Joining us on The Clever Investor Show today is Ken McElroy.
On the latest episode of the Clever Investor Show, Cody and Ken discuss Ken's journey in real estate, from his blue-collar upbringing to his success as the owner of a $3 billion asset portfolio. Ken emphasizes the importance of gaining a deep understanding of the industry language and lessons learned from his property management experience. They also discuss topics such as making money with multifamily investments and living tax-free. The current state of the real estate market and potential risks and opportunities for investors are also touched upon, as well as the importance of relationships and marketing in acquiring properties.
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HIGHLIGHTS:
Ken's journey in the real estate industry, including his mentorship under Robert Kiyosaki and building a successful portfolio of over $3 billion in assets.
The current state of the real estate market and potential risks and opportunities for investors, including the difficulty of finding good deals and the impact of commercial debt.
Ken's approach to running his investment firm and managing his team efficiently, including the importance of setting quarterly goals and committing to them.
The importance of owning assets like real estate to build financial security and the interconnectedness of health, wealth, and joy.
TIME STAMPS:
00:00 - Prelude
00:15 - Introduction to Ken McElroy
01:24 - Ken Mcelroy’s background
04:32 - How does Ken live tax-free?
06:46 - How he became an entrepreneur
09:21 - How did you get into property management?
13:33 - Starting with property management and raising capital
17:18 - How to choose a property to buy?
20:47 - What we do is, the business plan stands on its OWN!
23:00 - When I'm looking at a deal, I'm looking at how MUCH the deal PRODUCES
25:07 - How worried are you on the back end of refi?
27:38 - What’s your outlook on commercial space?
31:10 - How do interest rates go up and caps go up?
32:53 - What's your viewpoint on defaulting and new properties entering the market in the next two to three years?
35:41 - How to find good deals?
38:57 - The importance of culture
41:34 - Running an entrepreneur operating system on an entrepreneur platform
48:20 - What was Ken pissed off about?
50:17 - Hire slow and fire fast
53:17 - Accountability chart
55:00 - You have to make sure that THINGS are really CLEAR and the lines are drawn
55:51 - When you bifurcate some of the things that people do, collaboration doesn't work
57:33 - Looking back at where the system broke down
58:41 - You only really learn through PAIN
01:01:37 - The central bank's digital currency issue
01:05:00 - Building a financial wall around you.
01:08:41 - How to develop a millionaire mindset?
01:11:38 - It's just a matter of understanding currency and stuff
01:14:46 - The importance of thinking bigger and thinking bigger01:15:44 - What advice do you have about splurging?
01:18:11 - How many millionaires have six packs?
01:20:15 - The importance of going deeper into personal development
01:23:15 - Ego is the Enemy
01:24:05 - Being conscious and aware makes you a better leader
01:25:59 - What is Ken focusing on?
01:29:17 - Live events are where there's so much you can LEARN
01:32:32 - What you can do to support them
01:33:29 - END
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