Episode 155: How this real estate investor and mentor, Matt Theriault inclined to settle for an unoptimized lifestyle implementing the Profit First approach
The Profit First REI Podcast
February 15, 2023
David Richter
Summary:
Many investors become inclined to settle for an unoptimized lifestyle because they never realize how uncomfortable they truly are until they step outside their perceived “comfort zone.” Our guest today was the same—he didn’t know how better things could be until he started actually exploring his options.
Matt Theriault is a real estate investor and mentor at Epic Real Estate Investing and also hosts its podcast. For a long time, he lived deal-to-deal and experienced financial issues to the point of nearly retiring, but after learning about and implementing the Profit First approach, he regained hope and grew his business to the success it is today.
This episode is going to hit home for many. If you find yourself in a similar situation, let this episode inspire you into taking the same steps! Join us!
Key Takeaways:
[00:43] Introducing Matt Theriault and His Background
[04:18] Matt and the Profit First Message
[07:46] Matt’s Business Before Profit First
[10:19] The Effect of Applying Profit First for His Business
[12:51] Matt on Nearly Retiring
[15:49] On How Profit First Helps Open Up More Options for His Business
[17:23] On Developing His Involvement in the Financial Side of Their Business
[21:01] The Habits that Helped Him Succeed as an Investor
[22:51] Advice for Investors: Implement Profit First ASAP
[24:30] Connect with Matt
Quotes:
[08:54] “Once you get out of your comfort zone, you’ll quickly realize that you weren’t that comfortable.
[16:11] “I have been able to tap into it, and go ahead and see some opportunities that I might not have otherwise been able to, just because I [implemented Profit First]’”
[22:58] “I want to say [implement Profit First] ASAP. If I were to go back in hindsight, when someone [asks] what’s one of the first things…that [I would] do…at the very least get a QuickBooks thing set up, get a bookkeeper set up just because to go back and fix all that stuff retroactively is very complicated, very time-consuming, and very expensive.”
Connect with Matt
Youtube: https://www.youtube.com/channel/UC8ZYmCweKD2x-wy8PDEiFog
Tired of living deal to deal?
If you are a real estate investor or business owner who is tired of living deal to deal, and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. – David
Transcription:
Matt Theriault:
It felt awful. I didn’t know it felt awful though until I started implementing Profit first. What’s that? That saying is like once you get out of your comfort zone, you’ll quickly realize that you weren’t that comfortable.
David Richter:
Huh? That is a good saying.
Outro:
If you’re a real estate investor who’s sick and tired of living deal to deal, then welcome home. Hear from everyday real estate investors just like you, and discover how they’ve completely transformed their business by taking a profit First approach. This is the profit first for REI podcast, where we believe revenue is vanity. Profit is sanity. It’s time to start making profit a habit in your business. So here’s your host, David Richter.
David Richter:
Today we have the Matt Theriault of Epic Real Estate Investing and he is going to talk about his profit First Journey. And I believe you are going to fall into a lot of the categories he talks about and how he relates with the core message because he was within deal to deal feeling like he’s paying everyone else, feeling like where the heck is all the money, you know, starting to make the deals happen. But then where’s the money going? He also was <laugh>. He’s felt depressed to the verge of tears, to shutting down his business, to feeling like he wanted to retire at one point but then had to get back into it. There’s just been so many things that have gone on his life. And then he tells about how he implements Profit First. And this is something that anyone that is listening on this call can do, whether you’re at one deal or 10,000 deals, he gives his simple steps of what he did and I absolutely love it to give you hope. He also talks about his swan accounts. So if you’ve never heard of that, I really like that terminology. So listen out for that, what that means for him specifically. And then listen to where he is now and what the profit first accounts have provided for him. Thank you so much for listening. I hope this message brings you hope and it also helps you along your journey. Have a great rest of your day. Hey everyone, I have my good friend Matt Theriault here. He has become a really good friend over the years. I’m really excited to have him. We’re gonna jump into it cuz I just gave you that big long introduction. So Matt, thanks for being on the show again today.
Matt Theriault:
Thanks David. I appreciate you having me again,
David Richter:
Man, Matt has been such a, just a, a proponent of profit first for real estate investing. I remember calling up Matt and saying, Hey, I’m thinking about Ryan this book. He’s like, yes, do it. Then when the book was out, where can I purchase it? Where can I send people to it? Then he did that. Then like he’s had me out to speak to his events. Like Matt’s a very good friend, but not just that he also believes in the message in the mission and he’s implemented it. So that’s why he is on here today and that’s why we really wanna dive into. But Matt, why don’t you just tell people a little bit, just give him a brief, high level overview of what you got going on today so they have some frame of reference of who you are.
