Have you bought any other property since then? Scott Trench: And I do it while Im on the clock. Scott is of white ethnicity and has American citizenship. I put down $12,000. Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. 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. It will also teach you how to live a happy, healthy, and fulfilling life . BiggerPockets.com is the worlds largest online real estate investor network. So, if you spend $40,000 per year, if thats your target goal, and you have $1 million in index funds or wealth in general in your portfolio, youre likely to sustain that in perpetuity. Mad Fientist: Wow! Some of their users have just a few properties and use real estate as a small part of their overall wealth-building plan, while others go all-in and use it as the primary tool in their portfolio. 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. Your email address will not be published. Its unlikely. Read this book now. But theres also this whole realm of entrepreneurship. So the best place to find me is actually on Bigger Pockets. Scott is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. 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. Congratulations again on the promotion and the book. Oh, that was a bad decision to bet there. No, it was a good decision. Also getting some buy to lets in Glasgow, all with the funds from the limited company I run as a software consultant. And I got a $236,000 loan, something like that after the fees and all that. Scott Trench: Yeah, that was my first property. Hes this young guy thats doing all these crazy things. So youre in your mid-twenties, right? Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. So, you really have to start somewhere. . I mean, if you think about that, how on earth is their market cap less than that? But in a bad market, its really important because in a bad market, you cant sell. A rare picture of Scott Trench with his wife. Nice episode! 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. July 8, 2022, 4:00 AM Scott Trench Scott Trench is the author of "Set for Life," CEO of BiggerPockets and co-host of the "BiggerPockets Money" podcast. What about equity in rental properties or home equity lines of credit (extremely cheap money that can be used as a down payment for more properties). But that wasnt a huge mistake. Mad Fientist: Excellent! Mad Fientist: Thats very cool! Well, the reason is because Chinese companies all the timeI dont know about this one in particularlie about their financials. And thanks to Mindy for putting this together. I couldnt agree more. buying two houses per month using BRRRR. SNAP Benefits: Can You Use EBT Card/Food Stamps To Purchase Hot Food. And my book is written for a very specific audience. Click here to listen on iTunes. And then, I actually stumbled upon your podcast, the very first episode, and Mr. Money Mustache. 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. I want to say it was probably November or December of 2013 is when I actually listened to your show and got this all kicked off. 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. You could drastically change your life for the better. The next $75,000, youre looking at housing and income generation. I was listening to your podcast (which well obviously talk about here soon as well). Are they easier to manage initially? When interest rates fall and real estate assets are scarce, asset values soar. And thats kind of where we start getting into part two there which is $25,000 to $100,000. Scott Trench: Yes. See Free Details & Reputation Profile for Scott Trench (32) in Denver, CO. Includes free contact info & photos & court records. Get advice on achieving your financial goals and stay up to date on the day's top financial stories. Mad Fientist: He seems like a good boss anyway. Scott Trench: Sure! Particularly liked the part about a scalable career and adding side hustles along the way. By layering philosophy with practical knowledge, Set for Life gives young professionals the fiscal confidence they need to conquer financial goals early in life. The corners that you can cut when you are single are way more than if you have other people you are caring for. Mad Fientist: Right! Scott Trench: Oh, Ive love it! And I have a couple of other expenses there as well. One, go find a new job. 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. And my rents were $1150 from the other side and $550 for my side. And thats the best case scenario, is that you go through all of those rungs of the ladder in 20 years. And one of my, and I think Mindys, big petpeeves with the real estate community is that a lot of people will go in and try to buy real estate and hope that buying that real estate will solve their financial problems. Start tracking your own financial progress with these money management apps. So I was still drinking way too much better and trying to have too much fun when you published that. So the only criteria that I have that I think that you should really kind of strictly enforce is: Will this property make sense right now?, the day you buy it as an investment property if you dont live there. real estate investing strategy that makes financial freedom So theyre not even recognizable by name, the companies? Cheers! Mad Fientist: Very cool. Thats not fast enough. Well, thank you so much for coming on the show. Thats MadFientist.com/advice. After this, I think that your institutional investors and syndication investors are at the next highest risk. more attainable than ever. I know its a really hot real estate market these days. So, if thats something youre interested in, head to MadFientist.com/advice. 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). Amara Trinity Lawrence: Know about Martin Lawrence Daughter? But what youre talking about is turning that into an income-producing asset instead. marion dupont scott net worth Tatko na pesmaricu. So thats what I did! BiggerPockets.com is the worlds largest online network of real estate investors. Its about a little over 10% of your savingsthat means you spend around $4000 a month. And yeah, youre 27 and youve done a ton of crazy, amazing stuff so far. So, do you think you stumbled upon it shortly after it was published or was this something that happened a little bit later. Building wealth is always possible, even while working full-time, earning a median income, and making up for a negative net worth. Instead, I think that we will simply see real wages fall relative to inflation. marion dupont scott net worthNitro Acoustic. And Erin Chase is an expert grocery shopper. Scott's estimated net worth is $1.5 million. 