WS1900 How to Grow Your Investor Base | Highlights Devin Elder

Welcome back to another episode of your daily real estate syndication show. I'm your host, Whitney Sewell, and today we had the pleasure of catching up with Devin Elder, a respected figure in the real estate space. It's been a couple of years since our last conversation, and there's a lot to catch up on.

Devin shared an overview of his business, DJE, which has a significant presence in the Texas real estate market, primarily focusing on multifamily properties. Despite the challenges posed by the current economic climate, DJE has been actively pursuing acquisitions, including a 300-unit deal closing this week. Devin emphasized the importance of finding good basis deals and adapting to the high-interest-rate environment.

We discussed the necessity of being creative in times when traditional multifamily deals are scarce. Devin highlighted their pivot into land deals, which has proven to be a lucrative and enjoyable venture. By subdividing larger tracts of land and offering them to a different buyer pool, they've been able to maintain deal flow and provide investors with consistent opportunities.

Devin also touched on the structure of these land deals, explaining that they are set up as 506B debt offerings, allowing investors to earn a fixed return. This approach has been beneficial for both the company and the investors, offering flexibility and a variety of investment options.

The conversation also covered the importance of building and maintaining investor relationships, with referrals being the primary source of new investors. Devin shared insights into their marketing strategies and the value of having regular conversations with potential investors.

Lastly, we delved into DJE's debt fund, which provides additional flexibility for the company to execute deals across various asset classes. Devin outlined the fund's structure and the goal of keeping it sufficiently deployed to meet investor expectations.

For those interested in learning more about Devin and DJE's strategies, visit djetexas.com. And don't forget to like, subscribe, and share the Real Estate Syndication Show with friends interested in building wealth through real estate. Join us again tomorrow for more insights into the world of real estate syndication.

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Transcript

Whitney Sewell: This is your daily real estate syndication show. I'm your host, Whitney Sewell. Today, we've packed a number of shows together to give you some highlights. I know you're going to enjoy the show. Thank you for being with us today. Devin, welcome back to the show. I've been looking forward to this interview. You and I haven't got to catch up in a couple of years, I think, but you've always been somebody I've respected in this space. And so I value your. thoughts. And I know the knowledge and things you're going to bring to us over a series here, just so the listeners know, we're going to do at least a couple shows with Devin and dive in on a number of topics that are going to be relevant to you today in your business. But Devin, welcome back.

Devin Elder: Whitney, it's my pleasure. I'm glad to reunite here on the podcast. And I was happy to see this on the calendar today. So good to good to see you look forward to catching up.

Whitney Sewell: Yeah, yeah, me as well. Devin, give us a little bit about your business right now. I know there's a couple of things we're going to talk about we're going to dive into, but give us an overview, you know, what DJE, you know, what y'all are up to at the moment, maybe how things have changed a little bit over the last year. And let's dive in.

Devin Elder: Yeah, I'd love to. So just kind of current snapshot of where the business is that we own varying ownership stakes in about a quarter billion dollars in real estate. All that's in Texas, most of that's in San Antonio, most of that's multifamily. So, you know, multifamily deal, I might have 30% ownership, 25% ownership, just kind of a general partner ownership, we usually syndicate that. And then we've got industrial projects, we've got rural land projects, which is kind of off the beaten path there, but it's been good for our business. And then we've got the management company as well. So our company's about 75 strong right now. Most of that is on the multifamily property management team side. And then, you know, here I'm sitting here in our corporate headquarters, downtown San Antonio with Kind of the accounting team, investor relations team, transaction coordinator, a brokerage that I'm a partner in, and consulting company that I'm a partner in. So that's kind of our hub. And that's what the company looks like right now. We wanted to come out and buy 1,200 units as kind of our target for 2023. Just like to set that out there, not that we have to. To date this year, we've bought We bought a little 114 unit, we took over a mixed use project, which is 60 units. And then we're closing 300 units this week, actually. So slower on the buy side than we wanted to, but we're still out there, you know, we're not pencils down, we're, we're constantly looking at deals, it's just a matter of, hey, debt's a lot different than it was before. So what are we doing? Are we assuming a loan? Are we getting high interest fixed debt and making it work? Are we, you know, what are we doing there to still do multifamily deals? So we love multifamily. We're built for it. It's the majority of our portfolio, but we've got some other avenues, both for us with our operating overhead. that we need to meet those objectives. And then for investors, too, we want we want to constantly have a menu item. You know, it's no good to get somebody fired up about putting 50k in a multifamily deal, and you don't have a deal for them at all for 12 months. You know, that's not a great experience. So we we found some other ways to kind of, I would say, have regular deals to put in front of investors, which I feel like helps keep us relevant, helps keep people's money moving, which, which is what a lot of folks want.

