How do you build wealth when you're already coming from a space of low
income or no income? Because that can be such a stressful place to start from.
That how do you actually rise up out of that? My name is Kris Krohn and this
channel is dedicated towards helping you learn how to build wealth here and then
build it in your pocketbooks. And so today, I want to share with you that
whether you've got a lot of money or especially those that are coming from a
space of low income, I want to show you how to slam money in your bank account.
So, I grew up in a home where there was a tremendous amount of pressure to perform
well in school and get good grades. And I remember there was a time when no matter
how hard I tried, I couldn't really get good grades. And I was always scared to
show my dad in my report card because frankly if I didn't have straight A's I
knew he was going to be disappointed. And I was far from straight A's. All this
pressure I think kind of came from society kind of imposing on my dad and
on me this idea that you got to get good grades, so then you can go to college and
then if you get that degree, you know you're going to make it. But I think if we
look at our world today, dude, here's the reality. College is not the path that is
working for most people. It's a fantastic path for like getting into tons of debt.
But it's not necessarily actually showing you how to make money. It's not
showing you how to thrive financially. It's not really showing you and I had to
get where we want to go. This video is not an anti College video. The society's
game plan is a stressful game plan. Which basically says do these things. But they
don't even say it's going to end well. Because financially it doesn't end well
for most of us. In the video here today what I want to do, is I want to give you
some shortcuts. Because for me, there was a time when I was just starting college.
Financially stressed. I was going deeper into debt. I was feeling behind the
8-ball. I was newly married and felt all this pressure from my wife to like get a
job and try to avoid debt. And yet four-and-a-half years later, I was
graduating college and I was financially independent. And I never needed to work a
job ever again. And there's a lot that happened in that short period of time
that I want to break down for you here. Because I want to show you how you can
build wealth when you're starting with nothing. Or something you might even be
feeling like, "Kris, I'm starting with with like less than nothing." And I just
want you understand I get it because that's exactly where I was at. So, let me
kind of break it down for you. Just a little bit kind of from my past
in history is that... You know, my wife and I, when I was working full time and going
to school full time, the whole goal was to try to get all of our expenses
covered. But you know what? When tuition comes due, man that saps it right out of
that Bank account. So, we were actually going into debt. And
we hadn't got student loans yet. We had gotten credit cards. So, I was diving
thousands and thousands of dollars in a high interest credit card debt. And my
wife was freaking out. That was probably freaking me out more than I was getting
freaked out. When I look at my life at the 2 biggest expenses that were like
weighing on me. The first one was, "Oh, my gosh. When tuition comes due, that is a
huge check." But the second one was every single month, just to have roof over my
head. I've got to actually pay for my living. And you know, $500 a month when
you're kind of a starving college kid, that's a lot of money. So, I get this
whole low income game. Because my first year working I made like $18,000. Like
just think about that. I mean $18,000. How far does that really go? Well not very
far. And I plunge deeper and deeper into debt. Here's what changed for me though. I
had a mentor and this mentor stepped into my world and he started teaching me
about money. Very different than the lessons I had learned from my childhood
about money. Because I had learned that you have to work hard and that's the
only way. I've learned that money is stressful. I learned all about debt.
Because my parents always fought and argued about debt. Money was something
you fought over and money was always stress. Like those were my biggest
take-home messages. But I found my first mentor and I would do these ride-alongs
with him, right? Like he was going out to work on some deal and I would just find
a way to get in his car and just sit there and just pepper him with question
after question after question. And you know, I've so many fun memories of this.
But here was the conversation I'll never forget. I remember and he pulls me aside
and he says, "Kris, I'm going to give you 3 ways of making money right now.
Because right now, you're not in a good financial situation. And then you can
figure out which one would be best for you." I said, "Okay. This is exciting."
