The Profit First system was revolutionary when introduced by Mike Michalowicz. In simple terms, Profit First allowed small business owners to take home bigger paychecks, reinvest in their business, and scale with ease, oftentimes while doing even less. The age-old adage of “do more work, make more money” was turned on its head by simple accounting practices. In reality, the business owners who were doing the most work were making the least, while business owners who truly knew their numbers worked less, made more, and had more money to invest.After reading Profit First, David Richter knew that this same system could be applied to real estate investing. David grew a rental portfolio himself by learning from a local mentor. This mentor had a growing team, a scaling business, but was making less and less with every deal done. As David investigated more real estate investors’ businesses, he found that this wasn’t an isolated case. Most investors were making low wages, working far more than at the jobs they had quit, and had inflated businesses, to say the least.With some simple accounting practices, which David describes in this episode, real estate investors can turn their business into Profit First powerhouses using very simple steps. If you’ve been feeling burnout from a barrage of deals, but aren’t seeing the profit you’ve worked so hard for, you’ll want to pick up David’s new book, Profit First for Real Estate Investing!In This Episode We CoverThe Profit First formula and why most real estate investors calculate profit all wrongThe biggest mistake that real estate rookies make when starting their businesses Why more deals doesn’t automatically equal more money in real estateThe rockstar team member that can make or break your businessThe “golden trio” of accounts that every investor should have set upRedefining the “pay yourself first” method of making money And So Much More!Links from the ShowBiggerPockets Youtube ChannelBiggerPockets ForumsBiggerPockets Pro MembershipBiggerPockets BookstoreBiggerPockets BootcampsBiggerPockets PodcastGrab Your Tickets for BPCon 2022Invest in David and Rob’s Next PropertyDavid’s YouTube ChannelDavid’s Free Giveaway for BiggerPockets ListenersOur Interview with “Profit First” Author, Mike MichalowiczDavid Greene | BiggerPocketsDavid Greene MeetupsDavid Greene TeamClick here to check the full show notes: https://www.biggerpockets.com/blog/real-estate-608See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.