Finding a Mentor

People always ask me to mentor them.

I probably get at least 3 messages a day for this request.

A true mentor is going to walk you through their experiences bad and good and look at your experiences and warn you of things they see going good or bad in a potential deal. They are going to show you how to handle questions and problems as they arise. They are going to be your teammate through it all.

Clearly, I can’t do that for every request I get. This is why I made the forum at KenMcelroy.com. Click here to check it out. The point of this forum is not only for me to answer your questions, but also for you to find mentors in one another. I absolutely will answer the questions you post on there, but also the connections you make if you try can be life changing. I believe there are all levels in the group, so finding someone to mentor you is something you should make a priority.

Other places to meet mentors would be meet up groups, networking events, LinkedIn, and even the old fashioned way of stopping by real estate investment offices! When you introduce yourself please remember if they don’t know you they may want something in return. I don’t recommend paying them a lot of money, because you haven’t even seen what they will offer. I do however believe you need to make it a win win situation for them.

How can you do this? It depends on you and what you’re good at. You can offer to work in their real estate investing office part time for free, yes I said it free! What you can learn could be life changing. You could actually start a real estate investing networking group. If you are the leader of the group people will be more apt to help you. You could even start a podcast and have real estate guests on your show. You have to be creative, but take your skills and offer them something useful in return.

Some of you may be saying, “I’m not working somewhere for free.” or “This is a lot of work.” I am here to tell you starting a business, even a real estate investing business is a lot of work. So if you aren’t prepared to put in work then it will be very hard to become successful. Those that put in the work and really learn the trade are the ones that can really kick some ass in the industry.

Until Next Time,

Ken

 

Facebook Forum – Question of the Week

If you are a premium member of KenMcElroy.com you are invited to join my new Facebook group! I’ll be jumping in to answer questions from you about real estate, leadership, entrepreneurship and life. I’ll hope you’ll join me in this new forum. If you’re not a premium member sign-up here, and then send a request to join us on the inside.

Each week I’ll pull a question from the forum and present it here. Below is this week’s question.

Jay asks:

After you raised equity, how did you secure financing?

Ken’s Answer:

“We typically have the DEBT first which tells me what EQUITY I need. Debt can be 60-80% of the total purchase or project and the equity is the balance. I rarely if ever do personal guarantees. These can take you down quickly…as I saw happen too many, many people.”

Happiness….

Happiness….

With all of the conflict going on in the world today, I have been a bit confused on what to write about this week. After considering multiple topics, it came down to one thing. I think most of you could use some happiness right now. You may say happiness? How can I possibly be happy with everything going on?

I brought a friend of mine, Jason Hartman, into my company a couple years ago to discuss happiness. Click here to watch. He pointed out something very interesting to me. He said, “Maybe happiness is actually easy to have and we make it seem complicated”. That resonated with me.

Here is one thing I know for sure, watching the media and social media all day is not going to make you happy. You need to be informed, but you don’t need to be consumed. Checking the news once every few days is fine, but in times like these listening to it constantly is not going to do anything positive for you.

So my friend, fill your time with laughter, educational books/podcasts , and family and put down all kinds of media. Just give yourself a nice break from it. You’ll thank me later.

Talk to you soon,
Ken

5 Tips to Keep you Eviction Free

Evictions are a factor of owning rental properties that no one wants to deal with,
owners and tenants alike. There are five key ways that you can avoid having to deal
with evictions all together. Implementing things into the process in the beginning will
save you the trouble of having to file an eviction notice down the road. There are a lot of
factors that you should consider but these five points are a good place to start. You can
add on as you learn what works for you and your properties over the years.

Background Checks

Do a criminal and a background check on every single application that you
consider with no room for exceptions. The ideal tenant that you are looking for has good
credit and good rental history as well. Moreover, you also want to make a phone call to
the last place that they lived at because if there were any issues, they may have not yet
hit their credit. Some people will try to get away with claiming past evictions by
attempting to obtain a new lease before the eviction shows up on their credit report. You
can charge them an application fee in order to obtain this information before allowing
them to sign a lease for one of your properties.

