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:
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
Current Curiosity:
e-Commerce
Best Place to Grab a Bite:
Red, the Steakhouse in Cleveland
Halls Chophouse in Charleston
Connect with Tim:
Facebook: https://www.facebook.com/CommercialEmpire/
Website: http://invite.commercialempire.com/cestart
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