He Quit His Job, And Then Built A Multi-Million Dollar Real Estate Portfolio in 3 Years
Jerome Myers left his corporate job after being forced to lay off over 100 employees within two years. Now, Myers is helping thousands of people gain freedom through real estate. He’s been featured on numerous podcasts and has been a speaker at conferences all over the United States.
“A lot of people are putting money into their 401k. But that money is locked away until you’re in your 60s,” says Myers in an exclusive interview with Black Enterprise. “What if you can do something that turns on cash flow now and will allow you to get your freedom earlier?”
After leaving his corporate job in 2016, Myers built a portfolio of six multifamily properties. Now, he’s adding a 120-unit property in Greensboro to his multimillion-dollar real estate portfolio.
“Your dream can be real,” says Myers. “You just have to be willing to do the work.”
How It All Started
At age 5, Myers thought he had his dream job figured out. “I want to be a trash man,” Myers shared with his mom. He admired the freedom and flexibility that his neighbor enjoyed. Unlike his military-based father whom he rarely saw until dinnertime, his neighbor was able to be home with his kids after they came home from school. But his mom quickly shifted his dreams in a different direction. “You need a job that will pay for the lifestyle you wanted to live,” she informed him.
Myers decided to pursue a career in civil engineering and was able to break the six-figure mark by the age of 26. He was even hired to build a $20M division of a Fortune 500 company that turned out to be very successful. But he already knew that working in corporate America was not his long-term game plan. After realizing that the owner of his apartment complex was making over $700,000 a year, Myers knew which path he wanted to pursue. There was one problem: Myers didn’t have any connections or education in multifamily real estate investing.
From Fix and Flip to Multifamily Real Estate Investor
Myers started lending money to people who were doing real estate projects while he was in corporate America. As he became more educated about the business of real estate, he starting doing fix and flips. Soon, he found a partner who was able to help him build a multifamily real estate portfolio.
“Every investor is overcoming four challenges no matter where they are in their journey,” says Myers. “The first one is knowledge. The second one is deal flow. The third is experience. The fourth is capital.”
Myers adds, “A lot of people go to capital first and say they can’t do real estate because they don’t have any money. Having zero dollars is not a winning recipe for doing real estate. But you don’t need to have all the money to do real estate. The first step you should take is to get educated.”
A Conference That Delivers Results
Myers didn’t have access to real estate mentors when he was growing up. That’s why he’s making sure others have a better chance to get their foot in the door.
Myers leads The Myers Development Group, LLC and host conferences to help new and experienced real estate investors. “People can see practical examples of people who look like them,” says Myers as he shares his motivation behind the conference. “It’s not about having a bunch of people brag about how big their portfolios are and how many doors they have. It’s about giving people the stories on how others got from where they were to where they are now so they can follow the process.”
Myers also sees real estate investing as a way to close the wealth gap. “If you look at all wealthy families, even if they create their money through businesses, they put their money in real estate. It’s the most tax-advantaged investment you can make. Taxes is one of the things that take away the majority of our wealth. If you’re getting all your money from a W-2, there’s no way around that.”
To learn more about how you can begin your real estate journey or attend the next real estate conferences click here.