Brevitas is not a tool for the everyday consumer. It is a business tool, often being utilized by commercial real estate’s pre-eminent investors. A big reason why we created Brevitas was to aid investors utilizing 1031 tax deferred exchanges.
If you’re reading this right now, you likely know what a 1031 exchange is. Although, for the uninitiated, a 1031 exchange allows investors to defer capital gains taxes on the sale of a property by reinvesting those funds within in a particular amount of time. This puts a premium on making deals happen quickly.
While I was working in real estate investment I was continually up against the wall trying to make deals happen as efficiently as possible. The 1031 exchange is a powerful and necessary means to build your portfolio and maintain a significant amount of cash to reinvest, but – in order to qualify for a 1031 tax deferred exchange – the amount of time one has to identify a new assets is a little more than a month and a half. We worked with institutional class assets and, most often, these deals are initiated without ever being publicly listed: they are off-market. While we were successful hammering away at the phones and pounding out emails, I knew that there was more room for vast improvement.
In addition, there is a 180-day exchange period in which the next deal must be completed in order to defer the capital gains tax from your last sale. The inefficiencies in completing simple things, like signing confidentiality agreements, caused me serious stress. It was clear that technology could make this a far less harrowing – and far more productive – exercise. If we could do this better, why weren’t we?
That’s where the idea for Brevitas came from.
What if there was a portal online that, along with my current channels, I could utilize to identify new opportunities that I would have never known about otherwise? What if I could execute a confidentiality agreement with the party on the other side of the asset in minutes? It was clear this needed to exist.
So, we built it.
Investors are often working on very serious deadlines and need tools that extend their power and capabilities exponentially. Brevitas exists to do just that.
Brevitas offers new opportunities. Brevitas shortens timelines. Brevitas increases efficiency. Although, most importantly, Brevitas helps close deals.
I am excited every day to see that we are helping individuals from across the industry work smarter, so they can work harder where they really need to and that we are pushing an important economic driver to operate even more efficiently.
-Raymond Pressley, COO