The curious case of Matt Onofrio

The curious case of Matt Onofrio

Member since 2022 · 8 posts · 15 votes

Matt Onofrio is a commercial real estate investor that purported to have a NW of over 150 million in CRE assets. He claims to have done this in as little as 2-3 years. His BP interview had over a million views and he appeared on many other RE podcasts and interviews. He also had a book coming out that he claimed would be published by BP (or at least, have a foreword by BP).

Now, his instagram has been privated for months. Preorders of his book have been cancelled. His book's release date has gone past with no explanation. And most strangely --- his BP interview on YouTube has been unlisted/privated without explanation. 

So, what happened? Did high interest rates kill his investment strategy? Was there a falling out with his connections at BP? Or was he a fraud that somehow got past whatever verification BP uses before interviewing professionals? 

As someone who listens to BP faithfully, this under-the-rug treatment is a little concerning. 

Link: https://mattonofrio.com/ (note the unlisted BP interview)

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Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
3y

@Dan Tran

Never heard of him. One thing to know about real estate is people who claim to go from $0 to large amounts (in this case $125M), typically are smoke and mirrors. The guys and girls who have significant wealth in real estate do not brag about it.

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y

    @Dan Tran

    Never heard of him. One thing to know about real estate is people who claim to go from $0 to large amounts (in this case $125M), typically are smoke and mirrors. The guys and girls who have significant wealth in real estate do not brag about it.

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  • Bjorn AhlbladPro Member
    Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
    3y

    @Dan Tran I'm on BP sometime almost every day and I have never heard of him either. 150 million in 2-3 years? Guess it is another case of what goes up must come down?

  • Investor · MN · Member since 2021 · 19 posts · 25 votes
    3y

    Some local news that may answer your question. 

    https://kstp.com/kstp-news/local-news/eau-claire-man-indicted-in-35m-bank-fraud-scheme/

  • Yonah WeissPro Member
    Cost Segregation Expert and Investor · Lakewood, NJ · Member since 2017 · 1k+ posts · 1k+ votes
    3y

    It's unfortunate to hear. Thanks for sharing @Zach Alms

  • Michael K GallagherBusiness Member
    Real Estate Agent · Columbus OH · Member since 2018 · 1k+ posts · 1k+ votes
    3y

    @Dan Tran very interesting...reminds me of back in the day when the Clayton Morris stuff hit the fan and his interview on BP just went bye bye, literally the numbers just skip his...kinda funny.  I'll have to do some digging very curious case indeed!

  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    3y

    He was just indicted by the Department of Justice. This article gives the best details of the fraud he was running.

    https://www.marketwatch.com/st...

  • Summerville, SC · Member since 2018 · 588 posts · 252 votes
    3y
    Quote from @Chris Seveney:

    @Dan Tran

    Never heard of him. One thing to know about real estate is people who claim to go from $0 to large amounts (in this case $125M), typically are smoke and mirrors. The guys and girls who have significant wealth in real estate do not brag about it.


     Yes!  Quiet money rules

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