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  • Profit-First with David Richter

    Profit-First with David Richter
    2023/10/18
    David Richter is a former real estate investor who now runs a fractional CFO business for real estate investors. He started his CFO business because he saw a need for real estate investors to have a better understanding of their finances. Richter believes that it is important for real estate investors to know where their money is coming in from, where it is going out to, and how much they are keeping. He says that this information is essential for making good business decisions. Richter also believes that it is important for real estate investors to have a system in place for managing their finances. He recommends the Profit First system, which is a way to allocate money to different areas of your business, such as taxes, profit, and operating expenses. Richter says that the Profit First system has helped him and his clients to become more profitable and to have more control over their finances. Richter says that many real estate investors are struggling with their finances because they are not taking the time to understand their numbers. He says that it is important for real estate investors to know where their money is coming in from, where it is going out to, and how much they are keeping.Richter also says that it is important for real estate investors to have a system in place for managing their finances. He recommends the Profit First system, which is a way to allocate money to different areas of your business, such as taxes, profit, and operating expenses.Richter says that the Profit First system has helped him and his clients to become more profitable and to have more control over their finances. Ryan Goldfarb (00:05.322) Welcome back to the Brick by Brick podcast. I am John Errico here as always with Ryan Goldfarb today We are extremely excited to have a special guest David Richter David is a many was many hats but is also a podcast host as we are for the profit first for our podcast right i have appeared on david's podcast i don't know when that will be released relative to when this is being released but please check us out on that podcast and check out the podcast in general uh... is great information but david uh... first of all welcome thank you for being on our podcast yeah thanks for having me and always it's always a pleasure to get on and spread the message as much as possible so they want to start uh... if you could give us sort of the high level of review of what you currently do and that I would love to kind of drill down into your career, how and why you are doing what you're doing and then branch off from there. So currently I'm the author of Profit First for Real Estate Investing, a book out there for the real estate investing community. But I also run a fractional CFO business, so part-time chief financial officers, because everyone has a sucky bookkeeper in CPA usually, and they don't have anyone to be the glue there to actually say what's actually going on the financial side. So where are they making it, spending it, and are they keeping any of it? So that's what we really focus on to make sure people are keeping more of the money that they're making. That's what I'm into right now and trying to spread the message of profit first as well too. Just making sure people make profit a habit inside their business. Ryan Goldfarb (01:41.174) That's awesome. So I would love to hear how that I, you know, I believe if I'm not mistaken that your path to that involved real estate, right? Owning real estate, closing deals, wholesaling, et cetera, et cetera. I would love to hear a little bit about that, that journey. First of all, do you have a background in finance? Is that how the CFO fractional CFO business kind of generated? If you can see me, I don't know if people are just listening to this or can see me. I know I look like I should have a background in finance and then I have a I'm a fractional CFO company, but I have zero background in finance. I wasn't a bookkeeper, wasn't a CPA, didn't get my accounting degree or anything, but I run a fractional CFO firm. But the reason I did, I started that because my background is as a real estate investor. And so I started about 10 years ago, bought my first house on 12, and have never looked back. I read Rich Dad, Poor Dad, someone gave me that in college. That's what changed everything for me and my mindset. So it was a very typical story there. Ryan Goldfarb (02:41.408) The deal flow from about five deals a month, about 25 deals a month, doing wholesale, fix and flips, turnkey, rental, short term, long term, everything in between, lease options, subject to deals. I got to learn a lot in the five years I was there. And then one of the things I did learn, I did get to sit in a finance seat there even without a financial background because they must have looked at me too and said, you should fit in this seat. But then I sat there and I was like, okay, now that I understand because I literally sat down with our CPA for like six months and said...
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    48 分
  • 72 Hours in Atlantic City: What would we do?

    72 Hours in Atlantic City: What would we do?
    2023/05/02

    BREAKING NEWS: John and Ryan talk about something other than real estate!

    This week, John and Ryan plan a hypothetical 72-hour trip to Atlantic City.

    Where will they eat? Where will they drink? How will they pass the time?

    Tune in as the hosts discuss each of their preferred itineraries, including a visit to a newly reopened restaurant, indoor activities, outdoor activities, and more.

    What would your ideal 72-hour trip to Atlantic City look like?

