Personal Game Plan Creation And Mentoring | Tyler

Personal Game Plan Creation And Mentoring | Tyler

Have you wondered how to get in the game
of real estate investing and how to actually invest? My name is Kris Krohn
I’ve bought thousands of homes. And today, I’m going to sit down with a young man
fresh out of college. Got his first job and ultimately, he saved up a little bit
of money. And now, he wants to know, “What are my options? How do I invest in the
game of real estate? What should I do?” And I’m going to give him a his personalized
game plan right now. Stay tuned. By the way, at the end of this, I’ll share with
you how you can get your own custom game plan as well. What’s up? Welcome back. So, I am here with
Tyler from Florida. What’s up, man? How you doing? -Good. Nice to be here. -Yeah. So, Tyler’s come out for one
of our events you’ve been before. And excited to be back. -Absolutely, 100%. -Well, dude. We’re doing a game plan today. And I always call this a
million dollar game plan because everyone should have a plan on how
they’re going to make their next million dollars. Because if you can do a million
dollars and you can do it again, you can do it again. And one of the things that I
love is I love putting myself in other people’s shoes. Today, we’re talking to
Tyler who is a teacher. His wife does x-rays and they’re young. Right? They’ve
been married for a very short period of time and they’re really trying to figure
out, “Alright, like, how do we ultimately get where we want to go?” That’s really
the question today, isn’t it? -Absolutely, yes sir. -Do you know what it is you ultimately
want to create financially for yourselves? Like, what’s your dream look
like? Is there an amount of money? My goal would be about $200,000 a year. -Okay. And is it like residual income that’s coming in whether
you work or not? -Absolutely. Yes sir. -Okay, good. So, if you think
about that for a minute, it’s 16 thousand dollars a month that is rolling
in. Let’s see if we can get him there today, you ready?
-Absolutely. Okay. So, I need to find out a couple of things first just so that I
can create. And the way that I’m going to do this is fairly agnostic. I really don’t
know you. I don’t know your belief system. I don’t know what you value. I don’t know
how you feel about debt or 401ks and things like that. So, what I’m going to do is
I’m going to extract some basic financial information. Kind of ballpark. And then
I’m going to say, “If I woke up today as Tyler, like Freaky Friday… If I woke up
like Tyler, what would I do to make a million bucks?” Fair? -Yeah. Sounds good. -Okay,
let’s play. First of all teacher, obviously fresh out
of college. Third year teaching? -Yes sir. -And roughly between that and
your side hustles, what would you say… And even your wife’s x-ray income, what would
you say your total income looks like right now? -Probably about $90,000. So, you got dual income earning. No kids yet? -No, sir. -Dogs? -We have one dog. -Okay. There we go.
Okay. They’re warming up to responsibility right now. Okay. And so, we got $90,000 and would you guys say that you’re getting
ahead right now or you check the check are you getting behind? -I would say we’re
getting ahead, honestly. Okay. So, you’re set so money aside. -Yes, sir. -How much
money have you put aside in the savings? -Right
now, I have in my savings account, I’ve about total about $40,000. -Okay, awesome.
And this is a very important question for me to ask. Of that money in savings,
there’s always a part of that that’s there for what I call a Swan account
–Sleep Well At Night account. So, my question to you is of that 40,000, what’s
the minimum that needs to be in that account for you and your will have to
say, “Hey, we can sleep well at night.” I would say $15,000 would be good for me.
-Okay. So, I’m going to call that the 15k Swan account. The sleep well at night
account. So, there’s maybe $25,000 that could be used for investing or doing
something, is that right? -Yes, sir. -And then, you’re getting ahead… How much do you
think you’re contributing to savings every month roughly? -Savings, I usually on
the low end about $400. But I usually try to make it in between 400 and 600
dollars a month. -Okay. Awesome. By the way, young starting out learning how to live
within your means and saving getting ahead, super super smart. So, dude way to
go on that. That’s awesome. That’s a really important key to being able to
invest. That’s how you put yourself in this position. And then other than income,
savings, any other assets that I should really be aware of? Debts? -Car loan. I have
I think $7,000. -So, no other debts? No credit cards, no student loans. -I pay off
all my credit cards and things like that. -Alright. So, we got a fiscally
