EP796: Profit First for Self Storage Investors - David Richter

The Flip Empire Show

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26d ago 33:38

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If you’ve ever felt like you’re making good money but not keeping enough of it, this episode is for you. Profit First expert and author David Richter unpacks how real estate investors—especially those in self-storage—can implement a simple yet powerful financial system to gain control of their cash, build wealth, and finally stop operating in the dark. Whether you're new to the Profit First method or need to get back on track, this episode will show you exactly where to start.

KEY TAKEAWAYS

Profit First: What is it, and how does it work?
The “Golden Trio” accounts every business should have
Biggest mistakes real estate investors make with Profit First
Recommended account percentages for real estate operators
How to prepare for CapEx and debt service using Profit First
What a fractional CFO really does and how to know if you need one

RESOURCES/LINKS MENTIONED

Rich Dad Poor Dad by Robert T. Kiyosaki | Paperback and Kindle
Profit First by Mike Michalowicz | Hardcover and Kindle
The Richest Man in Babylon by George S. Clason | Paperback, Hardcover, and Kindle
The Psychology of Money by Morgan Housel | Paperback, Hardcover, and Kindle
Profit First for Real Estate Investing by David Richter | Paperback and Kindle

Get David’s Profit First resources and learn how to implement this game-changing system in your business today. Visit simplecfo.com/gift to download the FREE ebook, audiobook, and 1-page cheat sheet!

TWEETABLES

"The three most important numbers in your business, cash wise, is what you make, spend and keep." - David Richter
"If you think you're in self-storage, if you think you're in real estate, you're not, like, that's just the vehicle. The real game that you're playing is the game of money." - David Richter
"Make profit a habit, not just a one off thing, like not an event that just is someday in the future. So make profit a habit in your business." - David Richter

ABOUT DAVID RICHTER

David is an active real estate investor who has played a key role in closing over 850 deals in the past 10 years. His experience spans across various strategies, including wholesale, turnkey, BRRRR, owner finance, rentals, lease options, and virtually every exit strategy imaginable.

While growing a real estate business from 5 to over 25 deals a month, David realized that despite the large sums of money coming in, it was quickly going right out the door. Having had the unique opportunity to sit in every role within a real estate company, he discovered his true calling in the finance seat-helping businesses understand where their money was really going.

David has successfully helped real estate companies avoid going out of business by building cash reserves and implementing the Profit First cash flow system. His expertise has been showcased on BiggerPockets, Real Estate Disruptors with Steve Trang, and many other prominent podcasts, shows, and stages.

As the founder and owner of SimpleCFO Solutions, David is committed to bringing real estate investors true financial clarity and freedom, ensuring they stop living from deal to deal.

CONNECT WITH DAVID

Website: SimpleCFO Solutions

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