As a leader, it is natural that you would want to be hands-on with everything about your business. But, to be an effective leader, you need to learn to hand control off. Today, we pick the brain of Devin Elder of DJE Texas Management Group, and he talks about building the dream team and processes to help you grow your multifamily syndication business.
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Devin admits that he used to struggle with handing control off to other people. But, he later realized what the difference of having the right people in your team can make. Devin talks about finding the right “who” to join your team, and he also elaborates the skill sets of an effective entrepreneur: identifying opportunities, going first, being okay with risks. Click the play button now and enjoy the show!
Key Points From This Episode:
- Building a business is a lot of work upfront.
- Devin shares that they closed a 400-unit project in San Antonio last March 2020.
- What helped Devin to grow his business exponentially?
- Devin talks about hiring a virtual assistant overseas and how it helped him save time and be more efficient.
- The entrepreneur’s skillsets — identifying opportunities, going first, being okay with risks.
- Why do you need to fight the struggle of handing off control as an entrepreneur?
- Finding the right “who” to help you with your business is crucial.
- How being out there as a business person, all interactions that you have ripples and impacts.
- What are the processes that Devin uses in running his business?
- How does Devin prepare for a downturn?
- Devin’s best source for meeting new investors right now.
- How does Devin like to give back?
“I really think that anything we’re pursuing, with enough time and attention, it really can be broken down into all-composite steps.” [0:10:10]
“Well, really as a business owner, you’re responsible to build that knowledge around processes that is not tied up in someone’s mind whether it’s an employee, whether it’s me, etc.” [0:12:39]
“If you’re out there meeting people all the time, I think we all need to understand the ripples and the impacts of all our interactions.” [0:20:43]
“I think one of the best investments is getting the right people on the bus and investing in their training and their career.” [0:29:34]
“Culture beats strategy every time.” [0:29:42]
Links Mentioned in Today’s Episode:
About Devin Elder
Devin Elder is the 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 is a Principal in over 3,000 units of multifamily valued at over $280MM. 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.
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, as the philanthropic arm of DJE. The non-profit supports an 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, flying a Robinson R44 Helicopter, playing golf, writing, recording and producing music, 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 a herd of the extinct-in-the-wild Scimitar Horned Oryx and a Zebra named “Pete”.
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