In episode 126 of InvestFourMore, Mark Ferguson interviews Dr. Matt Motil on how he was able to build passive income after going through a divorce, being diagnosed with cancer, and surviving the house crash.
Mark Ferguson created Invest Four More to help people become real estate investors either as rental property owners, flippers, wholesalers or even note owners.
Let’s get started…
Building Passive Income After the Housing Crash, Cancer, and a Divorce With Matt Motil
1. How Did Matt Get Started in Real Estate?
Matt grew up in a family of contractors, and he ended up becoming a union contractor at the age of 18.
He was making almost $20/hr straight out of high school, but he knew he wanted something more out of life.
Matt went to school for engineering and while getting a degree, managed a rental property for his parents while living in it.
He ended up getting a job as an engineer traveling all over the country.
He also started to buy real estate and “flip and live,” as he calls it. He would buy a house to live in and fix it up over a year or two.
2. How Did Matt Build Up His Life Savings Only to Lose it All?
Matt worked full-time an as engineer, but continued to flip the houses he lived in.
He was transferred to Phoenix for work, where he bought and sold more houses, eventually getting to a point where he had $200,000 in equity.
His wife and himself built a home around $600,000. At that time the housing market crashed, and their house plummeted in value.
Similar homes were selling for $200,000 or less, and Matt couldn’t even find a renter because there was an estimated 80,000 vacant houses in the area and not enough people to fill them.
Matt ended up losing the house and all of the money put into it, but he never gave up on real estate!
3. How Did Matt Change the Way He Invested in Real Estate?
Matt ended up getting a divorce and moving to Cleveland just before losing his house and life savings, all while getting diagnosed with cancer.
He got a great deal on a house in Cleveland, but the market had dropped there as well. He ended up renting this house and another in which he lived in.
Matt made money on his rental this time, and the passive income lit a spark in him.
Matt then met his current wife, also interested in rental properties, and they started to build a rental portfolio together.
They bought as many rentals as they could in each of their names using hard money in order to put less down.
After running out of conventional mortgages, Matt started using private money to buy more and more rentals.
Eventually, Matt realized he was making enough money from rentals to replace his income.
He ended up losing his job and that was OK because he was able to move into real estate full-time.
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