Successful Real Estate Investments with Ken McElroy
Summary
Knowledge is money's made in the mind. It's made with what you see and what other people don't see. - Ken McElroyLook for macro economic factors. Where is work and economic development? Where are the people going to move to? Wayne Gretzky says "you want to go to where the pucks are going". These people create demand for real estate and rentals.
Location, location, location and the math: Net Operating Income = Rental Income - Expenses. Charlie Munger recommends to know the location very well, so that you are not victim of a snake oil realtor - yet you do not need to know many locations to get very rich.
Real estate investing is timing the market. You buy low and sell high. Yet you have to be educated, prepared, got dept and equity together and property management setup.
Right now, there are still deals, but you need to work a lot harder to find and be more experienced to know what to look for. Realtors are working for tips.
When there is a crash, what will happen? The people will move in cheaper living spaces. They move in rentals.
Right now its very good to start a company. You can do it on your phone with an app. You can be in Thailand and run the company in the US.
Find mentors and learn from them. Learn from mentors and learn the skills the mentor is good at. Look in your family, the rich entrepreneurial uncle or around your friends the (rich) dad of your friend. Look at your smart / wise professors at university. Charlie Munger recommends to learn from the living and the dead by reading books (biographies). You can not only learn money or financial matters. You can learn how to raise your kids and build a wonderful family. Out there are mentors for all kinds of matters. You just need to ask.
Put yourself around smarter and better people then you are. You will be pulled up. If you're the best musician in the band it's time to find another band.
Books
Video
Transcript (02/16/2020)
(Intro) Ken McElroyso I think the market trends are the
most important you want to go. As Wayne
Gretzky says you want to go to where the
pucks going. you know not where it is
right where do you find this knowledge
and should you hire some you don't need
anybody knows Realtors are generally
idiots. so my suggestion is that you just do it
yourself and go to go to things that you
know are macro base.
Alexandra Gonzalezhey guys it's Alex
for another millennium money and today
I'm with Ken McElroy rich eye advisor
and the reason why Robert Kiyosaki
is crazy successful in real estate today
you're gonna learn the top 5 things you
need to know to get started with your
first investment in real estate.
I kind of want to start off with which will tie
into that what we're gonna get into
later but basically your background and
what your first investment was like -
how many you have now and how many deals
you've shoot Robert.
Ken McElroy
so I was super confused at a university I
barely got you know to school my parents never
graduated from college so you know I got
there through sports and and when I when
I first got out I didn't really know
what I wanted to do and I ended up while
I was a senior in college managing an
apartment building and you know the
guy's like hey you know free rent I go
in you know what I mean so literally
that's how I started so I got on site
and I was managing I didn't know what I
was doing but I grew up doing a lot of
construction so I knew how to fix stuff
and and I also knew that people needed
to pay rent and if they didn't they you
know he needed they needed to be out so
property management is not that
difficult but there's a lot to it and so
that was my very first experience around
real estate and so from there I was
managing a 60 unit building and I
remember like about two months into it
the owner drives up in his new Mercedes
and he comes in really awesome guy and
he's like hey thank you for increasing
the occupancy and cleaning this place up
and you know and I already knew how much
money I had you know increased for him
and I just really was like wow like wall
I'm on the wrong side of the desk here
you know like how do I get on that side
you know seriously I had no clue I was
about ready to graduate and so I got my
real estate license I went to work for a
company in Seattle which is where I'm
from and worked for them for ten years
and learned I manage about 20,000
apartments up and down the western
United States after I got my real estate
license and that was an incredible
experience and so at some point I just
decided okay I need to start owning
these right and and so I started small
like I think a lot of people should I
started with a you know a single home
and then duplex four-plex
eight units you know now you know now we
have about ten thousand apartments value
to right around a billion dollars so
it's just been crazy 250 employees where
you know we build them we buy them we
renovate them we do we have our own
property management company so it's been
quite a journey it's been awesome it's
been a great industry for me you know
I've been living passive income my whole
life and so when I met Robert and Kim
you know I was raising money and you