    [00:00:02] 72-Hour Non-Real Estate Itinerary for Atlantic City [00:03:24] Exploring Limited Dining Options in Atlantic City [00:06:23] Planning a Day in Atlantic City [00:09:29] Recommended itinerary for a trip to Atlantic City [00:12:35] Ideal itinerary for a day in Atlantic City [00:15:56] Day and Night Plans in Atlantic City [00:19:05] Exploring Atlantic City and New York City [00:22:00] My Ideal Summer Day in Atlantic City [00:25:25] Weekend Plans in Atlantic City [00:28:37] Ideal Activities for a Day in Atlantic City [00:31:40] Dining options in Atlantic City [00:34:26] Redefining Atlantic City Beyond the Casinos [00:37:23] Exploring Food and Culture in the City [00:40:24] Things to do in Atlantic City [00:43:14] Summer Activities in Atlantic City and Beyond [00:46:21] Things to do and eat in Atlantic City [00:49:09] Lack of diverse dining and family activities in Atlantic City [00:52:04] The Need for More Amenities in Atlantic City [00:54:58] Creating a Vibrant Commercial Corridor [00:58:00] The Future of Atlantic City's Amenities [01:00:55] Updates on 'Brick by Brick' Podcast
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    1 時間 2 分
  • Mo’ Units, Mo’ Problems - Intro to our Largest Project to Date - 48 Units on the Atlantic City Boardwalk

    Mo’ Units, Mo’ Problems - Intro to our Largest Project to Date - 48 Units on the Atlantic City Boardwalk
    2023/04/25

    This week, John and Ryan introduce their largest project to date -- a 48-unit condo building in Atlantic City called La Renaissance. The duo details the challenges they face in every phase of the project, from pre-closing obstacles to mechanical systems and everything in between.

    [00:00:02] Renovations of Atlantic City Condo Building [00:03:49] The Deterioration of a Timeshare Building in Atlantic City [00:07:34] The Complexities of Buying Big Buildings [00:11:20] Acquiring Title for a Challenged Building [00:14:22] Purchasing Property Without Inspection: Renovation Challenges [00:18:18] Challenges of Renovating a Tall Building [00:21:44] Renovating a commercial building with complex systems [00:25:18] Navigating Complex Building Systems [00:28:50] The Cost and Condition of Elevators [00:31:52] Renovation Progress Updates [00:35:18] Renovating a Large Building for Short Term Rentals [00:38:28] Designing a Unique Hotel Experience [00:41:42] Challenges of Renovating Large Building [00:45:19] Determining Cost Basis for Building Renovation [00:48:45] Leveraging contractor bidding for better pricing [00:52:11] Considerations for Occupying a Building [00:55:34] Challenges in Construction Project [00:59:00] Water Penetration Issues in Atlantic City Building [01:02:00] Handling Stress and Excitement in a Project [01:05:04] Year in Review and Building Updates
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    1 時間 8 分
  • Introducing AtlanticCityVacationRentals.com - Our New Direct Booking Website!

    Introducing AtlanticCityVacationRentals.com - Our New Direct Booking Website!
    2023/04/18

    Hosts Ryan Goldfarb and John Errico are back to discuss the benefits of creating their own direct booking website for their short-term rental properties in Atlantic City. Tired of relying solely on third-party platforms like Airbnb, they aim to increase their control over their business and provide a better guest experience. Through their discussions, they cover topics such as RevPAR, pricing strategies, marketing initiatives, the importance of a domain name, and collecting email addresses.

    [00:00:02] Direct booking website for Atlantic City rentals [00:04:06] Improving RevPAR through Direct Booking Platform [00:07:17] The Power of Direct Bookings [00:10:31] Benefits of Focusing on One Geographic Area [00:14:01] Measuring Vacation Rental Marketing Success [00:17:08] Benefits of Dual Property Management/Ownership Model [00:20:25] Pricing Strategies in Vacation Rental Industry [00:23:51] Pricing and value issues on Airbnb [00:27:13] Maintaining Quality for Airbnb Rentals [00:31:14] Benefits of Using Guesty Channel Manager [00:34:39] Benefits of a Suitable Domain Name for SEO [00:38:03] Marketing approach for vacation rental properties [00:41:30] Email Collection Strategies and StayFi System [00:44:39] Maximizing Existing Resources for Atlantic City Rentals [00:47:36] Importance of Quick Decision Making [00:50:39] Special Offer and Call for Guest Suggestions [00:53:44] Podcast hosts encourage social media engagement

    [00:03:49] By taking control of the distribution, we have an opportunity to do things like increase ultimately increase our RevPAR, which is the primary metric by which we gauge the revenue or monitor revenue of argument properties

    [00:05:41] This is an opportunity for us to really showcase our properties, the quality of them, showcase the experience and attention to detail and focus on hospitality that we've been building out over the last few years

    Having additional levers to pull from a promotional standpoint, including videos and more information, is hugely valuable and something that Airbnb doesn't like to show

    [00:13:11] An advantage for us is that we can offer a discount to our Airbnb pricing and still ultimately make more money
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    57 分
  • Opportunities under our noses: What would we do if we couldn’t buy more real estate?

    Opportunities under our noses: What would we do if we couldn’t buy more real estate?
    2023/03/21

    What could we do if we couldn't buy any more real estate?

    In our long awaited return to the airwaves, we debate a life-altering hypothetical.

    Would we even want to live in such a world?

