How To Have Multiple Streams of Income
Kris Krohn here on Limitless TV and today, we get to do something really fun, we get to talk about how you can take real estate and allow it to fund the rest of your lifestyle and also your future ventures. You know, a lot of people look to real estate as a way to create wealth and yet, it’s also a way to fund your passions, to fund your purpose, to fund your hobbies and I’ve brought a special guest on today that’s been able to do just that. I think you’re going to be incredibly inspired on how real estate can fund every gold dream and wish that you have. So today, I have a very very special guest. This is Tracy Roberts, we’ve been friends now for what? Last five years? – Six years. – And in that period of time, it all came about because I was helping Tracy establish and build his real estate portfolio, he had really, other than his own home, had never owned real estate before and overtime has built a very sizable portfolio, we’re going to be talking to him a little bit about that but really, it’s about how real estate has funded a lifestyle. A lifestyle that has led to more streams of income, it’s led to freedom, it’s gotten you out of your job and it’s actually allowed you to embrace your purpose in life in becoming the pastor of prosperity but what would you have called yourself at the very beginning, if now you’re the prophet, the pastor of prosperity, what do you think you would have started as? -Well, when I started out, I came from very poor circumstances so we were literally P-O, po. We were so poor but we could not afford the extra O or the R on it. Kris has been to the house that I grew up in and now we’ve actually taken that house and done some remodeling on it and I have a, my niece is living in there and so we’ve taken that poor circumstance even with that piece of real estate that I wasn’t using and now I’ve made it where it’s creating money for me and blessing other people so.. – Well that’s really beautiful. So Tracy, let’s actually talk just a little bit about the beginning because when we got started, you didn’t have any real estate and you were working as the as a sheriff? – Yes, I was a deputy sheriff with the Utah County Sheriff’s Office and I was told that you’re supposed to get a job or go to school, get a job then stay in that job forever until you can retire and that is the way that you are able to, once you’re 80 years old, then you get to roll around in a wheelchair on the cruise ship with an oxygen mask on and that’s what retirement meant to many people and you helped me change that idea to where that I could live now and not just live some time in the future. – Now when we came in, we suggested a specific game plan where we basically said, “Hey, we love you so much to tell you we don’t trust you to do all of the real estate on your own, instead we have a team of 200 experts that will take you into the best markets around the country.” and just tell me a little bit about what was it like to start buying properties. What was it like to start using a team? What was it like to step into a team that couldn’t make it happen for you? – For me, it was awesome and you don’t know what you don’t know and one of my houses, we were able to get a really good deal on it, well all of them, we got a really good deal on all of the houses, it was so good that when I got my insurance on that particular house, they were wanting me to have insurance that was like $100,000 more than what I paid for the house and I got mad as a hornet cause I thought that the insurance company was trying to rip me off and I learned that, you know, scam is, I thought I was being scammed and scams means that you’re still confused about money and I called them and I said, “Why do you want me to have so much insurance?” and what they told me is, they said, “Mr. Roberts, we don’t care how much you paid for the house. If the house burnt down today, it would require us this amount of money in order to rebuild the house, not the land but just rebuild the house.” and at that moment in time, I was like going, okay, Kris and his team have done some really good things but this is powerful because I purchased the house and now they want me to have almost or more than double the insurance on it and the funny thing is, the insurance company actually said, the lady, she’s joking, I guess, she said, “Well you might want to hope that your house burns down.” because because I’ve got double them out. Now that same house that I’m talking about that we purchase back then, it was making me about $400 a month and when I sold that property, when all the dust settled then I had a check for $72,000 and so it was paying me the whole time that I bought it and at the end of the day, it paid me some more and for me, that that is, that was powerful because now I didn’t have to, I don’t have to do the hard work. So many of y’all think that you need to do the work and do the hard work, this man here taught me that you want something done right, don’t do it yourself, hire your experts and I started and I hired a good expert and now we’ve been able to multiply that after I retired from the Sheriff’s Office, we were able to take the money that I had on a 401k and transfer it into a property and now I have it in a self-directed IRA. – Now just for a moment, I want you to look at this. So what’s happened since we met is, you’ve quit your job? – Yes. – Your investments are now helping fund your life and they’re helping fund your future ventures. Before we talk about that, how many homes have we bought roughly together? – We have bought seven homes together. – Awesome so, just think about that for a minute, seven homes, all of them cash flowing, all of them making money, increasing your net worth and you have some of those homes now where it’s almost time to look at selling them and trading up for more real estate. – Yes, there are and I’m not the one that decided, well I did decide because I’m the captain of the ship, I’m the one that makes the decisions because it’s my business but I had your team coming to me and saying, “Okay, this market is really moving and is moving high, why don’t we sell these houses?” So one house in this market and we can buy two houses in another market and so, your team