36 David Richter – Profits First

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36 David Richter – Profits First

Speaker 1 (00:04):


Bill Fairman (00:04):

Welcome! It’s no longer just Bill and Wendy. Jonathan’s with us. Welcome to the show. Before we get started though, don’t forget to subscribe, like share, thumbs up, thumbs up, any information that you want to get further. Our website is CarolinaHardMoney.com tell all your friends. Right?

Bill Fairman (00:26):

So we are very fortunate to have David Richter as a guest today. He is a, you’re going to talk to us about profit first and it’s a really interesting concept that most people don’t think about it. But guess what? Aren’t you looking to make a profit? Well, it’s a little bit backwards, but it’s a, basically the system really gives you a handle on your expenses. And you actually make money doing it this way. That’s the point, right? Financial freedom and not just make enough money to pay your expenses. David, thank you for uh, taking time to join us.

David Richter (01:11):

Oh, thank you. It’s a privilege to be here.

New Speaker (01:12):

Awesome. Start off telling us a little bit about yourself because we’ve known you for awhile and you just recently moved to the Richmond area, right? Yes. So tell us a little bit about yourself and what’s, what’s going on there.

David Richter (01:27):

Oh sure. I’ll just, I was born at a very early age. Just kidding. No, but in college I read rich dad, poor dad, just like a lot of people. So that’s what got me interested in real estate. So then I read a bunch of books but then I had to go out and do something cause I was tired of reading about it. So I bought my first house and it was a crazy time cause I was engaged to be married. I was moving out, you know, like from my parents’ house into my house and getting it all fixed and flipped.

David Richter (01:56):

And I actually lived in that house for two years with my wife and then we rent to owned it after two years and we had superintendent in there who paid early on time and then cash me out in six months with his option. Right. So I was like, Ooh, I like this. I need to keep it. So you learn the wrong way first, right? Exactly. Yeah. I started working with a company then up in Northwest Indiana where we started off small, about five, six employees and in a house where we were working out of closets and doing about 80 to a hundred wholesale deals in a year. So it was a pretty decent size at that time and we scaled it up over the five years that I worked there to about 25 employees with where we were doing about 300 deals a year, which turnkey fix and flip, you know, rentals, rent to owns all the different extra strategies you can do in real estate. And that was with Tom Olson and Wayne Schaffer and Gary Harper

David Richter (03:00):

was a part of that group too. There’s a lot of, a lot of good people up there that I got to learn from and be around and we were doing a lot of deals and it was a very great learning experience. I mean beats college any day. So, and just learning real estate because I did every single seat to acquisitions, dispositions. I did the transaction coordination, the accounting and finance. I did property management, project management. So I got to sit in all those seats and see like, okay, this is how this seat runs or this is how that one runs and what it really takes to build a business like that and to keep it up and running. So it was a, it was an awesome experience just learning not only about real estate but the small business world and kind of ramping up a small business too.

David Richter (03:42):

So that was my introduction to real estate. And then I bought rentals on the side that I had when I moved about a year and a half ago to the Richmond area. I partnered with another investor here and we started, you know, he had about 40 rentals that he had and we were buying and selling houses here. And then one of the biggest things that I helped him with was getting his book straight because that was one of the things that I really liked doing in Northwest Indiana because it was like doing that many deals. Are you really profitable? You know, at the end of the day you need to see, cause that’s a lot of overhead, 25 employees. And several VA’s and virtual assistants that we were working with. So taking that experience from there and then putting it into practice in another one in another business. That’s where I really got like there’s a real need here where people just don’t know where they stand currently and what power it gives them to know their story and their numbers.

David Richter (04:32):

So when I started working with him and the investor in Richmond, rich Lennon, I’ve met a lot of great investors, but he’s a top notch just personnel around. So if you know rich, great person. So I was working with him and he kind of nudged me to you said you really helped me with this portion of my business. I think, you know, you could probably help other people. So it was a mixture of talking with him and talking with a lot of other investors that really helped me launch the business that I’m doing now. Simple CFO solutions where I help investors know their numbers and implement profit first and a couple of those things. So that in a nutshell, that’s where I’ve arrived today with what I’m doing in real estate. And kind of my background in real estate too.

