Sign Florida Banking Month To Month Lease Free

Industry sign banking florida month to month lease free

welcome to get rich education i'm your host keith weinhold enjoy my chat with one of the most influential real estate investors and educators in history he leads a company that owns one billion with a b dollars in apartments it's the incomparable ken mcelroy today on get rich education m.c lauscher is the host of the cash flow ninja podcast and president of producers wealth he is on a mission to help you achieve financial independence and freedom as soon as possible he achieves this by integrating the infinite banking concept with real estate investments to increase your returns and recapture cash flow that you are not even aware of that you're losing mc shares the number one strategy of investors in his holistic wealth creation course at your own banking system dot com [Music] finally total control financial gives you checkbook control of your 401k and ira money to invest in real estate it's time to get your retirement money into your own checking account but you've got to avoid the little-known tax that you'll pay with any self-directed ira instead it's time for the qrp learn more and get your free copy of the qrp book by text messaging qrp in all capital letters to 72 000. get rich education is brought to you by ridge lending group producers wealth lorata real estate and total control financial you're listening to the show that has created more passive income for people than nearly any show in the world this is the powerful get rich education welcome to gre from spokane washington to washington heights manhattan in new york city and across 188 nations worldwide i'm keith weinhold this is get rich education and i'm so glad that you're here where you don't follow money you make money follow you bringing it back another week because i've got that drive to help you build your wealth today's guest rich that real estate advisor ken mcelroy leads mc companies and their 10 000 housing units where they own syndicate and manage primarily apartment building properties a lot of investors hang on ken's every word and want to know what moves he's making since he's such a substantial industry influencer well last time he was here he told us how it's increasingly difficult to find apartment building deals that make sense these days in fact now he's selling 10 properties across texas in tulsa oklahoma and in tucson arizona let's get right into it as there's so much we want to discuss today debt mindset his own deals and how to manage your team he joins us from scottsdale arizona today today and i'm going to say it we are talking to a legend in real estate investing as the longtime rich dad real estate advisor he's written so many books that have contributed to our field both inside and outside the wristhead series like the abcs of real estate investing the abcs of property management and the advanced guide to real estate investing i bet you've read at least one if not all of those books he produces tons of popular instructional videos as well welcome back for your fourth get rich education appearance the one and only ken mcilroy keith thank you great to be on again it's great to have you here let us know what you've been working on lately ken i know a lot of it has to do with mindset oh yeah yeah i well i always have been into personal development but for whatever reason the last few years have been all around kind of behavior mindset you know your belief system those kinds of things that robert kiyosaki and i and kim and the advisors we always pass books around we're studying a book together actually this month in scottsdale called the power of now which i've now read three times and listened to the audio i think it's just been an amazing amazing adventure yeah i often talk about people kind of underestimate them now they're always thinking about what they might be able to do in the future but you often have more to work with now than what you really think whether it's converting your ira funds into a self-directed type of ira and using those funds for real estate or whether it's taking idle equity in your home and converting it into cash flow there's a lot with the power of now yeah there definitely is i think what happens mostly is most people are hung up with maybe something that's happened to them back you know before today maybe they lent money or maybe they did a deal and didn't go poorly or maybe maybe they did a deal and did very very well and they think it's going to happen again or whatever it is you know there's so many things mostly from the past that people kind of bring in to today and i i think a lot of times it shackles them on uh you know their their full potential now you have this phrase of self concept and so much of your investor self concept has to do with early influences in your life and that's even true with you and your parents in your upbringing yeah yeah for sure and so so one of the things that we talk about is like in self-concept self-concept is really your self-esteem your self-confidence whatever it might be and so a lot of times like for example personally like i grew up my parents didn't finish high school and you know we grew up pretty poor and so my mother used to always say we can't afford that and we couldn't and so it was a true statement so i had to break out of that personally that mindset of uh you know how can i afford that from we can't afford that and so those are the kinds of self-concepts maybe you grew up in a broken home you have to i think pull yourself out of those scenarios in order to be successful you have to deal with those things and and move on when you replace the phrase i can't afford it with the phrase how can i afford it that's when your mind begins working that's when you start expanding your means rather than living below your means i kind of think of self-concept is what you think of yourself so how can someone improve their self-concept and think more of themselves well i think the self-concept