helped me buy the house, they found the house, they did everything for me and then when it was time to sell, they were saying, “Okay, now it’s time for us to to take this property that’s made us a lot of money and make a lot more money by selling.” So I was able to sell at the right time but there are bid times when I’m not the one, or they’re not the one that says you have to sell, I’m the one that says I have to sell but I have experts that are working and helping me understand the market. – So you have, so on all these homes, are you making 100% of the money? – Yes. – Are you splitting any of that with my team? – No. – No, so our team is coming in and we’re facilitating. How many hours do you think you’re putting in a month on your portfolio? – Honestly? – Sure. Yes, preferably. Thank you. – Not very much. An hour, maybe two if I’m pushing it. There have been times.. – An hour to a month? – Yes. That because I’ve got property managers that handle all of the things, I never get the phone call and I know some of some people they love having their hands on the property, I don’t, that’s not for me. – So there’s some things and in fact, I’m actually just sitting here, I’m letting Tracy do a lot of talking here because I think he’s illustrating a lot of really important lessons that we wanted to share in this video, some of those lessons that I’m really pulling from this is, number one, if you want real estate done right, you don’t have to do it yourself, you don’t have to use my team but build a team. You need your team needs to have very successful knowledgeable investment realtors, it needs to have loan officers, a lending team, you need credit partners lined up when you can’t use your own credit, you need to have financial partners when you’re not using any of your own money, you need a team for finding the homes, a team for fixing them, a team for managing them, a team for leasing them, a team to tell you when it’s time to sell, you know, our team puts in about 350 plus hours per deal but we only ask you to put in maybe an hour or two. – Yes. – And so, that for me is how I have my entire portfolio built. Now don’t get me wrong, at the beginning I was very hands-on, we’ve just learned a smarter way and we’ve been able to do hundreds of millions of dollars with that with people like Tracy Roberts and thousands of other people. So Tracy, a couple of the questions in. So you bought this real estate, a time team to quit your job, first of all, what was that like for you? How did it feel? – Actually, it was scary because I was told you’re supposed to do a certain thing and I quit my job – And how many years ago was this? – Four years now that I have been unemployed and unemployable. – Why are you unemployable? – Because the idea of shackling myself and putting chains back on and working for someone else is, it makes me sick to my stomach to even think about it because I’ve been free for so long. – Well and not just free but I think you’ve really latched on to a higher purpose for you. A lot of us find deep fulfillment in our jobs and careers. Ultimately, there’s a place for all of us where we’re going to thrive the most and I think you’ve found that for yourself. What are you doing now with your life? Now that you don’t have a job, your real estate is supporting. This video is really about how real estate can fund your future ventures, create multiple streams of income for you personally, I mean, any of you watching this could go and do the same thing Tracy has and I couldn’t dare tell you what your path is because you know you best and it’s a discovery process. What have you discovered about the streams of income that you’re creating with now having real estate just running in the background? – That I’m able to, first of all, I’m able to do things that I couldn’t do before, I’m able to, I’m not shackled down by a J-O-B, just over broke job and my job as the deputy sheriff, why I liked, it was good, it was a job and it wasn’t my necessary calling. Now I get to to go around and speak at churches and other events all over the country and that for me is powerful. – Okay so you become a speaker? – Yes. – Okay, and then I know that you’ve offered a book? – Yes. – Just tell me a little bit about that and what that’s doing for you. – And so now, I’ve got another stream of income that I’ve created by authoring a book and some people think, well $20.00 a book, that’s not much but it is something, creating multiple streams and that’s one of the things that you showed me through real estate, is you helped me see how that if I had a multiple stream and then I started reading and backing it up and I found that most millionaires have an average of seven streams of income and so now with each one of my properties, that’s another stream with being a best-selling author, that’s another stream. – Okay, so you got the real estate, you’ve become a best-selling author, I would say and you know because you actually have bestseller status on Amazon and you’re getting paid when you put your books in people’s hands, I know that you’ve started getting into some coaching and mentoring with people. – Yes, I found a good mentor and that mentor helped me and while I was not open to the idea at first then you persisted with me, and that’s probably one of the greatest things for our mentor, a mentor can see the greatness in you when you might not be able to see the greatness in yourself. I was a poor country boy from East Texas and you saw something different and have helped me elevate myself to where who I really am instead of just getting by and muddling through life and so now I get to live our purpose everyday, I get to serve people and my real estate because it has been making me money over and over and over again, then when other opportunities that have come along, you mentioned being a best-selling author on Amazon, I’ve been able to finance and fund some other things that I never would have been able to have it not been for the real estate, so it’s opened doors that were not open to me in the past – And you’re also now representing other products with the direct selling opportunity, making some money there, you’ve created several, you’re on your way to seven multiple streams of income?