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. Currently, he is an active investor in the Denver market and manages a real estate portfolio of around $1.5 million. 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. Im repaying the favor [00:06:47]. marion dupont scott net worthNitro Acoustic. Your first guest was the same first guest that I had way back in 2012, Mr. Money Mustache (which was a great episode). Georgeta Orlovschi: Know about Sebastian Stans Mother? If somebody is interested in getting started in house hacking, what would you recommend as far as getting duplexes? 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. Suppose that youre making $50,000 a year, if you save $500 a monthwhich is actually a pretty good savings rate. 2. Mad Fientist: Excellent! So yeah, I really enjoyed it. Rising interest rates are likely to impact cap rates on properties, which will compress values and limit exit and/or refinance options. So, that was your first $100,000. 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. I believe that in a market decline, this cohort is likely to experience some pain in the form of falling prices and/or rents, but that their long-term focus, fixed interest rate debt and multiple income streams (most small landlords work a full-time job in addition to owning a few rental properties) will put them in a relatively strong position to weather a market downturn. 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). But two, youre decreasing the amount of money that you need to produce financial runway. Andrew Ross Sorkin - $10 million I started out working at a Fortune 500 company. And if they lose, youve got to be able to not tie the result of losing that hand with Hey! SNAP gives eligible low-income households extra food-purchasing assistance to supplement food budgets. What did Mindy see in you do you think? And the mortgage is about $1700. I bought my last property in June 2017. Scott Trenchreal estate investor, . And both Mindy and I are a little bit morehow do I describe it? Mad Fientist: Yeah, absolutely. Denver, Boulder, Longmont (stop by and say hi to Pete), and Fort Collins are all full of excellent breweries. 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. 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. I downloaded an audio book version of his book, Set for Life, and I really enjoyed it. Mad Fientist: Cool! DO NOT Sell My Personal Information. But you wrote a great book called Set for Life. Scotts wifes identity is unknown to the general public. 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. For example, if I were single, I could rent out my spare bedroom in my house. Mad Fientist: Hey, I hope you enjoyed that interview with Scott. So youre not going to be able to even last one month without your job if youre starting from scratch until eight months have passed and really six weeks timeframe by the end of the year. According to the author, children who don't grow up rich learn different things about managing money than wealthy children, and this may be a . They have nothing to fall back on. I think that, sadly, those at the highest risk are middle-class American homeowners. Have you made any mistakes, or is there anything you would do differently if youre starting from scratch now? They help ordinary Americans build wealth and achieve financial freedom through real estate investing. I just finished up @Scott Trench book Set For Life. Thats fantastic. This is what I want to do with money. Of course, that logic works both ways; and, if interest rates come back down quickly, these types of investments might perform even better. And once you have that financial runway, moving into step two here, were trying to get to about $100,000 in investable liquidity. So, thats one plan. I think that different types of real estate will be affected differently. And I have a couple of other expenses there as well. 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. In 2021, he also released his book First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes. Shes good. First, theres the traditional. This is a bad position to be in, and a recession that results in high unemployment will impact these folks first and hardest. But I think a lot goes into putting yourself into position to be lucky. Currently, real wages are still at relative highs, and asset prices are finally moving back towards what seem to be more sustainable valuations. Robert Kiyosaki makes bold claims in this personal finance audiobook that might have you questioning everything you've learned about the subject so far. Its written for a median income earner that is starting with little to no assets but wants financial freedom. Mad Fientist: So yeah, that could take a nice chunk of change. All the index fund investors were seeing strong returns. As a fellow beer lover, I highly recommend you get to Colorado for a visit! And groceries are one of the things that a person thats interested in personal finance can go out and make a change in immediately. Last, I think that your small mom-and-pop investors are likely to be affected. Scott is of white ethnicity and has American citizenship. And yeah, youre 27 and youve done a ton of crazy, amazing stuff so far. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. . By layering philosophy with practical knowledge, Set for Life gives young professionals the fiscal confidence they need to conquer financial goals early in life. And I do she does a lot of private lending and other various kind of creative ways to invest and maybe get a diversified or different or higher returns than she can with just stocks. That's $1 MILLION. Mad Fientist: And thats why I love these three distinct phases so much. It has really motivated my fiance and I to take the next steps towards financial freedom. 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). Scott Trench: Yeah, I think thats huge. Scott Trench: Yeah, I got promoted to president of Bigger Pockets maybe last Tuesday I think. So can you talk a little bit about that? Scott Trench: Well, thank you, Brandon. 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. Mad Fientist: Thats cool! A rare picture of Scott Trench with his wife. 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. It just didnt work out. Scott Trench: So, I got interested in real estate as a byproduct of being interested in financial independence in the first place. Its not to save the economy to support the Biden Administration. 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. Well, thank you so much for coming on the show. Scott Trench: Yes. You can download a free copy there. 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. This is it!. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Theater of popular music. And I couldnt agree more that also should be a very important focus for you because if you just work so hard to financial independence, and then have nothing to work on after, nothing that gets you out of bed or gets you excited about starting your day once you reach that point, youre going to probably be pretty miserable and may want to go back to work. When (if ever) do you think the real estate bubble we are in will burst? I definitely still have some work to do to get to there. Scott Trench: But well get her to rap on one of the future ones coming up. $305 at Sezane. And theres nothing wrong with this plan of index fund investing. But what youre talking about is turning that into an income-producing asset instead. 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. One, youre accumulating that all in savings which is 100% gain because its after tax savings that youre accumulating. I know a lot of people that would be happy with a raise of that level. And thats when I found your show, some time in that timeframe. I dont remember. And theyre fine with that. Total Audience Reach (Twitter, Instagram, YouTube and TikTok). 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. They both live in Denver, Colorado. This is why I studied finance in general, in college and with the start of my career. Once your account is created, you'll be logged-in to this account. Mad Fientist: Very cool! Starting with little-to-no savings, he was able to work his way up to his first rental, his second, and now his thirteenth. 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 thats where our friendship kind of kicked off, a pretty similar mindset on life and finance and real estate in general. The next $75,000, youre looking at housing and income generation. I couldnt agree more. $305 at Sezane. Click Manage settings for more information and to manage your choices. Youre welcome any time. But thats awesome. But then we go into house hacking. And this brings up a really cool thing that I liked in your book, which I havent even mentioned yet. Whats Set For Life: Dominate Life, Money, And The American Dream All About? I actually enjoyed the audio version of it in the gym. Scott is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. I am a massive fan of multiple streams of income, so have been pursuing side hustles for a while now. He is 31 years old. Ive never been to Colorado, and I love mountains. 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. And so, I put down 5% with an FHA loan. Scott Trench: Yeah, I think thats exactly right. Youre now president of Bigger Pockets which is huge. 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. Earning an $8000 raise after a year is great. So if youre following that, I was collecting $1700 in rent on $1550 mortgage. Mad Fientist: which is great. 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. 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. And I also have a quadplex now that I bought as a regular investment property. 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. I wish that people knew that real estate investing is a double-edged sword. 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. Who Gets Institutional Merit Grants At Private Colleges? Mad Fientist: Yeah, absolutely. Relationship Status Scott Trench is married to his lovely unnamed wife. Enjoyed the podcast. Together, they reside in Denver, Colorado. And he wrote How to Hack Your Housing and Get Paid to Live For Free. So I was still drinking way too much better and trying to have too much fun when you published that. And I think for that median income earner starting with zero, its with that savings position. I managed to lose money because I knew better than the market about this couple of Chinese stocks that had more cash than market cap and I dont know. 