' And youre like, I kind of wasnt prepared for it but it was my first speaking engagement. But then you went on to do a lot of speaking with him and then also with one of my other favorites, Tony Robbins. The story of how Ken went from managing an apartment building as a broke college student, to acquiring over $3B in real estate. Commercial-Free YouTube Videos It was a small property that barely turned a profit, but it didnt matter. 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. But really, my love is multifamily, which is what I primarily do right now. Moreover, he bought his first investment property not long afterward. Stop bullshitting yourself: Be authentic, be transparent, and it will work out. Ken McElroy. To get your questions answered and learn more about Ke. So, I start with a two-bedroom, two-bath using my own money. Justin Donald: Unbelievable. You know, now its kind of old news but this is like, this is going to happen. I dont think I underpaid. Ive never heard him speak so highly of anyone before. 28:05 - Advice for a 20-year-old self. Well, and by the way, I love hearing that story because I took a lot of pride early on in my career that I would outwork anyone. So, theyre just frothing for guys like us that can bring them something that provides cash flow tax-free. And I realized when you see the faces of the folks and then the stories and you start to really connect with people, I realized that I needed to get more involved in things. Premium Articles in ZEBULON, GA on realtor.com, your source for top rated real estate professionals. But there's a LOT more to Ken McElroy than his association with Robert Kiyosaki. Picking up where left off in the bestselling The ABC's of Real Estate Investing, McElroy reveals the next essential lessons and information that no serious investor can afford to miss. One of these women was 24-year-old. Through his profession, he has attained a decent fortune. 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. Its a true story about buying any unit building and how to do it. It was not the phenomenon that it is today. I believe that you had to have a bunch of money in the bank. Its awesome unless they have to which is rare. 2,148 Followers, 954 Following, 524 Posts - See Instagram photos and videos from Danielle McElroy (@daniellemmcelroy) He . 14. I was taught the same as everybody else. 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, everybodys all in sport coats and Im in t-shirt and shorts. And then so that started from a physical standpoint. So, they set a certain number and then you got kind of that over. So, I just go when I can around my family. The Old 97's. When: 7 p.m. Tuesday. And now weve acquired a little over $3 billion in assets. So, I started small and made small mistakes but I was in the property management business, so I actually was pretty good at keeping it full and managing it and all that. You raise the first floor and theres a bunch of other things that we did but we ended up filling it up. Ross [McCallister, Kens business partner] and I fund the majority, but then our vendors fund [some], and our employees get an opportunity to fund too. And that was a good differentiator because most people wont work that hard. Interview with Regan Archibald Unlock the Secrets to Optimal Health & Longevity with Interview with Rob Follows Making Extraordinary Exits Possible with Rob Follows Have you Interview with Gabriel Hamel Using Seller Financing to Build a Real Estate Empire Want A Simple, Proven System For Multiplying Your Wealth AND Replacing Your Job? You guys have been friends for a long time. Justin Donald: So, what was the first property that you bought? Investing Calculators We were talking about a few other people in your pipeline that you did this. And a lot of times their options are financial planners of the stock market. Justin Donald: Thats right. In addition, he co-hosts a weekly business podcast, Real Estate Strategies with Danille. Its always a primary issue in our firm. You can browse from a library of mini-courses, articles bonus podcast questions, and property management sample forms. And then my friend, he started California Closets and he was one of the founders at EO. But we used an arms length. And this is the only place where Im guaranteed to answer your questions and look over your deals. 3. How did I not know about this? How Ken developed an unexpected friendship with Robert Kiyosaki. 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. The power of putting yourself out thereand how this mindset led Ken to working with Tony Robbins. So, I brought them to a bunch of places as my kids were grown up and just kind of made it a family affair. Commercial-Free YouTube Videos Justin Donald: Thats incredible. Id go there and get there at 5 a.m., help set up, help with registration, whatever I needed to do. And I was scared to death. Presumed owner of the real estate located at 13201 N 69th St, Scottsdale. And so, all the profits of Lifestyle Investor have gone to an organization. Ken McElroy: Thank you. Virtual Happy Hour with Ken 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. So, thats how it started and then I started traveling with them because I wanted to learn how to speak better. Where can we find you? And then, of course, philanthropy comes from there. It is one of our core values. McElroy helps as many people as possible to achieve financial freedom through real estate. Media Personality Scottsdale, AZ kenmcelroy.com Joined May 2009. Monthly Webinar In This Episode, You Will Learn: How to start from the bottom and work your way to the top. Ask Ken Questions And at the same time, running my business, growing the company, buying assets. Ken McElroy, We said, Lets designate a bunch of money from our properties into these foundations and bring on this director [of philanthropy], which we did. Sorry. 