$71K/Year from ONE Rental Property (After Leaving Prison!)

$71K/Year from ONE Rental Property (After Leaving Prison!)

Episode #353

Making $71,000 per year from ONE rental property is a huge feat for any real estate investor, but it’s even more impressive when you’ve had to work your way from the very bottom. Although today’s guest had to overcome several challenges on his investing journey, his resiliency paid off in a BIG way!

Only a few years ago, Matt McDermott’s life was unraveling. After hitting rock bottom and going to prison, Matt realized that he needed to make some serious life changes. Step one was getting sober. Step two was financial freedom through real estate. After an argument in the kitchen one evening, Matt and his wife reached the conclusion that they should buy their first rental property. Since then, they have built a multimillion-dollar painting business and a cash-flowing real estate portfolio!

In this rags-to-riches episode, Matt shares how he worked around several roadblocks to make his real estate dream a reality. He also offers crucial tips for getting your spouse on board with real estate, as well as how to get your family involved in DIY home renovation projects. Finally, if you’re self-employed, Matt talks about creative ways to get financing for your deals—such as using bonus depreciation to boost your buying power!

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From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy: https://www.biggerpockets.com/blog/rookie-podcast-109-nick-cooley?utm_source=youtube&utm_medium=description&utm_campaign=none
Finance Friday: Self-Employed Income and Short-Term Rental Investing: https://www.biggerpockets.com/blog/money-306?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Matt:
Instagram: @capecodsalthouses or https://www.instagram.com/capecodsalthouses/
Website: https://www.capecodsalthouses.com/
Connect with Ashley and Tony on BiggerPockets:
Ashley: https://www.biggerpockets.com/users/echopm?utm_source=youtube&utm_medium=description&utm_campaign=none
Tony: https://www.biggerpockets.com/users/tonyr75?utm_source=youtube&utm_medium=description&utm_campaign=none
Connect with Ashley and Tony on Instagram:
Ashley: @wealthfromrentals or https://www.instagram.com/wealthfromrentals/
Tony: @tonyjrobinson or https://www.instagram.com/tonyjrobinson/

Show notes at: https://link.chtbl.com/Rookie

00:00 Intro

02:21 From Prison to Real Estate

05:50 Matt’s Portfolio & Multimillion-Dollar Business

13:16 Bank Financing Struggles

19:41 Bonus Depreciation 101

22:57 Scoring His FIRST Deal

29:29 Family Renovation Projects

36:59 Refinancing & Listing the Property

43:47 “Don’t Quit. Rest.”

46:29 Rookie Exam

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