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Matthew Amabile had been out of college for a year. He was making decent money at his sales job, but not enough to afford his own place. And he was tired of sleeping on his cousin’s couch.
That’s when Matt started looking into real estate and analyzing deals. Three years later, he’s a 25-year-old millionaire. And he quit his 9-to-5 to travel the world.
So, what gave Matt the confidence to buy his first property? Or build trust with potential investors?
On this episode of Financial Freedom with Real Estate Investing, Matt joins me to explain how he leveraged an FHA loan and a little resourcefulness to house hack his first four-unit building.
Matt describes how his view of networking has changed over time, discussing how he connected with a partner to buy his second and third deals.
Listen in for insight around the tool that gave Matt the confidence to talk to owners and investors and find out why you don’t need money or experience to be successful—as long as you know how to analyze deals!
Key Takeaways
What inspired Matt’s interest in real estate
- Unhappy with sales job, sleeping on cousin’s couch
- Read Financial Freedom with Real Estate Investing
Matt’s first real estate investment
- Found 4-unit building to house hack
- Leverage 203(k) FHA loan to finance renovation
- Offered dad equity to help with down payment
- Earns cashflow of $1800/month
How Matt purchased his second and third buildings
- Found good deal on duplex and another 4-unit
- Lender connected him with investor in area
How Matt’s view on networking has changed over time
- Didn’t see value in it right away
- Now understand that sphere = who you become
The value in being able to analyze deals
- Gave Matt confidence to buy first building
- Helps foster trust with potential partners
How Matt is adapting his underwriting right now
- Factor in higher interest rates
- Analyze to find deals, no money out of pocket
Matt’s most recent 6-unit JV commercial deal
- $600K purchase price with $70K value add
- Refinanced at $1.2M value
What Matt has been doing since he quit his 9-to-5
- Traveled West Coast, spent month in Puerto Rico
- Spending month in Paris after Christmas
Where Matt sees his real estate business going
- Enjoy cashflow in short term
- Run property management business remotely
Why Matt said YES to a property management company
- Use to build relationships with owners
- Access to more multifamily deals and investors
- Subsidize acquisitions on own
Matt’s advice to aspiring real estate investors
- Read Rich Dad Poor Dad
- Learn to find good deals
Related Articles
How to Invest in Real Estate With Partners Without Drama
Why Real Estate is the Best Way to Build Wealth
New Trends in Real Estate Investing
Connect with Matt Amabile
Connect with Michael Blank
Apartment Investor Network Facebook Group
Email [email protected]
Resources
Learn More About Michael’s Mentoring Program
Buy Michael’s Syndicated Deal Analyzer
Join the Nighthawk Equity Investor Club
Watch the Recordings from Deal Maker Live
Access Michael’s Free Resources in the Freedom Vault
Review the Podcast on Apple Podcasts
Financial Freedom with Real Estate Investing by Michael Blank
Rich Dad Poor Dad by Robert T. Kiyosaki
The Book on Rental Property Investing by Brandon Turner