How do I retire sooner? If I need to get out of my job sooner or if I want a more
secure retirement, what does that look like? My name is Kris Krohn and today I'm
actually going to be shooting a video with one of my clients I've got started
with... 4 years ago, they got started on their journey in real estate. We're going to
find out how that's been going the last 4 years. And then we're going talk
about what their next steps might look like for them to make sure that they
reach retirement the way that they want. You're going to gain a lot when you get a chance to step in someone else's shoes
and see the kind of thoughts and ideas that are in their head. So with that,
let's meet Sandra. Sandra, how you doing? -Good. -I'm doing great. Boy, it's... So we
we've known each other well that... How many years now? -4. -4 years. How did our
relationship kick off? Well, we're going to kind of find out what that game plan has
turned into today. And then I'm going to want to find out what's really the goal
that's going to kind of take you next level. So, just to make sure that I get
caught up. So currently, you guys have a house I believe in Phoenix. Is that right?
So, Phoenix was one of my hot markets. We've been Exodus ting out of that
market because we came in at the right time. And the house in Phoenix,
you bought that house for how much? 135 and what's it worth today?
170,000. And what do you maybe owe on it?
Okay. So, you owe 90,000. So, this is one of those where your original downpayment
was maybe how much for it? So, 26/27 thousand dollars. And by the time you sell this thing
you're probably going to have doubled your money. So, if you think about 4 years,
doubling your money, that's averaging 25% of your on your money. Which by the way
that's awesome. -Yeah. -Dude, you know. I mean... Dude, most people in the game of real
estate if they're making 3, 4, 5, 7, 8 percent. They're... Their
average. Then if you're doing over 10%, you doing something right. When
you're over 20%, you definitely feeling like a winner,
right? Awesome. And then... So you got that house. And then a couple years ago, you
bought a house in? So, in Indiana. And tell me about that house? What are you... Okay
and what do you think it's worth today? A 140. So, it's gone up in value. And what do
you owe on it with your down payment and everything? You know your numbers. Awesome.
Okay, great. So, this one you've owned for 2 years. We're definitely seeing some
increase in values that's pending off some cash flow for you? Okay. What's it?
What's it pulling in right now? -Okay. So here, we've got a cash flow of 200 a
month. What are you here on Phoenix? Okay. So, that one was definitely more of a
growth move than a cash flow move. And then recently just a year ago, you picked
up a home in Florida, is that right? Awesome. And the home in Florida, what do
you owe on it? Or sorry. What did you buy it for? 179. Currently has a value
of... 190. So, it's also gone up in value. And what do you owe? Okay. With down payment
and everything, you're probably somewhere around?
Okay. Let's go with 135. And then the cash flow on this one? What's the cash flow on
this home? 450 awesome cash flow for being a rental on the other side of the
country. So, right now, you're basically bringing in a total of around 850 a
month on these 3 homes. And in a moment, we're going to do a game plan and
say, "Where do we go from here?" Now listen. I hope you guys are kind of getting in
my head. What are the questions that I'm asking and what am I thinking. And then I
want you to learn how to predict my moves because I've done thousands of
game plans for people. And this is an opportunity for you to learn on how to
create your own custom game plan. Of course my team you can do that for you.
Before we get to your goal, there's just a couple more things I want to know. You
guys have recently put money into a life insurance policy. And if you wanted to
pull some money out of that policy, how much do you think is maybe available?
Let's say 30,000 there. And then your own home that you guys live in. I know that's
another asset base for you. What do you on your own home? So, I'm going to write PR
for primary residence and you owe roughly 70,000 on it. And it has a value
of how much? Okay roughly $350,000. So, this is a
home equity line that has helped you buy some of these homes, right? Okay. Awesome.
