Episode 161: Why Giselle Loayza Implemented Profit First From The Onset Of Her Business
The Profit First REI Podcast
March 6, 2023
David Richter
Summary:
No matter where you are in running your business, implementing Profit First will always be a net positive. But applying the method from the get-go means securing stability through your business financials early on.
Our guest today is somebody who had the foresight to apply the Profit First method to her business. Giselle Loayza is the regional director of the Veterans Service Group, a company dedicated to helping veterans with their VA benefits.
As soon as Giselle heard about Profit First, she immediately knew that it was something she had to do. So tune in to hear what she has to say about the experience!
Key Takeaways:
[00:58] Introducing Giselle Loayza and Her Background
[06:00] On Learning About the Profit First Message
[10:48] Hiring a CPA and the Benefit of Applying Profit First
[14:11] The Confidence Afforded by Implementing Profit First
[16:08] The Biggest Lessons Learned as a New Business Owner: Communication Can Fixt It
[22:21] Advice for People Who Want to Implement Profit First: Read the Book and Hire a CPA
[24:26] Connect with Giselle
Quotes:
[13:01] “ I love the idea having separate bank accounts and doing the percentages.”
[21:12] “I have learned…you have to take responsibility and face the situation, even if you don’t like it and you feel uncomfortable.
[22:10] “Read the book…Don’t delay opening up the bank accounts…And then hire a professional accountant/CPA that is familiar with Profit First.”
Connect with Giselle:
Website: https://www.veteranservicegroup.com/
Email: giselleloayza1@gmail.com
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:
Giselle Loayza:
I’ve been separating every single month for taxes based on what I’ve learned from the book.
David Richter:
Yeah.
Giselle Loayza:
And so, and the money’s there. I haven’t touched it. Right? <laugh>. So it’s in a separate bank account. And that’s important. In his book, he clearly says, do not like, be borrowing from yourself. Right?<laugh>,
David Richter:
Right?
Giselle Loayza:
Because then that you’ll mess up the system that way. So I’ve been very disciplined in that sense. Even though I’ve seen the money there. I’m like, that’s a lot of money <laugh>. But I’m like, I’ll just leave it there cuz that is not my money.
David Richter:
Yeah.
Giselle Loayza:
That is for the government.
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:
We have Gisele Eliza on today, and she is someone that started the Profit First System basically from day one in her business. So I want you to hear from someone who’s newer to the business space, who has implemented Profit First and give you hope that no matter where you are on your journey, that you can implement this system. Like if you have done zero deals or if you’ve done a thousand deals, I think this episode will give you hope of like, what did it clarify for her within her first year of business when she had this system right away? So that’s what you’re going to get from this. She also talks about some of the people that even that she didn’t wanna turn into, she did not wanna see these other, she didn’t wanna be like the other people that have financial anxiety around when tax time comes. And this has helped alleviate a lot of that. So hopefully this helps you as well too. Thank you so much for listening and enjoy the show. Hey everyone. This is David Richter again with Gisele Eliza, which I am super excited to talk with her. She was at an event where I spoke and she knew Profit First, which was awesome because some people in the audience, you know, usually have heard about it, but then she said she’s implemented it, but she’s not in real estate investing. But she has an incredible story around Profit First. So that’s why I wanted her on this podcast and why I wanted her here. So Gisele, thank you so much for being on the podcast today.
Giselle Loayza:
Thank you. Thanks for having me.
David Richter:
I want to give people hope. You know, that’s really what we wanna do here on this podcast and that’s why I wanted to bring you on to talk about, you know, where did were, did you come from? Where are you now, you know, life before Profit first, all of that. And we’ll get to that. But can you give a brief overview of what you’re doing right now? Because I really love the service that you’re in.
Giselle Loayza:
Yeah, thank you. Yes, I run a small business here in the Seattle metro area, Seattle, Washington called Veteran Service Group. And what we do is we work with senior veterans, uh, over 65 and we assist them with their VA benefits to get them home care, uh, for free through the va. And that’s, uh, when, when I say home care services as we do caregiving services like cleaning, cooking, shower assistance, anything that, um, someone elderly may need around the house that’s non-medical. So that’s what we do and we love serving that community of veterans. And I mean, I love what I do and I’m also a caregiver and then I run the business too, so I get to work a lot like one-on-one with our clients.
