Born and raised in Brooklyn, James Myrthil now lives down in Tennessee, helping the underserved and rebuilding communities out there. He’s also a successful real estate investor, creative financing specialist, and runs several businesses in Brooklyn, Tennessee, and Orlando.
Formerly he worked for the MTA as a customer-service operator; drove buses; and became a trainer. He had a great job and benefits, especially as a kid who came from humble beginnings in Brooklyn, where he grew up and spent the majority of his life.
James Myrthil ‘left a good job with the city’ to pursue his dream. His friends and his family said he was crazy. But the good salary, the stability, and the pension didn’t matter to James Myrthil. It didn’t fulfill him.
At the age of 22, while his friends were still drinking and partying, he purchased his first duplex in Brooklyn. Yes, at 22. From having saved his money, working hard and watching late night infomercials about the power of real estate. “Then I started putting money into CDs and mutual funds, you know, when they were at 4-5%. I bought my first piece of real estate. Then I started flipping houses. Then multifamily properties. I am now co-owner of a 300-unit apartment complex,” says Myrthil.
James Prendamano recounts the time he was ‘goofing off’ in his late teens and spent some time in Florida with his father. His father had told him – You want to go to the movies. Get a job. You want to buy a car. Get job. So James did, working at Walgreen’s as an assistant manager, with an offer to move up within the corporation. He graciously declined because it was not his passion. The work ethic was there, but it was not my dream. James Prendamano needed to do something for himself, to be his own boss. As we know, the rest is history.
When the Passion Surpasses Money . . .
What I say to people is, says James Myrthil, “If you take out the money, the following, everything that comes with this success, would you still do it?” If the answer is yes – that is the passion, the drive, the motivation.
Serial entrepreneurs are born with that passion within them, asserts James Myrthil, as James Prendamano adamantly agrees.
I don’t push everyone to become an entrepreneur, says James Myrthil. It’s not as easy as it looks on paper. It takes all kinds of people. The entrepreneurial spirt is something you’re born with. It cannot be taught to everyone. It is a gift. And James says he is blessed to have it.
On the topic of serial entrepreneurship, James Prendamano asserts that “It is not for everyone, and you should know that it doesn’t come without great sacrifice.”
Waxing Nostalgic on an Old Late-Night Ad
I remember being high in my late teens (high on weed), and you know those ads you’d see over and over again I can still hear this real estate investor say on this ad – Rich people are rich because they make a decision to be rich. Again, says James Myrthil, I was smoking weed, but hearing this over and over, night after night at 1am –it clicked for me. I said to myself – Hey, this guy has a point!
James and James both talk about Gary Vee for a little while and how he had inspired them at points in their lives. James Myrthil says that people don’t fully understand the level of sacrifice that it takes to do this. James Prendamano is a perfect example of this, as he reflects on his own life and missed moments.
It’s All About Networking
It’s all about networking, says James Myrthil, who started out about a decade ago – connecting with a lot of investors during ‘Meet Ups.’ Networking is more important than anything says Myrthil.
Because of networking, I made out okay in some instances during Coronavirus. I closed deals sight unseen because of virtual tours. I continue to do everything remotely. There is so much data available, so much great information out there. James Prendamano could not agree more about digital technology having the ability to really propel the industry, especially with things like Virtual Matterport Tours.
Thoughts on Bitcoin and Cryptocurrency –
“It’s volatile, but I love it,” says James Myrthil. He actually got into it about ten years ago via an app on his phone. James Myrthil says – Look, if you have the stomach for the stock market and know what you’re doing, you can do well with bitcoin. If you cannot tolerate stress, bitcoin is not for you. “It’s a speeding bullet,” James Myrthil laughs.At the same time, you can make it work for you.
How James Myrthil Does It. Want to hear all about it?
James Myrthil says -- We are able to put people in a position where they have nothing to lose. That’s how we conduct our business. We know our exit strategy before we get the investment property, James Myrthil says. “You have to have a concrete exit plan,” reaffirms James Myrthil – to which James Prendamano vehemently agrees.