Whitney Sewell: That's awesome. I appreciate you mentioning a few things there. Because I was telling you this before we started recording. I know the listeners have heard me talk about this a little bit is that obviously, it's been a time where these multi family deals we've been doing is kind of dried up a little bit, right? You know, There's just not been the deal flow or there's not been deals that we can get done, right, with debt as high as it is or expensive and interest rates. So I think there's been a few ways that you and many of us have had to be creative, right? And I think it's weights in times like this, it pushes us to be better, right? In so many ways. And I think we're going to dive into some of that. You mentioned closing a 300 unit deal, I think this week. Is that right? Can you, you know, since you mentioned that, I thought it'd be helpful. Can you highlight that? Are you able to talk about that deal?

Devin Elder: I don't have to disclose every last detail. It's actually two deals adjacent to each other, same ownership group. And it's a basis play. I mean we're getting fixed-rate debt with it that starts with an eight. That'll make your eyes cross, especially when I'm looking at some of our fixed-rate debt. We've got a deal. We're taking a market. with most likely it'll be an assumption at, you know, 3.5 on the rate and seven years left, right? Just like things changed a lot in the last, you know, 18 months here. So anyway, high rate, but really, really good basis 20 year ownership, which I rarely see. And, and just kind of all the things you want, you know, 100% occupancy, well below market rents, well located, all that kind of stuff. So, it worked because of the basis, you know. And the owner's, the seller's basis is so low because they bought it in, you know, the year 2001 that it's just like we're in a different universe, how much inflation has happened since then, that, you know, are they selling it for less than they could have two years ago? I'm sure. Do they care? They don't care because their basis is just, you know, you don't even want to hear it because it's so, So, but our basis, it works great. It's a rebrand play. It's an operations play. It's a, it's a value add strategy play for us. And so that, you know, that's one that, We moved quick on, we actually put hard, hard money on it, too. And that's how much conviction we had the deal in a market where hard money, hard earnest money is just not really a thing. We just saw this one. And I, you know, I'd mentioned that we were not really pencils down, we're always looking at deals, we've got an analyst and, and brokers helping us looking at deals every week, making offers, you know, want to transact and you know, that's acquisitions you're going to swing and miss just about all the time. And so when you see one that, that makes sense, first thing you go, first thing you do is say, okay, what are we missing? Why are the numbers working? Did we, you know, is a cell wrong in the model? Or first question, what's going on here? Why is this? Why is this penciling? And then once you, you know, get a bunch of eyes on it, you get your debt broker to look at it, you get the analyst and the operations team and everybody's kicking around. And you validate that, okay, now we're looking at this right way. We're excited about this. Let's let's put everything we got behind it, make sure we win this thing. So That was kind of the deal behind that. We put fixed rate bridge debt on it just because we want to be able to forecast our number. We've got some variable rate stuff and rate caps. And if anybody's been dealing with that the last year, it's been tricky to navigate with some of your debt service climbing or if you have a rate cap maturity coming up, you got to figure that out. So, we want to say, hey, we're going to fix it. We've got three years, plus one, plus one, so possible five-year term. we kind of assumed we're going to be in the same high rate the whole time. But if we get an opportunity to refire sell in a lower rate environment, that'll just be that'll be some some bonus, but we're not counting on it. Again, just kind of a basis, good old fashioned value add play, we're going to go in and spend close to 4 million bucks on rebrand and new office and parking lots and roofs and, you know, painting and interiors and kind of the whole the whole nine yards. So we're excited about excited about that deal. You know, glad to have one to kind of get done here. Right at the beginning in q4 keeps the team busy. Yeah. Also board investor relations and the operations team and you know, we want to be we want to be doing deals. It's been slower for us like it's been for everybody but I think the name of the game for us is it all it's always been hard like acquisitions for me never been easy. 10 years doing it. Never been easy. How did you all find this deal? Broker, I'm as a marketer. So, you know, it was a deal that there's one broker that, you know, for whatever reason, been staying real busy in Austin and San Antonio, and we've known him for years and have good relationship. And he was able to give us a pretty strong recommendation to the seller.

Whitney Sewell: That's awesome. Yeah, it's it's been it's been interesting. The brokers that are still active at the moment, right are the ones that are still calling what's happening. And yeah, cuz man, I know it's, it's been slow for them. Right? No doubt about it. Any other before we move on, I was just thinking about, you know, even this deal, or what, how much are you all raising, raising for this? 11 million? You know, how would you gauge, you know, the raising ability now, compared to 12 months ago, or 18 months ago?

Devin Elder: It's really interesting, you know, for our we do a number of different types of deals, and there's some debt stuff, and we have a fund, but let's just talk good old fashioned multifamily syndication. We've always done them, like a lot of folks do, just kind of on demand, get the dealer contract, do some due diligence, get it to a point where you know, you're going to close it, launch it and raise the equity and You know, we've been at this for a number of years, so you always feel pretty good about, hey, but every time we launch a deal, it's like, hey, you know, is this going to fill up overnight? Are we going to, is this going to be a lot of phone calls? You know, how's this going to go? I think, you know, $11 million in this market was pretty straightforward for us. We raised it pretty quick. But I think that's a function of a couple of things. One is, just kind of that snowball effect of adding investors over years and years. So the investor base has just grown a lot for us. Two, less deal flow in the last, you know, in the last year, just, you know, we wanted to buy five, six deals this year, if we could find them. And I think we had the ability to do that is we haven't found them. So less deal flow, more investors. And then I think just the story of the deal itself, hey, is there is there interest rate risk on the table? No, if we, you know, we've locked that up. That's not really the issue. Yeah, we're paying, paying a high rate. But the basis You know, we want on the buy side, we want low rates and low prices, not going to happen at the same time, right? If we got low rates, we're going to pay high prices as buyers. Right now we have high rates. And so if you can find a low basis and make it work, then then that's it. So to answer your question, I think for us specifically on this deal, it went, it went well, it was very smooth. But that's because of limited deal flow this year for us, and a growing investor base. So that that was kind of it, you know, anecdotally, what I'm hearing from operators out there is that certainly it's more challenging.

Whitney Sewell: Yeah, then it then it's been, what would you say is your, and normally asked us towards the end, but I think it's helpful right here. What's your best source for meeting new investors, and you're all growing your investor base right now? Right.

Devin Elder: You know, I'm on a bunch of calls this week with some marketing firms. We've not ever paid for marketing or done anything, but I think it's time in our company's history to start exploring that. Right. We've got the budget for it. We've got the team, got maybe the infrastructure to handle that. Historically though, I mean, you know, this company started with me doing houses with hard money. And then once I had a track record there, borrowing a hundred grand from a guy I met at a meetup. who was my first private lender, that was this big aha moment. And then, you know, and he was easier to work with and a little lower cost capital. And I thought, man, I can do this all day long if there's so built, you know, then there's two private lenders, then there's five, then there's 10, then there's a syndication, which is different, but really started with one person. And has kind of grown since then, we brought Justin on a couple years back. Gosh, it's been about three years now since Justin joined, he's our head of investor relations and to kind of take over that, talking to investors and the whole investor experience, Justin runs that. But it's still very organic. You know, I've got a podcast and I'll tell you number one, just to get to the punchline, it's a referral. Absolutely. You know, it's somebody's in a deal, we took care of them. Now their brother wants to take a look. And I mean, that's been it, which I think is great for any business, right? That's the best kind of way you can grow. So referral, it's been it's been a long, slow growth path for us. But you know, what we set up a few years ago was like, hey, let's just focus on having a phone call or two a day per business day with a prospective new investor. And that's somebody that has the capability to invest, they know our minimums 50,000. And they're, they're interested, okay, that's enough, get in the system, we're going to send them, we're gonna have a call with them, we're going to send them a Starbucks gift card and an email, say thank you, we're going to put them on the newsletter list, we're going to let them know if deal launches. And as long as we're just doing that consistently, and and how I knew I needed to hire somebody for investor relations is I set some goals and that the week could go by and I said, man, I had one and one investor prospect call this week, that's not going to cut it. It's time to hire somebody. But we've been doing that consistently for like three years now, you know, and so just organically having those conversations, relationship referrals, is how we've done it. And so, you know, I, I will occasionally go speak. If I'm going to go speak somewhere, it's leveraged. You know, I prefer to be in front of a lot of people to where that time is highly leveraged for me and making maximum impact. So I do some speaking and things like that. But at the end of the day, it's Justin just kind of day in, day out, having conversations with new folks, telling them about what we do. putting them on the putting them on the list and letting them know when we've got a when we've got a deal.

