David Richter
Appearances
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
If you're running a for-profit business, you need to be thinking about profitability. You should be making money because without it, you won't be able to grow, scale, or have people on the team or give or travel or whatever you want to do with your business. And so he's just like, here, here's a system. That's what I loved about Profit First.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
True. It definitely came from pain. I was a part of a real estate company in my early 20s where I jumped right from college into real estate investing. And with this company, they were doing about five wholesale deals a month when I first started there. So they were doing a pretty good amount of business outside of Chicago.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Yep, exactly. So, yeah, even though I'm not personally a CPA or tax expert, so I just there's that disclaimer. And this is not financial advice. And this is not financial advice for you. So but this is where a lot of people have that mentality of like, OK, I'm just going to put everything on the business card or I'm just going to run everything through the business.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
And while there's a certain degree of like, yes, you should run as much as you can. It's also at the same time, like you want the LLC to protect you like an LLC is supposed to protect you or like a corporation is supposed to protect you, where if you are just like commingling everything, that's like a separate issue, even maybe from what we're talking about.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
It's like, don't commingle everything because then you pierce the corporate veil of yourself. Like that very famous, infamous statement, you know, in American, you know, our society here, it's like, I don't want you doing that. Another thing is,
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
That's why I like the Profit First system because usually we do percentage-based transfers, meaning if you get $100,000 in, there's going to be a percentage that goes to profit, to owner's comp, to the owner's tax, and to the OPEX account. In the system, think of it like that.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
If you have $100,000 and let's just say you had legitimate business expenses of $50,000, then you're only going to be taxed on the $50,000 that's left over. That's actual profit to the business. But then you're actually taking the cash and putting it in the owner's tax account at 15% or whatever. And now you've got cash there sitting for the income that you'll be taxed on.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
and if you think you're going to get around it it usually will catch up to you i just don't want it to catch up to you in the worst way possible like someone doing an audit on you and then you've got to go back and pay penalties over the last few years or whatever it might be like you want to be ahead of this stuff versus behind like this is a horrible thing to catch up on for multiple reasons one if you're playing catch up and clean up that's usually way more expensive
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
from bookkeepers, CPAs, accountants, like to get things caught up and all, you know, where it is. But another thing is too, is like, if you're playing clean up, catch up, like if you haven't paid the actual taxes you're supposed to, they could come after you again for that, you know, down the road with the fees and everything.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
So that's why it's super important to be like, even though you might feel like, yes, I've got my LLC, it's all set up. I'm running everything through it.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Also, if you don't have a CPA who knows what they're doing, you could be in major trouble if you are just putting that all through from not just an orange jumpsuit perspective, but like, I'm going to have to pay again through the nose, maybe even what I already paid, and then that'll be all the fees and stuff. That's why, Justin...
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
But then we grew it over the next four or five years to about 25 deals a month between wholesaling, flipping, you know, turnkeys. We were doing rentals, lease options, like all, all this stuff. And we were doing 25 deals a month, but spending 26 worth out the door. So it's like, Who cares? They were doing 300 deals. I remember we did 100 deals in 100 days once.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
I don't expect them to become a financial guru or wizard, but I do expect them to. Number one, I want them to know and be able to, and be empowered to be good stewards of their money and be good money managers of like a dollar comes in and they feel like I know what to do with it. And I at least now know where it went, even if it's not stacked up, I know where it went.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
And like, I can at least pinpoint it and now make different decisions because The other thing is, too, I want them to know there are people out here like me, like even if you don't use simple CFO and myself, there's other people that have this mentality, this mindset.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
They're not just your typical what you think of maybe an elderly CPA sitting like Ebenezer Scrooge sitting at his counting house, like in a dark corner, like just being there and not actually caring about you. you know, and the entrepreneur and then giving you good steps to follow of like, here's what to actually do.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
So yes, the owner's tax account, like I mentioned before, is like a peace of mind account. It is there to make sure you have the money to pay the taxes, which you will. Because even if you don't pay them today because you're doing some squirrely things behind the scenes, it will catch up to you when you get the right people in place that are ultimately there to protect you and help you.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
I don't think the IRS is there to protect you and help you, but we have to follow. We have to follow what their guidelines are, and that's where I also say, too— then get into rentals, get into long-term eventually, like get into the passive side. So that way you can legally literally get your taxes either to zero.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
I have multiple clients that like, they have so much depreciation and carry, they carry over losses for years because of what they're buying or like the syndications or the big deals or like, even if they buy a portfolio for themselves. So if you want to legally do it, you're in the best industry and you're already have the skill of acquiring properties.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Usually like if you're listening to Justin or, you're warning that skill. You're pumping that muscle every time you listen to them. So it's like that's where go out there and flex that a little bit because that's where the real tax savings can come into play.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Over a quarter, we wanted to do something cool like that, which was like, oh, yeah, it's so cool to say, but then it's like our bank account is like cobwebs. It's like, what the heck is going on here? That's what opened my eyes because I was young. I was in my early to mid-20s at that time, but I was learning fast. From that business, I was like in a bunch of different seats.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Yeah. So another one is how to mess up profit first for real estate investing. And the number one thing I say is just don't do anything from here. Just listen to it and be like, okay, that was good. I either read this or that was a good podcast, inspiring, but I don't do anything with it. That's the worst way to mess it up.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
The second one is you set up the bank accounts and then you don't do anything with them. That's where I give in the book and specific to my book, I give what's called target allocation percentages. That's not the specific part, but the specific part is I give it for if you're selling the property or if you're buying it and holding it.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
And like, OK, for those bank accounts, like depending on the size of your business, how much money should go where into those bank accounts from every, you know, like we were saying before, it comes into income. How much should I physically transfer to those other accounts? So it gives you a little roadmap in there.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
That's another big one, especially if you're in the real estate space, because a lot of people buy and hold, not just sell real estate. So that's another big one to mess it up. The other way to mess it up is like making it too complicated. Like you go out there and you set up 15 bank accounts. It's like, wait a second, what are you going to do consistently?
