A dedicated educator and a heck of a nice guy, Kenny is a Summit favorite, and we're . Ken McElroy has lived and breathed real estate for his entire adult life, learning from the ground up. They had just sold their business and Rich Dad Poor Dad had just been released. 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. The murder of Ken Rex McElroy took place in plain view of dozens of residents of this small farm town, under the glare of the morning sun. 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. Hes a general contractor. He is the owner of MC Companies in Scottdale since 2000. Robert had me on stage. It was Robert. 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 then, of course, when I was hanging out with Robert Kiyosaki at the conference we were at, he just spoke so highly of you. The key is investing only where it makes sense and . He owns over 10,000 units in Manhattan. . So, I brought them to a bunch of places as my kids were grown up and just kind of made it a family affair. That is so cool. Justin Donald: Yeah. Now, this book is a few years old, so, you know, I'm sure some things have changed. Where: Fitzgerald's, 2706 White Oak. Ken founded McElroy Management in 1998, and in 2001 merged his company with Ross McCallister, creating MC Companies. Theyre donating their time, donating their resources, theyre starting them themselves, theyre sitting on the boards of them.. Key Takeaways with Ken McElroy. Deals get done almost on a napkin now. 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. Associated persons: Joseph J Knouse . If youre looking for step-by-step instructions on how to find, buy, manage, and get the most out of a property, my Closing Your First Deal course is here to help. Justin Donald: Well, Ken, Im so excited to have you on the show. I can do this. And in addition to that, my partner Ross, he had some things happen in his family around cystic fibrosis. The book's compelling stories and lessons show why real estate is . It wasnt a deep discount at all. Hes involved with development, construction and property management. Its quite a few charities, because we have 250 employees. Ken McElroy, The charity thing has been really significant for us. He called and said, Listen, Ive got only a year to live, and he got diagnosed with cancer. Were you underpaying? I called Robert and I met him and Kim at the Phoenix Country Club because they were living in Phoenix at the time and they had a home in Hawaii. I know you talked about it a little bit, and Id love to give you a chance to share because one of the things for me thats so important with my book with The Lifestyle Investor, I really wanted to not only educate people on how to be financially free to create financial freedom so there are opportunities to impact mindset where people can take not only that but shift the behavior and have the tangible, practical application to be able to do it. We need these changes to our zoning code to support better development patterns that incentivize affordable and sustainable housing. The power of putting yourself out thereand how this mindset led Ken to working with Tony Robbins. Justin Donald: Thats awesome. In this episode, Ken talks about his unbelievable journey and his steps to go from property manager to property owner. Thanks. . 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. In fact, that is one of our core values is to be giving. He has an estimated net worth of $20 Million attained from working as a renowned Real Estate Investor, Author, and Entrepreneur. . 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. Ken McElroy: Oh, yeah. SHOW NOTES FOR EPISODE 665: BEST OF OLD DAWG'S REI NETWORK PODCAST - THE ABCS OF REAL ESTATE INVESTING WITH KEN MCELROY. You know, it reminds me when I was younger. Ken McElroy: Yeah. Ken McElroy was born in United States on June 1, 1934. Its great to see you again. And so, what happened was, what does happen, as you know, is all of a sudden youre like, Okay. And, as you know, the world is made up of reciprocity. It was just a number of different people, Stephen Covey, and I mean just you name it, Napoleon Hill. And thats just really just taken off. And one of those is relationships. You know, its funny because I just recently did a podcast with Tom Wheelwright, and he spoke at our conference that we just had for The Lifestyle Investor Mastermind and private clients. I teach this seminar and its in Cave Creek, Arizona. Im like, Okay. 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. They rescued over 500 kids last month. Like, that to me is something to pay attention to. The money like you have a good deal, trust me, money is the easiest thing to come by, even when you dont have it. So, weve sold off some of those and we do development, construction, property management, all in-house. Your time, your treasures in these spaces for the right reasons and its amazing the fun synergies and connections you can have with other like-minded philanthropists that value this in their life and in their business. Well, thank you for sharing that and for your time. Investing Calculators I started small and made small mistakes, but I was in the property management business. old pros as well as novice investors, this friendly, straightforward guide walks readers step by step through every stage of property analysis. Investor, Entrepreneur, Best-selling Author, Rich Dad Real Estate Advisor. She lived in Conway, Missouri, and apparently died of cancer. So, I just wanted to share that with you, and it was really neat when we got a chance to meet. 3.  