" podcast, caught the real-estate bug while pondering his future. At the time, he was only a sophomore in college.. "I had two roommates doing the same thing, and [the landlord] had the same thing going on downstairs. And when we multiplied that out, across the complex, the guy that owned the complex was making $700,000 a year ... and we never seen him or talked to him.
Fast-forward to today, and Myers has built a real-estate portfolio encompassing over 90 units across North Carolina and Virginia using a simple, four-part strategy. When all is said and done, Myers hopes to amass over 1,000 units and partner with more than 100 investors to share in the profits.Informed and inspired, Myers entered the real-estate investing arena bright-eyed and bushy-tailed, ready to scoop up multifamily properties by the handful. Instead, he caught a hard dose of reality.
To Myers, it's a crucial distinction. As a rule of thumb, if a property is going to be a nightmare to recapitalize, he'll likely pass. "And then we move into the funding phase," he said. "In the funding phase, you put together your business plan, select your team, go through your due diligence to prove out the assumptions that you had when you did your underwriting, as well as get into the place where you can present it to the bank and other potential partners.
"So we budget according to what actually has to be done in order to achieve the business plan versus just doing a blanket number," he said. "We don't do wholesale changes."
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