How To Become A Millionaire

Рет қаралды 36,657

8 жыл бұрын

How to Become a Millionaire
reinvestortv.com/how-to-become...
Thanks for watching exactly how I became a millionaire under 30!
Becoming a millionaire requires you to have a game plan.
A game plan for me is where we map out over 5-10 years exactly the steps you're going to need to take in real estate to get where you wanna be.
Becoming a millionaire in real estate honestly does not take a lot. In this video, I showed how YOU can become a millionaire the FASTEST way.
Schedule a Free Game Plan consultation: bit.ly/2lPGp9d
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If you enjoyed, please hit Subscribe and I'll see you again next week for another real estate investment tip, "Popular Questions Answered", or some solid real estate game plans!
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Facebook: Real Estate Investor TV
Twitter: @REInvestorTV
LinkedIn: Kris Krohn
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Kris Krohn is a real estate investor and the founder of Real Estate Investor TV.
Visit this website to learn more about Kris reinvestortv.com/
Kris Krohn also established an instructional guide for investors, The Strait Path System, and is the author of The Strait Path to Real Estate Wealth.
Unlock your wealth potential! Take yourself to the next level! Join Kris on his 3 day wealth intensive program bit.ly/2b2vr8f
Kris lives in Orem, Utah, with his wife Kalenn and their four children.
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Film by Nate Woodbury
BeTheHeroStudios.com

Пікірлер: 142

@KrisKrohn 8 жыл бұрын

At what age do you imagine is possible for you to become a millionaire?

@4555678 8 жыл бұрын

+REInvestorTV I hope to retire at 33, with a net worth of about $1M.

@Mein_KampfyChair 8 жыл бұрын

+4555678 Seriously? 33 with 1m and retiring? I don't think that is going to work out for you.

@4555678 8 жыл бұрын

In the country I will retire, that is enough to retire twice.

@dirtfreedom 7 жыл бұрын

35. 8 years to go and on track.

@austinroberts7127 5 жыл бұрын

Never imagined it would be possible, but your videos make me believe! (:

@estebanzavala7682 7 жыл бұрын

Hey Kris, thank you so much for these videos, they are very informative. I saw this video posted a couple months back, and was wondering if you were still offering the free game plan. I would love to plan it out with you. Thank you once again! Have a wonderful day!

@kimberlybanks1828 6 жыл бұрын

This is excellent. I appreciate that you explain how you did it. A lot of people just give self help tips and not real results. Thank you

@KrisKrohn 6 жыл бұрын

You're welcome!

@actinodiscus2 7 жыл бұрын

This guy is completely reasonable and achievable strategies

@Darkeiser.7 6 жыл бұрын

I can see how you've grown making these videos! Lol. But seriously. Thank you. Still have questions that I hope will be answered as I continue watching.

@sues533 7 жыл бұрын

Hi Chris, I am so grateful for your videos , can't thank you enough, I am trying to schedule a game plan consultation but the link you have given is not working , can you please let me know where i can schedule one ? Thanks so much

@Mr.jacob21 7 жыл бұрын

I like your wristband, you are limitless

@KarateKiddJ 7 жыл бұрын

Really opened my mind even more when it comes to real estate. Thank you keep it up

@KrisKrohn 7 жыл бұрын

Thanks Karate Kidd!

@KarateKiddJ 7 жыл бұрын

NP. Also, what is your opinion on multi-family investment properties? If you have a video on it link it. Thanks!

@solarsolicitor9618 7 жыл бұрын

Amazing. That was money. Noticed the mountains in one of your videos and saw the PG home here. I'm in Dallas but grew up 30 years in Orem. Love your videos.

@KrisKrohn 7 жыл бұрын

Glad you found the videos helpful.

@1RawChefWendy 8 жыл бұрын

Thank you for breaking this down. I enjoyed watching you explain your game plan. I'd heard of them but didn't know what they were. I'll talk with my husband about it.

