This episode welcomes the “Blue Collar Kid from Parma, Ohio” made good, Mr. Tim Bratz! 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. Working in real estate, Tim has built a passive business and created a residual income that allows him to live the lifestyle of his choice. He’s here to educate and empower others to become financially free through commercial real estate.
In this episode, Tate and Tim discuss Tim’s bumpy road from personal/financial disaster to being the owner of 4000 units.
Guiding Principles: 1. “Burn the Ships” Create a restraint, no fall-back plan. 2. Build Long Term Vision-not “get rich quick”
Millionaires and Billionaires are made by making deals and taking equity. Trade your time for equity in deals.
Masterminds: The importance of the guidance of his mastermind to keep generating revenue during law suit with business partners. He found out that “The worst case scenario wasn’t that bad.”
Relationship capital is MUCH more valuable than financial capital.
Mastermind-having the right people in your corner. He 4X’d his income in 10 months in 2016 after attending his first mastermind.
-if you sign up for a Mastermind, make it a 36 month commitment
This year, he’s selling 2,000 units, keep 2,500, and adding 4,000 doors!
The “1% Rule”: if the monthly rent covers 1% of the all-in price per unit of the complex, the deal should cash-flow.
Enroll in his “Commercial Empire” Event at https://invite.commercialempire.com/cestart
Tim can be reached at: www.legacywealthholdings.com