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. So how did you get interested in real estate? And Im plenty happy doing what Im doing and kind of continuing along with things. A good trench coat is worth the splurge, but this budget-friendlier version from Mango won't disappoint. Cash obviously, but what else would apply as a real asset? Author. Yeah, can you describe that again? So theyre not even recognizable by name, the companies? First, theres the traditional. 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. House hacking for life!! Scott Trenchs net worth is estimated to be $1.5 million. Congratulations! This is in an expensive marketwere not able to accumulate anything. And the first phase was getting that first $25,000. She was right! But thats awesome. Scott Trench: Yeah, I rarely do this, but I just read a book that Im raving about lately called Thinking in Bets by Annie Duke. 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 can you talk a little bit about that? And then, I actually stumbled upon your podcast, the very first episode, and Mr. Money Mustache. 3. Szane Scott Trench Coat. Thanks for the podcast! Melissa joined CNBC in 2004 where she serves as a reporter and an anchor. Mad Fientist: Mindy has been like, Youve got to get him on the podcast. But two, youre decreasing the amount of money that you need to produce financial runway. Mad Fientist: Wait, let me interject. He spent a few months and some more of his savings to renovate the building before moving in and finding tenants, officially beginning his house hacking journey. 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. 4. Now to strategize on which to sell and when to acquire my forever home. Its a powerful way to build wealth over the long term and accessible to most Americans earning a median or higher income. 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). Thats going to reduce wealth inequality in this country. Scott Trench: Yeah, absolutely. He released Set For Life in 2017 to help others follow his successful path. Scott Trench: No, in May of 2012, I was graduating from college and getting ready tono, I graduated college in May of 2013. 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. And in a good market, thats not so important. I cant answer that question. Thanks for taking the time to read this post and thanks Scott for writing such a good book. Turning Your Largest Expense Into An Income Producing Asset, The Financial Impact Of Housing Decisions, An Introduction To Investing For Early Financial Freedom, Habits And Their Impact On Financial Freedom. So without further delay, Scott, thanks very much for being here. marion dupont scott net worth Tatko na pesmaricu. Theater of popular music. And so, I put down 5% with an FHA loan. I just finished up @Scott Trench book Set For Life. So yeah, you better keep saving a little bit because 7 to 10 trenchlings, Im sure, arent going to be too cheap. This is a conventional mortgage brokernot a friend, not a family member. Im on a lot of social media, but I dont ever check them. 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. I think that, sadly, those at the highest risk are middle-class American homeowners. 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 . Kin Shriner is best known for his role as Scott Baldwin on ABC's General Hospital and its spin-off, Port Charles. The mortgage is currently $1400 because I refinanced. 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). We, AOL, are part of the Yahoo family of brands. Congratulations to you! And then, the rents are about $2600 a month. And the reason for that is because they have no cushion. 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 . My odds of success of winning this hand based on what I know are 70%. And he wrote How to Hack Your Housing and Get Paid to Live For Free. So, the goal of this show is to say, Hey, real estate is one part of a strong portfolio. And I believe it makes sense for many people. 2. Trench has focused his career on. So if youre following that, I was collecting $1700 in rent on $1550 mortgage. This has been a big party for many years. We try to be a little bit more creative and adventurous with our investment and money management than maybe just passively investing in index funds. Georgeta Orlovschi: Know about Sebastian Stans Mother? His parents brought him up in the United States. Total Audience Reach (Twitter, Instagram, YouTube and TikTok). I was just curious if anyone has calculated there Real Net Worth as he describes it in the book. Scott is someone who came on my radar a few years ago because Mindy Jensen, aka Mrs. 1500, from 1500Days.com mentioned quite a few times that I needed to get her colleague, Scott, on the podcast. 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. Through a solid understanding of money management, calculated risks, and a lot of hard work, he has created financial freedom for himself as well as a successful real estate business in just a few years after graduating college. Scott Trench: So the quadplex that I purchased, I bought it for $355,000. . More from the same. I actually enjoyed the audio version of it in the gym. But its funny because I hear these people, theyre like, Oh, Im very well into FI. I downloaded an audio book version of his book, Set for Life, and I really enjoyed it. So thats what I did! Bigger Pockets Money podcast did a show about this recently. While there, Scott served as a captain of Vanderbilt University Rugby Football Club. Your email address will not be published. Start tracking your net worth with Personal Capital using our link. Scott Trench: Well, thank you for having me, Brandon. Turns out our guest today, Scott Trench, found a lower paying dream job at a startup. I think that its increasingly difficult. The next phase is getting that first $100,000. And then, we kind of move into more niche topics with future guests. And thanks to Mindy for putting this together. Shes good. And my book is written for a very specific audience. Throw all your additional cash into index funds, model it out using whatever percentage return youre comfortable with. Mad Fientist: So yeah, that could take a nice chunk of change. So, that was your first $100,000. I love helping spread the message of financial independence to as many places as I can. 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. But you wrote a great book called Set for Life. So, thats one plan. Just search my name in the search bar, Scott Trench. 