@KrisKrohn 8 жыл бұрын

+Raw Chef Wendy - Glad this was helpful.

@ShaQuanBuffaloe 8 жыл бұрын

Perfect - thanks so much for the information! Key mistake I made was purchasing property that did not appreciate in value. Location of a property is important - location-location-location!

@KrisKrohn 8 жыл бұрын

+ShaQuan Buffaloe - Right. out of 400+ cities in the US, I only invest in the best 2 or 3 at the time. Another important factor is to only buy properties that you can get at a significant discount, that way if appreciation doesn't occur, you still make money.

@bryantdiaz6941 8 жыл бұрын

I have to say it's really nice to see someone putting these videos out there. I am very interested in real estate and although I'm in a difficult financial situation right now, this seems to motivate me to be financially stable. Sometimes people get so used to complacency and mediocrity that they can't see beyond their economic situation, but I try. I may be under water right now but I trust in myself to get out of my situation. Not only is REIvestor TV very informative but it also motivates me. So thank you.

@KrisKrohn 8 жыл бұрын

+Bryant Diaz - Absolutely. Thanks for commenting Bryant. What do you feel is your next step?

@bryantdiaz6941 8 жыл бұрын

REInvestorTV I feel like my next step is to get out of debt. Get into school and find a stricture in my life and schedule. I am also looking for guidance. Which I have found through your channel.

@KrisKrohn 8 жыл бұрын

+Bryant Diaz - Let me know if you want to attend one of our events. I'll hook you up with a discount ticket and would like to meet you in person.

@makissamuels4546 7 жыл бұрын

HI REInvestorTV I was really excited by this video and shared it with family and friends. I set up a game plan appointment on 11/28/16 for 12/5/16 at 10:30 CST until 11am. I'm disappointed at the fact that I left work early and was ready with my pen and paper and I never got a call or an email saying sorry or anything. I was really pumped to getting some assistance and I didn't get it

@KrisKrohn 7 жыл бұрын

Sorry to hear that. I'll have my partner Tyler Bennett reach out to you to straighten things out.

@jonathanhernandez3628 7 жыл бұрын

I honestly like this guy a lot better than tai Lopez who just sells dreams and before he tells u anything u wants u to buy his 1,000 dollar product which who know what content it comes with.

@stephenbutler1623 6 жыл бұрын

I bought one that program from tai it's terrible

@frankg846 5 жыл бұрын

Ahahaha

@devingoodson8956 8 жыл бұрын

I appreciate the way you explain things

@KrisKrohn 8 жыл бұрын

Glad you find these videos helpful!

@devingoodson8956 8 жыл бұрын

+REInvestorTV I know you might be busy, But do you offer a mentor class personally for sweat equity, or even paid by any chance?

@KrisKrohn 8 жыл бұрын

Yes, reach out to my KZfaq partner Nate Woodbury and he can get you some details. Nate (at) GoWallaby (dot) com

@devingoodson8956 8 жыл бұрын

:) Thanks, A lot!

@brianidrovo6661 7 жыл бұрын

Cris help me I want to do what you did how do I go forward with it

@BenWilson24 6 жыл бұрын

Kris, where did you find a mentor? Was it just someone you knew, or did you seek a financial advisor of some sort? Thanks a lot for the info!

@christophertouoboun7171 7 жыл бұрын

I am ready to go and can't seem to wrap my head around any property .

@MegaEd1982 8 жыл бұрын

what i dont understand here you buy when the market is down it will be a big plus for you , and if the market goes up which it can happen very fast , you still invest?

@bigchiz1000 7 жыл бұрын

Hi, I am a student at the College of Charleston in South Carolina. im following in your foot steps almost, I'm currently taking pre-med classes and not doing as well as expected. You claim that you bought a house for only 3k but I feel like that is just too good to be true... I know that Charleston's real estate is probably a lot more costly than most areas... I love watching your videos because it gives me courage that I can do this sort of stuff and I'm really interested in real estate investing. I would appreciate any feedback that would lead me in the right direction so I can start on the right foot. Thank you.

