Or would you want them to get out in front of that? I’m talking about hotel chains and things like that. They were much different then but I needed them. Lots of people making that transition. So, we called the billboard guy and I said – you know, because it’s on a big road – and so, the billboard was just mismanaged. What impact is the coronavirus having on that market? Free consultation available. Because you know, if I’m – I mean, you know, I’m hunkering down and I have a little bit of equity in my home. © 2018 SGT Report | All Rights Reserved |. You know, the largest allocation of money that I’ve done in years has been into real estate and primarily, productive farmland, timberland, you know, and things like that. We’ve got a little riverfront place up in Greenfield, Mass, got a garden. Chris Martenson: Yeah. Ken McElroy: Yeah, it is. But there are definitely bubbles that are popping right now as, you know, it’s already starting. I mean, we’re just normal guys. And my only – I have very simple criteria. You know, am I going to come off of furlough? COVID’s maybe accelerated that. People are questioning the college – the cost of college education over Zoom. I was out of cash. Even my partner, Ross, I haven’t actually seen since February. Buy ken mcelroy Books at Indigo.ca. And honestly, they don’t have a plan, Ken. That has real estate implications. You want a bunch of stuff at the bottom of the tier but nothing wrong with tier 1, easy to understand, makes a lot of sense. So, every property’s been a little bit different, every market’s been a little bit different. Ken McElroy: Thank you. So, you had all these people – right now, we’re close to 3,000,000 people that have not paid their mortgages that are over 90 days delinquent, okay? Click the play button below to listen to Chris’ interview with Ken McElroy (67m:20s). So, that’s just how I think everybody’s going to have to be just a lot more entrepreneurial. Ken McElroy: Yeah, we still own that resort. Chris Martenson: Well, and thankfully so because it led you to property management that led you to where you are. As you know, we’ve traveled all over the world together and, you know, you helped me look at my real estate markets a little bit differently with, like you said, the science and the math behind it all. We were buying land and building. Ken McElroy: Well, right. And so, that just eliminated – and so, it’s all been propped up. And so, you know, they’re just not paying. We want to work with you. I’m just – but I understand real estate. And so, like you said, there’s another of – you know, you always hear about the things that are bad but there’s another side of it, too, that there are businesses that are going to do very, very, very well. Providing exclusive original content and interviews with some of the best known voices in the world of economics and precious metals. Their plan is to keep printing and hope it all works out. So, I was like, “Okay, now I’m going to have to figure out – I still am finding deals and the cash flow but now, I’m going to have to figure out how do I get the money?” And that’s when I learned how to syndicate, put groups together and find people that had confidence in me. Let’s get together – let’s Zoom after this and just have some more of this chat. I’m getting my ideas from the people that are joining, you know? And you know, so, I’m learning from her. Delicious kiss of celebration. I’m not kidding. Kathy Fettke: Ken McElroy, welcome to The Real Wealth Show. SGT Report is your daily source for truth in a time of universal deceit. And now that you can be anything from anywhere with Zoom technology and things like that, it really feels to me like this is a great period of reinvention. Ken McElroy: Yeah, oh, yeah, man, I’ll tell you. And you know, we bought it because it had water rights. Massive real estate implications. And you know, so, we have – it depends on the demographic of the apartment building itself. So, just as one example. It’s what you see. “Real Estate Strategies with Ken McElroy” is where we discuss a broad range of ideas and strategies that real people have used to find financial success. But there weren’t real booms. Sample Forms | Real Estate Investing with Ken McElroy. Chris Martenson: That’s the license plate reads, “C student.”. Anything with a grocery store in it is doing very well, obviously. We were looking in New Hampshire and Massachusetts, two whole states. Ken McElroy: I know. So, if I can’t understand something, I’m done with it. But they’re certainly impacted, man. Maybe you’ve seen a cycle or two in the past. And it’s been a great time for me. You know, I think when we see a boom and bust in a market, there’s usually a boom. And by the time we whittled them down for our characteristics, there were about thirty that could’ve satisfied our needs. Ken McElroy: So, you can find it on – KenMcElroy.com is our website, you know, and we have – it’s all free videos and forums and stuff if people are in the real estate. I started managing bigger properties, more properties, all up and down, basically from Northern Washington, basically, the Canadian border, all the way down through Oregon and even Southern California. And all forbearance is, is the ability to not pay your mortgage. Maybe that’s how you know me. Because kids are there for, obviously, more than just that. And I read recently that 25% of America right now is being funded by government stimulus. But I don’t think we’re getting this thing where people rationalize, “I have to live 60 miles outside of San Francisco to commute in through this horrible commute to be there face-to-face. And so, all that’s happening and so, I think you’re going to see a massive amount of inventory next year. Chris Martenson: And again, thinking of real estate as many different asset classes, you just mentioned there’s regional patterns of disruption. I mean, we put them into three buckets, Chris. They’re making decisions. And so, I believe that when all this starts to reopen up and we get this vaccine and, you know, we can go on and on about that, as well. Kathy: It’s truly an honor.Since I began The Real Wealth Show, it’s been my goal to be able to interview people that normally I would never have the chance to meet with.Let’s start with just how you got started as a master apartment owner. So, I looked at Ohio State just because I was like, okay. I mean, that could be a payment on a piece of land. I got a piece of land, it’s three acres, had a billboard right in the middle and the billboard’s making like five grand a year. And I wrote a piece about a year ago way before COVID, of course, and any inkling of it that said that I thought we were going to start in one of the largest back-to-the-land movements in history. Would it be fair to say that some cities might get in trouble around this? Chris Martenson: So, we’re Zooming away happily right here and that’s been something