What's up, Hard Knocks Community?💰

In this edition of the School of Hard Knocks Newsletter, we're highlighting real estate and wealth-building expert Kris Krohn. With over 20 years of experience and 1,000s of doors to his name, Kris has helped thousands achieve financial freedom through real estate investing. On a recent live call, Kris dropped a ton of practical wisdom for today's entrepreneurs and here, we're recapping the best takeaways.

Today’s Schedule

• The Making of a Real Estate Mogul: How Kris Krohn built his billion-dollar real estate empire and helped thousands achieve financial freedom.

• From the Hard Knocks Library: Discipline Is Destiny: The Power of Self-Control

• In Case You Missed It: We asked millionaires who they were voting for president.

Let’s go!🔥

The Making of a Real Estate Mogul 

Kris Krohn is a real estate mogul who's done over $1 billion in transactions over the last 20 years. Today, he's a master of all things business, mergers, and acquisitions, but he started out with nothing.

In college, Kris decided to pursue a career as a doctor to make as much money as possible for his family. He also wanted to make his wife and parents proud. His parents never figured out the money game and he wanted to care for them and leave a legacy.

Kris took an organic chemistry class where they graded on a curve and only 10% of the class would get an A. The stakes were high. If you fell outside of that 10% curve, chances are you wouldn't become a doctor.

Kris took the class twice and got a C, then a C minus. He then realized science wasn't his strong suit and he had to break the news to his wife. Although he was unsure about the path forward, his wife believed in him and knew he'd figure it out.

Kris started a telemarketing job while still attending college and fell into a depression. One day, he came home to his wife upset over not being able to afford $25 worth of groceries because there wasn't enough money in their bank account. It was then that Kris knew something had to change.

Kris committed to thinking outside the university system. Over a six month period, he approached three people that each made over $10M in real estate. One slammed the door in his face, but the two others began teaching Kris real estate investing.

Using what he learned, Kris hacked his way into buying his very first house. He then pulled equity out of that property to buy a second house. Through this strategy, Kris had 25 homes by the time he graduated.

On just $3,300, Kris built a $1.6 million portfolio with a six-figure residual income. Once college was done, Kris realized he didn't have to get a traditional job and grew his real estate venture. He set out to take 25 houses to 50, then 1,000, then beyond.

Today, Kris helps 2,000 partners all over the world build out their real estate portfolios and helps them become millionaires. He also owns an event center in his home state of Utah where he hosts events several times a year.

On a live call inside the School of Mentors community, Kris shared a whole lot of wisdom for entrepreneurs. Here are four of the biggest takeaways from the conversation:

Pass It Off

When it comes to delegation, Kris says there's always someone better out there to handle secretarial work and project management tasks. To find the right people, Kris judges everyone on their integrity. If they do everything he asks them to do when they said they'd do it, they pass the test.

As entrepreneurs, we sometimes avoid delegating because we have a hard time trusting others. However, if we want to scale our businesses, we have to let go and build a team to take lower level tasks off our plates. Finding people with integrity and letting them make your life easier is fundamental for growth.

Riches in the Niches

If you're looking to scale up and move to the next level, Kris says the riches are in the niches. Many people ask him why he hasn't graduated to multifamily real estate and it's because he decided to stay put and scale single family instead. As a result, he's getting 60% ROI versus the 25-30% he sees in multifamily.

Niching down, going all-in on one idea, and being uniquely different in your industry is key. It's common for entrepreneurs to fall victim to that "shiny object syndrome" or try to copy what everyone else is doing. In order to see the most success, find a way to differentiate yourself and commit to mastery.

The Expert Formula

Books, masterminds, and mentors are the three things Kris recommends to accelerate your success When Kris set out to learn real estate, he read a new book every week or two. Masterminds are the best place to build out a solid network. To find the best mentor, Kris says to start with your goal in mind and look for someone who's already achieved it. 

If you're a new entrepreneur who wants to grow quickly, mentorship is the quickest way to get there. When looking for a mentor, it pays to first spend time zeroing in on your goals so you can identify the perfect match.

When you're just starting out, reading as many books on your industry as possible can bring you a ton of clarity about what you want for your own business. Looking for a community that has mentors, masterminds, and networking opportunities? Check out the School of Mentors!

Lessons Learned

When asked about advice for starting a business all over again from scratch, Kris says it's important to avoid making the same mistakes you did the first time around. Simply replicating what you've already done could set you up for another failure. You also have to shut out anyone who tells you you're crazy, even if that means feeling alone.

For all business owners, failure is inevitable. Your first attempt at starting something may not work out. However, there's so much wisdom in failure and it's all about what you do with the lessons learned. If you're starting over, be sure to incorporate that new knowledge and remember - this time you’re not starting from scratch, you’re starting from experience.

When you decide to become an entrepreneur, there will be many people in your life who either don't understand your path or try to tell you it's impossible. Whether you're starting your first business or your 40th, surround yourself with like-minded individuals who inspire you instead of bringing you down.

Connect with Kris here:

Instagram: https://www.instagram.com/kriskrohn/?hl=en

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Inside the School of Mentors Community, you’ll get the chance to connect with millionaires and billionaires on weekly live calls and ask questions during a live Q&A! You’ll also get access to masterclasses, mentorship opportunities, and live workshops.

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Words of Wisdom

From the Hard Knocks Library

In Case You Missed It

Wonder who today’s most successful entrepreneurs are voting for? We went all around Austin, Texas, interviewed some of the wealthiest entrepreneurs in a variety of different industries, and asked them to share their pick for president. They also shared their best career and life advice. Watch the video here!

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