Matt Theriault:
Sure. Um, gosh, how far back? I’m gonna do it really fast. <laugh>, when I got out of the Marine Corps, I was in the music business for 14, 15 years. Then Napster came along and turned that whole industry upside down. So at the age of 34, I had to kind of reinvent myself and I did that through real estate. I was an agent for a few years and then became a real estate investor. And you know, you could imagine when you have this rise and fall type thing and then rise again, it tracks a lot of attention from the people that know you and like you. So friends and family were say, can I show me how, show ’em what you did. And so I just kind of recognized that, okay, there’s a demand for this type of information and someone said, yeah, you should teach, you should consult. And so now we educate as well. I’m still a full-time real estate investor. We flip probably 15 houses a month through our turnkey operation and we probably add a rental to our portfolio every month.
David Richter:
Awesome. And I don’t know if I’m allowed to share this, so we’ll edit this out if I’m not allowed to share this, but Matt does something cool. He actually does deals on the phone with the people that he’s coaching.
Matt Theriault:
Mm-hmm. <affirmative>,
David Richter:
Which I think is some of the best type of coaching because it’s not just telling you what to do. Yeah. He lets you see
Matt Theriault:
yeah
David Richter:
When he fails and when he succeeds and like how people go through that. Because I think that’s probably the one thing that keeps people from being successful in real estate is getting on the phone. And Matt does that. So Matt does that with all of his students and it’s really cool and just if you wanna see that get into Matt’s world into Epic real estate and everything that he’s got going on there. So here we go. But Matt, I want to just dive into this. What got you excited about the Profit first message originally?
Matt Theriault:
Um, well if you read the, I’ve known the title of the book for a while.
David Richter:
Yeah.
Matt Theriault:
And I just kinda like, okay, yeah, I just take your money first. I get it all right. Book’s over <laugh>.
David Richter:
<laugh>
Matt Theriault:
Like I didn’t really feel like I needed to read it, is how I really felt about it.
David Richter:
Yeah.
Matt Theriault:
Like great concept, I like it, but never really dove in.
David Richter:
Yeah
Matt Theriault:
And then there was someone that I really, um, respect and trusted and said, this is an amazing book and it’s absolutely essential. Every entrepreneur reads it. And I was like, oh, okay. I guess I’ll go ahead and do it then. So I got the audio book. I was driving from Los Angeles to um, excuse me. I was on the way home from Christmas at my mom’s house in Oregon and down to LA so that was like a nine hour, 10 hour drive. So I put the book in and loved the author. I mean, there was one of the best audio books read by an author that I think I’ve ever listened to. It was very entertaining. He’s really funny. And but I just really related with everything.
David Richter:
Mm.
Matt Theriault:
Because I’ve been an entrepreneur my entire life. I’ve had big bank accounts and I’ve had big balances both in the music business and as real in real estate. But it constantly, like every dime manages to find its way back into the business and there’s nothing left over. And so like, I’m just like, okay, I’m just buying assets, buying assets. At some point there will be something left over and here you are, you know, 30 years as an entrepreneur. I was like, there’s still nothing left over <laugh>. So, uh, he just had this id he suggested, um, Mike Malowitz, um, suggested that, uh, you just automate everything. And so I don’t, I will admit I don’t do it exactly as how he recommended it as far as breaking down the percentages and everything like that. I was just like, oh, that’s too complicated. So what I did is I was just able to find a few different types of bank accounts. Some are online, some offline to where you can automate your deposits, you can automate those withdrawals. And I just started with really small amounts cause I said, you know, just start with a little bit and keep working your way up till you, till you actually start to feel it. So I just started like 50 bucks a week. Like it was just really small and it was like, okay, a few weeks went by and I didn’t even know the 50 bucks was missing. And so we went up to a hundred bucks and then the 300 bucks and 500 bucks and I don’t know where we’re at now, but we’re probably like 500 bucks in like across five or six different accounts.