@KrisKrohn 7 жыл бұрын

The only way you'll know for sure, is to get out there and look. Do some digging, see what deals you can find, find out what the minimum down payment you'll need is, and save for it. The strategy I got started with, however, is not the one you need to start with. I now allow people to partner with me on properties.

@dionshow9508 5 жыл бұрын

Very well said sir if I do say so myself lol 👍🏿

@RhiRhiRhianna 5 жыл бұрын

I clicked on the link to get a free game plan, but I don’t see it on the website page!!!

@HayesChad 7 жыл бұрын

Don't have a mentor? Then watch REInvestorTV's videos - advice to everyone. Good stuff Kris, keep preaching every single bit of knowledge you've acquired.

@KrisKrohn 7 жыл бұрын

Thanks Chad!

@doublealifestyle2946 8 жыл бұрын

Really great info! thanks for sharing. I am very green to REI but at the same time hungry to learn and apply what I've learned!

@KrisKrohn 8 жыл бұрын

+Adrian Andrew - Hunger is good. Glad you found this video! Do you have interest in attending a 3 day Real Estate Investing seminar? Email my KZfaq partner Nate (@) GoWallaby.com if so, and he'll hook you up with discount tickets.

@doublealifestyle2946 8 жыл бұрын

+REInvestorTV I would be open to it, I'm not in Utah though. I live in Canada.

@KrisKrohn 8 жыл бұрын

+Adrian Andrew - Ok Great. I'll let Nate know to expect your email.

@doublealifestyle2946 8 жыл бұрын

+REInvestorTV ok great

@melbybaradja7383 7 жыл бұрын

Hi Kris, i really enjoyed your videos and love the way you explained things. Thanks for sharing your expertise so generously! I live in Australia and I'm wondering if your strategy will work in Australian property though? I hear that LOC can only be taken out with the max of 80% of property value minus loan. In Australia, the range of houses price in good location starts from 700k. This is probably the cheapest. What do you think is the best deposit needed for this to gain lots of LOC? Do you also offer mentoring for this circumstance? Appreciate your help.

@KrisKrohn 7 жыл бұрын

My expertise is only in USA real estate. USA RE is so good, that most RE investors outside of the USA, buy USA RE. Did that make sense? If you are ready to invest, my team can help you find a property here in the USA to invest in, without needing to travel here.

@dsmack1111 8 жыл бұрын

What about these homes needing repairs? I am sure that ate into your profits? Just to make sure , you're buying these homes just for renting purposes correct? Thanks

@yana212 7 жыл бұрын

can you explain equity?

@johnfuente8447 7 жыл бұрын

Great Videos! Few Questions. Soo for each house you got a bank loan? if so does that mean you were getting into more "debt"? but since you had basements to rent you were able to manage it, correct? & How do you know when a house is in a good price to buy? do you look at surrounding houses & get their value from there?

@KrisKrohn 7 жыл бұрын

1) Correct. It's important to find a lender that does 100's of investment property transactions monthly. This way you know they will help you with the right type of loan, one that improves your DTI. Yes it increases your debt, but this is the Good Debt. Good debt puts money into your pocket, where bad debt takes money out of your pocket. (kzfaq.info/get/bejne/h5ZxeNmeqZm7caM.html) 2) Yes, using comparables is a good way to know what people will pay for a property, but more important than that, to determine what a property will be worth in the future, you need to know replacement cost. This is the cost an insurance company covers the house for, if it were lost. If you can buy a house for less than the replacement cost, then you know it's a good price.

@ComedyCorner619 7 жыл бұрын

Hey kris I was wondering how I can get a mentor and build my game plan I'm a real estate agent at the moment but plan on being a real estate investor later on

@KrisKrohn 7 жыл бұрын

Fill out this form explaining what type of mentoring you are looking for, and my team and I will reach out. bit.ly/2lPGp9d

@CalebPendergast 7 жыл бұрын

So do you not recommend going to college at all? I mean after all you can get started in real estate with only 3000 USD. Like I could live in my parents home literally not pay for anything and after 10 weeks of working a minimum wage job I could buy my first property. Did I get it right?

