Quotes from Ken McElroy

There will come a day when the properties my partner and I own will be sold. But until that day, the cash flow generated from them, and their appreciation in value, ensures that we have the ability to do the things we love today, and in the future.

You just need a few key team members to get started—an attorney, an accountant, a real estate broker, and a property manager.

look at all the newspapers and business journal newspapers in every major Western city via the Internet.

market with good employment, that it was progressive and forward-thinking, that it had a very high cost of home ownership, and that it was in high demand.

Starting off on the right foot involves doing one thing really well: evaluating your market and submarket.

Money tends to produce more money—when invested right.

Supply and Demand When it comes to investing in property of any kind, particularly rental property, I make sure my first objective is to get an accurate read on the supply and demand in the area. I'm not talking anything complicated, just basic economics. Supply is defined as the number of rental properties available in a market or submarket. Ideally, supply should be low and demand should be high.

And remember, the value of a rental property increases based on its operations and cash flow.

In order to become wealthy you have to stop working just to pay your expenses

The ABCs of Real Estate Investment will teach you how to: • Achieve wealth and cash flow through real estate • Find property with real potential – understand how to evaluate property and purchase price • Show you how to unlock the myths that are holding you back • Negotiating the deal based on the numbers • Increase your income through proven property management tools.

In the early days of my first property management and real estate deals, there was a lot of trial and error and I made my share of mistakes. But for every one mistake I made, I learned ten lessons and got smarter every day. I started to see patterns, discover formulas and systems, and develop a network of people I could count on. It took time and it took work, but the more I pursued my dream, the luckier I felt and the more often magical opportunities presented themselves to me.

Business creates liquidity; real estate creates wealth.

Recently we refinanced the 182-unit building, which we had owned less than a year. Its newly appraised value was $11.3 million, more than $2 million above what we paid for it. And since I own 10 percent of the project, I made over $200,000 in less than a year. A testament to the power of buying and managing right and managing well.

When you buy a house or condo and rent it out, appreciation of the property rests solely on the appreciation of the surrounding neighborhood. You better have bought in the right neighborhood, because there is little you can do to increase the value of your property.

If everyone you talk with is having difficulty seeing your vision for a property it can be either one of two things: A revolutionary idea that will prove everyone wrong. Or a bad idea that everyone recognizes as a bad idea, except you.