Your 9-5 Just Isn't Worth it Anymore... (with BiggerPockets' David Greene)

How do you get started in Real Estate while also working a full-time job? Join Ken McElroy, Danille, and BiggerPockets host David Greene in a conversation about quitting your full-time salary job and making the transition to a full-time real estate investor (it's easier than you think!)
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ABOUT KEN:
Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, The ABC’s 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.
With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This channel is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income.
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#kenmcelroy #realestate #realestateinvesting

[@RobWilliams007]

My boss’s husband has a few rentals that he manages himself (we have 1 so far and we hired a manger) and he said that, not only does he run a background check, but when he goes to show them the property, he walks them to their car to see how well they take care of it as that may be a reflection of how they will treat his property.

[@HappyCleanersWA]

Much more profitable if you can manage yourself , and not that much work

[@Grannyknockers]

I really like that trick of walking them to their car

[@anniealexander9616]

Wow! I'm a landlord and often have tenants with better cars than mine. It's amazing someone thinks a person will treat your property as well as they treat their own. I have 30 years experience and I can tell you they don't.

[@HJJTsai]

Gee.... my car is messy bc I transport both my preschool children. I do take care of my houses though. Totally different things. My husband's car is spotless, but his room is a mess. I don't see a correlation.

[@jgg204]

Having gone from 1 property, to 6 properties in 2 years....there are LOTS of lessons learned. My leases used to be 3 pages, now they are 9 pages. I never had systems in place, and just did things on the fly. Now everything is an established process. Everything from the renovations, to the rent payments, to the repairs, to the advertising, everything. I was driving myself crazy before, but once I made everything a process and established in writing with tenant and contractors....I could finally start living a normal life and not have my rental properties consume me.

[@VincentBartman]

Hey - is there a way to connect w/ you? I'm curious to hear about your process and what you learned along the way. Newbie here.

[@workingshlub8861]

same here...first 3 years i was making tons of mistakes....now im streamlined and things are running much smoother..

[@jeanettesteward1933]

I would also like to hear your processes.I have 5 rentals in tow years and I am really stressing here.

[@noelmojica6624]

Interesting to hear your perspective since you have experience so far. I’m getting ready to buy my first rental & am doing my best to come up with a strategy & goal to make a good buy

[@PHILLBROUSSARD]

How did you start when making your lease agreement?

[@rr8253]

Ken, I love the point about nobody cares. I came to that conclusion about 15 years ago. I was trying to sell a TV show idea and website and tie them together and make money off of each - way before youtube was super charged. I connected with friends who knew people at Endemol and one other reality show company and I went and copyrighted the show name and registered the website and tried a few more connections, even made a dummy commercial of the show that ended up playing in a tv monitor on the tv show Entourage. But I couldn't get it off the ground and I found that no matter how much people said that they wanted to help me, they were just busy and consumed with their own lives and just never really helped and I found out how much of a closed good ole' boys network that writing and creating a tv show is.

[@greydenpiechnickrealestate6928]

My two favorite people! I am 21 and house hacking a duplex! Cash flowing $900 pure cash flow each month! Thank you!!

[@johnnyb33good21]

that's awesome.. what market are you in?

[@ChampangeSuperNovaz]

@@johnnyb33good21 I was gonna ask the same question. House hacking a duplex where I live in Texas gets nowhere near that kind of net cashflow.

[@LivSimpli]

David, always well spoken and informative, thanks for the content!

[@RealEstateDisruptors]

Great video! Enjoyed all the information shared

[@LifeofaLandlord]

Solid video. I think everyone should make it a priority to investing in assets (a business, stocks, real estate, side hustles). I dont hate anyone working a 9 to 5 job but financial freedom does not come from living and dieing off of one stream of income.

[@RealEstateDisruptors]

Very true you will never be free with one stream of income

[@snomelc920J]

I have one stream of income. 50,000 a month tho. How much money y'all mofos need 😆

[@hexydripper1117]

@@snomelc920J I need muti billions 😉

[@stephtraveler7378]

I have renters that haven't paid in over a year and I can't evict them. Even at the end of CDC (not sure when they became the ruling party) moratorium on evictions, the media got behind the movement and I still can't evict them or I risk being voxed. I'm getting out of real estate as fast as I can.... Good luck everyone.

[@DionTalkFinancialFreedom]

We need more David Greene.

[@joaquinlopez]

And more Dions...

[@luztv101]

David is awesome. Big fan of him and you guys. Keep up the good work ❤️

[@turnbucklemagazine7296]

Great info as always but digging the sunflowers on the counter. 🌻

[@leroymotley2669]

Good show. I bought David's book and it is chock full of information on realestate investment. The BRRRR method process is what we used and it worked like a champ.

[@wellness-strides]

Great episode! Thanks everyone! I am so thankful for you all because I bought my first rental in 2020 with a positive cash flow! I'm looking forward to my next purchase!

