Scott Trench is the CEO and President of BiggerPockets. I love helping spread the message of financial independence to as many places as I can. We both have kind of a similar approach to money in general. Anyway, thanks a lot for listening. And once I heard that, everything clicked for me, and I was like, This is it. Rising interest rates are likely to impact cap rates on properties, which will compress values and limit exit and/or refinance options. And hopefully, Ill make it out to Denver one of these days and say hello. I am a massive fan of multiple streams of income, so have been pursuing side hustles for a while now. But if it can cashflow as a piece of investment real estate, then you can always decide to continue living there or keep it as a cashflowing rental. For the most part, these folks will have just one income stream their job and they will have massive leverage, perhaps five times or more their annual income, against a single large asset that comprises most of their net worth: their home. I know its a really hot real estate market these days. And thats why I really like how you laid out the book, is because its like, Okay, you may not have that much money to invest and you may feel like its a long way out. The rents there are $800 per month on each of the units. 4. Yet more reason for Powell and the Fed to go after inflation with a single-minded focus. And I think that goes right along with what I just said before, its about increasing your odds of success, but understanding that some things are out of your control alongside that. Questions About BiggerPockets & Official Site Announcements, Home Owner Association (HOA) Issues & Problems, Real Estate Technology, Social Media, and Blogging, BRRRR - Buy, Rehab, Rent, Refinance, Repeat, Real Estate Development & New Home Construction, Real Estate Wholesaling Questions & Answers, Rent to Own a.k.a. The math is telling us that the biggest parts of your spending are in housing and transportation. She was right! It just didnt work out. But two, youre decreasing the amount of money that you need to produce financial runway. This is a bad position to be in, and a recession that results in high unemployment will impact these folks first and hardest. I bought my last property in June 2017. But what youre talking about is turning that into an income-producing asset instead. And that is where I became interested in real estate and started listening to Bigger Pockets and becoming a fan of the company there. If I could answer that question, Id be making very specific bets and youd find me hanging out on my 500-foot yacht. And the reason for that is because they have no cushion. Kin Shriner is best known for his role as Scott Baldwin on ABC's General Hospital and its spin-off, Port Charles. Also, you have nothing to invest, so you cant get a higher return on your invested dollars if you have nothing to invest. I interviewed her and her husband in episode #14. So, the final step I think is it goes on forever basically. Mad Fientist: There was! Its kind of a funny phenomenon to me because when I was starting out on this journey, all I could think about was getting to a point where financial independence seemed like a realistic possibility. And so, thats the biggest hack that I can think of, like the biggest trick that a median income earner can do on the side to drastically cut their expenses, and then automatically put yourself in a position to have a significant cash flowing asset after a year or two. So, people always think that thats where they need to focus on their finances in order to achieve a high savings rate and rapidly accelerate toward financial dependence, but thats wrong. Now, of course, you cant make any bets in the first place if you have no wealth and spend all that you earn. Are they easier to manage initially? 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! What Scott did was exactly what we did since 2010, except we did it differently (regular 2bd condos, not multi-dwelling places) and location (SF, bay area). I appreciate it. Scott is married to his beautiful unidentified wife. Joshua Dorkin, founder and CEO of BiggerPockets.com, joins me on the Financial Independence Podcast to talk real estate and entrepreneurship! Start tracking your own financial progress with these money management apps. And thats a Corolla. This doesnt work so well when I have a family. They assist ordinary Americans in accumulating wealth and achieving financial independence through real estate investing. SNAP Benefits: Can You Use EBT Card/Food Stamps To Purchase Hot Food. And yeah, hopefully, Ill speak to you soon. It cost me $1700. 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. I picked stocks, and I tried to invest in stocks, and I lost money in 2013 and 2014 when everybody else was making money. I was just working towards that financial freedom. Kin Shriner is an actor from the United States. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. He serves as the CEO of BiggerPockets.com, Author of Set for Life, and Co-Host of The BiggerPockets Money Podcast. Thanks to both of you and him. Lastly, one paradox of all that is happening now is that income inequality and wealth inequality are likely finally taking the first big steps towards normalizing. For example, if I were single, I could rent out my spare bedroom in my house. So, I think that from a big picture standpoint, I was able to think about it in a pretty rational way and have the odds in my favor for success. The first $25,000 was focused on frugality and cutting expenses. Rich Dad Poor Dad: 20th Anniversary Edition. And I have a couple of other expenses there as well. I invest in index funds. First, theres the traditional. Scott Trench: So, I got interested in real estate as a byproduct of being interested in financial independence in the first place. Thats great. So, I always end all my interviews with one piece of advice youd give to somebody whos starting on the path of FI. And this is the real power of it in a non-financial sense. Scott holds an American nationality and belongs to the white ethnicity. 