Whitney Sewell: Pretty old. They're coming. You said mentioned from referrals, but any other way that they're finding you, though, to be able to have that call with them?

Devin Elder: Yeah, so I mean, I've got a podcast. And I think we don't have the best tracking mechanism in the world to be able to point to how they listen to episode 166. You know, but, but we're out there with that. And then I'll go do speaking engagements. And again, it really hard to kind of point to the path. you know, for that to come in, but we get a lot of anecdotal feedback about the podcasts and events. So, I think, you know, for somebody that's out there syndicating, you know, set a target for yourself to have those lunch meetings, to have those coffee meetings, to have those 15-minute Zoom calls just to kind of get to know people. And I think you can always continue to have those conversations even if you don't have a deal. Everybody wants to have a deal, obviously, but you can continue to do those those exercises and go through that and build that build those relationships over time, because, you know, a month is going to go by three months, six months, a year is going to go by quick. And if you are consistently having those conversations, that's going to build up over time.

Whitney Sewell: So Devin, you know, recently, you have or I don't know how recent you and I've talked about it, but you all pivoted into maybe some other asset classes. I know you and you and I both were very multifamily focused, right and have been for a long time. But you all gotten creative right and done a couple of things I want to dive into that. And, and even the the thought process of being able to pivot right you know and in doing some other things I feel like sometimes we can be so, you know, have the blinders on right we're so focused. I think this is the only route, this is the only path doing multifamily deals the way we've been doing them the last however many years. And a lot of that's changed, right, the way we're doing deals now. So give us some, you know, some of the ways that you all recently pivoted and let's dive in on those.

Devin Elder: Yeah, sure. So it's interesting. It's, you know, I would advise someone that's starting to have the blinders on, right? I think in anything that you're trying to develop mastery. And so I think it's tempting when you're starting real estate investing, oh, my gosh, there's a, there's 1000 things on the menu. And is this one better, and you're running around with shiny object syndrome, I think we're all susceptible to that early on, where, you know, our company is, or was a number of years ago, we kind of had already developed a wouldn't go so far as say mastery, but a high level of competency around buying these multifamily properties and all the things that entails operations and the equity and all that stuff. But at some point, you know, I'm running this company and saying we're putting a lot of eggs in the basket of being able to find another 200 unit deal. And we don't ever want to be in a position to have to buy a deal for fees or whatever. So, what does that look like? And it just kind of worked out for us that I had met a broker in 2020 and bought a ranch in South Texas. And I don't know, it was almost, I was almost just compelled to do it. It was almost like a God thing. Like, I just felt this overwhelming urge to buy this ranch. And I couldn't, I would even have these conversations with myself like, what, this makes no sense. What am I doing here? I just feel like a field of dreams here. If you build it, they'll come. I have to buy this ranch. And I don't know what it was. It turned out to be one of the best things for family. You know, it's me and my boys go out there and hunt and In the beginning, we camped, and then we ended up putting a house on it. So really amazing experience, great place to get away, really rough terrain, all that. But through that, and being very compelled to kind of buy that ranch, personally for the family, developed great relationship with that broker. And right after we bought our ranch, I said, Hey, you know, could we buy one of these and then sell it for a profit? You know, if we bought 100 acres, Well, not everybody wants to buy 100 acres, somebody might want to buy 25 acres, and they'll be, they'll be willing to pay more per acre for smaller. And, you know, we got a real salesman on board with our broker, and he's like, absolutely, let's do some deals. You know, he's gonna get to do both ends of the transaction. I'm a cash buyer, he's loving it. So we went out and did a couple little deals, you know, 100 acres, 150 acres, 300 acre deals. prove the model out and couldn't be any simpler, you know, if we're buying something at 5000 an acre, buying 100 acres, we might sell three tracks. 8,000 an acre. And what you're doing is you just you're creating a smaller piece of land that has a different buyer pool. We're not building houses on it, we're not getting plats and doing a bunch of improvements necessarily. Simply just taking it from one kind of buyer pool to another. Think about it like a wholesale retail, you know, we're buying a lot of it, we're selling smaller pieces of it for a higher price. So that was it. And that was, um, It made money. And not only that, it was super fun. And we got all these ranches, you know, we got all these places to go hunt on, go camp on. That's a lot of fun. I love our brokers, he's become a friend, we, you know, go on hunting trips and go play golf together. So like all the things you want in a in kind of a business relationship, we're there. And then, you know, after having some success on our own account, took it to our investor relations and said, hey, do you think people be interested in doing these land deals with us? You know, there's no bank involved, it's not equity, we'll just pay them 11% on their money, and we'll be in and out in a year. And we started launching those to our investor base, and they liked them. So now, you know, we've done I mean, just tens of millions of dollars of transactions of land now using that same model. And they're not the type of deals where we're 10x in money or anything like that, but I've done enough real estate deals over the years. There's meat on the bone. Everybody involved can win. The investors like it because it's debt and it's short term. It's not this long term. You know, we get to make a little money off them on quicker turns, that bottom line to kind of bring a full circle makes us less dependent on having to do a multifamily deal. Whole company's based around doing multifamily deals, but we can go do these land deals to supplement. And it does two things. It gives us deals for the company to keep. churning away on deals, making some money. And then it gives us another menu item for investors. And I mean, I said on our, one of our other segments, Whitney, that, you know, we'd like to buy a deal a quarter, two deals a quarter, multifamily, you know, we're geared, we're, we're ready to go for that kind of stuff. Yeah, you can't find them. And now you're looking at a deal a year, two deals a year, Man, that's a lot of dead time for those investors to just be reading your newsletter without anything to sink their teeth into. So now with the land stuff, we might have eight land deals in a year. Now they're smaller, a million dollars, two, three, $4 million, but it's something to get out there. And what we're hearing from investors is like, Hey, yeah, you know, we just, we like you guys. We want to keep rolling the money and we're coming out of this, you know, what, what do you got? And so just being able to be in front of people all the time with that debt offering, has been really great for the firm, really, really great for the firm. And for the investors, it's just another menu item for them to look at. It's optionality. It's optionality for investors. It's optionality for us. And, you know, compared to multifamily, it's been pretty minimal from like a management perspective.

