How I Turned $116K Into $3 Billion
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 14 February 2024
⏱️ 24 minutes
🧾️ Download transcript
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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Although Ken McElroy and his affiliates take all reasonable care to ensure that the contents of this podcast are accurate and up-to-date, all information contained on it is provided ‘as is.’ Ken McElroy makes no warranties or representations of any kind concerning the accuracy or suitability of the information contained on this podcast. Any links to other websites are provided only as a convenience and KenMcElroy.com, LLC encourages you to read the privacy statements of any third-party websites. All comments will be reviewed by the KenMcElroy.com staff and may be deleted if deemed inappropriate.
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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. |
| 0:05.0 | So people often ask, how did you do it? How'd you go from 116,000 to 3 billion in |
| 0:11.3 | transaction to owning two today? I always tell them the same thing. I started with operations with |
| 0:19.0 | property management. I think a lot of times people want to start |
| 0:21.2 | businesses and they put money into those businesses, but they don't know how to run them. They don't |
| 0:25.0 | know that sales solves everything. They don't know how to manage expenses. They don't |
| 0:29.2 | know how manage people. So one of my competitive advantages was actually jumping into property |
| 0:36.3 | management because now I was able to learn all of those things |
| 0:40.0 | on somebody else's nickel. And so by the time I actually got to the ownership side and put the |
| 0:45.5 | ownership hat on, I knew how to run them. Now, I had a lot to learn. Don't get me wrong, but |
| 0:51.7 | I saw the problems before I bought the properties i saw things that the |
| 0:57.8 | sellers and the brokers never saw so i was able to solve them so everything i bought i knew how he's |
| 1:04.8 | going to fix it before i bought them and that was my competitive advantage i realized it was realizing |
| 1:10.4 | to be able to see what others didn't see and be able to fix the problems that others didn't see. |
| 1:16.4 | And that's how I created value for myself and for my investors. |
| 1:20.0 | I always tell people they should start a business, but I look at a lot of these 20 and 30-year-old influencers. |
| 1:26.7 | And all they can really do is generate a lot of followers and influencers and there's nothing wrong with that but they get a lot of money and they think that it's easy it's not easy and then they try to build a business later so in other words they're they're famous online and then they try to get some kind of assets to support that because they realize that they too are a declining |
| 1:46.5 | asset. I was lucky where I actually had to block and tackle from the beginning. I was hitting singles |
| 1:53.4 | the whole time. I was just trying to buy real estate that cash flowed. And then over 20 years, |
| 1:58.8 | I was able to do that successfully just by focusing on passive income. |
| 2:03.9 | Then along came the pandemic. |
| 2:06.5 | Some of you might have heard of it. |
... |
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