it's actually as simple as just being aware of it so like one of the books that we studied which was the untethered soul for example by michael singer and this was a couple years ago it basically just talks about being the observer so when you have what's called triggers or you know some kind of emotion that you may even not know about whether it's conscious or unconscious around a subject like money you know as long as you're aware of it then you can start to work on it so in other words in the book they call it being the observer so let's say i lent some money to somebody once and now somebody's asking me again present day for money generally you're thinking about that experience if it was paid back or wasn't paid back and so you have a trigger based on your experience and so as an observer you're kind of watching yourself observing your behavior at that very moment because the self-concept does turn into your thoughts and your behavior thoughts become words words become actions actions become patterns patterns become you right it's interesting is some people carry a lot of baggage some people have been working on that baggage so we're now getting into things like that and it's really interesting because for me what you find is that whatever you're doing interacting with people or interacting in business or whatever it is whatever you've learned up to that point kind of determines you know what you're doing at that moment your behavior and i think that if you can go back and take a look at those perhaps you can roll like you said the actions the actions that are directly from your self concept and if you can't change your self-concept your your actions will never exceed your self-concept ever your financial income will never exceed your self-concept ever wow that's a great statement and a great way to think about it i think one way people can think bigger with their own self-concept oftentimes it's overcoming an aversion to debt and early experiences with debt that temper a person's mindset such that they might not even want to take out a loan for real estate well that's a phenomenal example that is the greatest example because i think if most people when they think of that even i did when i was you know younger you think of it as a negative word you think of debt as negative and in a lot of cases it can be but you know there's good debt there's bad debt there's also people that spend unconsciously in debt and consciously in debt so it's very very different but for me and for guys in the circles that i'm in and you're in we use debt we use good debt to get really wealthy the entire banking system is based on people giving them money through savings deposits and so the banks are sitting there with all this cash they have to lend it in the form of debt and so if you understand how to use it basically we're using opm or other people's money we're using people's deposits to go buy assets for ourselves and it's really that simple and again people they save save save save save they don't understand because they're fixed they have you know one of the things i like to say is they either have a fixed or a not fixed mindset you know which one do you have so people that are savers that have a fixed mindset around that issue they're not gonna listen to you in any way they don't have an open mindset at all and so if they open their mind a little bit and said yeah that is how the banking system is because it is it's basically ever puts money in the bank and then the bank looks for guys like us to lend it and so that they can make money on those people's money so that's a form of debt and if people thought of it that way they would you know unleash the shackles and they would go okay i could get it so now what do i do next you know they listen to guys like you and say okay this is how i would do it so that i don't lose it yeah i think the fixed mindset basically says that debt's bad and i'm just never going to change my mind on that and the reason people think that's bad i think it comes down to the fact that most people growing up they got used to having to pay their own debt they had a car loan on their volkswagen jetta and they had to work overtime hours on the weekend just to make the payments on their jettis they had to grind and they had to eat dirt or pound sand or whatever to go ahead and make their payment but with real estate investing you have the ability to outsource every bit of your debt principal interest taxes maintenance all that stuff and get cash flow on top of it so you have the ability to outsource your debt and do something like put a 20 or 25 down payment on a 1 million dollar 12 plex that provides cash flow and and can you know this already if it weren't for debt i wouldn't be anywhere with real estate we wouldn't be talking right now i'd still be working at a day job right right we all would you know it's the way the system works and if you understand the system it's really exactly like what you said keith if people really could get so their self-concept around debt but by the way my parents were this way they could not wait to pay off everything that they had there's nothing wrong with this by the way there's lots of you know financial gurus out there like dave ramsey that talk about this they're pay off your debt pay off your debt pay off your debt in some cases that i i think that you should do that but debt is not bad it should be used as a tool to go out and get you very wealthy that's the entire reason for it that's a tool a hammer could be used to bludgeon someone to death or a hammer could be used to build a beautiful building so that is totally a tool it's just completely based on how you use it and it's not something to just get rid of every time when we talk about the production of cash flow oftentimes one takes on debt to do that you know speaking of mindset there's still a substantial mindset around most investors can even when most people think about real estate investing they think of investing for capital gains buying