David Richter:
Oh, very cool. I love that. And I, it sounds like, uh, you love it as well too, and that you’re doing it all the time. So how did,
Giselle Loayza:
Yeah.
David Richter:
How do you go about getting into something like that just before we start?
Giselle Loayza:
It’s interesting. Yeah. Great story. And it’s, so I was working a regular job, well, I’ve been in marketing before, um, then I got laid off during the pandemic, then I was working as a nanny and so like, just needed to do things and then I was like, okay, I wanna start a small business and I don’t know what to do. Right? Like, I like a lot of things. And my dad at that time, I think this was 2020 around there, he was going through Alzheimer’s disease, he was senior, he passed away last year. And so I learned, started learning about the industry of caregiving, uh, elderly needs, everything that comes with that. There’s, you know, in, there’s real estate is in that industry as well. So there’s like a huge need in the over 65 community. And so I just started, um, learning all about the needs of that population. And then I’m like, I want to do something in that area right as open something in that, in a small business in that area. And I was on a Facebook group of entrepreneurs, you know, cuz I would join different groups on Facebook. And this person posted a story that they had started a business servicing senior veterans about three, four years before. And that they were helping them through their BA benefits and they were generating good income. And I was like, and they were really helping making a difference. I was like, oh my God, that sounds like something I would wanna do. And I just messaged this person out of the blue, he was a stranger back then. I messaged him on Facebook and I’m like, Hey, um, I’m in Seattle. I really love what you’re doing. I don’t know if there’s anything I could do here. Like you, like I would love to chat with you if you have enough a chance. And he was like, yeah, I’m gonna be in Seattle in about two weeks if you want, we can meet up in person, <laugh>.
David Richter:
Oh, wow.
Giselle Loayza:
And that’s how we ended up meeting up. And he shared the business with me. He became my mentor in that business. And I started the, you know, the Seattle market, you could say for that business for Veterans Service Group.
David Richter:
Wow. <laugh>.
Giselle Loayza:
Mm-hmm. <affirmative>.
David Richter:
Well, there you go. If you’re listening to this, there’s one point already, just like if you’re passionate about some reach out and see who you can connect with and you never know where it’s gonna go. And then becoming the Seattle, you know, person for this organization, which is incredible and I love the mission that you’re doing.
Giselle Loayza:
Thank you.
David Richter:
So then how did Profit First, like how did you get excited about that message? Where did you hear about it? Like what,
Giselle Loayza:
yup<laugh>
David Richter:
What even, got that to come up?
Giselle Loayza:
That’s a great question. I heard it on a podcast, <laugh>.
David Richter:
Okay.
Giselle Loayza:
I was listening to a marketing podcast, I forget the name right now because I was, uh, starting the business. So I started the business about, uh, 14 months ago. And I was listening to a marketing podcast, learning, you know, how to market my small business locally. And then they had an episode about Profit First and they had the mike called Woods Macal.
David Richter:
Yeah,
Giselle Loayza:
Macal, um, owned the podcast.
David Richter:
Okay.
Giselle Loayza:
So they interviewed him and I was like, this is great. Like I, this is what I need to do. Uh, you know, when I opened up my bank account, my business bank account, right. So I applied it to my business finances.
David Richter:
Yeah.
Giselle Loayza:
And that’s how the idea started. I’m, I bought the book Beca I think I read it back to back, you know, like in a few days.
David Richter:
Yeah.
Giselle Loayza:
And then I took the notes and said, okay, I’m gonna go open the bank accounts. And that’s what I did. I just didn’t doubt the system at all. I took the steps and yeah.
David Richter:
Okay.
Giselle Loayza:
And did it<laugh>.
