The Real Reason We’re Breaking Ground During an Economic Slowdown
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 26 September 2024
⏱️ 48 minutes
🧾️ Download transcript
Summary
In this episode, Ken McElroy provides a strategic update on MC Companies' latest project, explaining how rising costs and future market timing influenced the decision to move forward now.
Ken and Danille speak with communication experts Chad Kerby and TK Stratton in the second segment. They discuss their book “Speak and Get What You Want” and how effective communication can transform personal and business relationships.
In the final segment, Ken and Danille share personal life updates, including their thoughts on Charleston real estate, their upcoming move, and how they’re optimizing their health and finances through proper nutrition and HSAs.
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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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#apartmentmarket #rentalmarket #landlordstrategies #newconstruction #futurehousing #communication #relationshipbuilding #businesscommunication #communicationstrategies #activelistening #leadershipdevelopment #speakandgetwhatyouwant #trustbuilding #negotiation #professionalskills #salesstrategies #leadership #communicationtips #personalrelationships #nextgenerationleaders #readingtheroom #KenMcElroy #DanilleMcElroy #personalupdate #CharlestonRealEstate #realestate #downsizing #movinghouse #nutrition #healthtips #foodasmedicine #HSA #wellness #simplifyinglife #familylife #healthylifestyle #realestateinsights #decluttering #homeimprovement
Transcript
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| 0:00.0 | So today we're going to talk about our newest deal, Mason Ranch, which is a 312 unit, new construction deal. |
| 0:06.5 | And people are probably thinking we're crazy right now because, you know, like a lot of construction stopped when interest rates went up. |
| 0:14.3 | And of course, prices were up, labor costs were up, you know, the cost to build is up, land is up. |
| 0:20.1 | Interest rates are everything's up. |
| 0:22.3 | But so why would we build today, right? |
| 0:26.3 | Yeah, that is the question. |
| 0:27.6 | People are going to wonder. |
| 0:28.8 | I know. |
| 0:29.8 | But I also want to point out, people wondered why you were buying in 2013, too, when prices |
| 0:35.9 | were going down. |
| 0:36.9 | There is a method to the madness. |
| 0:38.3 | I mean, if you guys look at it, well, let's just go back. |
| 0:42.4 | First of all, there was a lot going on three years ago from a new construction standpoint |
| 0:47.7 | in all facets. |
| 0:49.6 | Rates were down and the economy was hot, right? |
| 0:52.7 | Now, why did I go back that far? Because you really need to go |
| 0:56.4 | back and start to take a look at what interest rates went up. When interest rates go up, all |
| 1:02.3 | things being equal, then everything goes up. It costs more to build something. You know, |
| 1:08.4 | even if the construction stayed the same, which it didn't, the |
| 1:12.8 | construction costs, but all those things went up. So when construction costs go up and labor costs |
| 1:19.3 | go up and interest rates go up, you know, and rents aren't going up that fast. And you got to like, |
| 1:25.5 | okay, like everything on the expense side of the column |
... |
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