So, overall in the last 4 years, these homes right here, after you take your
home equity line into account, you're up 6, 7, 8 hundred dollars. Let's
talk about your goal. Like when first of all do you want Arnold to be
able to retire? What do you think that looks like? Now, he's one of the rare
lucky few that has a job that actually has a pension, right? -Yes. -So, there's going to
be pension. There's already some Social Security. In your opinion, how much more
money would you want to see coming in every month? So that when he retires,
you can finish supplementing what you feel like you need for a good retirement?
What do you think's missing right now?Okay. So, $2,000 month? Awesome. Operation
today? Make 2,000 extra dollars. How would we do that?
Alright Sandra. Let's play. You ready? Okay. So, first of all, do I have permission to
work my magic? -Yes, you do. -Awesome. Because a lot of these ideas, you may not like, you may
not like. This is just me saying... Sandra, even though I've gotten to know you in
the last 4 years and we've we've had a blast at some of the other events that
we've been able to participate in together. Limitless and some of the
others. The reality is I can't know what's best for you. But I do know that
if I stepped in your shoes, what would I do to create that extra 2,000 a month? So
I'm going to share some of those ideas with you. Make sense? Alright. Let's play. So,
green is the magic color that we're going to be working with right now. First of
all, when I look at these assets, Indiana still. You've only had it for 2 years?
It doesn't have a very big cash flow. But you also didn't put very much into it.
And so, that's one thing to consider. Florida right now is cashing really well
but it's also only been owned for a year. Phoenix is where I want to start. So I'm
asking myself, "How do i trade less for more?" Phoenix. You came in, you've gotten
the returns that Phoenix is really going to give. You've doubled your money. Again,
like super awesome. You double your money in 4 years, you got to be feeling good
about that. It's time to liquidate this property and sell it. And because you owe
90, after selling costs and everything, my guess is you're probably going to wind up
with enough money to actually take one property and turn it into 2. Now, the
good news is if you wanted to on this, I'm going to recommend knowing that in the
retirement... You want to see that retirement happen what in the next 2,
3 years? -Yes. -Okay. So here's a couple of thoughts. If we go into higher cash
flowing markets like what we're seeing here in Florida and you're pulling 450
on these, then let's get these 2 homes producing another $900 a month. Now,
there's 200 that you're going to be walking away from to trade for 900.
So, there's going to be a 700 increase that gets you a third
of the way to your a month. And that's doing nothing more than just
training. Now I love the game of Monopoly growing up. If I play Monopoly against
you, I have an 89% chance of winning. Unless you know my rules. If
you know my rules, then I don't know. It's going to be Jedi on Jedi. I don't know
who's going to win. But I love training. And so this
is a... This is a trade that makes sense. These guys are still maturing. So, I would
let them mature. I usually hold my homes for on average 5 years. If the market
is hustling 3 years. If the market is really taking its time, it might be 7
years. But then I'm going to wash and then I'm going to go into my next homes. So, keep
sitting here but take this guy and let's create a 700 increased cash
flow month. Make sense? Awesome. So, then the question is, "How do we get
where we want to go the rest of the way?" To do that... And by the way, I don't know
if I should announce this. But I'm opening up a brand new market on my
personal power team. And it is a... It's what I call a aggressive high cashflow
market. It has cash flows that require half of the money then it takes to buy
one of these and produce more cash flow than what you see right here. Yeah, it's
very cool. So by the way, you get you get to walk into that. I know, it's very cool.
But we're going to play with these old numbers, okay? We're just going to exceed
expectation. Because that's always a better way to roll. Okay. So, what I'm
seeing right here is first of all, life insurance. You can borrow life insurance
at pretty much 1%. Which is near free money. And it comes off of the value
of the death benefit which we don't care about. If I had a million dollar death
benefit at the 1%, it's like, "No, after 10 years, it's... You know,
$997,000. Like it's almost... It's
inconsequential. So, you basically can borrow this money for free. That makes
sense? So, that $30,000. I look at that and I say, "Well, that's
another house." And if I step you into one of my cash flow markets... Let's just move
forward with the assumption that we're getting 500 a month on that one.