David Richter:
How, so how far along were you in that journey of being a business owner? Was, did you say you were right at the beginning or was this like, how long were you
Giselle Loayza:
Right at the beginning? So I had just, uh, I believe I had just gotten my L C I had either just opened my business account, you know, with the number. And then I was like, okay, I should start this now because it’s like starting now, right?
David Richter:
Right.
Giselle Loayza:
So I’m like, I’ll just apply it to the beginning. Right. Like, whatever money starts coming in from the business, I’m going to implement this. It took a few months for me to get paid. So the good thing is I had time to go to the bank, open the accounts, ex you know, really understand the system, how it worked.
David Richter:
Yeah.
Giselle Loayza:
In you know, open up all the bank accounts and figure out my, uh, percentages based on, you know, what contractors I hired
David Richter:
yeah
Giselle Loayza:
Or not didn’t hire. And that’s how it was. Yeah.
David Richter:
yeah
Giselle Loayza:
And, you know, yeah.
David Richter:
<laugh>, I love that. Starting from day one, you know, it sounds like with, you know, with a great system. So before we go into that though, what did you do before this business and before, you know, like all that like
Giselle Loayza:
Yeah.
David Richter:
Did you, were you working somewhere or
Giselle Loayza:
What? Yeah, so I was, I’ve always been in marketing, but not online. I would, I used to do like event marketing.
David Richter:
Okay.
Giselle Loayza:
So we used to do big events. I would like manage the events or run the events or be in the events here in Seattle. This is all before the pandemic, so there was a lot going on fairs, summer festivals, concerts, stuff like that.
David Richter:
Yeah.
Giselle Loayza:
And then after, during the pan, I was working with, for a brewery in their marketing, um, in their marketing event system.
David Richter:
Yeah.
Giselle Loayza:
And right. Well, when the pandemic happened, we, like, we all got laid off, I think right around there.
David Richter:
Okay.
Giselle Loayza:
And I was like, oh, okay. So at that point I just needed to do something fast for money, you know?
David Richter:
Yeah.
Giselle Loayza:
And I was like, okay, I know how to take care of children even though I don’t have children. <laugh>.
David Richter:
Yeah.
Giselle Loayza:
And I’ve, because I’ve been a nanny before and I was like, okay, let me just, I was able to get a nanny job, you know, and just start it right away, like within the next week. And I was, um, doing that throughout the pandemic and then after when things, so I started this about a year, like towards the end of 2021.
David Richter:
Okay.
Giselle Loayza:
Something like that. Yeah. Like September October around there.
David Richter:
So it’s been about a year that you’ve done this. So how,
Giselle Loayza:
Yes.
David Richter:
When you first started the business and then it sounds like it took a few months to get paid. How did it feel to have a system like this going into it? Like on the financial side? Had you ever
Giselle Loayza:
yeah
David Richter:
Heard of anything like this?
Giselle Loayza:
No.
David Richter:
Before for business?
Giselle Loayza:
No. I had heard, well I had heard of the envelope system, you know, like the old school, right? Like the grandmas put money here and there and I had read a book about that system, but I hadn’t implemented that system. And so then it had been years ago, I had like read something about it and then this system caught my attention cuz it was for business.
David Richter:
Yeah.
Giselle Loayza:
And I’m like, okay, I wanna make sure my business stuff is correct. I don’t wanna owe in taxes. Right. I’m afraid of that.
David Richter:
right
Giselle Loayza:
So I was like, okay, I need to avoid a lot of this problems that my small business friends I’ve seen like owe taxes, they’re freaking out at the end of the year, they owe 40 K and then they don’t know where it’s coming from. So that was scary to me. I’m like, okay, I don’t wanna be in that situation. And it seemed like this system would assist with that. Right.
David Richter:
Yeah.
Giselle Loayza:
Being prepared to pay taxes and your contractors and all that stuff.
David Richter:
So it sounds like your background was in marketing and some of that other, you know, like you’ve worked with kids before, you know you were a nanny.
Giselle Loayza:
Yeah.
David Richter:
Do you have any background in finance and accounting?
Giselle Loayza:
No.
