Also, he offers advice on finance, budgeting, the entrepreneur mindset, and creating passive income. But there's a LOT more to Ken McElroy than his association with Robert Kiyosaki. 7-13 Jun 2023. I love that youre doing this with your kids and that this is a family value for you. Robert Kiyosaki and Ken McElroy discuss the current state of the real estate market, including the impact of rising interest rates and the importance of understanding debt and market cycles. Overcoming the limiting belief that you need money in order to make a deal happen. And you know, its interesting, my parents werent able to afford my education either. Its in Sun City, Arizona, and I bought it for $9 million and I didnt know how I was going to do it with $2 million down and $7 million in debt roughly. Right now, I own about not quite 1.5 billion. Theyre donating their time, donating their resources, theyre starting them themselves, theyre sitting on the boards of them.. And one of those is relationships. And it is for us too, I think, theres a lot that we are very similar on, and I think thats probably why we resonated so well when we finally connected. Im like trying to educate and Im actually trying to figure that all out, too, but at the same token, in the beginning, I was trying to hold my own speaking and try to figure that out and deliver good messaging and all that kind of stuff. But we used an arms length. McElroy stands at the height of 5 ft 7 in (Approx 1.74 m). And so, like you have your book, right? behind Ken's fourth book, The Sleeping Giant, is to help inspire people to believe We . But if I called you up right now and I said, Hey, we buy it for this. I dont know if its ever intentional but quite simply I didnt grow up with a lot and my parents were amazing but we couldnt afford college for me, for sure. Its in Sun City, Arizona, and I bought it for $9M. His name was Leonard Litwin. And then as you would imagine and not by any kind of design, that attracts a different kind of employee. So, we had very low turnover. I just go when I can, around my family: I put my family first. Robert Kiyosaki and Ken McElroy discuss the current state of the real estate market, including the impact of rising interest rates and the importance of understanding debt and market cycles. The process behind transitioning into investing and landlording. She was born June 14, 1944. . 6) Create Your Investment Checklist. It was Tom Wheelwright. I was taught the same as everybody else. So, Im like, How hard could it be to collect rent and pay a few bills and keep the place clean? And, boy, that was when my lessons started. And in addition to that, my partner Ross, he had some things happen in his family around cystic fibrosis. Robert had me on stage. Ken Rex McElroy was shot dead inside his pick-up truck on the 10th of July, 1981, via a storm of bullets. 4) The 3 Levels Of Research. And so, the charity thing has been really significant for us. 13145 Old Farm Dr, St Louis. See original listing. As of now, McElroy has managed over $1 billion worth of properties. 3. Youre neighbors now. "I only work 90 minutes a week" Ken McElroy Ken McElroy has been successful in real estate investing, which has allowed him to build wealth and create And its funny because over time, I kept getting the same answer and finally it clicked for me and that was, Oh, the people that have figured it all out and are really successful in life and are so successful that they dont need to work, theyre spending their time at these charities. Real Estate investing seems like an exciting field and for the past month, I have been doing research every day on it. They just said, Sorry. THANK YOU! It was a small property that barely turned a profit, but it didnt matter. I didnt know anyone when I was young that was a business owner that invested as a profession. And so, what happened was, what does happen, as you know, is all of a sudden youre like, Okay. But then I jumped right up and bought a property that I was managing, and I still own it. Ken McElroy has lived and breathed real estate for his entire adult life, learning from the ground up. in the course of guides you could enjoy now . Its quite a few charities, because we have 250 employees. Ken McElroy, The charity thing has been really significant for us. Its always a primary issue in our firm, and as you would imagine, that attracts a different kind of employee. And one day I was like Im on the wrong side of the desk here. Thank you for sharing that with us and with our audience. Summary. Day 1. Kens Investor Test for Lifestyle Investor listeners, Tom Wheelwright on The Lifestyle Investor, Unlock the Secrets to Optimal Health & Longevity with Regan Archibald EP 131, Making Extraordinary Exits Possible with Rob Follows EP 130, Using Seller Financing to Build a Real Estate Empire with Gabriel Hamel EP 129, Vanessa Peters on Investing in Land Entitlement and Making Big Returns with Vanessa Peters EP 60, Dave Allred on Creating a Life by Design with Real Estate Investing EP 62 , The Secrets to Building a Billion Dollar Real Estate Empire - Justin Donald. I was scared to death, it was all my savings, and it was cash-flowing just north of $100 a month: thats if it was full. McElroy stands at the height of 5 ft 7 in (Approx 1.74 m). old pros as well as novice investors, this friendly, straightforward guide walks readers step by step through every stage of property analysis. I ended up kind of being in property management and I learned so much but what I learned is I was creating all this value for other people. Your book, The ABCs of Buying Rental Property, was the third book I read in the Rich Dad Poor Dad series. And I feel like thats exactly what you guys have had. He started telling me some of your story about how youre doing property management in the early days and tied up with Robert. Watermark-Free Sample Forms But your story is incredible, and Id love to have you share some of it here with our audience. In addition to sharing his expertise, Ken also shares his mindset, because building wealth isnt simply about putting money in the right place at the right time. And hes a little bit older than me and has a little more experience, too. You know, its beautiful, right? 