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
If it's one, I'd rather you do one and get it set up and start to get good habits and then have that progression where, you know, Justin is now like down the road and has multiple bank accounts. We have had people set it up. And then I've had people set it up where they set it all day, assist them up. And then they come back to me at some other event, like, Oh, how's it going?
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Like, oh, I set up the accounts. Did you do anything? No, like I didn't really. And I'm like, oh, man, I don't do that to yourself. Don't overcomplicate it. The other thing I would say is that really like derails people. And this might not be well, this could be how to mess up profit first. But you get the wrong financial people around you that don't really have your best interest at heart.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Whether it's a bookkeeper, like if you have a bookkeeper and you're in real estate and they don't know real estate investing, you could probably be looking at like from anywhere from $1,000 to like $10,000 to $15,000 of cleanup down the road because they probably don't know how to enter everything in the real estate space.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
So I got like a crash course in just small business and the different roles and everything, which was awesome. But then from there, I sat in what the finance seat was one of the last seats I sat in, which gave me some of the knowledge just to know what I'm looking at. How do I read a profit and loss?
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Exactly. That's where it's like you got to have those right people in place that are supporting the profit first mentality, I would say, too, of like they support that you want to set all this up and do it. But then they also need to know real estate like that's the other big one.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
If you have a CPA who doesn't know real estate and you're buying real estate, especially to hold it like good luck, like getting the actual tax benefits right. from the IRS because you have that CPA that's in place. And I'm more on the CFO side, which is more business and money management.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
So it's like, I even see this all the time where people have the bookkeeper CPA, which you need those people in your life. But if they're not real estate investing specific and that's the industry you're in, then that could end up costing you like what Justin said there. I could tell you story after story now of just people where they thought it was right or they didn't even know.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
And honestly, a lot of times people don't care. Honestly, the real estate investor is just like, let me make money. Let me do the deal. And I'll get to the books when I get to the books. And then it bites them in the butt big time. And they come back and they're like, oh, shoot.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
You know, like maybe I should have been paying attention to this the whole time because it's not just a bill they get slapped with. It's like, oh, I could have done a better business. You know, I could have built something that actually served me, you know, versus like the mess and chaos that I'm in right now. So it's like hitting it from multiple angles.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Like I remember asking, like people are wondering, like, oh, I'm a business owner and I don't know this. I remember asking, what's the N stand for in PNL? And the CPA is like, that's an and I was like, oh, he's like, it's profit and loss. I was like, oh, dang it. So, yeah, that's how I started.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Yep. Yes, indeed. And we see that a lot of people don't, like you said, they don't have that good foundation, which is why I'm so adamant. And I love that you brought that up, that even if you're just doing your first deal, like you're in the middle of your first deal or you're about to set up your LLC, the EIN and all the banks, you know, bank stuff, it's like, set up this system.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Like, have good habits from deal one versus, okay, I was 850 deals into my real estate career before profit first even entered my, you know, headspace. And I'm like, good grief. If we would have had this from deal one, that could have been 850 deals where we had more profit and a system for it.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
And I'm like, please, for the love of God, if you are doing this now and getting into it, set it up from deal one. If you're a thousand deals into it, don't let your next thousand deals be not as profitable as they could be because you didn't do something from this podcast.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
So, yeah, I didn't know I wasn't the sharpest tool in the shed when it came to money in that business until I learned and sat down and figured out, like, how do you read the profit and loss, the balance sheet, everything? That helped me tell the business story. So I hadn't known really the story up to that point.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Yeah, it's literally my book and the Profit First Cheat Sheet. So if you're like, here, let me distill this down into one page because I know I'm an entrepreneur. Like, just give it to me. The bottom line, what is it? There you go. You can go there and get that one-page cheat sheet and the book.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
I went a step further than all those other books and said, here's a system to actually do that. And that's what Justin was alluding to with the bank account set up a couple minutes ago. It literally revolves around you being intentional with every dollar.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
And then I saw like, we're doing 25 deals a month, spending 26 worth, like this story can't end well, like not the way that it's going. Unfortunately, I wish I had a great ending to that story. I wish I did, but I don't. That company kind of blew apart. People went their separate ways, did different things. That forced me into other areas.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
I was going to other masterminds at that time and like everyone else was saying the same thing. So like this was not just us. It was an epidemic. And I wish I would have had a great I wish I would have had profit first back then. I think that story would have ended a little bit differently. I can go from there.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
