GI125: Building a 5,000 Unit Portfolio with Tim Bratz

GI125: Building a 5,000 Unit Portfolio with Tim Bratz

Tim Brotts is the CEO and founder of Legacy Wealth Holdings, a real estate investment company that acquires and transforms distressed apartment buildings into high-yield assets for their own portfolio. Tim’s current portfolio exceeds 4,000 units with a valuation of more than $350M.

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Announcer:
Welcome to the Global Investors Podcast, a show that focuses on helping foreign investors enter the lucrative US real estate market. Host, Charles Carillo, combined decades of real estate investing experience with a professional background in international banking to interview experts in all areas of US real estate investing. Now here’s your host, Charles Carillo.

Charles:
Welcome to another episode of the Global Investors Podcast; I’m your host Charles Carillo. Today we have Tim Brotts. Tim is the CEO and founder of Legacy Wealth Holdings, a real estate investment company that acquires and transforms distressed apartment buildings into high-yield assets for their own portfolio. Tim’s current portfolio exceeds 4,000 units with a valuation of more than $350M. So thank you so much for being on the show. Tim,

Tim:
I’m excited to be here, bud. How are you?

Charles:
I’m doing well. Is Austin the connect? And tell us a little bit about your background both personally and professionally prior to getting involved with real estate investing.

Tim:
Yeah, man. Well again, appreciate you having me here and I’m excited to drop some knowledge if I, if I possibly can share some value. So dude, I I’m a kid from Cleveland, Ohio, right. Grew up in a blue collar suburb of Cleveland working class parents working class family went to college oh three to oh seven. And that was when the market was going crazy and nobody’s making money in real estate. And I was very money, money motivated kid when I was 20 years old. So I I graduated from college in oh seven. I moved out to New York city just kinda on a whim. My brother lived out there. So I lived with him and got, I thought you got involved in real estate by getting a real estate license. So got my real estate license and somehow ended up with commercial brokerage handling, leasing for businesses and and landlords.

Tim:
And so we did like office leases and retail leases and I just kinda brokered that stuff for about 12 months and it took me like eight months to close my first deal. That was a little dumpy 400 square foot space on a side street in Greenwich village and signed a lease for 12 I’m sorry, $10,000 a month on a 12 year lease term. And I’m like, holy smokes. Like I need to be on that side of the coin. I didn’t be owning real estate, you know, not brokering it. And and so I decided to move out of New York. It was just a bad winter and everything was expensive. So I moved down to Charleston, South Carolina in 2008 and decided I want to be a real estate investor and, you know, read all the books. And I signed up for all the courses and I go through analysis paralysis for six, seven months and realize I’m not going to learn how to invest in real estate by reading about investing in a book.

Tim:
And I need to actually take action. I need to jump in the water. You know, you can’t learn how to swim by just reading about swimming. You gotta actually treading water. And that’s what I end up doing, man. I, I found that this is right after the market crashed. I found the cheapest house on the MLS. I go in a low ball, it go back and forth and I bought a little dumpy duplex in the hood for $14,000 on my credit card. And then just kind of cleaned it up. Physically did all the work myself to it held an open house. One of the neighbors came in and bought it for $33,000. So I made about 13, 14 grand after all was said and done. And I was like, dude, I don’t even know what I’m doing. And I’m making money in this real estate market, right?

Tim:
Like I’m a punk 23 year old kid, never done a deal before. It’s a worst housing market ever. And I’m like, let’s go do it again. So then I got into like wholesaling and I learned how to find really good deals. I mean, there were everywhere right back then. It was really hard to find money. And so you had started getting creative and creatively structuring deals and eventually met some people who had cash, but they didn’t have the experience or the time or the expertise and the knowledge and skillset to go out and do these deals. And I did the work, they brought the money and we came up with some sort of fair equitable split on doing deals. And so that’s kinda what, what got me going, man, and, you know, fast forward, I since I sent you that the, the update on the stats I bought 552 doors since then. And yeah, so we’re, we’re at a 4,840 units as of today and a little over $425 million of portfolio value.

Charles:
Awesome. And where is the majority of that located?