an asset at a low price trying to time the market and sell it at a high price but there's really a mindset around cash flow versus capital gains can you speak to that great topic cash flow versus capital gains you know i did a couple videos in my jump start series about this you're right so just in its simplest form a flipper is a capital gain strategy so buy something sell it for more buy another one sell for more hopefully that works for them at some point of course we all know it's not sustainable so you really need to buy for cash flow first and with the also the understanding of keeping cognizant of capital gains so i'll give you an example every single deal that i've bought right now keith so we own about a just right around a billion dollars worth of apartments and ross my partner and i we decided that we were going to sell our bottom 10. so we have 10 apartment complexes that for one reason or another our bottom ten you know maybe they're low cash flow producers or whatever or maybe like in one case like in the city of austin yeah we think austin's at the top of the market and so we're going to sell it so we're cash flowing for example on that austin deal significantly but the capital gains side of it you know we're going to get four to five million more than we would have just two or three years ago because there's such an appetite for multi-family in austin and so you have to be cognizant of both you don't want to do a cash call to your investors you want to always have cash flow we have lots of it and so now the issue becomes what do we do with all that equity that's a different question so the cash flow versus capital gain that's a great example whereas i also have other properties that are tied on cash flow and if the occupancies came down at all then i would be in a bad position of possibly feeding the property so now i'm looking at that as okay well why don't we just make a few million bucks on this property and sell it to somebody else who thinks they can run it better than us and move on and redistribute that money so paying attention to these two topics is very very important so in the case of those bottom 10 you're selling relatively high you're probably realizing a nice gain on those but when we talk about cash flow versus capital gains you didn't buy those for capital gains you just happened to have a gain and you were enjoying cash flow all the while that's exactly right so so i've owned all those 10 deals anywhere from say five to ten years each we're selling them for right around 200 million dollars so we'll sell all of those and as you know we'll have a significant capital gain of probably somewhere between 70 and 80 million bucks of cash that we'll have by the end of the year that we have to figure out what to do with but if i wait two or three years keith that number could have been 20 or 30. the real estate goes up and down and so sometimes you have to capitalize on the capital gains side of it and cash out and redeploy that money into underperforming assets that you can turn into some kind of a value add and do this all again and so that's all the game is it's literally like monopoly this can be a great problem to have what do you do with 70 to 80 million dollars worth of capital gains because at some point it can get difficult to identify properties for a 1031 exchange and keep those timelines with such great amounts that's exactly what we're doing actually we're taking those 10 and and we're buying six and we're 10 30 wanting and deferring the tax on all of them and we're creating a fund and so that's kind of what i'm working on right now but yeah so we have 16 transactions between now and the end of the year so we're really busy what else can you tell me about cash flow versus capital gains especially you know there's a certain mindset that goes into that for one thing when you're not investing for capital gains well if you invest for cash flow it's difficult to become i'll sort of call it a victim of timing you can become a victim of timing if you're a capital gains investor oftentimes if you're invested in these more volatile coastal markets rather than sort of some of these more stable inland markets that you and i invest well i'll give you a great example because it's current and something i do so i'm right now looking for a new ho se and the uh there's a home that i'm interested in scottsdale where somebody bought the lot tore down the existing house and built this new house and they had anticipated the market continuing to rise in other words so so what they paid for the land what the cost for the demolition and the cost to build a new house is basically right at what they're asking and so there's no money left in for profit for these people and i'm actually going to offer them about 400 grand less than they're asking so now they're in a this is the point of a capital gain so there's so many people that do this on a small scale and big scale where they buy something and they hope the market's going to continue to go up and as you and i know both now hope it's not a strategy it's completely guessing that next year is going to be better than last year and so what we do like you is we try to buy for cash flow so using that same property you need to have some kind of tenant or reoccurring revenue in there so that you're at least covering your mortgage so you don't have the pressure of a buyer you don't have to sell it you can wait for the market and so the cash flow gives you the relief of not having to you have the anxiety and stress around selling something when you don't want to and if you're only into buying and selling real estate for a capital gain that's certainly a strategy and there can be a certain amount of success with that but once you buy a property and then you sell it well you don't own any real estate in the end and then you're often paying real estate commissions and make ready expenses oftentimes you can have 10 commonly whittled off your sale price for those two expenses alone yeah that's another