BTM189: Profit First for Real Estate Investors with David Richter
On todays episode, we interview the brand new author of Profit First for Real Estate Investing, David Richter.
David is a long time property investor that has been apart of over 850 deals in his lifetime and through his experiences has learned how best real estate investors can manage their finances as well as their mindset on money. We take abstracts financial concepts and implement tactical strategies on this episode to be great stewards of our own finances on todays show.
Key Points From This Episode:
- Infinite banking for real estate investors
- Understanding the importance of “passthrough” bank accounts
- 3 month reserve for potential deals?
- David’s opportunity to author a new version of Mike Michalowicz’s “Profit First” but for real estate investors
Links Mentioned in Today’s Episode:
Recommended Books:
Rich Dad, Poor Dad by Robert Kiyosaki
Boundaries by Henry Cloud and John Townsend
Listen to these books for free!
Lifestyle Design App:
Other ‘Profit 1st’ Episodes:
BTM143: Top 2020 Real Estate Investing Strategies (Debunked & Explained)
What are the top strategies that new real estate investors should look into this new decade:
Flipping?
Rental properties?
Apartments?
Wholesaling?
Or creative strategies like Owner Financing?
Subject-to?
or maybe even a tenant buyer strategy or two?
On today’s episode, not only will we take a deep dive into each of these strategies but we’ll discuss what’s working in 2020 and how to select a vehicle based on your goals, experience, resources and timeline.
This is a fun filled jam packed episode that is going to expand your thinking when it comes to risk and no money down strategies in real estate as well as serving sellers and buyers as an investor while still making massive profits.
Key Points From This Episode:
- What the Motivated Seller Method (MSM) is and how to implement it today
- How to profitably overpay for properties
- How to get a deal done with any seller in any market
- Massive profit exit strategies for your investments
- The idea of serving
- How Daray navigated through these strategies in the past 4 years
- Another way to use OPM (Other People’s Money)
- How to structure 3 large paydays for every deal
- Cash Flow vs. Lump Sum Cash and how to get both simultaneously
Links Mentioned in Today’s Episode:
BTM139: Cultivating Your Tribe of Millionaires with David Osborn
On today’s show we have on the author of Wealth Can’t Wait, Miracle Morning Millionaires and the new Tribe of Mentors as well as the founder of the sixth largest brokerage in the world, David Osborn.
Asking WHAT is missing in your life won’t get you far, but asking WHO is missing is a game-changer. Tune in to this episode for a better understanding on how to cultivate your tribe of millionaires.
Key Points From This Episode:
- Why David wrote ‘Wealth Can’t Wait’
- A directive to attend your 1st Tony Robbins conference
- How to harmonize with the vibration of success
- Why masterminds are so effective
- A vicious cycle vs. a virtuous cycle
- Winning the morning to win the day
- David’s miracle morning routine and 2020 goals
- Why everything changed when David met Pat Hiban
- The 6 Effects of an Abundant Life
Links Mentioned in Today’s Episode:
Recommended Book:
As A Man Thinketh
Think and Grow Rich
Listen to these books for free with Audible!
Lifestyle Design App:
BTM 78: How To Scale Without Losing Your Mind with Tim Bratz
Tim Bratz is the CEO and founder of CLE Turnkey Real Estate, a real estate investment company that acquires and transforms distressed commercial and apartment buildings into high-performance investment assets. Tim began his real estate career in 2007 as a commercial broker in the competitive NYC real estate market, where he saw the true potential of real estate to transform lives. Working in real estate, Tim has learned how to build a passive business and create a residual income that allows him to live the lifestyle of his choice.
On today’s episode, we talk to Tim Bratz about how you can build a business around your ideal lifestyle. Tim breakdowns how he went from being a real estate broker to owning a 300+ real estate portfolio in Ohio, SC, GA, FL, and TX. You’ll learn why you should focus your energy on the faithful vs. fearful “what-ifs” when investing in real estate. Lastly, we discuss how you can build up your track record as an investor quickly and the 2 things you need when raising private capital for real estate investments.
Key Points From This Episode:
- The story of how Tim used a $15K credit card to buy his first house at 23 years old
- Tim’s journey from flipping houses to owning a $90 Million real estate portfolio by the age of 33
- How you can leverage real estate to develop passive & residual income that allows you to do what you want, when you want, wherever you want
- Why you don’t need 100% ownership on big deals and how to leverage other people’s time & money to scale your investing efforts
Links Mentioned in Today’s Episode
Tim’s Website: https://cleturnkey.com/
About Tim Bratz: https://invite.commercialempire.com/millions
Tim’s Favorite Book: 12 Pillars by Jim Rohn https://amzn.to/2R7OqBP
Tim’s Favorite Lifestyle App: VRBO is the easiest way to plan, search, and book your next trip. https://www.vrbo.com/mobile
Freebie: Download any 2 audio books for free when you try audible for 30 days: https://beforethemillions.com/book
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BTM 77: How To Create Your Personally Tailored Business Strategy With Mitch Stephen
Mitch Stephen has been a self-employed RE investor for 20+ years. His real estate investing career started at the age of 23 when he read “Nothing Down” by Robert Allen. Mitch’s company, Independence Day, Inc., has bought and sold over 1,500 properties in and about San Antonio, Tx since 1996. Mitch has recently been named one of the Top 9 RE Investors to follow on Twitter. Mitch’s personal expertise includes; Raising Private Money, Finding Bargain Properties, Negotiating Favorable Terms, Dealing with Renovations and Contractors, Selling Houses & Notes with little to NO Discount, and helping others deal with the everyday throws of life in business.
On today’s episode, Mitch talks with us about how he earned a first-class degree in entrepreneurship from the streets and why it’s important to understand the difference between working on vs. working in your business. Mitch shares his story of becoming an accidental real estate investor after buying his first condo purchase and how he ended up getting paid to live for free. You’ll learn what owner financing is and the # 1 difference between making a good living vs. earning millions in passive income.
Key Points From This Episode:
- How you can make offers on real estate deals by becoming a professional deal finder
- Why Investing in Mentoring Can Propel Your Real Estate Investments
- How Mitch brought 62 houses (profited $500K down payments) and created a cash-flow of $32K/month
- The story of Mitch paying his wife 1-year salary ($36K) in 1 month and got her to quit her 9-5
- Why being a wholesale/flipper will not get you long-term wealth for you and your family (what to do instead)
Links Mentioned in Today’s Episode
Mitch’s Website: http://1000houses.com/
Mitch’s Favorite Books:
Forever Cash https://amzn.to/2CRrJPk
Doing Business with GOD: https://amzn.to/2Erawhg
Think and Grow Rich https://amzn.to/2CLzRkp
Nothing Down https://amzn.to/2NIi7HF
Self-made in America https://amzn.to/2NJRaDB
Freebie: Download any 2 audio books for free when you try audible for 30 days: https://beforethemillions.com/book
Access The Best Strategies, Tips & Advice !
Every week, we send an email sharing my best advice, tips and strategies related to Real Estate Investing. Each of these weekly emails contain relevant and actionable information that can help you no matter where you are in your investing journey.
Sign up to join our community