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. 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. Mad Fientist: Nice! Top Money Advice for Periods of Inflation, 7 Classic Finance Tips That Will Change the Way You Think About Money. But as long as I can find a property that cash flows in a sense where I basically have a very, very good odds at having long-term $500 to $800 a month plus in cashflow on a $50,000 to $100,000it may not be the best cash in cash return, but I do believe that I can see some solid appreciation over a 30-year holding period in Denver. If I ever make it out to Scotland, Ill have to come and check it out. It just didnt work out. Joshua Dorkin, founder and CEO of BiggerPockets.com, joins me on the Financial Independence Podcast to talk real estate and entrepreneurship! If you lose your job, youre screwed! Those who buy in desirable locations in markets with strong long-term growth prospects and responsible amounts of leverage (or with all cash purchases) are likely to see a very satisfactory return over the long term, relative to other asset classes. Thats fantastic. So, if youre following, thats $3200 in rent on a $1700 mortgage. All the index fund investors were seeing strong returns. Enjoyed the podcast. A lot of people will go with something in the 8% to 10% return range for index fund investing over the long term. And I think for that median income earner starting with zero, its with that savings position. And if people want to find you, wheres best to find you online, just go to Bigger Pockets? Who cares if its underwater in terms of you owe more than its worth as long as its cash flowing? And that is where I became interested in real estate and started listening to Bigger Pockets and becoming a fan of the company there. Ive been doing the same in Denver (and CA & MI) for the last 20 years and it has allowed me to retire at 46 with sufficient income from the rentals. And Ill see you next time. Ive never been to Colorado, and I love mountains. She now has a net worth of $5 million, and her annual salary is estimated at $1 million. 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. Dont get into real estate investing if you arent willing to invest the time up front to learn this business. At The College Investor, we want to help you navigate your finances. And thats when I found your show, some time in that timeframe. I really appreciate it. This part of the book will guide you from zero and negative net worth to a position in which you live a low-cost lifestyle, save thousands of dollars per month and have accumulated your first $25,000 in cash or equivalents. He's the VP of Operations at BiggerPockets and loving life. Kin Shriner is best known for his role as Scott Baldwin on ABC's General Hospital and its spin-off, Port Charles. So theyre investing from a position of financial weakness and using some form of creative finance which is kind of, for a new investor, often a code word for extremely risky leverage and not investing from a position of financial strength. So I really like how you structured it. Your first guest was the same first guest that I had way back in 2012, Mr. Money Mustache (which was a great episode). Scott breaks down the journey to financial independence into three stages and explains what you need to focus on at each step (and why)! This is a conventional mortgage brokernot a friend, not a family member. So yeah, the Bigger Pockets Money Podcast, how has it been going? Mad Fientist: Very cool! But its very exciting, and its like the perfect world for me because I just love Bigger Pockets. Anyway, thanks a lot for listening. For example, we had Erin Chase on there. Accumulating a lifetime of wealth in a short period of time involves working harder and smarter than the average person, and Scott Trench--investor, entrepreneur, and CEO of. The leap and I guess the freedom is almost kind of the scary thing. In addition to his career, Scott is the author of Set for Life which was published in 2017. So it gets harder to save, and you need way more the more your average monthly spending increases. So, as part of my effort actually to become a better financial analyst at my job, I started listening to and reading all these content on finance and kind of discovered the concept of personal finance at some point. And any time Mindy gives such a glowing recommendation for someone, I definitely check them out. Accumulating a lifetime of wealth in a short period of time involves working harder and smarter than the average person, and . 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 . So, I think thats where our friendship kind of kicked off, a pretty similar mindset on life and finance and real estate in general. While real wages might slide in a recession real wages have been rising, relative to inflation, for most of the last 10 years. Buy, Rehab, Rent, Refinance, Repeat is the five-part BRRRR His parents brought him up in the United States. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. Mad Fientist: Yeah, absolutely. And Im going to hopefully get it out of the library as soon as I can because that sounds really good. 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. Theater of popular music. I have my eye on maybe branching out into some other types of investments. Scott Trench CEO of BiggerPockets.com, Author of Set for Life, Co-Host of The BiggerPockets Money Podcast Denver, Colorado, United States 5K followers 500+ connections Join to follow. The first $25,000 was focused on frugality and cutting expenses. SNAP gives eligible low-income households extra food-purchasing assistance to supplement food budgets. Im very excited to be here. Mad Fientist: So yeah, that could take a nice chunk of change. Scott Trench: You know, she hasnt wrapped yet. So thats not scalable. Scott Trench: But well get her to rap on one of the future ones coming up. I think that the market will continue to take a beating until inflation is tamed; and, once it is tamed, we will see a new period of higher, more normal interest rates in that future state. Scott Trench: Yeah. 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 Trench. It wasnt in the nicest area. DO NOT Sell My Personal Information. . Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. I was interested in that line of work, but I didnt want to be tied to it for 40 years. But one of the things I loved most about it was how you broke it down to three phases. That happened a little bit later best place to find you, wheres best to find you, wheres to. 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