Tim:
Southeast and I got a lot in like Texas, Oklahoma area. Not a lot. I’d say, I don’t know. 20% of my portfolio is in Texas, Oklahoma. And then a majority of it’s in the Southeast, probably 60% of my portfolio.

Charles:
Nice. So Southeast and some of the mid south. So those are awesome markets. We like those markets too. So why did you make the switch to building a portfolio versus a fix and flips and wholesaling and everything else you had going on like 10, 15 years ago?

Tim:
Yeah, man. So you know, I think, I think when you see real estate, I think everybody has the allure of the residual income and the passive income, but then we all think we’ve got to go and stockpile our own cash in order to get into the buy and hold type stuff. And which is not the case. Right. But that’s the trap that I fell into and I got into flipping houses. I got into wholesaling houses the whole transactional type of trap and you know, did all right. Like I wasn’t good at flipping like the HGTV stuff, but we did, we did like turnkey houses. So I would buy a single family rental house, fix it all up, put a tenant in place, package it with management and then sell it to some entrepreneur, white collar professional who just wanted like a turnkey house.

Tim:
Right. And so we were, we were doing somewhere between 80 to a hundred of those per year. It was good. Kept food on the table, kept the lights on. And I was passively investing and raising money for and sponsoring loans for some apartment buildings, took down some small buildings myself and in a, in late 2017 or summer of 2017, I sat back on vacation one one morning I was looking at my goals and looking at my my net worth. And I realized dude, 90% of my net worth came from my apartments. And it was about 10% of my time. And I’m like, dude, can you imagine if we dedicated all these resources over here that we’re using and flipping houses and put them all towards buying apartment buildings and holding apartment buildings, like, can you imagine how much growth we would have?

Tim:
And that’s exactly what happened. Like I just drew a line in the sand, we burned the ships on all the single family stuff we were doing. And we only focused on apartment buildings. You know, what happened at 11 unit popped up and a 20 unit and an 18 unit. And all of a sudden we started compounding and growing and bought a 48 unit. And then I bought a 72 unit portfolio. And then I picked up a couple of hundred units over the course of the next few months. And and then I was at, I don’t know, 600 doors or something. And then I took down a portfolio of 730 units in the summer of 2018. So less than 12 months later. And that’s what really kind of put me on the map that put me over, like put me at like 1300 doors and and really what got me a lot of attention on social media and stuff.

Tim:
So that then turned into people, asking me to coach them and mentor them and do that kind of jazz. And so it puts together a little bit of like a coaching platform that teaches people how to scale into apartments. And that has led to a ton of deal flow and a ton of investors for more projects. So we’ve just kind of amplified what we’ve done. So by the end of 2018, I was at 15, 1600 units. I picked up almost another 2000 doors in 2019, another thousand doors in 2020, despite what happened with COVID last year and another, almost 600 doors this year.

Charles:
Oh, fantastic. So for you scaling so fast, was it because did you have other partners or handling other parts of the business or what is your specialty when it comes to it as, are you an underwriter? Are you, it sounds like you’re more of the face of the business for raising money.

Tim:
Yeah. Yeah. Great question. And what I think a lot of people get caught up on going from residential into multifamily is, you know, in the single family world, it’s hard to carve up 20 or 30 grand of profit with a bunch of eight players on your team. You know, so it’s like a solo type of a business. When you get into multifamily or commercial, it’s a lot more of a team sport. And it’s more exciting because you’re, you’re talking about not 30 grand, you’re talking about $3 million of profit in a given deal. So you can attract those eight players and it makes everybody excited and, and you know, gets their attention because you’re talking about big dollar amounts. And so exactly to your point, man, what I ended up doing was I brought in a players they handled the stuff that I was not good at.

Tim:
I handled the stuff and stayed in my lane of the things that I liked doing and what I was really good at. And that’s, that’s this right. That’s being active on social media and it’s it’s educating and that then leads to deal flow. So I was able to hand that off to my acquisitions guy. It leads to money flow, which I was able to hand off to my chief investment officer. And I still raised a lot of money. That’s, that’s really my, my forte. And then, you know, suppliers and vendors and contractors, I was able to hand off to my COO and he was able to kind of just continue refining that part of our business. So, you know, I see all those guys, it’s kind of the engines of my business and I’m like the fuel that feeds all of them. So everything would run great.