Well, we got our 700 up here, we're 500. Now we're sitting at
1200 a month. Are you feeling better -Yes. -Awesome. You still get to
keep your life insurance, you get all the benefit of it. All you're doing is
rearranging assets. I want you guys understand. French economist JB Shea said
that, "Creating wealth is nothing more than moving low yields into high yields."
This right here, you can borrow this for 1%. That's called cheap money.
And then you can get it in real estate producing you $500 a
month. It's awesome, right? Okay. So we get that rolling for you. We're crushed here.
Now, we're still short $800. And I'm thinking, "Alright. How are
we going to bridge the gap?" Here's what I'm going to recommend. The home here, we can
wait for some of these guys to turn into more. Because they're going to mature and
they're going to get you there. But if you wanted to get there faster.
Right now, if you did a home equity line on that $350,000
value, banks probably going to let you have easily a home equity line for
270 - 280 thousand dollars. If you were to
use 100,000 of that or one 120,000 on a home
equity line, you could use that to purchase 3 additional properties. Now,
most people would at first get a little bit nervous because they're saying, "Wait
a second. Kris, I'm trying to lower my anxiety levels and I want everything
paid off. Yes, but then the other part says, "But if I have everything paid off, I
don't have everything I need." That also creates anxiety. Question is how do we
eliminate one of those 2 anxieties and then cure the last one with the
increased cash flow? First of all, I want to ask you. The $70,000
that you have been borrowing to support this real estate, has it worked out for
you? -Yeah. -Has it been producing the money for you? -Yeah. -Has the trade made sense
all day long? It has. And yet, when you take a lifetime of stay out of debt, pay
off your house< stay out of debt, that idea... There's something healthy about
that. We should be staying out of stupid debt, right? Like, "Don't tell Arnold enough
to buy that boat." But on the other hand, I know he's not going to buy a boat. But on
the other hand, we're talking about a business debt. This is not consumer debt.
This is a business debt and has it been making you money. It has been making
money and has worked out. These 3 houses, if we were pulling in $1500
,more cash flow. 500 each and then subtracted out the
cost of the home equity line, you're going to be sitting on an extra $1200
a month. 1200, 500, 700. $2,000.
All you're really doing is you're just saying, "I'm rearranging my
assets." Now, we get attached to how our assets. Need to sit where is it supposed
to be? Where is it supposed to sit? I like it when it's here I don't like it when
it's there. Remember, society has bred you to believe that house paid off, 401k good
and nothing in the bank. And now what you're doing is you've been breaking
that down for the last 4 years and what you've been doing Sandra is you've
been making moves that have gotten you ahead. But I want to ask you an honest
question. You always could... If it was working, you always could have bought
more. What haven't? -The angst that I wad
telling you about. I hate the thought of thinking, "Oh my goodness, I owe money." You
know? -So think about this for a moment. What I'm doing is working. What I'm doing
is making me more money and that makes me nervous. Do you see how there's a
mismatch there? Is it really true that you should feel angst over something
that has you financially better off? -No. -No. Is the angst serving you? -No. -What
would serve you better than saying, "Well, it's financially working, it's
penciling out well. But I'm still nervous." Like does that work? -No. -What would you
rather believe? And it's actually working. Now, here's what makes some people
nervous. This is a business. It's not... It's not like a pension or 401k. It can have
bad days. It can have expenses. It can have costs. It can have things go wrong.
