Step-by-Step How To Buy Your First Rental Property In 6 months

Join Ken and Danille as they talk about how to buy your first rental in 2024.
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ABOUT KEN:
Ken is the author of the bestselling books The ABCs of Real Estate Investing, The Advanced Guide to Real Estate Investing, The ABCs of Property Management, and has an upcoming book: "ABCs of Buying Rental Property: How You Can Achieve Financial Freedom in Five Years." Ken is a Rich Dad Advisor.

Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
Ken's company: mccompanies.com/
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DISCLAIMERS: Any information or advice available on this channel is intended for educational and general guidance only. Ken McElroy and KenMcElroy.com, LLC shall not be liable for any direct, incidental, consequential, indirect, or punitive damages arising out of access to or use of any of the content available on this channel. Consult a financial advisor or other wealth management professional before you make investments of any kind.
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Ken McElroy makes no warranties or representations of any kind concerning the accuracy or suitability of the information contained on this channel.
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#KenMcElroy #RealEstate #RealEstateInvesting #CareerAdvancement #SelfImprovement #PersonalGrowth #lifestylechanges #blackrock #larryfink #singlefamilyhomes

[@KenMcElroy]

Reserve your spot for Danille's FREE Wednesday Webinar: kenmcelroy.com/webinars/

[@kimberlyrobinson1197]

Ken's microphone volume needs to be turned up for these shows. It would help tremendously. Nothing but love

[@marcus_fields]

👋🏾 hey wassup cutie

[@hp7639]

I think he sounds low because hers is too high or she speaks too loud into the mic.

[@Bryanbobber]

Would it matter if it was turned up? Lol. It's the same content over and over again. Generic answers to generic questions.

[@tristanbuffett]

Danille's voice is not sexy to listen to.

[@ElJefe360]

And Danille’s mic turned OFF please

[@lorigovi718]

I have a 2.125% mortgage and it cash flows. 🙌👏

[@toxichammertoe8696]

How did you get 2.125%?

[@briandesantiago6380]

Hey ken I wanna thank you for leveling up my game and helping people like me trying to make it. I started to read your book abcs of real estate and it’s such a powerful book, with so much knowledge thank you again.

[@huetube3314]

Thank you guys so much .I love what Ken has to say and Daniel just puts it all together for us to learn from Ken so much great info 👌

[@riverkatia3113]

Thank you so much. You’re such a great persons. I am thankful for all the info you guys provide. You both are model to follow for me .

[@viradolgushyna3150]

Ken, your advice is invaluable! Thank you so much for sharing your expertise. 😊

[@Rpc5765]

I don’t understand why we need to be so specific with the strategy when the goal is to maximize profits. To me it’s more like the game show Deal or No Deal if all the cases were different colors and sizes. Idc anything about the cases other than how much money is inside.

[@bartmastin3272]

Thank you for the video. I have a lot of respect for you Ken.

[@RealEstateEntrepreneur]

That is what I am looking to do right now. But a 4 unit or 5 unit to live in one of the units.

[@_m_K_.]

For clarification on SSA, Ken is referring to people who retire BEFORE FULL RETIREMENT AGE. Before your full age, then earned income from wages counts towards the annual earnings limit. Passive income from rentals doesn't. However, if your higher income and over 65, rental income DOES count for IRMAA/Medicare purposes.

[@MIL_BanhadE.1031.]

thanks for your time all.

[@garysteelethemidnightman]

Sharing doesnt work in Australia theres alot of free loaders around dont want to pay so you end up on your own anyway is also illegal in Australia to share houses or units without owners permission

[@grantog123]

Just what I needed. Great work

[@RobertBullock]

Re: classic atyles. I have one house that has pink tile with black edge tile in the bathroom. Capped off gas heater still there. Dark/light green tile in the other. It’s a thing. Original afaik.

[@rinconman]

If you are an active RE investor professional does the income from your rentals affect any SS payments versus passive investor?

[@Thaksinnaenaudon103]

Thank you very much

[@rynophiliac]

I’ve been looking in the Phoenix market for years and I can’t find anything that cash flows at all unless you put 50% down

[@ronkellam8184]

Ken, You mentioned in one video the markets you are interested in at this time. You mentioned Seattle. I heard from a friend that Washington is likely going to pass a law taxing rental property owners on their rentals. This may take effect on Jan.1, 2025. I might be trapped here if that happens. I refinanced three properties in 2020 to buy a fourth. My interest rates are two at 4.25% and two at 4.375% I don't want to sell or do a 1031 exchange and move into a 7% or 8% mortgage. You might want to check this out before you buy in Searttle.

