Today’s guest on the Money Mindset™ is Jerome Myers, AKA “J”. He’s a developer of people and places. He’s the founder and chief inspiration officer of Dream Catchers and the Meyer’s Development Group. Through these entities, he gets to live out his childhood dreams of helping people manifest the things they imagine and create social proof that dreams should be real. Since leaving corporate America after building a $20 million division, Jerome has become one of the most sought-after thought leaders in the multifamily development space. His company, the Meyer’s Development Group, built a multi-million dollar portfolio following the principles of Myers Methods. This success has led him to be featured on top podcasts in this space, and he is an inspiration and someone that people listen to when they are considering real estate, be sure to listen for some helpful tidbits from our conversation.
You will want to hear this episode if you are interested in…
- Jerome’s path to becoming an entrepreneur [2:22]
- Where did Jerome’s real estate passion stem from? [8:39]
- Benefits of owning and investing in real estate? [13:12]
- What about being debt-free? [14:05]
- Top 3 things to consider before investing in property? [16:52]
- How Jerome’s company helps people looking to get involved in real estate [22:01]
- Why Jerome feels advisors (in any industry) should be held to the fiduciary standard [25:23]
- What is the next step for Jerome in his journey? [28:56]
- What Jerome did today that put him in the right mindset for success? [31:24]
Three things to consider before delving into real estate investing
If you’re thinking of pursuing real estate investing here are 3 tips from Jerome Myers to consider before making the jump. Jerome says #1 is don’t go into real estate if you NEED money. Go get a job and get a weekly check if you are looking for instant returns. When you get into real estate it’s like starting a business and you should expect some lag between when you start and when you profit.
He says #2 is that once you’re in, there is no reset button. You have to be willing to do whatever it takes for however long it takes to get through the project. If you’re not committed at that level, then don’t jump in. There are going to be things that happen that you don’t expect. There will be expenses that you aren’t prepared to cover. And just because you have a plan, doesn’t mean that plan is going to work the way that you saw it going down. You’ve got to be flexible.
And #3 is to realize the people who live at the property you invest in are not just dollar signs. They are real people and they need to be treated as such. If you love on the people in your properties that love will be returned to you. You’ll have a great asset that is profitable and growing in value. Jerome believes that you either have geese or alligators when you are in a real estate game. You feed the alligator, it gives you poop. You feed the goose, it’ll lay you eggs you can live off of.
One way Jerome and his partner help people wanting to get a foot in the real estate door
Jerome wants to help with the two things that were missing for him and Darren when they were getting started. Knowledge, and exposure to people who have experience. So they’ve built something for those starting out where they did, on the stoop with nothing more than a dream. They’ve got a conference that runs each year with international speakers coming to share. There are no sales pitches, just straight-on education, and stories from the operators who are actually doing the business so that people can get a feel for what it’s like to actually do the business. Jerome says a lot of people go in doe-eyed and think it’s this grand thing that is luxurious but a lot of it just isn’t. So their goal is to help people to have a firm understanding of what the actual experience is and then give them the tools, techniques, and tactics that they need to take their next step.
A fiduciary state of mind
Jerome uses the term fiduciary a lot. Why is it that Jerome feels advisors in any industry should be held to the fiduciary standard? He says it’s because he’s watched so many people get taken advantage of. He doesn’t think people understand when they’re getting into these arrangements, whether or not the person is working in your best interest or trying to do what’s best for themself.
When somebody trusts you to serve them, they want you to work in their best interest and if it’s not delineated on whether or not that’s what you’re doing then it muddies the water and then our potential clients walk away feeling taken advantage of. He doesn’t think anybody should ever feel taken advantage of when it comes to the money part. They should be explained all the risks, and if I am trying to make money and how I get compensated, and whether that works for them or not they can make that decision before we begin the arrangement because if you do it in the middle of it, it’s an opportunity for frustration and that’s not fair to anybody.
Connect with Jerome Myers
Jerome Myers (a/k/a “J”) is a developer of people and places. He is the founder and Chief Inspiration Officer of DreamCatchers and The Myers Development Group.
Through these entities he gets to live out his childhood dreams of helping people manifest the things they imagine and create social proof that dreams should be real.
Since leaving corporate America after building a 20MM division, J has become one of the most sought after thought leaders in the multifamily development space. His company, The Myers Development Group, built a multi-million-dollar portfolio following the principles of Myers Methods.
This success has led to him being featured on top podcasts such as Best Real Estate Investing Advice Ever with Joe Fairless, Apartment Investing with Michael Blank, Multifamily Investor Nation with Dan Hanford, Target Market Insights with John Casmon, and at least two dozen others.
Although he’s often told that he makes investing look easy, the people closest to him know the road wasn’t without challenges. So, he created Myers Methods, a real estate education company, to dispel many of the myths related to the industry and educate investors on his 4-step process to owning and operating apartments.
Guests on the Mitlin Money Mindset Show are not affiliated with CWM, LLC, and opinions expressed herein may not be representative of CWM, LLC. CWM, LLC is not responsible for the guest’s content linked on this site.
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