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. We do have something for your listeners. I dont know the exact number that we give out every year now. And then when I started to get involved, what happened was a friend of mines son was diagnosed with autism and this is years ago and before autism was this is back in the day when I really didnt have a lot of notoriety. He is the owner of MC Companies in Scottdale since 2000. We have at KenMcElroy.com/LifestyleInvestor we actually have a test that says, What kind of investor are you? So, you can maybe try that. And so, we found that by having that just by doing something that Ross and I wanted to do, our culture got better, stronger, deeper, and tighter, and we started attracting very, very, very good people because they wanted to be part of something bigger than just making money. 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. Justin Donald: You know, its interesting. Ken McElroy has lived and breathed real estate for his entire adult life, learning from the ground up. And so, now I love it because Ive come full circle. So, welcome. Lorem ipsum dolor sit amet, consectetur adipiscing elit. So, this would have been almost 25 years ago, I guess. So, what I did was I made the downstairs more expensive which drove the upstairs, again, just from being in property management you dont discount the upstairs. If you can find a good deal, the money will always follow. He was a real estate attorney, still my attorney, by the way, and an incredible friend. I think the things probably worth 50 now or something. Obviously, its not perfect. Building and developing multi-family communities. Reviewed in Canada . Yeah. Thank you. Having purchased over $400 million in real estate in the past two years, Ken brings a unique property management perspective when estimating a property's potential value. There is a point in time before you knew him youve had success before you ever met Robert but you guys became great friends. So, the call right before this was with a lifestyle investor mastermind applicant. 7-13 Jun 2023. Fueled by that determination, Ken bought his first investment property not long afterwards. First time Ive been on stage and hes like, Tell them what you do, and he walked off. 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. I didnt know anyone when I was young that was a business owner that invested as a profession. I'm enjoying Ken McElroy's content and see he has a RE Master Class for $450. In fact, he spent 8 years managing properties before he would own any of his own. Discounts on Upcoming Courses. The job ignited his entrepreneurial spirit and his turning point came as he was picking up his check. In fact, theyre opening nine more locations and theyre just doing incredible work. Youre neighbors now. Real estate expert Ken McElroy shares his knowledge through books, courses, YouTube, and a podcast. And Im glad in many respects that I didnt figure that out that I was a little too hard-headed because it would have been for the wrong reasons. 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. He is also a contributor for The Real Book of Real Estate. Thank you for sharing that with us and with our audience. It is clear and concise as can be, and really easy to read because the font size is a . 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. And so, for me, I was already headed down that track but then it just solidified all of it. I mean, in many senses, you guys travel almost everywhere together, which is so cool to see, and you both speak so highly of the other person. I believe that you had to have a bunch of money in the bank. Associated persons: Joseph J Knouse . You know, theyre like, Oh, this guy is like buying buildings now, and then the debt guys show up. I actually just need to go find the deals. McElroy is around 55 years oldalthough details regarding the date and year he was born remain unknown. Realtor.com Real Estate App 502,000+ I mean, just go google it. I say this often in my podcast that the people that I meet and get to know better, its so fun. 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. But your story is incredible, and Id love to have you share some of it here with our audience. Try NOW! 