One of the best things about Ken’s Inner Circle is being able to ask Ken your questions about real estate. Ken answers these questions every Monday during his YouTube live. Moving forward, we’ll also include Ken’s responses here. Do you have a question for Ken? If so, you can ask here.
I’m thinking about buying property in Kentucky. What are the best resources to determine if this is a good place to buy? I’m especially interested in resources that will indicate whether the job market will keep growing there. – Meghan
Ken: I would go to the U-Haul website and see what the statistics are for inbound migration. This is publicly available information that will tell you how many people are moving to Kentucky. You could also contact real estate agencies there and ask them what demographic information they have, because that’s what they use to promote the area. You could also reach out to the economic development office in Louisville or one of the other cities there to find out who’s moving in – not just people, but what businesses are expected to move to the state or expand their operations there.
With a recession imminent, I was wondering what your thoughts are on starting a business at this time. I’m planning on opening a residential and commercial cleaning business in Canada. – Jay
Ken: There are some businesses that are going to be severely affected by the recession, so I would take a look at who your clients are going to be and what they can pay. Next, you’ll need to determine how much you’ll be paying for labor, equipment, and materials. Some general advice I offer with anyone starting a new business is to look at market trends and what your business will be doing several years from now. That typically means to look at market trends, and any forecasts about technological developments in a certain field that could affect profitability. In your case, people will always need someone to clean their home or business, but I would still do some research on whatever variables could affect your bottom line.
I’m just starting out as a multifamily investor and syndicator, so I’ve been networking like crazy. Do you have any pointers on how to raise capital for multifamily syndications when you’re just starting out? – Joseph
Ken: The deal itself is what raises the money, so there isn’t a sales technique that can make an unappealing deal desirable. If you have a good deal that makes sense for investors and you’re able to show how it will cashflow, then you’ll be able to raise capital. Period. Most good deals get made without a business plan, and the business plan is created to finalize the deal. If you haven’t watched them already, I’d also recommend checking out two videos I’ve done on the subject, “Investor Blind Spots Part 1” and “Investor Blind Spots Part 2.”
