How Profit First Protects You from Economic Downturns Featuring Land Wholesaler Luke Harris - a podcast by David Richter

Luke Harris was a forester and a forestry consultant. Due to the nature of his work, doing timber inventory and all, he was always traveling, and with a young family of his own, he thought it wasn't the kind of sustainable way to raise his family. His goal was to provide for his family and provide a situation for them that he didn't have to be gone all the time. 

Thanks to Google, where he found notable gurus in the industry, Luke was able to kickstart his real estate business through land-flipping. After three years, it became a full-time gig that paid the bills and sustained his family. He now runs his company “The Farm Finders”, which specializes in providing affordable properties by finding unimproved land and offering it at affordable prices.

Growing up, Luke learned the value of money and the discipline one needs to manage money correctly. In this episode, he talks about the importance of securing your business by putting enough cash in the bank to protect it, whatever crisis hits the economy. He also shares how the Profit First system helped him build that kind of discipline he employed to maintain a good standing around the financial side of his business.

Listen as Luke drops a lot of knowledge bombs and philosophies around money on this episode.  

Key Takeaways

[01:32] Luke’s background in forestry and what got him going down the real estate path

[03:19] The average deals he sold each year after starting in real estate

[06:07] Why real estate? Is there a purpose behind it?

[08:37] Luke’s role models about money and the value of giving

[11:39] Lessons around money he wanted to pass on to his children

[15:59] How Profit First helped him make habits of being a profitable company

[19:12] What it’s like having a CFO in his team 

[20:41] Luke’s recommendations to investors

Quotables

[05:15] “The keys to your success were trying to model someone who had gone down this path and getting that mentorship from someone”.

[13:49] “Cash balance, personally and in the business, is important especially at some point where we're going to be having another recession or economic downturn and that’s the number one way that you can be prepared for that as a business owner.”

[21:10] “Making sure you have a really big cash reserve before you scale is incredibly important.”

[21:27] “A lot of businesses will probably go under with whatever economic crisis we have coming…But I think having that cash in the bank, it's like the number one thing you can do to protect your business against that.”

Links

Email Harris at harrislandcompanylb@gmail.com 

Want to 2-3X your profit? 

If you want help implementing Profit First and increasing your revenue in your business, you can go here to book a call. I’d love to chat and see how I can help you make and keep more money in your business.

Further episodes of Profit First for Real Estate Investors

Further podcasts by David Richter

Website of David Richter