responsible man. And by the way, does your wife like… Is that her way of being too?
Is she all about this financial responsibility stuff? -She’s a spender but I mean I’ve tried to get her
going my way. So I mean, she does some of it. I mean we make sure like her credit
cards you paid off and anything like that. -So, you keep it up, pay off the bills. Just tell me
you’re taking off for ice cream while. -We go shopping for Christmas decorations. -I
got you. I like it. Okay. So, really we don’t have any debts to worry about.
We’re not trying to really eliminate any… You’ve done a good job managing that
part. Do you guys rent? You have a house? -Yes, sir. -Which one? Rent or have a home? -We
rent. -Okay. So, you currently rent. -Yes, sir. -Is home ownership of goal of yours? -It is,
yes sir. -Is there anything that’s kept you from
buying a home so far? -Just trying to be ready for that next chapter and saying,
“Are we ready financially for that responsibility?” -Alright. -Yes, sir.
-So, I help people invest in real estate that have good credit,
bad credit. Where’s yours kind of that roughly? -My credit last time I checked
was right around high 700s. It was like 750/760. -Listen, anything over 680 is
like you can invest in real estate all day long. Even sometimes low 6.
620 or something like that. But if you’re in high 7s, you’ve got great
credit. So really, these are the only 2 pieces of information I know to
basically put myself in your shoes and say, “Alright, I woke up today. My name is
Tyler and I’m now going to make some new financial decisions.” -Cool. -In no
particular order, the first thing is PR. Stands for a primary residence. And since
home ownership is a goal for you and your wife, in your area, you guys are in
Florida, what’s the median home price roughly? Around our area is about and between
like 230 and 250 right now. -Now, you’re telling me kind of a strange situation.
You’re actually currently renting a house that is it your mother-in-law’s
house? -Yes sir. -And she had even said at one point that
she might even be open to you buying that someday? -Yes, sir.
-What do you think the houses may be worth? -A house from the CMAs that I’ve
done is right around like 220. -Okay. So, you have a $220,000 value. By the way,
median in the area is 250. So, I like that they’re buying the primary residence
below the median. You guys already lived there. That’s convenient.
If family were to sell that to you, do you have any idea what they might be
open to selling that for? She’s thrown the number out about 180. -Awesome. Okay.
And you like the house? -Yeah, we love the house. -So, this is a house that you
guys could actually buy and live in? -We’ve done a lot to it in terms of fixing it
up everything. So, I’d like to buy it and then turn into a property if that’s
possible. -Dude, I love that. Well, let’s talk about how you would do that.
-Okay. -So, for this first option, right now, you’ve got the job income. Because he’s
been 2 years at the same job because he’s got good credit and he’s put money
aside. This is a slam dunk. Now’s the time to approach mommy-in-law
and say, “Hey, we’ve been saving and we would like to buy the house.” If you buy
it for 180,000 and you’d go with the bank that allows you to put a 3% down,
you’re going to be able to purchase this house for less than $6,000
of what you currently have saved. And looks like because you’ve been in the
house for a while and taking care of it, you’d be walking into about $40,000 of
equity. So, by the way, would you be willing to trade 6,000 for 40,000? -100%.
-Okay, that’s smart move. Right? Do you guys see that? Do you understand that?
There’s so many benefits of homeownership. Now, he gets to actually
write off the interest. Now, he picks up the tax benefit. His business or a side
hustle or anything he’s got going on, he can actually write off a part of a house
home office that gets used. All sorts of benefits can actually come from home
ownership. It’s also going to lower your taxable income because of depreciation
that the government lets you basically say, “Hey, let’s just take this house and
divide it by 28 pieces.” You take 180,000 divided by by 28 pieces and it
would ultimately come down to being able to write off $4,500 a year. -Wow. -So, it’s
going to lower your income which means you’re going to pay less in taxes. So, a lot
of benefits. Like that $6,000, you’re going to recover that like that. More
important you’re stepping into immediate equity. And if you decide to move again
later which is something I’m going to show you, that becomes an investment
property. -Cool. -That make sense? -That sounds awesome.
-Okay. So, I want to talk about “How do we stretch this money?” I got 25 grand to
play with in my mind. I need to keep 15 in the grand to the bank to keep
