Everything I've Learned From Buying 15,000 Apartment Units
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- เผยแพร่เมื่อ 26 เม.ย. 2024
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Ken McElroy shares invaluable lessons from buying over 15,000 apartments, revealing the hard truths about the industry, including the importance of due diligence and determining when to sell. Gain insights on navigating property investments, from conducting thorough financial analyses to understanding market dynamics and cash flow strategies.
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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, The ABC’s of Property Management, and has an upcoming book: "ABCs of Buying Rental Property: How You Can Achieve Financial Freedom in Five Years." Ken is a Rich Dad Advisor.
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: mccompanies.com/
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DISCLAIMERS: Any information or advice available on this channel 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 channel. Consult a financial advisor or other wealth management professional before you make investments of any kind.
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thanks
Ken, I'm a D.C. based Re investor with a portfolio north of $30M under management and you are the only TH-cam RE professional I recommend to friends and family looking to learn about commercial RE. Keep doing your thing.
Thanks for all the great info ken! With you and Robert kiyosaki teachings im ready to go out and make my mark! Ive put my fear away and brought the dog out of me. After almost 20years of working in the brutal Michigan winters and tons of hours spent working for someone else with your help ive reached deep down and found my confidence. I may fail,but ill never know unless i go for it. I pray you somehow see this comment. It would mean alot to get any advice. Thanks. God bless.
Sage advice well done
Thank you!
Ken is a legend! Thanks bud!
Thank you Ken, you are not only the guru of real estate..but the most honest teacher and advisor. We cannot thank you enough.
I supervise 420 Class C units for two local Real Estate investors, and our vacancy rate has been between 1-2% for the last 18 years that I’ve been with them.
Class C is a different animal but are you sure you're charging market rents? I'd be curious.
We keep up with market rents and have raised rents every single year except for this year.
Great, what area of the country are you in @walterperu68
Top notch video Ken. Incredible insights as always. We are fortunate to have you
Thank you Ken for your continued dedication to mentorship.
Ken is so darn generous...without these "typical" mistakes made by those "Big Heads" in the industry, how do we expect to get the opportunity to pick up some value add investments which require some TLC/fine tuning....Those w/ plenty of $$$ but not enough "wisdom" in the real estate trade should thank Ken for his generosity and lessons to the game....Lots of lenders can learn from Ken's thinking to ensure they don't make so many bad loans down the pipeline....(of course, many are in it for the quick $$$/commission/flip, so they don't care beyond 3 yrs....)
Appreciate your valuable insights that is evidenced with years of experience.
Wow , you ate my virtual mentor! Tip #1 trust and verify. I've been looking for CRE 2 years and hearing lies from sellers, brokers. Thank goodness I've done the due diligence and passed on the CRE. Prices are dropping and good deals are coming up. Thank you
What he says makes sense. It's practical. Practical isn't sexy until a crash.
Ken ur information is amazing really appreciate you and learn a lot
Any chance u can do a video of u walking potential deals and pointing out stuff like the condition, etc?
Love This!! Super Grateful, Ken 😊
Another excellent video! Thank you for making these and sharing your knowledge Ken!
Excellent video! Thanks for sharing.
Killin it ken 🎉
Much appreciated!
Fantastic video, Ken ! Thank you
Thanks Ken for your help with this
Always very direct clear advice
Ken…. You are a badass!! You alway create valuable content. Thanks!!!
Thank you Ken!
Excellent information! Bravo.
Great! Thank you!
Thanks Kenny
Great advices. Applies to many other things in life too.
Great video - applicable to a lot of assets - thanks
Ken the MASTER 🙌🏻
pure gold as usual
I see trouble down the road with single family homes, when rates do come down, those who bought high with high rates are going to want to refi but property has no more room for equity or are underwater. Same ppl who fell into fomo drove prices up.
Don’t worry rates won’t be coming down materially anytime soon.
Thank you.
Hi Ken thank you for all the real information and what to look out for I'm seriously thinking about investing in Providence Rhode Island since it made the list maybe use a VA loan
gold!
⭐️⭐️⭐️⭐️⭐️Thanks
You have mentioned management many time but never go granular. What system do you use to train the property management? Maybe a new video idea ?
Hello Ken, I am really struggling to understand cash flow. Any good resources you can recommend? Thanks
Do people normally looking for CRE at looper and Crexi? I feel good deals will be snatched even before being listed there
thats the problem. good deals get snatched up directly from the selling broker pipeline, they network good with investors
I would be happy if I just understood everything you said here.😀.
For the structure, train them to define clear and feasible objectives, take an undeniable level perspective on the real world, preclude likely issues, and make monetary projections. Be wise, organize progress, demand direction, and procure research. With a great methodology and affirmation, your business can prosper and win in the unapproachable environment of progress.
Thanks for all the great info ken! With you and Robert kiyosaki teachings im ready to go out and make my mark! Ive put my fear away and brought the dog out of me. After almost 20years of working in the brutal Michigan winters and tons of hours spent working for someone else with your help ive reached deep down and found my confidence. I may fail,but ill never know unless i go for it. I pray you somehow see this comment. It would mean alot to get any advice. Thanks. God bless.
You can do it! Doesn’t matter what other people say, it matters what you tell yourself.
@@Lovepinkdress thank you. I appreciate your words of encouragement!
