Donato Settanni believes that fear and courage are the keys to success. Fear is important because it means you are not overlooking the potential negatives of a deal, and then overcoming that fear is what allows you to thrive. Donato and his partner, Josh Eitington, run a group called DXE Properties, which focuses on value-add projects in the southeast region of the United States. In order to implement projects of this nature successfully, having a clear vision of the future is essential.
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On today’s show, Donato shares with us the types of valuable information that he and his partner look for when deciding whether they are going to choose a particular deal. When it comes to making decisions, Donato stresses the importance of not sitting on the fence; it is better to make a decision and then pivot at a later stage, rather than not make a decision at all. We discuss the deal they closed on during the first wave of the COVID-19 pandemic and the measures they have put in place to minimize their risk, how keeping up with your network (over the phone when you can’t meet in person) will benefit your business and the importance of giving your brain time to rest and reset. This conversation is full of useful and insightful information from start to finish, so be sure not to miss it!
Key Points From This Episode:
- Donato’s past experience in the real estate sector and his current focus.
- Why Donato and his partner, Josh, moved from development in New York to value-add projects in the southeast.
- Working on value-add projects requires having a vision about the future of an area.
- The key information that Donato looks for when deciding whether to go for a deal or not.
- Why Donato and Josh are so good at landing off-market deals.
- How the determination to continue with closing on a deal at the beginning of the COVID-19 pandemic is paying off.
- The way Donato and Josh deal with investors’ skepticism of their plans.
- Steps the partners have taken to minimize the crime in their August value-add project.
- Challenges that come with working in the syndication business.
- The importance of believing in what you are selling.
- Donate shares ways to offset the risks of closing on deals during a downturn.
- How Donato and Josh’s Monday morning meetings keep them focused for the week.
- Taking time off to relax and reset your brain is when you can come up with the best ideas.
- Although in-person meetings are scarce at the moment, don’t underestimate the value in phone calls.
- Why fear and courage go hand in hand on the journey to success.
- Rather make a decision and then change your mind than not make a decision at all.
- Donato shares the work that Special Kids of New York does, a charity that his parents started.
[bctt tweet=”You got to have the vision to understand that people do want to live in this area, people do want to live in this neighborhood. And if you do invest the money into it, in the right way, people will come, and they will pay a premium for that product. — Donato Settanni” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Donato Settanni
Donato Settanni’s past experience includes working at Oxford Properties in New York City. He was the Senior Project Manager for Oxford’s flagship development project, St. Johns Terminal, a 2-billion-dollar redevelopment project in Manhattan’s West Village neighborhood. Prior to the acquisition of St. John’s, he worked on Hudson Yards, the 20+ billion-dollar megaproject on the far west side of Manhattan. Prior to joining Oxford Properties, Donato spent over 3 years with Macklowe Properties as a Project Manager on 432 Park Avenue. In this role, he was responsible for residential unit and amenity turnover and successfully managed the closings on over 1.5 billion dollars in real estate. Other notable projects on his resume include the New Yankee Stadium and Madison Square Garden Renovation. He has completed his own development projects through Settanni Development, LLC. In this capacity, he self-managed the acquisition, entitlement, financing, construction, and disposition of assets. He recently successfully completed and sold a development of townhouse-condo units in Westchester, NY. He and his partner, Josh Eitington, now run DXE Properties where they focus on value-add projects. Donato holds a Master’s Degree in Real Estate Development from New York University and a Bachelor in Engineering from the University of Delaware.
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