Storage Wins EP168: Tim Bratz Dives Deep on Going from Solopreneur to Entrepreneur, Multifamily, Private Money, JV Relationships, and How to Triple Your Income by Tapping Into Your Unique Ability
Tim Bratz invested in his first house in 2009 and now currently holds over 500 rental units in his own portfolio. He was a solopreneur up until a few years ago, but now with a team backing him, he is able to buy, renovate, and sell over 100 properties per year. On the show, Tim shares an important lesson on why he thought that paying $30,000 for a basketball event was absolutely ridiculous, at first, but by asking the right questions and changing his perspective, he ended up making over $700,000 in business by attending that event.
Key Takeaways:
- Who is Tim and what does his business look like today?
- Instead of making statements, try to ask better questions instead.
- Tim shares a story about how he changed his mindset and ended up paying $30,000 for a basketball game. He was able to raise $700,000 for a deal because of it.
- Stop looking at everything as an expense. Instead, look at how you can invest your money wisely.
- Alex shares how he was able to think bigger and raise more money for a charity event in December by keeping an open mind.
- How did Tim go from being a solopreneur to an entrepreneur?
- Tim discusses what steps he took that ended up tripling his income.
- Tim shares how he structures his partnerships and splits the profit with his partners.
- Paying the investor is more important than the deal itself. Don't burn those bridges.
- Tim works in Ohio, Georgia, South Carolina, and Pennsylvania. They're usually townhouses or apartment buildings.
- Don't get tripped up on the details. Build up your experience, build up your resume, and then adjust accordingly.
- It's not hard to do private money if you have these three factors: A solid deal, a great return, and a good reputation.
- How can someone break into a private money market?
- You don't have to hustle your face off and grind to create passive income.
- Tim shares a few action steps you can take right now to get started with private money.
- Tim paid for a $30,000 mastermind group. It was a tough expense to swallow, but the investment has paid back immensely.
- What's one piece of advice Tim would give to his 25-year-old self?
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Mentioned in This Episode:
Interested in joining The Flip Empire Inner Circle (Small Group Consulting Program), apply here: Flipempire.com/application
Connect with Tim Bratz on Facebook, or at CLETurnKey.com.
Leave us a review here: Flip Empire on iTunes
Email Alex: Alex@FlipEmpire.com
Tweetables:
"One thing I've really learned is to ask better questions."
"Reframe your thinking and think about things as an investment instead of just an expense."
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