353: From Rehab to Real Estate Investor Making $71K/Year from ONE Rental w/Matt McDermott

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 rehab, 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!

In This Episode We Cover:

Making $71,000/year from ONE property with the short-term rental strategy

How to get your spouse on board with your real estate dream

How to get financing for your deal when the banks tell you “no”

Increasing your buying power and reducing your tax burden with bonus depreciation

Turning DIY home renovation projects into more quality time with family

Leveraging equity in your portfolio to buy MORE real estate

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

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Ask Us Your Investing Question

Apply to Be a Guest on the “Real Estate Rookie” Podcast

From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy

Finance Friday: Self-Employed Income and Short-Term Rental Investing

Find Property Information Easily with PropStream

Connect with Matt:

Matt's Instagram

Matt's Website

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-353

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