But like that's what got me kicked off, even of knowing like, OK, it doesn't matter how many deals we do. If you're not keeping any of the money at the end of the day.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Yeah, I did. So you can actually download the ebook or audio version at simplecfo.com forward slash JC, like Justin Colby here. So that's where you can go and download the book. It also has like a little profit first cheat sheet. So if you like listen to this whole episode and you're like, what do I do first? I just point you there too. So that way you can at least get started.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
So that's where simplecfo.com forward slash JC.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
So I want to touch on what you said, too. If you're going to make money as an entrepreneur, you need to actually keep it as well. And there are two different skill sets. And it's like that's where I don't need you to become a like financial wizard or like a bookkeeper or CPA yourself or a CFO yourself.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
But I will say, knowing some of those fundamentals, like you were saying, Justin, like right here, I want to give you some of the fundamentals that you can know as a business owner without being this financial guru, wizard, you know, even bookkeeper, QBO, QuickBooks Online expert or whatever. We're dealing with cash.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Because everyone that's listening to this, you are dealing with cash on a daily basis, whether your personal life, your business, whatever it might be, like money flows through your fingers. And it's like, what do I do with those dollars? It comes in, it goes right out. I'm making money. Where's it all going?
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
You know, especially if you're flipping, you know, I hear that lots from flippers like, man, I've got 14 deals on the docket. And it's like, it's eating me alive. You know, it's like, I've heard all the stories. So I want to help you with the just fundamentals of profit first, but good money management. Like it's just good business habits to have when money comes in. What do I do with it?
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
And a lot of people just aren't teaching that. So fundamentally, honestly, if you're, if you're listening to this and you've never heard of profit first, you probably have in some
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
form or version or other book like have you read rich dad poor dad like he says a million times like pay yourself first like we're out hit that book and the rest of his series then there's a bunch of other books that say the same concept like the richest man in babylon a portion of all you have is yours to keep the seven habits of highly effective people says put first things first same thing it's the same concept in profit first it's like if you're running a for-profit business
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
You need to be thinking about profitability. You should be making money because without it, you won't be able to grow, scale, or have people on the team or give or travel or whatever you want to do with your business. And so he's just like, here, here's a system. That's what I loved about Profit First. It went a step further than all those other books and said, here's a system to actually do that.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
And that's what Justin was alluding to with the bank account set up a couple minutes ago. You know, it's like it literally revolves around you being intentional with every dollar, whether you love Dave Ramsey or hate him, he's made the envelope system very popular in the personal finance space of like being intentional with every dollar.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
And literally he's telling you, take your dollars out of the bank and put them in envelopes, you know, and earmark them for certain things. But in business, you're not going to do that. You're going to set up bank accounts. And because a lot of people here's the wrong thing.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Here's what I see a lot of people that and just where we were and just where lots of people that I've worked with our they have one big bank account. And that's the big black hole bank account. We call it now. It's like money goes in money gets sucked out to the swirling vortex of doom never to be seen again. And that's when you're asking yourself, where did my money go?
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
And it's like you have no clarity. And that's where separating out the money into different bank accounts to know where your money is gives you clarity, which gives you control versus the chaos that's just ensuing in that bank account.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
And the specific bank accounts, if you're listening to this now, this might be a time to take out your paper and pen and write these down because this is an actual action step you can take from this episode. You can set up the fundamental accounts from Profit First. The first three are the golden trio of bank accounts. I call them the golden trio because I'm a huge nerd.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
I love Harry Potter, Star Wars, all the big epic sagas. They've got three main heroes, right? Luke Hanleia, Harry, Ron, Hermione, like making sure good wins along the way. And it's a fun story. And then when you get to the end, good ultimately conquers over evil, right? Your business, though, is so much more important than those. And it can take a lesson from it, too.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Like we need three main heroes in our business, and that's the golden trio. They help you keep more of the money. I'm literally going to give you three bank accounts that will help you focus on the profitability of the business. The first one is profit. The second one. Yeah. Shocker, right? Second one is the owner's comp, which I love just as much. We'll talk about that in a second.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
What's up, Justin? It's good to be on here.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Then the owner's tax account. I love these three bank accounts because they all focus on you, the owner, the difference between all of them. Profit is more of like, why did I start my business? And it's like the big want, like, what do I really want from it? Do I want to take, you know, crazy trips? Do I want to give, you know, a lot of money away?