228 talking about this. Deals get done almost on a napkin now. Its interesting because you talk about how and I remember when we first met youre like, Yeah. They cant keep the same vendors, clients, whoever it is that they use. Ken McElroy: I appreciate it. What a mindset shift. And then when I read Cashflow Quadrant, I was like just totally blown away. Even though he didnt invest, the lesson from him was invaluable because youre asking all the wrong questions, youre doing all the wrong things, youre looking at all the wrong things and you have all the wrong assumptions, and you think you do but you dont. Please note that some processing of your personal data may not require your consent, but you have a right to object to such processing. Ken got his start during college, when he took a job managing an apartment complex. [] Please watch or listen to the full episode here. He shares his expertise with millions of people around the world, appearing on Tony Robbins' Wealth Mastery. And in my EO chapter, there was a guy that knew Robert and I was raising capital. I mean, plain as day, I was like, Hey, Im out buying properties and Im looking for capital. Ken McElroy has lived and breathed real estate for his entire adult life, learning from the ground up. So, weve sold off some of those and we do development, construction, property management, all in-house. Monthly Webinar So, welcome. And when I was young, I was like, I dont want to do that. I wasnt asking to like go give time somewhere or go donate somewhere. They will show you how to become a successful real estate investor. SHOW NOTES FOR EPISODE 665: BEST OF OLD DAWG'S REI NETWORK PODCAST - THE ABCS OF REAL ESTATE INVESTING WITH KEN MCELROY. We have a great company culture. of Bluffton, SC passed away on 7/25/2020 . Ken McElroy has lived and breathed real estate for his entire adult life, learning from the ground up. Ken McElroy was born in United States on June 1, 1934. But I also love really what youve done on the charitable side. He serves as the host of a weekly business podcast, Real Estate Strategies. And one of the things that I learned from hospice was that there are as they measure them at the end of life are peoples top regrets. Words of wisdom:Ken didnt come from a wealthy family, and it was only when he started finding success with real estate investing that he realized most deals are less mysterious than they seem from the outside. And the industry is very, very interesting and its a lot more collaborative than people might think. Yeah, Ill come. Here youll discover a place that reflects Kens passion for real estate and helping others, where investors from all walks of life can learn, grow, and thrive. Whether you want to write your own deals, learn to syndicate, or be a passive investor, my Real Estate Investing Master Course is made for you. You know, it was so fun kind of just hearing your story, learning about your connection with real estate and all the, I mean, youve been in it for years, the deals that youve done with Robert Kiyosaki. I actually just need to go find the deals. I mean, any time youre mentioning something with the word billions, you know that youre doing something right. Ken McElroy 2020-09-29 Many Americans dream of financial freedom, but they're stuck in dead- . And we didnt lay anybody off, of course, but some of our employees families had been severely impacted. I had a scholarship but didnt pay for everything. In addition, he is the author of The Sleeping Giant and The ABCs of Real Estate Investing. Its like 25 questions but it kicks right to your inbox. Through his profession, he has attained a decent fortune. And so, all the profits of Lifestyle Investor have gone to an organization. Day 9. The Advanced Guide to Real Estate Investing - Ken McElroy 2013 If you're interested in real estate investing, you may have noticed the lack of coverage it gets in mainstream financial media, while stocks, bonds, and mutual funds are consistently touted as the safest and most profitable ways to invest. And then shes like, Youre going to get swamped, because all I did was talk about what I was working on. File your taxes using a step-by-step process - Build your real estate portfolio The ABCs of Getting Out of Debt - Garrett Sutton 2013-02-28 In difficult times, debt can be a matter of life and death, happiness . Obviously, its not perfect. Back then we didnt have the internet and trying to figure out people that had money. The price for membership is $299.00 per Year. And now weve acquired a little over $3 billion in assets. And so, we went all over the world together, and now Ive now