The $150K “Stolen” Rental Property (How to AVOID Real Estate Scams)
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- เผยแพร่เมื่อ 29 มิ.ย. 2024
- 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!
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Ponzi Schemes, Property Fraud, and How to NOT Fall for a Real Estate Scam:
www.biggerpockets.com/blog/on...
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Trespassers Took Over My Rental Property! (How to Get Rid of Squatters ASAP):
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Show notes at: link.chtbl.com/Rookie
00:00 Intro
01:37 Finding His House for Sale?!
07:50 Matt’s “Sting Operation”
17:32 Backyard Investing & New Markets
25:28 Tenant Screening & Mixed-Use Buildings
31:44 Creative Finance 101
40:03 Connect with Matt!
Thanks for the update and keep doing what you do. My journey in the current market has taught me a lot of lessons, at the top of that list is that it never pays to live above one's means. I have managed to grow a nest egg of around $600k to a decent 7 figures in the space of a few months. Sad to say but a lot of us have poor money management skills. My 2 cents -get an advisor to keep you accountable and aid you make better decisions, John Preston has been helping me a lot, all through my journey. I find it better to pay a little bit more for peace of mind than worry about money or market trends and still get >burned.....
Awesome stuff! The part about the importance of having clear screening criteria for tenants to avoid bias and ensure compliance with fair housing laws was particularly enlightening. For folks out there that are into multifamily investing, our channel offers a goldmine of tips and strategies!
I’ll have to check it out. Bias can cut both ways in screening. It can either get you sued or lead you to a bad decision on placing a tenant.
Great to see Matt on the pod, and Rochester getting some love as an REI market!
Hey thanks for the love! I hope you got some entertainment factor out of the story
Thanks, Ashely! 👍
She’s a great interviewer!
Great video.
Thanks you! It was a blast digging up some of the old horror stories lol
What app do you use for tenant criteria, Ashley?
I believe Ashley used AppFolio too
@angie0214 are you asking for how she gets rental applications? I believe everything is done through Rent Redi, which helps list the property and share a link to apply.