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Family Wealth: Long-Time Investor Shares His Story, Strategy, and Sage Advice (Audio)
Episode 839
The key to buying real estate may no longer be "location, location, location." According to one long-time real estate investor, it's now "property management, property management, property management."
That's just one piece of sage advice you'll get from this interview with Myron Schroer. He's had a real estate license since the 1970's, has purchased real estate in several parts of the country, and is teaching his kids and grandkids about the business with a family corporation. You'll find out how he and his wife got started, how they got the whole family involved, how they choose their markets, and where they have invested.
Be sure to join RealWealth for access to the kind of information that has helped Myron become a successful real estate investor. Go to realwealthshow.com and sign up for free. It's also free to speak with one of our investment counselors who can answer questions and put you in touch with experienced property teams across the U.S.
AUDIO TRANSCRIPT:
[00:00:00] [music]
Speaker 1: You're listening to the Real Wealth Show with Kathy Fettke, the real estate investors resource.
Kathy Fettke: The key to buying real estate may no longer be location, location, location. According to our guest today, it's more about property management and I agree. I'm Kathy Fettke and welcome to the Real Wealth Show. As I said, this is just one piece of advice that we'll get from today's interview with Myron Schroer. He's had a real estate license since the 1970s, has purchased real estate in several parts of the country, is teaching his kids and grandkids about the business with a family corporation and that is so cool.
You'll find out how he and his wife got started, how they got the whole family involved, and how they choose their markets, and what they're doing today. Myron, welcome to the Real Wealth Show.
Myron Schroer: Oh, thank you. It's great to be here.
Kathy: I'm excited to hear about how your family has created a family legacy with real estate knowledge and wisdom passed on to the kids. That's not always easy to do. How has that worked for your family? Starting with you, was your father in real estate?
Myron: Correct. We bought our first house a couple years after we had been married. We moved out here from Indiana, and I grew up on a dairy farm. My father started in real estate and like I said, we bought our first house. He was instrumental in us doing that. Over the years, we continued to purchase additional homes, as it became available. In about 1991, he started doing condo conversions. We had some apartments, and we're trying to convert them to condominiums.
In 1991, that, unfortunately, went south. [00:02:00] We had a problem. Actually, the builder went bankrupt. My father was the money partner of it and he almost went bankrupt. Unfortunately, it took us about seven years to pay everybody back that was owed. At about that time, unfortunately, he passed away of a sudden heart attack. In the interim there, he had formed a corporation and put most of the real estate into that corporation. In doing so, he actually gifted part of that to myself and to my sister.
After he passed away, the corporation wasn't doing well, obviously. We just paid everybody back that we had owned from the previous problem that we had had. In the course of the next couple of years, we actually was able to turn things around, sell a few things get the cash flow going in a positive direction. At that point, the corporation actually started doing well. My mom was actually the
Published on 4 years, 5 months ago