Property Appearance

Maintaining your properties appearance is very important. Nice looking properties
will attract the type of tenant that you want. In order to attract the ideal tenant, you must
have the ideal place for them to rent. Take pride in the properties that you own and
maintain them. This includes updating when necessary and also fixing any issues as
they may arise over the years that you own them.

Be a Good Landlord

Also, and this may seem obvious but be a good landlord if you want to have good
tenants. If you are a good landlord, then the right tenant will rent from you for years.
Some ways to do this are to simply have someone available to answer a phone call
when needed, fix things quickly and be lenient when they may be a day late on rent if
this is not a normal occurrence for them. You want to build a positive relationship with
your tenants so that they will continue to rent from you long term.

Credit Reporting

Make sure that you understand how to handle credit reporting. You want to make
sure that your lease states that you report payments to the credit bureaus. This can be
a very positive aspect for the right tenants. You also want to make sure that you have a
lasting relationship with the company as well to handle the reportings. There is a
process to how you have to report and you should be informed on how to do so
beforehand.

Airtight Lease

The most important way to keep yourself eviction free is going to be to have an
airtight lease. This is why it is so important to make sure that your lease is created by a
professional attorney and that you personally go over the lease with your tenant so you
can know for sure that they understand the agreement that they are signing. If there is a
loophole in your lease, when it comes time to evict, you can be sure that your tenant will
find it.

Reasons A Student Fails in Business and C Students have a Better Chance

Most people are prone to commonly believe that students who do well in school,
as in they get the highest grades will be more apt to work harder but this is not usually
the case for many reasons. Surprisingly, students who have more of an average grade
history are projected to do better in the business world. There are many different
considerations that most people do not realize when it comes to seeing the differences
between these two groups of individuals. These differences include things such as work
ethic and their basic attitude structure.

The talk verses the walk

This is a huge difference that you can vividly see between these two groups of
individuals. Most students that are the top of their class are big when it comes to talking
about all of the things that they are able to do. They always believe that they are the
smartest person in the room and often because of this mentality when it comes to
business, they often fall into the habit of promising things they are not able to fully
deliver on. Students on the other end of the equation, who may have done averagely in
school understand the benefits long term of under promising and over delivering. They
know that if you are stuck in the mindset that you are the smartest person in the room
that you will put yourself in a position where you have no one to learn from and nothing
to gain.

Me Mentality

Students that got the highest grades in school were the best of the best and
rarely team players. They fought hard to individually be the best at everything that they
set their mind too including grades and sports as well. They rarely have to work with
others to figure out how to solve problems because they feel the need to rush ahead
themselves and solve it in order to acquire the praise from their parents and teachers.
Students who received average grades in their formative years knew exactly how to
work with others to even out the workload as much as they possibly could. They had a
game plan to work smarter and not harder. They did homework together, studied
together and worked in packs to get everything passed in their classes. This set of
students obviously translated better into teams when they went into the business world
than those that only worked by themselves.

Credit Vs Blame

The individuals who are still riding the high of a 4.0 GPA and the praise from
high school and even college are seldom the first ones, if ever at all, to take the blame.
They have less experience in having to answer for doing something that did not meet
the highest of standards. They are the first ones to take credit when something goes
right but the last one to stand up and take responsibility when something tends to go
wrong. Average students are more prone to know how to properly take responsibility
when something was not done correctly. They take the blame when it is warranted.

Taking the High Road

It is a key quality for a business owner or anyone working in business for that
matter to be able to take the high road. You can see a clear difference between those
who know how to do this and those that do not. One of the places that this is clearly
seen is how they respond to negative reviews. Taking the high road is knowing how to
stay in your lane and focus on your growth while ignoring any negative commentary in
the other lane.

Conclusion

It may seem easy to believe that by praising the students who do well in school
that we are doing them a favor when in reality, it is not preparing them for the real world.
You can not take a prideful path when it comes to being in the business world. You
need to know how to work as a team, take the blame when necessary and work for the
better of the entire group rather than just themselves. You can not expect to simply be
an alpha and be diligent enough to get everything done on your own. In the end, a pack
mentality will be much more of a benefit in the long run.