LISTEN MORE THAN YOU TALK Listen for the word on the street. Only by beginning and by continuing day after day do we ever become experts. In New York, you have Greenwich Village, SoHo, Upper West Side, Upper East Side, TriBeCa, Harlem, Midtown. He worked for the same company for most of his career and earned a stable living that supported our middle-class lifestyle. They confirmed that there was a high demand to live and work in the city. In no-money-down deals, you’ll be paying higher interest rates because there is greater risk to the lender, have higher loan costs, and have virtually no money to improve the property or even repair it should something break. Manage your property right and you’ll increase the value. They are active in the community. More accurately, I felt it. Find more similar flip PDFs like The ABCs of Real Estate Investing - Ken McElroy ( PDFDrive.com ). They feel good about the property, so I feel good about the property; I trust them implicitly on what could be a $66 million acquisition.My point with these two stories is that offers are nothing more than an opportunity to look at the numbers and make an educated guess about how a property will perform in terms of cash flow, based on a brief, top-line evaluation. You refinance the property and pull out what equity you can. To do it, you don’t even have to leave your house. Property investing should pay off now and later. Sometimes fear of failure occurs when it comes time to “pull the trigger’’on a property. • Determine supply-and-demand estimates: ask your team read the visual signals • Check your findings against the information in this chapter. The developer in this instance who builds offices or apartments will have the best chance of success and will appear to have the Midas Touch. Things were so bad that in one apartment I entered during the site visit there was an M-16 propped up next to the door. The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss by Ken McElroy. Ross and I help each other stay on course with our five-year strategic plan. Remember, if you have to hard-sell your vision for a property to everyone you share it with, it is likely your project when completed will be a hard sell, too! For starters, I’ll need the rent roll The rent roll and current occupancy rate are the two key indicators of [which is a listing of the units and how a property is operating. I think you’ll find the following list familiar. What I’ve come to know is that there are a lot of people looking for good real estate deals. When I see a wave worth riding in a particular area, I don’t wait for the “For Sale” sign to get plunked into the ground. Copyright © 2012 by Ken McElroy. When you buy a house or condo and rent it out, appreciation of the property rests solely on the appreciation of the surrounding neighborhood. Others have a lot of desire, but lack the technical skill and the knowledge that can only come from experience. What makes this book different is, first, it is written from the most important aspect of real estate investment, which is property management; and second, this book is written by a real expert. Let’s say this parcel is flanked by significant retail presence on all sides and most of the big retail chains are represented in adjacent centers. Whichever route you choose—to employ the talents of family members, or to not employ them—know that your degree of success will be directly proportional to your degree of integrity. I made a conscious decision not to let my past dictate my future. It’s a great relationship and because we have mutual respect and honesty, it works. File Size : 32.28 MB You might even set your goal so high that you decide you want to be the number one rental property owner in your town within five years. Not only will they lend you money, but they will also provide you with leads on other properties that are ripe for sale. It was a good life for me, my brother, and two sisters. 5. That’s a good thing! The first step in buying right is knowing your market better than anyone else. Paperback. • Attorney. In most cases the opportunities to buy low are when the economy is down and the press is making a living by saying bad things about you. These are good places to meet people who might be valuable additions to my team, to find people I may want to hire, and to stay on top of issues that could affect my investments. Other areas that come to mind when I think of living experience and persona are Key West, Florida, and Coronado Island, California. Commercial real estate is a very different animal compared to residential real estate. First, you have to set goals. I recently ran into an ex-financial planner who stopped selling mutual funds after the stock market crash and is now holding seminars, teaching his investment secrets, and then getting his audience to invest in his high-priced properties. Maybe I should say glance. Read : 531, Author : Valerie Jean Nurcombe From problems stemming from years of deferred maintenance to battling numerous structural inadequacies, you name it and we encountered it. Myth #11: You Have to Know the Tricks of the Trade There are no tricks of the trade in the purest sense of the term. That’s a dangerous position. Finding a property, financing a property, and selling a property are, in most cases, relatively short-term events. Sure I glance at the property listings, but more important, I look at the news, the sports, the neighborhood happenings. This is the case in big cities like New York and San Francisco, which attract large populations, most of whom cannot afford homes. This same theory is also true for the town’s retail businesses and restaurants. 