Ep. 124 Catching Your Dreams with Jerome Myers

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.

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