great point on a capital gain strategy you have all those expenses but i think the bigger one is tax the biggest expense we all have in our lives is tax and so depending on your tax situation you could have a significant tax hit so not only do you have all those commissions and things that you just mentioned and the fees for transactions but any gain that you make if you do make is gonna be taxed at your your tax rate so you know at the end of the day you could have what 60 percent of that roll into the next one and trying to do it again and so that's all i'm saying as you know it's sometimes it's better to ride that all the way a lot of people just do not know about the 1031 tax deferred exchange i was recently talking to a couple older investors ken as my wife were on this vacation in europe and you know a lot of the people that go to the places we go were substantially older than us and i talked to a couple real estate investors from florida and they're just a mom and pop real estate investor and i was just talking to them about their investing and yeah they're kind of buy and hold and then they hope to to sell it for more and they usually do have a capital gain even though they're cash flow investors but you know they mentioned to me how oh they don't do anything like a 1031 exchange because they just don't get fancy like that and they don't mind paying their taxes that's their mindset that's part of their strategy you know it's funny i mean there's a lot of people that think paying taxes is patriotic and that they need to pay and i pay plenty don't get me wrong but there are tools to help you mitigate your tax and 1031 is in my opinion just one of the very best ones for real estate if it sounds to me like they don't understand it and they don't know it right they did if they really did keith they would look at it and you you can 1031 from from a house into vacant land and you can go from a commercial to an office you know into retail and into single family and new condos and the law is phenomenal it gives you a lot of flexibility yeah a lot of people just don't know any better and yeah if you think it's patriotic to pay your taxes well i think from the same vein you can say it's patriotic to buy the irs guidelines that your government sets up for you and part of those guidelines are really an inducement and an encouragement to do a 1031 exchange and provide more housing for more people well right you know tom wheelwright we're really well he's a good friend of mine and he wrote that book tax free wealth i think it's a phenomenal book and i'll tell you he educated me a lot he said the tax code is basically a series of tax laws that tell you what you can and can't do and it's really that simple if you follow wealth you will see that the money goes where the tax breaks are so if the government wants you know more oil production they do a tax incentive around oil if they want fuel-efficient cars they do a tax incentive around that you know if they want housing they do a tax incentive around that and so paying attention to that is so important because if you really want to see what the government wants they put up these tax incentives for us to watch you know to me they're like green lights you have to pay attention to them and you should use them because that's what they are and they're legal you know as long as you stay legal you know why wouldn't you why would you want to pay more tax i think tom is probably the first person to point out to both of us that the irs tax code and its 6 000 or so pages is basically just a treasure map to find out where all the deductions are that's exactly right and and so that's why you need people i know you and i were chatting in some of the prior interviews and even this morning before this one on partnerships and you know tom is my tax partner he's the guy i turn to for these kinds of things having that kind of knowledge i think a lot of times people try to do everything themselves they want to they want to know everything themselves and they want to be the expert i'm the exact opposite keith i want to know what i know very well i want to do what i do very well which is invest in apartments but i don't want to have to pay attention to legal attacks and all the things that swirl around those issues i want to have people on my team i want to have partners part of my team that can help me with that legal attacks are not my strong suit either i rely on two other rich dad advisors to do exactly that for me you're listening to get rich education our guest is rich dad real estate advisor ken mcelroy we're going to talk about partnerships more when we come back i'm your host keith weinhold would you like to know the easiest way to create wealth and passive income with real estate this is marco santorelli with norada real estate investments now you can access the best deals without the stress or hassle of having to find renovate or manage those properties we save you time by providing you with passive income investment properties in some of the best u.s markets learn more by downloading your free copy of the ultimate guide to passive real estate investing there's no obligation and nothing to buy simply visit passiverealestateguide.com and get your free copy today that's passiverealestateguide.com for a real estate investor like you seeking an income property loan go to ridge lending group mls 42056 over the years you've heard president chaley ridge generously devote her time to you here on the show as a guest ridge provides investment property loans in most u.s states and you're going to find out how they've helped more people realize their dreams of real estate financial freedom than any other mortgage lender in the entire nation when you get started at ridgelendinggroup.com this is peak prosperity's chris martinson listen to get rich education with keith weinhold and don't quit your daydream back to get rich education we're talking with rich dad real estate advisor ken mcelroy ken has so much experience with