know as you do you quickly run out you
know you can only save so much and
invest and so I was looking for
investors and and somebody introduced me
to them and and Robert was super clear
that one property management was super
important and most investors don't
believe that so we completely lined
there because that was my background and
second passive income cash flow you know
as opposed to capital gains and I tell
you what we just became lifelong friends
after that 20 years ago they've been
investing with us we have thousands of
investors now they've been investing
with us for 20 years and it's been
awesome and that's how I got involved
with rich debt
Alexandra Gonzalez
yeah and then that's one
thing I love is the fact that you said
you went from going to that side of the
desk of just managing the properties so
now you know investing your own finding
partners raising capital and so that's
when you can see it can be done
Ken McElroy
yeah yeah I tell you it's super scary along
the way every time I mean you know I mean you
don't know what you don't know yeah and
to be able to put yourself out there and
ask questions and you know try to find
mentors and things that's all how I did
it I did it super organic the internet
wasn't around at that time and you know
you just gotta ask yeah and then huh and
how many units do you have right now um
we I think we're around 7000 now we were
at ten about a year ago we sold I sold
about 350 million dollars were the stuff
in the last 12 months I know Robert and
Kim always oh like give you the credit
to their success and real estate because
they basically don't even look at the
deals and you just help them find them
and they're able to give you the money
it's up it's not taxed and reinvest
their capital gains and you help
facilitate that yeah yeah it's really it
didn't start that way I mean they were
super diligent you know before when we
first got together they were going to
properties with me understanding the
numbers and you know but then you know
after a couple years then you kind of
build this trust in this relationship
but you know in the beginning they were
very diligent on you know and I think
that's what happens a lot of times as
people throw their money around you know
and they can get burned
Alexandra Gonzalez
okay and you mentioned earlier that you
sold a couple units of your units why is
there a specific
Ken McElroy
yeah yeah whoa so real estate
is a timing thing so you know you
have to get everything set up so what I
mean by that is you have to have your
capital together your debt your equity
your property management and all those
kinds of things set up but then you
don't want to buy just like anything
when things are high you know so you
know by you know you don't buy; buy low
sell high is exactly right so you know I
bought a lot of stuff and you know oh
six to about you know 2012 and you know
and we paid you know great prices for
all that stuff and I don't know if we're
at the top but it's close enough for me
and we've made enough on our property
that we decided to you know take some
chips off the table if you will and as
my buddy said he's like you know you
never go broke by making a profit so you
know what I mean so you know some people
really try to time things nothing wrong
with that but you know were the signs to
me look like the cycle might be peaking
and so we just decided to sell kept our
golden goose kept the rest
Alexandra Gonzalez
and so I'm glad you touched on that because I know
market trends can be important and so
that kind of jumps into a question that
I was going to ask later but my issue
with kind of timing things is for
example we were always waiting for a
crash to happen right a lot of
Millennials are like whatever when does
the next crash gonna happen and we've
been constantly hearing this year this
year by the end of this year and it
never comes so it's like I don't I know
personally I don't want that to stop me
but then what do I do if it's a seller's market
Ken McElroy
the question right like I get
that question it's the right question
first of all absolutely is the right
question so they're on to something the
reason they're asking that question your
generation you know my kids generation
all my employees two-thirds of the
workforce today is our Millennials you
know I get it it's because they've never
seen one yeah well they they were too
young right yeah I mean there has been
one but you look at the last crash it
was 12 years ago right so I mean you
know that we nobody was really investing
then so the the there are there are
still deals to be had trust me we're
still doing stuff they're a lot harder
to find you have to be a lot more
experienced to know what to look for but
the right time to buy is definitely
after a crash you know you want to you
know when there's blood in the water the
problem with that time frame though I
will let you know is everybody's
freaking out so the banks are freaking
out and everybody's freaking out so
there's no money you know even investors
so why would you buy now like so it's
the opposite you know ever he's waiting
for a crash but trust me I bought during
crashes and there's you know
there's not a lot of money flowing