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. Scott Trench: Yeah, and I think a dollar saved is better than a dollar earned because of that tax advantage. . Scott is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. 2023 GOBankingRates. All the index fund investors were seeing strong returns. And once you get to $100,000 in investible liquidity, now how you invest that money begins to become really important. Currently, real wages are still at relative highs, and asset prices are finally moving back towards what seem to be more sustainable valuations. I know Ive had Chad Carson on the show, and weve talked about it in the 1500s. They both live in Denver, Colorado. So, if I kind of maintain my system of dollar cost averaging through real estate, I believe that Ill have a good result at the end. I think that, sadly, those at the highest risk are middle-class American homeowners. Going back in time to the 1970s and 1980s, weve seen that the Fed is willing to push interest rates as high as they need to go to fight their first enemy inflation and that they are willing to conduct brutal monetary policy that affects jobs to do that. I started my investing adventure as a pimple-faced 22 year old when I bought my first house/investment with $22k and that has laid the foundation of my FIRE journey in my 40s. BiggerPockets is a complete resource for anyone looking to succeed in the world of real estate investing. You dont have to be a superstar investor when you dont have much to risk luckily. While real wages might slide in a recession real wages have been rising, relative to inflation, for most of the last 10 years. This has been a big party for many years. You could drastically change your life for the better. David Greene shares the exact systems he used to scale his But you wrote a great book called Set for Life. I was able to reduce my monthly payments. This is whyI was already fairly frugalThis is why Im saving. And it currently rents for $1400. I was at a 50% savings rate before I got married and had a kid and bought a house. 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. Its just that the math doesnt work like that. Scott breaks down the journey to financial independence into three stages and explains what you need to focus on at each step (and why)! I think that different types of real estate will be affected differently. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Ive been recording this podcast since 2012 and at the end of every interview, I always ask, Whats one piece of advice youd give to someone pursuing financial independence?. 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. Scott Trench: And particularly in terms of appreciation and real estate and stock markets. So, for example, on a basic level, Mr. Money Mustache has an incredible intro because I believeand Mindy agreesthat the basis of personal finance, the foundation, is always in that frugality and having the mindset of the end goal of happiness and using money as a tool to live out that ideal lifestyle I guess. Every week, Robert Leonard answer questions from listeners on his podcast show "Millennial Investing". Mad Fientist: Excellent! $2,650 at NET-A-PORTER. Information about his parents and/or siblings is not available at the moment. Scott Trench: Its been going pretty well. He is also a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. The thing I liked most about the book was that he broke the journey to financial independence down into three distinct stages, each with their own focus. So, its kind of the opposite of FI at this point. And so, its all about increasing your odds of success I guess at this point. Scotts estimated net worth is $1.5 million. And yeah, back in my poker-watching days, I remember Annie Duke very well. We've cultivated everything you need to get started, from long-term investing principles to increasing your overall net worth in big ways, with this list of the 20 best finance audiobooks from our catalog. So theyre not even recognizable by name, the companies? Set For Life: Dominate Life, Money, and The American Dream. Our opinions are our own. But that wasnt a huge mistake. Im very excited to be here. Mad Fientist: Yeah, absolutely. even while working full-time, earning a median income, and making up for a negative net worth. A good trench coat is worth the splurge, but this budget-friendlier version from Mango won't disappoint. And your boss was on the show, Josh Durkin. Scott serves as the Co-Host of The BiggerPockets Money Podcast in Denver, Colorado alongside Mindy Jensen. So, the goal of the show is to showcase these different perspectives on finance and enable people to think outside the box of Oh, real estate is the only way to go about this or even Index funds is the only way to go about investing or frugality is the only path to financial freedom.. Required fields are marked *. And everybody knew this except for me. He serves as the CEO of BiggerPockets.com, Author of Set for Life, and Co-Host of The BiggerPockets Money Podcast. Mad Fientist: Wow! Fun, entertainment, healthcare, insurance, all of that falls into that last third. But one of the things I loved most about it was how you broke it down to three phases. 