real estate investing strategy that makes financial freedom And so, its all about increasing your odds of success I guess at this point. And theres nothing wrong with this plan of index fund investing. This document can be used by anyone in any position no matter how much you have invested or saved up. Scott Trench: So the quadplex that I purchased, I bought it for $355,000. Author. So how did you get interested in real estate? It will also teach you how to live a happy, healthy, and fulfilling life . But you wrote a great book called Set for Life. Being a parent changes the game. Yet, it is also a dangerous game where, as investors, we play with big numbers and assume legal, operational and financial risks. 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 College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. So, I think theres a couple schools of thought. Thats MadFientist.com/advice. So what would yours be? Its not to save the economy to support the Biden Administration. And in a good market, thats not so important. Im now working very long hours and trying to figure out how to grow the company and all that kind of stuff. He is 31 years old. Yet more reason for Powell and the Fed to go after inflation with a single-minded focus. BiggerPockets.com is the worlds largest online real estate investor network. Invest in real estate and never run out of money! I definitely still have some work to do to get to there. 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Credit Repair Explained: Should You Pay For Help? 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. 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. So I was able to basicallyfrom a big picture perspective, I think that Ive been able to at least avoid any major mistakes. And thats hopefully when you make all your mistakes and learn all those lessons. 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. Well, my goal was financial freedom. I think thats why were attracted to real estate. And if people want to find you, wheres best to find you online, just go to Bigger Pockets? But what youre talking about is turning that into an income-producing asset instead. At the moment, no information about his parents or siblings is available. So, the first time that I can figure out anybody actually using the term house hacking was by a guy that works here named Brandon Turner. We both have kind of a similar approach to money in general. Some of it is obviously also luck. Together, they reside in Denver, Colorado. Its unlikely. Amara Trinity Lawrence: Know about Martin Lawrence Daughter? And then, they both were co-hosts on my show with me on episode #38. Mad Fientist: Oh, nice. Are there any links in particular youd recommend? Mad Fientist: He seems like a good boss anyway. If I could answer that question, Id be making very specific bets and youd find me hanging out on my 500-foot yacht. Also getting some buy to lets in Glasgow, all with the funds from the limited company I run as a software consultant. So, Im trying to buy one every 12 to 18 months and just sustain that system. $2,650 at NET-A-PORTER. It's free. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. I started out working at a Fortune 500 company. It wasnt in the nicest area. I appreciate it. And he wrote How to Hack Your Housing and Get Paid to Live For Free. All the index fund investors were seeing strong returns. What are the best types of real estate investments to make in 2022? 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. If you dont have that option, then you are stuck. He hosts a podcast called "BiggerPockets Money." Education: He graduated from Vanderbilt University with degrees in economics and history, corporate strategy and finance. Scott Trench: Get to a 50% savings rate. No, heres what I was thinking. For example, I would not want to have a large portion of my wealth in a development project that was 18 to 24 months out from being completed right now. 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. 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. Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. Joshua Dorkin, founder and CEO of BiggerPockets.com, joins me on the Financial Independence Podcast to talk real estate and entrepreneurship! A family that reached financial independence while raising children. I mean, if you think about that, how on earth is their market cap less than that? 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. So, the final step I think is it goes on forever basically. 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. And both Mindy and I are a little bit morehow do I describe it? I have a very sizable chunk of my money in index funds for that exact reason. . Scott Trench: Yeah, I think thats huge. First, theres the traditional. But one of the things I loved most about it was how you broke it down to three phases. She and her husband interviewed me in #26. Scott Trench: Yeah, sure. Scott Trench: But yeah, that interest in personal finance is kind of what spurred my ability to save and the accumulation of my first $20,000 to $25,000 for me. 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. While real wages might slide in a recession real wages have been rising, relative to inflation, for most of the last 10 years. Youre welcome any time. 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. And groceries are one of the things that a person thats interested in personal finance can go out and make a change in immediately. So if youre following that, I was collecting $1700 in rent on $1550 mortgage. And the first phase was getting that first $25,000. Yes. I was just curious if anyone has calculated there Real Net Worth as he describes it in the book. I find social media very overwhelming. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Chart Your Progress to Financial Independence! 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. Thanks for taking the time to read this post and thanks Scott for writing such a good book. She was right! And this is the real power of it in a non-financial sense. And once I heard that, everything clicked for me, and I was like, This is it. When interest rates fall and real estate assets are scarce, asset values soar. He uses the example of a quadplex I believe in that post. But two, youre decreasing the amount of money that you need to produce financial runway. 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. But that was not going to get me expediently towards my goal of a several hundred thousand to a million dollar net worth and several thousand dollars a month in passive cashflow. Scott is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. 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. Click here to listen on iTunes. Of course, that logic works both ways; and, if interest rates come back down quickly, these types of investments might perform even better. 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. And I think I can read my opponents as well as I can to feel comfortable with those odds and set myself up. Scott was the captain of the Vanderbilt University Rugby Football Club while he was there. So thats not scalable. Mad Fientist: Nice! So, its kind of the opposite of FI at this point. Have you bought any other property since then? What Are Qualified Expenses For A 529 Plan (And What Doesnt Count)? Calculate your FI date and graph your progress to FIRE for free in the Mad Fientist's FI Laboratory! If you lose your job, youre screwed! Two or three years ago, I actually [00:01:46] Bigger Pockets. When Josh decided to step away to be with his family, Scott became CEO. He is thirty-one years old. Scott Trench is the CEO of BiggerPockets, an education platform on real estate investment. 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: Yeah, absolutely. And thats kind of where we start getting into part two there which is $25,000 to $100,000. 529 Plans: The Ultimate Guide To College Savings Plans, The Definitive Guide To Student Loan Debt, How to Start Saving Now: The College Graduates Guide to Saving for Retirement, Tax Survey: How Much People Paid To File And The No.1 Tax Software They Used, Side-Hustles To The Rescue: Survey Shows 86% Stressed About Money & Inflation, 75% Of Students Would Still Choose To Work Even If They Didnt Have To. 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. Im not so sure. He married his lovely wife, with whom he now lives in Denver, Colorado. marion dupont scott net worth Tatko na pesmaricu. 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. Scott Trench: And particularly in terms of appreciation and real estate and stock markets. I know Ive had Chad Carson on the show, and weve talked about it in the 1500s. SNAP gives eligible low-income households extra food-purchasing assistance to supplement food budgets. Scott Trench attended Vanderbilt University after high school, where he earned a Bachelor of Arts in Economics and History in 2013. But youll need about $48,000 to finance your $4000 a month lifestyle. I always tell my single friends to save as much as they can now, because it only gets more difficult later. Scott was born in September 1990, in the United States. Mad Fientist: Yeah, absolutely. And it currently rents for $1400. The first $25,000 was focused on frugality and cutting expenses. 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. This has been a big party for many years. Scott Trench: Yes. I just mention I have the three properties. 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 you mentioned in the book something called scalable careers, which thats a great phrase that I dont think Ive really heard before. So yeah, the Bigger Pockets Money Podcast, how has it been going? 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. It was definitely worth talking to youlots of great advice. Nice episode! And yeah, your last name is Trench, and you want how many trenchlings? 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 . Scott Trench: Yeah, Im 27. 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! Scott breaks down the journey to financial independence into three stages and explains what you need to focus on at each step (and why)! He earns his wealth from his career, therefore, he has amassed a fortune over the years. Scott's estimated net worth is $1.5 million. More luck is involved in rapidly going from $25,000 to $100,000 than there is from going from zero to $25,000. I wish that people knew that real estate investing is a double-edged sword. Find out more about how we use your information in our privacy policy and cookie policy. But theres also this whole realm of entrepreneurship. So, I think that youre absolutely right to have a passion project, whether its personal finance-related stuff or a podcast or a blog or a project or a business in something else that you just want to work on with your free time. Particularly liked the part about a scalable career and adding side hustles along the way. So, I definitely have some higher financial goals than kind of like lean FI for me and maybe like one significant other. This is a loan at the best rates available. . Greg Palkot is known for his work on Shepard Smith Reporting, America's Newsr, Who is Kin Shriner? So hes stepped aside. To do this, many or all of the products featured here may be from our partners. And theyre fine with that. Online Loan Companies To Borrow From Home. One, go find a new job. Thats great. The author, Scott Trench, has some very wise . Set For Life: Dominate Life, Money, and The American Dream. And thats the best case scenario, is that you go through all of those rungs of the ladder in 20 years. Trench is the author of the 2017 book Set for Life. At one point, Scott Storch's net worth was estimated at $100 million. So thats how I managed to lose money investing in stocks I guess. 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. And then, finally, the next phase is getting from $100,000 to financial freedom. Its been a whirlwind since then. He is also a real estate investor, an executive at a large online. So, I think thats really important. Yeah, can you describe that again? This is what I want to do with money. Scott Trench: Sure! But once Ive got that stabilized after a year or two, I think Ill have a very, very nice cash flow on top of what is already a satisfactory cashflow. BiggerPockets is a complete resource for anyone looking to succeed in the world of real estate investing. Scott Trenchs net worth is estimated to be $1.5 million. Its good to make those mistakes early. I am a massive fan of multiple streams of income, so have been pursuing side hustles for a while now. Thats another good thing. So, that was your first $100,000. 2023 GOBankingRates. 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. Im going to put that book in the show notes, a link to the book in the show notes. You can change your choices at any time by visiting your privacy controls. Theres plenty of exceptions to that, and Im not discounting that. He serves as the CEO of BiggerPockets.com, Author of Set for Life, and Co-Host of The BiggerPockets Money Podcast. 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: Thats cool! I think that different types of real estate will be affected differently. Start tracking your own financial progress with these money management apps. Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. 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. 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. Shes good. buying two houses per month using BRRRR. After this, I think that your institutional investors and syndication investors are at the next highest risk. So I really like how you structured it. Scott Trenchreal estate investor, . Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. Trenchs net worth was estimated at $ 100 million luck is involved rapidly!, if you think about that, I think is it are Qualified Expenses for while... Increasing your odds of success I guess real estate investor, an education platform on real estate investor.... I was just curious if anyone has calculated there real net worth was estimated at 100... Assistance to supplement food budgets or all of the offers appearing on this site are from advertisers which. 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