written six books, I think. Ken got his start during college, when he took a job managing an apartment complex. Its awesome unless they have to which is rare. Monthly Webinar He shares his expertise with thousands of people around the world through his immensely popular YouTube channel, and is a sought-after speaker on real estate investing at events around the world. I bring my kids and all that kind of stuff. Justin Donald: So, what was the first property that you bought? So, when you are willing to do it and when you have the resume to back it up or the reputation to back it up, it is much easier to raise money. If you can prove that you can make money, investors want to give it to you. Its always a primary issue in our firm. In this episode, Ken talks about his unbelievable journey and his steps to go from property manager to property owner. But when I did, I coveted it and it was a fair deal. It was a senior and it still is a senior property. Like, maybe their husband or the wife had lost a job or parents or whatever. The speakers also emphasized the importance of changing one's . McElroys mother worked as a hairdresser and his father a contractor. Replies. Building and developing multi-family communities. Find many great new & used options and get the best deals for Rich Dad's Advisors: The ABC's of Real Est- 0446691844, paperback, Ken McElroy at the best online prices at eBay! Im like, Oh my God, I need to go up at least apologize. I walk in and theres like 400 people in the room and its a full seminar with all this stuff going on the walls and theres stages and he sees me come in and hes like, Kenny, come on up. He doesnt care that I wasnt there the first two days because they have, obviously, enough going on. And when you have the thing that others want who have money, it is really easy to raise it. And I sat down with him and well, first of all, the first thing I did is Im like, Okay. I need to start making moves towards it versus not just laying in this limiting belief space where I think I have to have the money. And, as you know, the world is made up of reciprocity. Ken McElroy has lived and breathed real estate for his entire adult life, learning from the ground up. Play Audio. I wish I would have forgiven. And just the whole thing was just awesome and at the same time, running my business, growing the company, buying assets, and obviously did very well by Robert and Kim and grateful that they had the confidence in our company. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. We found that just from doing something that Ross and I wanted to do, our culture got better, stronger, deeper and tighter, and we started attracting very good people, because they wanted to be part of something bigger than just making money. Ken McElroy. I was taught the same as everybody else. Justin Donald: You know, its interesting. I always felt very sorry for her. Real estate investing and property management. Youve made a career of being able to have these long-term relationships. Im like, Oh my gosh. And that was right before lunch and I remember Kim came up to kind of handle me a little bit because I was just like, What am I doing here? And I was completely not dressed very well, either. And so, that was really cool. I would ask him questions. Ken McElroy on the Art of Entrepreneurship. 298 Listens. Ken McElroy on Building a Billion Dollar Real Estate Empire EP 61, In property management, I was creating all this value for other people. So, theyre just frothing for guys like us that can bring them something that provides cash flow tax-free. You guys have been friends for a long time. But what really happened, which was really interesting was we had quite a bit of money in the foundation and then the pandemic hit. And so much of what youre saying is just spot on, especially with like the deal terms. Ken McElroy: Yeah. So, I didnt have a lot of mentors in investing or entrepreneurship or anything like that. Ken McElroy: Well, thank you. And all these booths trying to sell stuff around real estate, some were down in the Caribbean, some were passport issue stuff, and some were in Mexico, and some were local. 14. You fill it out. What began as a way to simply cover his room and board ignited his entrepreneurial spirit. First time Ive been on stage and hes like, Tell them what you do, and he walked off. Were having fun, were making money for our investors and ourselves, and our employees are having a good time enjoying all of it. Review:The Abc's of Real Estate Investing:Ken McElroy. So, at a certain point in your life, like theres this whole idea around scarcity of money and when you dont have any, its very scarce but its truly an abundant resource. Youre super close. I might not have been the strongest and fastest, but nobody was gonna outwork me. He's a regular guest on popular podcasts such as The Real Estate Guys Radio, The Lifetime Cashflow through Real Estate, and The Ken McElroy Podcast. But then I actually had some duplexes, fourplexes, and things like that but then I jumped right up and bought a property that I was managing and I still own it. Resources + Links: Connect with Danille on Instagram | Check out the Ken McElroy show on Youtube | Text PODCAST to 480-605-4814 to get VIP updates from Kara! Justin Donald: Thats right. That is what youll see. Ken McElroy is the co-partner of . So, I was hustle and hustle and hustle to get to that point, and I was laughing