around people are like wolf I'm gonna
hold what I got you know kind of lived
through this so there's you know there's
psychological barriers on both ends
right on when it's high and when it's
low
Alexandra Gonzalez
yeah and so for me personally I know
that it's this is a barrier for me
because I remember last year I mentioned
to you that I did want to start
investing and I found the property and
everything was right but it's scary
because to think that I might put money
on to this property and then what if
next year there's a crash so you
mentioned about finding the resources
and things like that how do I get
educated so it doesn't
Ken McElroy
sure well I think you gotta take a look at
what a crash does first of all so what happens
during a crash people move to rentals yeah
and so that's what happened the last one you
know so that's a good thing if you're
buying rentals but if you're buying them
too high you know it's not a good thing
right so I was just I met with a guy
yesterday's from Mexico and they're
doing a bunch of stuff in Argentina and
Spain and they bought some property in
Old Town Scottsdale he paid three
million bucks an acre I was like oh my
gosh like and I started putting the math
together and I said dude you're not
gonna make any money like you your rents
have to be over three thousand dollars a
month and that's just not what the
market supports and so it's math all of
its math the the land plus the buildings
plus the rent you know what I mean and
so if you understand you have experience
and you can kind of ask those questions
it all starts to make a lot of sense
you know it really does and so there are
tons of good deals out there you know I
I personally think the most it's the
most exciting time for Millennials to
start businesses you know and so while
it's great to have investment properties
and all those kinds of things
it is a timing thing and so but there's
no time better to start businesses
you know you can do it on your phone
with an app and I mean you know you can
be anywhere you want you can be in
Thailand and run a company in the US
it's awesome I'm you guys are really
coming up sweet
Alexandra Gonzalez
yeah we have a lot of opportunities and
I'm really thankful because some people
say it might be harder for us which
there's debates to to justify both but I
really do think it's an incredible time
as because we have resources if we do relate
want to invest as opposed to back then
where there was barely any of this
knowledge and that's why I also love
your book because it's my favorite book
by far because it is it really is the
ABCs of real estate investing and it
makes it very simple and so I kind of
want for viewers maybe if they haven't
read any of these books what's the first
thing that someone should look for when
they're investing in a property
Ken McElroy
well yeah so what I think a lot of times what
happens with people is they they invest
in a house or a property or land or
something like that and they don't
really understand the bigger picture so
and I'll just give you a bunch of
examples so the market is much more
important than a property the market
itself so right now Phoenix Arizona is on fire
right it's growing like crazy of people
moving here there's cranes in the air
and all that kind of stuff the reason
that's happening is because we had over
300,000 people moved to the state of
Arizona last year that's the reason
period yeah okay so that created demand
on everything it created a man on
housing if you're buying it created a
demand on the buy side if you're renting it
created demand on the rent side if you're
buying a car it created you know it
doesn't really matter like so so you
just you just got to look at population
trends and demographics right so and
conversely you can go to another city
that you know people are exiting right
and these these this information is
everywhere you know what I mean yeah I
mean u-haul does a great deal on this
you know they how many u halls are
leaving and how many u halls are
coming and that's out on the internet so
there's all these this great information
of people turning in driver's licenses
getting new ones all these demographics
that you can actually see so you know
you wouldn't want to invest in like
Detroit right because right now that
there haven't you know although jobs
moved away from there and you know what
I mean in the Midwest is also not not
very vibrant in my opinion yeah you want
to go as Wayne Gretzky says you want to
go to where the people are going you know not
where they are right now so so you want to kind
of so I think the market trends are the most
important and and population trends
employment trends
Alexandra Gonzalez
and when you're searching in this market
would you say it's best to maybe do it on
my own since it's my first time or hire someone
because I know that for example when you
had your first property you already had
the knowledge of property management and
you had your real estate license and so
I'm for exam finished my real estate course and I
just want to know yeah I'm excited but
um where do you find this knowledge and
should you hire some
Ken McElroy
you don't need anybody
no Realtors are generally idiots I'm
