376: The $150K “Stolen” Rental Property and How to Avoid a Real Estate Scam w/Matt Drouin

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 6 March 2024

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE 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 the full show notes here: https://www.biggerpockets.com/blog/rookie-376 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie show number 376.
0:05.0	So some people like myself may browse
0:08.0	Craigslist to find properties,
0:10.0	but today's Gus found his own property listed for sale.
0:14.0	You won't believe how much it was listed for and how he found about it.
0:18.0	My name is Ashley Care and welcome to the real estate rookie podcast where every week, three times per week now, we bring you the motivation,
0:26.5	inspiration, and the stories to help you get started.
0:29.6	Okay, so today's guest is Matt Drew and Matt. we are so glad to have you on the show. He is a seasoned
0:36.0	investor from New York. He believes if you are not a rookie at something that you will never grow.
0:42.1	He had a newsworthy story to share, kind of almost like Laker's if you haven't
0:46.8	listened to that episode yet, but he's going to share with us an eviction that eventually almost cost him his property. So Matt, thank you so much for
0:55.6	joining us today for a little therapy session to tell us your horror story.
0:59.9	I have so many horror stories in this business so this is one of my favorite ones but
1:04.8	thanks for inviting me on I'm excited and terrified at the same time.
1:09.1	Yeah well I'm excited to go over some other things besides just your horror story to kind of get to know your market because you are investing in New York and I'm sure everybody's thinking how could there be horror stories
1:20.3	investing in New York it's such a wonderful place to invest. And then also we're going to
1:26.7	hear about your first mixed use deal and then how you handle the tenants during this nightmare.
1:34.2	So lessons that we can all learn from.
1:37.6	So that, let's get started with this Craigslist house.
1:42.6	First of all, I'm a little upset with myself
1:45.1	that I didn't actually see it listed for sale
1:48.2	and if it was a good price, jumped on it and bought it.
	...

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