David Richter:
yeah
Matt Theriault:
And I still don’t feel it. And it’s amazing how fast it adds up those small little amounts. And so it’s at a point where like, I got, I know I always got my taxes covered, right. I’ve got my personal fund money covered, I got vacation money covered, I got, um, the operations of the business covered and uh, you know, I’ve got the retirement thing covered and it’s just like, it’s remarkable and how it’s, I wish I would’ve done that, started it 20 years ago.
David Richter:
Right. Hear that all the time. Wish was started earlier. That’s why.
Matt Theriault:
Yeah
David Richter:
I have to get this message out now for
Matt Theriault:
<laugh>
David Richter:
People, you know, starting their entrepreneurial journey or wherever they are.
Matt Theriault:
Right.
David Richter:
But that, I like how you said that you didn’t start at how, you know, like Mike says in the book with all the different accounts or all the different percentages, but you start off where you could
Matt Theriault:
mm-hmm. <affirmative>
David Richter:
And I think that’s the real point of the book is it’s so simple, right?
Matt Theriault:
Yeah.
David Richter:
Just don’t spend everything you’re making. Like don’t, like you even said you put every do dime, it finds its way back into the business.
Matt Theriault:
Yeah.
David Richter:
And I think that’s why it relate to so many people. So I guess, let me ask you this then, before you started doing that, how did you feel about your business? Or like what did the business look like before you were just socking away A little bit of money,
Matt Theriault:
Um, is work, right?
David Richter:
Yeah.
Matt Theriault:
I’m supposed to be the financially free guy and you know, I could always, I always know that I could shut down the business and live personally off my income property.
David Richter:
Yeah.
Matt Theriault:
But when you run a business, I mean that overhead gets, you know, gets up there and it’s significant and you got payroll and stuff like that. So
David Richter:
yeah,
Matt Theriault:
I was always working towards, you know, meeting payroll and making sure the bills were paid and making sure the ad budget was paid so we could relaunch and do it all again next month. And it felt a little bit like a hamster wheel, you know? And the, uh, I mean that’s what it looked like then in, was that the answer to your question?
David Richter:
Yeah. I just wondered how it felt back
Matt Theriault:
Then. It felt awful. I didn’t know it felt awful though until I started implementing profit first.
David Richter:
Okay.
Matt Theriault:
And you know what I mean? Like, I didn’t realize what’s that that saying is like once you get out of your zone, you’ll quickly realize that you weren’t that comfortable.
David Richter:
Huh. That is a good saying.
Matt Theriault:
Yeah. And uh, I think that’s kind of what it was like going ahead and delegating or designating certain amounts of money automatically was a little bit out of my comfort zone. Cause I was like, Ooh, I might need that. I might need it. And then, uh, once I realized that I didn’t need it was like, wow, this is much more comfortable out here than it was, you know, grinding.
David Richter:
Right. So I guess before that too, cuz you were grinding and stuff, did you ever feel like you need, you wanted to throw in the towel with a company and like say, ah, just, you know, hand it all I will go retire <laugh> with all my properties
Matt Theriault:
Yeah.
David Richter:
And not have this overhead.
Matt Theriault:
There have been moments. I mean, I don’t know if every other entrepreneur can relate, but you know, still, like you get pretty depressed to the on the verge of tears a couple times a year. Like,
David Richter:
yeah
Matt Theriault:
It gets tough when you, you’re carrying that much responsibility and you’re, you’ve got employees and you’re looking at their livelihoods and you’re thinking about them more than you’re thinking about yourself. But then you’re thinking about yourself and you’re like, oh my goodness, who’s gonna come first? And there’s many times on, you know, Sunday evenings I’m like, I wish I could just go to a job tomorrow, <laugh>,
David Richter:
<laugh>
Matt Theriault:
I’ve let somebody else worry about all of this stuff. So I’ve certainly had those moments and multiple times over the years.
David Richter:
Okay, well then how did this help at all with that? Did it ease that burden a little bit of thinking about everyone else and thinking like, oh, you know, it’s Sunday night, I have to go in tomorrow. I wish it was somewhere else. So.
Matt Theriault:
Right.
David Richter:
Did that help at all with that process?
Matt Theriault:
A hundred percent. And I would say even more so now that we’re experiencing, you know, a shift, that’s the big operative word these days. A shift in the market, A shift in the economy.
David Richter:
Yeah.
Matt Theriault:
And having started profit first, you know, what’s that? Probably four or five years ago. Like, you know, uh, it’s a little tight and a little bit concerned, but I know I’m gonna be okay personally, I know everything is covered and I’ll be fine. Like, my son is not gonna go without dinner. You know what I mean?