@KrisKrohn 7 жыл бұрын

I actually just filmed a video on that exact questions, "should I go to college?" It will be posted in the coming weeks. The quick answer is that "education" is extremely important. I'm guiding my children towards college educations, but more important than that, is that they get an education that they will utilize and benefit from. If that education comes from KZfaq, or a Mentor, or and MLM, etc. As long as it's good applicable education, that is being implemented, then so be it.

@bazilcardamone2312 6 жыл бұрын

28k people have watched this video, 10% or 2,800 MIGHT have taken some form of action from the information given in this free, motivational, very informative video. of those 2,800 I bet less than 10% ( roughly 200 people) will actually stick with a plan for say 10 years. Perspective. Use this to your advantage. BE the .1% its not easy but it IS better than the alternative

@adwoaantwiwaaamoako7681 3 жыл бұрын

I have No knowledge in real estate, do you train novice in real estate

@angelinal4204 6 жыл бұрын

How do you "pull some equity out"?

@maamoonkhan 6 жыл бұрын

Hey kris. How do you came to know that your first house had 40k equity. I mean if i went and asked someone who ones a house and is willing to sell that house for 110k. So how can i come to know wether this house has equity if i own it for 110k. just by looking into the house how can one say that this house has an equity.? I watched the video you explaining about equity. But in that you have only said that if house cost 150k and you buy it for 100k then 50k is equity. I understood that part. But what I've not understood is how do i know that, that house value is actually 150k? Coz no one will say us that. Please help me understand. Regards

@mj9496 7 жыл бұрын

When you use partners do you co-sign on the mortgage? Do they apply for the loan by themselves. I wanted to do this but I'm trying to figure out how I get added to the deed. I wasn't sure if the mortgage company will call the loan due if you change the deed after the purchase. Thanks

@KrisKrohn 7 жыл бұрын

We actually set up an LLC for each property.

@Akrios1337 7 жыл бұрын

this is great but how do you know for sure that your tenants will be loyal? how can i stay safe

@johnwood2067 6 жыл бұрын

Dylan Robertson they sign a lease usually 1 year

@Pastor_garza24 5 жыл бұрын

Your viewers would like to learn on how to negotiate the sell of a property.

@joesilva8017 7 жыл бұрын

the only thing I am confused about here is how equity works in real estate and you pull the money out from the bank. can you please help me understand

@KrisKrohn 7 жыл бұрын

If a house is worth $200K and you still owe $100K in a loan to the bank, there are 2 ways you can access the other $100K equity. 1) You can sell the house. Doing so will pay off the bank loan, and the remainder goes to you, minus any fees associated with selling it. 2) you can refinance your home or get a 2nd mortgage. This increases the amount of debt you are leveraging, but let's say you now owe $150K on your home, you have the additional $50 K to invest in another property or two. If you do it right, the new investments are paying you more than the additional debt is costing you... Leverage.

@hawkins2008ken 7 жыл бұрын

if you continue to buy new houses with equity lines of credit, how long does it take for you to pay them off then?

@KrisKrohn 7 жыл бұрын

I typically don't pay them off. I'll ensure I always owe less than the homes are worth, and that they are always putting money in my pocket. When they stop putting money in my pocket, because repair costs get high (usually after 5 years), I sell, and invest in other properties.

@loltrademe 7 жыл бұрын

Hey Kris, 19 y/o college student here with a question. As you went through the game plan, I understood how you bought the houses and how you make positive cash flow from them, but what about the cost of improving the houses? Did you simply buy the house and sell as is or did you need to fix them up? Or is part of the game plan making sure you buy homes that don't need that fixing up. Thanks.