David Richter:
Okay, good. Because I
Giselle Loayza:
mm-hmm. <affirmative>
David Richter:
Because <laugh> because then now my questions will get a little bit better because not having that background, you know. How did that help you when you first started? Because now you had that system, you were learn, you know, you wanted to avoid some of those pitfalls from other people. Did it give you a little bit more confidence going into the business than without that background?
Giselle Loayza:
It did. And when I hired my, uh, cpa
David Richter:
Yeah.
Giselle Loayza:
I have an accountant, so that was another smart move. I heard from, I, they said hire an accountant even if you’re a new business, right?
David Richter:
Yeah.
Giselle Loayza:
Like hire someone that can back you up in that area of your business because I’m not an accountant. Right?
David Richter:
Right.
Giselle Loayza:
So I’m like, I, that seemed very overwhelming. So I made sure that he knew what I was doing. I asked him, are you familiar with Profit First? Do you know about Profit First? He’s like, yes, I’ve read the book about Profit First. <laugh>
David Richter:
nice.
Giselle Loayza:
He doesn’t, you know, he doesn’t follow all the steps, but he understood the idea and he understood all my bank accounts. Right.
David Richter:
Yeah.
Giselle Loayza:
Which can be frustrating for an accountant.
David Richter:
Yeah.
Giselle Loayza:
So he was on board with that. I said, thus this is what I’m doing and I need you to support in that system. Like work in that system, manage all those bank accounts.
David Richter:
Yeah,
Giselle Loayza:
yeah.
David Richter:
That’s awesome. So you set up the accounts, so you listen to the book, you set up the accounts, then you got, you hired the good cpa, it sounds like that’s gonna help you. So then how has that been over the last year managing the cash as it comes into the business? How’s the
Giselle Loayza:
Yeah, it’s been interesting. So I have a, so I have a small business, I get paid by the government, right. So we only get paid once a month.
David Richter:
Okay.
Giselle Loayza:
So my account, the way I, and I know the profit first, they recommend, you know, on the 10th and the 25th I believe
David Richter:
yeah
Giselle Loayza:
To do your, um, allocations. And I, for me, I chose to do it once a month. It was a bit easier for me because I do run a small business and I only get paid once a month.
David Richter:
Right.
Giselle Loayza:
So, but again, you can adjust it to your business Right. Depending how much cashflow you’re getting in. And so I was able to do that. Um, I love the idea of having separate bank accounts and doing the percentages.
David Richter:
Yeah.
Giselle Loayza:
Because I feel like in the past for personal finances I would do like, oh, you know, $300 goes here, $500 goes here. But percentages is so much, um, I don’t know, like more freeing because you’re not choosing a number.
David Richter:
Yeah.
Giselle Loayza:
You’re just like, this is a percentage I have allotted and that’s what I have to work with and I can’t go over that. So then you become a better manager of the finances coming in and kind of working within what you’re allotted. Right.
David Richter:
Yeah.
Giselle Loayza:
And then you’re, it makes you more disciplined as well because then you have to put away that money for tax. Right?
David Richter:
Yeah.
Giselle Loayza:
And you can’t touch that. You put away the money for profit. And so I forgot what your question was, but <laugh>. But I, um,
David Richter:
You’re going into a lot of good stuff because I just, I did wonder too, like what has the system given you and it sounds like that clarity around where the money is, you’re separating
Giselle Loayza:
yes
David Richter:
Down to the good places, you know, into making sure <laugh>, it sounds like the tax account was pretty important to you because you had heard tax stories in the past.
Giselle Loayza:
Oh yeah.
David Richter:
How do you feel going into 2023 going to be able to do 2020 twos finances in the past?
Giselle Loayza:
Oh yeah.
David Richter:
Do you feel prepared?
Giselle Loayza:
Yes. Because I have, I’ve been separating every single month for taxes. Ah, based on what I’ve learned from the book.
David Richter:
Yeah.
