On todays show, Im excited to introduce Scott Trench from BiggerPockets.com. 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. When I started on the road to financial dependence, thankfully, I was already in stage three. Scott Trench: Well, thank you, Brandon. This is a bad position to be in, and a recession that results in high unemployment will impact these folks first and hardest. Accumulating a lifetime of wealth in a short period of time involves working harder and smarter than the average person, and . 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. 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. I was able to reduce my monthly payments. 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. Im on a lot of social media, but I dont ever check them. I think it starts with a basis in frugality, but then theres an aggressive investing component. So yeah, the Bigger Pockets Money Podcast, how has it been going? It cost me $1700. Its putting money in your pocket every month. The first $25,000 was focused on frugality and cutting expenses. Start tracking your own financial progress with these money management apps. 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. He serves as the CEO of BiggerPockets.com, Author of Set for Life, and Co-Host of The BiggerPockets Money Podcast. Scott Trench: Yeah, I think thats huge. So were wishing him the best with those. This is why I studied finance in general, in college and with the start of my career. $305 at Sezane. Mad Fientist: Wow! If Im (Fed Chairman) Jerome Powell, my task is clear: Beat inflation. So I started with basically zero$3000 in savings when I started my career. And I encourage people to go out and think about adding side hustles one at a time as theyre going down this path. I think that its increasingly difficult. No, heres what I was thinking. BiggerPockets:Trench joined BiggerPockets in 2014 and is the CEO and president. Just search my name in the search bar, Scott Trench. 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. And how does the duplex compare to the quadplex? And my salary when I started was $48,000. And yeah, back in my poker-watching days, I remember Annie Duke very well. Bigger Pockets Money podcast did a show about this recently. Scott Trench: Yeah, you know, I had the good privilegeand this is not like an intelligence thing. Scott Trench is the CEO and President of BiggerPockets. Have you enjoyed it? He is the founder and CEO of BiggerPockets.com, the author of Set for Life, and the co-host of The BiggerPockets Money Podcast. 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. Mad Fientist: Absolutely! Cash obviously, but what else would apply as a real asset? Youre now president of Bigger Pockets which is huge. While there, Scott served as a captain of Vanderbilt University Rugby Football Club. real estate business from buying two houses per year to Over the weekend, Adams appeared to double down on the remarks on Twitter. This doesnt influence our evaluations or reviews. A good trench coat is worth the splurge, but this budget-friendlier version from Mango won't disappoint. Lease Purchase, Lease Options, Tax Liens, Notes, Paper, and Cash Flow Discussions, Private Lending & Conventional Mortgage Advice, Real Estate Guru, Book & Course Reviews & Discussions. To do this, many or all of the products featured here may be from our partners. . So, for example, a house hack the way I look at it through my lens was I bought a duplex for $240,000 here in Denver in about late 2014. For example, we had Erin Chase on there. This has been a big party for many years. 4. Mad Fientist: which is great. 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. Mad Fientist: Very cool! Scott Trench is the CEO of BiggerPockets, an education platform on real estate investment. 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. Its not to save the economy to support the Biden Administration. And once you have that financial runway, moving into step two here, were trying to get to about $100,000 in investable liquidity. Scott Trench: Yes. And if people want to find you, wheres best to find you online, just go to Bigger Pockets? You run out of money and you have to go and find similar paying work as your only option. 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. And the first phase was getting that first $25,000. And once I heard that, everything clicked for me, and I was like, This is it. But two, youre decreasing the amount of money that you need to produce financial runway. So, house hacking as I define it is buying a piece of investment real estate that will make sense as a rental property, as a cash flowing rental property for you after you move out; or otherwise, using your housing to build wealth. 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. Scott Trench: I live in another duplex doing the same thing. 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. Enjoyed the Podcast, great to find the BiggerPockets Money Podcast too and enjoyed Scotts book (audible) and the three levels FI! But its funny because I hear these people, theyre like, Oh, Im very well into FI. Any investing information provided on this page is for educational purposes only. Mad Fientist: Thats very cool! I bought it in northeast Denver, and things worked out. Its an app that people can use just like a regular wallet to store their card details and information. This is in an expensive marketwere not able to accumulate anything. Earning an $8000 raise after a year is great. Scott Trench: You know, she hasnt wrapped yet. BiggerPockets.com is the worlds largest online real estate investor network. Scott Trench: Yeah, I got promoted to president of Bigger Pockets maybe last Tuesday I think. What are the best types of real estate investments to make in 2022? Every week, Robert Leonard answer questions from listeners on his podcast show "Millennial Investing". Scotts estimated net worth is $1.5 million. This is a loan at the best rates available. Thats really important for investors, because the Feds dual mandate is to keep both inflation and unemployment low. So, if thats something youre interested in, head to MadFientist.com/advice. This is what I need to be doing and how I need to be moving forward with my life and with my finances. 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. Scott Trench: No, I was just finding these weird financial ratios. And then, we kind of move into more niche topics with future guests. Mad Fientist: Right! 