@KrisKrohn 7 жыл бұрын

Today, whenever I purchase a new property, I always fix it up, prior to renting it out. I factor in all the repair costs in to my numbers. If the numbers meet my goals, I move forward, buy the property, have my team fix it up, and rent it out. Typically, because my team is so thorough, most costly repairs don't start to creep up until after 5 years. And I will often sell the property at the 5 year mark, and repeat the process by investing those funds into a couple new properties.

@loltrademe 7 жыл бұрын

Thanks for the reply. So the obvious question would then be where did you find a team that minimizes your cost repairs, and how can someone like me start to establish a team like that as well? I live on the East Coast by the way.

@KrisKrohn 7 жыл бұрын

I won't hesitate to admit that building the right team takes a lot of time and work. In these videos I try and teach people how to do it themselves, as much as I can, but perhaps I should share more often, that I'm willing to share access to my team. If you have a down payment ready, and want to invest, my team can help you find an ideal property in an ideal market.

@loltrademe 7 жыл бұрын

Thanks Kris. Right now I am still in my studies and trying to learn more about real estate before I take steps to make that capital investment. Any advice on where to start or the best way to learn? One step I have taken is joined the Real Estate club at my college.

@AGL23 7 жыл бұрын

I live in a very urban area. Buying a single family house is out of the question because it'll probably start at around $500K. But I do currently own a condo which (I believe) has appreciated a lot in value (during the last 5 years). I'm about to sell it. My question is concerning the same strategy that this video showed, but with condos. What do you think? Do you think that's a good idea? The maintenance fees can eat up a lot, and the value might not appreciate as much as a house. Or would it better just to look outside the urban areas? I would love your input. Thank you.

@KrisKrohn 7 жыл бұрын

Don't be scared of investing in another state where marketing conditions and pricing are better. My team can help you find several ideal properties to choose from.

@hipcitylife2390 7 жыл бұрын

Here is my question. If you purchase a house, and then after a year purchase another. Then you sale the first house. If you live in it for 2 years you avoid capital gains, but if you turn around and sale the second house you will have to pay capital gains and after for every house you buy & sale unless you live in every property for 2 years before selling. How do you avoid capital gains tax?

@KrisKrohn 7 жыл бұрын

Taxes are a percentage of the earnings. One way to avoid paying taxes, is to not make any money. Do you get the point? If you want to become a millionaire though, you'll take those profits and invest in more properties.

@hipcitylife2390 7 жыл бұрын

Yes, I get it. You use the money and purchase new properties within 180 days of sale. And you rent out the properties and earn an income that way. I thought you sold your properties and that's how you became a millionaire within 5 years of graduating college. You are my role model. I want to invest in real estate. I'm going to buy a house and rent out rooms and basement and probably invest in REITS

@KrisKrohn 7 жыл бұрын

Selling your properties isn't required to achieve millionaire status. Whether that's cash in a bank account, or equity in properties, that's the same thing. Which one is earning you more interest though? Something more important to shoot for, than the title of millionaire, is to be cash flow retired. You have enough income coming in that you could retire from your job and live comfortably. If you were to do this with cash, people often need $1M saved up to live off the interest. With Real Estate, you only need a dozen or so properties to give you the same amount of income.

@thomasmccarthy6495 7 жыл бұрын

well my wife and I just moved from Florida to Georgia, and have gotten behind on things due to the move. like im having a hard time finding a Job, and she can't seem to find a job in her field of expertise. she has a Bachelor degree in business and a center in accounting, and has to work as a cashier at a grocery store. So now we are behind on bills. I have always had the mindset of buying investment homes, I just need someone there to guide me at first.

@KrisKrohn 7 жыл бұрын

When you get back on your feet, we're here to help you get started.

@leearobinson9227 8 жыл бұрын

How can i start I want your help were do I start

@KrisKrohn 8 жыл бұрын

+lee'a Robinson - Email my KZfaq partner Nate (@) GoWallaby.com and he'll let you know my schedule.

