We were lucky to catch up with Elayne Brunson recently and have shared our conversation below.

Hi Elayne, thanks for joining us today. What’s the best or worst investment you’ve made (either in terms of time or money)? (Note, these responses are only intended as entertainment and shouldn’t be construed as investment advice)

The best investment I’ve ever made is purchasing 95% of a block in a historic Main St. district of downtown. For the most recent acquisition timing most definitely was a major contributor to the acquisition. Initially, I purchased an office located on the corner parcel of the block. It included office space that was ready to use as the electricity as well as the plumbing were in usable condition. The purchase was made in installment payments through a local investment firm over the course of a ten-year contract. The payments were low and I was able to pay it off in full within 5 years of the 10yr contract. During the course of the contract period, I had made several failed attempts at securing the surrounding parcels which included a shell of a historic powerhouse and 1.6 acres of raw land. The surrounding parcels were owned by the same owner and old company that closed down in the early 2000s. The seller had entered several contracts however for various reasons all of the potential buyers were not able to complete their contracts to purchase. Fast forward after I paid off the contract for sale in my office early this year I made one final attempt to purchase the surrounding parcels. To my surprise the timing was right. Not only did the seller who previously turned me down agree to sell to me, but I was also able to negotiate the purchase at 1/3 of the seller’s original asking price. The timing was perfect as I was able to purchase the parcels in total debt free.

Awesome – so before we get into the rest of our questions, can you briefly introduce yourself to our readers.

In my final year at Palm Beach State College, my life suddenly changed forever. Two months prior to my graduation my father had a heart attack and died at his government office desk. After it was all said and done I had what some consider a lot of money, I had a little over 125k. At the age of 28yrs, I knew enough about business and investing that I needed to make this money last. My mother had died when I was 6yrs old so I knew this could very well be my last lifeline from my parents. Even though I loved Palm Beach I could only make sense of investing my money in South Carolina, where the economy is growing and the prices are super affordable in comparison to South Florida, where it is also growing. With 16 thousand dollars I negotiated my first real estate deal in South Carolina, the current value of the property is roughly $79k, and repair costs and upgrades to make it an awesome place to live and raise a family were a little shy of 7k. I currently have held over 15 properties for more than 5 years and my first investment happened in 2012. After allocating all of the money I received from my father in real estate, I used capital from my cleaning company to get my properties running and produce residual income for me and generations to come. To this day I actively invest in real estate and have created several portfolios some for me and some for my children and their children. What I love most now about real estate is teaching others how to get started in real estate investing. When My inheritance ran out I had to figure out new ways to acquire a variety of real estate, at times with no money down. That knowledge is needed in inner cities more than ever due to the potential for gentrification that is happening as a result of the inner-city redevelopment we see occurring across the country. When area residents know how to invest in their community long-term the chance of displacement is reduced.

Let’s talk about resilience next – do you have a story you can share with us?

Investing in real estate as a woman in a male-dominated field you quickly learn to become flexible and learn how to adjust or you won’t make it. Investing in real estate as a black woman entering into the Main St. districts you will learn how to build your character or you won’t survive. Women make up 31.6% of all investors and black women make up less than a 1/3 of that percentage. When I started to acquire property in Main St districts I immediately learned how to be tough and how to push through obstacles and hurdles. My first Main St. purchase was located in a small town in Timmonsville SC. This purchase was my first commercial investment. It was a 3,000 sq ft storefront in historic downtown. Immediately upon the acquisition, I began receiving requests to buy the property from me. I turned down every request to purchase. Roughly a year later a fire started and completely destroyed my building. At the time I was still relatively new to investing and was not aware that you could get construction insurance on a property that was inhabitable or unusable until you completed renovations. The town fire department was 200 ft from my building however it only operates by local volunteers and the fire occurred in the wee hours of the morning. By the time the nearby town firefighters arrived to put my fire out my building was a complete loss. I still own the property however I do not have a new structure on the site. Although I was devastated this experience taught me to be resilient and I continued to purchase Main St properties in other areas of South Carolina.

Contact Info:

• Website: urbanpropertyfirm.com
• Instagram: ceo_prinessofrealty
• Facebook: https://www.facebook.com/urbanrehabs
• Linkedin: https://www.linkedin.com/in/elayne-francis-brunson-66601b202/
• Youtube: https://www.youtube.com/channel/UCfpyeT1Tpj1UBG48SpFmxeA

Image Credits
Sumter Chamber of Commerce Top 20 Under 40 Awards Ceremony 2019