me and my wife happy. What do I do with this? So, option number 1 is buy primary
residence. It’s going to be $6,000 to make that happen. And I want
to carry on with this plan. Let’s just say that afterwards… Let’s say 12
months later, you decided to move. This house becomes an investment property
with that equity and you get to do a new primary residence. You don’t have kids,
you got a dog. Moving is no one’s favorite thing to do
but if you can move into another prime piece of equity. And let’s just say do
something very similar with a $6,000 downpayment, now if that 25,000, you have
used 12,000 of it and you, inside of a year, you’ve got yourself 2 homes.
Normally, when you buy an investment property, got to put 20% down. If you’re
not going to live in it. But since he is going from a primary residence that he’s
living in, banks usually say, “Commit to living it for a year and then if you
want to move, you can.” Now, he just went from putting you know… Went from 20% down
to only 3% down. So, he saved all of this money. Now, people only like to do that so
many times. My wife and I, we moved 3 times before we moved into
one of our first dream houses. -I think I’d be my wife as well. She’d probably
say same thing. -She might be open to that. -Yeah. -Okay. So, moving is not fun but by the way,
could it be worth getting ahead of that fast?
-Absolutely. -Okay, so I like what we’re seeing there. So, really option number 1
is milk and work the system, put minimum down. Move into it. Inconvenience
ourselves but now if you hop a couple of times, you can actually say, “Wow,
you do this 3 times.” And it’s like, for less than $20,000, we bought 3
homes and we increase our net worth well over $100,000. We’re not renting it. We
have positive cash flow we got all the benefits. That make sense? -Yes, sir. -Okay. So,
that’s one of your… That’s one of your options right now. Let’s talk about a
second option. I think I’ve got three for you today.
-Wow. -Second option as you say, “You know what? I don’t know if we want to go
buy a primary residence. Like, right we’re doing a good job managing your money.
Let’s just go right into buying IP.” –Investment property. You know, in investment
property you’ve got to put 20% down. And I can take you into markets, the best
markets in the country and really show you where you can get into property for
20 to 30 thousand dollars. Now, I know you got 25,000 to
work with but you’re also saving 4, 5, 6 hundred dollars a month. And so,
I think we can actually go straight into a don’t change your life circumstance,
just go buy an investment property. You’re going to put 20% down. Get a good
deal on it. And the goal here is to have roughly around a 20% annual ROI.
I’m usually capable of producing 25. Sometimes even 30%. And
this principle is all about “Make my money work for me, Kris.” Because right
now your money sitting in savings. Money market account, right? -Yes, sir. -What’s that
paying you right now? -I think it’s like 0.75. If you start the answer that
question with point, I’m disturbed. It’s been a place to keep your money
maybe safe, relatively speaking. But the reality is if we go from earning
point seven to earning 20%, then be awesome, right? -Absolutely.
You don’t have to disrupt your life. I don’t know if I’m reading body language
wise that you’re as excited about that it’s the first option. Because you want that
home ownership. But I want you to be aware that that is something… -Okay.
-That makes sense? -Absolutely. Yes, sir. -Alright. The third option that I want to point out for you
today then I’m going to call is partner.
And here’s what partnering looks like: You have the ability to get into real
estate. And once you do, there’s going to be friends, family, colleagues that get
kind of curious. Like, what are you doing and how does that work? And they’re older
than you in many situations. So, they’ve actually maybe saved up some money as
well. And if they have, you could say, “Hey, I’ve got a team. Let’s do some deals. I’ll
show you the ropes. We’ll be into it 50/50. You put up the money, I’ll make it happen.”
And they would want to do that if they see that you have some type of track
record or access to a team with track record. Both of which I can give you. -Okay.
-And so partnering, a little more than advance strategy that requires
confidence. And it’s you basically saying, “I am determined.” Like I was. Like, I was
committed by the time I graduate college. I wanted 25 homes. Because I know that
that would be that 6-figure residual income. And whereas you want to
make $16,000 a month residually, that’s why I’m bringing up this option right
here. I’ve got a version of it actually called maverick. And what maverick is