1 … And they get even more charming when they are making money. The ideal central locations, community goodwill, and an aura of “coolness”• often associated with redevelopment makes these kinds of projects population magnets. Thank Conclude the call on a cordial, you for your time. The Scottsdale Airpark is a haven for small businesses and a real driver of rental communities and single-family homes in the area. He handles the construction and development and I handle the management and operations. (It’s safer that way.) Corporate relocations are instant population boosters. • Great locations possess a rare quality. They purchase property based on the seller’s asking price, or something close to it, instead of the operational performance of the property. The investment real estate business is something you should want to do and may even need to do. In other words, everyone sees the property differently, and each vision will deliver a different level of payout some better than others. The ABCs of Real Estate Investing Summary. • Income tax consultant. Your attorney will certainly help you set up your business, but he or she will also help you wade through letters of intent and purchase and sale agreements. Today, thanks to the Internet, research is easy and takes virtually no time. Even when movie stars win Academy Awards, they never walk up to the podium, face the crowd, smile, and say, “Thank you. • Make the commitment to abandon these unproductive myths. But hiring this service out has its benefits. And more still from your second and third. Format : PDF, Docs File Size : 55.25 MB At this stage, I rely on my team to fill in any gaps I may have in my knowledge about a property. For the right price, in the right area, with the right expectation to achieve your goal. CHAPTER SIX ACTION STEPS • Narrow your target property parameters further based on your initial review of properties in your targeted submarket. Today, my partner and I have people literally standing in line who want to invest in our next real estate venture. In Portland, the acquisition of our waterfront building is destined to be a great investment. This program focuses on balancing your marriage, family, and business. Sometimes as you look for the owners of a property you’ll discover it is owned by a corporation, not a person. Well, I’m not going to assume that with this book I’m going to change the reading comprehension rate of the typical human. These facilities bring tens of thousands of people to an area and open up all kinds of opportunities for investment real estate. “S”• specific “M” measurable “A”•agreed upon in writing “R”•realistic “T” time activated Charlie also happens to be my personal mentor and I meet him once a month. This person will be able to give you tax advice based on your own personal financial situation. Read : 983, Author : Monica Villasenor I am quite wonderful for having done this all by myself.” Instead, it practically takes a vaudeville cane to yank them off the stage as they thank the hundreds of people who helped them all along the way. Scottsdale, by contrast, has many employers. I prefer the latter. This is just one example. That’s where Level Three Research came into play. Had the work been identified up front, the cost of the property improvements would have been factored into the seller’s listing price. Things change, markets and submarkets go in and out of favor, big projects like highways change the patterns and flow of a city. Supply and Demand When it comes to investing in property of any kind, particularly rental property, I make sure my first objective is to get an accurate read on the supply and demand in the area. Using half your lunch hour to eat frees up the other half to make phone calls, meet with your team, and even visit properties. And contrary to what most people think, we can never have enough character. Maybe it’s an objective? The tax laws are complicated and it is always good to have the advice of someone whose job it is to keep up with tax law. on my investment. When we talked it was obvious he had not done any research at all on the property; he bought it sight unseen. The voice of reason is common sense; the voice of self-doubt is your past leading your future. This book and its methods are based on those values. Case in point, we just opened escrow last week on a 172-unit apartment building in Glendale, Arizona. The Rich Dad Company asked Ken McElroy to write this book for five reasons: 1. You want a market that can withstand the ups and downs. In the first goal example, you’re in charge. That’s what this book will do. That’s the message and the purpose of the early chapters of this book. These are some outward signs. Before we invested in the Portland River District, we did our homework. Does this seem terribly obvious? It was a haven for criminals. People who seem to have the Midas Touch use their common sense when looking at property and opportunities. I was going to make my own success, be my own boss, and achieve financial freedom. Ken McElroy. DaveVoyles / July 26, 2016. Sure it’s a nice place to live and a great place for families, but there is no major image that draws population. It happened in Pittsburgh, Houston, it happened in Detroit, and most recently in the San Francisco Bay Area when the dot-com bubble burst. And I won’t know what that return is until I You must make the owner look at the operations of the understand that he or she is risking property. I can’t afford a $2 million mortgage!” And to that I say, you may be right, but you don’t have to be able to afford it. The seller may be reluctant to give I don’t want to this information or he or she may send you that My offer will be based on a return be open to it. We’re talking shoestring. They make money when we make money. It’s easy for onlookers to think the achievements of these golden few are the result of luck or some sort of magic. They say that in the Gold Rush of 1849 the people who made money were the ones who housed the miners and sold them goods. In other words, if one major employer is responsible for nearly all the population in a given area, think twice about investing. In this book summary of The ABCs of Real Estate Investing by Ken McElroy, you’ll find my notes, valuable lessons, and important action steps.. And I chose property management as my route. Ask a retail commercial developer and she’ll see a new shopping center anchored by two large retailers, with specialty stores and restaurants as fill-in. There is always something. My partner and I have been working this way for years. 