Understanding Who You Are With Jerome Myers #MakingBank #S7E03
In this episode of the Making Bank podcast, we welcome guest Jerome Meyers. Jerome once worked in corporate America at a construction company and was part of the team responsible for building a $20 million division. However, he believed that there was more to be gained from life, and being a part of corporate America wasn't helping him satisfy that itch, and that's why he left. Now, Jerome is a corporate America dropout who has become one of the world's most sought-after Thought Leaders and real estate entrepreneurs in the multifamily development space. His company, the Meyers development group, has been able to build a multimillion-dollar portfolio following the principles of his Meyers method. As a developer of people and places, Jerome has lived out his childhood dreams of helping people manifest the things they could once only imagine and create social proof that dreams can be real. Today, Jerome is the Founder and Chief Inspiration Officer of Dream Catchers and the Myers Development Group. Through these entities, he works to help others that are just like him exit the matrix that is corporate America. This week on the podcast, Jerome talks about his journey and gives us tips for entrepreneurs getting started in the multifamily space. He also details why your inspiration is essential and why you should be genuinely passionate about your work. Listen to Josh and Jerome discuss the lessons he learned on his entrepreneurial journey: (2:24) Jerome's Introduction To Entrepreneurship As a kid, Jerome exhibited early tendencies of most entrepreneurs; he sold candy at school and mowed lawns to make money. However, Jerome's introduction to entrepreneurship came when he was around 5. He was fascinated with the idea of being free and not having to work late so that he always had time for his family. He asked his mom about it, and she explained that to continue living the way Jerome was used to living, he'd need to be able to make money, and the best way he could make money and be free would be to be the boss and own his own company. (7:01) Leaving Corporate America Jerome would get an engineering degree and start working for a construction company. Things would start off going smoothly for him, but on January 24th, he received a call informing him that he had to fire half of the team's employees. Even though the company was doing well, he still had to lay off those employees. Jerome remembers this as one of his most humbling experiences because he wasn't really a leader, he just had a title, and he was doing what he was told to do. That's when he decided to leave and figure out how to make it as a real estate entrepreneur. (18:13) The Challenges Jerome Faced And How He Overcame Them Jerome's most significant challenges came with his first real estate deal. He did almost everything wrong. He didn't get the correct permits, hired contractors that didn't perform, and created a business plan that flat out didn't work. He learned from that to stop operating with zero margins for safety. Always have a contingency plan because things won't go perfectly when you're doing something the first time. There are always going to be issues, so be prepared for them. (20:48) Top 3 Things Jerome Learned Figuring things out on your own is the most inefficient and ineffective way of doing things. Hire someone that already knows what they're doing and make them work for you. Don't try to be self-made. Nobody is truly self-made. Humble yourself, learn to get help, and use other people who are skilled in areas you're not. Remember, you can only get so far on your own. Always believe in your dreams, no matter how outlandish they may seem. Most people haven't experienced freedom because they've never believed it was possible. The road to success is full of hardship, but your conviction will help you get through it. (23:39) Jerome's Four Step Process Jerome's four-step process is: Find it, Fund it, Fix it and Flip it. This goes for a