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. And Im going to hopefully get it out of the library as soon as I can because that sounds really good. Scott Trench is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. Great episode Brandon and Scott!. more attainable than ever. I picked stocks, and I tried to invest in stocks, and I lost money in 2013 and 2014 when everybody else was making money. 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. He is also a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. Amara Trinity Lawrence: Know about Martin Lawrence Daughter? Yeah, this could be your biggest expenseespecially if youre renting or if you go out and buy your dream home right out of college like some people. SNAP Benefits: Can You Use EBT Card/Food Stamps To Purchase Hot Food. What are the best types of real estate investments to make in 2022? Im on a lot of social media, but I dont ever check them. He has some family things that are going on. He married his lovely wife, with whom he now lives in Denver, Colorado. So, my major mistakes are going to be things like I bought a brand new Toyota Corolla in 2014, kind of before I really wrapped my head around the whole personal finance thing. And theres nothing wrong with that plan. 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. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. Thanks to both of you and him. See Free Details & Reputation Profile for Scott Trench (32) in Denver, CO. Includes free contact info & photos & court records. And thats hopefully when you make all your mistakes and learn all those lessons. I know its a really hot real estate market these days. What Are Qualified Expenses For A 529 Plan (And What Doesnt Count)? Its an app that people can use just like a regular wallet to store their card details and information. And theyre just like, I dont know what Im going to do after I retire. The money is not the fear anymore. But in a bad market, its really important because in a bad market, you cant sell. Shop Pay is an innovative payment solution developed by Shopify. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. 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 was able to reduce my monthly payments. Two or three years ago, I actually [00:01:46] Bigger Pockets. Scott serves as the Co-Host of The BiggerPockets Money Podcast in Denver, Colorado alongside Mindy Jensen. My odds of success of winning this hand based on what I know are 70%. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. And then, the rents are about $2600 a month. Scott Trench: Yeah. . 529 Plans: The Ultimate College Savings Plan, Understanding And Using 529A ABLE Accounts, Using A Roth IRA To Save And Pay For College, Student Loan And Financial Aid Programs By State, The Guide To Military And VA Education Benefits, The Best College Scholarship Search Websites, Pell Grants: What They Are And How To Qualify, How To Use A 529 Plan If Your Child Doesnt Go To College, Best Student Loans And Rates In March 2023, 10 Best Private Student Loans Of March 2023, Best Student Loans To Pay For Graduate School, Best Student Loans To Pay For Medical School, Guide To Income Sharing Agreements (ISAs), Best Student Loan Refinance Companies In March 2023, Best Student Loan Refinancing Bonuses And Promotional Offers Of March 2023, Student Loan Forgiveness Programs (The Complete List), The Full List Of Student Loan Forgiveness Programs By State, How To Start Investing In Your Twenties For 22 29 Year Olds, How To Start Investing In Your 30s For 30 39 Year Olds, The Best Traditional And Roth IRA Accounts, The Best Places To Open A Health Savings Account, The Best Self-Directed IRA Providers Of 2023, 20 Best Side Hustles You Can Start Earning With In 2023, 54 Side Hustle Ideas To Make Money Fast In 2023, 100 Ways To Make Money In College In 2023, 5 Quick Money Making Ideas (That Take Less Than 1 Hour), 10 Interesting Ways You Can Make Money Driving, High-Paying Side Gigs That Earn $1,000 or More Per Month, Paid Surveys: Earn Money For Giving Your Opinion Online, 10 Crazy Ways To Make $10,000 Youve Never Heard Of, 40 Best Passive Income Ideas To Build Wealth In 2023, 3 Ways To Make $50,000 Per Year Without Working With Passive Income, How To Become A Real Estate Investor With Just $500, Residual Income: 7 Super Smart Ways to Build It, How To Become A Real Estate Mogul With Only $10,000, 10 Best High Yield Savings Accounts Of March 2023, 10 Best Money Market Accounts Of March 2023, 10 Best Free Checking Accounts In March 2023, 10 Best Business Checking Accounts In March 2023, Best Credit Unions Nationwide Of March 2023, Best College Student Checking Accounts Of March 2023. Credit Repair Explained: Should You Pay For Help? This has been awesome. At one point, Scott Storch's net worth was estimated at $100 million. I believe I currently was able to getI remodeled and got one of the units up to $925. 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. 2023 GOBankingRates. This is whyI was already fairly frugalThis is why Im saving. 