Hey, what's up friend? My name is Kris Krohn. And today, I'm going to share with you
the foundational principles of building your own real estate business. Alright.
I believe any foundation of getting in the game of real estate involves 5
steps. So, in setting up your real estate business, here's step number 1. What's
the goal, right? I mean you got to have plans. You got to have a vision for what
you want. You need to have a why behind it all, right?
Trust me, real estate just like probably any other business, is not a business
that you want to get into half-cocked or without a full conviction that, "Hey, I'm
doing this. Do you know why? And do you know for what end?" You know, for me when I
got actually in the game of real estate, my big why was that I was afraid of
living a mediocre financial life. I knew that I would always make the most of any
opportunity but I felt like my life was financially in someone else's hands. I
felt like it was in society's hands. And it wasn't until I realized that, "Hey, Kris.
No one is going to do this for you. And do you really want to waste a lot of life
on this?" And the answer is no. I want to actually rise up and make this happen.
That's when everything changed for me. I'll never forget I just bought my
second investment property and my wife fully got on board. Because she's like,
"Kris, our house is paid for now and we have $600 left over a
month. Like, what are we gonna do with this money?" And it was in that moment
that I realized, "Oh, my gosh." And my wife is supporting me. She's telling me we
should buy more homes. And that's when we decided that we should buy enough homes
to have $10,000 a month residually. And when I hit it, then I can quit my job. And
I'll tell you what. That was all the motivation that I needed for picking
myself up and getting where I wanted to go. 3 and a half years later, I had 25
homes out of 12,000 dollar residual income. I drove to my boss's office, top
down in my convertible and I was actually nervous and scared when I
actually fired myself from job. But I'll tell you I'll never forget what
it felt like when I walked out. How I was breathing air that I had never breathed
before. And I've been breathing it every day since. And most people, you have no
idea what you're breathing but it is not the air of a free man or a free woman.
Unless you know what it's like to not have to work, unless you choose to. And
that's what freedom is all about. It's moving from have-to to choose-to. And right
now, the work that I'm doing even in making this video for you, it
comes from a deep hearing and a deep passion that says I want to help better
your life. it worked for me. I've been able to help thousands and why not you
too. So, that's a pretty deep why. That's my goal. Do you have a vision for what
you want? Do you know what you want to achieve that will make it worthwhile for
you to get in your real-estate business? I want you to know what it is? I want you
to articulate it. I want you to write it down. I want you to print it out. I want
you to put it on the wall. I want you to review it every day so that you can
remember, when it gets hard, why you're going to stick with it no matter what? So, if
you're starting a real estate business, then you're going to need an entity or a
business structure. And listen, I'm not here to give you any kind of legal
advice. I can't do that. I'm not an accountant.
But I will tell you that it is pretty uniformly agreed upon here in the United
States that your real estate business should be done in most cases under
what's called an LLC or a limited liability company. Now, I don't want to
complicate things but I have a parent company that owns all my subsidiary
LLC's. I put multiple properties in each one of my LLC's and what that business
structure does is it creates protection between my personal life and my business
life. You know, on thousands of properties I've never been sued. And that's a good
thing. But I have protection if something like that were to happen. And so yes, you
want to make sure you're taking all the proper precautions so that your personal
life in your business line, they that they're separated and that there's a
firewall in between them. The third thing that you need is a profitable strategy.
Profitable strategy essentially means that you're going to buy real estate with
the intention of making money. Now, I know that this sounds really obvious. But you
need to understand that real estate is a business. And there's more than enough
strategies out there where you can do this business and you can lose money. So,
I want you to keep it to the forefront of your brain that the purpose is to be
profitable. Which means you need to pick a strategy that can be profitable. Now,
there are many strategies out there. The book that I wrote --The Straight Path To
Real Estate Wealth. The synopsis is the free book that I give. I just bought a
truckload of these. You know and you're welcome to have one for free if you
click the link in the description below. And what the book essentially does is it
talks about what I believe to be the singular best strategy in all of real
estate that takes the least time, the least effort, the least risk. And is
certainly super profitable while creating a massive value for people. And
that's a mouthful but that's the truth of the matter. I evaluated 30 different
strategies. And I found a hybrid for the winning
strategy. If you don't know what that is, get a copy of my book. It's free, so that
you can have a profitable strategy. At the end of the name business, when you
take all your revenues which includes all your rents and you subtract out all
your expenses. Whatever is left over, that's a profit. And so, if you have... If
you have the desire and the intention to be profitable, I'll tell you the best
part about it. Some of you might be thinking about, "Kris, I can quit my job
at have this extra money. I can... I can have several
thousand dollars left over a month." Do you know what I love the most about
being profitable? It means that everything in life, I don't like doing or
I don't want to do. I have the ability to leverage someone else's skill set that
does like doing it. And I can create a trade with the mighty Benjamin and say,
"Hey, now you can do some of these things. And that really works for me because at
the end of the day, I have asked myself what do I really want? There's just a
little tangential bonus. I'll make it super quick. We don't want real estate.
