Creating an Integrated Multifamily Business with Devin Elder
Developing a successful multifamily investing company starts with education and surrounding yourself with the right people. Buying and managing apartments is at the core of any integrated multifamily business, from there it can be expanded into complementary endeavors. Devin Elder understands this as much as anyone. Devin was a guest back on Episode 60, where he shared insights and key metrics for investing in the San Antonio market. Devin is the managing partner of DJE Texas Management Group.
Since we last spoke to Devin, he has elevated his portfolio, developed his own in-house management company, created his own podcast, and launched an apartment investing coaching business. His decision-making process to add these endeavors centered around solving pain points. The property management company was a desire to be more profitable and retain more control on his properties. The podcast allows him to connect with and learn from other investors and expand his perspective. The coaching program allows him to help individuals in a structured method beyond a coffee chat.
With all of these initiatives, Devin has created an integrated apartment investing company with complementary divisions. These business arms allow him to help more people, continue growing his business and still explore new opportunities. During our chat, Devin goes into more detail on building a complementary business, an update on the San Antonio market, and why he started investing in raw land.
Key Takeaways on Creating an Integrated Multifamily Business
From corporate America burnout to SFR to flipping and finally to multifamily investing
San Antonio Texas Market: The 7th largest metro in the country.
Vertically integrated: Private equity company running the investments as well as the operations company running the day-to-day operations
The pros and cons of working with third-party property management companies
I make decisions based on a pain point that needs to be solved
The key questions to ask before starting and running a property management company (it’s about time and money)
How Devin and team grew their business quickly
The unexpected benefits of producing a podcast
Doing a podcast, you get to learn so much through awesome conversations, with different viewpoints, with successful people around the world.
What to evaluate if you’re thinking of starting a podcast
Apartment Educators: How to set up a system to effortlessly run a coaching business to help others as another arm of revenue
The different levels of fulfillment one receives by guiding and educating others as a coach and/or mentor
How to vet a coaching student, enabling a win-win situation
If you have a student who is intelligent and motivated, but all they are missing is some guidance, it’s a lot of fun and super rewarding to work with those people and see them move their career forward
How to weed out those coaching students that will not benefit from your services
The multifamily opportunities in the San Antonio, Texas market and how to take advantage of them
Partner: Download our Sample Deal Package
Invested $100K hard earnest money on a deal that he had to walk away from because of COVID, but that set him up to be ruthless about their expenses
Slack (chat messaging)
Most Recommended Book:
The Millionaire Real Estate Investor (Gary Keller)
I write my thoughts down every day to clear my mind for the day.
Wish I Knew When I Was Starting Out:
It’s all going to be alright
Rural land business