BLOG

Maximizing Mentors and Mastermind Groups with Tim Bratz, Episode 164

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

  • Tasks that did not generate revenue or fun were given to his assistant

  • To find good mentors and groups, ask people who are more successful

  • Tim is in 6 different mastermind 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 net worth was from apartment, 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 want to know more about joining or launching a mastermind, check out this article

 

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

 

Leave us a review and rating on Apple Podcasts or Spotify. Be sure to check out more info at TargetMarketInsights.com.

 

Share on Facebook
Share on Twitter
Please reload

Featured Posts

How to Produce Life-Changing Content with Seth Williams, Episode 133

October 25, 2019

1/7
Please reload

Recent Posts
Please reload

Archive
Please reload