Read this book now. So, I mentioned your podcast briefly, but I definitely want you to talk about it because your co-host is one of the people that has been on my show probably more than anyone else. Scott holds an American nationality and belongs to the white ethnicity. Its been a whirlwind since then. I think that the two things that come into play there are going to be entrepreneurship, asset creation, and then investing. I think that this asset class and I broadly bucket large multifamily, NNN and other such real estate into this category is much more exposed to rising interest rates than people think, and there could well be some pain here. Scott Trench: Oh, wow! Its hard to see how unemployment can increase right now in a meaningful sense when the minimum wage is this low. Scott Trench: Well, thank you, Brandon. So were wishing him the best with those. Yeah, can you describe that again? And theres nothing wrong with that plan. Scott Trench: You know, she hasnt wrapped yet. Invest in real estate and never run out of money! Scott is a lifelong learner of personal finance, real estate investing, sales, business, and personal management in the United States. And Im going to hopefully get it out of the library as soon as I can because that sounds really good. No, heres what I was thinking. Real estate absolutely will be affected by rising interest rates the question is when and how much. So, I definitely have some higher financial goals than kind of like lean FI for me and maybe like one significant other. Its good to make those mistakes early. Scott Trench's net worth is estimated to be $1.5 million. real estate investing strategy that makes financial freedom It just didnt work out. And yeah, your last name is Trench, and you want how many trenchlings? His net worth is estimated to be $1.5 million. Currently, he is an active investor in the Denver market and manages a real estate portfolio of around $1.5 million. Thanks to both of you and him. Mad Fientist: which is great. Before I go, I just wanted to remind you that I went back through all of my previous episodes and collected the answers to my final question that I always ask: Whats one piece of advice youd give to somebody on the path to financial independence? And I put all the answers into a free PDF that you can download. You have no ability to even attempt to put yourself to put some money on that or take the shot on that new career or whatever. Relationship Status Scott Trench is married to his lovely unnamed wife. And so what Im trying to do with Set for Life and with some of the other things Im doing is try to help people put themselves into a position where theyre saving enough, where leaving a career track like that where they have very limited upside becomes the bigger risk than taking a chance on something that they believe to be a good opportunity. Theres so many different ways to make money that dont cost anything but your time, and maybe a few hundred to a few thousand dollars to try out. At the time that were recording this, Im finding it very difficult to find properties. Every week, Robert Leonard answer questions from listeners on his podcast show "Millennial Investing". Scott Trench: Well, thank you for having me, Brandon. Kin Shriner is best known for his role as Scott Baldwin on ABC's General Hospital and its spin-off, Port Charles. Now, of course, you cant make any bets in the first place if you have no wealth and spend all that you earn. But in a bad market, its really important because in a bad market, you cant sell. Scott Trench: So, I got interested in real estate as a byproduct of being interested in financial independence in the first place. BiggerPockets.com is the worlds largest online network of real estate investors. Mad Fientist: How is that going in Denver? I think thats why were attracted to real estate. But thats awesome. Bigger Pockets Money podcast did a show about this recently. And Im looking forward to checking out the rest. Its not like I bought an [00:29:20]. Id say for young people who start today, house hack is one of the best ways to get to FI, especially since young people can take in roommates (itd be impossible for families w/ kids). Great episode Brandon and Scott!. Lease Purchase, Lease Options, Tax Liens, Notes, Paper, and Cash Flow Discussions, Private Lending & Conventional Mortgage Advice, Real Estate Guru, Book & Course Reviews & Discussions. Dont get into real estate investing if you arent willing to invest the time up front to learn this business. At the moment, no information about his parents or siblings is available. But one of the things I loved most about it was how you broke it down to three phases. Kin Shriner is an actor from the United States. This is in an expensive marketwere not able to accumulate anything. So I was able to basicallyfrom a big picture perspective, I think that Ive been able to at least avoid any major mistakes. After high school, Scott enrolled at Vanderbilt University where he earned a Bachelor of Arts in Economics and History in 2013. He also published his book First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes in 2021. Shes good. And any time Mindy gives such a glowing recommendation for someone, I definitely check them out. In it, Scott Trenchwalks through his "investment philosophy," a simple, customizable plan that has allowed him to build wealthat record speedall in less than ten years. And if you continue along that line of thinking and apply it to your life, I think thats how you have just really good odds of hitting success. And yeah, the main focus in that first $25,000 is frugality, which as you talked about in the book, a dollar saved is better than a dollar earned because obviously youve already paid tax on that dollar that youre saving, and its worth more to you than a dollar earned because you would pay a bunch of tax on it and have to do work to get it. So, some people are starting from a position where they already have a good $25,000 saved up through whatever fortune, whatever theyve done previous to this point. Congratulations again on the promotion and the book. Alright, man, thanks a lot. Scott Trench: Yeah, Josh has definitely kind of achieved the dream here. BiggerPockets is a complete resource for anyone looking to succeed in the world of real estate investing. And I got a $236,000 loan, something like that after the fees and all that. The next $75,000, youre looking at housing and income generation. But if your house hacking correctly, you have three options. I definitely still have some work to do to get to there. You could try starting a blog or a podcast. Scott Trench: But well get her to rap on one of the future ones coming up. I mean, that obviously worked out for you, Brandon. Youre also not likely to get a big raise at your job at work within the next year. I really appreciate it. And I wanted to do a little bit more than maybe invest in index funds again which is kind of a standard 8% to 10% long-term average return. So lets dive in! To do this, many or all of the products featured here may be from our partners. Im going to bet on that and go with that. And thats the correct decision to make in that game. But what youre talking about is turning that into an income-producing asset instead. Earning an $8000 raise after a year is great. Scott Trench: Yeah, Im 27. And Im plenty happy doing what Im doing and kind of continuing along with things. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. Scott started acquiring more properties as he worked with Josh and later became such a crucial part of the BiggerPockets family, he was promoted to president. Rich Dad Poor Dad: 20th Anniversary Edition. Thats great. Scott Trenchs net worth is estimated to be $1.5 million. So, the goal is to go from a year of financial runwaywhich is a very modest goal that you can grind out over maybe a year to eighteen months depending on where youre starting from, what your income is, and where your expenses are, to a goal that has a lot less certainty. Go find a career or an opportunity that you believe offers you the potential to scale, but will not allow you to lose money on a monthly basis. So, I think thats really important. And theyre profitable. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. He released Set For Life in 2017 to help others follow his successful path. Ive listened to probably half of the episodes so far. Particularly liked the part about a scalable career and adding side hustles along the way. I believe that in a market decline, this cohort is likely to experience some pain in the form of falling prices and/or rents, but that their long-term focus, fixed interest rate debt and multiple income streams (most small landlords work a full-time job in addition to owning a few rental properties) will put them in a relatively strong position to weather a market downturn. One of my favorites which will be coming out soon is with David Greene whos a real estate investor. And this is the real power of it in a non-financial sense. Our opinions are our own. This is like the most opportune time for low cost entry into any sort of business world you can imagine which is super exciting. Poker players, at least the ones that are really good, have this really good outlook on things where theyre like, Hey, heres the hand Ive been dealt. Trench has focused his career on. And then, two, house hack. I appreciate it. But also, a dollar saved, at least a dollar of lifestyleyou know, if you can reduce your average monthly spending by a thousand dollars, thats better than increasing your average monthly income by a thousand dollars for a couple reasons. 529 Plans: The Ultimate College Savings Plan, Understanding And Using 529A ABLE Accounts, Using A Roth IRA To Save And Pay For College, Student Loan And Financial Aid Programs By State, The Guide To Military And VA Education Benefits, The Best College Scholarship Search Websites, Pell Grants: What They Are And How To Qualify, How To Use A 529 Plan If Your Child Doesnt Go To College, Best Student Loans And Rates In March 2023, 10 Best Private Student Loans Of March 2023, Best Student Loans To Pay For Graduate School, Best Student Loans To Pay For Medical School, Guide To Income Sharing Agreements (ISAs), Best Student Loan Refinance Companies In March 2023, Best Student Loan Refinancing Bonuses And Promotional Offers Of March 2023, Student Loan Forgiveness Programs (The Complete List), The Full List Of Student Loan Forgiveness Programs By State, How To Start Investing In Your Twenties For 22 29 Year Olds, How To Start Investing In Your 30s For 30 39 Year Olds, The Best Traditional And Roth IRA Accounts, The Best Places To Open A Health Savings Account, The Best Self-Directed IRA Providers Of 2023, 20 Best Side Hustles You Can Start Earning With In 2023, 54 Side Hustle Ideas To Make Money Fast In 2023, 100 Ways To Make Money In College In 2023, 5 Quick Money Making Ideas (That Take Less Than 1 Hour), 10 Interesting Ways You Can Make Money Driving, High-Paying Side Gigs That Earn $1,000 or More Per Month, Paid Surveys: Earn Money For Giving Your Opinion Online, 10 Crazy Ways To Make $10,000 Youve Never Heard Of, 40 Best Passive Income Ideas To Build