168: Building a Business Around Your Lifestyle – with Tim Bratz

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.

Key Points
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
Time blocking
Finding money and finding deals – the two most important skills
Lightning Questions
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?
Time blocking.
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.
Resources
Visit Audible for a free trail and free audio book download!

www.CLETurnkey.com

Commercial Empire

167: Vision and Goals – Friday Fundamentals

With the new year approaching come new years resolutions. It’s tradition to take on the new year with aspirations of improvement. From health and exercise, to hobbies, finances, jobs, vacations, etc., people make plans to develop new habits and change their lifestyle. The new year represents a time for people to form half-hearted plans to radically change their lives.

The problem with new years resolutions is they are pinned to an arbitrary date. Sure, the date is significant as it starts the new calendar year. But other than that, what does it have with your lifestyle and habits? Nothing really. That’s why so many people find themselves back to their old ways by February.Unfortunately many new years resolutions are short lived and often produce little to no results. I know because just like everyone else, I’ve set New Years resolutions only to let them fizzle away. To those who have set new years resolutions and stuck with them, congrats to you! You are in the minority, and your efforts should be applauded.

Now I don’t mean to come down hard on New Years resolutions. At the very least, they’re better than doing nothing to try to improve yourself. But there’s a much better way to work on your self improvement, if that’s what you want.

Rather than setting New Years resolutions, I think it’s much more important to set both long term and short term goals anchored by your vision. Your vision is the anchor here, not January 1st.

Step one is develop a vision. Your vision is just as it sounds, literally. It’s your vision for how you want your life to be. From work/life balance, to family, finances, hobbies, lifestyle, travel, etc., you should visualize as specific as possible what you want your life to look like. Some questions you can ask yourself inlcude:

How much time do I was to spend working?
How much time do I was to spend with family?
How much income will I need to live the life I want?
What ways do I want to spend my free time?
What things are important to me that I would like to spend more energy doing?
These are all questions that will help you determine your vision. From there, you can create some goals that will drive you to that vision. For example, if you want to spend 3 months per year vacationing with your family, completely unplugged from work, then you need to identify some goals that will get you to that point. You might find that you need to earn $10,000 per month in income for 9 months per year, so that you can afford that lifestyle. Great! Now we’re making real progress here!

You can see how this anchor is much stronger than an arbitrary calendar date. If you have emotions and a dream tied to your daily tasks, then you are more likely to stick with those and actually realize results.

Once you have your vision crafted, it’s time to identify some goals. Having long term goals are great. They give you something to strive towards, something to work for and look forward to. Short term goals are just as important because they are the stepping stones to your long term goals. You can’t set and forget a long term goal, and expect to achieve it “one day”. Rather, break that long term goal into smaller attainable actions. I like to start with a decade out and identify some goals there, then I break those goals into annual goals, then then the annual goal into weekly steps. This approach takes that large goal and breaks it into small attainable actions.

When you take this path towards goal setting versus the new years resolution, it’s easy to see why you have a better chance of actually sticking with a plan and realizing improvement, day after day, week after week, year after year.

It’s okay to change your goals as you go. After-all, you won’t be the same person in a year as you are today, especially when you are on an upward path of self improvement. But don’t let some arbitrary calendar date limit you from starting or changing your path. Don’t wait unitl January 1st, or when you have “more time”, or the dreaded “some day”. Start now. There’s no better time.

Give some thought to you vision. Build some goals around that vision, and start taking action. Soon enough, you’ll look back at your journey to realize how far you’ve come.

166: Creative Ways to Invest in Apartments with Juan Vargas

Juan Vargas, host of the Commit To Wealth Podcast, is a full time entrepreneur and real estate investor with a focus on multifamily. Juan’s desire to be involved in his family’s lives is what drove him to quit his job as a BMW Technician to pursue real estate investing full time. 

After buying his very first home, to doing some flips and eventually deciding to pursue apartments, Juan has gone on to control over 200 apartments. Juan has been able to purchase apartments by finding creative ways to find, finance, and form partnerships. 

Key Points
Understanding the importance of hard work
Going from single family to multifamily investments
Creative ways to crack into multifamily – partnering, financing, and finding off market deals
Educate yourself, but also take action – you don’t have to know everything
Lightning Questions
What was your biggest hurdle getting started in real estate investing, and how did you overcome it?
Fear of the unknown. The best way to overcome that fear is to take action. 
Do you have a personal habit that contributes to your success?
Juan reads every day, and joins up on weekly and biweekly calls with like-minded people. 
Do you have an online resource that you find valuable?
Slack.com
Facebook groups
What book would you recommend to the listeners and why?
Cashflow Quadrant by Robert Kiyosaki
The Slight Edge by Jeff Olson
Extrememe Ownership by Jocko Willink and Leif Babin
If you were to give advice to your 20 year old self to get started in real estate investing, what would it be?
 Work to earn, not work to learn. Find someone who is doing what you want, and learn from them. 
Resources
Visit Audible for a free trail and free audio book download!

www.TheJuanVargas.com

 Commit To Wealth Podcast

Juan@committowealth.com

165: Social Capital – Friday Fundamentals

People are an interactive species. We build communities, groups, and nations. We identify with causes, organizations, teams, and professions. We are social creatures. We rely on each other for almost everything. This network can best be summarized with the term Social Capital. Social Capital the networks of relationships among people who live and work in a particular society, enabling that society to function effectively.

