With the right industry knowledge and a risk-mitigating model, any real estate investor could stop trading their time for money and enjoy true mailbox money. Our guest today is Tim Bratz and he joins us on the show to speak about how he has it all figured out in this regard. Tim 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’s investment companies currently own over 3,700 rental units across eight different states, equivalent to a $300 million portfolio! Today on the show, Tim starts by talking about how he learned real estate through the school of hard knocks, finally coming to see the huge yields offered by apartment flipping. He then moves on to speak about how assistants, partnerships, and having a big business have helped him generate passive income and focus on his strengths: marketing and acquisitions. After that, Tim gets into three procedures for a successful investment firm, and how he mitigates risk using a brilliant and multifaceted business model. Tim then talks about his ‘shoot the net wide’ strategy for weeding out hundreds of bad deals a month and getting to the great ones fast. For top tips from a seasoned pro about leveraging people and generating a risk-free business, you should definitely plug into today’s episode!
Key Points From This Episode:
Tweetables:
“I think a lot of us get involved in real estate for that allure of passive income and residual income, that mailbox money. But then we all get stuck in this transactional trap of trading our time for money.” — Tim Bratz [0:03:02]
“When you lose money, the real character of somebody comes out. God forbid, you make money. People get even nastier, right?” — Tim Bratz [0:07:19]
“I hired an assistant in March of 2015. In the next 10 months, I tripled my income.” — Tim Bratz [0:12:47]
Links Mentioned in Today’s Episode: