The UpFlip Podcast 158. $2B Investor: Anyone Can Build Wealth with Real Estate
Oct 21, 2024
Ken McElroy, a real estate investor with over $2 billion in assets, shares his journey from college property manager to industry titan. He discusses overcoming fear in investing, the importance of continuous learning, and building wealth through property management. Ken emphasizes strategic decision-making and learning from past setbacks while navigating today’s market. Practical strategies for creating cash flow and networking effectively are also highlighted, making it a must-listen for aspiring real estate investors.
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Early Real Estate Motivation
- Ken McElroy's parents worked in construction and as a hairdresser, creating a desire for a different financial path.
- He managed properties in college for free rent, leading him to discover the power of property management and real estate.
The Power of No
- Learn to say no to bad deals by understanding property management, expenses, and market dynamics. This allows you to recognize and avoid unprofitable investments.
First Investment Anxiety
- Ken's first investment was a $150,000 two-bedroom, two-bath property. He used all his savings, creating anxiety about keeping it rented.