Wealth In 2023, 3 Ways To Make $50,000 Per Year Without Working With Passive Income, How To Become A Real Estate Investor With Just $500, Residual Income: 7 Super Smart Ways to Build It, How To Become A Real Estate Mogul With Only $10,000, 10 Best High Yield Savings Accounts Of March 2023, 10 Best Money Market Accounts Of March 2023, 10 Best Free Checking Accounts In March 2023, 10 Best Business Checking Accounts In March 2023, Best Credit Unions Nationwide Of March 2023, Best College Student Checking Accounts Of March 2023. Credit Repair Explained: Should You Pay For Help? Total Audience Reach (Twitter, Instagram, YouTube and TikTok). So, my question was, Has she rapped yet? because she is actually a really good rapper. Even starting with zero savings, you can go from a five-figure income to six figures, from an active job to passive income, then finally to the ultimate goal . But for those who may not have heard that episode, could you just describe what house hacking is? The couple posts a lot of their pictures together on their social media account. Scott Trench is married to his lovely unnamed wife. Click here to listen on iTunes. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Chart Your Progress to Financial Independence! I bought my last property in June 2017. Scotts estimated net worth is $1.5 million. And everybody knew this except for me. Yeah, no, absolutely. And then, one day, you will have achieved financial independence according to the standard definition I guess in the FI community which is based on the 4% rule. If you dont have that option, then you are stuck. Im planning to invest in funds and a pension too, although most of the FI advice I found on Internet is US related so Ive been spending a while translating everything to ISAs, SIPPs, etc. Click Manage settings for more information and to manage your choices. But within three months of starting my career, my introduction to the real world, I became very interested again in the concept of personal finance. But two, youre decreasing the amount of money that you need to produce financial runway. We also get your email address to automatically create an account for you in our website. Scott Trench: So, after the other expenses that went into maintaining the property and fixing some things up myself, I was probably breaking even or maybe paying a little bit out of pocket to live on a monthly basis. Required fields are marked *. Share book. And then, they both were co-hosts on my show with me on episode #38. But then we go into house hacking. So youre not going to be able to even last one month without your job if youre starting from scratch until eight months have passed and really six weeks timeframe by the end of the year. On todays show, Im excited to introduce Scott Trench from BiggerPockets.com. She now has a net worth of $5 million, and her annual salary is estimated at $1 million. I was able to reduce my monthly payments. So, itll take me a year or two to get to that point because I dont want to kick any tenants out or anything or raise the rent too quickly on them. And it contains all of the answers Ive received since I started this podcast back in 2012. Listen to the Podcast Here Watch the Podcast Here Help Us Out! So yeah, I really enjoyed it. Its really reassuring to hear Scotts story as it sounds so similar to my plans at the moment. And Im also looking forward to exploring some of the strategies that he used personally to get to the stage that hes at today like house hacking and real estate investing. Scott Trench is the author of "Set for Life," CEO of BiggerPockets and co-host of the "BiggerPockets Money" podcast. But theres also this whole realm of entrepreneurship. Well, the reason is because Chinese companies all the timeI dont know about this one in particularlie about their financials. But hes definitely in a position where hes able to step aside and step out of the day-to-day and have a young upstart like me kind of do some [00:04:01] for him. Mad Fientist: Right! Thats really important for investors, because the Feds dual mandate is to keep both inflation and unemployment low. Scott is married to his beautiful unidentified wife. When interest rates fall and real estate assets are scarce, asset values soar. Turns out our guest today, Scott Trench, found a lower paying dream job at a startup. If you lose your job, youre screwed! The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. Trench joined BiggerPockets in 2014 and is the CEO and president. I would have been FI in my 30s. And again, yes, youre buying in such a way that it will make a smart cashflowing asset for you once you move on and move out of that property. So, I spent all my money throughout the rest of my college, all the money I saved up working in summers and all thatall fun in college, and then a three-month backpacking trip when I graduated. And the reason for that is because they have no cushion. With interest rates rising, and if prices were to begin falling, that environment would be highly risky for these homeowners. Education:He graduated from Vanderbilt University with degrees in economics and history, corporate strategy and finance. He is also a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. And I knew very clearly that around the 18-month mark, give or take a few months depending on my performance, I was going to get a promotion to financial analyst 2. I know its a really hot real estate market these days. Nice episode! And hopefully, Ill make it out to Denver one of these days and say hello. This is a conventional mortgage brokernot a friend, not a family member. Yeah, this could be your biggest expenseespecially if youre renting or if you go out and buy your dream home right out of college like some people. But I didnt realize that passing those first two stages, my first $25,000 and my first $100,000 gave me so many more options and so much more power to make that journey quicker and more enjoyable. So theyre not even recognizable by name, the companies? Or maybe you can just send them over, and Ill put them in the show notes in case people want to know more? Starting with little-to-no savings, he was able to work his way up to his first rental, his second, and now his thirteenth. All Right Reserved. Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. He has used many of the strategies outlined in the book to build his own real estate portfolio. He hosts a podcast called "BiggerPockets Money." Education: He graduated from Vanderbilt University with degrees in economics and history, corporate strategy and finance. Im very excited to be here. Scott Trench: So the quadplex that I purchased, I bought it for $355,000. So, alongside kind of dollar cost averaging with index funds, I try to dollar cost averageand by that, I mean consistently invest, so Im not buying at the top or the bottom of the marketin real estate. Unemployment is likely to remain low simply due to the fact that the minimum wage is so low, giving the Fed wide room to run in tackling inflation again, what I like to refer to as their first enemy. Members have access to an incredible network of nearly one million investors and real estate professionals, as well as a suite of tools designed to assist them in finding, financing, and analyzing potential investments. If I ever make it out to Scotland, Ill have to come and check it out. So, I think theres a couple schools of thought. And then, one-thirdthat was two-thirds I just described there, housing, transportation and foodone third is everything else. So how did you get interested in real estate? Although his salary was less than $50,000, Trench took on an aggressive saving strategy and had enough to put a down payment on a $240,000 duplex in just a year's time. And so, I put down 5% with an FHA loan. So, would you mind talking a little bit about that first stage? And yeah, youre 27 and youve done a ton of crazy, amazing stuff so far. Scott Trench is CEO of BiggerPockets, co-host of the BiggerPockets Money Podcast, a real estate investor, and a real estate broker.He is also the best-selling author of Set for Life and First-Time Home Buyer, which have sold more than 140,000 copies combined.Through a solid understanding of wealth management, calculated risks, and a lot of hard work, he created financial freedom for himself as . So I really like how you structured it. I downloaded an audio book version of his book, Set for Life, and I really enjoyed it. And that the step after financial analyst two of course is financial analyst 3, then senior financial analyst, then finance manager, senior finance manager, director of finance, senior director and so on, all the way up to CFO of a Fortune 500 company. Mad Fientist: Wow! So my first job was at a Fortune 500 company as a financial analyst 1. Scott's estimated net worth is $1.5 million. His parents brought him up in the United States. And my rents were $1150 from the other side and $550 for my side. And I still have a little bit to go to completely pay it off. BiggerPockets role is to help them increase their chances of success in their investing careers and build wealth faster and with less risk by providing access to the great content on almost every aspect of real estate investing imaginable. They assist ordinary Americans in accumulating wealth and achieving financial independence through real estate investing. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. Mad Fientist: Absolutely! And I also have a quadplex now that I bought as a regular investment property. Early life and C. Amanda Moye Brown: Do you want to know about Wes Browns Wife? I just mention I have the three properties. Accumulating a lifetime of wealth in a short period of time involves working harder and smarter than the average person, and Scott Trenchinvestor, entrepreneur, and CEO of BiggerPockets.comdemonstrates how to . See Free Details & Reputation Profile for Scott Trench (32) in Denver, CO. Includes free contact info & photos & court records. But its funny because I hear these people, theyre like, Oh, Im very well into FI. And so, I believe that two things are likely to help people increase their odds of success going rapidly from $25,000 net worth to $100,000. Mad Fientist: Yeah, exactly. I think I take all of the thunder for the weird or funny, whatever you want to call it, activities there by telling very lame, bad jokes on each episode, or asking the guests at least. And theres nothing wrong with this plan of index fund investing. more attainable than ever. Thats not fast enough. He is also a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. Its like a 1% interest rate. Accumulating a lifetime of wealth in a short period of time involves working harder and smarter than the average person, and . Mad Fientist: Perfect! . Ive received a lot of great answers over the years so I decided to compile all those answers into a PDF, which you can now download for free here! I think that once you have a 50% savings rate on a median income or greater, thats when all of this kind of really starts falling into place and the opportunities begin multiplying in so many different directions for you. 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