New Speaker (05:11):

That’s, that’s awesome. So let me ask you a little bit about when you put Rich’s books in order like that, what was his surprise? I mean, was he surprised that he was making more money than he thought or was he seeing the leaks, the holes, you know, was he surprised at what was profiting and he didn’t expect that to what, what were his surprises?

David Richter (05:31):

That was, yeah, that’s a great question because when we actually dove into it, it was like, okay, what are you actually spending in a month? Like what are your odds? Just knowing that number. But then also we ran an analysis between his longterm and short term rentals cause everyone’s like, Oh do Airbnb. And he jumped into it, do you know, feet first. And he had about 15 Airbnbs. And honestly they were not as profitable as long rentals because of, because of the, the more management it took and the more cleaning, the more just the more turnover that it was taking. Plus, you know he wanted to focus on his longterm cause we sat down and we’ve said, okay this is what you’re making in the long term and short term and yeah, short term might’ve been like a higher percentage you know of like income or whatnot but at the end of the day he wasn’t actually making more money in that company in the short term company.

David Richter (06:22):

But then we also said what do you spend more time on managing your short term or managing your longterm? And he was like and like 15 minutes a week on my long term and they’re collecting that, you know 98 99% collections and I’ve got one virtual assistant managing that and you know they’re doing great. I’m like okay how much time does it take with the short term? And it was like exponentially a lot more. It was hours and hours of just headache after headache. So he really switched from doing short term back to, and he’s transitioned a lot of them back into longterm. I don’t think he might have one left of the short term, but he transitioned them all to long term because that one was really profitable for him. So

New Speaker (07:02):

That absolutely makes sense.

David Richter (07:03):

Yeah. Diving in there, that’s just one of the things that unlocks. But you might be in a market where the Airbnbs are doing really well, but unless you know your actual numbers, you don’t know if they’re doing well or if you’re just like, okay, you know, money came into the account. But how much went out that was specifically for that business. So that was one of the eye opening things for, for rich for sure.

Wendy Sweet (07:23):

Yeah. I know with my Airbnbs too, I have to have the accountants run, you know, a summary sheet at the end of every month to look at what my income and my expenses are on ’em. And you know, the ones that I thought I was really going to knock out of the park were the ones that, you know, I’m barely breaking even on. And the ones that I didn’t think so much of, you know, and it was all because I finally got the books in order to be able to look at them and see what was going on. So what was it that made you even read this book, this profits first book?

David Richter (07:56):

Well I had a call last year with Gary Harper. Do you know Gary [inaudible]? Great guy. Yeah he is. And he recommended that book to me profit first because I kind of told him I already had that idea before. I read profit first about just helping investors know their numbers. And so I had a pretty long conversation with him and he said, you know, if you’re really looking to do this you should read profit first cause I think that would help you get a structure around it. Plus it’s just a lot of people right now are recommending that book and it’s a good structure for business finances. So when I read that book it was very eye opening because you know I’ve read a lot of books my whole life and I liked the financial side of things and it was kind of like the envelope system for a business.

David Richter (08:40):

And I’m like Oh I liked that. I liked that you can separate it out and kind of see where your operating expenses are in the different things. So that’s what really kicked it off too. And then talking with, I’ve been so blessed my whole life to have great people around me. I’m not here cause I made it here. It’s been a lot of people that have pen around me and getting me to this point. Cause Tom Olson too cause right after that I called Tom because Tom’s in my inner circle from being up there too. And I told him about this and he was like, you should read profit first too. So there was like several people that way and and I was getting feedback from them like do you think this is a viable service that someone really needs? Because my service is really in between a bookkeeper and a CPA where I focus on just having very few clients, but where we can be ultra communicative with them and be very like, if not once a week, it’s at least once a month where we’re showing you this is what you’re actually making, this is what you’re doing, you know?

David Richter (09:34):

And really taking that burden off of them because a lot of investors just don’t have that confidence in their numbers or want to bury their head in the sand and don’t even want to look at their numbers. So it was a lot of good people. Like I’d say, a lot of good people pushed me that way. And like I said, I’ve just been very blessed with the people in my life and no one people like you went, I’ve known Wendy more than Jonathan or bill, but I know Wendy has been a huge inspiration to me too over the years and an influence to me. So I’m very fortunate for the people I’ve met around so,

Bill Fairman (10:07):

well, you know David, that’s an ongoing discussion with our shows and a theme that it kind of permeates all of our shows and surrounding yourself with likeminded people that are not going to be yes people. They’re going to be people that challenge you intellectually and spiritually and it’s going to constantly lift your game, make you want to be better. You know, we’re in the collective genius. We’re in several other masterminds. We do the financial friends, network cruises when we can. Wendy apparently [inaudible]

David Richter (10:46):

I have to take one for the team. Some of us have the word occasionally and then I can just see all the fun pictures.