because theres an analogy between when I was collecting rent and collecting for a $10 newspaper. Real Estate Investor Author Entrepreneur Partner at MC Companies 1 Billion AUM C-Suite Radio Host. Discounts on Upcoming Courses. And so, thats what I did. Reviews go a long way in helping us build awareness so that we can impact even more people. Ken McElroy: Oh, yeah. Premium Articles And then, of course, philanthropy comes from there. Would love feedback from anyone who has taken his class, and especially to know if the content is helpful . I wanted to learn how to articulate from stage and I wanted to see the world. And I just got to say Ive had so much fun hanging with you here today. She remarried in 1983, and, from what I know, lived a fairly happy life. This is probably $5 or $10 just this one. I go, The deal, its interesting. I go, The bigger the brochure, the worse the deal. And he started laughing and we started saying, kind of to your point, like deals get done almost on a napkin now like the high math. Investing Calculators Ken McElroy: Yeah, its true. And so, the lessons of life theyre everywhere as you navigate things and you start to open your mind and see things for what they really are. 2.22K. Ken believes in sharing these successes, as well as his setbacks, to help educate and inspire investors to bridge the gap between where they are and where they want to be. Here are a few principles about property investing we need to get out on the table right now: The seller's asking price is irrelevant. . I actually just need to go find the deals. And the issue when I came on was that all the downstairs were full and all the upstairs werent for obvious reasons, right? They rescued over 500 kids last month. Premium Videos & Mini-Courses He is the owner of MC Companies in Scottdale since 2000. And every time you want to maybe feel a little bit bad about yourself or feel down, all you got to do is go back to some of those moments. So, I wish I would have gotten that early of a start but you got to run it while youre in college. With multiple units, the property value is based on the current cash flow of the property.". I dont even know exactly, somewhere between 20,000 and 30,000 units up and down the western United States and so starting from Seattle area all the way down into California and Oregon. Ken got his start during college, when he took a job managing an apartment complex . Reviewed in Canada . Life on tour isn't much of a theme in and of itself . They promote the upcoming Limitless Expo, featuring over 40 speakers on topics related to the economy, money, gold, debt, and negotiation. They are: On April 13, 2015, McElroy launched his YouTube account. I lived in Lincoln Park and I would walk by these 3 flats and 4 flats, and I just wanted to buy one so bad. Ive got to assume you didnt have this yourself. I didnt know how I was going to do it: $2M down and $7M in debt, roughly. 30:34 - Wrap up. To learn more about the ins and outs of real estate investing, take a look at my book The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss. And it took me a handful of years to figure out, No, this is holding me back. Ken McElroy: Thanks. And I think its a big red flag when youve got someone that is an investor that is always kind of turning to new relationships. Ken is a Rich Dad Advisor to Robert Kiyosaki ("Rich . Im actually revising it right now because its a bit dated, just on some rents and things like that, as you would imagine from over the years. Free shipping for many products! So, the two of us together, were still together and hes an incredible friend. Sorry. Weve been to Russia, Asia, Australia multiple times, all over Europe, all over the US, Canada, Mexico, Spain, you name it. Its because in Arizona, things are easily $300 a door right now and in some cases $400 a unit. And thats really taken off. Ive just had so much fun getting to know you and learning more about your story. The idea. Its got a $20 million value-add, we got to put this much in it, and Ive already got a debt quote. You would say, In. Now, there are a zillion things that I have to prove out but a lot of people dont realize that investors are sitting on a bunch of money typically in their bank account and/or theyre making a bunch of money and their companies are kicking off a bunch of money. So, we gave out, gosh, we were giving out $5,000 and $10,000 grants to families during that out of our foundation to our own people. You know, it reminds me when I was younger. Sure. And then he asked me, hes like, Hey, do you want to come to one of my events? I swear this is true. Our turnover was almost nothing. Justin Donald: We did. In fact, theyre opening nine more locations and theyre just doing incredible work. What was the market for that? I had to learn that. Its so neat to just see how these worlds collide and who knows who and, I mean, one conversation, one relationship in the trajectory of change for the direction of your life, like the gravity of that one intersection is just mind-boggling. And so, its really interesting seeing this world kind of just come together here. I can do this. Justin Donald: Thats so great. His career kicked off while in college as he took a job managing an apartment complex. You can browse from a library of mini-courses, articles bonus podcast questions, and property management sample forms.
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