[@wes4477]

For me since i work in hvac usually "catastrophic problems" are just a Tuesday for me and it helps since i can fix that stuff at cost for myself with my company doing the repairs

[@DR-eh3if]

Hi! I have a rental in Florida. Do I open a llc to collect the payments? What are tinge benefits? What do you recommend? I hope to be able to acquire one more unit by the end of the year.

[@DayanaPlays]

Great stuff 🚀

[@daniellepidgeon3106]

What a great video! Keep up the good work. I always learn something when I watch or listen to you.

[@priceandpride]

That sounds exhausting. I am pulling my hair out just trying to renovate my own house now, I can’t imagine trying to do that for another property out of state

[@johnnyb33good21]

it gets better the more you do it overtime my 1st 4-Plex was a foreclosure & a full remodel of all the units. i had a couple of melt down moments. stick with it. you'll gain the confidence once it's done

[@edj5532]

@@johnnyb33good21 ... yes, experience is priceless. One learns from mistakes. when I was younger. I had more energy and excited. Now with prices in the million plus for even a SFR fixer. the investment does not pencil out. 20 years ago, I started to invest outside my comfort zone, which means within 25 miles of my home. I went out of state and country. At first it was a nightmare. it was the right choice after all the stress. Confidence and experience is gain from getting your hands dirty. Never ever give up....

[@Logan.A.rademeyer2147]

Thanks for sharing this video Ken. David, you are a genius communicator, lots of concerns in the back of my mind was clarified by the way you do not try and overcomplicate getting started in real estate, you truly have great people skills. I have watched many BP videos and even videos of Master Ken, Danille and Real estate Godfather, Mr Robert Kiyosaki, Brandon Turner among many others, you are all awesome people, thanks for the content you share, it has truly been a great help to me

[@Christine-si8nc]

Awesome show and chat between the three of you! Big fan

[@BusinessTipsWithYulianna]

This was beautiful. Thank you so much for being so open and real.

[@SRC503]

This is good stuff! Thanks guys

[@Anastasia-ps1lv]

thank you❤

[@glendadavidrealtor]

Awesome video as always ! Thank you Ken.

[@olgagorshkalova5694]

What do you guys suggest doing now that the real estate prices are astronomical? Can't find a 2400 sq ft house for 195k 😕

[@onecompass7290]

I have looked at every condo availability locally and In other cities. ALL of them forbid renting. Maybe I need to look out west. I tried to buy a condo in a NM resort area. The agent told me that the city government recently passed a law forbidding ABNB rentals!

[@jhblake123]

Wow, it was so much easier back then to make money. Mainly because there were a lot less smart people around. Cap rates these days are around 5-7%, rentals are not a good investment now. Unless you find a crazy deal that 99% of people missed.

[@workingshlub8861]

you can do well if you dont mind wearing many hats...property manager is 7-10% of your monthly gross.....you only have few units not really worth it..

[@dustovshio]

@@workingshlub8861 yeah its crazy when you think that 5% cap could be 15% if people would just cut out the property manager. Its not that hard to DIY.

[@ChampangeSuperNovaz]

If you cant find any good deals. Make them.

[@okochat]

So true Iam looking to buy my 3rd property and I feel like my mindset is different right now...

[@tequiladenise7787]

Great information. I am in transition from teaching for 19 years to becoming a real estate investor. I’ve registered and set up my company. I have a website, Yelp account and google. I’m working on my business credit now. This show has given me so much knowledge over the past few months. Thanks Ken👍

[@HappyCleanersWA]

Business credit to be an investor? Don’t think that’s necessary

[@tranlam5383]

Great content

[@geraldcliver1496]

Thanks for giving me strength to make mistakes thru which I can learn.

[@DoomTubePorn]

Works well as long as rates can fall for another 40yrs

[@Bluewh174]

Are the third property always an investment or is there an option to buy it under low interest Mortgage as a home?

[@MartinCoronaPhoto]

I'm new to the path. I am in California, but figured out there's other markets which have good mortgage to rental ratios. I ended up looking in PA and landed a house for $85K with a tenant that pays $1300/month (mortgage is around $600). I put a management company in and just watch the bank account fill back up. It took a lot of research and some flights to make sure the area wasn't a dumpster, but it was well worth it. I'm working on a couple deals like that now. I guess the main point is, just run the numbers. If you are new get a property manager, they live in the area and can actually help you look at deals based on their experience. A good property manager is so valuable if you are doing things in areas you dont know.

[@KenMcElroy]

Congrats, Martin! Well done!

[@PHILLBROUSSARD]

Where should i look for property managers?

[@MartinCoronaPhoto]

@@PHILLBROUSSARD I used Yelp honestly. You have to read actual reviews, and not just look at the ratings. I found the a company that had like 3 stars, but it was because tenants were angry they had been successfully evicted. That was a plus in my book, every though his reviews are considered “low”. It meant the company is good at kicking out bad tenants. But yes, it took a lot of research again, looking at different companies and contacting them. I skipped a lot of companies that didn’t reply in a timely manner.

[@youtubecarspottersguide1]

how do you qualify for more than one loan??

[@catherineelizabeth2569]

The Philosophy of the rich and the poor is this:the rich invest their money and spend what is left. The poor spend their money and invest what is left".