@PACtoBAC 8 жыл бұрын

how did you find multifamilies below market value? i can find single families bmv with motivated sellers but not multifamilies

@PACtoBAC 8 жыл бұрын

+REInvestorTV

@KrisKrohn 8 жыл бұрын

When I used my formula to find the 'best' strategy for Real Estate, I learned that for me, it was best to invest in Single Family homes. Before discovering my formula, however, when my Primary Residence (my home) was also my investment property, I made sure to find a property that I could buy at a discount. Whatever your method for finding homes is, make sure you have a list of requirements. Perhaps a realtor is helping you. If you specify that you are looking for a home for yourself, and that it must have a rental apartment with it... your realtor will only show you properties that meet those requirements. Then you take those, and filter them with the numbers. Which offer you the biggest discount? Which give you the most potential for gain? Which will provide you the most cash flow.

@thomasmccarthy6495 7 жыл бұрын

I really want to do this, but I do need a mentor.

@KrisKrohn 7 жыл бұрын

Yes, you'll me much more likely to succeed!

@NaturalGamerHD 7 жыл бұрын

So can you explain on how you get these houses for "5k" or "3k"?

@johnwood2067 6 жыл бұрын

Look up FHA loan

@KrisKrohn 6 жыл бұрын

You can qualify for a lower down payment when it's your primary residence.

@silentgamer8728 7 жыл бұрын

You're game plan link is not working for me it just keeps loading

@KrisKrohn 7 жыл бұрын

Sorry about that. It's fixed now.

@aubreyjohnson7166 7 жыл бұрын

Where did you meet your mentor?

@KrisKrohn 7 жыл бұрын

I currently have several mentors, and have had many over the last decade. I love learning, and when I'm actively learning something, potential mentors appear all around me.

@PACtoBAC 8 жыл бұрын

Great, so what if you built a relatively large chunk of capital flipping houses say $1,000,000 and then flooded that money into this right when you said the growth curve starts to rise rapidly. it would be quicker no? +REInvestorTV thanks.

@KrisKrohn 8 жыл бұрын

You make it sound pretty easy and quick to make a million dollars flipping. If you are that good, maybe I need some coaching from you. Also, it's a good theory to "buy low" and "sell high." The challenge is knowing what the market will do, and worrying about buying it at the right time. For me, I like to look at a property and not gamble. If it's a good property whether the market goes up or down, then I'll pull the trigger.

@PACtoBAC 8 жыл бұрын

Ok one more question. I've heard from bigger pockets that it's hard to get an equity loan from an investment property. Is this true?

@KrisKrohn 8 жыл бұрын

Well perhaps they said that because you typically need a much bigger down payment on an investment property than you do on a primary residence. My first investment property was my home, with a rental in the basement. I lived upstairs for a year, and then bought a second home, also with a basement rental.

@nobleanpu 7 жыл бұрын

When you say basement apartment, does that mean the basement has its own bathroom and kitchen?

@KrisKrohn 7 жыл бұрын

Yes, certainly. Made completely separate from the rest of the house.

@angeloruiz4211 7 жыл бұрын

Where in this country are you putting 3-5k down on a home?!?! I live in California where I needed to put down 32k down on a 439k house. I would love to hear you apply your methods on California real estate and how to come out on top...

@KrisKrohn 7 жыл бұрын

1st... it was a primary residence. Second, I bought it with a significant discount. Third, I didn't buy in California. There are places in the country where home prices are 1/5 that of California.

@amanjotsingh9167 7 жыл бұрын

In which states would you buy your residential homes in?

@johnwood2067 6 жыл бұрын

Go search on Zillow, etc

@zany1616 6 жыл бұрын

Can someone please explain to me the part where he says he purchased the first house for $110k? Where did he get the 110k from if he only had 5k in the bank?

@arielcastillo4379 6 жыл бұрын

he only needed to pay 5k for the down payment. He didint pay for the whole house at once.

