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All Forum Posts by: Brett Long

Brett Long has started 4 posts and replied 7 times.

@Ricky R. I found myself in a similar situation when I first started.  I know you've probably heard it many times on the podcast but a train is very hard to move from a stand still but once it's moving it's not that hard to keep moving.  The hard part at the beginning is the grind of making things work and how long it might take to make things work.  However, once you prove that you are a great operator/can execute then you have a track record that you can put on paper.  

I, too, am still in the struggle of scaling and raising capital to expand my portfolio and suffered from imposter syndrome and wondering why anyone would "give me money" to invest.  However, over time, that mindset changes as you complete projects and build confidence in your ability to execute on a plan and provide value.  I've been using private money (on a smaller scale) for a year now and am just now at the point where my mindset has changed to understanding the value I provide when people invest with me and the internal thought changed from "why would you give me money" to "why wouldn't you invest your money".

Post: First Flip (Raleigh, NC)

Brett LongPosted
  • Investor
  • Raleigh, NC
  • Posts 7
  • Votes 9

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $196,500
Cash invested: $30,000
Sale price: $284,000

First flip under my belt. Had help from a local small husband & wife rehab company and the finished product ended great. Would have done a 1031 but needed the cash immediately to help fund some of my other BRRRR properties.

What made you interested in investing in this type of deal?

I'm mainly interested in BRRRR investing but needed cash to continue to fund my BRRRR projects. I so badly wanted to keep this as a rental but at the end of the day the numbers drove me to flip it.

How did you find this deal and how did you negotiate it?

MLS, worked with an agent friend and had to offer $21k over asking to win the bidding.

How did you finance this deal?

Private investors/hard money bridge loan.

How did you add value to the deal?

Rehabbed pretty much every part of this property but knew the area was very desirable.

What was the outcome?

Ended up taking $45k out for my business reserves and around $45k split between investor payback coverage and funding current projects.

Lessons learned? Challenges?

REHABS ALWAYS TAKE LONGER THAN EXPECTED, ESPECIALLY IN A HOT MARKET!!! On another note, I'm still pretty new to real estate investing and am pretty handy myself so I'm learning more and more to delegate and manage instead of working on the project myself.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'd recommend Tri-River Consultants. I've worked with them since I started investing as they helped me get my first BRRRR off the MLS. Specifically I'd recommend Gabby Murillo Anderson and RJ Peace.

Post: Finance options for small eclectic portfolio

Brett LongPosted
  • Investor
  • Raleigh, NC
  • Posts 7
  • Votes 9

Thanks for your help in advance.  

I have an off market opportunity for a 7 property (9 door) portfolio with a wide range of property values. It runs from a duplex at $165k down to a SFH at $65k. The seller is looking to 1031 with the profits from the sale. I have a current hard money lender but they require a min $100k per property (purchase & rehab) limit which means several of the properties in the portfolio don't meet the criteria. I can portion off some of the properties and go with 15%-20% down loans from a local credit union but looking for ideas for other options/creative financing. 2 asks from this wonderful community:

1) What are some creative solutions you've used in the past in a similar situation?

2) If solution involves multiple simultaneous transactions, will that still enable the seller to 1031 from the profits from the entire portfolio?


Thanks so much for your feedback and experience.  Love this community!

Post: New Website Approach

Brett LongPosted
  • Investor
  • Raleigh, NC
  • Posts 7
  • Votes 9

Thanks @Jeff Copeland, I hadn't thought of the blog approach.  I really appreciate the feedback!

Post: New Website Approach

Brett LongPosted
  • Investor
  • Raleigh, NC
  • Posts 7
  • Votes 9

Hi BiggerPockets Community,

First, I want to thank everyone here for all the amazing resources and content.  I just closed on my first property in April and am closing in on finishing the rehab and have had quite a bit of interest and support from the local community (small town where I grew up).  

I'm in the process of creating a website for my new business which I want to use primarily as a lead gen source for buying properties, however, given the interest and support of my efforts I'm considering also including information about the properties I rehab and the progress/before-after photos because the community is really interested in revitalizing the community.  

I'm torn on messaging between the two and focus of the messaging.  My thought is the incorporation of the work I've done will foster good will and consideration as a buyer with ties to the community but having trouble finding a good balance of information and messaging on the website.

Am I crazy for including both and should I just focus on the lead gen cash buying message?  Any ideas/thoughts/recommendations are welcomed as I navigate this process.  Thanks again.

Post: How to find distressed properties in NC?

Brett LongPosted
  • Investor
  • Raleigh, NC
  • Posts 7
  • Votes 9

Just found my first property on the MLS. You'd be surprised the kinds of deals you can find with a cash offer. Planning on starting a direct mail campaign in the next month to keep the deals flowing after I'm done with this first one.

Post: Investor friendly in Sanford NC

Brett LongPosted
  • Investor
  • Raleigh, NC
  • Posts 7
  • Votes 9

I'm buying my first BRRRR property and targeting Sanford, NC. I've done my own research but interested if anyone else has any recommendations for investor friendly/investor focused agents and contractors in the area locally or if finding them from the Raleigh area to serve Sanford is the better approach based on experience. Thanks for any help anyone can provide.