Bill Fairman (10:56):

What are the returns that a lot of people don’t, and I’m going back to the short term here, one of the returns, a lot of people don’t calculate is return on effort and it’s important to really decide what’s taken most of your time and see if it’s not the most profitable and you don’t need to be doing it because one of the things we don’t get back is time. And that’s the most important part of our lives is to be able to spend extra time with our family and friends and, and to make a difference. And you can’t do that if you’re struggling with things that are just taking too much of your time. So I have to ask you, what made you decide to move to Richmond? You know, we have a bunch of friends there. We call them the Richmond mafia because I always travel well together to these different real estate events. So, awesome. What made you decide on the Indiana area?

David Richter (11:51):

Closer to family. So my wife’s family’s from Southern Maryland, so we moved close to there. So instead of a 12 hour trip, now it’s just a couple of hours. So that’s why we moved to the Richmond area. And I knew a lot of good people in Richmond too. Just like you said, the Richmond mafia, Jim Ingersoll Richland and I, you know, a lot of good people are there at least Inglehart I shouldn’t start naming names because there’s so many.

Bill Fairman (12:12):

once you forget, they’re going to say a lot of good people here in Richmond. So very easy, very easy spot to pick when moving across the country. It’s pretty scenic area as well. You’ve got a lot of history there and the town, I got some really old nice homes that you okay as a flipper you don’t want to mess with, but they’re still living and then you’re, you’re fairly close to the the ocean and you get to the mountains in no time and the weather’s a lot better in Northwest Indiana. So as far as what absolutely.

Wendy Sweet (12:46):

I remember I was doing a podcast with Tom Olson about a year ago and it was, I’m not kidding, like 50 below. Yeah, it was cold. I mean on his side anyway. And it was coming through and you know, you were talking about the, your effort on time, you know, that you got to put a value on, on the time. And I was really proud of Jonathan today. He has an investing company and he admitted today that he actually hired somebody to do as quick, but it’s boring. You always have these grand ideas like, Oh, I have time for that. I can do that. I’ve been staring at it for two months now. I’m like, I don’t know what I’m doing. So that’s good.

Bill Fairman (13:34):

Give us a kind of a 30,000 foot overview of the profit first theory if you don’t.

David Richter (13:42):

Sure. So profit first is like I mentioned before, it’s almost like the the envelope system for a business where you, but you’re using bank accounts now instead of envelopes. So you’re basically opening up different bank accounts, whether it be the profit account. So that way you’re designating profit from every single dollar that comes in his income owners, pay operating expenses, and then taxes. Which one of the best ones that to set up is that tax account. Because how many investors come to tax time and they’re like, we’ve got to do two more deals right now. Or it got to do a deal the money into my account and pay my taxes for the previous year. Well they’re usually saying that in like September, October when they’ve already extended and

Wendy Sweet (14:23):

for the third time.

David Richter (14:24):

Exactly. So having accounts like that to see, because in profit first they also talk about targeted allocated percentages, which sounds complicated, but all that means is just using a percentage for each of those accounts there and apportioning some of that income to each of those accounts. So what he, you know, start off smaller in the profit, but make sure you’re paying yourself. Pay yourself first like George place’s book, richest man in Babylon if is, you really can try and pay yourself first with this system where you can a percentage right into profit just from every dollar that you bring as income. But then you can also set it up to where, okay, what are your monthly expenses and what do you, what should your business really be healthy? You know, to be able to cover those monthly expenses so you can really see if you’re spreading it out across those accounts, okay, do I have enough to cover my expenses from my actual expense account when tax time rolls around?

