Having your rental property stolen?! How is that possible? This would be a worst-case scenario for any investor, and it was nearly reality for today’s guest. Buckle up as we share one of the wildest real estate horror stories you’re likely to hear!
Welcome back to the Real Estate Rookie podcast! In this episode, which could be mistaken for the latest entry in your favorite crime drama, investor Matt Drouin tells the bizarre story of how he nearly LOST his $150,000 rental property to a professional scam artist. He shares some of his biggest lessons learned from this incident—including how to screen tenants properly, when to get an attorney involved in the eviction process, and how to avoid scams when looking for your own off-market properties.
But that’s not all. You’ll also learn about the many benefits of investing in your hometown, as well as when to branch out and choose a market beyond your backyard. What’s more, you’ll hear about the often-overlooked mixed-use buildings that can be a gateway into commercial real estate investing, and how to take down these deals with creative financing!
In This Episode We Cover:
How Matt nearly lost his property to a scammer (and how he got it back!)
How to avoid scams when searching for off-market real estate deals
The competitive advantage you gain by investing in your backyard
Buying the “mixed-use building” deals that most investors ignore
Using ZERO of your own money on a commercial deal with creative financing
How to finetune and automate your tenant screening process
And So Much More!
Links from the Show
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Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
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Submit Your Real Estate Rookie Question!
Apply to Be a Guest on the “Real Estate Rookie” Podcast
Ponzi Schemes, Property Fraud, and How to NOT Fall for a Real Estate Scam
Trespassers Took Over My Rental Property! (How to Get Rid of Squatters ASAP)
Tools to Help You Find Your Market:
Become a BiggerPockets Pro Member
“On the Market” Podcast
Crexi
Federal Reserve of St. Louis
Marcus & Millichap
Improve Tenant Screening and Property Management with AppFolio
Connect with Matt:
Matt's BiggerPockets Profile
Check out more resources from this show on https://www.biggerpockets.com/blog/rookie-376
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243: The Short-Term Rental Cheat Code for More Bookings and Fewer Fees in 2023 w/Mark Simpson
242: Rookie Reply: How to Get a Better Price on That Off-Market Property
241: From Line Cook to Long-Term Investor with 32 Wholesale Deals w/Sahleem Lee
240: Rookie Reply: How to Get a Better Price on That Off-Market Property w/Ethan Wilson and Jamil Damji
239: The Rookie's Guide to 2023 Goal Setting: How to Achieve HUGE Goals This Year
238: Rookie Reply: Section 8 Investing and Which Cash Flow Markets Make Sense w/Ashley Hamilton
237: The Cash-Flowing Car Wash and Early Retirement Through Creative Real Estate w/Daniel Schiermeyer
236: Rookie Reply: Creative Financing 101 with No Cash, Credit, or Credentials w/Pace Morby
235: Investing in 100-Year-Old Homes Straight Out of College and the "PRR" Method w/Amy Wright and Mitch Mathern
234: Rookie Reply: You DON'T Need Experience to Invest in Real Estate w/InvestorGirlBritt
233: $1.1M in Real Estate at 21 WITHOUT a W2, Tax Return, or Degree! w/Logan Kohn
232: Double Your Cash Flow Overnight (In ANY Market) with Medium-Term Rentals w/Sarah Weaver and Zeona McIntyre
231: Semi-Retired at 30 Thanks to One Year’s Worth of Real Estate Investing w/Jessie Dillion
230: Rookie Reply: The 1% Rule, Turnkey Rentals, and Escrow Accounts Explained w/Zach Lemaster
229: Cashing In On Overlooked Off-Market Deals & Overcoming Analysis Paralysis w/Ryan John
228: Rookie Reply: How to Beat Cash Buyers, Tenant Brawls, and Appraisal Tips
227: The Vice-Principal Who Built a 9-Unit Rental Portfolio on The Weekends w/Mackenzie Grate
226: Rookie Reply: Financing Your First Rental, Leases, and High Interest Rates
225: Tiny Homes, Huge Profits: $6,000 a Month from 1 Property! w/Josiah Hein
224: It’s Not All About Cash Flow: 4 Ways Real Estate Makes You Rich w/Dave Meyer and J Scott
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