Flipping America 576, Hire a Part Time CFOFlipping America

Opening:

After you have figured out how to make money in real estate, the next most important thing you need to learn is how to hang on to it. Today we are talking about some stuff I wish I had known…

David Richter is an active real estate investor who has been essential in closing over 850 deals over the last 10 years. He has experience with wholesale, turnkey, BRRRR, owner finance, rentals, lease options, and any other exit strategy you can think of. While growing and building a real estate business from 5 to over 25 deals a month, he realized that as much money was coming in, it was all going right out the door. With the unique opportunity of being in every seat as a real estate investor, he found a calling in the company’s finance seat to help businesses see where their money really went.

David has helped real estate companies completely turn around from going out of business to building cash reserves by using the Profit First cash flow system. He has been featured on Biggerpockets, Real Estate Disruptors with Steve Trang, and many other podcasts, shows, and Stages.

To help even more people, he wrote Profit First for Real Estate Investing – a companion to the original Profit First by Mike Michalowicz that is tailored specifically to Real Estate Investors.

His goal is to make a difference by helping real estate investors make and KEEP more money in their businesses. As the founder and owner of SimpleCFO Solutions, he wants to bring investors true financial clarity and freedom and help every investor stop living deal-to-deal.

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“Sometimes you have to take a break from being the kind of boss that’s always trying to teach people things. Sometimes you just have to be the boss of dancing.”

Expected Air Date: Fri 12/23/22

Guest: David Richter

Transcript

[0:00] After you have figured out how to make money in real estate, the next most important thing you need to learn is how to hang on to it. Today, we’re talking about some stuff I wish I had known back in the day.

[0:11] Music.

[0:27] [“Flipping America”] It’s time for Flipping America, the show that teaches you how to make money in real estate. Wherever you are, whatever your situation, there is an opportunity for you.

[0:32] Music.

[1:02] Strategy you can think of. While growing and building a real estate business from five to over 25 deals a month, he realized that as much money was coming in, it was all going right out the door.

[1:13] With unique opportunity of being in every seat as a real estate investor, he found his calling in the company’s finance seat to help businesses see where their money really went.

David has helped real estate companies completely turn around from going out of business to to building cash reserves by using the Profit First cash flow system.

And I don’t know if you remember me talking about this, but Profit First is one of the books on my highly recommended reading list.

Well, David has written the book Profit First for Real Estate Investing, a companion to the original Profit First book by Mike Mikhailovitz.

And it’s tailored specifically to, as you guessed, real estate investors. Now his goal is to help make a difference by helping real estate investors make and keep more money in their businesses.

And he founded and is now the owner of something called Simple CFO Solutions.

And he wants to bring investors true financial clarity and freedom and help every investor stop living from deal to deal.

[2:20] It’s a kind of planning that I wish I had known when I got started in the business and David is gonna join us in just a couple of minutes and I’m excited to have him here today.

Hey, if you’re new to Flipping America, thank you so much for taking the time to listen. It’s three times a week for 30 minutes.

We try to bring you the news and information and inspirational relevant people to help you do well with your investing business. We know that not everyone is into flipping houses.

That’s fine. We call it Flipping America because when I got started, I was flipping houses and my goal was to flip a house in all the states. longer a goal of mine. We have, we got the 28 states and we consider that good enough.

[3:01] For now anyway. All right. Anyway, however you’re listening to us, unless you’re listening on the radio, if you’re listening on the radio, we hope that you will just make plans to join us again every Monday, Wednesday, and Friday at 7 30 a.m. Or if you’re listening on a podcast platform,

find that subscribe button and subscribe. And if there is a thumbs up button, please like what you’re hearing if you like it, you know, give it a few minutes, see if you really like it.

And then would you do me one more favor if you do like what we’re listening to, what you’re listening to, please tell a friend about it because you know you can

help us grow our audience in the most effective way that’s out there. Word of mouth. If you want to follow us on social media we’re on Facebook, Twitter and Instagram at the moment and Facebook is facebook.com slash Flipping America media, Twitter and Instagram at Flipping America. We’re also on YouTube,

youtube.com slash Flipping America. You can get your questions answered about about real estate or real estate investing,

if you will just drop a line to us here,

questions at FlippingAmerica.net.

We answer all the questions that have come in. I don’t think we have a count, but it’s well over a thousand questions we’ve answered over the years.

