Buying Your First Rental Property with David Demers

Join Ken McElroy as he talks with his co-writer, David Demers, about his latest book the ABCs of Buying Rental Property.

Click this link to download chapter 1 of the ABCs of Buying Rental Property: https://bit.ly/BRPBook

To purchase Ken’s book follow this link: https://amzn.to/31BWvXB

Learn more about Ken McElroy and sign up for his video library at: https://kenmcelroy.com/membership-account/membership-levels/

Rich Vs Poor Mindset

The variables that come to the table between those sitting down on the wealthy side and those sitting down on the opposite side have less to do with opportunity and more to do with their mindset. This is an important thing to acknowledge. Our background, our educational status and so many other variables are less impactful than the mindset that we have during our day to day lives. The mindset we choose to have will change absolutely everything. The mindset of the poor is commonly directed towards what they cannot afford and the mindset of the wealthy is more directed to how they can work to afford the things that they want. 

Spending Habits

There are many differences between the spending habits of the wealthy and the spending habits of the poor. Those who are poor spend the money they make and then choose whether or not to invest what is left. Those who are on the wealthy side of the spectrum invest first and then spend when needed. The wealthy know that investing their money will result in long term cash flow while those on the poor end of the spectrum only care what the money they have can do for them in the here and now. 

LLC Benefits

The wealthy know that having an LLC will protect their assets. If they are in a position where they are being sued, the person is actually suing a corporation or a company. There are layers that they will have to pierce to actually sue them directly and this is a very difficult task. The LLC also gives them the ability to write off more taxes from their business investments as well. People on the other end of the wealth spectrum are more often than not working a w-2 job and not able to get any tax breaks. Moreover, this thought process usually does not occur to them at all. 

Investing

The wealthy and the poor handle their investments very differently. The wealthy are very active in their investments. They are aware of what is happening to their money on a regular basis. They find them personally, do extensive research, and understand the numbers and the fees involved in the investment. On the other hand, those on who are considered, “poor,” usually hand off their money to someone without any research involved. They hope for the best but are not truly aware of what is happening with their money at all. They do not fully take the time to understand the investment that they are making or have the knowledge to make the financial decision to invest at all. 

Conclusion

Mindset is an invaluable asset when it comes to wealth. Those who are wealthy have an abundant mindset. They are purposeful about their spending habits and knowledgeable about where their money is going. They are direct about their objectives and they are fruitful in their investments. Those who are poor do not keep track of where their money is coming from or where it is going to. They may invest on a whim and hope for the best but they do not plan and follow their investments through to the end. This all comes down to the mindset that someone has. There is a clear line that draws the differences between the mindset of the wealthy and the mindset of the poor. If you can take the time to change your mindset, you can change your life. 

Self-Managing Your Investment Real Estate

Join Ken as he talks with Lesley Brice, President of MC Companies as they talk about the opportunities and challenges of self-managing your investment real estate.

To grab a free copy of Ken’s eBook “21 Keys to Real Estate Success” just visit this link: https://7rxyf2er.pages.infusionsoft.net

 

 

Learn more about Ken and sign-up to his video library at: https://kenmcelroy.com/membership-account/membership-levels/

How to succeed without struggle…

Join Ken as he talks with Rich Fettke about his book Extreme Success: The 7-Part Program That Shows You How to Break the Old Rules and Succeed Without Struggle. Which argues that the willingness to take risks is key to the quest for success, an extreme sports athlete and personal coach utilizes quizzes, personal anecdotes, and step-by-step strategies to help readers create opportunities for themselves in new areas of life, avoid over-preparation, form valuable alliances and partnerships, and more. You can learn more about Rich at his website, Fettke.com.

Predicting the Next Real Estate Crash

Join Ken as he answers your questions including what his prediction is on the next real estate crash.

 

 

Predicting the Next Real Estate Crash | Questions with Ken #3

To get a free copy of Ken’s eBook “21 Keys to Real Estate Success” just visit this link: https://7rxyf2er.pages.infusionsoft.net

Mobile home park investing as solution to the housing affordability crisis

Join Ken as he talks with Andrew Lanoie about mobile home park investing. Andrew speaks from his experiences about the opportunities and challenges of investing in the affordable housing sector of mobile home parks.Join Ken as he talks with Andrew Lanoie about mobile home park investing. Andrew speaks from his experiences about the opportunities and challenges of investing in the affordable housing sector of mobile home parks.

 

How to financially prepare for the long term with Danny Nelson

Join Ken as he talks with Danny Nelson of Nelson Financial Group (https://dnelsonfs.com/) about how to prepare for the long term, in both your personal and financial life. Danny has wide experience working with professional athletes as they move through their careers and set financial objectives; and he reveals what he has learned working with them, and how it can be applied to all of us, in this episode.

Going from Employee to Investor with Dr Nicole Srednicki

In this second discussion for the podcast with Dr. Nicole Srednicki, Ken discusses her journey from an employee through business owner and ultimately to a real estate investor. Nicole talks about the courage it takes to make this leap, and the rewards she has gained from it. You can learn more about Dr. Srednicki at her website Ultra Healthy Human.

Dr. Srednicki is a Doctorally Prepared, board-certified Family Nurse Practitioner who graduated Magna Cum Laude, from Georgetown University, in Washington, D.C. She is a primary care provider and is also board certified from the American Academy of Anti-Aging and Regenerative Medicine. Her passion is facilitating wellness retreats in which clients stay onsite at her beautiful oasis in Scottsdale, Arizona, which focuses on internal and external health and beauty transformation. Dr. Srednicki successfully combines conventional and complementary medicine seamlessly in her practice.