Tim Bratz is the CEO and founder of CLE Turnkey Real Estate, a real estate investment company that acquires and transforms distressed commercial and apartment buildings into high-performance investment assets for their own portfolio. 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. He’s here to educate and empower others to become financially free through commercial real estate.
From brokering deals, to learning to invest in deals
Using resourcefulness as the ultimate resource
Building a resume by giving up large amounts of equity partners
Finding money and finding deals – the two most important skills
What was your biggest hurdle getting started in real estate investing, and how did you overcome it?
Youth was a hurdle with Tim, getting started when he was in his early 20’s. Tim used that resourcefulness to find deals and find capital, leveraging partnerships.
Do you have a personal habit that contributes to your success?
Do you have an online resource that you find valuable?
Excel and Google Docs
What book would you recommend to the listeners and why?
Twelve Pillars by Jim Rohn
If you were to give advice to your 20 year old self to get started in real estate investing, what would it be?
Find a mentor or mastermind group.
Visit Audible for a free trail and free audio book download!
Commercial EmpireTest TEXT
Real estate investing is a team sport. You don’t have to look far to see that. Take buying an investment property for example. We’ll walk step by step through the process and look at the team it requires to be a successful real estate investor.
You, the investor, look for an investment property to purchase. Likely, that search isn’t solo. You might enlist the help of a realtor to find on-market deals, or build a direct-to-seller campaign using the help of virtual assistants, local support, and many other creative ways to find those elusive off-market deals.
Once you’ve found the perfect deal, the next step is to get it under contract. Your realtor can help with this process, or if you’re more experienced you can navigate it on your own. Using your state’s real estate commission approved real estate contract is usually a good approach.
Next, it’s time to get the financing process started. You’ll need a good lender who is experienced with investment property loans. Your lender will be able to help you apply and qualify for a loan that fits your investment strategy. They will also help and guide you through the process of getting to the closing table with the title company, and preparing the loan documents needed to close.
Behind the scenes, your title company is doing the heavy lifting, making sure the property has a clear title with no leans, encumbrances, etc. Your title company handles the transfer of the funds, working with your lender to transfer the funds to the seller, only after all the appropriate paperwork has been signed by both the buyer and seller. Finally, you’ll close on the property, and this is just the beginning.
Now you need a solid team to operate the property. You will typically enlist the help of a property manager unless you decide to self manage the property. The property manager will take care of the day-to-day activities from showing and leasing, to collecting rent, handling maintenance requests, and creating monthly P&L reports.
Keeping an accurate record of your finances is crucial. These records will feed into your tax returns and future loan applications. Hiring a bookkeeper can be a huge help in this area. If you’re just starting out, you may manage the bookkeeping on your own. I’ve found Stessa to be a great asset management software that helps me manage the finances in my portfolio.
Taxes are one of the five ways you’re paid as a real estate investor, so it’s important to make sure you’re getting the most out of it as you can. Hiring a good CPA to handle your taxes is critical. Unless you’re a CPA experienced with real estate investments, I suggest you get a good CPA on your team. They’ll be worth their weight in gold, not to mention saving you a lot of liability when you file your taxes on your own. Your CPA will be able to help maximize your deductions, consult on different tax saving strategies, and so much more. Definitely hire a good CPA, and you won’t regret it.
Investing in real estate will sometimes require you to enlist legal assistance. From dealing with tenant/landlord suits to asset protection and corporate setup, specialized attorneys can be an asset on your team. There are many different areas of law, and finding an attorney who specialized in a specific area you need is important. Ask around for references and find an attorney who will fit well on your team when you need them.
You can scale this team up or down to meet your needs. Each one of these team members will serve an important role on your team. But fortunately for you, this doesn’t mean you have to hire a team of a dozen people full time sitting in your office. You can hire each of these people for a specific task, kind of like a consultant. Other team members you may consider, depending on your specific business are:
Cost segregation consultant
Property tax consultant
Go Far Together
“If you want to go quickly, go alone. If you want to go far, go together.” – African Proverb
Real estate investing is a journey and one that you will hopefully take far. It’s not a get rich quick way to wealth. No overnight successes, no striking it rich, and no short cuts. Rather, building a team supported by processes and systems is the key to success. Real estate investing is said to be a people business. It’s not complicated and doesn’t require you to start up the next tech company, design a widely used app or any of that. Is simply requires building or using systems, creating processes, and leveraging the experience of others to build wealth and achieve financial freedom. Starting with yourself, learn as much as you can about investing in real estate, then start building out surrounding yourself with the best team you can. One day you’ll look back at your journey to that very first deal and realize just how much you accomplished with your team.
Mike McCarthy is an entrepreneur, speaker, and bestselling author, as well as regional owner of the Keller Williams Greater PA Region, overseeing 50 offices
and 8.5k agents who closed over 52k units in 2018 for $14 billion. Mike attributes his success to his own grit, but also to the individuals who have kept him on track. In 2015, Mike was named CEO of GoBundance, a fast-growing peer group of successful men who understand one another’s unique set of needs and hold each member accountable to his own high standards, all in pursuit of helping one another plan, execute and achieve their financial and lifestyle goals.
Since the inception of GoBundance, new members have been added to the tribe each year. Today, membership has grown to over 200.
