A lot of aspiring investors hesitate to leave the security of a high-paying job to pursue real estate. And very few are brave enough to quit their 9-to-5 and go all-in on multifamily investing without a few deals to their credit and the cashflow to cover their living expenses. Burning the boats is not for everyone, but Jerome Myers had a financial runway, and he’d had it with corporate America. So, he walked away from a six-figure engineering position to make his dreams real.
Jerome is the Managing Director of The Myers Development Group, a real estate investment firm on a mission to build a portfolio of 1,000 units and free 100 people from work they aren’t passionate about. Jerome quit his corporate job to pursue real estate in 2017, and since then, he has joint ventured on several multifamily deals and is in the process of syndicating a 112-unit development deal in Greensboro, North Carolina, known as Technology Row. He is also the Chief Inspiration Officer for Dreamcatchers, a podcast featuring ordinary people doing extraordinary things.
Today, Jerome joins me to explain what motivated him to quit his corporate job and go all-in on multifamily—before he’d done a single deal! He shares his struggle to land that first property with no track record and offers insight into his experience with the phenomenon I call The Law of the First Deal. Jerome also describes the differences between joint venturing and syndicating, discussing why he prefers partnering but understands the need to engage LPs as you scale. Listen in for Jerome’s advice around leveraging a coach to fast-track your success and get inspired by his ‘dreams should be real’ philosophy for pursuing what you love.
Key Takeaways
Why Jerome quit his job before he had a deal
- Never right time, tired of golden handcuffs excuse
- Frustrated with inhumanity of corporate America
Jerome’s struggle to land his first multifamily deal
- Banks wouldn’t lend without experience
- Fix and flips to build reputation
How Jerome finally landed his first apartment deal
- Joint venture with team of four
- Added experienced property manager
Jerome’s experience with The Law of the First Deal
- Opened doors, bankers + brokers lined up
- Viewed as expert and treated differently
Jerome’s second multifamily deal
- Closed on 28-unit in Greensboro within 6 months
- Blowing revenue projections out of water
Jerome’s advice around partnering
- Know who you’re teaming up with
- Vet property manager carefully
The difference between partnering and syndicating
- Joint venture partners bet on YOU
- Syndicators interested in track record + returns
Jerome’s ‘dreams should be real’ philosophy
- Society encourages mediocrity, fitting in
- Leverage real estate to pursue passions
- Do good in community + do well for investors
Jerome’s advice for aspiring multifamily investors
- Get a coach to fast-track success
- Joint venture + add value to team
Jerome’s insight on ‘burning the boats’
- Get financially fit before quit job
- If you’re going to do it, do it
Connect with Jerome
Resources
Podcast Show Notes
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