David Richter:
Right. Yeah.
Matt Theriault:
And so that’s a very comforting feeling. And if I hadn’t done that, I don’t know what it would be feeling like right now. I what might be a little bit, uh, a little bit worried.
David Richter:
Yeah. That’s, and we could probably look at examples of people in the other economies, you know, that have, when a recession has coming. That’s like the people that might have been our friends too. I only had friends in 2008 and nine. I’m sure I’ll have friends in this, you know, in a downturn, whatever that’s happening now for different people across the nation. You know, like getting out of real estate. So I feel like that’s where a lot of people are gonna end up. Hopefully they don’t have to go back to a job or they don’t have to do this, but
Matt Theriault:
mm-hmm. <affirmative>
David Richter:
Or the other thing. Or hopefully they can eat dinner. But I, yeah, I totally resonate with what you’re saying and I think it’s very applicable to everyone who’s listening because if you’re listening to this too, Matt had set up just to be able to have some money going into other accounts that he wasn’t touching. That was for him, for him personally. And if you, if you just do that part <laugh>, like
Matt Theriault:
yeah,
David Richter:
Can we give you the hope to just do that? There’s some people that come on here and they’ve got like the whole system down and they love it and it’s like change their life completely. And Matt is set up the, those first parts and it has helped him.
Matt Theriault:
Mm-hmm <affirmative>
David Richter:
Be comfortable with his personal finances and helping him know that he’ll be okay and his son will be okay. So hopefully if you’re listening now that gives you hope that even if you aren’t implementing it to its fullest extent, are you just not spending every dime that you’re making and that you’re actually making sure that you’re going to be okay.
Matt Theriault:
Yeah.
David Richter:
Well now this has been good. I’ve, whenever we can give people hope like that, you know, that’s what I like given on this show is making sure people know wherever they are, um, that they can go through those. I guess then have there been times too, I obviously there’s been times when you’re like, oh, I wish I could go to a nine to five or, or anything like that. But have there been times in your career where you know, that, um, <laugh> that you have wanted to shut it down and then be able to just say, Hey, you know, like I will take the money and just wanted to, you know, live off what I do have, have there been times like that where you’ve seriously considered it?
Matt Theriault:
Well, I actually did it once.
David Richter:
Oh wow.
Matt Theriault:
Yes. Okay.
David Richter:
Tell about that experience.
Matt Theriault:
<laugh>, I did it once and I was just like, okay, um, I’m good. I don’t need to be a billionaire. Um, I can survive and my family will be fine.
David Richter:
Okay.
Matt Theriault:
And that lasted for about 40 days, 45 days
David Richter:
<laugh>
Matt Theriault:
Because I mean, you can only watch so many movies.
David Richter:
yeah
Matt Theriault:
You can only go to the gym so often. You can only go to the driving range. So often, you know, the happy hour starts like, Ooh, maybe I’m having a little bit too much every night <laugh>. And then, but that’s what you do
David Richter:
yeah
Matt Theriault:
when you don’t have anything else to do. And so I just decided I need to, and I was just start thinking about new ideas and want a new thing. So now like kind of, well maybe I don’t need to retire. Maybe I just keep on going on doing what I’m doing. Cuz it is fulfilling and I enjoy it. So that’s where I’m at now.
David Richter:
So I’ve seen other people do that as well. Then I feel like they are exactly in your scenario, they do it, but then they’re like, I wanna jump back in. Cuz that’s just who they are that you, like you said you wanna make that impact. You’ve, you, you’ve got the ideas floating around in your head. So what, what do you think is a part of an investor or a part of an entrepreneur that makes ’em like that? That hey, even if I could retire, I won’t,
Matt Theriault:
You know, I, it could be an entrepreneur, it could be everybody.
David Richter:
yeah
Matt Theriault:
Cause I think there’s an expression and I didn’t really quite understand this until it was me where like if you’re not growing, you’re shrinking. Right?
David Richter:
Okay
Matt Theriault:
And so if you’re not constantly trying to improve yourself and better yourself, then you are going the opposite direction. And that gets very uncomfortable quickly. And you get fidgety, you get restless. Um, you just start, you know, you have to go do something. And so I don’t know if that’s an entrepreneur thing or just a humanity thing. I’m not sure.
David Richter:
Yeah, no that’s really good cuz I’ve heard those statements. It’s, you know, choose your heart. You know, like do you wanna <laugh> if you or choose in this scenario, choose you’re comfortable.
