If you want to run a successful wholesaling business, you need to understand accounting. However, that could get very technical. Fortunately, our guest today is an expert in that field. David Richter is the founder of Simple CFO Solutions, and his company’s goal is to transform the real estate investing industry by changing the way real estate investors view their finances. It empowers business owners to keep more profit in order to live life on their terms by adhering to the “profit first” philosophy.
In this episode, David Richter will weigh in on the common mistakes that real estate entrepreneurs make when it comes to the accounting aspect of their business, and then he will give us insight into how Simple CFO Solutions manages those issues. He will also explain why “profit first” is one of the best strategies when running a real estate business.
- How David got into real estate
- About the “profit first” philosophy
- David’s definition of profit margin
- The different stages and levels for a healthy percentage of profit margin
- Why you need to pay yourself first and set up dedicated accounts for your business
- The 3 key members of your financial team
- Virtual Investing Mastery
- David’s Instagram
- Profit First For Real Estate Investors Facebook group
- Profit First for Real Estate Investors
- Profit First REI Podcast
- Simple CFO Solutions
- Rich Dad Poor Dad by Robert Kiyosaki
- Profit First by Mike Michalowicz