And we’ll answer yours, even if we’ve answered that same question before.

And if you have to ask a really good question, we might even use it on the show sometimes. We do a Q and A on the show sometimes.

[4:27] Use your phone and text the word WIT, W-I-T, to this number, 205-858-FLIP.

That’s 205-858-3547. You enter your email, and that will subscribe you to our weekly newsletter called The WIT.

It’s a five to seven minute read every week that contains real estate news, an investing tip, a joke, and a blessing from our database of Irish blessings.

[4:55] So, there you go. Now, it’s time, let’s talk to David Richter.

[5:03] David Richter, welcome to the Flipping America show. How you doing, man? I’m doing great. Thanks for having me, Roger.

Yeah. Well, I’m glad you took your time to speak with us today and let’s dive right in. Okay.

[5:16] A fractional CFO. What the heck is that? It’s a part-time chief financial officer. A lot of people have CPAs or bookkeepers,

but they don’t have someone that’s leading the finances because no entrepreneur is usually in in their right mind unless they have that background, likes the finances, likes the numbers, usually just abdicate the numbers and say, here, Mr. Bookkeeper and Ms. Bookkeeper.

[5:40] You just do that and I’m going to go over here and do my deals, which is great. You should be doing the deals. You should be making the revenue. But at the same time, too, you want to make sure you’re actually keeping some of that and paying yourself what you need and making sure you have a business that the cash, especially in the flipping business,

that you’re not living deal to deal and just saying, where’s my cash all the time? Where’s my cash all the time. So a CFO helps you look forward, not just backwards. So not just looking at what you’ve done, but saying, where’s your cash now? How do we make sure you have the cash to operate the business and to pay yourself and to make sure you’ve got a future as well too?

Like what is the projections of what’s coming down the pipeline? So that CFO is like the financial leader, also orchestrating the bookkeeper CPA because a lot of owners don’t know how to manage,

the financial portion of that. And usually the CFO can have those components as well too, If they’ve got a good team and they’ve got the bookkeeping and such, so you can take care of all three birds.

So, you know, like with one stone there.

So that’s where I like that Porsche, because it’s a leader on the financial department.

Yeah, it’s not just about knowing whether or not you’re making money. It’s maybe doing a little bit more big picture and strategic thinking that it’s a boat and bring.

All right. Now, I told our listeners already in the lead into this interview, but you didn’t hear me say it. So I’ll just tell you, I’ve used my own CPA in this role, and he does this for other people as well.

[7:01] He is my fractional CFO and it’s an invaluable service. And that’s why when I saw you and what you do, my guy’s not taking any more clients.

But when I saw you and what you do, I knew I had to get you on the show because I think, I really think that there are.

[7:18] Tens of thousands of people, maybe tens of thousands of people listening right now who have a real estate investing business, but don’t have any real business background or training.

My hand is up. Right, yep, exactly.

And the truth is, we can’t, as we grow our businesses, we can’t know everything.

[7:39] And we shouldn’t need to know everything. We need to have professionals like you. All right, David, what makes you qualified to take on this role for a company?

My background is not in the numbers or finances. I’m a real estate investor.

So that’s my background. But then I sat in a seat where we were doing, know, like 25 deals a month, fixing and flipping, you know,

wholesaling houses. And I sat in the finance seat of that portion and learned everything from the CPA and know how to,

recognize the numbers. And even though we were doing 25 deals a month, we were spending 26. You know, like, that’s really it was 25, you know, coming in 26 going out. So we were spending more than we were making. That’s where it first opened my eyes,

that this is just an issue. Then I worked with several other people where like, they were doing the fix and flips, where’s my money going. Worked with one guy where he said, I’ve done more deals this year than I’ve ever done and lost more money than I’ve ever lost. So I’m like, this is an issue in,

the real estate space. And I like the finances enough and had a heavy real estate background with doing a ton of flips. You know, I’ve done probably 850 in the past. That’s where I knew that there’s a huge issue of, like you said, they can do the deals.