David Richter (15:18):

Do I have enough? Did I save enough throughout the year? It’s basically making you save money and actually be a fiscally responsible business owner. It’s setting up that mindset. And I also like where in profit first it tells about it’s not sales minus expenses equals profit. It should be sales minus profit equals your expenses. Meaning like instead of just, okay, what do I have at the end of the day, that’s my profit force yourself to say I want to be at least this profitable. So then I’m going to have to make my expenses match, whatever that is. So that way I can be at least that profitable. So you’ll have to cut whatever out in order to be that profitable. So I really liked that mindset. It’s a real big mindset shift also because that way you’re not just going around like, okay, I’m going to spend money on anything and everything just to get the next deal.

David Richter (16:04):

It makes you be smarter in how, cause everyone’s always saying work smarter not harder. Well it makes you work smarter with your money too the dollar that I’m going to put out there. I’m going to be more intentional about putting that dollar out there instead of just let’s see what, you know, throw it against the wall and see what sticks. So I really like off at first also to another high level thing. I would say if you’re an investor, setting up an account just for other people’s money. So like if you have a dollars that are coming in, like for a private loan or a hard money loan or something like that, putting that in another account just for that property, you know, like for properties that you’re working on. So that way you’re not taking that money and spending it on your operating expenses or whatnot because you need to be living off of your income and off of your profit and out of the other people’s money that you have circulating through. That way you can really see are you profitable and healthy as a company or are you having to dip into that other people’s money account to just live off your end, you know, with off of what you need in order for your business to run. So I would highly recommend setting up another account just for other people’s money that comes into your business too.

Wendy Sweet (17:09):

And then another thing I hear a lot of people complaining about is, gosh, do we really have, how many bank accounts are we going to end up having? But you can work that out in QuickBooks too, right?

David Richter (17:20):

Right. QuickBooks, it’s really easy because because what you’re really doing is, and if you have a lot of companies, you probably don’t want to set up every single account that he says, you know for every single company, like if you’ve got, cause I’m working with people that have like eight nine, 10 entities and I’m like, do we have to set this up for each one? I’m like, no. Well let’s do your main companies. And then if you have some rental companies do an income and expense and maybe like another people’s money account or something like that. But then like you were saying in QuickBooks, especially if you’re a larger size company, then you’re going to be able to connect all those accounts inside of QuickBooks. Your bookkeeper should be able to, if they’re the ones doing the transfers, you know, once a week or twice a month or whatever should be able to transfer it to those other accounts.

David Richter (18:01):

And if you’ve got it set up in QuickBooks and an automated system like that, it’s very easy to see where that money is sitting right then and there. And it’s easy from the owner’s point of view too because the one of the biggest things that as an owner, you’re not going to be going into QuickBooks, you’re probably going to be looking at your bank accounts. So just being able to see the different bank accounts and how they’re a portion now because yeah, some people say, well that’s a lot of accounts to set up, but really what is it that you’re trying to get out of this system? Do you want to see where you are currently and if you’re a healthy business or are you trying to see something else or do you want to set up an account specifically for a certain expense that your business always, cause you might not be in real estate, it might be another business or you know, coaching or services or whatnot. And so you might have a different, some different types of accounts that you have to for like petty cash or like if you’re going on a cruise, if you’re saving up for those, you know the networking type trips too. So it’s like do we have enough money to pay for the networking type of trip. So it’s like really setting up what you need to see.

David Richter (19:03):

Exactly. But yeah, that’s what people say. Yeah. Cause how many people that you talk to talk about how they want to scale their business. I imagine 99% of them. Right. Some, okay. I would say maybe not 99% some of the people I’m working with have actually said I want to, especially once they see their books too, if they know. Yeah. Because once, I’ve had a couple people where they’ve got like a rental company and a flip company and their rental companies knocking it out of the park but then they lost money in the previous year on their flip company and they like eat that. So they’re like, how do we scale down? You know, like I don’t want to be doing this anymore. So I’ve had some people were like, yes, we want to scale up. And then you can kind of see and once you know your numbers you have that power to see, do I want to scale down?

David Richter (19:51):

Do I want to scale up? What would bring me back to even, or what do I have right now as far as resources to be able to scale up? Will I be able to make that next tire? You know, or whatever it is that you’re wanting to do inside of your business. But I would say yes. I would say most people want to scale up. I’ve had some people that want to scale down. But knowing where you are financially gives you that power to make those decisions and be able to make an informed decision on whether you can scale or if you’re going to need, you know, investing money, you know, to be able to launch that next arm of your business. And one of the things that I see that once people dive into this and into their actual numbers, they see what they’re focused on really does expand.

