A native of San Antonio, Texas, Devin Elder was inspired to become an entrepreneur after observing his business-minded brother. Before fulfilling that dream, he started a corporate career in a handful of small tech companies in San Antonio as a salesperson. Those roles provided invaluable sales skills, which helped with his real estate investments. After some insightful reading, he realized the need to create passive income which led him to the world of real estate. He founded DJE Texas Management Group which now consists of a portfolio of 670 units. On this episode, he breaks down the San Antonio market and shares key metrics to consider in multifamily investments, transitioning from single-family to multifamily successfully, and leveraging networks.
Key Market Insights
A San Antonio, Texas native
Worked in various small tech companies as a salesperson
Developed a passion for entrepreneurship from observing his brother
Realized the importance of passive income after reading The 4-Hour Workweek and Rich Dad Poor Dad
Purchased his first investment property in 2012 in San Antonio, which is a single family rental on the Southeast side of town
Started raising capital for single-family projects, then transitioned over to multifamily which was his end goal
Bought a 6-unit property to kickoff his multifamily venture, which he has snowballed into a portfolio of 670 units
Win single-family investors to multifamily by building relationships and educating investors well
Key tip: Leverage someone else’s credibility when first starting out (property manager, mentor, contractor, etc.)
3 Key Metrics in Multifamily Investment: 1. Landlord-friendly, growth, affordability
San Antonio Market: Easy and simple eviction process, diversity in employers, average 67 people move a day, sustainable and continued development growth
Job diversity includes strong healthcare sector, military, rising software and tech companies
Hot Sub-markets: East and Southeast, Northwest Quadrants
Where to find opportunities: North Central Sector for 100+ unit B and C assets
Bull’s Eye Tips:
Winning Your Market: Focus on the team.
Tracking Marketing Changes: Surround yourself with the right people.
Daily Habit: Write every morning
Resources:
21 Hacks to Find the Best Sub-Markets
The 4-Hour Workweek by Tim Ferris
Rich Dad Poor Dad by Robert Kiyosaki
Book Recommendation:
Willpower Doesn’t Work by Benjamin P. Hardy
Think and Grow Rich by Napoleon Hill
Digital Resources
Google Docs
Spanning – Data and Backup Solutions
Tweet This:
“Renovate, refinanced, rent and repeat”
“Bigger is better in multifamily.”
“Figure out a way to partner with others, then leverage their credibility”
Places to Grab a Bite:
Connect with Devin:
Website: https://www.djetexas.com/
