Ep. 164: Maximizing Mentors and Mastermind Groups with Tim Bratz

podcast February 11, 2020

When you keep running into a wall and feel overwhelmed, it’s time to turn to others for guidance. Mentors and masterminds have helped many people identify the steps they need to take to overcome obstacles. Tim Bratz went from making a modest living as a real estate investor to building a thriving multifamily apartment investing business with the help of his mentor. Tim is the CEO and Founder of Legacy Wealth Holdings and has invested in apartments all over the country, including Cleveland and Charleston where he resides. In this episode, he shares how mentors and masterminds clarified his path, how to identify the right mentors and groups and how he’s able to invest in deals all across the country.

Partner: The Real Estate Syndication Podcast hosted by Whitney Sewell

Key Insights

Moved from Cleveland to NY to become a commercial real estate agent
Realized he was going to learn more by doing than reading
“Resourcefulness” is the ultimate resource
Used a credit card for his first deal and netted a $13k profit
Joined a mastermind and realized he needed to hire an assistant
Wrote everything he did for a week and labeled each activity as revenue generating or not, and whether he enjoyed the work or not
All the tasks that were not revenue generating and he did not like, he gave to his assistant
To find good mentors and groups, ask people who are more successful
Tim is in masterminds for Operations, Strategy, and e-Commerce
Need to determine where you are going to find the best mastermind or mentor to get you on your path
90% of his net worth was from apartment buildings, but only 10% of his time
Treat apartment buying like flips: find an apartment building with a $10MM ARV, buy for $5.5MM with $1MM in renovations (65% of total ARV)
Liked JVs as opposed to building out a large team
“I’d rather have a quarter of a watermelon than 100% of a grape”

Partner: Download a Free Sample Apartment Deal Package

Bull’s Eye Tips:

Resources:

Commercial Empire Event

Bonus Resource: If you are looking to invest in multiple markets like Tim, it’s helpful to know the relevant laws in different states. Check out this list of rental laws here. Also, if you’re looking for more tips on joining or starting a mastermind group, check out these tips.

Apparent Failure:

Every time I get knocked down, I get back up

Most Recommended Book:

12 Pillars by Jim Rohn

Most Recommended Digital/Mobile Resource:

Follow Tim on Social Media

Daily Habit:

Time Blocking

Wish I Knew When I Was Starting Out:

Joining a mastermind sooner

Wish I Knew 12 Months Ago:

Think bigger, we are the only ones that limit our business