It can be scary to take the next step you know you need to do for your real estate business, especially if you’re just starting out in the industry. A lot of people get hung up on what formula is best or if they should be tracking their expenses or income first. Meanwhile, they lose out on thousands or even hundreds of thousands of dollars while they figure it out. What if I told you that there are steps to help you make and keep more money in your pocket that are very simple and easy to follow?
In this episode, I discuss the ‘Instant Assessment'. It’s the first step on your Profit First journey; the actual steps to becoming a thriving, profitable real estate business. So pay attention and be ready to get real with your finances and yourself!
Key Talking Points of the Episode
[01:00] What is the ‘Instant Assessment’
[01:43] 3 numbers you need to run an ‘Instant Assessment’
[04:12] What you made – what you spent = what you keep
[05:15] Why you should not mix your business and personal bank accounts
[06:58] Being honest with yourself is the first step
[08:28] An ‘instant assessment’ into how we handle money
[09:52] Ask yourself: Where do you want to take your business?
Quotables
“What is the instant assessment? It's really to get you where you are right now in your business”.
“If you're mixing business and personal, [bank accounts] you're making it harder for yourself.”
“If you can get those percentages and those numbers, and be honest with yourself, that is the first step.”
“If we can just face those facts and say, we can do better from here. That's what the instant assessment is all about. Honestly, it's an instant assessment into how we handle money.”
“You have to be very real with yourself about where you want to take your business.”
Links
- Want to connect with David or work with his team to 2-3X your revenue? Check out his website here
- Want the proven system to make and keep more money in your business? Click here to get your copy of David’s latest book Profit First for Real Estate Investing.
- Want to see how real estate investors are growing their cash flow & reserves while paying themselves first? Join our private Facebook group here to learn, grow, and connect.