And that's the risk. And that's why a lot of people won't do it. They'll be better
off but they're so nervous about the downside that they say there's this
angst in my life. Are you feeling some of that? This is what I want to share with
you. You're in the perfect beginner phase of investor. Something really beautiful
is about to happen. You're about to sell a property that you're going to have
doubled your money on in 4 years. And I want to ask you, did that Phoenix
property ever come up with expenses that you weren't expecting? Try. Can you think
of anything that it did that you didn't like? Did it ever take longer to rent? Did
a tenant ever do a repair...? So, pause. I want I want you I want you to Zone in on
this right now. You've got a tenant. You're vacant for 2 months. In the
untrained investors thinking, "Crap. Anxiety, fear." But now you're at the end
of the story you're going to sell that house and you look at doubling your
money. Like, "Why did I lose...? Why did I lose my stuff? Why did I lose my sleep? Why did
I choose anxiety? It worked. Now, it won't always work but I just want to show
something. You chose anxiety on something that went according to plan
and worked out fantastic. -Yeah. And so my first 5 years of investing, I felt
that anxiety until I got to the end and started selling things off and realized,
"You know what? Dude, this expense that I didn't expect. This home taking along in
the rent that I didn't expect. That's all part of the business. That's all part of
the show I'm making money." And it doesn't mean it's guaranteed to work out. But so
far, when you look at the math, isn't working out?
-Yes. -Has it bettered your life? -Has it created more financial freedom? -Yeah. -So
the only thing that's kept you from doing what you could to make another
$2,000 is a feeling. And this is common for new investors. And this is... This is
one of the things that's really beautiful as we're always balancing the
mindset from the skill set. You have the ability to go make these moves and
increase your cash flow. If you want to feel angst over what happens if it
doesn't rent or what if and what if and what if, then look... It's actually... iI's
keeping 2,000 more dollars out of your pocket right now because there's a fear
of a feeling. And so at the end, you either say... And here's what I'm inviting
you to do. Right now, you're kind of one foot in one foot out. And I'm going to
invite you to either choose that this is working and making sense and embrace it
or no it's not. But if you're in the middle, it actually keeps you stuck.
What's going to serve you better? -All in. -That's what I find. If I can't be all in, I'm not
in at all. I don't do tiptoes. I don't do half ways because I don't like the way I
have to feel when I'm trying to manage. Well, it's working but I have an anxiety.
Why do you have anxiety? I don't know. It's working but I... You know, you're going to
have to take the good with the bad. And at the end, you have to ask. He has
the good been far better than the bad. Has it? -Yes. -Awesome. So right now, for you
to supplement and get your retirement the way that you want it with the money
you want for Arnold to be able to leave his job and give you guys exactly what
you want. At this point, you've got the tools, you have the resources, you have
the ability. The only thing that's stopping you is a decision. And that's up
to you like what do you want to do with that? And that's for you to figure
out. My job is really to help you see the door of possibilities. See what happens
if you walk through that can't happen. I can never guarantee for anyone that
the choices you make are going to work out. Because that's just not reality. But I
think you're playing in a game, you're going to win way more than you lose.
And you're going to wind up far better off than if you just didn't. That make sense?
So, what do you want to do? Are you ready? -Yeah. -It's exciting, isn't it? The final
choice I'm going to invite you to make is choosing all-in is going to come with a new
belief. Rather than choosing angst, anxiety. What do you want instead? -Peace of mind.
-Yeah. And peace of mind is a state of mind. And it's just a choice. So, when you
make that choice and you step in fully, you possess the ability to embrace that
energy as you move forward boldly here and get yourself set up with good sleep
well at night accounts. And with that then if something goes wrong, you can say
unprepared for it. That's a part of the plan. That's part of now I can see it.
It's actually part of succeeding and making a lot of money. Makes sense?
Awesome. You excited? -Yeah. -Awesome. Well Sandra, listen. Thank you so much for
being open and vulnerable and taking the time to kind of do a refresher on your
game plan. And for those of you that don't have a game plan, wherever you're
at. You might say, "I don't have those assets." You might say, "I got a lot more
assets." Wherever you're at. I want you to click the link in the description below,
talk to a member of my team, share where you're at. And what we'll do is we'll
guide you down a custom game plan to see if something makes sense. And if it does,
come and play with us. And if it doesn't, then at least subscribe and keep on
watching these videos. So that you can keep getting the knowledge that will
help you be better in this space. Thank you guys for watching today.
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