Matt Theriault:
Mm-hmm. <affirmative>,
David Richter:
Do you want to be uncomfortable, you know, going up or do you wanna be uncomfortable going down?
Matt Theriault:
Ah, there go, there we go.
David Richter:
Shrinking. So now that’s real good. I like that cuz if you’re not growing, you’re shrinking. And I think you’re right. I think it is more a human thing, but I think maybe entrepreneurs are more, would you say that they’re more in tune with that because they’ve had to scrap for it, they’ve had to fight for it before and they kind of can see.
Matt Theriault:
Yeah. I think they’re such, uh, definitely more of an urgency and,
David Richter:
Yeah.
Matt Theriault:
Survival is attached to it.
David Richter:
Yeah.
Matt Theriault:
More so than maybe an employee, but yeah.
David Richter:
Yeah. Now that makes sense. Yeah, for sure. Okay. Well then as far as the whole profit first solution and what you’re doing now, like has it ever helped you cover a period of time when you know things weren’t going the best in the business and that you’ve had to be able to rely on what you’ve had as those reserves?
Matt Theriault:
Uh, knock on wood, nothing yet.
David Richter:
Awesome.
Matt Theriault:
Or going through a difficult time, but I have been able to tap into it and go ahead and see some opportunities that I might not have otherwise been able to.
David Richter:
Yeah.
Matt Theriault:
Just because I had it.
David Richter:
I love that options. Right.
Matt Theriault:
Yeah.
David Richter:
Gives you options too.
Matt Theriault:
Mm-hmm. <affirmative>
David Richter:
Do those different things. Then you’ve got a little guy, you’ve got uh, Mercedes as well too, which is an awesome, I mean if for nothing else, if you don’t like Matt, you’re gonna love Mercedes. Just kidding.
Matt Theriault:
Oh yeah.
David Richter:
Like they’re,
Matt Theriault:
Such a great team together.
David Richter:
<laugh>, she is amazing and they’re a great team out there. Have you, would you say that this has helped both of you as well too? Like, I don’t know, be on the same page or like helping you with making sure that there’s money for you and for Mateo for like four, you know,
Matt Theriault:
Sure
David Richter:
For your family?
Matt Theriault:
Um, there’s a guy, uh, a friend of mine, Chris Krone, I don’t know if you know him, David.
David Richter:
Yeah. Yep.
Matt Theriault:
Um, but he has this thing like you should always have your swan account, your sleep well at night accounts.
David Richter:
Nice.
Matt Theriault:
And we have a bunch of those now because of Profit First, so we sleep well. And so that’s taking a lot of pressure
David Richter:
Off man, I’m writing that down. Swan account, sleep well at night. I really like that cuz that’s, that’s really what most entrepreneurs want. <laugh>, they just
Matt Theriault:
yes
David Richter:
Wanna sleep well at night. What? Mm-hmm. <affirmative>. Okay. Uh, would you say you’ve fall into the category of entrepreneurs who like the financial side of the business or don’t really care about looking at the financial side of the business?
Matt Theriault:
I would say I don’t look at them as much as I should. Um, Mercedes is a little bit more in tune with the finances. I’m a little bit more in involved with the operations and the vision of the business.
David Richter:
Yeah.
Matt Theriault:
And so, um, I’m probably not so concerned about money as is most entrepreneurs, I guess
David Richter:
<laugh>. No, I get it because that’s where a lot of people come from. Usually they don’t have a system though to catch the money that’s falling out of there outta their company. So would you say having a system like, like a profit first with a sweep? Well at night accounts or swan accounts, I love that having those accounts set up make you not as nervous about the finances and knowing, you know, like not having to check on it as much. You’ve got good people around you and maybe you’re
Matt Theriault:
sure
David Richter:
Meeting once a month or you know, looking at it when you can, but what do you,
Matt Theriault:
For sure.
David Richter:
Would you say that helped you on that aspect as well?
Matt Theriault:
Yeah. Cause the way that I have it set up where it’s all, like all my income comes into one account.
David Richter:
Yeah.
Matt Theriault:
And then each week it gets like portions get extracted and go to their different accounts. So I don’t even pay attention to that. So I’m really only focused on one account, like on a day-to-day basis and keeping the business running.
David Richter:
Yeah.