Giselle Loayza:
And so, and the money’s there I haven’t touched there. Right. <laugh>. So it’s not separate bank account. And that’s important. You can’t, uh, in his book he clearly says, do not like, be borrowing from yourself. Right. <laugh>.
David Richter:
Right.
Giselle Loayza:
Cause then that you’ll mess up the system that way. So I’ve been very disciplined in that sense. Even though I’ve seen the money there. I’m like, that’s a lot of money <laugh>. But I’m like, I’ll just leave it there. That is not my money.
David Richter:
Yeah.
Giselle Loayza:
That is for the government. Right.
David Richter:
Right.
Giselle Loayza:
And it is separated and allocated and I don’t have to get, I don’t get confused by seeing everything in one account and feeling like I have a lot of money. <laugh>. Right?
David Richter:
Right.
Giselle Loayza:
It’s separated. Um, that’s been a big difference. Um, the other place I would say is I have an account for the expenses. Right.
David Richter:
Yeah.
Giselle Loayza:
And so I do pay people, I have a couple contract. I have one contractor, one va and I have an agency that I hire out.
David Richter:
Okay.
Giselle Loayza:
So I’ve been, the book explains it. There’s a couple different ways you can do it. I pay them out of the expenses, bank accounts. Right. So that I know what I can work with and I can know that once the business starts making more, then that’ll be a bigger amount and then I could hire more people. But while that’s not happening yet, I know that I can work with these three contractors.
David Richter:
Yeah.
Giselle Loayza:
And that’s where I’m at. Right. Based on my expenses bank account.
David Richter:
Yeah.
Giselle Loayza:
Mm-hmm. <affirmative>.
David Richter:
That’s awesome. I think you said some key words there, like discipline, you’ve had the discipline to not touch the money. Cuz if you’re a real estate investor listening to this and you have multiple entities, I’m sure you’ve never played the entity’s shuffle game of covering one
Giselle Loayza:
<laugh>
David Richter:
Entity cuz the cash flow is not there. So I really like that. You know, and then you are also about, you know, love the separate accounts and the percentages giving you that clarity, like you and I, this is so fascinating because you jumped into this from having other jobs, but then jumped into the business ownership and then was like, Hey, I’m gonna start this from day one. So I love it because it sounds like it’s giving you confidence to be able to put the money where it should go. How about maybe, I don’t know about this one, but for sales and like to continue growing the business, has it given you confidence to go out there to be able to say, Hey, I have this money to grow it. Like you said, three contractors
Giselle Loayza:
yeah
David Richter:
Now might be able to hire more as we grow this, but how’s that been on the sales side?
Giselle Loayza:
Yeah, absolutely. So I been, anything that I need to invest into marketing
David Richter:
Yeah.
Giselle Loayza:
I got to grab it from that expenses account.
David Richter:
Yes.
Giselle Loayza:
Right. So although like I’m not, I don’t quite remember that in the book, if you have to spend everything that’s in the account. But for, I always leave, like there’s a percentage that I put in the expenses account and then there’s always, after I pay the contractors, there’s always some money there.
David Richter:
Yeah.
Giselle Loayza:
And I’m able to use it for, you know, when I get a lot of business from referral partners.
David Richter:
Okay.
Giselle Loayza:
I’m able to buy, you know, little gifts here and there for people. I buy gifts from my clients. A lot of my veterans are low income, so sometimes they need like a toaster oven. Right. Which for me is a business expense. And so like I’m able to have that, um, leftover money that is for marketing.Right? Which is, you know, it’s can be at least a couple hundred dollars if not a little bit more every month that I can be like, okay, well where can I market? Can I buy some, you know, gifts for this group of people if I’m doing a business presentation, do I need flyers? Do I need
David Richter:
Yeah.
Giselle Loayza:
You know, tablecloth or whatever I need. I get it from that, uh, business expense bank account so I don’t have to worry where the money’s coming from.
David Richter:
Yeah.
Giselle Loayza:
That’s been the biggest diff and I know what I can work with. Sometimes I’m like, oh, I wish I had a little bit more, but again, I’m working off a percentage. Right?
David Richter:
Right.
