Turning $16,000 into $8,000,000 with Matt Drouin, Ep. 391

Matt Drouin is Partner at OakGrove Development, a real estate investment and development firm with a special focus on value-add commercial and residential properties in Rochester, NY. Over the last 15 years, Matt has been in real estate management, brokerage and development, and has grown his portfolio to 120 units of residential and commercial property. Matt believes that you can do well and do good as a real estate developer and that ultimately community centric development boosts long term profits for investors. We spoke to Matt about how losing his parents made a tremendous change in his approach to financial freedom, the importance of investing in your business, what historic adaptive reuse is, and commercial real estate.   Announcement: Download Our Sample Deal and Join Our Mailing List   [00:01 – 05:49] Opening Segment  Matt talks about his background. He talks about how he got into investing. He talks about his dad’s influence on him getting into investing. [05:49 – 12:37] A Transformation into a True Investor How losing both his parents in his 20s affected Matt’s approach to his future. How Matt's trip to Europe inspired him to pursue financial freedom. He talks about the sacrifices his parents made and how that changed his approach to financial freedom. John talks about the importance of having a big “why” to get into real estate investing. [12:37 – 31:35] Growth and Commercial Real Estate The importance of investing in your business. How he went from a four-unit property to multi-million dollar deals. Matt explains what “Historic adaptive reuse” is. How Matt adds value to the neighborhoods he invests in. The importance of having a long-term approach. What Matt looks for in a community and a market before he invests. The reasons why Matt prefers commercial real estate.   [31:35 – 37:21] Round of Insights Apparent Failure: Understanding his own limitations.   Digital Resource: The Reminders App   Most Recommended Book: Rich Dad Poor Dad   Daily Habit: Exercise   #1 Insight for Investing Focus on building a core competency that gives you a built-in inherent advantage over everybody else.   Best Place to Grab a Bite in New York:  Crumpets   Contact Matt: To learn more and download the e-book, go to Matt’s website.   Tweetable Quotes: “The desire to have a little bit of extra money is not a big enough “why”.”  - Matt Drouin “You can utilize your for-profit business to actually do good through its very actions.”  - Matt Drouin Thank you for joining us for another great episode! If you're enjoying the show, please LEAVE A RATING OR REVIEW,  and be sure to hit that subscribe button so you do not miss an episode.