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. While real wages might slide in a recession real wages have been rising, relative to inflation, for most of the last 10 years. Mad Fientist: Yeah, yeah. Mad Fientist: Yeah, you mentioned in the book, youre like, Turn your biggest expense into an income-producing asset, and I think thats really powerful to think of it that way. On the flip side, wealth inequality skyrocketed as asset prices inflated with low interest rates. And their market cap is $50 million. It cost me $1700. But also, a dollar saved, at least a dollar of lifestyleyou know, if you can reduce your average monthly spending by a thousand dollars, thats better than increasing your average monthly income by a thousand dollars for a couple reasons. When Josh decided to step away to be with his family, Scott became CEO. All I can do is prepare for a variety of scenarios and keep a long-term investment focus. Start tracking your own financial progress with these money management apps. 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?. He married his beautiful wife with whom he resides in Denver, Colorado. And shes a poker player. Id recommend people start from the source. Scott Trenchs net worth is estimated to be $1.5 million. It was definitely worth talking to youlots of great advice. Who cares if its underwater in terms of you owe more than its worth as long as its cash flowing? Joshua Dorkin, founder and CEO of BiggerPockets.com, joins me on the Financial Independence Podcast to talk real estate and entrepreneurship! 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. Im going to bet on that and go with that. And thats the correct decision to make in that game. And then, one day, you will have achieved financial independence according to the standard definition I guess in the FI community which is based on the 4% rule. So, the final step I think is it goes on forever basically. If you lose your job, youre screwed! Now to strategize on which to sell and when to acquire my forever home. So thats not scalable. I appreciate it. So without further delay, Scott, thanks very much for being here. You can click on the 'unsubscribe' link in the email at anytime. So, its kind of the opposite of FI at this point. All Right Reserved. And Im looking forward to checking out the rest. But youll need about $48,000 to finance your $4000 a month lifestyle. Scott Trench: And I do it while Im on the clock. Scott Trench's net worth is estimated to be $1.5 million. Scott Trench: No, in May of 2012, I was graduating from college and getting ready tono, I graduated college in May of 2013. So theres a ton of great stuff there. Hes this young guy thats doing all these crazy things. So youre in your mid-twenties, right? 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. 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. So how did you get interested in real estate? I moved out a couple of years later. Oh, that was a bad decision to bet there. No, it was a good decision. And Ill see you next time. Was wondering when someone would come out and say this. Scott co-hosts The BiggerPockets Money Podcast in Denver, Colorado with Mindy Jensen. I think its going to take me a good bit of time here. He hosts a podcast called "BiggerPockets Money." Education: He graduated from Vanderbilt University with degrees in economics and history, corporate strategy and finance. In this show, he talks with successful entrepreneurs, . Scott Trench: Yeah, sure. 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. Scott Trench: Oh, wow! Scott Storch is a record producer, songwriter, and former musician who began his career in 1991. She now has a net worth of $5 million, and her annual salary is estimated at $1 million. Another approach that I also use is real estate investing. So you have no financial runway. The mortgage is currently $1400 because I refinanced. I wasnt really interested in that line of work. So, thank you for that. And then, I actually stumbled upon your podcast, the very first episode, and Mr. Money Mustache. Mad Fientist: Wow! He serves as a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. even while working full-time, earning a median income, and making up for a negative net worth. 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). Building wealth is always possible, even while working full-time, earning a median income, and making up for a negative net worth. Scott Trench: There were some rapping involved in that show. Szane Scott Trench Coat. At the moment, no information about his parents or siblings is available. This is like the most opportune time for low cost entry into any sort of business world you can imagine which is super exciting. The corners that you can cut when you are single are way more than if you have other people you are caring for. When I started on the road to financial dependence, thankfully, I was already in stage three. Just search my name in the search bar, Scott Trench. 4. Are there any links in particular youd recommend? 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. And I think focusing on frugality at that stage absolutely is going to be the biggest impact you can have on your finances. Scott is a lifelong learner of personal finance, real estate investing, sales, business, and personal management in the United States. Mad Fientist: Mindy has been like, Youve got to get him on the podcast. 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. Nice episode! Mad Fientist: Thats very cool! 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