    [00:06:37] Maximizing Distribution and Advertising for Direct Bookings (AtlanticCityVacationRentals.com) [00:10:21] Optimize Space [00:13:39] Stimulate Off-Peak Demand [00:17:25] Planning Unique Experiences for Workers and Special Events [00:28:02] Budgeting and Cost Controls [00:31:19] Grow PM Company [00:38:14] Maximizing Side Businesses [00:47:57] Using Occupancy and Pricing to Maximize Profit

    [00:50:55] Debt and Debt Management
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    55 分
  • Atlantic City’s Real Estate Future with Matt Doherty

    Atlantic City’s Real Estate Future with Matt Doherty
    2022/05/12

    In this episode, John and Ryan discuss the hidden gem that is Atlantic City with former Mayor of Belmar and CRDA Executive Director, Matt Doherty. They dive in the impact of casinos in AC, real estate opportunities, and why it is high time to invest in Atlantic City today.

    00:00 Intro

    05:35 Role of Government in Private Investment

    07:43 The Hard Truth of Redevelopment

    12:51 Flip Side of Rooming Houses

    14:00 Real Estate Opportunities in Atlantic City

    18:37 Why Did it Take Long for AC to Flourish?

    23:58 Why Invest in AC Now?

    32:14 Matt's Time in CRDA

    33:58 The Domino Effect of Improvement

    36:21 Are Casinos PRO Atlantic City?

    39:37 Transportation Issues To & From AC

    44:46 Diversifying Neighbourhood Amenities

    47:40 How Involved Are Casinos in City Development?

    49:51 What's Next for Matt Doherty?

    Podcast Channels:

    🎧 Spotify https://tinyurl.com/56z3tk78

    🎧 Apple Podcasts https://tinyurl.com/bdhwrxj7

    🎧 Google Podcasts https://tinyurl.com/yabdwv38

    Connect with us!

    📩 john@libertyhudson.com

    📩 ryan@libertyhudson.com

    ▶︎ www.facebook.com/brickxbrickpodcast

    ▶︎ www.libertyhudsonsolutions.com/podcast

    ▶︎ www.facebook.com/LibertyHudsonCapital

    ▶︎ www.instagram.com/libertyhudsoncapital
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    53 分
  • Working IN Your Business vs. ON Your Business: Part II

    Working IN Your Business vs. ON Your Business: Part II
    2022/05/02

    John and Ryan re-visit the existential challenge: balancing working "IN" their business vs. "ON" their business. While they have a long way to go, they've made substantial progress in the 28 months since they last discussed this.

    Catch up and listen to Part I from 2019 here: https://tinyurl.com/bdexzcmm

    00:00 Intro

    01:46 The Genesis of Our Partnership

    04:32 Working Evolution

    05:34 2019 vs. 2022 Business Scale

    13:53 Personnel = Business Growth

    36:39 Advantages of Hiring Virtual Assistants

    42:21 Tech Upgrade = Business Growth

    46:14 People Management

    51:40 The Small Business Paradox

    54:18 Leadership Aspect in Business

    57:50 Outro

    Podcast Channels: 🎧 Spotify https://tinyurl.com/56z3tk78 🎧 Apple Podcasts https://tinyurl.com/bdhwrxj7 🎧 Google Podcasts https://tinyurl.com/yabdwv38

    Connect with us! 📩 john@libertyhudson.com 📩 ryan@libertyhudson.com ▶︎ www.facebook.com/brickxbrickpodcast ▶︎ www.libertyhudsonsolutions.com/podcast ▶︎ www.facebook.com/LibertyHudsonCapital ▶︎ www.instagram.com/libertyhudsoncapital
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    1 時間
  • Where Should I Invest In Short-Term Rentals?

    Where Should I Invest In Short-Term Rentals?
    2022/04/26

    John and Ryan discuss the short-term rental market drivers and discuss their approaching to evaluating new markets for investing in short-term rentals.

    00:00 Intro

    01:57 Asset and Location Based Demands

    09:09 STR Regulations, Logistics, & Qualitative Factors

    16:11 Understanding Demand Drivers

    23:54 Consumer Tastes 26:05 Seasonal Market

    31:33 Macroeconomical Concerns

    35:15 Our Portfolio’s Baseline Demand

    38:09 Analyzing Asset Price

    42:48 4 Variables to Consider for Investors

    46:24 STR Secret Sauce: Personnel

    49:27 Operating Concerns

    53:14 Our Approach to Entering a New Market

    57:10 Outro

    Podcast Channels:

    🎧 Spotify https://tinyurl.com/56z3tk78

    🎧 Apple Podcasts https://tinyurl.com/bdhwrxj7

    🎧 Google Podcasts https://tinyurl.com/yabdwv38

    Connect with us!

    📩 john@libertyhudson.com

    📩 ryan@libertyhudson.com

    ▶︎ www.facebook.com/brickxbrickpodcast

    ▶︎ www.libertyhudsonsolutions.com/podcast

    ▶︎ www.facebook.com/LibertyHudsonCapital

    ▶︎ www.instagram.com/libertyhudsoncapital
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    59 分