In almost anything we do, we need the help of other people. From work to family and everything in between, almost everything is a team sport. You need help and support from other people, and likewise, other people need help and support from you. The same is especially true with real estate investing. When investing in real estate, whether that’s single family, multifamily, fixing and flipping, etc., you need the power of a team. Rarely can you be successful going at it alone.

The problem is everyone is busy. It’s not that people don’t want to help you; they just often don’t have the time to. So what is one who needs help to do?

The solution might be a bit counter-intuitive. In order to receive, you must first give. What does this mean exactly? You have to provide value to other people. Go above and beyond to help others out. This is what I like to call social capital. If you can consistently provide value to others, then when you need something, they will be more likely to give back to you. It’s a give before you take structure, and rings true for almost any situation. In fact, the formula goes something like this – give + give + give + give = ask.

You should have some much social capital in the bank that anytime you need something you can be sure that whatever or whoever it is you need will recognize the value you have provided and be willing to reciprocate that value in return.

Here are just a few ways you can provide value to someone:

Find good deals and bring them to someone who can act on them. Successful real estate investors are busy. Finding good deals is perhaps the hardest part of the real estate equation, especially in today’s market. If you can find a good deal and share it with someone who values that deal, then you are doing that person a great favor. You might do this with no expectation of return on that deal, or very little – perhaps a finder’s fee, a small equity split, or just to tag along and learn the process of due diligence, raising capital, closing the deal, operating, and executing the business plan, which in my opinion is more valuable than a small amount of money. If you can find deals, then you can find friends and partners.
Find capital. Like deals, capital is another part of the real estate equation. If you have a network of people who are interested and qualified to invest in real estate, then perhaps you can introduce them to a real estate investor. By sharing these connections and building those relationships, you are providing value to both parties. There are people who make a living out of raising capital for investors and are very good at it. David Thompson, who will be on an upcoming episode is a good example of someone who is doing this.
Sweat equity. Sweat equity is a term for trading work in exchange for, well.. equity. If you are just starting out your sweat may not be worth any equity just yet though. You could find someone who is doing what it is you want, like syndicating large apartment deals and offer to help them. You could help analyze properties, shop competitors, prepare presentations, etc. If you can help by providing some sweat equity, you can realize value from just the information and knowledge you’ll acquire, alone.
If you don’t understand the concept of social capital, you might find yourself fighting an uphill battle. You can’t expect everyone to help you out, in exchange for nothing. If you aren’t being proactive in providing value, then what makes you think someone is willing to take time to provide value to you?

You have to build up your social capital by providing value to others. This can be a long and tedious process and may seem like you aren’t gaining anything. Trust me, you are. By consistently providing value to others, you are building up that social capital bank and it will eventually pay dividends. Think of someone like Tony Robbins or Robert Kiyosaki. If they called on someone for a favor, I’m sure they would have no problem enlisting the help or advice or someone. This is because they have both provided so much value to millions of people over their lifetimes. They have social capital.

So ask yourself what you are doing to help other people. Find ways where you can provide value. You might find that you have something unique that you can provide that others value. Do this enough, and soon enough you’ll realize that all that value you have provided has built lifelong connections and been returned to you ten-fold.

164: Buying Your First Multifamily Property with Sterling White

Sterling White is an investor and business owner on a mission to make the world a better place through principled and efficient real estate investment.
Before transitioning to multi-family, Sterling had been involved with the purchasing and selling of 100+ single-family properties. Today his focus is on purchasing income producing multi-family properties while scaling his 300+ unit portfolio across the nation through the company he Co-Founded, Holdfolio.

The success of Holdfolio’s technology gave birth to SyndicationPro, a fast growing all in one software solution empowering investors to efficiently and easily raise capital online.

Key Points
No capital, no experience – what to do
Find and buying your first multifamily property
Building your team for a successful syndication
Leveraging your partner’s experience using “The Power of We” 
Off market strategies – cold calling, personal visits, follow ups, etc. 

Lightning Questions
What was your biggest hurdle getting started in real estate investing, and how did you overcome it?
Fear of failure. By taking on a huge challenge of completinga  Guiness Wolr Record for the world’s fasted fireman carry for 1 mile. By acknowledging defeat, Sterling realized that at the end of failure, 
Do you have a personal habit that contributes to your success?
Training in sales every day – reading books and Grant Cardone’s Cardone University. 
Do you have an online resource that you find valuable?
Cardone University
What book would you recommend to the listeners and why?
Cashflow Quadrant by Robert Kiyosaki
Lead the Field by Earl Nightingale
Discipline Equals Freedom by Jocko Willink and Leif Babin
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 to work with, and work for them for free. 
Resources
Visit Audible for a free trail and free audio book download!

Holdfolio

SyndicationPro

Sterling White’s BiggerPockets profile