I think is hard for people to get their minds around. Well, I look at things like you. So, they don’t calculate it all the way up. BiggerPockets Real Estate Podcast BiggerPockets Money Podcast BiggerPockets Business Podcast Real Estate Rookie Podcast Daily Podcast (Audio Blog) And it’s interesting. And so, that’s for people who do have the capital, I do think it’s – maybe I shouldn’t overstate this – but it feels like my responsibility, Ken, to share what I’ve got – and I bought this beautiful place with Evie and we don’t feel like it’s ours. I’m up in Northern Idaho right now. 158 talking about this. And you know, so, that, in my opinion, was already starting. It’s honestly, Ken, why I’m not all that pessimistic. I’m sort of a fundamental guy. So, we’ve just seen tens of millions of people lose their jobs. And if you carry those attributes with you, I think people will be fine, you know, if they can model that. You can see where people are going. With disruption, there’s opportunity. The money does attract to you when you have that kind of knowledge, and it should. Chris Martenson: Yeah. It’s just, you know, on the water, great value, breathed some life into it, and sell it to the next person, you know. Chris Martenson: Yeah. Are you going to change that? It’s the hot sector right now. Ken McElroy: Yeah, yeah. You know, that’s what it’s for. Discussion mostly centered on real estate but extend out into mindset, entrepreneurship and best practices for business success. So, you can literally – and U-Haul knows, of course – you know, if you’re moving from Massachusetts to Arizona, that’s data. And so, in closing here, I’d love to – I mean, thank you so much for this conversation. Ken McElroy: Yeah, yeah [laughter]. They’re just not paying. Well, it has to, right? You know, it’s been a really interesting ops – you know, operational part – for our company in the last three or four months. But the government doesn’t always tell us the truth, you know? You know, those things were not – many of them are sort of marginally profitable at full capacity, right? You know, when a renter doesn’t pay me, then I can’t pay the bank and then, the bank puts me in default and then, the bank owns the real estate. And then, it did and then, you know, they just threw more on there. But then, with COVID, he’s like all the shelters ran out of pets because everybody went out and got pets and that’s a good thing, he said. But we were close already, I believe, on a lot of levels on the market peak here. And I wish we didn’t have COVID because I would love to hang out with you again [interruption]…. So, is that condo? The podcast airs… It just basically pushed them right out, you know? I don’t think that you can print your way to prosperity. Okay, that, I would say, is a boom. They’re like, “We’ll print and then, dot-dot-dot.” They can’t fill in the ellipse in that sentence. But I think it’s going to be really, really ugly next year. That was in the agreement. Ken McElroy: Yeah. So, you’ve got this video out. I know that, you know? Chris Martenson: Yup, yup. So, he had that experience. How can people find it? Chris Martenson: Yeah. I go, “What does it pay?” He’s like, “Free rent and $300 a month.” And I’m like, “Done,” you know? Facebook. Is it high-end custom?” You know, that’s just residential and there’s, of course, other categories. Chris Martenson: Yeah, yeah, I remember hearing you talk about your process with that and it was very scientific for a C student. It maybe got a little delayed because of all this stimulus money and people getting some checks and that and all this. So, that’s how life goes, right? And we set up what’s called a PTP program, which is Promise to Pay program. Nobody gets housed, nobody has a better deal, you know, all of that. So, it wasn’t the primary reason I sold but I was certainly frustrated with the fact that my taxes doubled in that period of time. Ken is the author of the best selling books The ABC's of Real Estate Investing, The Advanced Guide to Real Estate Investing and The ABC's of Property Management. Ken McElroy: Yeah, right, right. And what is that actually going to do and what are the opportunities there? Join Ken as he talks with fellow YouTuber Kevin Paffrath of the MeetKevin YouTube channel. You know, and then, you have people that are just getting out of the dense neighborhoods, there are people that don’t have to work within a mile or two or three or four from where they were before. It was, you know, in the hundreds of people that just chose to not communicate, move out, whatever, skip. And I just, again, I just stick to the numbers, stick to the math, and I just said, “This is what’s happening right now.” And then, you try to do some kind of probability around that. So, like think about it. And so, we’re almost there, man. Hello Select your address Gift ideas for Dad. And how much equity do we have in our house?” All that stuff, everybody’s calculating that right now. And I don’t know if you still have that but…, Chris Martenson: … what an amazing spot you found there and we just had a grand time. I'm looking to buy small multifamily and notice that his specialty is laI'm enjoying Ken McElroy's content and see he has a RE Master Class for $450. And so, one of the great things about migration is that you could actually – U-Haul, North American Van Lines, even out-of-state drivers’ licenses – that’s all data. Hot Podcasts Popular shows today. You want to wait until it stops. So, we have about 1,500 high-net-worth investors and we have just north of a billion dollars’ worth of real estate right now. Oh, my gosh, it’s hot, hot, hot, hot. You know, we’re already seeing massive price adjustments in some markets. And so, I was grateful and I got in the property management business. And as you know, I talk a lot about COVID. And so, if you’re really concerned about that over the long term, you know, there’s amazing deals one mile from – or one hour from city centers all over the country. Ken McElroy: So, you can find it on – KenMcElroy.com is our website, you know, and we have – it’s all free videos and forums and stuff if people are in the real estate. And when I said that there weren’t that many places that we were interested in, I’ll tell you what was all over the place in New Hampshire were McMansions. And so, those are things, I think, you can look at those spots, I think you’re going to see migration patterns to those areas as people try to regroup, you know? I think that we’re facing one of the most difficult, if not dangerous, periods ever because of all the money printing the Federal Reserve is doing. And I was like – you know, Yelp has no skin in the game, right? It’s certainly a very complex business to run. It’s September 2, 2020. A lot of those have done pretty well because people don’t want to go inside. And so, it just kind of washed it out, you know? People have – you know, the herd mortality.