[8:52] People can do the deals. They’re good at sales or good at the analyzation, good at getting the money to flow in, but then actually keeping it for what their purpose is, like why they started their business and being able to utilize that money was a huge issue. Or, oh my gosh, I was on,

just two weeks ago with a guy where he’s flipping. He’s got 22 houses on the market. Four of them, though, are draining him dry. And he said he was talking about bankruptcy and he’s got like millions

in his pipeline and he’s thinking, do I need to declare bankruptcy? It’s like, no, we just have to have a better cashflow plan of like where your money’s going. So I see people like that from,

the guy who said he’s done more deals only did about 20 flips that year. So it’s like, I see people where they’ve got a smaller type business to where they’ve got 22 going on at one time or

whatever. And they’ve all got the same issue. So for me and my background, now I have a team of of 30 people who have the MBAs, the CPA license, all the, you know, then the CFO background, I’ve got a big team now that.

[9:50] Helps people. But I know, from the real estate investing perspective, because I sat there, I saw the money going in and out, I saw our accounts going low, like, what the heck,

is going on here? So that’s where the other thing that gives me a little bit of an edge is that I wrote the book Profit First for real estate investing. So if you’ve ever read Profit,

First by Mike Mikalowicz, I wrote the real estate investing version of that. So that’s the cash flow. You know, it’s a very good cash flow management system to make sure that your for-profit business is actually making a profit and you’re not running an,

accidental non-for-profit business. So that’s where I want to make sure that the profit that you’re using it that you have is for your purpose, that you have profit at the end of the day. So that’s kind of my background is heavy in real estate and then just seeing this issue and then creating a solution around it and then writing this book to just try and get that message out.

[10:42] That you don’t have to do more deals in order to make more money. You’re probably already doing enough deals that you need.

You just have to make sure you’re taking your profit first, that you have a good plan for it. It’s not necessarily more deals. That’s what everyone thinks. Income is going to solve all my problems. But if you go from a hundred thousand to a million with the same spending habits,

you’re just spending 10X as well too. So we got to make sure that we’re in the right frame of mind.

I bet people can get that book by going to your website, simplecfo.com.

[11:11] They can go right there. There’s a link to it. It’s on Amazon as well too. So just make it as easy as possible. Just want to get it out there for people to know.

And you know, as you were saying that, I remember where we met because you thought we had met before and I couldn’t remember, but I remember now. We met at the Think Realty conference in Atlanta like two, three years ago. Yeah, with Eddie Wilson’s. Yep, a couple years ago.

Yeah. Yeah. All right. I remember that. All right. So if someone hires you, what is the process like? What are you actually going to do? Are you going to come sit in their office and

look at their books? What is going to happen? So we do everything virtually, which is great because then we can work with anyone across the United States when we even have a client in Israel.

But that’s where we can, the first three things we do, we lay down the financial foundation. That’s the first thing we do with every single client and that consists of three things.

Number one, assessing. Assessing your business, the numbers, the team, the systems and processes from the financial department. So making sure are we as efficient and productive as possible,

squeezing every dollar that we can and making sure you have the right bookkeeper CPA and that we can take over that communication with them.

So that’s number one.

Taking all the financial system process headaches off your plate. Number two, we implement Profit First, which is a cash flow system. At the end of that, you should have more money in your pocket.

[12:32] That’s the goal of the Profit First system is to make sure that you’re actually keeping more of the money to do what you want with it. Then the third thing we do is we put it all together in a CFO dashboard.

So we put it there so you can see the numbers easily, which goes into, from the Financial foundation, our basic financial coaching.

So, like, just if you hear about, you know, some of the personal finance people and their coaching, what we do is on the business side.

So that way, you know that you’re getting the best bang for every dollar that you’re bringing in because you’re the dealmaker.

And then we come in to make sure, okay, what should we do with each of these dollars? What are you spending on marketing and are you getting those returns? How many properties do you have in construction right now?

And is it your money that’s out or do you have other people’s money? Are you running out of cash?

There are other opportunities to get cash in the bank right now. So it’s like those types of things that we do on an ongoing basis. Once we lay the foundation for everyone because everyone needs to know where do I stand? What am I making?

What do I spend? And what do I keep? Because those are the three core numbers. If you know those three numbers on a monthly basis, you’ll be ahead of 95% of all business owners and be able to affect those numbers. Am I making enough?

Am I spending it in the right places? And am I keeping any of it? So we lay that foundation, then we go into our financial coaching using the CFO dashboard on a monthly basis from there.

[13:52] Now, in your, how much do I get to keep? Are you also including in their tax strategies?