Giselle Loayza:
So I know that as the business keeps growing, that will keep growing and then it’ll, I guess it’s part of the scaling, right?
David Richter:
Yeah, exactly.
Giselle Loayza:
Like you go based on that mm-hmm.<affirmative>,
David Richter:
At least you’ll still have profit
Giselle Loayza:
mm-hmm. <affirmative>
David Richter:
While you’re scaling and
Giselle Loayza:
Yes,
David Richter:
Carving all that out in the taxes. But what if you’re in real estate and if you’re thinking about jumping into real estate, you’re listening to this podcast, Gisele’s a good example of if you are starting out with your business, this is your first rodeo, then like, start it from a square one with the right systems and be very clear. I love what you said. She said, I set up the account and I hired a CPA and made sure that they knew Profit first. It’s like those are some two simple steps you could do right away to give yourself clarity with your money. And then what she did was genius. Just getting someone who knows on our team, like, Hey, well I know Profit first. Are you gonna be on board with this? Good. Well then we can work together. So
Giselle Loayza:
mm-hmm. <affirmative>,
David Richter:
That’s a some smart thing. So if you’re wondering like, does this work for people just getting into business or just getting into real estate? We have person right here who’s basically telling you, this is giving me confidence, clarity. This is to help you. So that’s what, that’s honestly, and Giselle even asked before the podcast, like, I’m gonna give you behind the scenes here. She asked,
Giselle Loayza:
mm-hmm <affirmative>
David Richter:
Am I a good fit? Cuz like right now I’m not in real estate. I’m like, it’s like a version, but it’s, you know, I started a new business in private versus health. I said, that’s it. I want you to come on because you’re, you are giving hope to people no matter where they are. Cuz we have people come on 10 years in business and they started, or like you day one, they started it right then. So this has been good stuff. So I guess as you’ve seen the business grow this past year and as you’ve been able to, you know, work in it, what are some of the biggest lessons you’ve learned in this first year of business?
Giselle Loayza:
Hmm. Within Profit First, like finances?
David Richter:
Yeah, you can, I would definitely love those answers, but you can,
Giselle Loayza:
yeah
David Richter:
I’m gonna open it up. Like any of the biggest lessons you’ve learned.
Giselle Loayza:
Yeah. Wow. A lot of lessons. Um, <laugh> as a small business owner. Wow. Um, I have learned that the biggest thing is communication.
David Richter:
Mm-hmm. <affirmative>,
Giselle Loayza:
That’s what I have learned. And I am huge into personal development and in part of my expense account pace for courses, books,
David Richter:
Nice
Giselle Loayza:
Seminars, things like that. Right. Because all of that is an expense so you can
David Richter:
yeah
Giselle Loayza:
Put in your taxes. And so I’m adamant, like I do, you know, weekly seminars and I’m actually in a one year program right now all about communication.
David Richter:
Yeah.
Giselle Loayza:
And so I’ve noticed that anytime there’s a breakdown in business, like a client’s upset at me, maybe I forgot something, right? Like, sure. I’m a human being. I make mistakes. And so I, you know, and in the past before business, I would like, if I was a job or something, maybe I would like stop talking to the person or not call the person back or be afraid, you know? But with business you have to be that leader.
David Richter:
yeah
Giselle Loayza:
I have learned like, you have to take responsibility and face the situation even if you don’t like it and you feel uncomfortable. And so I’ve had to make those hard phone calls with even with clients or cold calling. I’ve done cold calling.
David Richter:
Yeah.
Giselle Loayza:
And so those hard phone calls where I had to be like, I am so sorry and I apologize for not doing this thing that I promised and now I promise I will do this from now on and this is how our communication will look like from now on.
David Richter:
Yeah.
Giselle Loayza:
And I’ve been able to have those conversations with my clients referral partners via phone call, email in person. And it’s um, that’s the biggest thing. It anything can be resolved in communication. That’s the biggest lesson I’ve learned. And it saves a lot of stress when you get it out and you say it and you communicate. You feel lighter after that.
David Richter:
Yeah.
