Multifamily Legacy Podcast 024: The Ultimate Resource is Resourcefulness
Most people don’t get involved with real estate because they don’t have the resources needed, including time, money, and knowledge. But all you need is to be resourceful. Today, my guest is Tim Bratz, who shares how he started as a realtor and now owns lots of multi-family properties.
As a realtor, Tim realized that’s not where the money is at. Luckily for Tim, the market crashed and he bought his first investment property nine years ago. He didn’t know what he was doing, but quickly made $15,000 when he sold it.
Topics on Today’s Episode:
- Network and build relationships with active investors to build credibility.
- Even though you are doing 100% of the work, be willing to initially give up 50-70% of the deals to build up a resume and get financing from banks.
- Give, give, give...to receive just a little bit.
- People want to pick your brain, so share your knowledge and experience if they are willing to use the information you give them.
- To put money together and get deals, use someone else’s cash.
- When you partner with people, not everyone will be happy all the time. You need to let them go sometimes.
- Become a good steward of capital to show that you know how to manage and operate real estate. People will be knocking down your door to give you money.
- Learn how to manage assets properly to give people a consistent return and easily raise capital.
- Despite being able to get money, remain disciplined and conservative when it comes to deals. Don’t deploy capital just because you have it.
- Set goals and identify what worked and what didn’t.
- ELF Business = Easy, lucrative, and fun.
- Wealth Process: You can make a living flipping and wholesaling homes, but not be wealthy beyond measure. However, cash flow is king thanks to multi-family homes!
- Success does not happen overnight. You won’t get rich quick, but you will get rich. You have to put in a lot of work every day.
- No matter how old you are or where you are in life, the key to success is to not quit. Eventually, you will succeed.
- Once you have a base level of passive income coming in, how can you go to the next level? Invest in different classes of real estate.
- Do you love to travel and have vacation homes all over the world? How do you get other people to pay for your lifestyle? Don’t invest in depreciating assets, grow your assets and net worth via cash flowing options.
- Figure out your long-term goals. Do you want to make a lot of money flipping houses or make a passive-residual income?
- Understand the various aspects of deals - from finances to operations. You don’t have to do everything, but know how to become passive.
- Tim uses a debt position and secures it with the asset.
Links and Resources Mentioned:
Quotes:
“If you want to make money, go into real estate.” Tim Bratz
“What it takes in this business is out-of-the-box thinking.” Corey Peterson
“A lot of people don’t get involved in real estate because they don’t think they have the resources...the only resource that you need is the ultimate resource, which is resourcefulness.” Tim Bratz
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