Tim:
I’m not needed from a day to day operation standpoint. But when we are actively buying or actively selling, I’m the loan sponsor, right? I sign on 4,800 doors. I am a general partner on all of them. I’m a loan sponsor on 95% and a managing member on 95% of them. So it’s not like I have a little bit of equity. Like I have a majority of the equity in all those different projects. So I am needed on the acquisition and the disposition side of things. But from a day-to-day standpoint, the team, man, they they’re, they’ve been crushing it. And I’m super blessed to be surrounded by great people.

Charles:
So what type of a process and systems have you put in place that allow you to step back from the day to day? Cause I think that’s everyone’s dream and especially when you’re getting into real estate investing, especially if someone’s a flipper and I know that adult daycare, they call flipping houses what a headache it is.

Tim:
Yeah, man, it’s a, it’s a lot of work. That’s another great question. It doesn’t happen overnight, right? Like it, I was really bad at real estate for eight years and I fumbled and messed up and screwed up over and over and over again. And every time I did, I just, I sharpened the ax a little bit. I got a little bit better. I didn’t make that mistake a second time. I hired an assistant before I hired a COO, right. I hired a project manager by R before I ever hired an in-house attorney, right? Like I took little steps of hiring one person at a time and I didn’t hire them for that role. I hired them for two roles above where they were. Right. My COO, we used to co wholesale together and I saw the guy’s work ethic. And I was like, dude, I can’t afford to not have him on my team anymore.

Tim:
My chief investment officer used to be my business attorney that was just, you know, he’d handle evictions for me and some other stuff. And then he passively loaned me money once in a while. And I realized, dude, you could handle the entire capital raising side of things. And I brought him in house about two and a half years ago. But we were, he was my business attorney for seven years first and I had to give up equity, you know, like I think a lot of people get, get caught up and I want to own a hundred percent of it. But they want a hundred percent of a grape. They don’t, I’d rather own 25% of a watermelon. There’s a lot more juice in the squeeze of 25% of a watermelon than a hundred percent of grapes. So you, you realize guys like Elon Musk only owns 22% of Tesla.

Tim:
You know, Jeff Bezos owns 11% of Amazon. And when you think about that, there are the two richest wealthiest people in the entire world and they only own that much of their business. That means, you know, there’s something to bringing on a players, giving up a little bit of equity and, and, you know, kind of button that bullet because it’s not about this deal, right? It’s about what does this deal set you up to do for the next 10 5,000 deals that you can do? Because you gave up a little bit more equity on this one and it’s easy to do when commercial real estate, like you don’t have to get married across your entire portfolio, deal with somebody, you know, you and I do a deal together. And if we, if we’d like to in business, guess what, we can do another deal together.

Tim:
If it doesn’t fit, then we sell that deal and we move on with life, you know? But it’s easy to do in the commercial side. So that’s what I ended up doing. I ended up joining venturing and you know, students would bring me a deal. They could handle project management, property management. I could bring loan, sponsorship capital to the deal, asset management kind of help capital manage and do some of those things. And so it allowed us to stay in our lane, allowed them to do their thing. And dude, when you do that one plus one equals three, you can accomplish a lot more as a team.

Charles:
Yeah. It’s funny you say that I was having coffee with a really wealthy guy a couple years ago. And he was telling me, we had met like a couple of months before and he was saying he was all pumped about buying this business. And then I met him like three months later. He’s like, no, no, no, no. I never went through with it. And I was like, why? He’s like, I can’t find the right person to run it. If I can’t find the right person to run it, I don’t do it. And it’s completely different from someone that might not be as savvy, let’s say, and they’re just looking at straight numbers, but you know, they want someone that’s a rock star. That’s going to run this new investment for them. Cause they’re not the one that’s going to go run it. Right. And so it’s completely true about aligning yourself with people that are doing what their specialty is and spending and focusing on doing that versus something else. Right. Or wearing too many hats, which is a huge mistake because you’re not going to be great at all of them.