partnerships and he's been burned a lot of times and he's seen it all and he's done so many deals in his long real estate investing career so ken just start to tell us about the importance of partnerships and how you get into the right ones wow that's a great question keith as you know i look at everything as a partnership honestly some are more or deeper obviously the ones i think of that probably a lot of people focus on mostly would be obviously a marriage but also a business partnership very very different very different behaviors but the going beyond that i think that we have partnerships with our residents at our properties i think i have partnerships with my contractors my property managers my employees and the people that i rely on for day-to-day help on things and as i navigate through the investment world keith i think i have partnerships there whether it's my financial planner and i do have one and i'm asked talking him about gold or silver or maybe it's tom wheelwright we talked about earlier with tax or whoever you know and i have a personal trainer i think that's a partnership i really do that's how i think about everything i think partnerships are so so important and they can be very very good or they can be very very bad a lot of people think about partnerships only in the formal sense maybe you the listener out there thinking well i'm not in any limited partnerships or general partnerships or whatever but the property manager that manages your properties that's obviously a very important partnership you have a partnership with your banker you have a partnership if you hire contractors really you even have a partnership with every tenant that's paying you rent a hundred percent well it's proved by a lease i mean right you have a partnership with them and that you know you're in partnership with them to pay on time and what you need to do is maintain those premises in a safe manner people don't think of life that way but i do i think of in a lot of ways my friends and my kids and everything that way i mean and not in a a business rigid way but i think you know i have very different relationships with my kids i have very different partnerships with them so that's how i look at everything and the hard ones are the ones where there's money involved and things like that like with my partner ross and i have an incredible partnership with him and we've been together a long long time and i think the key to all this the underlying key to everything is uh communication and setting out expectations and accountability once those things are set along all those lines whether it's a marriage or a business or employees or contractors i think that it keeps partnerships strong you know what's interesting is they're at mc companies you and ross your syndicators of apartment buildings and other real estate and you own 10 000 or more apartment units even though your prospective property manager for your individual properties are maybe three or four levels below where you are now you will still interview them personally because you understand how important that property manager is and what that partnership means to your success well if you think about it yes i do keith uh thanks that's very very true i went through a time period when i was growing where i didn't do that and so i learned what i think happens is i want to make sure that the on-site manager understands one how important they are to the overall mission because i could take people's money and i could invest it but if i don't understand from the operation standpoint what's going on on a day-to-day basis and a week-to-week basis on a month-to-month basis that all rolls up to money that the property manager is either managing well or not well and so i made that mistake early on in my career and so now i think that person that on-site manager is incredibly important component to the overall success of an investment talk to us about finding the right manager it's the opposite of what most people think it is i used to think that it was experience and that's what i used to hire and i think a lot i do that with my own people at the office so whether even in the non-property management business so i'm part of a a group called eo and ypo been involved in those for a long long time and i gosh going back 15 years ago i one of the speakers was a guy by the name of jack daley he talked a lot about hiring and hiring for attitude only and so i switched what i was doing i started hiring people for attitude and as you know from being around lots of people whether it's sitting at a restaurant getting waited on you know there's people that come up to you that have are really positive and there's people that come up to you that are really shut down or whatever and so you know i started focusing more on that and once i started focusing more on that then my company started to get better we were in the top 10 multi-family companies in the nation were certainly number one in arizona where the top 50 employers in arizona all of that has to do with hiring people that have great attitudes because my belief keith is that you can bring anybody into anything and if they have a great attitude they're gonna just kind of like the money thing we were talking about before they're gonna say how can i do that you know what do i how can i be successful in doing that they're gonna be looking at and when they're done they're gonna agree that was fun what else can i do so hiring people that have great attitudes that don't necessarily know the business to me is not a problem i would rather train them and send them off in the case where i can find somebody that has both experience and a great attitude then it's a win it's as simple and easy as it sounds change my company change my business and change my life and my investors lives you can train for skills but you can't very well train for attitude anything else with vetting property managers do you usually take a referral route i mean how does that property manager even ever get to the point