Matt Theriault:
And so it’s easier to be focused on that even when it gets low. It’s like, okay, what I gotta do now, um, I gotta generate here, generate there, cut some expenses over there, but I’m not thinking about like my life crumbling down. I’m not thinking about, you know, losing stuff and
David Richter:
yeah
Matt Theriault:
Not being able to pay mortgages and stuff like that. So that’s been very, uh, it’s been very beneficial in that regard.
David Richter:
Okay. No, that’s, that’s really good stuff because that’s where I think a lot of people are like they only have one account, but they don’t have those swan accounts or the profit first accounts to be able to keep them afloat and they’re still looking at that account. If it’s low, they start sweating bullets. Sounds like when you’re, sounds like when you’re getting low, you’re asking yourself better questions like, how can I bring more in? But it’s not to, it’s not survival mode at that point for you,
Matt Theriault:
r<ight> for yourself personally, would you say that’s correct and that’s
Yeah. Feeling it’s not panic mode. Exactly. Okay.
David Richter:
Yeah,
Matt Theriault:
It’s, um, we’re good. Like I’ve got a new zero, you know what I mean? Like
David Richter:
Right.
Matt Theriault:
Yeah. 20 years ago zero meant zero
David Richter:
<laugh>
Matt Theriault:
Aand now my zero doesn’t necessarily mean zero. So yeah. It’s, it’s easier to operate.
David Richter:
Awesome. No, I like that a lot because in that concept that you’ve got a new zero because even though in this bank account it might be at zero, that doesn’t mean that we’re at absolute zero or that like everything is gone, you know, under. So I really like that. I’m writing that down too, that zero. Okay.
Matt Theriault:
You can have all of that. David, my gifts. You
David Richter:
Right. Yeah. Thank you. Thank you very much. Now this is great stuff. So, but I honestly, if you’re listening to, this is what it’s giving you is like, it’s a new four and if you thought your four right now is that one big bank account where all that money’s going in. And just like Matt, he’s got other bank accounts now where even if the money in his opex or you know, where he spends all his money, then if that goes to zero, he’s not gonna be at zero. So that’s, I absolutely love that concept. Set up those sleep well at night accounts, we call ’em, you know, those keep accounts, those profit owners, comp owners pay, make sure you’re, that our owner’s tax too. Make sure you’re setting those up. But that’s really good stuff here. And then just have a few final questions. You, I’ve seen you do a lot of stuff in real estate investing and be successful. What would you say are some of the habits that have contributed to your being successful in this industry and as an entrepreneur?
Matt Theriault:
I would say as a real estate investor,
David Richter:
yeah.
Matt Theriault:
I think, uh, it paid me really well not to overthink any deals before I have them in contract.
David Richter:
Okay.
Matt Theriault:
That’s been really beneficial cause I’ve just been able to just, you know, cuz so many deals that you’ve come across, like they’re not gonna be deals, but if you spend too much time on those in the in front in the advance, you’re gonna do a lot fewer deals. So there’s that. The second thing is just write offers. Just put it out there, I think is another big thing that’s contributed. I think the amount of deals that any investor does is gonna be in direct proportion to the number of offers that they write.
David Richter:
Yeah.
Matt Theriault:
And nothing is real. Nothing’s gonna happen. No money is gonna come or anything is gonna move until an offer is accepted. So write lots of offers. And then, uh, I guess as far as your money sources, the other part that’s been very beneficial, it’s just always perform. You know, do what you say
David Richter:
mm, yeah
Matt Theriault:
Uh, say what you’re gonna do and do what you say for no other reason than you said you’re gonna do it. Honoring your word.
David Richter:
Yeah
Matt Theriault:
And I think that right there, it makes people want to continue to do business with you. And you know, I’ve had my missteps and it hasn’t been a perfect thing, but you know what, I’ve always come back around and make good with people if it didn’t go right. And I think that’s been a real key to my longevity is people know that they can trust me and they know that, uh, I’m gonna perform and I’m good for it.
David Richter:
No, that’s really good being able to have that trust and being able to say what you’re gonna do and do what you’re gonna say.
Matt Theriault:
Yep.
David Richter:
And make sure that you’re doing that. And then don’t overthink the deals. That was really good one as well too. So there you go. There’s some habits to his success. Let me ask just a couple last questions. What advice would you give to real estate investors looking to implement Profit First and adopt that methodology?