So it’s yes, it’s taxes, it’s paying the owner, and it’s also profitability. Like the instead of a yearly distribution, hopefully at the end of the year we have profit, we teach people to take it out quarterly.

So that’s what we’re telling people. keep number really consists of three things, the taxes, the profitability, and then what is the owner paying themselves on a consistent basis? Yeah, well, I’m a big fan of the profit first.

I told you that first time. And because of that, between my business and my wife’s business, we’ve got over 20 bank accounts. Nice. Awesome.

Money back and forth in between them. But it gets a little hairy sometimes.

But setting aside money for taxes is not really the same thing as a tax reduction strategy. Correct.

[14:46] But you know, my guy who is also a CPA and he is my fractional CFO, we’ll sit there and we’ll talk about different things that we can do to reduce taxes. Do you provide any kind of services like that?

Yes, we do. We have those partners that if people don’t have a CPA that’s already providing that for them, then we can make sure that they get that fulfilled as well to the tax strategy side, Making sure that they can reduce their taxes.

Yeah. And of course, my guy is also part of my team with my, one of the attorneys that I work with to create asset protection plans. Is that in your purview at all?

We do. And as well, if people need that, we have that if they need it. Our core is making sure they run the business correctly. And if they need the entity set up or if they need the tax strategy, we can also pair them up with someone on our team.

All right, I’ve got the website up there simplecfo.com. I’m talking with David Richter and we got to take a quick commercial break We’ll be right back.

[15:43] Music.

[15:52] Hey, are you ready to learn this business for real? You want to check out the Flipping America Mastermind. It includes 25 home study courses, inclusion at all,

weekend training events for life, group coaching calls for life, and monthly one-on-one calls for a full year. Invest in yourself and be a part of my Flipping America family for life. Flipping America dot net forward slash Mastermind.

All right, I’m back.

If you missed the first part of this, you really need to go find out what David does. And we’re gonna talk a little bit more about that in a minute, but first of all, before we get back to that, I wanna take just a few minutes to introduce the man, the myth, the legend himself, David Richter.

All right, David, I have 12 questions for you. Some of them business related and some of them a little bit more personal, nothing embarrassing.

Awesome.

But what I wanna do is put you on the spot a little bit And all of our regular listeners know that, you know, I don’t share these questions in advance. The only way you know about them is if you’d been on the show before, but this is your first time, rookie.

So here we go. Question number one is pretty easy. How does the general economy affect your business?

[17:04] That one, if the economy is up, we do well. If it’s down, people know that they need to focus on the finances.

We’ve had a lot of people come in, even though the real estate market’s been down. So it really, either way, we’re helping people with is in the down markets or in up markets, keep more of the money they’re making. So you have a recession-proof business. As close as possible.

Okay. When I was a kid, my dad ended up owning a landfill. And that’s when he discovered that phrase, recession-proof business. He said, doesn’t matter what the economy is doing,

people are always making trash. Right. No kidding.

When you were a kid, what did you want to be when you grew up?

Oh, a teacher.

[17:50] Really? Yeah. Okay. You’re sort of that now. I’m sort of that now, yeah.

Were you ever a teacher though, for real? I went to school for teaching, but no, I was never officially a teacher. Well, if you count like on Sunday’s Sunday school, I was a Sunday school teacher for a while, but not in a formal education school.

All right. If you could have dinner with any person from history, who would it be?

[18:13] Fred Rogers, Mr. Rogers. He’s one of my heroes and icons, probably the kindest human being on earth, emotionally intelligent. I’d like to have dinner with him.

That’s a great answer. And I will let you know that after Mr. Rogers passed, we ran a series on our show. At the end of every one of our shows, we have a quote or a thought for the day or something like that.

And I use Mr. Rogers quotes for a full month.

Oh wow, that’s awesome.

[18:41] Yeah, we also do Dr. Seuss quotes. I love it. We’re in Irish blessings right now.

Cool. All right. What role does creativity play in your business? In the real estate business, quite a bit. Like if we’re applying it to a situation where, hey,

you are getting tight on cash, how can we be creative in making sure that you have the money in the bank account and having to have those types of conversations with people? Other than that,

it’s a lot of just the bare basics of like, this is what business 101 is when it comes to the finances. So we do have the creativity when we get past the foundation, but at the foundation, it’s very basic of like, this is just what you need to be a good business owner.

Yeah. And I’ll tell you, I’ll confess to you, that question comes out of my belief that you can establish a real estate business without creativity, originality, or passion. Follow a proven path.

Right. Exactly. But creativity can be a huge factor when you’re talking about deal structure. I don’t think you should be really creative when it comes to doing your tax returns.

Correct. Yes.

[19:51] That might get you in trouble. All right. What are the business or economic trends you watch most closely? The ones that I’ve watched are definitely real estate related. I like the, you know,

watching Redfin or anything that has data attached to it. MLS data, you know, the housing inventory up or down. I like I’ve got a good friend who has his own index and prices things differently.

You know, like he compares it. He compares the price of houses now to things throughout history and time, which is a pretty interesting index to watch to see like how expensive something really is now comparatively throughout time as well. So I’ve got a couple different things that I interesting look at. Yeah. From the point of view, I’m going to throw in a bonus question.

We’re as we record this, we’re nearing the end of 2022 and it’s time to make predictions. What What do you think is going to happen in the housing market in 2023?

Rod Strongs.

[20:43] Broad strokes. I believe that it’s going to continue to decline for the most part. I think the Northeast and Midwest are probably going to be still insulated as much as possible. And then it’ll be the extreme markets, the West and the South and Florida.

What is declining? Sales volume prices? What?

I would say the prices for sure. I would say that the prices are going to go down. I would say 5-10% at the moment, you know, is what I’m thinking over the next year. You’re five to 10% from current sales price or from all time highs or what?

I would say from current sales price, where they are even now, because I think that’s where it’s gonna slowly decline. And I think even 2024 might continue that direction the next couple of years.

Next question. In our circles, there’s a lot of talk about pursuing your passion. What role does passion play in your life and business?

[21:37] What it did for me was, when I first started the business, I was more passionate about the impact that it would make and to see if the market would respond.

It wasn’t like, oh, I’m going to start this business because I love it. It’s more of, I think I can make an impact.

And then honestly, I’ve gotten more passionate the more I’ve worked on it. There’s been days that have been hard, but now being in it for years, I’m more passionate because I see the effect of what it’s really doing.

It’s like, I like what we’re doing and I love the message, but now I get to see that message come to fruition and people. So I feel like the passion has grown since I started it and it wasn’t just all passion to start it. It was more like I have a good idea. I think it can make an impact.

And then seeing the market respond to it was definitely a big motivator as well too.

[22:21] Next question. In your personal goal setting and planning, how far ahead do you usually look? I’ve got a big goal.

I’ve got one big goal. Like by 2029, 10 years into the business that I started, I want to be giving away a million dollars a year.

That’s like the North Star that I keep going towards. And then everything else is just, I honestly, and I tell people this, that I don’t set a lot of like the yearly goals and stuff.

I just basically say, how far can I get in that year without blowing up my business and making sure that we can be consistent, have good quality and make sure that we’re growing at a steady pace and am I on track for that big goal that I have.

[23:01] Okay, that’s a good goal. If someone walked into your life, next question, if someone walked into your life, into your office today and said, I want to get started real estate investing, what are the first three things they need to do?

[23:15] The first three things, number one, right? I would say, well, number one, I would link up with someone that already knows what they’re doing, either work for them. That was the first thing I did. And I got my first deal and it was a home run because I learned from other people,

right then and there. And that was awesome because I got the shortcut a lot of the mistakes and,

and errors because I saw other people doing it and like here, here’s how you do it. So put yourself out there, especially if you want to get into it, even say, are you good on the phone?

Are you good in admin or whatever you are? Can you offer that to someone to be able to learn? I went eight months where I didn’t get paid anything. And I was just learning nights and weekends working for a real estate investor when I first got started in college because I just wanted to learn. I wanted to learn more than I wanted to earn at that point.

So that’s where I did it nights and weekends and still had a job and still paid for college and all that. But then learning real estate as well too. That was probably the quickest

shortcut because then you’ve got podcasts like this you can listen to. There’s a ton of information out there. The next thing, so number one, the fastest route, hook up with someone. Number two would be like podcasts or learning or any type of education. Number Number three would be put offers in.

Like, send out offers. Like get good at it because once you put your thousandth offer in, you’ll be a lot better than when you put your first offer in.

