I are both aware of. So let's dive in.

All those good things that you and I are both aware of. So let's dive in.

So the income. Just for some clarity for people, right? The last one you spoke about, the fifth one, income. Yeah. This is all wires from title companies, wires from closing lawyers, true gross revenue for the company. That is the only thing that goes in that account. And from there, you can start to disperse into the other four.

So the income. Just for some clarity for people, right? The last one you spoke about, the fifth one, income. Yeah. This is all wires from title companies, wires from closing lawyers, true gross revenue for the company. That is the only thing that goes in that account. And from there, you can start to disperse into the other four.

Into the other one. There's a lot of people that I think when they hear OpEx, they think that's going to be your main bank account. Right. It shouldn't be. There should just be your main bank account that is collecting all revenue. Exactly. From there, you delineate or distribute, I guess, to the other four.

Into the other one. There's a lot of people that I think when they hear OpEx, they think that's going to be your main bank account. Right. It shouldn't be. There should just be your main bank account that is collecting all revenue. Exactly. From there, you delineate or distribute, I guess, to the other four.

Well, I think a lot of people, what they need to understand is it is a progression, right? So if you're not where I'm sitting and having six bank accounts or maybe even more, because I do have a lot of private lenders, then I get that. And David does too, right? And so then you have to decide, do I need all five? Well, you may not, right? You may not have any revenue coming in.

Well, I think a lot of people, what they need to understand is it is a progression, right? So if you're not where I'm sitting and having six bank accounts or maybe even more, because I do have a lot of private lenders, then I get that. And David does too, right? And so then you have to decide, do I need all five? Well, you may not, right? You may not have any revenue coming in.