And we don't want wealth and we don't want money.
We don't want cars, we don't want nice houses. We don't even want to travel. The
only reason why we desire those things is because we're pursuing a feeling.
Because we want to feel a certain way. And enough of the right feelings ends up
creating a resonating feeling of fulfillment. If you want to be fulfilled
in your life, what you're really after is feeling a certain way. And so when I use
that money to outsource this project, have someone else to do this, have
someone take care of that... What I'm doing is I'm practicing a different level of
emotional intelligence that says, "Hey, I want to love every part of my life. Not
the parts that I don't want to like. I just want to like all the parts and
chews into the parts that I really, really like." So, that's what that third
step is. Here's the fourth foundational principle in setting up your business.
Never, ever, never, never, never, ever, ever, ever stop buying real estate. It's not
about these 25 homes, give me a six-figure residual income and
I'm done. I remember when I had sold one of my properties, put a big huge grendel
of money in the bank and I walked away satisfied thinking, "Oh, my gosh. I won so
big. Look at what I have in my bank account." I don't when I walked out of the
bank, I realized, "Oh, my gosh. What am I going to do with that money? I'm going to put
it in real estate." And then it dawned on me. I already owned the real estate. I
could have kept the property, kept the cash flow, refinance some money out of it.
Bought another one, increased my portfolio, increased my cash flow. I
wasn't going to leave the money sitting in the bank. I was going to put it
real estate. And ever since that moment, I've realized more property is more
better. Which means that in my lifetime, I'm still young buck. At the rate that
I'm acquiring homes, I have a plan of becoming a bonafide billionaire and then
I get to enjoy the second half of my life just giving it away. Doesn't that
sound fun? Doesn't that sound like a really fun life?
It sounds great to me. So, the fourth step, you just never stop buying real estate.
Even when you meet your goal and the cash flow is coming in. Or maybe you've
replaced your job income or you like your job you're going to stay there. Just
don't stop. You build it and build it and build it so you can pass it to the next
generation, the next generation. It becomes legacy wealth. And the cool part
about that is it means that you're perusing so far beyond what you need
that you not have the access to help really a whole lot of other people too.
Which by the way, feels really good and produces that feeling of fulfillment
that I'm talking to you about. If the first step was to have a goal, this fifth
and final step is to have a vision. And the vision is what are you going to do with
the money once you have it? You know, maybe it's the first X dollars or
something for you but start thinking bigger than that. Who are the people that
you want to impact? What are the organizations that are worthy of your
time, your money, your effort. Have a vision bigger than what you get out of
this for you. Because if you look at the bigger part of the video that I've just
done here. A big part of it comes down to regulating how you feel and being really
satisfied and happy with your life. Another big part of that is, what is the
bigger cause? What is the bigger reason? What is the bigger why? What's something
bigger than you, so big that it can take your breath away? That is something that
I want to invite you to get incredibly committed to. Because with these 5
steps, you're not just going to be able to launch your real estate business. But
you're going to put purpose and meaning behind it. You're going to assign a meaning
to it that is going to be so much more useful and helpful. So the when times get
tough, you can rise up and muscle through it and make it happen. Hey, thank you so
much for watching this video. I hope it was useful for you. If you liked it, share
it with somebody else. Certainly give me the thumbs up and subscribe and ring
that bell. Because guess what? I got video content like this coming out every
single day. I love producing this for you. Because I've already seen how many lives
with the millions have watched my videos that has been able to impact. And I hope
today's video touch to you in this. And I hope tomorrow's video and the next day
after are going to continue impacting in a positive way. If you're looking for, "Okay,
Kris. I could do your steps on my real estate business but now I need an expert
to come in and help mentor and really get this party started."
Click the link below. You're going to get a free consultation with a member of my
team. You also have a link below for getting a free copy of my book. Between
my book and talking to my team, you got everything that you need to actually go
out there and execute a multi-million dollar winning real estate game plan.
Thank you for watching today, we'll see you tomorrow.