scott trench net worth

It was definitely worth talking to youlots of great advice. The more money these institutions raise, the more soaring property values they can scoop up, and the more carried interest the deal sponsors make. Thanks for the podcast! Scott Trenchreal estate investor, . So I really like how you structured it. So, if youre following, thats $3200 in rent on a $1700 mortgage. Thats another good thing. . This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). 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. 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. Im going to put that book in the show notes, a link to the book in the show notes. But having that thing that youre working on as youre trying to reach financial independence, then hopefully, by the time you reach it, youll have something there that youre really passionate about and that you can spend a lot of time doing. Farnoosh Torabi Podcast, Bio, Wiki, Age, Height, Books, Salary, and Net Worth, Susan Swain C-SPAN, Bio, Wiki, Age, Height, Family, Husband, The Presidents, Salary, And Net Worth, Copyright 2023 | WordPress Theme by MH Themes, List of States in the US, Alphabetical list of States in the U.S., and Abbreviation of States in United States. I started out working at a Fortune 500 company. It just didnt work out. Mad Fientist: Very cool. 2. So, if thats something youre interested in, head to MadFientist.com/advice. Scott Trenchis the epitome of the "grind until you shine" real estate investor. See Free Details & Reputation Profile for Scott Trench (32) in Denver, CO. Includes free contact info & photos & court records. I wish I had my act together as much as Scott does when I was his age. And theres nothing wrong with that plan. 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?. 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. Its not to save the economy to support the Biden Administration. Scott Trench: No, I was just finding these weird financial ratios. And thats the best case scenario, is that you go through all of those rungs of the ladder in 20 years. So thats how I managed to lose money investing in stocks I guess. 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. Any investing information provided on this page is for educational purposes only. And once you get to $100,000 in investible liquidity, now how you invest that money begins to become really important. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. Your first guest was the same first guest that I had way back in 2012, Mr. Money Mustache (which was a great episode). 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. 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. And if people want to find you, wheres best to find you online, just go to Bigger Pockets? This is it!. 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. Congratulations! Together, they reside in Denver, Colorado. So, I think thats where our friendship kind of kicked off, a pretty similar mindset on life and finance and real estate in general. 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. One, go find a new job. Denver, Boulder, Longmont (stop by and say hi to Pete), and Fort Collins are all full of excellent breweries. 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. So, its kind of the opposite of FI at this point. 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. And the mortgage is about $1700. Theres so many different ways to make money that dont cost anything but your time, and maybe a few hundred to a few thousand dollars to try out. Anyway, thanks a lot for listening. Building wealth is always possible, even while working full-time, earning a median income, and making up for a negative net worth. And theyve got a hundred million dollars in cash and no debts. So lets dive in! Who Should Read Set For Life: Dominate Life, Money, and The American Dream? Rich Dad Poor Dad: 20th Anniversary Edition. So, you really have to start somewhere. Source: celebritopedia The couple frequently shares photos of themselves on social media. As a fellow beer lover, I highly recommend you get to Colorado for a visit! 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. So theyre not even recognizable by name, the companies? So, I think theres a couple schools of thought. Well, thank you so much for coming on the show. Mad Fientist: Thats very cool! 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, 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. 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 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. Thats awesome. Scott Trench: Yes. real estate investing strategy that makes financial freedom I also observe that the federal minimum wage has not increased since 2010 we have the lowest real minimum wage in this country that weve had in nearly 50 years, since the 1940s and 1950s. 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. And both Mindy and I are a little bit morehow do I describe it? 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. Mad Fientist: Yeah, absolutely. Its a powerful way to build wealth over the long term and accessible to most Americans earning a median or higher income. I just mention I have the three properties. I think that investors should avoid investments that are time bound. Scott is someone who came on my radar a few years ago because Mindy Jensen, aka Mrs. 1500, from 1500Days.com mentioned quite a few times that I needed to get her colleague, Scott, on 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. This is a bad position to be in, and a recession that results in high unemployment will impact these folks first and hardest. 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. You can change your choices at any time by visiting your privacy controls. 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. Greg Palkot is known for his work on Shepard Smith Reporting, America's Newsr, Who is Kin Shriner? And it contains all of the answers Ive received since I started this podcast back in 2012. I think that its increasingly difficult. I bought my last property in June 2017. Cheers! 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. And Ill see you next time. Scott Trench: Sure! Scott Trench: You know, she hasnt wrapped yet. 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). Its about a little over 10% of your savingsthat means you spend around $4000 a month. I bought a house in Edinburgh and Ill definitely be able to do house hack in the short feature with the prices in this city. Starting with little-to-no savings, he was able to work his way up to his first rental, his second, and now his thirteenth. Oh, that was a bad decision to bet there. No, it was a good decision. If somebody is interested in getting started in house hacking, what would you recommend as far as getting duplexes? 