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. Join over 100,000 others on the Mad Fientist email list to get free updates and other exclusive content! - What else would be considered an asset in his model? And then, one-thirdthat was two-thirds I just described there, housing, transportation and foodone third is everything else. Mad Fientist: Yeah, absolutely. They both live in Denver, Colorado. I think a 50% percent savings rate kind ofget to a median income, and then get to a 50% savings rate. So I really like how you structured it. Who Should Read Set For Life: Dominate Life, Money, and The American Dream? Mad Fientist: How is that going in Denver? Currently, he is an active investor in the Denver market and manages a real estate portfolio of around $1.5 million. Your first guest was the same first guest that I had way back in 2012, Mr. Money Mustache (which was a great episode). Scott Trench is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. Thats MadFientist.com/advice. Mad Fientist: Very cool! And the reason for that is because they have no cushion. Body Measurements He is also a real estate investor, an executive at a large online. So, once you have a hundred thousand dollars in investable liquidity, if youre spending less than $25,000 or $30,000 a year, by definition, that means you have years of financial runway, years of the ability to go and take advantage of opportunities, or just simply the cash to make a meaningful investment, at least relative to your spending. But that wasnt a huge mistake. Im going to bet on that and go with that. And thats the correct decision to make in that game. Probably worth a listen. And theres nothing wrong with that plan. Scott Trench: Yeah, Josh has definitely kind of achieved the dream here. Mad Fientist: Cool! But for those who may not have heard that episode, could you just describe what house hacking is? And Im going to hopefully get it out of the library as soon as I can because that sounds really good. Scott Trench: Yeah, sure. When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. Mad Fientist: Absolutely! This document can be used by anyone in any position no matter how much you have invested or saved up. Ive never been to Colorado, and I love mountains. Suppose that youre making $50,000 a year, if you save $500 a monthwhich is actually a pretty good savings rate. The leap and I guess the freedom is almost kind of the scary thing. 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: Yeah, I think thats exactly right. So was that your first property then, the duplex in Denver? This is like the most opportune time for low cost entry into any sort of business world you can imagine which is super exciting. even while working full-time, earning a median income, and making up for a negative net worth. And then, they both were co-hosts on my show with me on episode #38. 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. And I wanted it as soon as possible. They help ordinary Americans build wealth and achieve financial freedom through real estate investing. 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 I do it while Im on the clock. So, I think thats really important. So it gets harder to save, and you need way more the more your average monthly spending increases. Oh, that was a bad decision to bet there. No, it was a good decision. Mad Fientist: There was! The rents there are $800 per month on each of the units. Thanks for the podcast! 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. Now, once you achieve a high savings rate and accumulate maybe six months to a year or more of this financial runway, options begin to present themselves in your life, things like you can go and take a job that pays you $40,000 instead of $50,000, but offers you a chance at a big bonus at the end of the year, or you can go work for free for an entrepreneur that you really admire and go learn a valuable skill set, or you can just take that $25,000 and invest or house hack the way I did. Scott Trench: Yeah, absolutely. All the index fund investors were seeing strong returns. 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. He was born and raised in the United States by his parents. Mad Fientist: Wow! I appreciate it. I think its going to take me a good bit of time here. And its about putting together a plan that makes the most sense to you based on the perspectives of smart people who have been there and that resonate with you. Scott Trench: Its been going pretty well. I wasnt really interested in that line of work. Starting with little-to-no savings, he was able to work his way up to his first rental, his second, and now his thirteenth. Hes doing some amazing stuff, which Im really excited to talk to you about. But you get to this $25,000 or this one year of runway, and now you have a lot more options. 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. Who Is Scott Trench Scott is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. And then, I actually stumbled upon your podcast, the very first episode, and Mr. Money Mustache. Yet, it is also a dangerous game where, as investors, we play with big numbers and assume legal, operational and financial risks. Trench is the author of the 2017 book Set for Life. I bought my last property in June 2017. I wish that people knew that real estate investing is a double-edged sword. So my first job was at a Fortune 500 company as a financial analyst 1. These are a proven way to build wealth, are likely to see long-term strength. I have my eye on maybe branching out into some other types of investments. Congratulations to you! BiggerPockets role is to help them increase the odds of success in their investing careers and help them build wealth faster and with less risk by giving them access to great content about nearly every aspect of real estate investing imaginable. Scott serves as the Co-Host of The BiggerPockets Money Podcast in Denver, Colorado alongside Mindy Jensen. So if youre following that, I was collecting $1700 in rent on $1550 mortgage. 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. 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. Cheers! 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. So, thank you for that. And your boss was on the show, Josh Durkin. So, you had mentioned when you hit that $25,000 stability level, you would mention you could get a job that pays less salary but has a bigger bonus potential, or you could go and work at a startup or things like that. 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. And I knew that my salary at financial analyst 2 would be about $56,000 to $58,000 (again depending on performance). Throw all your additional cash into index funds, model it out using whatever percentage return youre comfortable with. 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.. SNAP gives eligible low-income households extra food-purchasing assistance to supplement food budgets. 