Giselle Loayza:
Mm-hmm. <affirmative>
David Richter:
And that’s really good. That is a very good lesson for any business owner because once communication goes dark, you can’t get back into dialogue to really fix this. So, you know, fix the problem, whatever it might be. Uh, so yeah. No, that’s great advice. What about, so let’s ask advice on someone looking to start Profit First. What’s some advice that you would want to
Giselle Loayza:
Yeah. Well I’d say read the book, right? And you have the book, you wrote the book on the version of real estate.
David Richter:
Right.
Giselle Loayza:
So I’d say read both books. <laugh>
David Richter:
Yeah
Giselle Loayza:
Read Good, read both books. Um, and I once I’m in real estate, I’m gonna read your book. So, um, but yeah, I’d say read, read the books, take notes if you need to, right. Because you are learning inform new information.
David Richter:
Yeah.
Giselle Loayza:
So take notes if you need to. And sometimes it takes a, a few times of reading rereading to really understand like what’s the purpose of this. And then I’d say the next step is like, don’t delay opening up the bank accounts.
David Richter:
Yeah,
Giselle Loayza:
I’d say that. And if you need to go to a whole different bank and feel like you’re starting from scratch, that’s fine. Or easier just stay with your own bank actually and open up the accounts there and no one’s gonna look at you weird. Like, I was concerned at first. I’m like, are they gonna ask me why am I opening so many accounts and this and that and I wanna name them this way? No, they don’t care. They
David Richter:
Right.
Giselle Loayza:
The agents were so nice and they did what I asked them to do. They
David Richter:
awesome.
Giselle Loayza:
Had no questions. So I’d say that and then hire a professional accountant CPA that is familiar with Profit First. That’s what, that way when you share with them your bank accounts, they’re not wondering why you have so many bank accounts and they’re not right questioning. Right. And they’re not trying to change your mind. They understand why you’re doing it. Right. Whether they agree with everything or not, but they understand and they can support you in that system.
David Richter:
Awesome. That’s, that’s really good stuff. This whole podcast has been great. Hopefully if you’re listening now, it’s giving you hope for wherever you are deal 1000 or deal zero when you’re doing your first deal. That this system just gives clarity and confidence no matter where you are on your journey. So that way, you know, hey, maybe we need to increase the profit, increase the expenses. Like where are we right now in order and for our business to thrive. So this has been awesome. So Giselle, I usually ask, since you provided a lot of value here, how can they provide value to you? Like what do you need right now? Or would you like just connections on Facebook or Instagram or like
Giselle Loayza:
Yeah.
David Richter:
You know, how would you want to, what would
Giselle Loayza:
great
David Richter:
For you?
Giselle Loayza:
Great question. So the interesting thing is, I’m not in social media right now.
David Richter:
Yeah.
Giselle Loayza:
And um, I can, I will give my email out and then we have a main website. It’s called veteransservicegroup.com.
David Richter:
Yeah.
Giselle Loayza:
And then if you contact there, you can ask to connect with Giselle.
David Richter:
Yeah.
Giselle Loayza:
And because you know, there’s different agents all over the US but you can connect with me like that. Or my email is my name, giselleloayzathenumberonegmail.com. And that would be the best way to connect with me.
David Richter:
There you go. So there’s your email and then if you go on the website as well too, you can request her. But that was good stuff. Thank you so much for being here. I did wanna say, if you’re listening to this now as a real estate investor and you want to get on the right foot with your finances right now and give every dollar a name like the envelope system like Giselle was saying, then head over to simplecfo.com, see if we can help you with a fractional cfo, get this up and running. We obviously run on Profit first and definitely know why you have a bunch of accounts if you already have them open up. So we would love to make sure you have the peace of mind that Giselle does even in the first year of business. So no matter where you are, we’d love to help you go to, you know, if you wanna connect with Giselle, she gave her email address as well. Remember, make Profit a habit in your business. And Giselle, thank you so much for being on the show today.
Giselle Loayza:
Thank you.
Outro:
This episode of The Prophet 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.
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