3 ways. He said the first one is you've got to find something like a
widget. Something that you could sell and make a buck on. And if you want to make a
million dollars. You just have to sell a million widgets. And I'm like, "Well, I'm
pretty confident I can sell something and make a dollar on it. But the idea of
doing that a million times might take me lifetimes. So, that's not exciting." He says,
"Exactly." He says, "Okay, here's a new one. number 2. Go sell cars." I'm like, "Dude, I
don't want to be a used car salesman." He says, "Yeah. But let's say you make a
thousand dollars on selling a used car. How many cars would you need to sell to
make a million dollars?" I'm like, "A thousand. Like..." "Well, selling a thousand of
something definitely is not as stressful as selling a million of something," He
said. But let me share with you where I always make my most money with my least
time regardless of whether I got money or not. He said, "Real estate." He
said, "We just happen to be actually going out and checking out on his properties
and it says I'm gonna make $100,000 on this home." Like dude,
$100,000? He said, "Yeah. He explained it, he broke down the economics which I'll do
for you in just a minute." But he basically said, "Kris, a home is the most
expensive commodity that everyone in our country will try to get their hands on." A
car is a commodity that everyone wants of hands on but you can only make a
thousand bucks. A house he could make a hundred thousand dollars. So, it has a
hundred times the leverage. How many homes would you need to do to make a
million bucks? 1, 2, 3, 4, 5, 6, 7, 8, 9 a million. 10. I got
10 fingers I got 10 toes I can count to 10 pretty easy. You probably can too. I
hope. So, it was this idea for me that like, "Wait a second." And then he put it
all together. He said, "Kris, the effort of selling this. And the effort of selling a
car. And the effort of doing a house." He said they're not very different from
each other. But when you do 10 times in one you do 1 million times. So the
question is do you want to waste life times or do you want to actually jump
into the making the money right now. I said, "Wow, I want to jump in I'm making
the money right now." So, here's what happened. He got me sold. I sold myself
really I think on this idea that real estate is the biggest commodity... Now, you
need to understand something. This conversation is not about why real
estate. This is about you wanting to slam money in your bank account and you
should be looking for the easiest way. Like remove your prejudices. Like, I would
like that, I wouldn't like that. This one's good, that was bad. Listen, just
informationally speaking. What we're talking about here with real estate not
as an agent but as an investor that says, "I'm going to control this asset and make a
hundred thousand dollars on it. I do that 10
times making million dollars." You want to know why in four and a half years, I went
from such a lousy place to such a fantastic place? it was because I bought
25 homes they made me a multimillionaire. And they brought in $12,000 a month. But
who cares about the big number? This is when it got real for me. That same first
mentor, John. I remember when I drove by my very first house. And it met
everything John told me I should look for and I brought a tim was tiny little
bungalow in Provo by Brigham Young University five blocks away. And I could
get this house for $110,000. It was worth
$150,000. So, it came with this equity. John basically reviewed my
numbers looked at everything. And a month later, I ended up buying this house.
Barely. Listen guys, I was not in a good financial situation. What I had done for
the last year was save up five grand in my bank account and it was hard to do
because I was so freaking bored. But that became a tiny down payment on a house
that I moved into. And here was the cool part: The house had a basement apartment.
And once I rented it, it covered my mortgage. So, all of a sudden, that first
$500 month expense remember how heavy that was. It was gone. It was evaporated.
And that feeling of just like wait a second, I got school tuition as long as
I'm going to school. But otherwise biggest expense in my life just
evaporated. On one deal. A year later, I was able to pull money out of that house
use it to buy a second house. Now, I was living for free and now making close to
$1,000 a month residual income. And my wife and I within a matter of months, we
got out of all of our credit card debt. It was all gone
It then cascaded into 20 homes, 25 homes. And then it turned into 50 homes then
turned into a hundred homes. So, here's the biggest thing that I really want you
to understand. And in fact, I want you to understand this. This I have never
released this before to the public for free. This book it's called The Straight
Path To Real Estate Wealth. It is the first of all the books that I ever wrote.
Moved 50,000 copies of this bad boy. And I just updated it for today's
economy. And this is a book that actually documents exactly how I got my first 100
properties. And I've decided that I'm going to kind of break some of my rules. I'm
going to be making this available to you for free.
All you got to do is click the link below in the description. And cover the
shipping cost and my team will actually send this out to you in the mail. And
once you have it, you know, this video short. So, I want you to have all of the
steps of exactly how to do it when you don't have the money you want. But I want
you to walk away from this video with a couple of core ideas. Number 1 is that
you need to be in business for yourself if you want to really get ahead. Working
for someone else is not going to do that for you.
Idea number 2, is that if you're in business that means that you're
marketing a product. Real estate is the biggest commodity that anyone will ever
deal with where you can make the most money reasonably compared to anything
else that you can do. Which means least time and least effort. Maximum gain. And I
think that's what I love the most. I mean I buy real estate every single day.
Literally right now in my life. And I'm here making this video with you. But
today, someone is making sure that they found the homes that they get it bought
that they get it managed. When you make that kind of money, you can have people
work for you and employ that leverage where they can make that happen. That's
the last idea I want to share is you want to slam your bank account with
50,000 and 100,000 and these chunks of money and these
residuals that build up. Because when they do, it buys you back your freedom. In
the book what I'm really going to document are 3 core things. 1 how to make
$500 a month on a deal that you do. 2, how to get paid five grand up front for
doing it. And 3, how to make at least 50,000 and hopefully closer to
100,000 on every single one of those deals that you do. And this book
will detail out the whole system of how it works. It's yours for free. But it's
all in service of you getting out there and making real estate happen. It is the
way that I know how to build wealth more rapidly than anything else that I could
share with you. And trust me, I've been out there doing just about every kind of
investment out there and I keep coming back to real estate.
Predictably producing these results. So, best wishes. Thank you so much for
watching the video. Click the link below. You'll get a copy of my book and also
learn the other ways of engaging with me. Coming out to one of my live events.
Where I can help you have truly a transformational experience and making
sure that you can do in the next year or two it took me 4 or 5 are way too
many years. Take care. Subscribe. See you on tomorrow's video.