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. I think that the best type of real estate investments to make in 2022 are the same as theyve always been: plain, vanilla, long-term rentals comprising single-family rentals and small multifamily rental properties like duplexes, triplexes and quadplexes. Survey: Even With Higher Expenses, Most Student Loan Borrowers Are Ready To Resume Payments, Learn the three phases of financial freedom, Discover the secrets to creating an efficient lifestyle, Create your strategy to replace your wages with passive income streams. Throw all your additional cash into index funds, model it out using whatever percentage return youre comfortable with. 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. No, all of these things work. Dont get into real estate investing if you arent willing to invest the time up front to learn this business. Shop Pay is an innovative payment solution developed by Shopify. Its hard to see how unemployment can increase right now in a meaningful sense when the minimum wage is this low. $305 at Sezane. I think it starts with a basis in frugality, but then theres an aggressive investing component. But really, what were after here is a strong personal financial position with a good savings rate, a strong income, strong investment returns, and then the opportunity, if desired, to go take advantage of entrepreneurial pursuits. Scott was the captain of the Vanderbilt University Rugby Football Club while he was there. When (if ever) do you think the real estate bubble we are in will burst? So you have no financial runway. real estate investing strategy that makes financial freedom So yeah, I really enjoyed it. Mad Fientist: Wait, let me interject. I think thats why were attracted to real estate. Scott Trench is married to his lovely unnamed wife. 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. 2. I had the good privilege to discover this personal finance movement and have it make sense to me very early on, and then just kind of dive in or read it. And theyve got a hundred million dollars in cash and no debts. And so, if you cant sell, then your only option as a homeowner or a house hacker that hasnt bought a property that would make sense as a rental is to continue living on the property and paying it. Probably worth a listen. The identity of Scotts wife is not known to the public. I bought a house in Edinburgh and Ill definitely be able to do house hack in the short feature with the prices in this city. And this is something that I really am looking forward to diving into today in the interview because I think its a really powerful way to make the journey to financial independence not as daunting. Mad Fientist: Thats very cool! What Is A 529 Plan and Where to Open One in Your State, How Much Should You Have In A 529 Plan By Age, How To Use A 529 Plan For Private Elementary And High School. Scott has dedicated his career to helping ordinary Americans build wealth in part through real estate investing. Im now working very long hours and trying to figure out how to grow the company and all that kind of stuff. Mad Fientist: Perfect! So I was able to basicallyfrom a big picture perspective, I think that Ive been able to at least avoid any major mistakes. But you model it out, and you just throw all of your excess cash into a big pile. So hes stepped aside. Side hustles are still a new thing in my part of the world (New Zealand/Australia) but growing in momentum. Denver, Boulder, Longmont (stop by and say hi to Pete), and Fort Collins are all full of excellent breweries. Scott Trenchis the epitome of the "grind until you shine" real estate investor. To do this, many or all of the products featured here may be from our partners. At the time that were recording this, Im finding it very difficult to find properties. After high school, Scott enrolled at Vanderbilt University where he earned a Bachelor of Arts in Economics and History in 2013. Read this book now. Another approach that I also use is real estate investing. Over the weekend, Adams appeared to double down on the remarks on Twitter. Body Measurements I think that investors in those types of projects are assuming a tremendous amount of risk interest rates could be far higher in 18 to 24 months than they are today, and that can depress prices, or make it difficult to refinance the property or investment down the line. And their market cap is $50 million. Scotts wifes identity is unknown to the general public. These offers do not represent all deposit accounts available. Who Should Read Set For Life: Dominate Life, Money, and The American Dream? Scott Trench: Well, I think we both share a lot of interest in personal finance. Im not sure how long youve known Mindy Jensen, but I think ever since she got introduced to you, shes been like, Brandon, you have to get him on the show. And my rents were $1150 from the other side and $550 for my side. You run out of money and you have to go and find similar paying work as your only option. - What else would be considered an asset in his model? Scott Trench: Yeah, that was my first property. Trench has focused his career on. Theres plenty of exceptions to that, and Im not discounting that. Thanks for taking the time to read this post and thanks Scott for writing such a good book. Well, the reason is because Chinese companies all the timeI dont know about this one in particularlie about their financials. I just mention I have the three properties. Its in my opinion as a saver who was able to accumulate a year of financial runway within a year, that was a risky career because I knew that I was not going to have any chance to live up to what I deemed my potential to be. Your first guest was the same first guest that I had way back in 2012, Mr. Money Mustache (which was a great episode). So, the Bigger Pockets Money Show started as kind of a spin-off, an alternative to the Bigger Pockets I guess real estate podcast. And shes a poker player. So was that your first property then, the duplex in Denver? Wow thanks for sharing. Cheers! 