How to Set Up Profit First for Real Estate Investing with Mike Michalowicz


16 thoughts on “How to Set Up Profit First for Real Estate Investing with Mike Michalowicz

  • Hi just a suggestion for a video- since you invest in long distance property’s do u have project managers- talk about handling of supplies and money of you projects- it would be a great video… ty

  • Hi I have an off-topic question here if you don't mind.

    If I purchase my investment properties in cash should I still get an appraisal done? And a land survey?

    Thanks!

  • Hey Clayton. How do you handle profit first with a debt service? Is the tax account including property taxes? instead of depositing the owner pay into your personal account, is it better to pay the debt service down and/or pay for electric, internet, etc… from the business account instead of your personal account

  • I know you usually like top pull out 40% from rent for taxes, expenses, vacancies, etc. Is that 40% one of your 4 accounts?

  • Do you own your own property management company or do you find one in each city where you invest? Do you have a rehab construction team in each city or do you just find someone who does your rehabs for you?

  • My profit first profit account is actually one of my HELOCs. I really like the idea of keeping a small portion out of the profit for Celebrating. Celebrating your success is critical. The nice thing about having a HELOC loan is if I get a little tight with funds I can borrow some of my money back.

  • Funny that Morris Invest is setup with Profit First. I have read a couple of Michaels books and loved them. I have my own version of Profit first that has worked very well long term.

  • So how exactly do you guys set up your Accounts for real estate purposes? Do you partition then into 4 or 5 different accounts? For example,1st. Rental income 2. cashflow perhaps etc?

  • I thought a vehicle or. Internet and netflix services should be ourxhased with the operating expenses account instead of my owners compensation account?

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