David Richter (20:31):

So what they’re actually focusing on or is it usually where they’re making money? Like in that, in that scenario where the rentals were doing great and the flips were not, he didn’t like doing the flip. So guess what, the flip company is suffering and it’s not doing as well. And he’s not going out there trying to get the deals every day for the flip company. But for the rental company, it’s healthy and, and thriving and they’ve got a great process for that. So it’s really, I would come down to it when you’re wanting to scale, it’s like what are you focusing on? And if you are going to scale, are you going to be able to focus on that and really give it the resources to make it profitable because you, that’s what happened in the business up in Indiana too. We went in so many directions that sometimes it was hard to focus and so we had to make sure that whenever we got too crazy and went in too many different directions, kind of getting back to where, okay, what are we good at? What can we do? What’s profitable in our business and do we want to scale this portion of our business and are we able to throw the resources that we really need in order to do that? So yeah, a lot of people want to scale, but some people also want to scale down.

Jonathan Davis (21:32):

Yeah. what sticks out to me about this, this system and this mindset is you see so many people scaling without knowing their numbers. And what they don’t realize is they’re scaling using expenses as opposed to scaling, using profit and like, like what you’ve just said is scaling, using profit, knowing what your numbers are and how powerful that is. And I think it gets overlooked by a lot of business owners. Kudos to what you’re doing and this is,

Jonathan Davis (22:00):

this is great.

David Richter (22:01):

Well thank you. I appreciate that.

Bill Fairman (22:03):

Yeah. You mentioned too about the expense side of things. You know, we have so many software as a service thrown at us. It really does make you really at the end of each month, evaluate, are you getting the most out of the software as a service, uh, that you think you are. Because you know, if it’s a small amount each month, you tend to kind of forget about it. It’s like a, you know, membership, the Hulu or, you know, it’s, it’s not that much if it’s, well, they’re getting higher now, but you know what I mean? You get a service for, some sort of texting service and you hardly ever use it, but you’re still getting that monthly bill and it really forces you to look at those expenses every month and reevaluate, am I getting what I thought out of this? Do I really need to have this? Yeah, because you are taking that money out off the front and you should have those percentages and profit and you shouldn’t have those percentages and owner’s pay and you should have those percentages obviously in taxes. Now hopefully we get to a point where we have more deductions and not actual expenses. But my point is you’re constantly have a handle on your expenses. It doesn’t mean you’re cheap, it’s just that, well, I spend it if you don’t need it.

Wendy Sweet (23:24):

You know? The other thing too is, you know, we keep talking about expenses and profit and [inaudible]. What’s really I think important for us to know is really what’s your cash flow? What do you have coming up? And that’s what’s really important to know. And I think when you put your profit first, you’re concentrating more on what that cashflow really is or lack thereof. You know, where’s that money going to? Our accountant was very good to us in the beginning. She trained us right off to not look at our bank account, don’t look at the bank account. You need to look at where we are right now and what’s coming up. And that’s made a really big difference for us to be able to do that. Instead of looking at the bank account. I hardly ever look at the bank account any more. I know what’s in there because that’s on the sheet that we get every day. But, but now we’re really looking at, Hey, you know what? What’s the cashflow? What’s really coming in and going out. And it makes a real difference in what we’re doing.

Bill Fairman (24:23):

So David, are you looking for new clients?

David Richter (24:25):

Always. Always. Like, I’ll always say that even though I’m, I’m at the point where in this quarter I’ve, I’ve hit the goal of what I want it to be at for this quarter. But you know it’s wonderful like a quarter agreement or a year agreement. So I’ve got some,

Wendy Sweet (24:40):

I’m going to ask you, how long does it take?

David Richter (24:43):

I have some people that drop off after a quarter just because we, you know, that’s what it took to get them where they need to be. And then some people have seen like okay, you know this is pretty eye openings so I’ve got about four people that are on a year plan now too for the whole year. But I’m working with eight companies. I only want to work with about eight to 10 in a quarter. And you know, I did, I’m actually talking with another kind of CFO person like me too so we could take on more business. That’s why I’m telling you like, yes, I would like more business to just because I’m trying to, I’m now training another person to help, you know, take on a couple more businesses at a time too with someone who’s been in the business for a while, gets the real estate side of things, has helped other real estate investors and wants to kind of jump more from bookkeeping into more actually helping, you know, dive into knowing what the numbers really are. So yes, the short answer is yes.

