Tag: how to become rich with no money
How To Become Rich With No Money
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So you want to become rich without any money? haha! you can totally do that! It’s awesome. I know because I did. Kris Krohn here with Limitless TV and we’re going to be talking about different ways of creating wealth. I’ll even give you one of my favorite proven systems of exactly how I did it. So if you got no money and you want to become wealthy, if you want to become rich there’s two different ways. Two different approaches you can do. You can either use a proven method or you can be the creator of a method. And I want you to understand the risk between both of these concepts. If you leverage a proven method, this is what I did and I’ll share with you what I did. Or the difference of actually creating something novel like, like think of the guy that started Facebook right? I mean he created this really amazing idea now he’s a multi-billionaire. By far, the safest way to become wealthy is to already leverage proven paths. That may not be your path. You may be, you may feel called the pioneer something different in something new. For me personally, my whole story in life began on my journey to creating wealth to leveraging proven existing systems. And this is coming from a place where I was $8,700 in debt.
I didn’t, wasn’t making enough money at my job to actually cover and pay all of my bills. The thing that made the difference was getting a mentor based on a proven path. There were three men that I worked with all of which had made over ten million dollars and these individuals all made their money through real estate investing. This is something anyone can do. In fact, the first fourteen months of being mentored I didn’t buy a property and I wasn’t making any money but I was following their system in their path of developing credit putting a little money in savings, penny-pinching.
It ultimately put me in a position to buy my first house. In my first house when people came over the for the for the for the housewarming party, what they didn’t realize was this wasn’t going to be my house very long. I really was renting out the basement it was covering my whole mortgage and I bought the house with $40,000 of equity. So the house was an investment and that house bought my second house and the equity in those homes bought my third house and with with no money, other than 14 months of saving five thousand dollars, thirty five hundred which I used to buy this house, same strategies existing in our world today. Those homes became 50 homes, became a hundred homes, became hundreds of homes, and I built all of that without any money out of my own pocket but I did it through working with mentors that knew a proven system and a proven path. And in this next video segment, I want to really share with you exactly how I did that because if you want to create wealth for nothing, you’re going to need to take the right advice, stick to the plan, and execute it like I’m about to show you.
I’m going to show you exactly how I became wealthy with no money and I’m going to show you exactly how I did it and the advice that I took from my mentor and what it started with is, number one, is you need to have a mentor. Okay? This is someone that knows your situation, has been where you want to be, and is going to be able to give you the right kind of advice. The next thing that you’re going to need is you’re going to need a system. I’m going to show you the system right now. And then, between these two things, the last thing that I’m going to encourage you to need is a team. And team essentially means that you don’t have to wear all the hats of all the successful operations of putting this in place.
You just need to tap into other people’s brilliant abilities because anything that you don’t currently know how to do you don’t have to learn it you just have to have that person on your team. Here’s what I did. The advice that I have received from my mentor that showed me the system that helped me put the team together was, number one, is I needed to develop my credit so that I could buy a house. For some of you that might mean credit repair. For me, I was young and didn’t have credit so I needed to establish credit. I was told to have three lines of credit. I only had one. So I got two more credit cards and I was responsibly using them. How do you do that if you got bad credit? hire a credit repair company to fix that. Learn how to get good credit for the system to work. And then the second one was you have to have enough money for a small down payment. Which for me was $5000. And then the last thing that I needed to do for the system was I needed to stay in the same line of work for two years.
So for example, I couldn’t be a seamstress or for a year and then like become a guinea pig trainer for a year because those are two very different lines of work. We’re jobs um, so, these are the three things that I needed to have and then this is what happened. 14 months later, I possessed these things. 14 months later, I had developed my credit. 14 months later, I had saved my 5 grand and 14 months later I had completed my two-year work history. I was thinking about changing jobs. I didn’t. Do you know why? cause I was following the advice of my mentor who walked me into the system. What I did is it allowed me to buy a house and I bought not just any ordinary house, I bought a house with $40,000. A pirate booty in it, right? I’m talking about equity. House was worth 150,000. I bought it for 110,000 so my net worth went up $40,000 which by the way was more than double what I made in a year.
So I’m talking about Kris Krohn starting out poor. Right? and then this house had a basement apartment and the basement apartment covered my mortgage. So that was kind of cool because I got to live for free. Which meant that I eliminated my biggest expense at that time in my life. The reason why this system was important was because twelve months later I was able to get a home equity line of credit. I got other videos on the channel here where you can research what that is.
And I was able to access this money and I used it to do what? I use it to buy a second home. Now I still lived in this home but I bought this house with well over fifty thousand dollars a pirate booty, is exciting. And then the other thing is I rented out this house and it had a $500 a month cash flow. So, collectively between my two homes my net worth was around $100,000 and I was living for free and getting paid 500 a month. Then guess what I did? Oh you’re so smart. I did it again. I then, this was my P for primary residence, this was I for investment. The third house I did was that I moved into a new primary residence. This one became a rental and I rented it out and made $500 a month cash flow. So guess what? I’m making over a thousand dollars a month.
I bought this house with, you guessed it $50,000 of equity love that pirate booty and it also had a basement apartment that paid for my mortgage. Living for free, net worth of a hundred and fifty thousand dollars, making five hundred dollars a month here, five hundred dollars a month here. So are you starting to see how the system worked? the equity in this house then got used to purchase my fourth house which was an investment property that had a cash flow. And then I just started doing that system over and over again. Now by the time I have four homes I went into Phase two of the system. And Phase two of the system was now starting to approach people with money and saying, look at my track record on my portfolio. Look at my pirate booty, look at my cash flow, would you like some of that booty? and would you like some of that cash flow? I can find the deals. I’ve got a system in the team to make this work I need your money.
And you know what? everyone I approached that saw my return said what? I’ll partner with this kid. And from that point on I started buying homes left and right without money or credit. Right now, I’m selling off one to two homes a month. I’m making tens of thousands of dollars every month on homes I bought years ago using someone else’s money, reinvesting, and buy more homes. So this is a really fantastic system this is exactly how I did it. And again if you want to be wealthy with no money and do that, you can either go start a Facebook and go down and pioneer path something that’s never been done before or you can leverage proven systems.
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