335: Ken McElroy - How To Get Money For Your Property
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 8 March 2021
⏱️ 43 minutes
🧾️ Download transcript
Summary
To get money for real estate, you don’t always have to save up every dollar yourself.
You can use:
Equity from another property - my favorite
Seller-paid closing costs
Seller financing
House hacking
Rent income from duplexes and fourplexes
Lease-Purchase Agreement
Mortgage assumptions
Seller-held second mortgages
Syndication
Partnerships
Ken McElroy joins me to discuss how to attract investors to your real estate deal and more.
He outlines borrowing from your 401(k) and using your retirement plan for real estate.
Teach others about what you know. Just give with nothing in return expected. People will trust you later when you have a real estate deal.
Resources mentioned:
Ken’s free resource:
www.kenmcelroy.com/getricheducation
Show Notes:
Mortgage Loans:
New Construction Turnkey Property:
Ali Boone’s Recommended Book:
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Transcript
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| 0:00.0 | Welcome to Get Rits Education. I'm your host Keith Weinhold. How do you get the money for real estate? |
| 0:06.0 | Whether it's your first property or your 21st property, you don't have to trade your time for money at a job to save up for a down payment for every property that you buy. |
| 0:16.3 | In fact, you probably shouldn't. It's a mindspring of ideas on where you can find that real estate |
| 0:21.4 | capital with Ken McElroy and I today on Get Rich Education. You know, starting in real estate |
| 0:29.2 | seems hard for some. Even experienced investors can find it difficult to achieve the success |
| 0:34.0 | that they had hoped for. What if there was one small change everyone could make that |
| 0:37.8 | would solve these challenges? Allie Boone offers a book that really no one else has. It's an easy |
| 0:43.8 | to understand glimpse into the real estate investing industry and your mindset. It's life |
| 0:49.8 | lessons on hacking your mind before you hack your wallet. Her book to grab on Amazon is called |
| 0:55.2 | Not Your How-to Guide to Real Estate Investing. Most of our property investors choose either |
| 1:03.1 | cash flow or home price appreciation, but one real estate market can give you both Jacksonville, |
| 1:08.3 | Florida, with 27% lower home prices than the national median, |
| 1:12.3 | 1% higher gross rents, and Jacksonville has appreciated 34% more than other comparable cash flow |
| 1:18.9 | markets over the last 30 years. Get positive cash flow today and appreciation for tomorrow |
| 1:24.2 | to invest for cash flow and growth in Jacksonville go to cashflow |
| 1:28.7 | and growth.com you're listening to the show that has created more financial freedom than |
| 1:37.3 | nearly any show in the world this is get rich education This is Get Rich Education. |
| 2:01.9 | Welcome to GRE from Cambridge, England to Cambridge, Massachusetts, and across 188 nations worldwide. |
| 2:08.1 | I'm Keith Weinhold. This is Get Rich Education. When it comes to how you find money for real estate, |
| 2:15.4 | I think the most natural and the first thing to think of is that you're going to trade your time for dollars at a job. And then when you've saved saved up you've come up with a down payment usually |
| 2:19.0 | between 3% and 20% of the purchase price you do that with your own money and i'll tell you that's |
| 2:25.8 | probably how most people do it and that's how i bought my first property all with my own money in |
... |
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