telling it's just a truth you know
they're they're working for tips and
they just get listings and that's what
they're focused on a lot of times now
I've met some really really smart ones
but generally they're just taking
people's listings and putting them up on
the internet. so my suggestion is that
you just do it yourself and go to
things that you know are macro based you
know like like for example in two weeks
I'm going to an economic conference
about Arizona it's it's gonna talk about
you know what each city's doing how
they're trying to attract businesses etc
etc etc right okay that's meaningful to
me because you know as the city's
imposed tax and impact fees and all the
kinds of stuff it could be resistant you
know as like the state of Oregon I'll give
you a great example state of Oregon just
passed a rent control law period the
whole state which I get it like things
are becoming expensive and rent becoming
expensive I totally get that but what do
you think's gonna happen to the people
that want to buy in Oregon or invest is
who's going to invest in Oregon yeah now
in the rentals side right nobody from
Wall Street so well now what's going to
happen is there's not gonna be enough
economic development going on because
they're gonna restrict their their
income right and so so these are things
that are happening all over the place
you know I'm not bashing Oregon for
passing a rent control off I'm just
saying the facts are the facts money
goes to where it needs to go and the
minute the government steps in it
and you know it creates a barrier that's
why you know you know San Francisco and
LA the reason or you know New York the
reason why those markets are so
expensive is because you have a lot of
people with very few rentals period yeah
so it's the same everywhere so you know
if you're trying to buy something on the
outside of town you know a mile or two
you know outside of the city core you
know and there's no renters it's your
own fault right so you want to try to be
where the jobs are and pay a good price
you know what I mean
Alexandra Gonzalez
and that's something I love too because
I mean you you actually study before
moving into any location and I
that's brilliant because maybe that's
something our viewers didn't think of
before and so let's say once you've
selected the market what's the next step
after that yeah
Ken McElroy
so what's your super
pumped about a market like you know what
I mean like there's all kinds of great
things happening all over this country I
mean you know big stuffs going on so
once you kind of identified okay this is
you know this is happening then you
start getting into the economics around
it so for example is there a housing
shortage you know there may or may not
be right so if there is then that's the
opportunity okay we're gonna really go
hard down on that you know I own a bunch
of self storage units for example you
know when we look at where we're gonna
put a self-storage we obviously want to
put them where others aren't right you
don't want to be across the street and
down the road you don't want you don't
want six options on one main road right
it's pretty common sense right but you
go five miles this way or ten miles this
way it might be an amazing spot same
same sub market you know what I mean
same thing with office buildings which
we own or same thing with apartments so
so you got to kind of take a look at
that and then from there if you know you
know if we're trying to buy something
it's just math you know rents minus
expenses equal NOI you know net
operating income and I have
that in the book yeah and if you know if
that is super positive and you put your
debt on afterwards and there's cash flow
it's a go for me it's always cash flow based you
know if I'm gonna put you know 10 grand
down or 100 grand down or $1,000,000
down it doesn't really matter I always
look at what's the property gonna
produce for me or my investors you know
because it all boils down to return
every single time so it's just math at
that point
Alexandra Gonzalez
so it's basically location
location location and then comes the
math right yeah but at this point then
would you say I should be working with a
professional
Ken McElroy
oh yeah yeah yeah now I say
that kind of tongue-in-cheek you what
you wanna if you're gonna invest your
money in my opinion you need to
understand who you're investing it with
and you need to understand the questions
that you're asking I think that's the
biggest problem with the financial
services and the wealth management
people you know what I mean they just
scoop people's 401ks and they scoop
people's retirement money and all that
stuff there's nothing wrong with that
but those people don't even know what
they're invested in they just get their
quarterly statements and you know they
either went up or they went down right
and then they meet with them once a year
it's ridiculous really and so you got to
take an active you have to be very
active on your own investments period
and you have to understand it so if
you're going to invest with a guy like
me you have to be able to ask all those
great questions and you know so your
viewers here you know they're gonna