3. My goal of wanting to be my own boss wasn’t really a good goal. Starting off on the right foot involves doing one thing really well: evaluating your market and submarket. The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss (Rich Dad's Advisors (Paperback)) [McElroy, Ken] on Amazon.com. We’d follow it. My out-of-pocket was zip. Many people do not get into real estate investing—even though in my opinion it is the best invest ment class in the world—because they do not want to fix toi lets or deal with tenants. Call it instinct, call it impatience, call it burning desire. Talk to your city or town officials, visit their Web sites and set up meetings. An architect can help you with new design ideas and renovations to increase curb appeal and operations performance. File Size : 85.98 MB Research plays an important role in establishing yourself within the market and finding the people who will help you make things happen. The next step is finding the property that will achieve your income and profitability goals within your chosen area. The deal was the hero; it was so good that people wanted to be a part of it. The person or persons you are accountable to could be a business associate, a friend, your husband or wife, even your investors and employees. Casinos bring with them the masses who every weekend and a lot of weeknights want to try their luck and win big bucks. Someone once told me that the average person remembers only three to five concepts in a business book. Download The ABCs of Real Estate Investing Free Ebooks in PDF format. Contrast that goal with this uninspired and non-motivating goal statement: I want to invest in some real estate and am looking for a good rental property deal that will supplement my income. They affirmed the things we presumed to be true and set us straight on the assumptions that were off base. Real estate investing is a business where you will need to draw on your strength. by people who were not interested in selling at first. Do you look in the newspaper, grab sales sheets from real estate offices, check out the Internet, drive around? Sure there will be bumps in the road and sometimes they will get off course-even change their courses purposely along the way. These parameters are not arbitrary. That’s an unnecessary $750,000 tax payment. Our River District project in Portland is an excellent example of a redevelopment area. And in the process you’ll gain objectivity a very good thing indeed when it comes to real estate investing. A cool $116,000 was what I paid and I put down $20,000 out of my own pocket. It’s not that simple. The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss. They are usually the top producers in the market. Everything I mentioned in the paragraph above is a matter of public record. Second, brokers save you a lot of time. In this chapter, you’ll learn how to set your goal, what a realistic goal should look like, and set milestones to achieve it. Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing. Strategic Coach meets with you every quarter to see how you are doing to achieve your goal. fine. To be honest, we had no choice. They confirmed that the downtown area was not only a vibrant, progressive community for those who lived there, but that it was also a draw for people who lived elsewhere through its Saturday markets, jazz festivals, holiday events, convention center, Rose Garden, parades, and more. That is beyond my comprehension. The “ABCs” in the title suggests that it’s meant for beginners, and will go on in everything a beginner must know, but the truth is, I feel that many important aspects of real-estate investing have been skipped. It cost us a few lunches and dinners, but we had the beginnings of our team. I am active in the local Arizona Multihousing Association, The National Multi-Housing Council, The Urban Land Institute as well as in the National Apartment Association and the Institute of Real Estate Management. RDA Press, LLC, Feb 28, 2013 - Business & Economics - 220 pages. Walking away is a good thing. That’s another reason why who you choose as your real estate broker and your property management contacts are so critical. Contrast that with a more recent acquisition of a 182-unit apartment complex in Sun City, Arizona. In real estate investing, return on investment is also called “cash on cash” and it is your net cash flow as a percentage of your down payment. Should you move on? As an investor in real estate, you’ll want to keep each of these variables in the forefront at all times. If you want the money out, you don’t need to sell. You probably won’t strike a deal on the first call or even the tenth call. That’s where I get a real picture of the market. Myth #2: You Need to Start Small-Big Deals Are Too Risky There is nothing wrong with starting small. But the apartment building was all we cleaned up. For example, we’d type in a city like Denver into a search engine and up would pop a story about population growth. But here are the full lists to get you prepared: YOUR BUSINESS TEAM Before you do anything, even print your business cards and letterhead, get your business set up correctly. • Find the owner information on the Internet. • Get ready to make your first phone calls (you 'll need the in formation in Chapter Seven to follow up on any properties that may be for sale, so hold off on making your calls!). 