[@danbeeson9564]

You have to be crazy to buy in Seattle, Portland, LA, and SanF as a landlord. They continue to pass increasingly insane laws.

[@Jake.5640]

Could anyone kindly explain what she means by “make sure it Cash Flows” and talks about income, expenses, etc.? I’ll appreciate it

[@shanerogers9386]

A 500K home in 2021 is now 1.5MM - 2.5MM here in south Florida because every single home has been hoarded away from families by flippers and investors.

[@adventurebabyboomer7318]

I would be very careful of Phoenix. Water issues. Cannot accommodate the level of incomiing migration (I was raised there).

[@levwilson]

If you EQ'd the higher-mid range slightly out of Danille's mic and lowered the gain a tad, boosted it in Ken' and raised the gain (keeping both levels around -10db for headroom), then loaded a compressor on the master bus (fast attack, slow release) with gain compensation it would sound so much better

[@itsTonySaint]

I don’t think they’re going to take that very specific advice 😂

[@ruthiebast4222]

Hi Kenny and Danille, in simple terms, what is capital appreciation?

[@karenjackson358]

Hi Ken, please provide on purchasing multi families, i.e. interest rates, down payments, etc. It seems like you focused single family and short-term rentals.

[@righteousdivine]

Someone told me that you don't need an LLC on each property as long as you have adequate umbrella insurance protection. How true or untrue is that idea?

[@LeslieGuiley]

Every AAR contract has a place for an offer to expire but in a hot market it gets renegotiated all the time with zero sweat from the seller. Buyers markets or balanced markets are different.

[@tingxiao7463]

i'm selling my rental in MD and is deciding if I want to reinvest to take advantage of the 1031. I'm comparing to getting 5% return on short term bonds to my rental returns. The numbers just doesn't' make sense to reinvest even if I have to pay capital gains from selling my rental. Anyone one else feeling this way?

[@TrevorD1977]

Keep in mind you don’t get any depreciation to offset income on bonds. Also, if rates really go down this year, so will that short term bond yield.

[@Horatio1886build]

Yes I agree. But if your hands on to some degree, there is still the opportunity to add value albeit with risk and your time. But my money is in 5+ CD for a year while I fall back and regroup. And study.

[@KingLoneWolf44]

I invested in a rental property in 2021 in Cali. It was a horrible investment I lost the property within two years . The property foreclosed and I had squatters in one of four multifamily and California is a tenant state. I ran out of $$$. I listen to all the podcast and I sign up for many mentors, which I didn’t get no deals with any mentoring I sign up for. Please be careful there are a lot of bad advice out here and everyone has a mentor class or some sort of an academy.

[@Zugzzzwang]

Sorry about that dude.. California is a very hard market.. it’s expensive and as you said it isn’t land lord friendly.

[@AA-rc4zr]

$500 per until cash flow on a new purchase is huge. Unless you are putting more than 20% down payment. Hard to find.

[@OneLeggedTarantula]

maybe it was 250/door?

[@maxthehumandog]

Love you guys your both awesome

[@alm8bob]

Thank you so much for this great video 👍 😊

[@Bilbo383]

What's a good cash on cash return for Ken? Does it fluctuate based on the class of the market?

[@TheYomoman]

Great Show Ken!! Quick question, I am considering to buy a single family (move in ready) in the Tampa/Riverview/Brandon Florida area for roughly $300K as 2nd rental all cash. Reviewing the rental martket, they are renting for about $2300-2500 area...Thoughts?

[@traceysweeney6965]

I would love to send you a project in the white mountains AZ to take a look at.

[@shanemb3]

Can someone explain the 90/10, 80/20 thing or provide a reference?

[@SLcreativeheart]

The seller does not have to disclose what an inspector finds unless the seller is privy to the inspection report. If a deal falls out and the seller is never told, they don't have anything to disclose.

[@nolo3]

You are putting out some great content. Thank you

[@hensokchea]

Thank you so much

[@vaughnthomas2016]

Mr. McElroy do you want any properties in Delaware? Also, how do you get a good management company? Would it be go through a real estate agency or someone that does it and would you sell a property or rental property that’s paid off or would you hold onto it it does cash flow, but the management company is the problem they’re not making repairs the right way you have to go back and do it again and again anyway what are your thoughts on this and if you do have property in Delaware who manages them I use them also

[@avagencheva]

How can consult with/ Ken?