Tim:
No, man. I mean, you, you think about Jeff Bezos, Elon Musk, Warren buffet, like dude, they have the same 24 hours in a day that we do. How do they accomplish so much more? And Atlanta and likewise, you know, the homeless guy asked for money, like he’s got the same 24 hours a day that we do. How come he’s accomplishing so much less. It’s like, what are the activities that you’re focused on and what is the highest and best use of your time? And you know, there there’s charts out there that show $10 an hour tasks, a hundred dollars, an hour tasks thousand dollar, an hour tasks, $10,000 an hour tasks. And I’m very focused and very disciplined with only spending my time on $10,000 an hour and better tasks. It’s anything less than that. I staff it out. I give it to somebody on my team or I just delete it altogether from, from my life.

Charles:
Yeah. That’s great. Yeah. Especially when you start to become successful, then all these different shiny objects come into your view, whether it’s from other people trying to get you involved with what they’re doing and you gotta just, somebody called me, it was actually early today about that. And I was like, Nope, I, you know, this is what we’re doing. Like I’m not changing what I, what, how we work with, you know, you gotta stay in what your lane is and you know, powers focuses power, right? Tony Robbins. So

Tim:
The, the, the difference between successful people and really successful people is really successful people saying no to almost everything. Yeah.

Charles:
True. Very, very true. And you can look back at like bayzos gates, all these kinds of people and how many successful organizations or businesses that they built. I mean, bill gates had one business for like most of his life. And then he went and did, this is fun, his foundation. So it’s like, they did one thing really, really well. And then they went on and I met amazing, amazing people. They brought along with them to run that first business. So you, you you coach a lot of new investors. What would you suggest to a new investor that wants to start flipping houses or building a rental portfolio?

Tim:
Oh man. So I, I actually don’t do a lot of like newbie type coaching. Actually. A lot of the people that I coach are already doing real estate in some capacity and they’re looking to get into this buy and hold type stuff. However, I just got a Tik TOK account and I’m more active on Instagram now. So I got a lot of young kids who would hit me up saying, Hey, I’m 15, I’m 18, I’m 22. And I want to get involved in real estate. I love what you’re doing. And I want to do exactly that. Like what advice would you give me? And so anyways, I’m thinking about coming out with just some content, I’ll probably give it away. I’m not going to charge for it or anything about like, you know, getting into rental properties and how to, how to, what that looks like.

Tim:
But I think early on man, I would focus on the revenue generating activities. I think that’s one of those things. People get involved and they start their business and they think, you know, getting a website is doing the business or order of business cards is doing the business or, you know, going to networking events, which has some value to it obviously is doing it. What, dude, you know what, you know, what does deals like? There’s only three actions that actually make you money in real estate sourcing deals, sourcing capital and refining your operations or like dispositions essentially, depending on if you’re holding or selling. So like if you’re not, you know, the only action in sourcing deals that you could control because you can’t control how many deals actually close. Cause there’s so many other variables that come into the mix, but you can control how many offers you make.

Tim:
That is the most important metric that you can be measuring. So if you are a newbie and you want to get involved in real estate, like I would be obsessed over making 10 offers every single day, every day, five days a week minimum. And eventually what will happen is a ratio will appear. If you make 50 offers a week, that’s 200 offers a month. And all of a sudden you got four deals out of it. Guess what? You know, that if you want to do eight deals next month, you need to make 20 offers a day and do 400 offers right that month. And eventually a ratio will appear where offers predictability to how much revenue you can generate and how many deals you can do. So you always need to be sourcing deals. That’s the most important thing that especially anybody can be doing in this market right now?