McElroy stands at the height of 5 ft 7 in (Approx 1.74 m). I didnt even know he was going to talk to me. 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 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. Justin Donald: We did. Were making money. I know like, well, I climbed Kilimanjaro twice with my kids. 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. Although Trena rode with McElroy at the end, she was victimized by him at age 12. Monthly Webinar More Information. Ken oversees the company's asset portfolio and leads the day . Id go there and get there at 5 a.m., help set up, help with registration, whatever I needed to do. And so, I just kind of hung my hat on that and said this lifestyle living, it wasnt an assisted care, congregate care, or lifestyle living. Further, he is a sought-after speaker on real estate investing at events around the world. And so, when I actually got the courage and decided I was going to start owning properties, I didnt know what to do and I started finding mentors and coaches and things like that. 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. 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. Hes like, All right, just talk. Get 59 Ken McElroy coupon codes and promo codes at CouponBirds. About us. Management. Im like, Oh my gosh, I completely blew off Rob. I mean, any time youre mentioning something with the word billions, you know that youre doing something right. Its 182 units. We believe that everyone deserves financial freedom. And, boy, did I have an education at that place. Ive just had so much fun getting to know you and learning more about your story. 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. Free shipping for many products! Trena McElroy, center, is led to a car with her stepson Ken McElroy Jr. . 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. 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 . I actually just need to go find the deals. He is probably mulling over a deal right this second. Tony Robbins. You know, we used to be called YEO at the time, which is Entrepreneurs Organization. Youre neighbors now. It was a small property that barely turned a profit, but it didnt matter. And so, obviously, when something like that happens you have to evaluate things. Ask Ken Questions The ABCs of Real Estate Investing - Ken McElroy 2013-02-28 This book will teach you how to: Achieve wealth and cash flow through real estate Find property with . 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. THANK YOU! 2,148 Followers, 954 Following, 524 Posts - See Instagram photos and videos from Danielle McElroy (@daniellemmcelroy) That was my first job. The idea. 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. Day 1. Ive now written six books. 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. I believe that you had to have a bunch of money in the bank. Like, I want to do this anyway, and its really neat that we get to share this with the world, you know? She remarried in 1983, and, from what I know, lived a fairly happy life. I was laughing the other day because I started as a paperboy when I was 14. Its always a primary issue in our firm. Ken has ranked on the list of those famous people who were born on June 1, 1934.Ken McElroy is one of the Richest Criminal who was born in United States.Ken McElroy also has a position among the list of Most popular Criminal. In addition, he is the author of The Sleeping Giant and The ABCs of Real Estate Investing. A major factor in Ken's real estate success is his brand, MC Companies. 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. First time Ive been on stage and hes like, Tell them what you do, and he walked off. The steps Ken took to raise money and secure a $9M multifamily deal as one of his first investments. We had a good time in Dallas, thats for sure. I mean, these are people that had a huge impact whether they know it or not. -Ken McElroy Original publish date: August 22, 2018 The Old 97's. When: 7 p.m. Tuesday. Ken McElroy was born in United States on June 1, 1934.. On Popular Bio, Ken McElroy is one of the successful Criminal. And the industry is very, very interesting and its a lot more collaborative than people might think. Is that right? document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); You dont have to come from money to build wealth. 14 Jun 2023. So, whats the story there? Not only is he a bestselling author and internationally recognized speaker, but hes the real estate advisor to Robert Kiyosaki of The Rich Dad Company. Navy during the Korean War. The story of how Ken went from managing an apartment building as a broke college student, to acquiring over $3B in real estate. And one of my professors at the school did what you did to a certain degree where he was property manager. 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.