Strategic Multifamily Investing: Mentorship, W-2 Leverage, and Long-Term Wealth

Key Quotes

"My whole path is kind of rooted in Chicago. My uncle was a civil engineer in Chicago. He built homes on the South Side. He's the reason that I was interested in civil engineering myself. Math and science. I was going to go to the University of Illinois in Urbana. That's where all my friends went. Or Northwestern. Northwestern was about a mile away from my house. My mom said that she was going to come up and cook for me, do laundry, and I was like, oh, that's a little bit too close for home to be honest."

Jonathan Miller explains that his early interest in civil engineering and home building stemmed from his uncle's profession in Chicago. This personal connection to the field, coupled with a desire for independence from his family, influenced his decision to pursue education outside of his immediate hometown. Miller highlights how familial influence and personal aspirations shaped his initial career path.

"I think the pandemic just, it changed everybody, right? And for me, what it did is I was in New York during the pandemic. My wife was pregnant with our first son and I looked around and I said, you know, the world's changing. I'm still working in corporate America, but I'm sitting behind a computer for two years straight. This has to change because I feel like I'm kind of boxed in and isolated."

Jonathan Miller describes how the COVID-19 pandemic served as a catalyst for his career transition. He felt constrained by his corporate job, working remotely and experiencing a sense of isolation. Miller indicates that this period prompted him to re-evaluate his professional life and seek a change from his traditional corporate role.

"So on the mentorship side, I'm very risk-averse. I'm very calculated when I do anything. So finding a mentor was a way to essentially jump over all of the pitfalls, jump over all of the mistakes that I could make and basically have someone who has already made those mistakes help me. That was the reason for the mentor."

Jonathan Miller emphasizes his cautious and calculated approach to decision-making, particularly when it comes to significant career moves. He explains that seeking mentors was a strategic method to avoid common errors and learn from the experiences of those who had already navigated similar challenges. Miller underscores that mentorship was a deliberate strategy to mitigate risk and accelerate his learning curve.

"I also didn't quit my nine to five either. I think a lot of people will abruptly just say I want to be an entrepreneur, but they don't have a fallback. And so having a nine to five and an actual W2 helped me in real estate because all of these lenders were looking at my credit score, were looking if I actually had income coming in and that actually helped. So I would recommend it if people can keep a nine to five and work on the weekends or work at night to build until you're ready to step away, that's the better approach."

Jonathan Miller advocates for a gradual transition into entrepreneurship, advising others to maintain their full-time employment while building their business on the side. He explains that his W-2 income provided a crucial safety net and enhanced his credibility with lenders, which was instrumental in his real estate ventures. Miller suggests that this dual approach allows for risk mitigation and a stronger foundation for future growth.

"The List, no, there's no secret per se. It's a mentorship program that he started. The name is Ed Bolden. He started this group here in Atlanta for men of color because he, I think he had been spending probably like eight to 10 years doing this by himself and he's like the only young black man who was purchasing properties in Atlanta. And he wanted to essentially see others do the same with him and kind of grow with him."

Jonathan Miller describes "The List" as a mentorship program founded by Ed Bolden, aimed at supporting men of color in real estate investment in Atlanta. Miller explains that Bolden initiated the group after years of independent success, seeking to foster a community of growth and shared learning among peers. Miller highlights the program's role in providing access to deal flow, agents, and lenders.

"I mean, you guys talked about one of your pillars for this entire podcast, like generational wealth, right? Like that's what I'm building. I have two boys. I have a four-year-old and a one-year-old, about to be one-year-old. I am building a company that I can hand to them and instead of assets that I can hand to them. So that's why I exited the flipping single families because I want to hold everything as much as I can for long-term appreciation and I want to hand my sons a company in the next 20, 30 years that has assets that have grown. That's first and foremost. That's why I'm doing all of this. That's literally why I wake up every day for my sons."

Jonathan Miller articulates his primary motivation for building his real estate company: the creation of generational wealth for his two sons. He explains that his strategic shift from flipping single-family homes to acquiring and holding multifamily properties is driven by the goal of accumulating long-term appreciating assets. Miller states that his sons are the driving force behind his daily efforts and long-term vision for the company.