Profit First With BRRRR

[Kevin Sobilo]

I just started reading "Profit First" by Mike Michalowicz. It looks to be a simplified method of cash management.

Does anyone here use this with their BRRRR deals? If so can you share your experience with it?

It is easier to see how to apply it with the rental side of things, but less clear how to apply it with the rehab side? For example is the cash-out refi considered revenue?

Any feedback appreciated!

[Graham Francis]

Quote from @Kevin Sobilo:

@Wesley B Williams, The diagrams above are a flow of how I am implementing it. I broke it into 2 separate flows. One for managing rentals and one for rehabbing and managing properties being held and rehabbed. Almost all of the accounts can be used for both purposes, but the timing of deposits and the way money is allocated is just very different between those 2 parts of the business. 

 Do you use checking accounts for each of these? Does your bank let you name each account or do you just see an account number for each? It looks like you have been doing this for a year or so, how do you like it?