I think that investors in those types of projects are assuming a tremendous amount of risk interest rates could be far higher in 18 to 24 months than they are today, and that can depress prices, or make it difficult to refinance the property or investment down the line. 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. Its an app that people can use just like a regular wallet to store their card details and information. No, heres what I was thinking. But what youre talking about is turning that into an income-producing asset instead. And thanks to Mindy for putting this together. In this show, he talks with successful entrepreneurs, . What do most people not know about real estate investing that you wish they knew? So I was still drinking way too much better and trying to have too much fun when you published that. 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. And thats when I found your show, some time in that timeframe. Thats true for the average and the median American, but not popular to point out. 2. 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.. What are the best types of real estate investments to make in 2022? More luck is involved in rapidly going from $25,000 to $100,000 than there is from going from zero to $25,000. Cash obviously, but what else would apply as a real asset? 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. He is thirty-one years old. I would have been FI in my 30s. 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. And then, we kind of move into more niche topics with future guests. 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 . Thanks to both of you and him. This has been a big party for many years. 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. Scott Trench. Scott Trenchreal estate investor, . The couple posts a lot of their pictures together on their social media account. Who Gets Institutional Merit Grants At Private Colleges? Mad Fientist: Very cool! Now to strategize on which to sell and when to acquire my forever home. Its been a whirlwind since then. Mad Fientist: Wow! 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: Well, thank you for having me, Brandon. Who cares if its underwater in terms of you owe more than its worth as long as its cash flowing? 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. Mad Fientist: Absolutely! And then, the rents are about $2600 a month. 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 I definitely recommend everyone to check it out. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. I wasnt really interested in that line of work. And theres nothing wrong with that plan. Have you enjoyed it? . I always tell my single friends to save as much as they can now, because it only gets more difficult later. The author, Scott Trench, has some very wise . Mad Fientist: Hey, I hope you enjoyed that interview with Scott. 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. So I really like how you structured it. Turns out our guest today, Scott Trench, found a lower paying dream job at a startup. Nice episode! This is what I want to do with money. You have no ability to even attempt to put yourself to put some money on that or take the shot on that new career or whatever. Scott Trench is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. But on the other hand, if I wasnt saving, if I had no financial runway, it would be too risky to leave. Thanks for taking the time to read this post and thanks Scott for writing such a good book. Buy, Rehab, Rent, Refinance, Repeat is the five-part BRRRR Scott is married to his beautiful unidentified wife. Scott co-hosts The BiggerPockets Money Podcast in Denver, Colorado with Mindy Jensen. And any time Mindy gives such a glowing recommendation for someone, I definitely check them out. I have a very sizable chunk of my money in index funds for that exact reason. 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. 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. Mad Fientist: Oh, nice. Category: Books Share this article: Money Advice From Experts Top Money Advice for Periods of Inflation Im very excited to be here. And groceries are one of the things that a person thats interested in personal finance can go out and make a change in immediately. I picked stocks, and I tried to invest in stocks, and I lost money in 2013 and 2014 when everybody else was making money. I mean, if you think about that, how on earth is their market cap less than that? A family that reached financial independence while raising children. Scott Trench: But well get her to rap on one of the future ones coming up. I think its going to take me a good bit of time here. So it gets harder to save, and you need way more the more your average monthly spending increases. Just search my name in the search bar, Scott Trench. At the moment, no information about his parents or siblings is available. Your email address will not be published. The next $75,000, youre looking at housing and income generation. 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. This is a loan at the best rates available. So, I think theres a couple schools of thought. And then, they both were co-hosts on my show with me on episode #38. Mad Fientist: Yeah, this is a long time coming. Kin Shriner is best known for his role as Scott Baldwin on ABC's General Hospital and its spin-off, Port Charles. 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. 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. Hes doing some amazing stuff, which Im really excited to talk to you about. 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. We also get your email address to automatically create an account for you in our website. The next phase is getting that first $100,000. Start tracking your net worth with Personal Capital using our link. 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. I just think its lower odds of success than maybe focusing on savings first. Set For Life: Dominate Life, Money, and The American Dream. Bigger Pockets Money podcast did a show about this recently. So that would be cool to read that. I am a massive fan of multiple streams of income, so have been pursuing side hustles for a while now. And Im plenty happy doing what Im doing and kind of continuing along with things. 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. Yet more reason for Powell and the Fed to go after inflation with a single-minded focus. And yeah, back in my poker-watching days, I remember Annie Duke very well. Scott Trench: Sure! So lets dive in! You may not be able to change your lease, you may not be able to start biking to work tomorrow. So, you might need $25,000 in total cash, liquidity, to finance your $2000 a month lifestyle. 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. Currently, he is an active investor in the Denver market and manages a real estate portfolio of around $1.5 million. Theres plenty of exceptions to that, and Im not discounting that. 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. And this brings up a really cool thing that I liked in your book, which I havent even mentioned yet. Greg Palkot is known for his work on Shepard Smith Reporting, America's Newsr, Who is Kin Shriner? So thats how I managed to lose money investing in stocks I guess. So, if thats something youre interested in, head to MadFientist.com/advice. However, like Scott said, it is absolutely critical to keep positive cash-flows (rents must cover mortgage payments + HOA + property tax, with backup plans, like moving in to the property yourself), weve seen people end up having to sell in down market when losing the job or can no longer subsidize the negative cash flow, therefore cannot reap the long term appreciation or refinance to lower rate, etc.. 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: And I really think you make your own luck too to an extent as well. That's $1 MILLION. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. They both live in Denver, Colorado. 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. Two or three years ago, I actually [00:01:46] Bigger Pockets. Oh, that was a bad decision to bet there. No, it was a good decision. And I encourage people to go out and think about adding side hustles one at a time as theyre going down this path. Yeah, thats a great way to look at it. Here I am today after a string of I think good decisions and good fortune accompanying them, but I look back, and Im like, Im not sure which one of those was a bad decision where I got lucky. I think they were good decisions and I got lucky if that makes any sense. Mad Fientist: Yeah, absolutely. He is also a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. Another approach that I also use is real estate investing. 'A lot of people are angry at me today but I haven't yet heard anyone disagree,' he told his 867,000 followers. 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. So, you really have to start somewhere. So theyre not even recognizable by name, the companies? I put down $12,000. 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. Its in my opinion as a saver who was able to accumulate a year of financial runway within a year, that was a risky career because I knew that I was not going to have any chance to live up to what I deemed my potential to be. See Free Details & Reputation Profile for Scott Trench (32) in Denver, CO. Includes free contact info & photos & court records. 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