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

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 out more resources from this show on https://www.biggerpockets.com/blog/rookie-376

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