So, like just get out there and put offers in. That’s how you get deals.

[24:38] All right. This next question is a little tricky. Understand it’s impossible to accommodate every person’s lifestyle and spending habits with your answer to this question.

But on average, how much money do you think it takes a person to have put aside in order to retire? fire.

[24:54] The average person? Oh, I would say at least 2 million at this point, where we are right now in today’s economy. It’s at least that for if they want to have 20 to 25 years in retirement.

If you were picking someone who is alive today to model your business after, who would it be?

[25:17] If I had to pick someone to model my business after, who would it be? Yeah.

There’s a guy that is one of our clients that I probably would say, and most people don’t know him. He just owns a ton of real estate.

He doesn’t work in his business a ton. And he just says, you know, like, I’m just always looking for the next thing.

But you know, he’s very laid back, spends a lot of time with his family. That would probably be the guy that, and his name is Tim Davis.

I really respect him, but he’s not someone that just puts himself out there.

So I would just like to say Tim Davis, thank you for inspiring David Richter because David Richter is touching the lives of hundreds of thousands of people and you’ve touched his.

So ripple effect. All right.

[26:07] How do you start each day versus how you wish you started each day? How I wish I…

Well, I get up pretty early, 5 a.m., go to the gym, workout on the way to the gym. I have my quiet time and talk to the Lord and then come back, read my Bible and get the day started and help my daughter get ready for school, take her to school and come back and start work.

So I’m not really much I would change about my morning routine at this point because I like what I’m doing and you know, the quiet time I get and getting the workout in as well.

I like it. All right. Number 12, last question. What does it mean to be truly wealthy? Oh, it does.

Finances play a part, but it’s also making sure the health is there, family if you have a family, that you’re putting first things first. It’s Stephen Covey and his seven habits. It’s like making sure that the priorities, because at the end of my life, even though I’m making an impact and the book is getting out there, my wife and daughter are probably going to be the ones with,

the eulogy. I want to make sure I’m making an impact on them first, that they know that I love them, that I’m there for them, that I’ve spent time with them, and then making sure that the the people that I’m impacting know that it’s for life, that this is something that they could have to be able to go.

[27:20] And do the rest of their lives.

So that’s what real wealth is to me, is putting those first things first and making sure at the end of my life, I don’t say, man, I wish I would have done this or that, or, you know, I’m not gonna say I wish I would have worked more if I’d had a horrible relationship with the other people in my life.

So I think it’s that health wealth relationships is really what success really is and what wealth is.

All right, thank you. Congratulations, David Richter. You have completed the random roundtable of questions from Flipping America, and I appreciate that.

Back to the subject at hand, the Fractional CFO, and I’m gonna put your website up there and leave it there for the rest of the time we’re in this conversation.

Let me just remove our names because we want people to see the website. Go to simplecfo.com, and is there something people, what’s the first thing people need to do when they get there?

Schedule a call with you or something? You can schedule a free call right there, discovery call to see if we’re the right fit. Cause if we’re not, we’ve got really good connections in the space to make sure you get exactly what you need.

Cause that’s a no obligation call. If you don’t want to work with us, or if we’re not the right fit, then we’ve got good people there. But there’s a big button at the top, schedule a call.

[28:25] All right. That’s it everybody. Simplecfo.com. Great website, great name.

And I know David to be a good guy because we know some of the same people.

And who speak very highly of David. And so based on that, the strength of that recommendation, I recommend him to you as well.

Look into this people, really, seriously.

Get on top of your money and before it gets on top of you and put you under. Exactly.

[28:53] All right, David, thank you for taking time to join us today on the Flipping America Show. Good to see you, my man. We’ll talk soon.

[28:59] Thanks, Roger. That’s it for today and here’s your Michael Scott quote and this is the last one in the series.

Sometimes you have to take a break from being the kind of boss that’s always trying to teach people things.

Sometimes you just have to be the boss of dancing.

[29:13] I love it. Hey everybody, it’s the day before Christmas Eve as I record this and I just wanna say to you all, have a blessed and happy holiday season.

We’ll see you soon, keep your eyes open.

[29:28] You’ve been listening to Flipping America, real estate investing for everyone. Listen three times a week on stations across the country or on the Flipping America app.

[29:38] Music.

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