Photo courtesy of STAR TRIBUNE/MINNEAPOLIS-ST. PAUL 2013
Twin Cities renovators wrap season one of reality show By John Kowalski, Virginia Commonwealth ’12
When the housing market crashed in 2007 and demand for rental housing grew, Drew Levin, Florida ’05, and Danny Perkins, Florida ’05, saw the investment opportunity. The entrepreneurial duo knew it was the time to buy. Levin and Perkins, who met at freshman orientation and joined SigEp together, recently wrapped up the first season of their new show on HGTV, Renovate to Rent. The show follows their latest business venture, D&D Real Estate Holdings, LLC. They buy houses in the Twin Cities of Minnesota, fix them up, and rent them out. “All of a sudden in 2007, everything crashed, light bulbs went off, and we decided it was a good time to buy,” said Levin. Drew Levin, left, and Danny Perkins met at Florida. They discovered their knack for entrepreneurship early on. They jumped into renting real estate when the housing market crashed.
This renovation took a dining room from dull (above) to dazzling (next page, top). They tackle kitchens with equal flair (next page, bottom).
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sigep journal Fall 2013 | sigep.org
Rather than trying to turn a quick profit by selling, they believe the long-term investment of renting these properties will give them a much greater return. The rental market in the area is driven by college students and young professionals— segments the two know very well. “Our strategy has always been a long term one,” said Perkins. “We make sure every property stands alone and has cash flow. We felt there was a real opportunity to acquire properties and have cash flow for years to come.” This is not the first business Levin and Perkins have operated. Their first venture was a social networking site, YFly.com. YFly had a celebrity focus and included content from Rihanna, the Jonas Brothers, Paris Hilton and others. Unfortunately, the site’s usage outgrew the technology to keep the site running. “Drew and I are not tech guys,” said Perkins. “[We] didn’t actually build the site and relied on someone else, which was a
great lesson. You have to know every aspect of your business.” He added that your career should be your passion. “Success will follow if you enjoy what you do,” he explained. Levin believes success is all about finding your niche. “Anyone can get into real estate in so many ways,” he said. “Find your niche, keep your blinders on and stick with it until it doesn’t work for you anymore.” And that’s exactly what they did. The two had worked for carpenters, and their family members were involved in real estate. They bought their first property in 2007, and shortly purchased two more. Then Levin got his real estate license in 2008. With the help of a private investor, Levin and Perkins acquired more properties, and their business exploded. They now own over 50 rental properties in the Twin Cities. “We didn’t have deep pockets,” said Levin. “We got bank financing before that cut off. We didn’t have money to buy 50 properties, but we developed a model