Think you need to be a Lone Wolf on your first multifamily deal? Brian Briscoe was looking at 6- and 8-unit multifamily deals until he realized he could go bigger, faster if he had help. And he was right. Brian joined the Michael Blank network, and 11 months later, he had joint ventured on a 55-unit deal and had another 33 under contract! His team is looking to add another 500 units to their portfolio in 2020.
Today, Brian is the Director of Operations at Four Oaks Capital, a multifamily investment firm specializing in the acquisition, repositioning and rebranding of apartment buildings via a private equity fund structure. Since joining forces in June of 2019, his team of four has acquired 88 units and has another 80 under contract. Brian also serves as the Western Hemisphere Affairs Officer for the United States Marine Corps.
On this episode of Apartment Building Investing, Brian joins me to explain how he found his current partners through our network and discuss how they did three deals in 15 short months! He shares how Four Oaks Capital found its first deal and what they did to overcome a major hurdle (with help from an experienced mentor) just nine days before closing. Listen in for insight into how Brian and his partners have defined their individual roles in the company and learn how YOU can leverage joint venturing to accelerate your multifamily success.
Key Takeaways
What inspired Brian’s interest in multifamily
- Read Keller’s book when deployed in Middle East
- Started consuming multifamily podcasts + books
- Became part of Michael Blank network
The timeline around Brian’s first three deals
- 11 months to close on 55-unit
- Closed on 33-unit last week
- 80-unit under contract now
How Brian built credibility with brokers
- Trip to South Carolina to meet face-to-face
- Persistent follow-up (action + communication)
Four Oaks Capital’s first 55-unit deal in Spartanburg, SC
- Two properties in good condition but dated
- Downtown units well below market rent
The snag Brian’s team faced in closing their first deal
- Rates on loans went from 3.9% to 5.1% (lost $600K in proceeds)
- Bump equity from 75% to 90% to compensate investors
The role mentors played in Brian’s first deal
- Guidance prior to putting in offer
- Offered idea to move needle on investor returns
Four Oak’s Capital’s second deal
- Result of follow-up with broker met on trip to SC
- 33-unit diamond in the rough at unbeatable price
- Plan to double value via $400K in renovations
Brian’s insight around The Law of the First Deal
- Brokers call with off-market deals
- Three deals in 15 months
How Brian’s partners defined their individual roles
- Acquisitions, asset management and raise money
- Fluid based on current needs
Four Oaks Capital’s plans to scale
- Constrained by how much money can raise
- Build platform (YouTube, social and podcast)
- Attend and start own Meetups
What facilitated Brian’s mindset shift
- Conversations with investors in network
- Finite amount of time to replace income
Brian’s advice for aspiring multifamily investors
- Learn game + get really good at it
- Take action and don’t stop
- Find people to support you
Connect with Brian Briscoe
Email [email protected]
Resources
Rich Dad Poor Dad by Robert T. Kiyosaki
The Millionaire Real Estate Investor by Gary Keller, Dave Jenks and Jay Papasan
Michael’s Platform Building Webinar
