In this season 2 of the Alchemist Nation Real Estate Podcast Episode #125, I talk to Tim Bratz who breaks down the mechanics of syndication. He came from a single-family world and you shifted into the syndication world and when I told him that he was a pro in syndication, his response was that he has never read a book or took a curse. I want to know how he got into the syndication world in the first place. He says that he comes from a single-family as mentioned where he has wholesaled houses, flipped houses, has had a turnkey rental business, built a management company, has had vacation rentals, office buildings, mixed-use buildings, self-storage buildings though his bread and butter is an apartment building. He has 4,288 units and 90% of that are apartments. He bought his first apartment in 2012 by accident where he had private money and the market was at barrel pricing and he then came across an 8 unit building for $30,000 C-Class in Cleveland, Ohio. The building needed some work but he couldn't pass it up, so he got some private money bought the building, put in another $50K in it, it was occupiable and he was renting it for $500 a door on average and there was a 35% cap rate which was insane according to him. He just did it again, just bought another 8 units, 14 unit, 23 unit and he just used private money which was other people's money. He gave up almost 67% on equity split not knowing syndication to his private lenders.