In addition to serving as co-founder and CEO of GoBundance, Mike is the co-author of Tribe of Millionaires and the founder of FamBundance, a mastermind community for entrepreneurial families. He is also a LEAF Certified Appreciative Inquiry Facilitator, where he designs and delivers high-level group collaborations in high-stake scenarios. His GoBros affectionately refer to Mike as “McLovin,” and he resides in Austin with his wife and two children.
How your environment shapes your destiny
A powerful purpose can help you overcome the greatest obstacles
How evolution has wired accountability into our very nature
Discovering your purpose through being present
The 6 Effects from Tribe of Millionaires
Let’s look at a few ways you can grow, change, and control your mindset.
The Influence Effect – Your destiny is shaped by those around you
The Multiplier Effect – The right group of people compounds your efforts
The Accountability Effect – Responsibility to others is the world’s most powerful force
The Authenticity Effect – You find your true self among those you trust
The Purpose Effect – The right people reveal your richest source of power
The Connection Effect – Your life will be measured by the quality of your relationships
Tribe of Millionaires
Connect with Mike at GoMikeMcCarthy.com
Visit Audible for a free trial and free audiobook download!Test TEXT
Potential, defined, is having or showing the capacity to become or develop into something in the future. Similarly, in the world of physics, potential energy is the energy possessed by a body by virtue of its position relative to others, stresses within itself, electric charge, and other factors.
Think of potential like a slingshot, pulled all the way back. With a simple release of the strap, the object in the slingshot is rocketed forward. Who knew I was inadvertently studying physics as a young kid while causing trouble with my home-made slingshots made of tree branches and bicycle tire innertubes.
You, just like that slingshot, have potential. You’re made up of potential energy. This life is filled with endless opportunities. You can do and be anything you want, so why not live up to your full potential and life a purposeful life?! Whether you realize it or not, you have the ability to tap into your potential and direct it towards wherever you so choose. We live in a world where we get to choose how to live. Take a moment and think about that. Yes, you get to choose how to live, where to live, who to spend time with, what hobbies and interests to pursue, and so much more.
You have so much potential. It’s just a matter of tapping into that potential and directing your focus towards your goals. Let’s look at some effective ways that will help you do just that.
Try new things. There is so much for you to experience, opportunities you didn’t even know existed. The only way to find those is to get out and try new things. It’s impossible to know what interests you unless you are trying new things. You have to explore both the outside world and yourself to be able to realize what opportunities exist, and what you are capable of.
Put yourself out there. It’s easy to stay in your comfort zone. But you’ll never challenge yourself, grow, and reach your full potential by staying where you’re comfortable. Progress happens when you are challenged because you are forced to solve problems, learn new things, experience new opportunities, and grow to new levels. Put yourself out there and don’t be afraid to fail.
Nurture your environment. Whether you realize it or not, your environment is the single biggest factor in your success. The people who you surround yourself with, your physical location, and the information you process are all part of your environment. When you have an environment that supports your growth, learning, and improvement then you can more easily reach your full potential.
Be a lifelong learner. Continuously study new things. Your mind is your most valuable asset, so be sure to always invest in it first. Podcasts, books, online courses, conferences, and networking with others are all great ways to learn and study new things. You’ll never be too educated.
Take action. This is a vital part of realizing your potential. Taking action doesn’t always mean it’s the right action. Often times, you’ll do something that may or may not be effective. Either way, it’s a success so long as you learn from it. Implement the things you learn, pull the lessons out from things that did and didn’t work, and create that feedback loop so that you’re always improving and getting better.
Your potential is massive. You likely won’t tap into it overnight. It’s a process that you’ve got to stick with for the long run. In a journey to become your best self, there really is no finish line. It’s more of a lifestyle of constant improvement. You can start right this minute. In fact, you have already started just by listening to this podcast, which simply required you to hit play. Take hundreds, thousands, or even millions more of those tiny steps in the direction of self-improvement, and just imagine where you’ll be in 1 year, 10 years, or even 50 years in the future.
My wish for you is that you’ll realize your full potential and then live up to it. You are filled with greatness. So go out there and show yourself and the world what you are capable of.
Tribe of Millionaires
Brad is an effective sales leader, coach, speaker and author who over a decade ago set out on a mission to compile stories from his prior business career as founder and CEO of a small oil company, in addition to the encounters he had from meetings and speaking events with some of the most world’s best leaders in sports, business and politics. His encounters include 43rd President of the United States George W. Bush, former Commander in Chief of the Armed Forces Oliver North, NFL Hall of Fame recipients Joe Namath and Fran Tarkenton, NBA legend and former LA Laker Magic Johnson, accomplished business leader and Shark Tank personality Kevin O’Leary, and Rudy Ruettiger who was made famous thru the movie about his life at Notre Dame. Brad is the founder of The Art Of Beliefology™ – believing that you have the power to change your limiting beliefs and providing a path to the millions of men and women around the world raising their hands for help.
In On the Wings of Eagles – Learning to Soar in Life Brad has assembled his copious notes into this book. Taking the message from each encounter, while sharing stories from his past, Brad has put together a book on success, what it means to be committed, and changing one’s limiting beliefs.
How to raise capital
Dreamers, Blamers, and Game Changers
How a coach can be an asset
What to look for in a coach – SEC (support, encourage, & challenge)
Visit Audible for a free trial and free audiobook download!Test TEXT