[@EricTaliaferro-rk5xj]

How do you buy with no money down?

[@Link-tx8vq]

Thanks for the info!

[@leeroach3381]

Very helpful Thank you for sharing

[@tahirisaid2693]

I predict a housing crash due to people buying homes over asking price, lacking equity if prices decline further. Foreclosure becomes likely if they can't afford the house, and selling won't yield profits. With anticipated layoffs and rising living costs, many individuals may face this situation.

[@KentBrono]

You are right! I’ve diversified my portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.

[@KentBrono]

“Angela Lynn Schilling” is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@trollfaceedit666]

Bot.

[@tomunderwood4283]

Which states are most landlord friendly relative to squatters?

[@9xqspx6]

Is that a MC-Opoly in the background?

[@jennaquade5055]

If you had 40k in the bank what would you do with it in the Tampa Bay Area?

[@Aninebula]

I’m 21 and you sound relatable lol I said my age to point out in a younger person waiting to jump into this hectic venture… My plans to save more and wait till post elections

[@Hoodlum728]

High yield savings account for now. Around 5% return, no risk, only “negative” in mine is if I withdraw more than once a quarter, their is a $25 dollar fee. But I’m not withdrawing…

[@Rpc5765]

I don’t understand why we need to be so specific with the strategy when the goal is to maximize profits. To me it’s more like the game show Deal or No Deal if all the cases were different colors and sizes. Idc anything about the cases other than how much money is inside.

[@richarddefrese4484]

I disagree with the wrong spot... prices are too high and rents are almost the same as the "progressing" area. Get the cash flow... definitely not "barely".

[@niknabernik4700]

When you startet to speak I imagine like business beast being ready to cashflow 😂😂

[@dbrown6936]

The volume level between the two of you is outrageous and not fun to listen to. Love your show.

[@astrologyfactor8588]

Alot of good information! Thanks!

[@shalvakatsiashvili4191]

Now I have 4th rental property

[@Institutional_]

congratulation 🎉 can you give some advice for someone who want to start

[@maxthehumandog]

How did you start and how's it going

[@vd.s6158]

Good job

[@poonekar]

⁠@@Institutional_ do you have a specific question? This whole video is about how to start but here’s what I would suggest … Understand what you can afford, define your buy box, look every day for properties in that buy box that cash flows for atleast 30 days before you put your first offer, find an investor friendly agent who can represent your aggressive offer.

[@shalvakatsiashvili4191]

​@@Institutional_my only advice is to read Robert Kiosaki's Rich dad, Por Dad. I read it several years ago and now, I know that Kiosaki was right.

[@tsuipingho8946]

Up till now fed has not lowered rate and inflation has not gone down as expected!

[@billytran179]

Roommates need to pay $700-750 per room...inflation killing everyone...

[@cremls]

2012 was a good time to buy, 2001 was even better. In comparison, buying today looks very grim. I wouldn't recommend anyone buy a house especially. Cost ratio is way off. Don't count on appreciation. Words are cursed. Peek at the cards.

[@oliviaduran-b8q]

Thank you so much for this video but in these uncertain times it is more important than ever to have a solid understanding manage housing investment also your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.

[@fabiankilimani]

If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.

[@PapilonKai]

you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited £560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.

[@AlonBayani]

That's impressive! I could really use the expertise of this manager for my dwindling portfolio. Who’s the professional

[@PapilonKai]

Her name is “EVA MARIA GOUTZOS’ can't divulge much. Most likely, the internet should have her basic info, you can research if you like

[@gloverlife-w4b]

I have googled her and she has impressive credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

[@fundingsecured7072]

Of course you should buy at all time high. 😂

[@charliesizemore9971]

5% down and cash flow? Who you crappy?

[@fundingsecured7072]

Guy is a scam if you know kindergarten Math.

[@thecars570]

Volume level of show is too low.

[@hp7639]

his is possibly little low and hers is way too high.

[@UCSF2023]

Seriously, "pre-approved". ?? Know your audience please.

[@michaelmcwhirter]

I'm active duty military and I'm thinking about getting a rental property right now. I could use the VA loan but am not sure if I should househack or rent a place. Is now a good time to catch a duplex and have a tenant help with my mortgage? Anynody please feel free to share your thoughts! 🫡

[@casasdenick]

What market? The VA loan is arguably one of the most powerful investing tools. I'm a Marine veteran and lender, here to help if needed.

[@breezydont]

I’m looking to do the same thing in Houston 😊