Bill Fairman (25:33):

I guess I should have asked it like Jonathan was asking it. So you’ve looked at your books and you want a scale

Wendy Sweet (25:43):

[inaudible] to scale. Are you, are you doing this virtually? Are you going to their offices? How are you doing this?

David Richter (25:49):

All virtual. Because my stipulations, it has to be QuickBooks online or an online accounting software. And then we’re literally having either weekly meetings or biweekly meetings or monthly meetings depending on the client where we’re diving into those numbers and some people to have books that are just an absolute mess. So like I have access to some resources to be able to help clean up some of those books too. So we do that a little bit too. But what I really do inside of the business is have these higher level means. I just had one today before this podcast that, you know, we looked at, he had, he has like eight different entities. We dove into three of them for 2019 because they were final all cleaned up or whatnot. And you know, he made quite a bit of money and he was like, I’ve never had the power to be able to do this or see this.

David Richter (26:32):

And then also some of those were rentals too. And he was cashflowing about 450 a month from his, his rentals. And he never had that number before. He said he wanted to target a hundred dollars rental. And then when he actually saw it, he was like, Oh, okay, well, well then we’ve obviously added a lot of value. So that’s really what I’m doing and I’m doing it all virtually. And honestly, that’s kind of how I had built this business. I’d read a lot. Like I said, I’ve been privileged to be around a lot of good people and I read a lot of books too. So when I started this I said, what do I want the lifestyle to be too as far as like, because I’ve got a three year old daughter that, and it’s very important to me that I watch her grow up and that I am able to play with her and be with her a lot.

David Richter (27:14):

So I kind of said this is the box that I’m going to be putting myself in and see if it’s an actual service people need and if it’s something that can be done virtually and something that I can really work from home. And the only times I’m really out now is when I go to like the masterminds or to the financial loans network type things or whatnot. But that’s where I’m doing a lot of it virtually right now and it’s been great so far on both ends for me being able to work what I need to do. And then for the clients too, we just get, we jump on zoom just like this and are able to to knock that out either weekly, biweekly or monthly. So. So what’s the best way for someone to get in touch with you? If they go to my website, simpleCFOsolutions.com on there’s an apply button.

David Richter (27:55):

So I have people apply there because it just lets me know a little bit about your business before then. Then from there there’s a, an actual link for an appointment like that I have set up too. So that way it’s, that’s kind of the process that I have set up because I love systems and processes. So if you go to simpleCFOsolutions.com, that’s another thing too. I really like helping these businesses not just from like the financial aspect cause it’s like okay what happened to get here? Is there something broken? So I kinda like talking about that stuff with clients too. But that’s the process. Going to simpleCFOsolutions.com there’s an apply button on there and you can take a look at the services offered and the different, the different pages set up. So that’s the best way to get ahold of me. That’s awesome.

Bill Fairman (28:35):

We’ll make sure we have a link in both the podcast and on the videos. Awesome. So how big do you want to grow? Have you thought of it?

David Richter (28:47):

Yeah, I just had this as, I was at a mastermind last week and someone asked me that and I thought in my head, cause in my head I, I’m, we implemented EOS in my business to cause just because that’s what I’ve been a part of for the last like five years. The other theme in our, in our shows, good cause I love EOS and I’ve implemented it in mine and kind of my three year picture, I want it to have at least three people like me besides myself and helping about 30 to 40 clients a month. And, but my long term vision too, it might’ve changed just last week because someone said, okay, let’s say you do that, you have that and you want to, you know, scale or whatnot. But then he said, I’m going to give you two options.

David Richter (29:31):

Do you want to number one, double what you’re charging now and have less clients or basically I’m going to offer you 2 million for your business, but now you’re a minority owner and now you’re basically for me. So I’m like, huh, well that sounds great too. So you know, just like getting an offer like that right out the gate. But honestly that’s what I originally had thought that I wanted it to be kind of, I just want to slowly grow this with as I add the CFO type people, just adding about eight to 10 companies that we can help in a month. So, and then in three to five years having it to about 30 or 40 clients in a month that we’re helping, my 10 year goal then would have been to have maybe 10 people like me and have like a big, you know, slightly bigger team with, you know, maybe helping a hundred in a month.