@raheem7949 7 жыл бұрын

How do I start at age 17

@KrisKrohn 7 жыл бұрын

2 Things. Learn to save money & watch every video on my channel. Why do you think I recommend this Raheem?

@deathfrombelow688 6 жыл бұрын

Aww man, I'm too late to get a free gameplan :(

@bryantdiaz6941 8 жыл бұрын

+REInvestorTV I would LOVE to. However I am struggling financially at the moment and my situation in retail won't let me do that as of yet. Although I am HIGHLY motivated to do so and learn more and especially meet you in person. I will do my best to compile the sufficient amount of money for a trip like that. you see, I live out in San Diego and I'm going to be returning to school (for business) and working in retail. So I will see how my schedule pans out. PS: I'm in the process of purchasing your book soon.

@KrisKrohn 8 жыл бұрын

+Bryant Diaz - I want to give you my other book, The Conscious Creator. Email my KZfaq partner Nate, (he's the guy behind the camera who does all the KZfaq Magic), and he'll get you the pdf and audiobook. Nate (at) GoWallaby.com

@bryantdiaz6941 8 жыл бұрын

Thank you so much I definitely will!

@KrisKrohn 7 жыл бұрын

Two friends of mine just made a similar video on this Topic. Great Video! kzfaq.info/get/bejne/oN2GfaZ1vtrVfqc.html

@Dimasstywan 7 жыл бұрын

$4000 down payment for a $150000 house ? is that true?

@NMEofdaST8 7 жыл бұрын

akadimas yes if you are living in it for at least 12 months I believe

@erikaburke6790 6 жыл бұрын

FHA loan

@nadirrabah6756 6 жыл бұрын

FHA loan right?

@salazarvideos9021 6 жыл бұрын

10k a month owing 20 houses? That's sketchy, houses aren't cheap to maintain.

@KrisKrohn 6 жыл бұрын

You're asking the right questions. Keep an open mind though.

@ksoflyineer 7 жыл бұрын

Isn't your net worth actually less than $200,000 since you still owe money from the loans from purchasing each of those homes or am I missing something here?

@KrisKrohn 7 жыл бұрын

Yes, you are missing something. The cashflow from my properties pays all my bills, and allows me to save and invest in other areas. Each property is a stepping stone. The more I own, the greater my wealth. If I owe $150K on a property that I can sell for $200K, than my net worth from that one property is $50K. Multiply that by hundreds of properties and you get the idea.

@ksoflyineer 7 жыл бұрын

REInvestorTV Oh that makes a lot more sense so basically that $200,000 refers to the difference btwn what you paid and what the value of the home is?

@KrisKrohn 7 жыл бұрын

That's called "equity," and equity is part of net worth. All assets including equity are added together, then subtract all debts, and that's your "net worth."

@ksoflyineer 7 жыл бұрын

Cool so basically what's going on is that the money from collecting rent is greater than the cost of your mortgage, and the difference btwn that is the amount you gain per month (Say Collect $1000 from rent, Lose $900 from morgage, Profit $100/month). Isn't that like like pretty much getting a house for free or rather even getting paid to own a home?

@nadirrabah6756 6 жыл бұрын

$1MM Dollars or more net worth and collecting $10k (or more) per month in rents..? Awesome.

@marioteixeira8137 7 жыл бұрын

can you be my mentor gratefully appreciate it

@KrisKrohn 7 жыл бұрын

Yes, that's what I'm here for!

@marioteixeira8137 7 жыл бұрын

REInvestorTV I appreciate it. let me ask you if I was to purchase first house to rent it out what would be a good start range money wise like 60k to 150k?

@KrisKrohn 7 жыл бұрын

It depends on the market. I like to stick with single family homes with a value below the median purchase price for that area.

@marioteixeira8137 7 жыл бұрын

REInvestorTV Now do you have your own renovation company to adjust house or do you pay for contractors to do job... cause yeah houses have basements but lots houses don't have fully set up. kitchen bathroom within it..could just be open empty storage room.