they're gonna have more knowledge than
somebody that isn't watching you know
what I mean yeah so really important and
and then I think that's something
I love too because we sometimes say that being
an employee can be a negative thing but
you were an employee while receiving
your education because you were working
in the right environment
Alexandra Gonzalez
and so I really think that is key because for example
in my family we do investments together and
so I'm able to learn from that and while
also working at this company get that
education so that I can be prepared if
the market does crash or any other any
other other problems that you mentioned
before and so I think that's actually
why I want to also link in the
description in your books or your
channel because you have a YouTube
channel and they see how much education
you provide our viewers and so I think
that's something that we should all
start off with to the education not just
the professionals and the more of course
all that's important but finding those
resources you
Ken McElroy
it's listen I I'm if you love what you
do and you're an employee continue to do
it that's not the issue the issue isn't
quit your job and go do something that
I've never believed that you should do
what you want to do you know what you're
happy with and all that kind of stuff
and you know can you take that and make
that your own business probably yeah you
know at some point but even if you can't
the the bigger issue is do you really
want to give your part of your paycheck
away through your through your employer
whoever they have hired to invest it
period and you know is that going to
what's that gonna do for you what's
gonna it's not gonna do anything you're
gonna learn anything you know what I
mean and so financial education is so
important no matter where you are and
you know you know it's so simple people
people argue with me you know my house
is an asset I go who loves the bank I go
exactly it's the bank's asset yeah it's
not you know it's not yours you might
have a little bit of equity this year
but what about next year you've seen
where that can go and and and then
inflation it's so simple when Robert
says savers are losers how about I go so
okay so you want to stick your money in
a bank that's making less than 1% and
what's inflation 3 okay so there you go
you're negative 2% a year period on just
your savings so once you start to you
know and unfortunately school doesn't
really teach that you know once you
start to realize that you know if you
can just beat inflation all you're
really if you couldn't if you can make
3% a year on your money you're flat
you're basically even you know you get
the same buying power year over year but
if you can make eight ten twelve fifteen
percent on your money that takes real
estate knowledge or that takes financial
education no and and like you mentioned
Alexandra Gonzalez
and financial education Robert always
credits his wealth to the financial
education but also to his team and and
what you do when what all his other
advisers do and so even for a starting
millennial I know that okay Robert
Kiyosaki he's a millionaire but would
you even say it's important for Millennials
are starting off to have their tea
Ken McElroy
I think actually the bigger thing my big therewere a couple shifts When I was your age
one was I started to surround myself
with people that were better people you
know I grew up pretty poor and and so I
went back from a high school reunion
recently and you know there's a lot of
people that kind of stayed at that spot
you know 30 years later you know what I
mean so what I what I mean by that is as
you know I got a I got a really good
buddy that is a very good musician he
said if you're the best musician in the
band it's time to find another band do
you know what I mean and so that's what
I've always I've always tried to put
myself around people that are a little
bit smarter a little bit better and so on
that for me what that's what the
advisors are you know I honestly I
didn't know what about tax before I met
Tom Wheelwright and he's on our team and
now I'm learning a lot about tax and
same thing with Robert and Garrett and
Andy you know they they're teachers and
so yes and so that was the first thing
and so that could be your team just
there you know as Jim Rohn says you are
your five the people you are the five
closest to period your friends that's
who you are and so you know if you know
they need to stretch you and educate you
Alexandra Gonzalez
and yeah there's the thing that goes
it's your network is your net worth
Ken McElroy
yeah and it's totally true I mean yep that's
the very first place to start with the
team in my opinion because and then then
just go out and start to look for
mentors I have had mentors my whole life
so I'm I've had you know a mentor to to
run marathons I've had you know mentors
to workout I've had mentors to help me
write books I've had mentors to help me
speak you know I've had mentors to help
me raise my family and I've never paid
for one not one and it's funny to me
because when I went through school I'm
trying to teach my son this right now
he's a junior and at university Arizona
you know I'm like use your professors