Matt Theriault:
Oh, I have, I wanna say do it as asp. Yeah. Um, if I were to go back into hindsight when someone says like, what’s one of the first thing, first thing that you should do is like,
David Richter:
yeah,
Matt Theriault:
At the very least get a QuickBooks thing set up, get a bookkeeper set up just because to go back and fit all that stuff retroactively is very complicated, very time consuming and very expensive.
David Richter:
Yeah.
Matt Theriault:
Um, so that would be like the one thing that I always say, bookkeeper, that’s your first hire. That’s the very first hire. Um, but then, you know, your bookkeeper that implements profit first, I think should be like almost simultaneous now. Now that I’ve
David Richter:
Yeah.
Matt Theriault:
Implemented myself.
David Richter:
Awesome. Well there you go. I was actually gonna say ask if you could start from scratch, what would you do differently? And it sounds
Matt Theriault:
<laugh>
David Richter:
Like, so implement Profit first and then your answer to adopting it is like, just start now. Start right now and start where Matt did start with 50 Bucks going to an account, you know, like once a week or something. Like, it doesn’t have to be, sometimes people, like you said, overthink the deals, they overthink the money part too.
Matt Theriault:
Mm-hmm. <affirmative>,
David Richter:
It’s like, don’t overthink the money part. That’s really Good.
Matt Theriault:
And you were totally blown away on how fast it accumulates
David Richter:
<laugh>.
Matt Theriault:
That’s the big surprise.
David Richter:
Yeah. It’s like, where was this money going before <laugh>?
Matt Theriault:
Exactly.
David Richter:
And it’s accumulating now. It’s actually there for your use for whatever you want it for. So that’s good stuff. This is from someone who’s been actively implementing it for years and seeing it work and seeing it accumulate and seeing that, okay, we have a new four, a new zero, you know?
Matt Theriault:
Yeah.
David Richter:
And, I really like that. Then the last question I have here, is there any way, you know, like this has been really good. I think you’ve given our people a lot of hope, a lot of ways why they should implement it and some of the how you are feeling along this journey. How can they provide value back to you? What are you working on? How can they connect with you? You know, shout it out.
Matt Theriault:
No one ever asked me what they could do for me. <laugh>
David Richter:
<laugh>, I know that is now what a novel idea in this day.
Matt Theriault:
That’s a great one. Um, ah, you go to the YouTube channel, just click the subscribe button and like a couple videos, let YouTube algorithm know that uh, you guys approve.
David Richter:
There you go. He’s got a great YouTube channel. You’re going to learn stuff. Like I said, if you get into his programs too, he was humble here and didn’t tell you everything he is got going on, but like if you get a part of his coaching, he’s going to get on the phone, you’re gonna hear those calls, you’re gonna be able to learn from someone. I got to spend more time with Matt over the last month I feel like than I’ve been able to for a long time. And just get to know more of who Matt is and this is the real deal. The Matt’s the real deal. Get into his world, get into his education. There’s great stuff there. Make sure go on YouTube. It’s under Epic, right?
Matt Theriault:
Yeah,
Epic real estate investor,
David Richter:
Epic Real Estate investing. So that’s what you would look up on YouTube and Matt Terrio. So make sure that you go there, give him some likes there and then it just listen to his education, you’re gonna learn something. Matt, thanks for being here today. This has been awesome. I wanted to also tell you, if you’re listening and you’ve ever been in Matt’s position and you relate to Every Dime Finds its way into the business and you have nothing left over or that you’re just spinning your wheels and like living deal to deal or even if you have at some point retired like Matt did and still looking to make an impact, you can head over to simplecfo.com. We’ve got our trained people over there in the Profit First methodology to help you implement this system and keep more of the money that you’re making. So that way if you need someone to guide you and hold you accountable, we can help you do that, break through those obstacles and become just like Matt and say, how the heck did this accumulate so fast and so much, so quickly. That’s what we see over and over again. We want that for you. So that’s at simplecfo.com. Remember if you’re listing Make Profit a Habit in your business. And then Matt, thank you so much for being on here today.
Matt Theriault:
You bet, David. Love you bro.
Outro:
This episode of The Profit First for REI podcast is over, but there are plenty more where that came from. Are you ready to learn how David and his team can help implement the Profit First system in your business? Schedule a discovery call at simplecfo.com right now. We’ll see you next time on the Profit First for REI podcast with David Richter.
If you Want HELP
implementing Profit First...
Our team of experts would love to help you
make and keep more money in your business!