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. Awesome, Justin. Ken McElroy: Well, thank you. Tony Robbins. And I told him that I had to get running because we had our interview and he goes, Oh yeah, I know him, and hes from the Seattle area. View Full Itinerary. And I just got to say Ive had so much fun hanging with you here today. Thats right. And thats really taken off. He called and said, Listen, Ive got only a year to live, and he got diagnosed with cancer. Ill be there. So, I forgot. And so, we were walking through, we were just grabbing stuff and going into the green room, getting ready to speak, and Im sitting there looking at all the stuff, and I go to Robert. As per sources, he has assets of $750 million in real estate. We . Ken McElroy: Yeah. And I start with my rich uncle. And so, you did this with your attorney. Today, Ken is committed to helping as many people as possible to achieve financial freedom through real estate. That is what youll see. I mean, these are people that had a huge impact whether they know it or not. And so, I am relationship first and business is actually pretty low on the category for me. But his determination to learn and ability to surround himself with the right people eventually paid off. Ken oversees the company's asset portfolio and leads the day . In addition, the podcast contains 284 episodes as of April 19, 2023. The turning point came when the property owner dropped by the office to pick up his check for the month. We have five core values and one of them is be giving. I didnt even know he was going to talk to me. And so, when people like Mr. Litwin or my uncle can come in and say, Hey, these are things that you should be looking at, then you slowly change your pitch, you slowly change your business plan. 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. 00:28:37 - Join Ken as he speaks with Kelly Johnson from his property management company on how he and his team were able to manage properties virtually throug How to manage a property during lockdown - Real Estate Strategies with Ken McElroy () | Listen Notes I'm looking to buy small multifamily and notice that his specialty is large complexes, resorts, mobile home parks, and other large scale commercial properties. Ken shares his knowledge as the Real Estate Advisor to Robert Kiyosaki of The Rich Dad Company, a Forbes Council Member, with contributions to . And if the deal is good enough, the money will show up. And thats the truth. It is like the same excuses, almost exact. In a lot of ways, he was probably my first real estate mentor but I didnt get a lot of face time with him because he was so busy. And the way that worked back then was that you got whatever you collected over a certain amount. They promote the upcoming Limitless Expo, featuring over 40 speakers on topics related to . Ken is a Rich Dad Advisor to Robert Kiyosaki ("Rich . And so, thats when I started to be more intentional. I wanted to do real estate a lot longer than I was actually doing real estate because I had this limiting belief in my mind that I had to have the money to be able to do the deal. Ken is passionate about educating others so that they too can experience financial freedom through real estate investing. But what really happened, which was really interesting was we had quite a bit of money in the foundation and then the pandemic hit. Ken McElroy was born in United States on June 1, 1934. 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. The price for membership is $299.00 per Year. So, I go up on stage. In addition to all of that, Ken is the author of the best-selling booksThe ABCs of Real Estate Investing,The Advanced Guide to Real Estate Investing,The ABCs of Property Management, and most recently his book on entrepreneurship, The Sleeping Giant. Premium Articles 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. They cant keep the same vendors, clients, whoever it is that they use. What you can expect to see are videos about real estate investing, entrepreneurship, and life lessons I have learned not only from my experiences but also the high caliber mentors and business minds that I am surrounded by. Ive read every book but it was the first book I ever read on real estate. Ken McElroy: Yeah. And in my EO chapter, there was a guy that knew Robert and I was raising capital. 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! 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. Overcoming the limiting belief that you need money in order to make a deal happen. And I was a volunteer. He pursued and matriculated with a bachelors degree in Business Administration and Management General in 1990. Its not for us. And they owned a little 12-unit and some other stuff, and literally, they were on this kind of high with Rich Dad Poor Dad. Justin Donald: Thats so great. . Then we ended up doing partnerships with our vendors. Designed to guide every rookie from goal-setting to goal-realization in record time, this step-by-step guide will help you become a real estate investor within 90 days. He shares his insights and experiences on his podcast, Real Estate Strategies with Ken McElroy, and on his wildly popular YouTube channel. Hes a general contractor. Connect with the Guest: Website:https . 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. 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. Get Your Copy Analyze Deals Like a Professional Investor So, for example, lets just use Robert. 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. The book's compelling stories and lessons show why real estate is . And then as you would imagine and not by any kind of design, that attracts a different kind of employee. Justin Donald: Yeah. For over two decades, Ken McElroy has experienced great success in the real estate world through investment analysis, acquisitions, property management, and property development. 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.