Want to create an interactive transcript for this episode?
Podcast: The Best Ever CRE Show
Episode: Why Fee-Heavy Syndications Fail and What to Do Instead ft. Tim Bratz
Description: Matt interviews Tim Bratz, breaking down why Tim has challenged “traditional” syndication norms—especially fee-heavy structures and LP/GP splits that can leave operators with too little skin in the game. Tim shares how his equity/preferred return approach evolved from his single-family/private money background, and how tighter cash flow post-pandemic has pushed him toward more creative capital stacks (assumable debt, seller carry, accrued pref, and depreciation levers). He also digs into why third-party property management misaligns incentives, why in-house management is a key common denominator among operators who aren’t struggling right now, and how he’s building a...