Our guest today is Jerome Myers, a multifamily investor who reached incredible success by never giving up on his goals. He is now teaching others how to avoid pitfalls and build a team that can help you succeed even if you don’t have any experience. If you want to build the right multifamily investing strategies from the start, this episode is for you! To learn more about Jerome and his journey, visit reiclarity.com!
“I became a corporate America dropout at that point. And I started thinking, what am I going to do next?”
Jerome started his career as a civil engineer building businesses in corporate America. In 2009, he transferred to a consulting firm. As he built a strong reputation in the industry, he had the opportunity to build up a construction company to 175 people and $20M in revenue in 1 year. That is when he got interested in real estate. However, when he had to lay off half of the company’s workforce, he decided to leave the corporate world and focus on his real passion. He started to educate himself in real estate investing and hasn’t looked back ever since.
“Reputation is more important than money in this game for sure.”
Jerome always knew he wanted to get into multifamily investing. However, as he didn’t have the experience, the banks didn’t talk to him and he couldn’t get a loan to start. Fortunately, he had the opportunity to find partners for his deal and start his investing career. Jerome’s advice for real estate investors who are interested in multifamily is to always find partnerships for their deals.
According to Jerome, every investor is trying to solve 4 things:
- Knowledge: the foundation that all the deal members should have.
- Deal flow: the person who finds the deal is the person who has the leverage.
- Experience: it’s crucial to have an experienced partner if you want to go with bank financing.
- Capital: even tough owner financing can be an option, having enough capital is necessary for the deals.
The best role in the partnership is being the person who finds the deal.
“I don’t want somebody to be in the same place that I was in trying to figure out how they can get in and not know the true story.”
As Jerome is not coming from a wealthy family, he knows how hard it is to get into multifamily investing. This is why he set himself up to help others understand the industry. Through his courses, he is not selling unrealistic dreams but tries to show the truth about multifamily real estate.
Jerome’s advice to business owners who would want to make the jump: always remember, that nothing is permanent, and the only way to grow is by being stressed and challenged.
Mentioned in the show:
- Dreamcatchers Podcast
- Myers Methods Presents Multifamily Missteps Podcast
Learn how to grow your portfolio and reach incredible success the right way! Visit us here for everything you need to know: www.shineinsurance.com/reiclarity.
Special thanks to Jerome Myers for taking the time to share so many great insights with us
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