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. All I can do is prepare for a variety of scenarios and keep a long-term investment focus. The corners that you can cut when you are single are way more than if you have other people you are caring for. The couple frequently shares photos of themselves on social media. Youre also not likely to get a big raise at your job at work within the next year. So, Im trying to buy one every 12 to 18 months and just sustain that system. First, theres the traditional. 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. They have nothing to fall back on. These offers do not represent all available deposit, investment, loan or credit products. Its good to make those mistakes early. So, you really have to start somewhere. Those who fail to pay the price (in terms of hours of preparation and self-education) end up spending just as much or more time trying to resolve issues in a failing investment down the line. 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 lets dive in! 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. 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. Scott Trench is married to his lovely unnamed wife. Building wealth is always possible, even while working full-time, earning a median income, and making up for a negative net worth. 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! Shes good. More from the same. 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. And that is where I became interested in real estate and started listening to Bigger Pockets and becoming a fan of the company there. Amara Trinity Lawrence: Know about Martin Lawrence Daughter? And then, the rents are about $2600 a month. And thats a Corolla. 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. I published that episode way back in May of 2012. I know a lot of people that would be happy with a raise of that level. So you have to have some baseline of stability, and then work as hard as you can to acquire excess so that you can then go on to take these chances in life that you believe, to the best of your ability, are great, and then obviously do whatever work you can to increase the odds as much as you can to your favor. 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. Mad Fientist: Yeah, this is a long time coming. But youll need about $48,000 to finance your $4000 a month lifestyle. When (if ever) do you think the real estate bubble we are in will burst? Scott is of white ethnicity and has American citizenship. So how did you get interested in real estate? Mad Fientist: Nice! Early life and C. Amanda Moye Brown: Do you want to know about Wes Browns Wife? I know Ive had Chad Carson on the show, and weve talked about it in the 1500s. The math is telling us that the biggest parts of your spending are in housing and transportation. And I still have a little bit to go to completely pay it off. Instead, I think that we will simply see real wages fall relative to inflation. Mad Fientist: So yeah, that could take a nice chunk of change. Wow thanks for sharing. Georgeta Orlovschi: Know about Sebastian Stans Mother? We also get your email address to automatically create an account for you in our website. I mean when you talk about average American household spending, 33% of that, the biggest chunk of the pie is going to be in housing, 17% is in transportation, 13% is in food. So one of the problems that a lot of people have I think when it comes to finance is theyre unable to take any risk whatsoever. The couple posts a lot of their pictures together on their social media account. Another approach that I also use is real estate investing. He also published his book First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes in 2021. Last, I wonder, with the Republicans predicted to pick up a lot of seats in November, whether the Fed is likely to attempt to stimulate a Biden Administration economy at this point. Well, my goal was financial freedom. 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. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. It's free. Nice episode! And if you can house hacklike me, I house hacked close to work, so I could bike to workyoure able to eliminate basically 50%, lop off half of your expenses, in one single investment. Scott Storch is a record producer, songwriter, and former musician who began his career in 1991. Scott Trench: Sure! Yeah, can you describe that again? more attainable than ever. So, we are interviewing people that have expertise in one of these areas or niches in these areas or stories that embody this kind of approach, so that people are not pigeonholed into one type of investing or one type of real estate. If you message me there, I usually get back to everybody within a day or two. These offers do not represent all deposit accounts available. I think thats why were attracted to real estate. Theres a lot more factors. I just found your podcast and Im really enjoying it. See Free Details & Reputation Profile for Scott Trench (32) in Denver, CO. Includes free contact info & photos & court records. I cant really see a political advantage for him in doing that. Search by Name, Phone, Address, or Email I cant answer that question. So, would you mind talking a little bit about that first stage? Yeah, no, absolutely. I really appreciate it. So the best place to find me is actually on Bigger Pockets. 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. And my book is written for a very specific audience. Scott breaks down the journey to financial independence into three stages and explains what you need to focus on at each step (and why)! Alright, man, thanks a lot. Well, the reason is because Chinese companies all the timeI dont know about this one in particularlie about their financials. And Im looking forward to checking out the rest. Scott Trench is the CEO and President of BiggerPockets. I think that investors should avoid investments that are time bound. This is a conventional mortgage brokernot a friend, not a family member. I started out working at a Fortune 500 company. Scott Trenchreal estate investor, . 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. At the moment, no information about his parents or siblings is available. They assist ordinary Americans in accumulating wealth and achieving financial independence through real estate investing. 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. But do have any other questions about the. And yeah, your last name is Trench, and you want how many trenchlings? But if your house hacking correctly, you have three options. BiggerPockets.com is the worlds largest online network of real estate investors. 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! Thats great. Some of their users own a few properties and use real estate as a supplement to their overall wealth-building strategy, whereas others go all-in and use it as the primary tool in their portfolio. 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