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Real Estate Investors, Stock Traders, and Business Owners guide to preserve their wealth, protect their assets, and prosper in the future.
Episodes
Tuesday Jan 21, 2020
Tuesday Jan 21, 2020
You know it’s time to make a career change when your job becomes more difficult to be both profitable and fun. Today, Toby Mathis of Anderson Business Advisors talks to Ken Harris of Harris Properties Investment Real Estate and Austin Commercial Real Estate Investing Group. Ken was born and raised in Houston. He went to the University of North Texas to study economics and finance because he wanted to be a banker or stock broker. However, after serving in Vietnam for a year and four years in the Air Force, he decided to return to Texas, but not Houston.
Highlights/Topics:
- How did Ken end up in real estate? He didn’t want a state job or work for a corporation and be transferred after a few years
- Why did Ken wish he would’ve never done residential real estate? Didn't know any better
- What should Ken have done? Started directly with commercial business, mostly doing side acquisition for users
- What happened to Texas in the mid-80s? Economic crisis, a total collapse, where Ken ended up with a lot of debt and real estate
- Why did some of the richest people and homebuilders in Texas declare bankruptcy? Lenders no longer giving loans or wanted loans paid back
- How did a two-week projet turn into a 25-year career? Friend in construction business asked Ken to find locations, property owners, and negotiate deals for cell phone towers
- What is Ken’s secret to success? Living a long time and owning places so long to build up some good equity
- Why Ken decided to be a passive investor by getting into apartment syndication? Didn’t want to work hard or have as much responsibility, so converted his equities
- Why did Ken decide not to be a deal sponsor? Wanted to build a portfolio around his lifestyle and love for the outdoors
- How did Ken pick his syndications? Focus on who's running/sponsoring them; know those people are in a position to take care of what needs to be done
- Why meetup for lunch every Tuesday? Networking and education are primary focuses for Austin Commercial Real Estate Investing Group
- What are some of Ken’s biggest wins? Holding onto real estate and then selling it; although it stabilizes, it doesn’t usually go down much
- What’s Ken’s advice about the world of investing? Understand what passive income is, how you establish it, and how you can make it work
Resources
Austin Commercial Real Estate Investing Group
Ken Harris’s Phone: 512-288-2022 or 512-663-2022
Ken Harris’s Email
Rich Dad Poor Dad by Robert Kiyosaki