Financial Freedom with Real Estate Investing

If you ask people at the end of their lives to reflect on their regrets, no one ever mentions money or work. Instead, their focus tends toward the relationships they neglected. So, when Ken McElroy realized he only had one shot at having a great rapport with his kids, he got serious about designing a life of balance that allows him to grow a successful real estate business AND be fully present with his family. 

Ken has 20-plus years of experience in real estate investment analysis, property management, acquisitions and property development. Ken serves as an advisor to Robert Kiyosaki of The Rich Dad Company, and he is the author of the bestselling books The ABCs of Real Estate Investing, The ABCs of Property Management, and The Sleeping Giant. An advocate for entrepreneurs and real estate investors, Ken makes regular media appearances and speaks at top industry events all over the world. He is also the host of Entrepreneur magazine’s Real Estate Radio program.

Today, Ken joins me to share his insight around work-life balance, explaining why he takes time away to work ON the business and connect with his family. He describes how his definition of success has changed over time and how the decision to prioritize relationships translates to his business. Listen in to understand Ken’s take on limiting beliefs and learn how he approaches life with a commitment to being self-aware and fully present.

Key Takeaways

Why Ken spends 3 months in Idaho every summer

  • Think clearer, bring back new ideas
  • Time to work ON business

Ken’s insight on work-life balance

  • Up at 5am to work for 4 hours
  • Fully present with kids rest of day
  • ‘Space allows’

Ken’s transition from employment to entrepreneurship

  • Hard leap to rely on self
  • First job in property management
  • Start with one rental as side project

Ken’s goals around financial freedom

  • Initial goal to be own boss, cover expenses
  • Scale business as expenses increase

How Ken’s definition of success has changed over time

  • From ‘job’ to ‘good job I really enjoy’
  • Focus on money in 30’s (millionaire)
  • Now relationships with family, kids

Ken’s decision to focus on family and relationships

  • Sought mentor for support (Charlie Dunlap)
  • Money, work not on list of top regrets

How Ken’s shift in priorities translates to his business

  • Create better environment for employees
  • Seminars dedicated to personal growth

Why Ken sees BE as the most important aspect of Be-Do-Have

  • Work on inside, outside changes
  • Focus on people changed company

Ken’s take on limiting beliefs

  • Where come from shapes belief system
  • Value in considering other’s opinions

How to work through limiting beliefs

  • Awareness is key
  • Present as ‘observer’

What gets Ken out of bed in the morning

  • Sense of purpose
  • Desire to contribute

Ken’s view of spirituality

  • Likes ‘no rules’
  • Just about love

Connect with Ken

Ken’s Website

Resources

Win a Signed Copy of Ken’s Book

The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss by Ken McElroy

Books by Ken McElroy

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert T. Kiyosaki

Awareness by Anthony DeMello

The Untethered Soul: The Journey Beyond Yourself by Michael A. Singer

The Power of Now: A Guide to Spiritual Enlightenment by Eckhart Tolle

Warriors Heart

Financial Freedom with Real Estate Investing: The Blueprint to Quitting Your Job with Real Estate—Even Without Experience or Cash by Michael Blank

Deal Maker LIVE

Review the Podcast on iTunes

Direct download: ABI_133.mp3
Category:general -- posted at: 2:04pm EST

“When you pay somebody that’s been where you want to go, you’re buying WISDOM without the WAIT.”

If you want to succeed as a multifamily real estate investor, your best bet is to take advantage of free resources for a basic education and then find someone you know, like and trust who is willing to mentor you—even if you have to pay for their time.

Larry Goins is a veteran real estate investor with 20-plus years of experience in the space. He travels the US speaking at conventions and expos, sharing his strategies for buying a dozen properties every month—without leaving his office! Larry is also the president of both Investors Rehab and The Goins Group, and he hosts the popular real estate podcasts BRAG Radio and Brain Pick-A-Pro. Larry is committed to holding true to his moral integrity in his business and personal life.

Today, Larry sits down with me to offer advice for aspiring investors around finding a mentor and ‘accelerating the splat’ when necessary. He shares his favorite real estate strategies and explains how he has systematized his business around seller financing and lease option models. Listen in to understand what motivates Larry to continued success in real estate and learn how he pays it forward by putting people and principles BEFORE profits!

Key Takeaways

How Larry got his start in real estate

  • Always wanted own business
  • Tom Vu real estate seminar
  • Bought first house in 1986

Larry’s favorite real estate strategies

  • Seller financing
  • Lease option

How Larry has systematized his business

  • Buy house ‘fit and safe’
  • Landlord/tenant relationship
  • Lease option model

Larry’s advice for aspiring investors

  • Get education (podcasts, blogs and YouTube)
  • Find coach or mentor
  • ‘Education is not application’

Larry’s concept of accelerating the splat

  • Pleasure vs. pain motivation
  • Recognize time to move on

What motivates Larry to success in real estate

  • Dad passed in 1984, wanted to help mom
  • Be Rich and Generous

How Larry puts people and principles before profit

  • Advise against lending for bad fix and flip
  • Relationship driven (vs. transaction driven)

What gets Larry out of bed in the morning

  • Loves the chase, thrill of negotiating deals
  • Impart expertise to students

Connect with Larry

Larry’s Website

BRAG Radio Show

Brain Pick-A-Pro Podcast

Resources

Financial Freedom with Real Estate Investing: The Blueprint to Quitting Your Job with Real Estate—Even Without Experience or Cash by Michael Blank

Deal Maker LIVE

Michael’s Website

Podcast Show Notes

Review the Podcast on iTunes

Direct download: ABI_132.mp3
Category:Commercial Real Estate -- posted at: 1:52pm EST

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