where they're in front of you yeah so i do yes i usually try to get referrals if i'm hiring a property manager in a different state which i've done plenty of times yes i start with the referrals from the brokers and from the local apartment associations and usually like in anything keith two or three people's names kind of resonate to the top and that's kind of what i did you know when i went to portland i did this huge project there that's how we did it we went around and we just basically said who's the best in town for this and over time people that are in the industry people's names kind of rise to the top so that's property managers which is really kind of the glue that makes these investments stick together but if you need to buy a property and rehabilitate it for a value-add we're talking about partnerships with contractors and vetting them and oh gosh it is just so common to have problems with contractors and it's just so common for them to show up 30 minutes late with beer on their breath how do you avoid fighting that type of contractor well it's a great great question it's funny because in this particular area i think people a lot of times they hire contractors based on their bids the lowest bid you got the deal right and so i think that's a huge mistake and i'm not saying you shouldn't be conscious of pricing but a lot of times there's a reason why they're undercutting or you know because sometimes it might not be worth i mean it's happened to me you hire somebody and there's not enough money in the bid for them to make anything and so they're flaky so i think it's a combination of finding out about are they reputable have they done this work before and again doing references with where they've come from but also to break down the bid and make sure that they're making money you want to make sure that and i think a lot of times people don't care and so that's when a lot of times they can get into those kinds of problems the other thing like where you said with the contractor shows up with let's say bear on their breath or anything like that that has a lot to do with the leadership at the top and so if you're hiring a company that has service reps out there or people that are representing them and they're not doing a good job then you're going to have that but again it's being very selective and what i like to say is higher slow and fire fast right absolutely and when it comes to contractors oftentimes a big company has a higher price but a big company they have more labor a their disposal and they are more likely to know their margins and if they know that they're going to be making a reasonable profit they're going to be less likely to cut corners a bigger company they're going to be companies that are less likely to ask you the investor the tree having a place they're going to be less likely to ask you for something like a really big upfront payment like asking for ten thousand dollars up front because a small company they might not even have a a credit line anywhere so they're going to be looking for an upfront payment from you for ten thousand dollars to buy drywall and plywood well that could be a red flag right there yeah you're exactly right if you're fronting money for them to buy supplies you're tight it's happened to me that stuff sometimes it makes it to your site sometimes it doesn't if it does sometimes they're having a tough time finishing the work because they're managing a whole bunch of things and so they basically have a team of one and so you said it if sometimes not all the time the bigger contractors can be higher in price but like i said you get what you pay for it i personally especially if it's a big big project i want to hire somebody that has a deep bench well said and there are some types of work where if i collect bids i actually look at the higher bids first prior to the lower ones sometimes i take those more seriously and one other little trick i like to do is i like to request quotes rather than estimate it's just a little thing it might not matter but getting a quote rather than an estimate might give you a little bit more leverage down the road if something goes haywire yeah i mean it's all everything's negotiable so i usually take multiple bids and sit down with all of them you know and i mean i do this with real estate deals when i was telling you about the portfolio that we just put out we had 45 offers and so we went through two three rounds of best and final and um depending on the deal itself and so that's an opportunity for you to communicate with whoever is trying to land the bid or get the quote or whatever and that's how it should be it should never be okay let's move forward it should always be whenever you get something from somebody and you get three quotes or bids or estimates or whatever you want to call them and they're going to be very different like for sealcoating for example you know some are going to have different levels of patchwork and different levels of seal coating and different kind of mixes and things like that and that is the part where you're supposed to be you're supposed to get in and make sure that you're all apples to apples because most times i found bids are very different from apples to apples perspective that's a great point real estate is so quirky and irregular and inefficient in some ways and it really takes some knowledge just to put three quotes or estimates together to get a fair comparison right and when you do it's actually knowledge you know you're sitting there looking at the three and you don't have to be the expert you just have to ask them and say well i had another bid that included this and is it that you missed this or that you don't think we need it you know what i mean and so that's to me that kind of fine gets everything kind of apples to apples are all in one even playing field we've talked about partnerships with property managers and with contractors what about partnerships with tenants they are effectively your partner is m.c companies doing