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Do I want to go and be a part of a mastermind that I've never been part of before? Like, you know, like, do I want to jump in with Justin and get mentoring from him? It's like, these are the things of where you get to go out and do the fun things you want from life. And I would do that on a quarterly basis, taking the money out of their owner's cop. Here we go.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
This is how we could have solved the 25 deals a month issue. This is how Justin and his business could have solved the 1% or whatever, you know, like the single digit percentage, you know, like making all those seven figures that I see this over and over having an account dedicated to the owner to pay themselves consistently. by a percentage that you decide, that the owner decides.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
At first, if you're already in the trenches, you might be like, well, I'm not paying myself and I'm not profitable. I would warn you right now, this is the exact time you need to start implementing something like this because you're not profitable. So let me just put that as a side. The other bank account would be the owner's tax.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
When we're recording this, it's right in the thick of tax season, and it's like, good God, do you have your taxes? Do you know them? Are they up to date? Are you going to pay an arm and a leg because you're only an active real estate investor? Well, if you are, this is where an owner's tax account is like a peace of mind account. These are to save from the business.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Like every deal you do, you slice a little bit off, put it into the tax bank account. And then when tax time comes, you don't have to be like hair on fire. Oh, shoot. I got to do four flips right now just to cover this tax bill or like my first six figure tax bill. What do I do?
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
I actually talk about one of our friends from the groups were a part of just like in the book where he got his first six figure tax bill. And he's like, It took him years to pay that off before he found profit first, and then it took him like a year to get it out the door. And it's like that's a peace of mind account. So those are the first three, profit, owner's comp, owner's tax.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
The other two, well, you already have one of them. You already have OPEX. The operational expenses, that was your black hole bank account where all your money flows out. Well, now instead of it being chaos, it's only the outflow. I do separate out income.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
That's the fifth one is income would be you get your wires in and now you can see where's my money and how much did I bring in over the last month? That's more of like what you made.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Yeah. And in the book too, like if you ever get money in like from a private lender or something, that's where I'd give another system for that. If you're a real estate investor, I will say though, here's a bonus account. If you are a real estate investor, especially in the active flipping space or active side, if you're getting money from private lenders, we call it OPM, other people's money.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
So if you take money from other people, I would highly recommend an account dedicated to their funds. And this is where people ask me, well, what if I have a bunch of lenders or what if I have like five projects going on at a time?
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
It's literally just a holding bucket for all the rehab money for all your rehabs going on to see, do I have enough to finish all of them or do I need to tap into and like go dive into my system to see how much do I have left for each project? But it's more of just a holding bucket there to make sure, you know, this is what I have in OPM to finish my projects.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
The rest of the system is to make sure the business is healthy. And if you're like, good God, David, that was like five or six bank accounts that you just said. Like, what do I do? Like, I can't do all this. You know, I'm barely struggling to stay afloat. I would do one. I would pick either profit or owner's comp. Pick one of those to start with.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Yeah, big time.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Start to keep more of the money because that's honestly, if there was a magic secret sauce, that's it. And it's not even though it's magic secret sauce, it's doing that for a long time over a long period of time. And it's like it's not sexy or exciting once you have it there for four years. But you know what's sexy and exciting?
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Taking money out and doing something sexy and exciting, you know, like going out on that cruise or going to wherever you wanted to travel to or whatever you wanted to do. That's where I would start with that. And if you're if you are like, good God, my hair is on fire. I can't even do this. I would start with one percent.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
Start with 1% to one of those accounts, like one of those keep accounts, profit, owner's cap, and put the rest of it into OpEx and run the business. But every quarter, can we do a little bit better instead of 1%? How about 2? Can you go to 2? From 2 to 3, 3 to 5, 5 to 10.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
We just want to build the... If you were going to the gym, you're not going to go from lifting no weights to double your weight and bench press. You're not going to do something crazy. You're going to start with where you are, and that's where... a good system like this is almost like a personal trainer, like coming in and saying, this is what you need to do in the system.
The Science of Flipping
The Bank Account Setup That Will Change Your Real Estate Business | David Richter
And like, that's where just starting it, starting it is the habit. So there you go, Justin, there's like the overview of profit first. I know we take a long time, but then also the nitty gritty of like, here's the actual bank accounts to get set up.