So, I think thats really important. even while working full-time, earning a median income, and making up for a negative net worth. Questions About BiggerPockets & Official Site Announcements, Home Owner Association (HOA) Issues & Problems, Real Estate Technology, Social Media, and Blogging, BRRRR - Buy, Rehab, Rent, Refinance, Repeat, Real Estate Development & New Home Construction, Real Estate Wholesaling Questions & Answers, Rent to Own a.k.a. I find social media very overwhelming. I just finished up @Scott Trench book Set For Life. Mad Fientist: Very cool! 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. Lease Purchase, Lease Options, Tax Liens, Notes, Paper, and Cash Flow Discussions, Private Lending & Conventional Mortgage Advice, Real Estate Guru, Book & Course Reviews & Discussions. Get advice on achieving your financial goals and stay up to date on the day's top financial stories. So, Im trying to buy one every 12 to 18 months and just sustain that system. My odds of success of winning this hand based on what I know are 70%. Over the weekend, Adams appeared to double down on the remarks on Twitter. He married his lovely wife, with whom he now lives in Denver, Colorado. What are the best types of real estate investments to make in 2022? Mad Fientist: Very cool! . Scott Trench: Well, when you buy your first place when I bought my first place, my total net worth was probably basically zero; maybe like 15k-20. Starting with little-to-no savings, he was able to work his way up to his first rental, his second, and now his thirteenth. This is in an expensive marketwere not able to accumulate anything. real estate investing strategy that makes financial freedom Click here to listen on iTunes. Its hard to see how unemployment can increase right now in a meaningful sense when the minimum wage is this low. And thanks to Mindy for putting this together. Thanks for the podcast! But then we go into house hacking. You made the right choice. 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. One of my favorites which will be coming out soon is with David Greene whos a real estate investor. Im on a lot of social media, but I dont ever check them. I started out working at a Fortune 500 company. So, I think theres a couple schools of thought. 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. But two, youre decreasing the amount of money that you need to produce financial runway. You have to live there until things appreciate or rents go up, or the property goes up and you either have to be able to sell it or live there happily. 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. And my rents were $1150 from the other side and $550 for my side. It wasnt in the nicest area. And I still have a little bit to go to completely pay it off. Scott Trench is the CEO and President of BiggerPockets. Scott Trench: No, I was just finding these weird financial ratios. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. And so, thats the biggest hack that I can think of, like the biggest trick that a median income earner can do on the side to drastically cut their expenses, and then automatically put yourself in a position to have a significant cash flowing asset after a year or two. Mad Fientist: Thats very cool! 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?. The first $25,000 was focused on frugality and cutting expenses. Scott Trench: And particularly in terms of appreciation and real estate and stock markets. 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. Its an app that people can use just like a regular wallet to store their card details and information. 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. 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. Trench has focused his career on. Who Is Scott Trench Scott is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. Thats true for the average and the median American, but not popular to point out. Obviously, some chance plays a part. Hes this young guy thats doing all these crazy things. So youre in your mid-twenties, right? And any time Mindy gives such a glowing recommendation for someone, I definitely check them out. 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 have no financial runway. And their market cap is $50 million. Ive listened to probably half of the episodes so far. Mad Fientist: Excellent! 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. I was just working towards that financial freedom. And theyre just like, I dont know what Im going to do after I retire. The money is not the fear anymore. I think its going to take me a good bit of time here. 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Credit Repair Explained: Should You Pay For Help? Together, they reside in Denver, Colorado. 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. Are there any links in particular youd recommend? 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 . Scott Trench: Get to a 50% savings rate. Its good to make those mistakes early. 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. So I started with basically zero$3000 in savings when I started my career. 'A lot of people are angry at me today but I haven't yet heard anyone disagree,' he told his 867,000 followers. So thats not scalable. This is a business that requires, literally, hundreds of hours of self-education from the investor prior to getting started. They have nothing to fall back on. 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. And yeah, hopefully, Ill speak to you soon. They both live in Denver, Colorado. So how did you get interested in real estate? more attainable than ever. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Chart Your Progress to Financial Independence! No, heres what I was thinking. Or maybe you can just send them over, and Ill put them in the show notes in case people want to know more? Probably worth a listen. If I ever make it out to Scotland, Ill have to come and check it out. I know a lot of people that would be happy with a raise of that level. They both live in Denver, Colorado. This is great, I have a friend in Denver doing similar, sadly in UK, increases/changes in Buy-to-let (BTL) taxes, are making this approach nonviable. 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. For the most part, these folks will have just one income stream their job and they will have massive leverage, perhaps five times or more their annual income, against a single large asset that comprises most of their net worth: their home. 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. Greg Palkot is known for his work on Shepard Smith Reporting, America's Newsr, Who is Kin Shriner? 2023 GOBankingRates. Mad Fientist: Yeah, yeah. There needs to be more FI conversation for those with children. Kin Shriner is best known for his role as Scott Baldwin on ABC's General Hospital and its spin-off, Port Charles. 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. 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. Side hustles are still a new thing in my part of the world (New Zealand/Australia) but growing in momentum. And yeah, your last name is Trench, and you want how many trenchlings? 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. And theres nothing wrong with that plan. Yeah, Ill put a link to the first episode in the show notes. This is what I need to be doing and how I need to be moving forward with my life and with my finances. So, those are two approaches for investing. Its just that the math doesnt work like that. And everybody knew this except for me. So, that was your first $100,000. I just mention I have the three properties. But you model it out, and you just throw all of your excess cash into a big pile. Scott Trench: Yeah, you know, I had the good privilegeand this is not like an intelligence thing. I mean, if you think about that, how on earth is their market cap less than that? 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. Cheers! A family that reached financial independence while raising children. Mad Fientist: He seems like a good boss anyway. Scott Trench: Yeah, that was my first property. First, theres the traditional. Scott Trench: So, I got interested in real estate as a byproduct of being interested in financial independence in the first place. And I also have a quadplex now that I bought as a regular investment property. 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