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
Join BiggerPockets for FREE
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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