Tim:
You know, when I first got started sourcing capital was really, really tough. It was easy to find deals, but sourcing capital. So I was, I’ve always been focused on doing both of them, cause I know how hard was when it wasn’t money on the streets. Now there’s a lot of money on the streets, a lot harder to find deals. And then there’s once you have the deal, like that’s cool, you bought an apartment building and you bought a rental like now you got to keep it, you know, which is where the real work begins. And you’ve got to have dialed in operations, standard operating procedures, good partners, you know, somebody who knows what they’re doing on that side of the coin to make sure that they’re focused on that side. But the moneymaking thing, they’re really the money-making things are sourcing deals and raising money. And then you can find great partners to operate that that a lot of times becomes the bottleneck, but it’s a really important piece because you’re not doing that. Everything else is a, this pointless.

Charles:
Yeah. If you’re raising capital, I mean, it’s not gonna be your highest and best use going out to a project manager and dealing with general contractors and all that stuff. It’s but you’ll have someone on there that will do it great and likes spending that time and likes visiting the properties and likes all that, the management that goes with it. And it’s just kind of finding that person and aligning them into your team. So that’s a, that’s awesome. So what are common mistakes you see real estate investors make other than spending time doing activities that will not generate revenue?

Tim:
Oh man. I would say the first one that comes to mind is skimping on due diligence, right? Like a lot of times when you get started and people like they don’t want to outlay the cash for a deal, if they’re not sure they’re going to, they’re going to acquire. And so they don’t have the plumbing lines scope. They don’t bring out an electrician to look at the electrical panels. They don’t bring out an HPAC tech in order to review all the mechanicals. They don’t, you know, do a thermal scan of the roof because they don’t want to spend $2,000 or whatever it is. And so like I see them skimping on that. And then all of a sudden they get into a deal that there’s a lot of unknowns and there’s a lot of surprises and that deal kicks them in the crash. Spend the money, like it’s much better to spend a couple of thousand dollars and do the deal the right way and then walk away from it and only lose $2,000 versus 20,000 or $200,000, or God forbid $2 million because you didn’t do all the due diligence.

Tim:
And then from there, the other thing that I would say is like a lot of people, they they’re like, oh, well, they try to force deals to happen. Right. And they, they, they try to push the rents because if I, if I can get, you know, 9 75 instead of nine 50, oh, this deal will work. No, no, no. I go the opposite direction. I go down to 900, I try to kill the deal. And I stress test all the different numbers, the rental rates, the cap rates, the interest rates the expenses and all that stuff. I stress test the heck out of it. And if I cannot kill the deal, that’s when I know it’s a good deal. Right. Like, so I try to, I try to kill it. I try to find any way for it to not work. I don’t try to force the numbers to make it work because then everything’s got to go.

Tim:
Perfect. dude, I got, I got one deal. Actually the 700 unit portfolio I bought almost three years ago. It was a heavy value add a big lift. There was a lot of work that went into it. We got, you know, it was early in my career, so I didn’t have the best financing terms. It was just, it was a lot, it was a big deal. And if everything went perfect, it would have been smoking returns for the investors. You know, 40% annualized, 50% annualized returns for the investors. And what happened was like, dude, right, as we were coming down, rounding third base, COVID hit and it extended out the renovation project. Like we couldn’t get all the appliances in. So then it delayed and we had bad financing, which was really expensive. And then some of the tenant base was more C class.

Tim:
So it was a little bit of a heavy management intensive. And they started gaming the rents and not paying. It just got delayed by about 12 months, which ate up a bunch of the profit and the deal. And and I had a conversation two days yesterday, two days ago with with the investors. I said, Hey guys, it was a heavy lift. You know, we knew that going into it. And the good news is we stress tested the hell out of the numbers and you know, we’re, we’re coming in a little bit shy of what we hope the value would be. And it’s the, budget’s a little bit more than what we hoped it would be. But guess what, you’re annualized year over year return is going to be north of 20% as a worst case scenario on this deal.

Tim:
Is that a, is that good or bad? Oh my God, that’s amazing. Right. Because I stress tested it. If I were to force the numbers to happen on a deal like that. And eventually essentially like the investors who would not have made a return or potentially even lost money because you don’t stress test the numbers, try to kill the deal. Well, how did you find that portfolio? So this is like 2000 when I, by early 2018 or like summer of 2018, contracted it in early 2018 which was before like apartments became kind of mainstream and cool. It was like right during that timeframe. And because it was like 50% occupied in like a tertiary market of of Georgia. It’s just, it was, it wasn’t a market that the hedge funds and REITs wanted to go in. It was too much work for them to want to roll up their sleeves, get their hands dirty.

