Biggest 2024 Real Estate Trends From A $3 Billion Real Estate Investor
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 10 January 2024
⏱️ 9 minutes
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Summary
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Visit Ken's Bookstore: https://kenmcelroy.com/books
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, and The ABC’s of Property Management. 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. This podcast is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
Ken's company: https://mccompanies.com
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Transcript
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| 0:00.0 | Welcome to the Real Estate Strategies podcast. Let's get right into this episode. Today we talk about |
| 0:07.6 | the top 24 real estate markets that I'm looking at. Each and every year, we look at the markets |
| 0:12.6 | we're investing in and potentially new markets that we might want to consider for the next year. |
| 0:17.7 | We typically have eight different investment drivers that make our decision |
| 0:22.3 | into which markets we decide to invest. The first one being interest rates and cost to capital. |
| 0:27.9 | As you know, that's a little squirrely right now with the high costs of both equity and debt. |
| 0:33.1 | Two would be construction and renovation costs. Three, are land costs. Four, property taxes, specifically, and renovation costs. Three are land costs for property taxes specifically |
| 0:40.1 | and operational costs like labor costs. Nimbism or not in my backyard. Sometimes it's hard to do |
| 0:46.7 | deals in certain markets based on the political environment, specifically neighborhoods. Population, job, |
| 0:53.4 | and income growth, state local taxes, |
| 0:56.2 | and of course, infrastructure, which also means transportation or ease of transportation. For |
| 1:01.4 | 2024, we're also concerned about four main things. One, household savings rates are below |
| 1:08.2 | normal levels and consumers have depleted most of their pandemic savings, |
| 1:12.6 | which could reduce further consumer spending on things like housing. This is something to watch |
| 1:18.4 | because it severely affects where people go. Student loan payments are resuming, which could |
| 1:22.8 | further reduce consumer spending. Number three, oil prices, as you know, oil affects everything. It affects |
| 1:29.7 | even the transportation of the cost of food to your local grocery store. And now, of course, |
| 1:34.6 | the obvious is to and from work or vacationing and things like that. Four, banks are tightening |
| 1:40.6 | their lending standards. Now, this is a big one. Now, they're doing that for a couple |
| 1:44.4 | reasons. One, a couple banks went down in 2023. And two, maturities are starting to hit for a lot of |
| 1:51.5 | commercial properties, which is going to be very interesting for 2024 to see exactly how |
| 1:57.6 | that affects the bank's balance sheets. We all know that we need great bank health |
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