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! Currently, real wages are still at relative highs, and asset prices are finally moving back towards what seem to be more sustainable valuations. Its not to save the economy to support the Biden Administration. You made the right choice. $2,650 at NET-A-PORTER. If you dont have that option, then you are stuck. And then, finally, the next phase is getting from $100,000 to financial freedom. Building wealth is always possible, even while working full-time, earning a median income, and making up for a negative net worth. Scott is of white ethnicity and has American citizenship. The rents there are $800 per month on each of the units. 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. Melissa hence worked as a reporter for the Great Neck Record and later on began her television career working for CNN Financial News and Bloomberg. So my first job was at a Fortune 500 company as a financial analyst 1. 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. So you mentioned your first $25,000. It has really motivated my fiance and I to take the next steps towards financial freedom. He also published his book First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes in 2021. 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. Congratulations again on the promotion and the book. This is why I studied finance in general, in college and with the start of my career. Its hard to see how unemployment can increase right now in a meaningful sense when the minimum wage is this low. . Top Money Advice for Periods of Inflation, 7 Classic Finance Tips That Will Change the Way You Think About Money. marion dupont scott net worthNitro Acoustic. I cant really see a political advantage for him in doing that. Suppose that youre making $50,000 a year, if you save $500 a monthwhich is actually a pretty good savings rate. So lets dive in! It will also teach you how to live a happy, healthy, and fulfilling life . I was just curious if anyone has calculated there Real Net Worth as he describes it in the book. Mad Fientist: Hey, I hope you enjoyed that interview with Scott. That's the topic of today's show, where we sit down with Scott Trench, author of Set for Life,to discuss some of the simple yet powerful, tactics people can use to increase their income, reduce their expenses, and lead a legendary life. 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. Mad Fientist: Yeah, yeah. 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. But if youre starting from that point, you dont really have the option of going out and starting a business because youre working full time and starting a business is hard work and unlikely to be successful on a part-time effort in the short run. As a fellow beer lover, I highly recommend you get to Colorado for a visit! Its an app that people can use just like a regular wallet to store their card details and information. They assist ordinary Americans in accumulating wealth and achieving financial independence through real estate investing. Currently, he is an active investor in the Denver market and manages a real estate portfolio of around $1.5 million. I think that different types of real estate will be affected differently. 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. 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. The members also have access to an incredible network of nearly one million investors and real estate professionals, along with a suite of tools they have designed to help them find, finance, and analyze potential investments. Yeah, Ill put a link to the first episode in the show notes. So, those are two approaches for investing. Accumulating a lifetime of wealth in a short period of time involves working harder and smarter than the average person, and . A rare picture of Scott Trench with his wife. Scott Trench: Yeah, and I think a dollar saved is better than a dollar earned because of that tax advantage. But if youre able to start increasing that savings rate, you accumulate this cushion, this what I call financial runway and set for life which allows you to live without the need for wage-paying work on that. Im very excited to be here. 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. What are the best types of real estate investments to make in 2022? And this brings up a really cool thing that I liked in your book, which I havent even mentioned yet. His net worth is estimated to be $1.5 million. The only caution wed give is currently you can no longer have positive cashflow in bay area as a real-estate investors, maybe in other part of the country, but not northern cal. Well, thank you so much for coming on the show. So, I always end all my interviews with one piece of advice youd give to somebody whos starting on the path of FI. Scott Trench: And particularly in terms of appreciation and real estate and stock markets. All the index fund investors were seeing strong returns. Buy, Rehab, Rent, Refinance, Repeat is the five-part BRRRR He serves as the CEO of BiggerPockets.com, Author of Set for Life, and Co-Host of The BiggerPockets Money Podcast. 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. 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. Or do you think go straight for something like the quadplex if you have the capital to invest? In addition to his career, Scott is the author of Set for Life which was published in 2017. Obviously, some chance plays a part. Im going to put that book in the show notes, a link to the book in the show notes. Funded by the U.S. Department of Agriculture and administered at the state level, SNAP benefits 11 Companies That Will Help You Pay Off Student Loan Debt. But for those who may not have heard that episode, could you just describe what house hacking is? And thats a Corolla. I think its going to take me a good bit of time here. There needs to be more FI conversation for those with children. It's free. 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. Mad Fientist: Wow! When (if ever) do you think the real estate bubble we are in will burst? They both live in Denver, Colorado. $305 at Sezane. She and her husband interviewed me in #26. Or maybe you can just send them over, and Ill put them in the show notes in case people want to know more? So, not only are you not spending money on that big, major expense, but youre actually earning money from it which obviously is going to get you to that $100,000 a lot quicker than the normal person. 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. He uses the example of a quadplex I believe in that post. 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