David Richter (30:12):

But that was more because my big why, you know, is like to support missions works and I really love giving to. That’s just a part of what I, you know, growing up that was huge. And also like as an adult I can just see that just the giving back is just so important and not just tidying but also giving back intangible ways to other people. And I love, I love the part of some of the ministries I’m a part of where they send out, you know, missionaries or whatnot. So that’s one of the things that I’m really, really growing the business to do. Cause I want to be able to give more too. But so I have thought about that and that, you know, the couple of different options there either going the route of building it, scaling it myself or partnering with, you know, someone who’s already done that too and scaling it even faster. But those are the two things I’m thinking about right now. That’s awesome.

Bill Fairman (30:57):

Absolutely. Well, I know for a fact that charging more and having fewer clients is a model that works that said, or the clients that are willing to pay the most, you know, are they making money because they looked into it or are they, are their books already together? How long of a term client will they be that you’ll have to find that kind of happy medium there. But there’s nothing wrong with now I’m sorry for those of you who want to pay less, but there’s nothing wrong with charging extra and get a higher quality customer.

Wendy Sweet (31:36):

Yeah. But wait till after you work with us because we’re coming in and it’s not all about us. Although, yes it is. It’s our show. It’s been great. Yeah, it’s great information.

Bill Fairman (32:02):

I was a, a friend of ours, a borrower we’ve been working with for years. She was a little nervous about being on the show and I said, don’t worry, you’ll be fine cause this goes out to tens of people.

Wendy Sweet (32:15):

No reason to be worried. She said she was really glad she brushed her hair for it.

Bill Fairman (32:24):

Anyway, thank you so much again. We’ll have your, uh, say your, website again, real quick,

David Richter (32:29):

simpleCFOsolutions.com. I also, I don’t know if I can promote this here, but I did write a book less stress, more profit for the serious real estate investor and on the website and it says recession-proof business at the top with a link to the book. I’m not selling it for very much. This isn’t a money maker type thing. It’s just for the people who might not be able to work with me to give you some foundational of what we talked about on the show here today and just some other things to help them save time and money on the financial side of their business too. Awesome. Put that book up there. Again, less stress, more profit. Well, the serious real estate investor, if you go to Amazon, I also did it as an audio book too, because as an investor I did not have a bunch of time and with a little daughter, I got it on audible too. And it’s really cheap on there too. So

Bill Fairman (33:15):

Let me guess, you, you recorded your voice and had somebody else write the book.

David Richter (33:21):

No, this one, I actually, this one I actually wrote myself but have someone else recorded the audio? So this one I wrote myself, staying up late, getting up early last year and really diving into that and writing the book. You have a three year old now than a year ago. You were up late anyway. Yes indeed.

Bill Fairman (33:48):

Again, thank you so much for joining us. It was a pleasure talking with you and those that will be joining us on the next show. I don’t know who it’ll be but please like share, subscribe, follow the thumbs up, all that stuff. Depending on the platform you’re watching us on, there’s archive videos either up, down or sideways. It’ll, it’ll be there somewhere on the,

Wendy Sweet (34:13):

on the screen in front of you right here. Right now it’s easy for me to talk cause I do this for a living. Carolina capital management.

Bill Fairman (34:23):

Our website is CarolinaHardMoney.com so, till we see you next time. Thanks for joining this. Thanks again David. Thank you.

Bill Fairman (34:41):

Thank you so much for joining us again. Really had an awesome time. I knew Wendy did as well. So if you like what you heard and want to see more, what do you do? You can hit one of these. I feel like the hippy dippy weather girl, because we’ve got a green screen going on so we could have a cold front moving in from Virginia or right? Come on. That’s funny I don’t care who you are. So you can pick any of these other shows. We have some here. We have some here. We have some here. Just pick one. Test it out. Right?. Also subscribe like, and our website is easy.

Bill Fairman (35:24):

That’d be a w. w. w. w. w.

Bill Fairman (35:30):

that’s a lot of W’s. CarolinaHardMoney.com tell all your Friends.



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