[@temiymahs_World]

Is it crazy to use a personal credit card for the down payment?

[@sabamokhtari8155]

Who is the author of "Turning Pro" book? I missed that.

[@Dracandros76]

Steven pressfield

[@RobWilliams007]

I said this on Bigger Pockets - I’m reading the book Mindset by Carole Dweck and it is a really good book to show how you learn and deal with mistakes and how to shift your brain to not give up.

[@CaseyBurnsInvesting]

Redefining BYOB

[@mcpuffenstuff6213]

Yea, invest in properties now while they're at all time highs, mainly for a learning experience of what not to do next time.

[@ChampangeSuperNovaz]

Or what to not to do never because you realize you don't have a crystal ball.

[@ninonono2875]

Brilliantly stated. These people know that sheep-dogging people into the market now will only rush the inevitable market correction.

[@aledevans732]

Currently remortaging our house after 5 years to buy our first house to turn into air b n b been in same job for 10 years im 30 next month and want to go full time property in next couple of years.

[@ashog1426]

I will get there.... I love real estate not that it is easy but I have a passion for it although ill likely be mid 30's before I make my first investment.

[@shafiulismam5334]

Hi how are you guys doing?

[@ricksam7653]

Being of age and how to manage the sequence of returns in those early periods is what seems quite scary in the current market. The market is never a loser in a twenty year cycle, but the 2000s decade scenario scares me and could really disrupt my retirement. When you are no longer accumulating but withdrawing its hard to be anything but cautious.

[@ivearies4187]

Great content, as usual. I like to watch Mr. McElroy talking about his expertise in real estate. Curiosity, I have about how is this lady related to him 😎 Remember to be nice…just curiosity

[@anthonyc6360]

For a lot of people this has become the shot escape plan.

[@workingshlub8861]

no property manager will care as much as you the owner....talk with other landlords and network...learn how to do basic repairs and invest in some tools.....find a good eviction attorney and have them at the ready...

[@hogfish3881]

It’s good idea to start at the bottom of the market. Not sure how new investors would feel if housing market goes in to a correction.

[@rushrumble1699]

I haven't had any luck on bigger pockets. It's like no one is really on it.

[@goswamiprasad6955]

#Being of age and how to manage the sequence of returns in those early periods is what seems quite scary in the current market. The market is never a loser in a twenty year cycle, but the 2000s decade scenario scares me and could really disrupt my retirement. When you are no longer accumulating but withdrawing its hard to be anything but cautious.

[@MuahMan]

Yeah but how in the hell do I pull it off. 2 weeks after I quit my $75k year 9-5 (South Fl, basically poverty level), I'll be broke and not even able to pay my property tax. I only have 34K in debt total (one stupid car note I had to get to get a car because they forced me back to the office from full time remote). I don't know how anyone is swinging it.

[@harry554]

Mr. Greene I don’t think people are totally apathetic toward each other

[@miguelbertonatti]

👌🏼

[@garridoentertainmenttv9615]

Danille is so gorgeous!!!!

[@annitacar]

The thing is the tax benefits are not that good in the UK as the USA it's like the UK government want to keep us poor and controlled. USA is so much better equipped at helping people to make it once they find the formula to.

[@marcoramirez1763]

👍👍👍

[@robertoinvests]

😊

[@MD-eo2wy]

Gotta have money to make it don’t try and sell this like it’s just a walk in the park

[@pentrubarbati]

Save and Invest who is stoping you to invest ? don't buy useless crap don't eat out etc etc it adds up

[@sandramish2229]

My first Income I do a normal 9-5 job and my second income I put it back to work to make more money. I'm not just after the money but the freedom to live on my terms Lol

[@JK-qn9qr]

you mean 9-5 doesn't "cut it." you need to do "more" basically.

[@mikemason1120]

Some investors look to their investments as a source of income while others use it is a means to grow or preserve their wealth.

[@RobinHuud_]

9:02 um david… Bling Bling came from a skinny black kid from New Orleans in the 90s. FAR from California. lol

[@thawdani]

so you just buy houses and wait for them to increase 100%over decade, too ez

[@HJJTsai]

interesting... nothing wrong with being cautious, esp in today's environment... think about the people who bought Bitcoin at the peak because of FOMO. they are probably broke, and that's too much of "a lesson, and let's move on".

[@vitaliybondarenko79]

I am earning 500k annually at my 9-5 job. Are you sure I should quit?

[@leroychandler9431]

You should easily be rich lol

[@ninonono2875]

What’s your line of work? I want in. No joke. 🙃

[@geraldmedrano8594]

Too many leaders, not enough Indians

[@stellarobyn1950]

Investing in crypto now should be in every wise individuals list, in some months time you'll be ecstatic with the decision you made today .

[@NEK107]

Please acknowledge that I’m here 😿

[@vizsla8579]

Guy is a grifter who was only in this position because California pays its officers 3-4 times the average rate of the average person.

[@mynameismyname8366]

Cost of living there is also 3-4 times the average. What’s your point?