EP 74: How Did Devin Elder Trade Money for Time while Locking his 5,000 Doors in Multifamily
Life is limited when you limit it yourself. People can get through places and journey through everything because, in the end, the sky's the limit. Devin Elder, our guest for today, started with every bit of step in real estate investment. He asked for help, did the infamous methods, and bought houses in his pocket.
Settle your thoughts, as Devin lets us build our future with every step we take. One thing about this episode is when he mentions the greatest lessons; even though he knows it would be a bad thing, he will do it again in the end.
💥💥 Remember, this is your MBA. Have a notepad handy, and get ready to take some 📝 notes!
Key Points from This Episode:
Devin talks about how he has been a principal in over 5,000 doors of multi-family.
What are the first things Devin does on investing in multi-family?
Devin shares how he built a management company after his bad experiences with third-party management.
How do flying helicopters help Devin?
How does Devin handle bad experiences?
Devin mentions podcasts as his way to connect closer to people.
What is Devin's highest value for the organization?
What is Devin's philosophy when it comes to time?
Devin talks about investor sentiment.
Devin shares how his stuff is relationship driven.
What are the criteria Devin asks when looking for deal size?
Devin shares his relationship with the brokers.
Tweetables:
“It's time for me to let them do their jobs, focus on being a visionary, and building the vision for the future of the company.” – Devin Elder
“You're aiming for it, but it really doesn't exist. You're never gonna get to the horizon, but it is a helpful mechanism to aim at.” – Devin Elder
“But where I kind of enjoy my time in the company is building the future.” – Devin Elder.
“So the vision, obviously the capital, is a huge piece of it” — Devin Elder
“We're just stewards of capital and time” — Devin Elder
Links Mentioned:
DJE Texas Management Group | Real Estate Investments …
About David Elder
Devin Elder is sole owner of DJE Texas Management Group LLC (DJE), which manages all aspects of acquisition, repositioning, and disposition of single family, land, development, and multifamily projects in Central Texas. DJE has successfully completed over 200 Real Estate renovation projects, with renovation budgets ranging from $10k to $3M+. Devin has been a Principal in over 5,000 units of multifamily. No investor capital has ever been lost on any DJE project.
The DJE multifamily portfolio is managed by DJE Properties LLC, the company’s in-house property management firm. As of November 2021, DJE Properties manages 2,125 doors with an average occupancy of 95%.
Prior to his Real Estate investing career, Devin earned a Bachelor of Business Administration from the University of Texas at San Antonio and enjoyed a near decade-long successful corporate career in Operations, IT, and Marketing roles at two of San Antonio’s largest employers, Rackspace and 3M.
Mr. Elder is the host of The DJE Podcast, a weekly show interviewing the top Commercial Real Estate investment experts in the country, and is himself a regular expert guest on the top multifamily investment podcasts in the world.
In 2020, Devin founded The DJE Foundation, a 501(c)(3) foundation, whose mission is to improve the lives of disadvantaged children. The non-profit supports the Heart of Texas orphanage in the Philippines, local Christian organizations, and numerous other causes.
Mr. Elder is Co-Founder of ApartmentEducators.com, a consulting firm that teaches successful professionals how to invest in multifamily communities as passive investors and operators. Devin co-founded the Real Estate Brokerage Accelerated Commercial Real Estate in 2020 with his ApartmentEducators.com business partner to assist clients in sourcing and closing multifamily investments.
Mr. Elder meets twice monthly with a private CEO advisory board and has a broad network of experienced and trusted advisors, attorneys, brokers, investors, and accountants that facilitate the continued success and growth of DJE.
Devin has been married to his wife Amber since 2008. They reside in far North San Antonio with their three children. He enjoys family time, piloting planes & helicopters, playing golf, and spending time with his family at Eventide Ranch, the Elder family’s South Texas wild animal preserve, home to a variety of exotic animals including Kudu, Springbok, Blackbuck, Barasignha, Scimitar Horned Oryx and a Zebra named “Pete”.
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