All Episodes

May 5, 2025 33 mins

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

 

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 

🔊 LISTEN & SUBSCRIBE TO THE FLIP

Mark as Played

Advertise With Us

Popular Podcasts

Stuff You Should Know
My Favorite Murder with Karen Kilgariff and Georgia Hardstark

My Favorite Murder with Karen Kilgariff and Georgia Hardstark

My Favorite Murder is a true crime comedy podcast hosted by Karen Kilgariff and Georgia Hardstark. Each week, Karen and Georgia share compelling true crimes and hometown stories from friends and listeners. Since MFM launched in January of 2016, Karen and Georgia have shared their lifelong interest in true crime and have covered stories of infamous serial killers like the Night Stalker, mysterious cold cases, captivating cults, incredible survivor stories and important events from history like the Tulsa race massacre of 1921. My Favorite Murder is part of the Exactly Right podcast network that provides a platform for bold, creative voices to bring to life provocative, entertaining and relatable stories for audiences everywhere. The Exactly Right roster of podcasts covers a variety of topics including historic true crime, comedic interviews and news, science, pop culture and more. Podcasts on the network include Buried Bones with Kate Winkler Dawson and Paul Holes, That's Messed Up: An SVU Podcast, This Podcast Will Kill You, Bananas and more.

The Joe Rogan Experience

The Joe Rogan Experience

The official podcast of comedian Joe Rogan.

Music, radio and podcasts, all free. Listen online or download the iHeart App.

Connect

© 2025 iHeartMedia, Inc.