Tim:
And it was too, too big of a portfolio and too much work for some of the smaller guys to qualify for. And I had performed on some deals in the, in the local market there and had a little bit of a reputation with the brokers of closing on some difficult deals. And and so it got brought to me. So they brought, they brought the deal to me. The seller took a haircut on the sales price. We were not the highest offer, but they knew that we would get the deal done and we closed on it. So we closed on it. Got it for a great price point, but had to put a boatload of money into it. So it’s been it’s been a process and a, a great experience and it kind of catapulted me to get to where I am today and but it wasn’t, it wasn’t the best deal I’ve ever done either. And we’re actually, I, we were talking offline before we got rolling. Like that’s, those are some of the properties I’m selling right now just because they’re heavy management intensive.

Charles:
Yeah. All right. Cool. Cool. So what do you think are the main factors that have contribute to your success, Tim? Oh,

Tim:
Oh man. I would say dude, I got involved in real estate and that’s the only thing I’ve ever known. So ever since college, the only thing I’ve ever been educated on it has been real estate. So I didn’t really have like a backup plan when it, like, when things got hard, when things got tough. When I walked into houses and roaches fell on my head, or I walked out of houses with fleas up to my knees when contractors burned me, when tenants chased me out of buildings with baseball bats, like when, when, when, you know, lenders bailed the three days before closing I couldn’t quit. Right. I just, I just didn’t have anything to retreat to. So I had to push through and I had to make it happen. So I think, I think, you know, not quitting and just having the tenacity to see things through it’s easy, dude, for everybody to start, right.

Tim:
Everybody’s got the ambition to start, but not a lot of people have the perseverance to stay and, and I had the perseverance to stay. I just, I just saw it through, I don’t know if it’s because I’m tougher is just because I didn’t have anything to retreat, but I just kept staying with it. And real estate is not an experiment, man. Like this is something that’s time tested and true. And you will build wild amounts of wealth if you just stick with it and keep on doing the activities. Right. that’s the other thing I’d say I focused on I, once I understood what the actionable a revenue generating activities were, that’s what I focused on. I just doubled down on those and doubled down on those and then hired people to make sure that those were just obsessed over. And and now I’m kind of at a place in my business where I actually do the activities that are not quantifiable.

Tim:
You know, me and you hanging out on here, we were talking offline about your buddy. Who’s right up the road from me and who knows, we might, we might do some deals together. Maybe I’ll bring capital to one of your projects or buy a deal from you or vice versa. And I don’t know, it’s not quantifiable, right? But like, that’s the stuff that I spend my time on because it could turn into a seed that’s planted today that, that blossoms two years from now 20 years from now two months from now, who knows that, that, you know, you don’t even know how much opportunity could come from it. So this is what I focus on on now is like the non quantifiable things. But that’s because I have people in place to do the the revenue-generating quantifiable measurements.

Charles:
So you, you talk about three actions to be successful in a commercial multifamily or in commercial real estate in general. Let’s just say what are these

Tim:
That that’s going back to kind of what I said before sourcing deals, sourcing and refining operations though. That’s what I would really focus on. If you are, if you’re trying to buy and hold or you’re trying to buy, and the only thing that would change is instead of refining your operations work on selling, right, like finding buyers for your properties. But I think if you focus on those activities and you’re going to be in really good shape, you’re doing the things that actually count which is, you know, making offers and prospecting or having conversations with potential private money lenders. If you talk to, if you make, I don’t know, two to five offers every day and you talk to two to five prospective money lenders every single day, it will compound so rapidly. Your mind will be blown at the opportunities that you have in the next 90 to 180 days. It’ll just be, it’ll be like, oh my gosh, there’s so much money out there. Oh my gosh, there’s so much opportunity out there. And like, you’ll be taking deals down. All you gotta do is,

