Pay Yourself First for Successful Real Estate Investing

Sales minus expenses equals profit, right? Think again! Jason Hartman discusses the ins and outs of the Profit First methodology with David Richter and how to shift our real estate investing mindset to make sure we profit first!

0:00 Introduction
1:20 What is the Profit First methodology and what's the big deal?
3:27 The Profit First methodology is for active real estate investors who are doing fix and flips, wholesaling, etc. and buy and hold investors
6:20 I'm in the middle of writing Profit First For Real Estate Investing because I want to change the way people invest
6:47 Profit First flips the traditional method on its head and you should start by setting up various accounts
9:00 Set up one account designated for profit specifically and transfer 1% of each deal into that
10:27 This system works if you're a newbie investor or if you have done 1000 deals
10:57 Make sure you pay yourself first
12:02 A lot of people in the real estate investing world just don't even think about paying themselves - they think every single dollar has to go back into the business
13:39 Does the Profit First methodology involve setting a profit goal
17:21 The last step is to build and keep reserves
18:31 A lot of investors ask: why would I keep money to grow my business instead of throwing it at every deal that comes across my plate
18:58 Lenders like to see that your business almost doesn't need the money in order to grow

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