Sep 25, 2019
Jerome Myers broke free of his golden handcuffs when he realized his true passion was in helping others reach their potential. Since then, he’s acquired three commercial properties and is developing a 112-unit community. He’s the Chief Inspiration Officer for the Dreamcatchers podcast and shares his tips on escaping the rat race and catching your dreams, why inspiration (not motivation) is key and how he works with others to grow his portfolio.
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Key Insights
- Left a startup after having to let go of employees over the holidays
- Realized passion was coaching high school football
- The first deal was 23 doors with a heavy value-add component
- In Greensboro, Jerome has acquired a 28-unit, 26-unit, and 10-unit
- Developing a 112-unit complex in Greensboro – Technology Row
- In order to achieve your dreams, you need to see others doing it – proof of concept is key
- The goal is to inspire so they take ownership, motivation is temporary
- Motivation is external, inspiration is internal
- Richmond has a lot of open space with attractive real estate for folks from NY and DC
- Richmond has historical significance in the South
- Class C in Greensboro can trade for $75k per door
- Class C in Richmond can trade for as low as $45k per door
- Tours properties before underwriting them to get a jump on competitors
- Looks for DSCR (debt service coverage ratio) of over 1.5
- Seeks deals that can return all investor equity before year 5
Bull’s Eye Tips:
Leaving Your Job to Follow Your Passion: Save 1 years work of expenses
Tracking Market Changes: Be in the market and spend time with other professionals
Daily Habit: Get up at 4:30am and go for a 6-mile walk
Resources:
Best Business Books:
Millionaire Success Habits by Dean Graziosi
Digital Resources
Deal Machine
Tweet This:
“The only success is when you have significance”
“Find your genius zone”
“Dreams should be real”
Places to Grab a Bite:
LUXE Restaurant and Lounge
Connect with Jerome:
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