Incredible is an understatement when it comes to describing all the exceptional feats real estate mogul and entrepreneur Jessica Myers has accomplished in a nearly unfathomable short span of time.
Renovating over $15 million in real estate assets is six years is an astonishing accomplishment. What was your first steps?
My first step was education. After I closed a really big deal at my job I was working at the time, and not much commission came to me, I knew something had to change. I worked really hard on that deal, but I quickly realized it wasn’t enough. I remember my grandmother used to always teach me about the 4 appreciating assets, and I knew the world’s wealthiest people were made from Real Estate investing. While at the time, it sounded nice, I didn’t know where to get started, and I didn’t have much capital to get started.
That’s when I signed up for a beginner Real-Estate Investing Class. The education introduced me to Wholesaling. A low-risk beginner strategy that allows you to get into real-estate and learn the investing side, without having to risk your own capital. This technique helped me to generate my annual salary within 90 days. I created a roadmap to help beginner investors get their start in Real Estate investing, from Wholesaler to Hotel Owner.
Systemic racism after slavery greatly hindered Black Americans in acquire home-ownership. How do you prepare your clients in handling unfair banking practices?
Growing up in the city of Atlanta, we were very fortunate to have seen activists like Ambassador Andrew Young, Joseph E. Lowery and Former Mayor Andrew Jackson fighting for economic equality for our community. But when I began development in Brunswick, I saw first hand the impact of unfair banking practices and how it has shaped our communities in smaller towns. We were still able to thrive, through collaborative economics, but it wasn’t easy. It takes more than capital to do a deal.
I call it the I.C.E. formula. Income, credit and experience. That’s what banks are looking for to get a deal done. The parcel I purchased in Brunswick, had six houses on it. They would send in the person who could pass to get a loan, and build what they could to survive. We came together as a community to collaborate. I’m excited to revitalize this community, with the help of local investors. Collaborative economics targeted at fixing a block, a community, is what will help tilt the scale of ownership our way.
As in most business, success is highly dependent on assembling the right team. What are the necessary professionals needed to develop real estate?
The development process is broken down into three phases: pre-planning, design and delivery. There are key players in each part. Pre-planning, this is where you envision what you will do. Are you in single-family, commercial etc. What resources will you have access to, because that may determine what you build. Also, tap in with the local community to see what they are in need of. They may have government incentives to help with your development as well. Next, you want to partner with an architect that will bring your plans to life. Having this vision is key, because this is the blueprint to your project, and will serve as a bible to all of the contractors.
Lastly, in the delivery, you will need a general contractor or project manager. These people are the team that will develop and build the project you desire. I would also make sure you have an attorney involved to ensure your contracts are written to protect you. A real estate agent is also good to have on the team, to know the trends and looks that are in demand. They will also help you to understand the value of the community you’re developing in.
You currently offer a course entitled “Wholesaler to Hotel Owner”. Share with us a few of the subjects you cover.
When I got my start in Real Estate Investing, I had to learn on the job, even though I paid thousands of dollars for a bootcamp, it didn’t nearly give me the work that I needed. I created this course to get you to action. We cut out the fluff and get straight to the point. It’s about how to find a deal, how to contact the sellers, negotiating the right price, and how to get it closed. We also discuss how to find cash buyers, and offer things to look out for to ensure you are protected. It’s about owning your time. Setting yourself up to work because you want to, not because you have to. The education is what gives you access to a skill-set that will generate wealth for you and your family.
In what ways did your experiences as a member of the Alpha Kappa Alpha sorority aid you post college?
My sorority sisters have seen me at my best, and some of them my worst, but through it all, they’ve loved me for who I am no matter what. They help to keep me grounded amidst this crazy journey of entrepreneurship. Even my big sisters step in to check on me to provide business resources. And from time to time they help me spell check if they catch me slipping. That type of support, in a white-male dominated industry is what keeps me going. I’ve also connected with some of my first investors through the Divine 9 community. The network you get access to, the ideas, and the love is what I’m forever grateful for.
BE’N ORIGINAL