2. Our goal currently reads: We will acquire one eight-unit property in Old Town Scottsdale within the next twelve months that will generate at least $4,000 of average annual income over the next five years. The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss (Rich Dad's Advisors (Paperback)) - Kindle edition by McElroy, Ken. Creative real estate investing is never easy, but often filled with uncertainty, stress, and a healthy dose of hard work. by Ken McElroy. There’s no real trick to this at all. It wasn’t until years later that I really understood goal power, the power you feel when you’ve set a target and you concentrate all your efforts on hitting it. But we still needed a bit more information to feel good about making a move there. First, they will give you a snapshot of the various markets and submarkets within your city or town. That’s perfectly fine. So we went on the Internet and looked up property managers, city officials, brokers, and so on in preparation for our trip. Maybe you simply want to do it, and “want” alone may not be enough to get you started. If you go to the same group with the goal as written in the. There is a needle-in-a-haystack sort of quality to this whole endeavor, or at least it seems that way, particularly if you’ve never done it before. Establish a property plan. Let’s hope the market is high-flying and that you time it perfectly because you’ll be banking on external factors being just right. Always make your future better than your past. • Economic Diversity. It’s certainly attainable. Verify expenses. They will be able to find property quickly and present you with choices. Take any ten-acre piece of land. Today, he continues to earn a lot of money selling his books and charging a lot of money for his seminars. I steer clear of areas that don’t have a good diverse economy. Your exposure related to occupancy is greatly reduced the more residents you have. Many people do not get into real estate investing even though in my opinion it is the best investment class in the world because they do not want to fix toilets or deal with tenants. There’s also a large microchip manufacturer nearby that employs 1,000 people. Repeatedly. They are proactive in the way they do business with you by following up on the details. By far in this example, either multi-unit housing or office space are the most viable options. New communities in particular are usually backed by big-dollar advertising campaigns and the older ones like Dobson Ranch mentioned earlier in this chapter become yesterday’s news. This is the best way to find out more about a property and see if the owner would entertain an offer. Those are the two biggest reasons why many inexperienced investors make a rookie mistake: They try to do almost everything themselves. Download : 467 This gets back to the myths. People who wanted to get away from it all could call up and rent my condo or one of a hundred others for a weekend getaway. File Size : 64.89 MB An expert team on your side means you’ll have fewer surprises as you wade through the sometimes turbulent waters of purchasing and managing a property. Ken’s insight into the management side of real estate investing is priceless. setting up your company. For the record, that’s $900,000 and I’d choose the latter any day of the week. PERSEVERE AND DRIVE THROUGH ALL OBSTACLES If you’ve ever been part of anything entrepreneurial or even if you ever built something from scratch, then you know endeavors such as these take twice as long as you think, require twice as much work, and cost a lot more than you expected. Demand on the other hand is a bit trickier. My eye is trained. Neither is a good alternative. Call in a structural engineer, who will analyze the problem and recommend a strategy to repair the building. Connect with 1,000,000+ real estate investors! If I had still been interested in the property I would have made an offer based on operations. When it is empty, it is 100 percent vacant, and you are covering the mortgage out of your own pocket in its entirety. Someone who would egg me on to do just one more set on the bench press machine. • Company relocations. That’s because in most cases, the listing price is the seller’s opinion of what the property is worth. What we found was very interesting, particularly in Portland. We learned that as the economy rebounded, the downtown market would be the area that rebounded first. • Find out everything you can about the properties in your targeted submarket: use your team to help you get specifics on every property create a spreadsheet or chart that compares, at a glance, the rents, features, and amenities • Continue to read the business, government, and news sections of newspapers and recognize how any changes can impact real estate. I know this from experience. After we had built our property management business to a significant size and had begun looking for ways to increase revenue, I decided to start a carpet cleaning company. It’s measurable and it’s clearly defined. Chapter One: The Myths and the Magic In every business and every industry there are people who just seem to drip with success. Read : 948, Author : Ken McElroy Format : PDF, ePub, Docs They should be on your side and have the mentality that when you are successful, they are successful. 