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.”

Are you a good leader?

If you want to improve your business and your life in general, you need to learn to be a better leader. Too many times people are either a pushover, a worker bee, or use their power to “lead” aka push people around. Yet none of that is being a true leader. I interviewed one of my closest friends and one of the best leaders I know, Tod Davis on my podcast. Todd started Life Lock from the ground up and sold it for a billion dollars. 1 billion! If you ask him why he was successful, he will tell you the learned how to be a true leader. These are the qualities he feels you need to be a real leader and have success in your business.

1. Allow yourself to be challenged. All too often we get in a position at work, with our family, or in our company where we shut down when someone challenges us. Why are we shutting down? It’s because we don’t want to be wrong. We think we know everything. Having an open mind is something every leader needs to have.

2. Make sure people can ask you for help. Make sure they don’t feel stupid when asking a question. You should be open to all questions and be patient with your answers. To found out the other three qualities of a leader and to have Todd motivate you to get your ass up and be successful. Click here to listen to the podcast.

Until Next Time,

Ken

Facebook Forum Question

Be sure to check in on the Facebook group each week where I answer questions that are asked by the community.

Jay asks:

I’m a believer in surrounding yourself with a team and we do that in new home construction. However, when we select a realtor, we do not put realtors on our team who also have their hands in building new homes. We avoid this because we know who’s product will be shown first.

My question is about property managers. We are wanting to enter multi family properties with long term hold, cash flowing, models. We would also like to work toward your strategy of value adds with cash out refinances to provide returns, tax free. The area we are exploring is about 85k people or so. The larger and better appearing property management companies own several of the larger apartment complexes in this market. How would you approach this, or what would you consider, to avoid simply paying your competition to fill their vacancies and aggressively represent your interests instead of only their own? Thanks!

Ken Answers:

A great question. Not all PM companies are created equal. I know large ones that are horrible. I know small ones that are horrible.

The key is the individual and a MF property manager may not do a great job on single family.

Find a local realtor or local investor that OWNS rentals. Ask them for referrals. Look for housing associations in your area where they have ongoing education, this could be a small owner group inside a larger apartment association. I know these are available in AZ, Texas and California. Just check your state.

6 Skills you have to master in order to be wealthy

There are six skills that every future millionaire must master. These six skills will put you in the millionaire mindset and prepare you to stay in that mindset throughout your life. When you build on the six skills; persuasion, reading people. Sharing the wealth, leverage, problem-solving and saying no, you set a foundation for the life that you want to have. They are skills that you have to hone and work on every day of your life and when you make them a priority, you will begin to master them.

Persuasion

Persuasion is the ability to convince someone to see things in the way that you want them to. You have to be able to persuade your family to support you when you start a business. You have to have the ability to persuade investors to invest in you and employees to work for you. You also have to be able to persuade yourself, that you can accomplish what you set out to do. You have to be able to persuade yourself to keep moving forward. Persuading is not a perversion of the truth, it is a form of selling. Therefore, if you are a good salesperson, you will be good at maintaining the skill of persuasion.

Reading People

Reading people is a very important skill. You need to be able to have good instincts about people and knowing who you can trust. You have to be able to know how to read your investors, your customers, and even your family. You need to be able to read the signals to know what your investors need to feel assured in their investment. You need to be preemptive about understanding your customer’s needs and being able to read your customers is a good way to give them what they want before they even have to ask for it. Behind ahead of the game is a great way to make sure that you never fall behind.

Share the Wealth

You cannot be greedy when it comes to building your wealth. Sharing your wealth is a very important skill to maintain throughout your life. Ways that you can use this skill include; hosting charity events, gift cards, letting people test your product for free. You have to be willing to put some of the work in for free. You need to be willing to give things away in your business in order to help you build a reputation and referral source from clients.

Leverage

Leverage is an important skill to hone. You have to be able to leverage people to see how they can benefit you in the most productive way. You have to be willing to leverage your contacts, your friends and even your family. Leverage is more than just about how they can help you, but also how you can help them. You cannot leverage on only one side of the playing field. You have to be willing to give as much as you get.

Problem Solving

You have to be able to solve problems rationally. You cannot let problems distract you from your end goal. You have to learn to calmly handle these problems as they come up. If you cannot learn to handle problems quietly and calmly, then over time they will start to have an effect on your business. This is why you have to be consistent with how you solve the problems and when possible, keep them at an arm’s length.

Saying No

You have to be willing to say “no” more than you say “yes.” There is a guilt that can sometimes come up when we say no to things. You have to remember that your time is valuable and you need to give your time to the things that are consistently making you money. This is why it is an important skill to know when to say no and stick to that as your answer.

Conclusion

These are six skills that all millionaires maintain. These skills are important to work on and hone over the years because they will make you more successful and better respected in your life. They work hand in hand to help you build your life without anything getting in your way. This is how you begin to set a foundation for the life that you want to have.

For more articles like this click here to access my weekly blogs.

Until Next Time,

Ken