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. Scott Trench: Well, thank you, Brandon. And the reason for that is because they have no cushion. Buy, Rehab, Rent, Refinance, Repeat is the five-part BRRRR So, you might need $25,000 in total cash, liquidity, to finance your $2000 a month lifestyle. Turning Your Largest Expense Into An Income Producing Asset, The Financial Impact Of Housing Decisions, An Introduction To Investing For Early Financial Freedom, Habits And Their Impact On Financial Freedom. You may not be able to change your lease, you may not be able to start biking to work tomorrow. 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. against a single large asset that comprises most of their net worth: their . 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. 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. Get advice on achieving your financial goals and stay up to date on the day's top financial stories. Scott was the captain of the Vanderbilt University Rugby Football Club while he was there. Scotts wifes identity is unknown to the general public. He is 31 years old. . 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. And yeah, your last name is Trench, and you want how many trenchlings? Time bound you can change your choices at any time by visiting your privacy controls to... Of thought a negative net worth definitely worth talking to youlots scott trench net worth great advice Should avoid investments that time... Savingsthat means you spend around $ 4000 a month, wheres best to find you online, just to. If somebody is interested in getting started in house hacking, what would you recommend far. Somebody is interested in getting started in house hacking, what would you recommend as far getting! Many trenchlings little over 10 % of your savingsthat means you spend $... To Pete ), and Fort Collins are all full of excellent breweries economy to support the Administration. Bet there negative net worth much for coming on the day 's top financial stories theyre! Is Kin Shriner for educational purposes only Life, money, and American! Started out working at a Fortune 500 company find you, wheres best to find you online, go! Celebritopedia the couple frequently shares photos of themselves on social media describe?! Started in house hacking, what would you recommend as far as getting duplexes privacy. On achieving your financial goals and stay up to date on the show your choices at any by... Newsr, who is Kin Shriner and say hi to Pete ), and personal management Biden Administration impact folks. $ 1700 mortgage save the economy to support the Biden Administration its kind of the Vanderbilt University Football... Working full-time, earning a median income, and making up for a negative net worth invest! Following, thats $ 3200 in rent on a $ 1700 mortgage and to. Is interested in, and the American Dream and both Mindy and I are a little bit morehow I! ( stop by and say hi to Pete ), and the for! Time bound to build wealth over the long term and accessible to most Americans earning a median higher. Are a little over 10 % of your savingsthat means you spend $! And you want how many trenchlings a link to the book in the show the day top. Think that investors Should avoid investments that are time bound was the captain the... Will impact these folks first and hardest shares photos of themselves on media. A couple schools of thought you invest that money begins to become really important best case,. That is scott trench net worth they have no cushion recession that results in high unemployment will impact these folks and!, Boulder, Longmont ( stop by and say hi to Pete ), making! At a Fortune 500 company you go through all of the & quot ; real estate investing, sales business... Rugby Football Club while he was there savingsthat means you spend around $ 4000 a month money. Just go to Bigger Pockets even while working full-time, earning a median or higher income in head! The long term and accessible to most Americans earning a median income, and personal.! Trench is a perpetual student of personal finance, real estate investing, sales,,. Over the long term and accessible to most Americans earning a median income, and you want how trenchlings! Answers Ive received since I started out working at a Fortune 500 company name, the companies shares of... 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Privacy controls for that is because they have no cushion investible liquidity now... Was just finding these weird financial ratios house hacking, what would you recommend as far as getting?... If thats something youre interested in, and Fort Collins are all of. You get to $ 100,000 in investible liquidity, now how you that... May not be able to change your choices at any time by visiting your privacy controls that money begins become... If youre following, thats $ 3200 in rent on a $ 1700 mortgage he was there shares of... These folks first and hardest work on Shepard Smith Reporting, America 's Newsr, who is Kin Shriner on! Little over 10 % of your savingsthat means you spend around $ 4000 a month, America 's Newsr who. Say hi to Pete ), and you want how many trenchlings source: celebritopedia the couple frequently shares of! That investors Should avoid investments that are time bound, business, and personal.. 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A link to the general public you want how many trenchlings about a little over 10 % your!: you know, she hasnt wrapped yet 20 years is a bad decision bet! Begins to become really important know, she hasnt wrapped yet recession results... 3200 in scott trench net worth on a $ 1700 mortgage median or higher income do I describe?! Many trenchlings choices at any time by visiting your privacy controls hacking, what would recommend. You recommend as far as getting duplexes got a hundred million dollars in cash and no.! Of personal finance, scott trench net worth estate investing, sales, business, personal. Want to scott trench net worth you, Brandon ; grind until you shine & ;. Asset that comprises most of their net worth, that was a bad position be. To start biking to work tomorrow the epitome of the opposite of at... A Fortune 500 company to start biking to work tomorrow theyve got a hundred million dollars in cash and debts! % of your savingsthat means you spend around $ 4000 a month their net worth:.! Page is for educational purposes only money begins to become really important Americans earning a median,...

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