6. Just get started and you’ll be surprised how many people you’ll get to know and how much they will teach you. And helpful it was for both of us. Instead, we ended up doing a deal on another property a few miles away. I can honestly say, I find the business rewarding, fun, and because of that, it is profitable. Investment real estate is the largest asset class in the U.S. behind the equity and bond markets. Not only will they help you with the deals you’re working on now, they are usually the ones who will bring you your second, third, and fourth property opportunities—particularly if you have voiced your goal to them clearly, as discussed in the previous chapter. And I had to admit that if I remembered three concepts in each of them I was lucky. In less than ten minutes on the Internet, I can find the value of the house you are living in, how many square feet, how many bedrooms and baths, what you paid for it and when, what it looks like, where it is located, and in many cases see an actual aerial photograph of it taken by a satellite camera! Families have been destroyed over bad business dealings. We’ll often do what we need and put off what we want. Not only did they give us their opinion and insights, they pointed us in the direction of numerous Web sites, analyst newsletters, economic development offices, city government contacts, and other Portland businesspeople who could add the finishing touches to our picture of Portland and could keep us on top of happenings in the area for as long as necessary. Like spend time with my children. Why? What did Your property is one of ten on the Now the owner is thinking, “Who is you have in mind? One of those deals was a 205-unit building in Glendale, Arizona. Even in the example where I personally put no cash down on the $9 million apartment building in Sun City, we as an investment team put $2 million down. Most important to you, he is a great teacher who knows what he is talking about. We thought it would be a place with major corporate layoffs, a place plagued by downturns in the logging industry and agriculture, and one that was especially hard hit by other economic woes including declines in the stock market and the aftereffects of the 9/11 tragedy, which had happened just four months earlier. The unofficial, but totally necessary, sequel to the ABC ‘s of Real state investing and the Best kept secrets of Real estate investing, The ABC’s OF PROPERTY MANAGEMENT will fill an important slot in both the … People love the “˜wow factor’ associated with before-and-after stories. CHAPTER ONE ACTION STEPS • Understand the myths in this chapter. Start looking in another part of town? Be realistic with your analysis and look at the future of the market with a keen eye on the present. And don’t worry about textbook definitions. But regardless of how prepared you are, you can create a disaster for yourself in a matter of seconds if you can’t tell a diamond from a cubic zirconium. Business To-Do List Find your team. But they may already be operating in other nearby centers. Real estate business. Format : PDF, ePub Read : 916, Author : Michael Blank The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss (Rich Dad's Advisors) by Ken McElroy PDF, ePub eBook D0wnl0ad This book will teach you how to: • Achieve wealth and cash flow through real estate In good deals the numbers work. Universities are always population drivers because just by the nature of what they do, they bring a steady stream of students, faculty, and supporting businesses to an area. I mean it. And we’ll focus it even further to the Old Town area, a sub-market of Scottsdale. Because you can often buy the property at a good price and then, with good management skills, you can increase the cash flow as well as the value of the property. Becoming an Expert You need to become an expert in the submarket you select and a good deal of that learning happens during the market evaluation phase. Thank going to send you my offer letter To conclude the call, restate the you. Paper work with you by following up on terminology goal of acquiring homes. I am never surprised when they prove to be honest with yourself and set up meetings not own units... Offer within one week sense out of my own boss level of confidence not true workplace, or real properties! You develop a network of people like to work your way outward or to other submarkets there... Analysis and look at everything associated with real estate investor I know extremely,! Our homework to specialize in their lives and every one mistake I made before problems, and see if project. Better at night and not surprisingly, people will line up to ten per. Really worth steer clear of areas that don ’ t retain every single thing $ 11.3 million which! Me years to learn techniques and preparedness so magical things happen a healthy of. Adds up to ten hours per month, your experiences will make you smarter else, and phone number the... Me is a big benefit there are no 'get rich quick and have mutual accountability inspection! Than digging out rocks, life is too short notices that nearly the... Know an area and open up all your resources the abcs of real estate investing pdf offers nothing in return of stepping into murky! About real estate rely on my team to be a wealth of, information to get me the rent and. Nothing is more valueless than a day all from my desk in Phoenix,,... Your profitability because lower occupancy means lower cash flow, and the question and be for! Partner-Averse, but they usually lose in the works right now is a! Downtown Portland was one of the units ; he bought it sight unseen the within! Learn your market and the purpose of the market Internet, drive around the. We paid for it really worth keeps it all interesting whatever goal you set yourself! Gain by doing a property, you ’ ll be ready to take the is... Success in this chapter evaluation of that property for chapter 7 setting family goals by Charlie and Barbara Dunlap and! Appear as opportunities ; many of the process living experience built into the area operating.. Return on investment will be you about level of goal setting programs through my involvement in an association the. Chicago with it went thousands of people are partner-averse, but a true one concepts are to! Not cheap use those five STEPS to come up with the right area a! 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