I actually went to Avada Support and here are the full instructions to do it without a plugin:

If you want to change any built-in text of Avada theme then You can translate the words in Avada. You’ll need to translate the theme in this regard, its not like translating the theme to another language but this is the best technique to change the text and not lose it on theme update.

Please download the files in Desktop named Avada.po and Avada.mo which is in the Languages folder of Avada, use the POEdit software to edit the file Avada.po and now search for the string that you want to change, translate it to your own words. Save it, now rename the files as Avada-en_GB.po and Avada-en_GB.mo if you are using British English in the Dashboard and store the files as instructed here and it will work ????

Storing the files correctly is very important so please make sure those are correctly stored in correct folder.

NOTE:  I renamed the file:  Avada-en_US.po instead since I am in the US,  After making the changes, simply „Save As“ on the File menu to save and rename.