So I am BEYOND excited to share today’s LTRE as we have a special guest with us this week. Dwayne Jordan (founder of Yenom Holdings & Nannie Mae Advisors) is joining us to talk about his journey in real estate investments and how he recently retired at the age of 35! I had the honor of speaking with Dwayne for the first time in early December. Dwayne had commented on one of our Instagram post updates on Project Philadelphia and the friendship went from there! Thank you social media for changing the networking game! Let’s dive in.
So, as we do, let’s talk Real Estate, let’s talk DWAYNE JORDAN’S REAL ESTATE JOURNEY…
First of all I want to thank Dwayne for taking the time to speak with us all and educate us on how he is where he is today. The following was conducted in an interview manner back in December!
Dwayne – why don’t we start with the basics. Can you give everyone a bit of background on who you are and where you are from?
My name is Dwayne Jordan, I’m originally from Staten Island, New York. I’m a real estate investor and developer in New York State with a portfolio that expands to Ohio and Atlanta.
When did you start investing in real estate?
I started investing in real estate in 2013.
What inspired you to start investing in real estate?
While I was working at my former 9-5 job, something happened at work and I realized that my financial freedom was in the hands of someone else and I didn’t like that feeling. That very night, I went home, opened up my laptop and somehow ended up at the HUD website, landed on a property, contacted the realtor that was listed and ultimately purchased the property. That was my first property.
Can you walk us what through what your first deal looked like?
The first property that I acquired was a duplex that needed approximately $22,000.00 worth of rehabbing. The property was a side by side duplex where each unit contained two bedrooms and two bathrooms. Rehabbing the property commenced immediately after closing and I wrapped that properties rehab up after 21 days and have been renting that property ever since.
What do you believe to be the biggest mistake new investors are making?
I think that the biggest mistake that newbie investors are making is overpaying for properties, not looking at return on investment and doing a lot of vanity builds that have no place in a real estate investment portfolio. Every deal should be solely about numbers with no emotion attached.
How do you choose which cities to invest in?
In order to choose the cities that I invest in, I track trends and analyze markets prior to purchase. I do market analysis on crime versus job growth in that area in addition to transportation needs, availability and access to highway etc.
What does your real estate portfolio look like today?
Currently I have multiple properties in New York, Ohio and Atlanta. All of my properties are residential.
Did you get any certifications / licenses to help you grow your business? i.e. real estate license, general contractor, did you take design classes ,etc.
I did not get any certifications or licenses to be in this business. Everything I have learned has been self-taught. I did pick up some books from Barnes & Noble though. I think it is interesting to note that 80% of millionaires did not complete college.
What does your team look like? Do you have a go-to contractor, architect, supplier, property manager, etc.?
Currently my team consists of a contractor that I have been working with since day one and his firm is just as large as my real estate company. I also have plumbers and electricians that I sub-contract. In addition, I have an architect that I use for build outs. In regard to property management, I take care of those myself in New York, whereas in the other states I own residential property in, I outsource property management to outside companies. In this business relationships are everything.
Where do you go for design inspiration on your projects?
For design inspiration I go to Home Depot often and look at color pallets or I search google for house designs.
What differentiates your properties from other investors in the area?
What differentiates my properties is that I build for my brand. I would never build anything that I wouldn’t live in. I use quality materials and skilled laborers so that my properties represent a top-notch branch which is Yenom Holdings, LLC.
Recently you started Nannie Mae Advisers as the consulting arm of your business. Can you tell us a bit about the services your consulting business offers?
First, I have speaking engagements, I also offer online classes via Skype that are one-on-one with the curriculum geared toward building a profitable real estate portfolio and teaching beginning and expert investors my method of portfolio growth. Additionally, I offer one on one in house consulting for all questions that are business related, not just real estate.
What are your plans for 2019?
In 2019 I will acquire at least 10 more properties and I foresee expanding into two more states.
Finally, just to end on a more personal note, who is your #1 business icon / inspiration? And, why?
My number one business inspiration would have to be Dan Lok. He is a straight forward, no nonsense methodical investor. He reminds me of myself.
That is awesome -I love that!
Dwayne thank you so much for taking the time to share your business journey with us!
If any of you are interested in reaching out to Dwayne or utilizing his consulting business you can find him at the following:
Feel free to comment on the blog post HERE and let us know what YOU think!
p.s. we are getting more PERSONAL this year and now have a new Instagram handle – check us out at @erin.home.and.realestate
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