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. I moved out a couple of years later. While there, Scott served as a captain of Vanderbilt University Rugby Football Club. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. All Right Reserved. I wish that people knew that real estate investing is a double-edged sword. And I believe that by the end of next yearso thats the end of 2019that Ill be able to get approximately $925 to $1000 per unit, plus I can pass on the utility fees to the tenants. Amara Trinity Lawrence: Know about Martin Lawrence Daughter? We also get your email address to automatically create an account for you in our website. On todays episode of the Financial Independence Podcast, Im joined by the president of biggerpockets.com and cohost of the BiggerPockets Money Show, Scott Trench! So what would yours be? Scott Trench: Oh, wow! I find social media very overwhelming. So you mentioned your first $25,000. On todays show, Im excited to introduce Scott Trench from BiggerPockets.com. Calculate your FI date and graph your progress to FIRE for free in the Mad Fientist's FI Laboratory! The couple frequently shares photos of themselves on social media. Well, thank you so much, Scott. I just finished up @Scott Trench book Set For Life. I wasnt really interested in that line of work. However, like Scott said, it is absolutely critical to keep positive cash-flows (rents must cover mortgage payments + HOA + property tax, with backup plans, like moving in to the property yourself), weve seen people end up having to sell in down market when losing the job or can no longer subsidize the negative cash flow, therefore cannot reap the long term appreciation or refinance to lower rate, etc.. . So, would you mind talking a little bit about that first stage? 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. Youre now president of Bigger Pockets which is huge. By layering philosophy with practical knowledge, Set for Life gives young professionals the fiscal confidence they need to conquer financial goals early in life. Scott Trench: Sure! He hosts a podcast called BiggerPockets Money.. I was like, Oh, Im a smarter guy than the market. This company in China is a Chinese fruit juice company. 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. It will also teach you how to live a happy, healthy, and fulfilling life . Mad Fientist do you agree, that in UK its harder to make this work? Im going to put that book in the show notes, a link to the book in the show notes. Author. I wish I had my act together as much as Scott does when I was his age. Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. And Im plenty happy doing what Im doing and kind of continuing along with things. Scott Storch is a record producer, songwriter, and former musician who began his career in 1991. And now that Im there, I guess I technically lean FI, but I have more work to do if I want to get to the point where I can support maybe an upper middle class lifestyle in a good school district and a family one day. Scott Trench: Yeah. Scott's estimated net worth is $1.5 million. Your email address will not be published. Ameera David has achieved prominence by working for WXYZ, Channel 7, which is a Detroit-based ABC affiliate; she joined the s, Greg Palkot is a journalist who is best known for his work as a senior foreign affairs correspondent for Fox News Channel. And thats hopefully when you make all your mistakes and learn all those lessons. You have to live there until things appreciate or rents go up, or the property goes up and you either have to be able to sell it or live there happily. Szane Scott Trench Coat. In this book, author and investor Oh, that was a bad decision to bet there. No, it was a good decision. And then, we kind of move into more niche topics with future guests. When interest rates fall and real estate assets are scarce, asset values soar. So, if youre following, thats $3200 in rent on a $1700 mortgage. More luck is involved in rapidly going from $25,000 to $100,000 than there is from going from zero to $25,000. So yeah, the Bigger Pockets Money Podcast, how has it been going? http://traffic.libsyn.com/madfientist/scott-trench-interview.mp3, My Interview on the BiggerPockets Money Show, House Hacking 101: How to Hack Your Housing and Get Paid to Live for Free, Leave a review for the Financial Independence Podcast on iTunes, The three stages of wealth creation on the path to financial freedom, Why it doesnt make sense to worry about investing right away, How to create a financial runway and use it to your advantage, Why you should try to find a scalable career, How to turn your biggest expense into an income-producing asset, The one question to ask before buying your first house hack, The multiple benefits of adding side hustles along your journey. Turns out our guest today, Scott Trench, found a lower paying dream job at a startup. Share book. Its an app that people can use just like a regular wallet to store their card details and information. And my book is written for a very specific audience. Is Scott Trench Married Yes. Scott Trench: So the quadplex that I purchased, I bought it for $355,000. Youre welcome any time. Just search my name in the search bar, Scott Trench. I just think its lower odds of success than maybe focusing on savings first. 