Whitney Sewell: I love that part of it, too. You know, it's it's probably I would imagine much less due diligence. Right. Yeah. You know, as well. So it's just less less required of your team to go to produce some transactions here that that that's producing some some returns for your investors. You're right. You know, and for you all. And so, you know, can you speak to the structure of that a little bit? And because I was thinking about, you know, how you're getting investors involved in that now and how it's structured with them a little bit.

Devin Elder: Yep. So we just set up a 506B debt offering. And we just had the attorney draw it up to say, hey, we're going to launch this company. It's going to we're going to raise just like a multifamily syndication, we're gonna sell shares in it 1000 bucks a share. 50 share minimum come in and we're raising this much money. Here's our sources and uses. We're going to pay 10% while we're in it. So 10% annualized, monthly distributions, 12 months out, exit. We got one point on the exit there. So, you know, kind of a standard PPM, like you would expect to see on a multifamily deal. You know, our attorney, we kind of reduced our costs a little bit just because it's rinse and repeat, same thing every time. So we're not into it for the cost that we'd be on like a full multifamily deal. Also, there's not all these lender negotiations. I mean, when you're hiring your syndication attorney on a $30 million apartment, a lot of that bang for the buck is, man, all the back and forth with lender counsel, right? I would not, you know, you got to have the right person on the team to be running that. But on these land deals, like there's, there's literally not a lender, there's not as much due diligence, it's just, hey, we're raising this bucket of cash. I'm usually in for call it a 20% co invest, if we're raising a million bucks for piece of dirt. I've got 200k in there. And then we're just, we're just going out and buying it cash and subdividing it and selling it.

Whitney Sewell: Yeah, so you're not raising on a per deal basis. Obviously, they're smaller. So that would probably not be cost efficient to do that. But so you're raising a fund that's open all the time.

Devin Elder: Well, we're both we actually are raising per deal on the list. And usually the it's it's at least a million bucks. And like I mentioned, it's kind of a rinse and repeat deal on the legal doc. So the cost is not It's not egregious there. But a million is kind of our threshold to say, hey, we even kind of have our systems internally. It's like, is this syndicated or not syndicated? If it's a land deal for 400k, I'm just gonna buy that cash. If it reaches that seven-figure all-in mark, okay, we're probably gonna throw that out to investors and maybe put you know, 5, 10, 15 folks on that deal with us. So, we are doing that per project. It's a little, I mean, syndication, you know. But it's so rinse and repeat for us that we kind of have it all dialed in. We've got our costs dialed in and it works. And then we do have a fund, which is kind of a separate thing. But yeah, we've been doing these ranch deals, just kind of one-off syndications.