Charles:
Yeah, it’s funny. Cause you know, we track our KPIs and stuff and you have like simple, can I have some other KPIs personally that I keep for our business. And after a while you see it for like a year or you see where you were and what’s happening and this week was good and this one wasn’t as good, but you actually see the progress. And I mean, it’s, it’s amazing because when people talk to me about commercial real estate, I was telling him it’s the competitive advantage is relationships and sourcing cash. So if you can do those two it’s, you know, if you have the relationships, you now have that competitive advantage, again, someone new that comes in because you have relationships with brokers, property managers, all these different people, especially if you’re in a market and you have tons of units there already. And then if you can source cash to close on it. I mean, you’ve put yourself ahead of so many other people just focusing on those two simple things. So I totally agree with you. So how can our listeners learn more about you and your business, Tim?

Tim:
I’m active on social media, you know, hit me up on, on Facebook. Instagram is where I’m most active. I also have accounts on LinkedIn and Tik TOK and I have a YouTube channel called legacy wealth and yeah, I mean, listen, I’m, I answer all my own messages on Facebook and Instagram. So if anybody has questions hit me up, I’m happy to kind of point you in the right direction support. I put out a ton of content about buying apartment buildings and really like more wealth building and entrepreneurship and even personal development, lifestyle design type stuff. That helped get me to where I am. And I think if it helped get me to where I am and I can help other people get there too, I think there’s you know, it doesn’t create competition. If I teach other people how to buy apartments, it actually creates more collaboration because people want to joint venture, they want to do deals. It helps them get into deals that they couldn’t have gotten into. It helps me get into deals that I couldn’t have gotten into. And all of a sudden we’re able to build wealth together. So I’m always just trying to connect with great people, great entrepreneurs, people who are moving in the same direction and have common goals and ambitions.

Charles:
Yeah. I think people, when they get into commercial real estate, they’re trying to, some people that are unsuccessful at try to do themselves and you have to kind of give into now I need partners. And that’s when you have people reach out to you and say, Hey, I’ve got a deal here. Or if I find a deal and that’s, what’s great about doing all the networking and everything with social media. So thank you so much for coming on today. Tim have a great rest of your week, and hopefully we can connect here in the future, Face-To-Face.

Tim:
Appreciate your brother. Thank you for having me talk to you soon.

Charles:
Hi guys! It’s Charles from the Global Investors Podcast. I hope you enjoyed the show. If you’re interested in get involved with real estate, but you don’t know where to begin, set up a free 30 minute strategy call with me at schedulecharles.com. That’s schedulecharles.com. Thank you.

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Announcer:
Nothing in this episode should be considered specific, personal or professional advice. Any investment opportunities mentioned on this podcast are limited to accredited investors. Any investments will only be made with proper disclosure, subscription documentation, and are subject to all applicable laws. Please consult an appropriate tax legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of Syndication Superstar LLC, exclusively.

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About Tim Bratz

Tim Bratz is the CEO and founder of Legacy Wealth Holdings, a real estate investment company that acquires and transforms distressed commercial and apartment buildings into high-performance investment assets.

Tim began his real estate career in 2007 brokering commercial leases in the competitive NYC real estate

market, where he saw the true potential of investment real estate to transform personal finances and provide financial freedom. He spent time reading, attending workshops, and networking with accomplished entrepreneurs. Tim’s resourcefulness helped him acquire his first investment property in Charleston, SC in 2009 by using his credit card to buy a duplex. Tim transformed the rundown duplex all on his own and turned a profit on his first deal. He reinvested those proceeds, and began seeking private capital to expand his holdings. Today Tim follows a simple formula to buying real estate: only invest for cash flow, only buy at wholesale prices, and create (never speculate) appreciation through value-add improvements & sweat equity. Working in real estate, Tim has learned how to build a passive business and create a residual income that allows him to live the lifestyle of his choice.

Tim now focuses on educating and empowering active operators and passive investors to become financially free through commercial real estate. Tim’s investment companies own over 4,000 rental units across ten states. Tim is a husband and proud father, graduate of the Goldman Sachs 10,000 Small Businesses program, mentor for the Legacy Family mastermind, and active member of several other high-performance national entrepreneur & real estate masterminds.

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