This episode with Jerome Myers is a really tactical one – I’m sure he shared some things you can implement into your business ASAP. We discuss mid-size multifamily investing (specifically investing in workforce and affordable housing), underwriting deals, identifying value-add opportunities, and working with partners. Jerome is an awesome guy, you’ll enjoy this show!
Jerome is a corporate America dropout who is helping others exit the matrix through ownership in multifamily, workforce housing. After building a 20 MM division at a construction company and having to lay off his teammates two years in a row, he had enough and decided to become a full-time real estate entrepreneur.
He and his team created the Myers Methods of Multifamily Investing after educating themselves through the school of hard knocks and use it to operate their portfolio in the mid-Atlantic every day. They are on a mission to hold a 1,000 door portfolio and help over 100 people find their first or next deal.
Show Notes:
3:21 Jerome shares his background in corporate America and how he gained exposure to real estate.
6:02 We discuss Jerome’s 23 unit and how he found his first deal and managed his first property independently.
10:22 Jerome discusses the expansion of his business to 90+ units and what he is currently focusing on.
12:20 We talk about due diligence, Jerome’s criteria, and what he values in a neighborhood.
16:31 We learn about what Jerome thinks is important to tenants and which small renovations provide a high ROI.
23:26 We discuss the methods Jerome utilizes to find deals and build essential connections.
28:05 We talk bout the value of partnerships and joint ventures as it relates to buying small and midsize multifamily properties.
31:26 Jerome discusses the roadblocks new investors commonly face and how to overcome these obstacles.
36:17 We learn what Jerome values in partners and why credibility is so important in multifamily.
39:41 Jerome shares his perspective on how COVID is impacting and will continue to impact the housing market.
44:50 Jerome explains why having a coach is the most efficient way to gain knowledge and excel in your respective field.
CONNECT WITH JEROME
Connect with him on Linkedin
https://www.jeromemyers.co/
CONNECT WITH AXEL
Connect with him on Linkedin
Follow him on Instagram
Download the investor’s toolkit (cash flow calculator, pitch deck, scope of work template, renovation checklist).