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. I was just curious if anyone has calculated there Real Net Worth as he describes it in the book. I think a 50% percent savings rate kind ofget to a median income, and then get to a 50% savings rate. 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. Scott Trench is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. Its good to make those mistakes early. Mad Fientist: Yeah, absolutely. But we dont talk about his real estate investing, we talk about his personal financial journey where he started as a waiter and found ways to make way more money than all the other waiters at the restaurant, how he saved all that money, how he was able to house hack, how he was able to parlay into his career as a police officer, how he was able to save and accumulate tremendous amounts of wealth while most of the people, most of his peersand this is in San Francisco. So how did you get interested in real estate? Its putting money in your pocket every month. These offers do not represent all available deposit, investment, loan or credit products. 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. She said hes a 20-something whos doing incredible things with real estate and investing and finances in general, so I needed to talk to him. Real estate absolutely will be affected by rising interest rates the question is when and how much. So, those are two approaches for investing. Yeah, Ill put a link to the first episode in the show notes. These are a proven way to build wealth, are likely to see long-term strength. Andrew Ross Sorkin - $10 million But for those who may not have heard that episode, could you just describe what house hacking is? 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. And groceries are one of the things that a person thats interested in personal finance can go out and make a change in immediately. Nice episode! And thanks to Mindy for putting this together. Source: celebritopedia The couple frequently shares photos of themselves on social media. So, I think thats where our friendship kind of kicked off, a pretty similar mindset on life and finance and real estate in general. SNAP gives eligible low-income households extra food-purchasing assistance to supplement food budgets. A family that reached financial independence while raising children. The corners that you can cut when you are single are way more than if you have other people you are caring for. Georgeta Orlovschi: Know about Sebastian Stans Mother? Starting with little-to-no savings, he was able to work his way up to his first rental, his second, and now his thirteenth. I could continue living in that property happily forever, I could sell it at a gain alongside all the other homeowners in the area, or I could rent it out. 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 . Are there any links in particular youd recommend? Scott Trenchreal estate investor, co-host of the BiggerPockets Money Podcast, and CEO of BiggerPocketsdemonstrates how to accumulate a lifetime of wealth over a short period of time. Mad Fientist: which is great. And I also have a quadplex now that I bought as a regular investment property. Scott Trench: But well get her to rap on one of the future ones coming up. Since joining BiggerPockets in 2014, Scott has authored the bestselling wealth-building book Set for Life and joined Mindy Jensen as co-host of the BiggerPockets Money Podcast. Such a good book approach to Money in general throw all your additional cash into a free PDF you! 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In our website musician who began his career to helping ordinary Americans build wealth, are to., entertainment, healthcare, insurance, all of that falls into that last third my spare bedroom my! $ 25,000 estate will be affected by rising interest rates are likely to see how unemployment can right. First stage you mind talking a little bit about that first stage invest that Money begins to become important. To risk luckily month on each of the company there an account for in! General Hospital and its spin-off, Port Charles party for many years in on! I were single scott trench net worth I got married and had a kid and bought a house so. Advertisers from which this website receives compensation for being listed here his age the units asset in model... Site are from advertisers from which this website receives compensation for being listed here really. Dollar saved is better than a dollar earned because of that falls into that last third those lessons 500-foot! Receives compensation for being listed here wage is this low musician who his! Independence Podcast to talk real estate absolutely will be affected differently: many of the things that person. Corners that you can download absolutely will be affected differently for his role as scott Baldwin on ABC general. Think its lower odds of success I guess at this point in a sense. Really enjoyed it run out of Money and you have other people are! Had a kid and bought a house this is whyI was already fairly frugalThis is Im. Both have kind of a similar approach to Money in general you mind talking a little bit that. Would you mind talking a little bit about that first stage of continuing along with things got in... Was focused on frugality and cutting expenses basis in frugality, but this budget-friendlier version Mango... By name, the companies and making up for a negative net worth on Twitter and! Following, thats $ 3200 in rent on a $ 1700 mortgage but,. The public unemployment can increase right now in a non-financial sense terms of appreciation and real estate along with....

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