Mon, 27 November 2017
So you want to get into multi-family investing, but you don’t have the money or the track record. Maybe you think that baby steps is the way to go, learning the game through single-family rentals or managing a small complex on your own. But if you have the right team, you don’t need to have $5M in the bank or 15 years of property management experience. You can serve as the quarterback and focus your energy on putting together deals, while your mortgage broker, property management company, and general contractor execute the playbook.
Devin Elder was born and raised in San Antonio, Texas. After graduating from UT-San Antonio with a degree in business, he went the corporate route, working in sales and operations for several area companies. But with each promotion, Devin lost a little more time and a little more autonomy. Then he got fired. In that moment, Devin vowed to find an alternative. At about the same time, Devin bought, renovated and refinanced his first single-family rental. Initially skeptical of real estate as a viable investment, he soon realized that the cashflow from rental properties could be his way out.
Two years and 20 doors later, Devin quit his last corporate job and became a full-time investor. Since then, he has shifted his focus to multi-family, working his way from a six-unit that he managed himself to a 75-unit to a 192-unit. Today Devin shares how a desire to scale his real estate business inspired the shift from single- to multi-family and why he takes pride in having a positive impact on the community. He explains the initial lack of confidence that held him back from pursuing multi-family and how he overcame that with the right peer group and a ‘someday is now’ philosophy. Listen in to understand why Devin would pursue entrepreneurship sooner if he could do it all over again, and hear his advice around ‘borrowing credibility’ to jump-start your multi-family business!
[2:33] What inspired Devin to leave the corporate world for real estate
[5:00] Devin’s initial strategy
[7:59] Devin’s shift from single- to multi-family
[9:37] Devin’s multi-family starting point
[12:17] Devin’s second multi-family deal
[15:46] Devin’s take on working your way up in multi-family
[16:59] Devin’s advice to his younger self
[18:06] Devin’s current multi-family deal
[19:27] Devin’s advice to aspiring real estate investors
[22:47] Devin’s failures
[24:00] How Devin overcame a lack of confidence
[24:52] Devin’s AHA moment
[25:33] What Devin is excited about
Connect with Devin Elder
Direct download: MB_085__How_to_Borrow_Credibility_To_Quit_Your_Job_With_Apartments__With_Devin_Elder.mp3
Category:general -- posted at: 4:10pm EST