it’s where you find people that partner with me that can buy 2, 3, 5, 10, 20 homes.
My half of the ownership I actually split equally with you. -Oh, wow. -Just for the
referral. Because I’m building my portfolio. I buy
houses every single day. And so, partnering. This is a way for you to
actually acquire homes. But literally and most importantly, you can do it with no
money and you can do it with no credit. it’s important for me to give everyone,
you, as well as Tyler an option of knowing that listen we talk ourselves
out of the investments that make the most sense. Because we’re like, “I don’t
have the money for it.” Even you, it’s like, “Well, I got 25 grand I can work with. I’m
always going to show you an option that doesn’t require 25 grand.” That way if you
have a relationship capital, let’s go buy some real estate. If you’re a good saver,
let’s go buy some real estate. If you want to move, let’s go buy some real
estate. And your situation, you’ve got all three of these available
to you. Bottom line is this Tyler: If I can show you how to buy 1 or 2
homes, every 5 years, they double. They multiply. So 2 become 4, 4 become 8. 8
become 16. And you’re going to get to your goal. So, that’s the good news. The good
news is you put yourself in a great situation. You’re young. You’ve been
responsible with your money. And your game plan says that, “Hey, whether I’m in
the mood for moving or not or opening my mouth. I’ve got 3 viable ways to put
myself on track to making million bucks.” -A solid right there.
-Excited? -Awesome. Absolutely. Yes, sir. -What are you favoring right now? -Honestly,
the first one is probably like the one that I would want to do the most just
because I know my wife if I’m thinking about her as well like, I just put myself in
this. I would say that first option is probably something that she would be
more open to. -Cool. -At the same time, I would want to continue looking
at the other 2 options because (1) I do have some people in my life –parents,
family members, people that I know that have expressed interests and things like
this. When I discuss about you and the videos that I’ve seen. But even the
20% ROI is hard to pass up as well because… I mean, you guys
helping out with that work. I mean me just saying, “Hey, I’ll let
you guys handle it and I’ll just… I’ll just be here laying back.” So… -And Tyler,
that’s what I call the chaos in abundance.
Right now, you have plenty of options. It’s just a matter of now figure out
which option should I do it. For those of you that are watching, there’s a link in
the description below. If you haven’t received a private game plan like you’re
experiencing right now, you should click that link and have a chance to talk to a
member of my team or get a copy of my book that comes with a complimentary
game plan. Because there’s something so refreshing about sitting down with
someone that has loads of experience in the game that can just look into your
world and say, “Wow, did you know this was an option? Did you know that was an
option?” You’ve got options to actually go out there and freaking crush it in real
estate. -I’m excited. It’s just pretty cool to see that. I’m glad I don’t have like
one-set path. I’m glad I have those different avenues to take. -There’s
probably a few more of them out there. Listen, Tyler. Thank you so much for being
here today. -Yes, sir. Thank you. -And congratulations. I’m excited for you.
-Thank you, thank you. -I’m excited to track your results and what kind of the next
move is. And… -Absolutely. -If it were me for what it’s worth, the
idea of buying the house that you’re currently living in from family, getting
a deal on it, walking into equity and do it with a little very little out of
pocket, that’s always a smart move. So, I like where your wife’s headed on that
direction. I’d honor her. I think that’s a good way
to go. -Okay. -But ultimately, you guys will figure it out together. -For the rest you,
make sure that you like this. If this was useful, you’re like, “Wow! Wow! I’m getting
into Kris’s head and figuring out how like a millionaire like looks at
people’s situation. Figures how to make money.” That’s how I would do it for Tyler.
How would we do it for you? Click the link below find out for yourself. You get
a custom game plan. And otherwise, we will see you on tomorrow’s video.

Comments (10)

  1. I agree with this topic ?Creativity and Mentorship plays a huge part in elevating yourself to the next level?

  2. Option number three

  3. Would love to get into real estate as soon as I become 18

  4. New subscriber. Keep doing more financial walkthroughs of real estate investing like this!

  5. it crazy how u have 500k Subcribers but only 2k views!!!!! MORE PPL need to watch ur vid.

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