My EXACT Plan To Grow My Business from 2 to 8 Billion Dollars
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 23 March 2024
⏱️ 15 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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DISCLAIMERS: Any information or advice available on this podcast is intended for educational and general guidance only. Ken McElroy and KenMcElroy.com, LLC shall not be liable for any direct, incidental, consequential, indirect, or punitive damages arising out of access to or use of any of the content available on this podcast. Consult a financial advisor or other wealth management professional before you make investments of any kind.
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. My exact plan to go from |
| 0:06.1 | two to eight billion. Here's the main reason people cannot scale their business. Every successful |
| 0:11.5 | business knows how important and those that don't will fail. So in order to pull all of this |
| 0:17.6 | off, we're probably going to add somewhere between 900 and 1,000 employees. |
| 0:22.6 | The truth is, it will only take to make this happen. So the first 2 billion, as they say, is the |
| 0:27.9 | hardest. The fact is, I started with one two bedroom, two bath, with 116 grand. If you guys |
| 0:33.0 | watched that video, you know. The process to get our first 10,000 units was a painful process largely. But we learned |
| 0:40.1 | a lot. Now we have the backbone and the frame in our whole company and our organization to take it to |
| 0:46.1 | the next level. I had no idea how I was going to scale the 10,000 units, and that's the truth. But what |
| 0:51.7 | happens is once you set a goal out there, you start to realize who you need, when, and for how long. So sometimes they can be consultants. Sometimes they can be employees. But the truth is, you don't always know. You can't map it all out. You have to have a directional goal, obviously. But from moment to moment year to year, you don't always know who you need and when. |
| 1:12.1 | You just keep focusing on the goal and then things emerge like I need an accountant. I need an |
| 1:16.9 | analyst. I need an acquisition person. I need more property management. I need asset management. |
| 1:22.3 | Whatever it is, you start to realize that if you're managing the goal, then you start to see the need. So to go from $2 billion to $8 billion, you need to realize that if you're managing the goal then you start to see the need so to go from |
| 1:29.7 | two billion to eight billion you need a strategy obviously for the next 10 years so for year one if |
| 1:36.6 | i bought a thousand units which is only 250 units every quarter that's let's say 250 thousand dollars |
| 1:43.8 | that's going to be about $250 million. |
| 1:47.3 | So if I'm going to buy $250 million in 2024 worth of property for a thousand units, let's say, |
| 1:55.1 | I'm going to probably need around $100 million of equity. |
| 1:58.5 | So that's very high level. |
| 2:00.7 | But if I'm only going to add four |
| 2:02.2 | properties to our existing company, it's probably not going to require any more people, ironically, |
| 2:08.2 | because I already have the structure and the backbone set already. The truth is, it will only |
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