The Smart Real Estate Coach Podcast|Real Estate Investing Episode 156: Flipping Distressed Apartment Buildings, with 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 force (never speculate) appreciation through value-add improvements and 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 3,200 rental units across six states. Tim is a husband and proud father, graduate of the Goldman Sachs 10,000 Small Businesses program, mentor for the Advisor’s Council mastermind, and active member of several other high-performance national entrepreneurs and real estate masterminds.
What you’ll learn about in this episode:
- How Tim and his team acquire and transform distressed apartment buildings, and how it works similarly to residential flipping
- Why Tim focuses more on how much income a property generates monthly rather than how many units are in the property
- How Tim and his team find distressed apartment buildings using networking referrals, internet searching and even traditional “driving for dollars” methods
- How Tim’s unique financing model works on larger, more expensive properties, and how this is ideal for long term passive investors
- How Tim’s team is structured with clear roles, and how each property they invest in has its own manager, leasing office and staff under the umbrella of Tim’s business
- How Tim realized that he needed to change his priorities and be more present when at home with his family, and how he shifted his life balance to free more time for family life
- Why experiences with bad early mentors taught Tim that you can learn from both good and bad mentors
- Why masterminds are powerful learning and networking opportunities that give you a variety of different insights and strategies from experts
- What top three key actions Tim believes you can take right now that will help you get started in commercial real estate investing
Resources:
- Website: www.legacywealthholdings.com
- Website: www.commercialempire.com
- Facebook: www.facebook.com/tlbratz
- YouTube: https://www.youtube.com/channel/UCEdNsWbAOtPrOHDUXHkedeA
Additional resources: