Executing your business plan is not always easy as many variables can derail your initial course of action. Today’s guest, Devin Elder, knows the importance of sticking to your guns and has seen firsthand the benefits of persevering with a tried and tested investment thesis. In this episode, Devin sheds light on his company, DJE’s business plan, their desired ROI on money spent on interiors, and the asset classes they invest in. While doing heavy value-adds may not appeal to all operators, for Devin, it’s a chance to be creative. We also touch on systems and how software has helped the businesses streamline their processes for optimal efficiency. Along with this, Devin shares some wise words as well as a look at what his asset management superpower is. Tune in today!
Key Points From This Episode:
- Hear about Devin’s background, where he’s based, and his current investment focus.
- Devin’s most frequently implemented business plan for apartment purchases.
- Why dealing with people is the most challenging part of executing a business plan for Devin.
- The double-edged sword of big value-add deals: Opportunity versus challenge.
- Why Devin has not veered too far from his workforce housing investment thesis.
- The role that software automation plays in being able to execute a business plan.
- Two pieces of advice Devin would give his younger self.
- Find out what Devin’s asset management superpower is.
“We’re looking for a substantial component of units that haven’t been renovated that we can go in, update, and see an ROI 20% or better on an annualized basis.” — Devin Elder [0:02:15]
“Real estate is easy, people are hard.” — Devin Elder [0:02:33]
“We are scared of the unknown, right? And it looks scary at night when you can’t see anything and in the morning it is silly that you are scared of it. So, you have to get the other side of that fear.” — Devin Elder [0:09:29]
Links Mentioned in Today’s Episode: