About

  • Senior VP of Business Development at Conversant
  • MBA in marketing from Golden State University
  • Started Side Business purchasing Condo Units
  • $4,000/month net income from rental property

Background

Matt Martella is the Senior Vice President of Business Development at Conversant.  With over 25 years of experience in consumer research, strategic planning, sales, marketing and logistics, he leads a team responsible for working with marketing and brand leaders across Fortune 1000 companies.  Matt has an understanding of the challenges faced by companies of all sizes and helps to drive solutions in the areas of enterprise technology, marketing services, and digital media.

About 12 years ago, Matt and his wife Jenny, a Financial Planner, realized that owning real estate might be a good investment and a way for them to earn additional income while continuing to work.  After researching markets across the country, they sold their home in the San Francisco Bay area and moved to Charlotte, North Carolina.  Their side business became a reality with the purchase of several condos.  Today, Matt and Jenny own 8 residential units generating $4,000 per month in net income and are working towards fulfilling their goal of creating sufficient income outside of their jobs to gain financial independence and save for retirement.

Show Notes

  • Recognizing the common denominator to gaining wealth [1:25]
  • Create a passive income with real estate [2:35]
  • What led Matt and his wife to move across the country before purchasing their rental property [3:50]
  • Three real estate strategies to increase your wealth[6:00]
  • The advantage of owning a multi-unit property vs. single family [7:50]
  • Creating an LLC to include multiple rental properties [8:40]
  • Deciding which tasks to outsource [10:20]
  • Location, Location, Location [14:00]
  • Cost of maintaining a rental property [17:30]
  • The downside of inheriting tenants [18:50]
  • Four things to do before you buy and rent your property [20:15]
  • The average rate and costs of tenant turnover [23:45]
  • Hiring a company or individual to manage your property [32:50]

Tips

  • Managing your own property can provide a good tax break [11:45]
  • Take the time to find tenants that will respect your property [16:30]
  • Set aside money to reinvest into the property [18:15]
  • Research the local laws and ordinances before you buy [20:15]
  • Use an online tenant verification program to run your own background check [22:00]
  • Take your time and do your research before you invest [35:35]

Contacts and Links

Mdmartella AT yahoo.com

Listen to the Show

The Side Business Show

Ike AT TheSideBusinessShow.com