- Well I’ve got more than seven streams of income currently because remember that was an average, an average of seven because I’ve got six properties that are making me money right at this moment and I’ve got other streams so having the streams is important. – Yeah, so here’s the thing that I hope you gain from this video. First of all, Tracy, I’m really excited to have you here. I appreciate you coming out and taking some time, meet me at my house here. Some of the things that I really want to see illustrated for you in this video is this idea that real estate may not be your passion, for Tracy real estate is not, I think he’s passion about the money he makes from it but real estate is a tool, it’s a vehicle and it’s something that has helped open up many doors for many streams of income, it’s helped fund his future ventures, he’s now making money and several different places and most of all, you get to enjoy that freedom, you get to feel like, wow, I’m living on purpose, living the life that I meant and that’s what real estate has done for me as well. That’s what I love about helping free people through real estate. My invitation for you is, Tracy’s, just one of thousands of investors on my team where we’ll actually help build this portfolio, that particular program is for people that have a little bit of money, usually $35,000 or more set aside in 401ks or IRAs or different things like that and we’ve got other programs where we can work with people that are starting out like I did when I had nothing, I was P-O, po, myself and so make sure that you click on the link where you can learn some of the different options that are available to you and also come out live to one of our events, we’re always notifying you on that special webpage about some of the ways that you can meet me. Tracy’s on a lot of those events with with many of our other very successful investors so that you can actually press the flesh, get to know him, meet him in person and network with other successful individuals as we do our training events, our real estate events and our mindset events. Tracy, thank you so much for being here today. I really appreciate it. Thank you for imparting your wisdom to everybody here. – So one of the things with having the right mentors in my life is I read your Straight Path To Real Estate Wealth and then I was like, “Oh my gosh. Yeah, I can do this.” and y’all had already helped me start buying some properties but I was just like, “What, why am I, I can do what Kris did.” and so I went and I went on the MLS and I found this great house, it was awesome, it was a house that I would want to live in and I did all the things and the numbers seemed right and I followed all of the strategies that you said in there and then I brought it to you, so I came to my mentor, I’m so excited because I’m about to school you on real real estate, I’m about to teach you about real estate because I did what you and you looked at the numbers and one of the numbers, one of the numbers was just under where you said it needed to be and you say, you looked at me and said no, you said, “No, don’t do it.” and I said, “No, but Kris, look this is a beautiful house, it’s a two-story house and it’s kind of three-car garage and it’s got all these things.” – I forgot this one, wow. – and I just got excited, I’m trying to sell you on the power of it but it didn’t come in on one of the numbers properly and you said no and I continue to press and I continued press, finally you looked at me as a good mentor and you said, “Great, go buy the house.” and I went, “What?” You said, “Yeah, it’s time for you, go ahead and get the house, it’ll be a good learning experience for you.” and I went, “What? Wait a second. Buy the house?” “Yeah yeah yeah, go ahead and buy the house and you’re going to learn a lot of great lessons and this may cost you a little bit but you’re going to learn some lessons.” And immediately, I put my tail between my legs and I walked away and I’m going, okay, I’m going to let the professionals do what they do. Now in your book, you gave me all of the strategies and I could have done it but I was missing on one of those points and that’s why you need a mentor and that’s why I’ve needed mentors and if you find the right mentors in your life for whatever you’re doing, whether it’s financial, real estate, personal power, connections, whatever you’re in your health, when you have the right mentors in your life, then you’re able to accomplish things that you can’t do so when you hire mentor, make sure you know what you want from the mentor, what that mentors bringing to you and again, – Just be a little teachable and open-minded – and be teachable and open-minded. When I first started working with him, I thought that this man was going to just teach me about real estate and then he started teaching me about my mind and when I started learning about my mind, that’s when we’re able to write a best-selling book and teach people about belief breakthrough and other things that has really made all of these other things possible for me. – Tracy, thank you. Tracy’s one of my done for you clients and if you were to sitting there thinking, “Man, that’s so amazing what that man has accomplished.” In truth, I could bring hundreds and hundreds and hundreds and different people on that have a very similar story of how real estate has created a whole new level of independence and freedom and for me, that’s what real estate is about, it’s not about retirement, it’s about freedom, it’s about you living a life where you get to do the things that you want. Too many of us are sitting in the seat of obligation, too many of us are in jobs that we don’t feel passion for it, too many of us have goals, their members are dying out because we’re actually not working on them and real estate, whether you have a deep passion for it or not, it totally could be the catalyst to get you where you want to go. Tracy has been able to do that in his life and if you want to know what that could look like for you, if you want to join a team of thousands of our other clients that have been able to have a very similar experience, then click the link and check out the investor option where we talk about building your portfolio for you and you making a hundred percent of your money.