Kris Krohn here on Limitless TV and today we're bringing up something controversial
like, "Should I actually do business with my family?" Hey again, Kris Krohn here, Limitless
TV. Today, I want to bring up a super controversial conversation. Should you consider doing business
with your family? So, I got to tell you, I've actually had mixed experience with family
members. I had a couple of my siblings that I tried to help with doing somethings and
making money in real state and things like that. I got to be honest, you know, did the
process, everything is planned. But one of the things that I learned is, you can't always
control the way people feel. I can't control their mindset, I can't control what they see
as a good thing or a bad thing. And with family members, it can get kind of awkward. But i
got of couple of family members that is actually I worked really brilliant with like, 8 years
ago, I started to work with my younger brother Nick. He was young, he was just getting ready
to drop off college and he approached me and he said, "Kris, I don't really know if want
to go to college like, I am afraid that our parents, our siblings will going to roast
me for it." --my brothers and sisters. And I said, "You know what? They will." In truth,
I only got my degree because, you know, I don't know if I really would've gotten it.
I ended up getting it for sure because I was scared that my Mother-in-law was going to
be crazy disappointed. Didn't think that I'd really be able to mount to much or be successful.
She had this mindset that I had to have it. So, when my brother said that he was going
to drop off college, that part of me really admired him for that. I thought, "Man, dude,
I'm proud of you, that's pretty awesome that you actually make such a a big decision."
So, I basically said, "Alright. I'm going to mentor you, I'm going to show you how to
do real estate. I basically helped him buy his first house. He got to live for free based
on that one. He started making crazy money on it, found huge equity in it. Did it again
with another property and he actually just absolutely just crushed it and I had a chance,
I had him over my house and then I said, "Dude, going to flip up the camera. Let's just shoot
a quick video and just let's help people with experience was like because you're a family
member. I could showcase thousands of people." What's it like doing business with family?
Let's hear it from him. Hey friends, Kris Krohn here. And guess what? I have got my
younger brother, Nate Krohn here. Dude, I'm 8 years older than this kid. But this kid
is crushing it when as an entrepreneur when he was young and dropped out of college. Totally
moldable. Wanted to know what I was doing in real estate. Dude, what was it about real
estate that got you excited in the beginning? Super excited, I knew it was going to be consistent.
Great wealth builder. So, Nick went on and let's just talk about your first couple of
deals because I know you're still buying houses now and you've gone on to do so much more.
But like, your first deal, it was a lease option. You know, we've found the right property.
What did you collect upfront when we moved in? So, I collected $5,000 down and... Dude,
how did that feel? Awesome, because I was about my down payment was on the house. Okay,
so you covered your whole down payment when you bought the house, 5 grant. Absolutely.
And then your total cash flow every month, what were you basically clearing? 500. So,
500 a month, healthy cash flow. Held it for few years? Yep. Sold it, all in all, what
did you make on that one? About $55,000. Biggest check of my life, man. It was amazing. You
held that property for how long? Just over 2 years. Okay, so think about that for just
a second, alright? Holding the house for 2, 3 years, making $55,000. Okay, then you went
on your second deal that you did. Dude, on that one, dude, that was sweet, hard crusher,
home run. It was a home run. That was a house that you actually lived in for a while and
rented out the basement and eventually move out. Correct. What did you collect payment
on that upfront? So, I collect a $5,000 down on that one. About $600 a month in cash flow
about the mortgage. Okay dude, this is the drum roll finale because you held this on
for, how many years? It was under 4 years. Okay. So, you held this house for less than
4 years. All in all, the down payment, the cash flow on the way, what did you make total
on this house? About a north of $120,000. Hey, $120,000 on a deal. I'm just kind of
just say right now dude, It was freaking rock star. It was a home run. For anyone that is
out there thinking about working this lease option system that I've been doing for 15
years, you know, the hundreds and millions that we've done in real estate and all the
ways that we've helped people. If someone could work with me or my team to help them
do what you did, is there something that you'd recommend? Absolutely. This is shortcut. I
knew exactly what to do. Mentor. What if they're nervous? You know what? If you're nervous,
you'll never going to take action. So, either sit on the sidelines or jump into it. How
much do you feel that just even these properties and once you done since like, how much impact
has that had on your wealth that you've been able to build?The security for your family?
Real estate is all about taking advantage of the time that you have now and the build
over, decades. And so, if I didn't start as young as I did, I would have as many properties
as I have now. And so, you know, starting as soon as you can, taking action. You can
make money up and down markets. It's bullet proof. Awesome. Hey, guys. Nick, I want to
thank you for being here and shoot this little video for me. And guys, I just want to tell
you, If you're out there and we're working together, you're in the right game. If you're
thinking about it then hop on, join up with the team and get these kind of results. You
know, I can't tell you that working with family members was always been the best thing. But
when I do with my brother and the relationship that we have and the... Now, the great amount
of money that is made him and set him up for some bigger things in life. Like, dude, nothing
can replace that. That's like an amazing feeling for me, to know that I could be that for him.
Well, like my Father-in-law. I was able to go out and we've bought dozens and dozens
of properties together. And most of them, we made a lot of money. It's been a really
positive experience. So, at the end of the day, if you're going to go business with your
family, I think you need to have the right team, you need to have the right business
model, you want to have the right system. And for any of you that believe that real
estate could be that system, I've actually systematized the whole process to make it
super easy for you and family members to get together and have what I believe. For the
most part, it leads to a really positive experience. So, check it out. If you want to do what my
brother Nick did, I basically mentor and help people in the exact same way. All the resources
that I give him, I'm offering to give it to you. If you want to know what they look like,
just hack on over my website. I can break that down for you, I've prepared something
special for you on that. And a special guest for even being there and watching more about
what it looks like. Otherwise, make sure you subscribe and catch us on the next video.
Take Care.