BLDUP Feature Spotlight: Doug Medvetz- PHD Homes 07/09/20

bldup spotlight phd

As a trained scientist, Doug Medvetz takes a very analytical approach to his real estate development projects.  With a Ph.D. in Chemistry, hence his firm’s name, PHD Homes, and training in Cancer Biology Doug had worked at Brigham and Women’s Hospital and Harvard Medical while developing properties as a side hustle. Now with numerous successful condo conversions under his belt, he has branched out into new construction and will begin work on his first mixed-use project in East Boston soon. PHD is also actively pursuing larger 20-30 unit projects to further expand their footprint in and around Boston. Doug aims to grow the real estate development business on a large scale in hopes of starting a foundation that would offer young scientists an opportunity to experiment with their own ideas for new, life-saving therapies.

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BLDUP: What is the last book you read that you would recommend as a "must-read" to the construction and design community? Why did you find this book so important?

Doug Medvetz: Rich Dad Poor Dad by Robert Kiyosaki.  It is an easy read but it helps set your mindset as a developer/investor.  I like this book because it stresses the idea that instead of spending your profits on buying the lifestyle you want, it’s better to buy income-producing assets (ie rental properties) and having these assets pay for the lifestyle you want.

BLDUP: Do you have a daily or weekly routine that you follow? If so, how do you feel it has contributed to your success? How has this routine changed/been adjusted given the current situation?

Doug Medvetz: As a developer, each day brings on new challenges.  With that said, I make sure that every day I finish my workday at 6 pm to spend time with my family.  I believe work-life balance is critical to success.  This has not been affected by the COVID pandemic.

I also make sure to work out at least 4 times per week.  I usually work out in the morning and feel this is very key to my success. It allows me to have a clear mind to start the day.  Before COVID, I would go to the gym, but currently, I am working out at home.

BLDUP: During the course of your career, what was the biggest challenge you faced and how did you overcome it? What other accomplishments hold a special place in your heart and why?

Doug Medvetz: The biggest challenge I faced was getting the business started.  Before my development company, I was a Chemical Biologist doing cancer research at Brigham and Women's Hospital.  Though the job was interesting, I was in a training position, which did not allow me to save money for the business.  Therefore, I had to build the business on the side for the first 4 years while still working a full-time job.

In terms of other accomplishments, earning my Ph.D. in Chemistry is something I am very proud of.  Hence the company name PHD Homes.  It was a very enjoyable time and honestly, many of the analytical and problem-solving skills I acquired during that time have been transferrable into the business.

BLDUP: What do you foresee for the future of Boston's development? The past few months have brought on a unique set of challenges, how has this affected your business in the short term. Do you expect to see long term effects on your projects?

Doug Medvetz: I foresee much of the same. Boston is in need of housing so I do not believe things will slow down, and in fact, will spread into the surrounding neighborhoods.  We are already seeing areas in Dorchester, Medford, Everett, etc really pick up.  I also think mixed-use projects where there is commercial/retail incorporated in with residential units is critical to the city's growth.

BLDUP: What upcoming projects are you most excited about?

Doug Medvetz: I am most excited about 2 projects. 
The first is almost done.  It is two bi-level townhouses in Savin Hill.  It is our first ground-up new construction project that we completed without any partners and it is turning out beautifully. The second is an 8 unit project in East Boston.   This will be our first mixed-use project.  We have included a 700 SF commercial space on the ground floor so I am nervously excited to see how that goes.

BLDUP: What other types of projects are you looking for right now (if any)? Certain areas, project type/size?

Doug Medvetz: We are currently looking to grow our project size and only do ground-up new construction.  Over the next year, we are doing five projects in the 8 unit range, but we plan to jump into the 20-30 unit range as soon as we find one that makes sense to us.  We prefer East Boston, Dorchester (Savin Hill and Jones Hill), and East Somerville.

BLDUP: Have you had a mentor or someone who has helped you during your career? What are the most valuable lessons you learned from that person?

Doug Medvetz: Yes.  I think it is vital to have a mentor when starting a business.  She helped me really understand how to look at development as a business.  Her best mentorship was explaining to me that the first 5 years of the business are critical and that you have to build the business thinking along these lines.
She also taught me 2 things that I still think about daily.  The first is to always test your limits.  Her words were "get comfortable being uncomfortable."  The second was that nothing beats networking.

BLDUP: What do you hope for the future of your company in the next 30 years? What legacy do you want to leave?

Doug Medvetz: The goal for our company is to create 2 things:
1) Enough wealth to help our nieces and nephews with college and/or starting their own businesses.  I tell my partner every day how nice it would have been to have a little seed capital when we were getting started.
2) Create a foundation to do novel, cutting-edge science.  We want to hire young talent and pay them well enough so that they can stay in science.  Also, one of the issues I have with the science world is that there are not enough young scientists given the opportunity to try their ideas and create new, life-saving therapies.

BLDUP: What is a favorite quote that inspires you or you strive to live by?

Doug Medvetz: Enjoy the present but always plan for the future.

Contributor Bio

phd homes

PHD Homes is a local leader in the redevelopment of high-end single-family homes, and the conversion and redevelopment of multi-family buildings into luxury condominiums. With a core business focusing primarily on residential property in Boston and surrounding suburbs, they work with a syndicate of equity and debt partners to undergo real estate development projects ranging from new construction to the acquisition and re-development of existing structures. Their organization is comprised of professionals that are skilled and focused in their approach. PHD Homes takes a comprehensive, strategic, and team-oriented approach to all of their real estate endeavors.

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