Whitney Sewell: Okay, so you all will do a debt deal or a fund on each of these land transactions. But then you also have a debt fund that's just open all the time. Is that right?

Devin Elder: Yeah, it's open all the time. And you know, I wanted to do this for years just to have some flexibility and have cash to be able to execute on some stuff. I just was never comfortable being on on the clock, I guess for it, you know, in my mind, I wanted to have a fund where if you contribute to the fund, it's paying out. I didn't, and I know folks will do funds where they're subscribing it, but they're not calling capital. I don't want to be in a situation where you've committed $100,000 to me, and I'm not going to tell you when I need it. And I'm going to come back seven months later and go, all right, Whitney, we're ready for your money. And you go, well, shoot, man. you know, I made other plans or life got in the way or whatever. So I like to get capital in and immediately start, it's on the clock for investors. So that means we need to kind of have a lot of deal flow. So what we were able to do is, Basically, you know, four buckets of types of deals, we occasionally do some small one off stuff, maybe it's commercial, maybe it's single family, pretty rare, but just outright cash purchases, and then a value added an exit or value added a refinance to take the fund out land deals, you know, where we're buying rural land that we're not syndicating, or we're buying land that we're going to develop. So we've been doing industrial contractor garage flex type projects. And you know, we might be into a piece of dirt for a million bucks. And there's six months that we've got to be in it. And doing all our stuff with the civil engineer and with the city and getting you know, all the boxes checked on all our pre development work. You know, that might be six months where you don't want the whole capital stack raised, but you do need 500 or a million bucks to to lock up the land and stay in it. And then we kind of capitalize it fully when we're ready to when we're ready to put shovels in the ground. So that was, you know, industrial is another one. And then there's potential to where we haven't deployed into this yet, but we expect to where, hey, we're getting a low leverage loan at say, 55%. We're going to bring some of that fund in to take it up to 65%. So we can get a little bit better leverage and and make a little better return for the equity in the deal. And in that respect, it's acting kind of as our own little pref equity bucket that can still produce. You know, we're trying to put our fund out at 12%, so it's still a little bit better than we could get third party pref equity. and a lot less fees and headache and everything like that still produce a yield. And so there was enough different asset types for us to put the fund into to say, yeah, let's go through the legal expense and everything of setting this up. So that's the benefit for us is just more optionality to get into deals and enough types of deals that we're doing in our backyard here in San Antonio to be able to deploy that. And then for investors, it solves the problem of, okay, you come in, you talk to us, sounds good, you're excited, you got 100 grand you want to put into a deal. Well, hopefully we find a deal, watch your email. It's a bad experience, right? And then you do watch your email. And if it's a smaller deal, it fills up overnight, you missed it. And if you're a new investor, with us, it's like, well, that wasn't a great experience. So now on every call, we could say, well, listen, you know, we do multifamily, we do land stuff, but there's a debt fund right now, if you want to try us out. Again, optionality, another menu item. So we've grown that right now, we're about eight and a half million dollars, we'd like to take that fund to 25 million. So not, not a huge fund, I talked to a equity provider yesterday, and they're like, yeah, we're raising a $200 million discretionary fund, we don't know what we're gonna use it for. But We start raising it now, we think there's going to be some deals and I was like, well, okay. Yeah. And it sounds, sounds good. Um, so different strokes for different folks. So, you know, but it's, it's, we've been around long enough. We've got enough types of deals to deploy it into that. I feel comfortable being able to, to have it about 80%, 80% of the cash in that fund deployed in any given time to be able to kind of make the numbers work.

Whitney Sewell: That's awesome. Because that would be my concern, right? It's like being able to get it deployed fast enough, because these investors are earning immediately. And, yeah, and obviously, you don't want to do a bad deal, right? Or we, you know, feel like, you know, we pressured, right? But if you got enough deal flow that you can count on, you know, obviously, that's, that's the key, right? But it sounds like, you know, this could be used for a number of different asset classes, potentially, right for you all to be able to maintain getting it out, right out of your home for tomorrow's episode. How can they get in touch with you and learn more about you, Devin?

Devin Elder: Yeah, thanks, Whitney. The best spot would be our website djetexas.com. So that's delta Juliet echo texas.com. And you can see some of the deals we're doing and podcasts and reach out and connect with us.

Whitney Sewell: Thank you for being with us again today. I hope that you have learned a lot from the show. Don't forget to like and subscribe. I hope you're telling your friends about the Real Estate Syndication Show and how they can also build wealth in real estate. You can also go to lifebridgecapital.com and start investing today.