they are mentors there they want you no
no none of the kids go in and talk to
these people yeah you know it just blows
my mind right they're standing in front
of the room I know I know it's cool
right no I I did the same thing yeah I'm
not I'm trying not to throw stones here
I understand that like I look back I'm
like man these people I look at some of
them and they're so smart you know
and I ran into one that was a you know
had a big boy job in the Seattle area
and he was one of my teachers and I was
like I was playing golf and we got up
hooked up in the same force and I said I
made a massive mistake not to meet with
you more these folks are all around you
know whether they're your parents or
your uncle's aunt's friends your friends
in Roberts case it was his best friend's
dad yes so you just got a you know
what I mean thirsty for knowledge you
know you have to be
Alexandra Gonzalez
and I think also another because I was
talking to my friends before the show
and I wanted to know okay what do you
want to get out of this right and they
of course you probably get this a lot
but it's you know they don't have money
or they have bad credit so what exactly
can this person do like are there other
financed off financing opportunities
Ken McElroy
yeah starting off what can I do they
don't have these it's the greatest
question it's the biggest obstacle
people use it all the time I don't know
money and my credits bad okay therefore
I can't do anything we listen people
invest money with people that understand
financial education trust me I started
with no money Roberts are with no money
all my friends started with no money
some of us have been bankrupt some of us
have lost businesses it's been all kinds
of things that happen and it just is the
way it is but if if you're if you have
financial knowledge then that's when
people invest they invest in you
so I'll give you an example
I bought a there's piece of land that
came across my desk play
I don't know three months ago it was a
residential piece on a major road in
town but it had a billboard right in the
middle of it and so everybody was
looking at that trying to build it and
develop it it had been on the market for
I don't know almost six months I was
looking at the Billboard so I call up
somebody I don't know anything about I'm
like hey you know is this a good
location for a billboard he's like oh my
god yes I go what kind of revenues he
goes we could probably do two to three
grand aside well the whole year that
billboard had produced $5,000 for one
whole year okay but everyone's looking
at it for something so I bought it
I paid 290 grand for the thing for the
property I hired this guy he now now
I've got four grand a month coming in on
this billboard to 2 grand a side
I put Annie's been around it and then I
sold the land ok so I just created 50
grand in passive income I have no I have
no investment that's financial knowledge
that's what I'm talking about you don't
need money to make money you know now
maybe you don't have the 290 grand but
that's ok that's when you go to an
investor and you say hey give me 290
here's my idea I already met with a
billboard guy right it's a plan and then
they're gonna give you the money like
that you don't need money and then maybe
you split the deal with him 50/50 maybe
make 2 grand a month it doesn't really
matter the point is its knowledge
it's absolutely knowledge it's the same
way with real estate you know apartments
or commercial office I bought a
commercial office building you know
right on Scottsdale Road you know I paid
like hardly anything for it because it
was vacant and the rents were 50% under
market 3 years later you know I've
increased it 150%
you know it's literally financial
knowledge and you don't have to be the
person that does it all you just have to
find the people like even on my office
building I don't know anything about
office buildings but I knew guys it did
and I made sure I had the right people
you know helping me with it and I've
learned a lot you know same with self-storage
you know my first self-starter you know
how self-storage worked you know I just
you just gotta go do it yeah yeah and
find people that you know
knowledge is money's made in the mind yeah it's made
with what you see and what other people don't see
Alexandra Gonzalez
one of my favorite stories
from Kim is she cuz she was talking
about how one of her first properties
and she what she first said was she
found the property so that that way she
could want it be creative I mean she
didn't have any money use some credit
cards sold the silver that she had been
accumulating and then that that was her
first deal and so I think you really
nailed it when you talk about being
creative because the opportunities are
endless and they're always gonna be
there
Ken McElroy
yeah yeah I mean things are more
expensive than they were when Robert
bought his first condo in Maui but he
paid for it with a credit card yeah I'm
telling you it's there right I talked to
a guy yesterday there people buy an HOA
foreclosures which me I'm like that's
brilliant you know these are people that
haven't paid their HOA assessments and
they go in and they clean it up and also
they have these condos and they have
lots of equity there's so much stuff to
do it's so much so many ways to make
money. people just you know they're like
I don't have the money I don't have the
credit what am I gonna do yeah and it's
not the money or the credit because at
some point you run out of money and you
you know and you can use other people's
credit in the bank also looks at real
estate to pay them back not you trust me
you know what I mean when I'm when I'm
doing a two or three hundred unit
building that's 30 million bucks you
know and I'm trying to get a 20 million
dollar loan yes they're looking at my
credit but even if it's crap you know
they're looking at the property okay how
much does this property you know make
every month and and because the property
is gonna pay back the mortgage not me so
you know the the credit piece is a
cop-out and then I don't have any money
Alexandra Gonzalez
There are always in my opinion opportunities
and so basically wrapping it all up I
also want to know what is a fight like
the final action a millennial should
take and one piece of advice you would
give them
Ken McElroy
yeah that well I had a younger age I would
found a mentor I think that's probably
the biggest one for me is you know find
somebody for me it was my uncle yeah I
saw he was my rich uncle right he you
know you lived in Lincoln Nebraska and
you know I'll never forget you know I
just he just thinks differently talks
differently you know he was a massively
successful real estate investor and had
a bunch of businesses and and he started
as his kids in business and they're
super successful and so I just was like
he was like that rich uncle right and
everybody's afraid to talk to I just sat
down with him and he was incredible yeah
just find somebody like that
Alexandra Gonzalez
yeah I think I think that's incredible because
we're always aimlessly consuming content
whether it's on our phone or whatever
and we're not realizing how much
information we're putting into her head
and so if we do find the mentor where we
actually set I mean for me it was my dad
and so I see yeah literally over the
break I'm gonna see him and his time
studying meetings and I thought at first
it was gonna be a little weird but we
told each other we step into that room
and we are no longer related I mean this
is just strictly mentor-student
relationship and so I think what you
said is just really trying to find
someone whether it's your friend your
uncle whatever it may be and setting
time apart to study them
Ken McElroy
when I was raising a family I found a guy
that had six kids that wanted to be with him
okay dude I don't know how you still have
that like all your kids want to see you
you know all the time yeah and they put
you on this pedestal but I said that's
what I want I started meet with him once
a month that was you know it doesn't really
matter if it's money or you just find
people that are super successful in
whatever it is that they're doing and go
ask them and
Alexandra Gonzalez
can I just have one more
question as my mentor force what what
are you actually ignited you or the the
passion to write
Ken McElroy
it's awesome I'm super excited about this
book actually it's it's generational
wealth it's it's a 83 year old
grandfather that never went to college
and thought they needed to put their
kids through college and they
he did and then his daughter you know
whose millennial and they every Sunday
they meet for dinner and they talk about
inflation is college worth it
investing and the grandfathers
perspective you know he's scrapped it
out you know put together this place
orchard Canyon that they got not long
after the depression and you know they
survived they survived the way that they
had to survive but he did not have a
college education and so he put his son
through college I said you know you know
go to school get a good job that in and
out well the son isn't doing so well
right he's got the big house in the car
and all this stuff and so they're
arguing and grandfathers you know he
don't home and I don't know like maybe
not was such maybe that education that
you got you know because he's it's super
finite and so it's a generational wealth
story and Orchard Canyon oddly enough is
a property that I owned with Robert and
Kim it's a real resort Insadong yeah so
it was easy to put the setting there
yeah and it's a working orchard work it
does per you know it as a restaurant and
it's a hotel it's a resort so I just
pulled all that in and you know the
people that are on it before us that's
what they did
Alexandra Gonzalez
Wow and I think it's actually perfect
book perfect timing for our audience
because if you are wondering what to do
with your life because we know a lot of
Millennials don't know what to do it's a
perfect guidance and so this could be a
mentor in itself and I think it'd be
perfect for everyone and we're gonna
drop the description make sure to get it
before it sells out because I know I'm
gonna get my hands on the on this book
and give it to all my friends because I
think it's the perfect mentor right now
for where we are in life
Ken McElroy
thank you
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