Do I need capital if I am only desiring to start my own management company (manage for fee)?
I eventually would like to become an owner but I am not in the position to do so at this time.
Just curious, it seems you have mentioned people raising money online a few times. It does not seem you favor this method. What wiuld you recommend to someone new who has a deal they are working to close in todays hi tech environment where people barely converse with one another? Just curious. From someone that follows your channels all the time.
I have a question about the washing machine idea.
It seems to me that your tenants are going to be using your machines, whether they're inside their own apartments or in your laundry room.
So why pay to own and maintain 2-300 washer-dryer units if you could pay to own and maintain, like, 20-30?
Pay me $50 more for the machine, or pay me $120?
25:45 It’s impossible to find a deal that cash flows day one. I’m looking for past 3 years. Brokers are fudging the numbers. Sellers are unreasonable. The market is just so upside down. 😢
I bought 3 rental properties in the last 3 years and all 3 were cash flow positive starting first or second month.
Have to find a different area
Hey Ken,
I have not purchased a unit yet , BUT i,m thinking about small resort unit ( 2/2 with kitchenette, furnished , ex- electr, w/ 275 HOA, covers internet water trash and outdoors cleaning and pool , this one happens to be in a premier Golf destination. How do you feel about those ? An in-house short term rental program is there but i think i want to rent the bedrooms separately and have a shared TV room /living and the kitchen . i have only roughly, done the numbers, it looks good. but wanted some one 's opinion weather i should buy into these kinds of apartments , my reasoning is IF i can,t get a 1year lease,that will cash flow , i can always go short term tourist rental and have another option of making money from it .What say YOU ?
Correct go for it. Million aire coming ing
Value of dollar goes down as prices go up... check advantage.
Ken, I’m a RE broker that works in the white mountains in the summer and in the Casa Grande area in winter. I would love to get some input from you.
Rent rolls not accurate!?? What?? That never happens..😂
I hope you have been fair with your tenants and have not exponentially raised their rents
Ken, you (and Kyosaki) were in the right place at right time. Congrats! Now, tell me how you’d do it all over again with today’s rates and lending restrictions if you were in your 30’s with say only $50,000 to your name. Thanks.
You are paid in a currency that loses its purchasing power faster than your pay increase, as long as you convert that pay into assets (doesn't have to be real estate) instead of liabilities, then you will be fine. I was a 25 year overnight success. Focus on your principles and values and extend your time horizon.
I’m a boomer too and when I was starting out in the early 80’s the country was going through a hard recession. I could not find work and had to move back home.
Even if I did have a job I could not have been able to afford a home as interest rates were high. Over 12%.
The baby boomers were born from 1945-1964. Two separate generations.
The first group snapped up the good jobs leaving the second group to scrounge for whatever job they could get.
I fell into the second group and I really struggled. I worried That I would not be established in a career (I was pushing to the age of 30)
It all worked out. I found out career that paid a living wage.
I was careful about my choices in where I invested.
Because I was a late bloomer I couldn’t afford to make bad choices with money.
Yes homes are priced to high. Not a good time to buy.
So save your money and wait.
I would look into buying a 4 plex as a primary home, there are some very good financing options out there. If the payment is too high, get roommates (house hack). I bought my first house in college with me and 3 roommate's, yes it sucks, but it's temporary. I did / do what I had / have to, on my only property at the time, I've lost money every month during the 08-10, but I held on and made it. Good luck, I believe that you can do it too, and God bless!
Is this video for the U.S? I want to make a comment about Realtors in Canada (Alberta) It is very esential for the offer to have conditions, and as a realtor we always recommend it. Inspection and Condominium documents reviewed by a specialist. If a realtor doesnt recommend it, they are not working in your interest. Though in my years in realesate I have not seen a realtor not recommending conditions. I am shocked hearing this. Not sure of the area you live.
Most ppl have more money than cents (sense)
What world do you live in? Most people don't have either is more accurate.
I don't watch for advice, I just come here to fantasize about being able to own property in my lifetime. Pleb rentoids upvote if you own nothing and are not happy.
There are affordable homes. Probably just not where you want to live. But, with a defeatist attitude like that, you probably won't get anywhere.
@@CrashBr0 yes, better to live hours and hours away from friends and family and also have to commute 2h to work every day, genius. What kind of society do you want to live in? You haven't thought this through. It's simply not okay for one boomer to own 15000+ housing units no matter what you bootlickers say.
Sorry, can’t relate.
What have you done wrong ?
If you zoom it out, real estate will always go up. Look at the next 100 years instead of 5 years.
With population collapse coming in the next few decades. The value of property will generally go down indefinitely, or until people start having babies again.
Your a genius! Oh your right, but...
Did you have 1 million in your rainy day fund to cover your ass in 2007? When homes went down down down for 7 years?
Rents went down to. How many bankruptcys happened in that time period, because homes only go up, right. Ok, Your a genius.
Until fiat currency collapses. Gold back or commodity backed currency would not be inflationary in the same way. And tech is also deflationary by nature which has been masked by inflation. Which cannot happen forever.
@darektartini194 What you really meant to say is, (Home values never change much at all.) But if you zoom out, and look at fiat currency, it will keep devaluating for the next 100 years, making us all think our homes are worth more. Only homes in high value areas, such as the beach front go up.
You go bankrupt in months, not hundreds of years 😂😂😂😂😂