anything differently with vetting tenants and what exactly are you doing well yes we haven't changed anything in the last few years but keith we think that finding the right tenant or resident is the most important thing because all your problems come from that one decision and so obviously we put out an application and they have to fill that out we try to make them do at least three to one which is called their income has to be at least three times the rent and then the deposits we vary based on whatever their credit history might have been etcetera etcetera if they've had evictions or something like that that's those are usually red flags and a lot of people a lot of times don't pay attention to those things because they're desperate they have a vacancy loss they're trying to cover it and in addition to that we do criminal background checks so we don't want convicted felons in our properties and that's just our policy not everyone has that policy and and there are convicted felons that have are doing just fine these days but that's just our policy and then we also run a sex offender check because we don't want sex offenders in our properties so those are the things that we do and so what happens is hopefully we're not in a position keith where we're actually having to evict anybody that is something that i don't want to have to do and you know we have 10 000 tenants cash flow and income all come from tenants that's really one of your more important relationships and partnerships even though it's a lower level one you just absolutely can't overlook it because that's what really makes this thing happen so can people are often interested in knowing what you're up to and what's coming next what's next for you and nc companies late this year and into 2019 well i'm having fun right now doing these ken mcelroy.com videos and and keith the honestly that's been a blast because it's taking 30 years of investing in property management and entrepreneurship and putting them into these short videos their free videos on my website at kenmacroy.com that's been a lot of fun just being able to educate a little bit on you know some of the mistakes i've made over the years and all the things and it's we're growing very very fast and most of the videos i'm doing these days are uh from requests from our subscribers so that's been really fun i'm uh in the process of finishing up another book it'll be my fifth book and that's kind of along this mindset and uh real estate investing idea that we talked about and then we have 300 million dollars worth of real estate trading you know in the next uh basically three months so we're very very very busy and uh putting together a fund i've been back and forth to wall street with goldman sachs and blackstone and kind of negotiating uh things with them for uh you know bringing in some institutional equity and it's been fun it's kind of uh you know super busy this time you've always got a lot of irons in the fire yeah i really suggest checking out kenmcelroy.com get ken mcelroy's 30 years of experience there in really easy to consume bite-sized videos keith i want to thank you for all the education you're putting out there i think i want everyone to achieve financial success i do that's my overall goal and i think there's enough room for everybody to do that and and i want to congratulate you on your success as well well thank you there's plenty of room for that that's the abundance mentality ken mcelroy thanks so much for coming back into the show of course keith yeah great stuff from ken as always if you got great value out of today's show i would be so grateful if you take a screenshot of your podcatcher with the show playing here and post it on your favorite social media platform your facebook or your instagram or your linkedin until next week when i'll faithfully return to help you build your wealth for rich dad real estate advisor ken mcelroy i'm keith weinhold don't quit your daydream nothing on this show should be considered specific personal or professional advice please consult an appropriate tax legal real estate financial or business professional for individualized advice opinions of guests on their own information is not guaranteed all investment strategies have the potential for profit or loss the host is operating on behalf of get rich education llc exclusively [Music] as america's third largest city chicago illinois has big economies of scale for real estate investors but there are problems with investing in highly taxed fiscally strapped illinois you can beat it when you invest in land staying on the indiana side of the state line your property tax on a median indiana home is less than half that of an illinois property forbes ranks indiana as one of the top 10 states to do business with typical rents at hundred fifty dollars and purchase prices at one hundred twenty five k northwest indiana numbers work learn more and connect with the turnkey provider at getricheducation.com chicago that's get rich education dot com slash chicago 71 of americans aren't saving enough for retirement it's going to get worse as people live longer and you need to start thinking differently but you can't lose your time real estate is the investment vehicle that's made more ordinary people wealthy than anything else keith weinhold of get rich education is host of one of america's top investing shows disrupting wall street he's an international best-selling author a writer for rich dad advisors and has been an active income property investor since 2002 he has created thousands in passive monthly income for countless followers and now he has a free book the seven principles for creating wealth in your life get your copy now at getricheducation.com forward slash book that's get rich education dot com forward slash book because invest in what produces income for you now and later sign up now at getricheducation.com forward slash book [Music] the preceding program was brought to you by your home for wealth building [Music] getricheducation.com