Scott Trench and His 10-Step Checklist to Buy Your First Rental Property
ฝัง
- เผยแพร่เมื่อ 26 มิ.ย. 2024
- How did BiggerPockets CEO Scott Trench buy his first rental property? This is the “Real Estate Rookie Podcast”, and as a rookie, where should you start? Most new real estate investors think that the steps to buying a rental property are simple-find an agent, find a property, buy the property. And although that could buy you a rental property, the chances of you becoming successful are very low. Real estate investing requires much more than just purchasing a property if you’re trying to build generational wealth, financial freedom, and a life that operates on your schedule.
It shouldn’t be surprising that the CEO of a company like BiggerPockets is someone who took the slow, yet highly successful route. No raising money on his first deal, no buying multimillion-dollar apartment complexes, no giant yacht, and no private planes. Scott Trench is the epitome of the “grind until you shine” real estate investor. Starting with little-to-no savings, he was able to work his way up to his first rental, his second, and now his thirteenth.
To celebrate the release of the updated version of his wildly popular book, “Set for Life”, Scott has created a ten-step checklist that any new investor should use to get their first real estate investment. These steps were specifically designed for you to not just get one rental, but many more following your first purchase. These are the exact steps Scott took to reach financial freedom in under ten years, and if you follow them as well, you might be able to do it faster.
~~~~
Join the Real Estate Rookie Facebook Group:
/ realestaterookie
~~~~
Grab The Revised Edition of “Set for Life”:
store.biggerpockets.com/produ...
~~~~
Get Scott’s 10-Step Check List for Buying Your First Rental Property:
www.biggerpockets.com/rookies...
~~~~
Sign-Up for The Real Estate Rookie Bootcamp and Join Us at BPCon 2022:
www.biggerpockets.com/events?...
~~~~
Hear Scott on The BiggerPockets Money Podcast:
www.biggerpockets.com/podcast...
~~~~
Tell Your Story on The Real Estate Rookie Podcast:
www.biggerpockets.com/guest?u...
~~~~
Connect with Ashley and Tony on BiggerPockets:
Ashley: www.biggerpockets.com/users/e...
Tony: www.biggerpockets.com/users/t...
Episode 200
Show notes at: www.biggerpockets.com/blog/ro...
00:00 Intro
05:43 Finding (and Later Running) BiggerPockets
10:19 Serving the Investor
13:26 Building the Financial Flexibility to Invest
21:10 Becoming "Set for Life"
29:33 The Rookie Checklist to Start Investing in Real Estate
41:48 Boosting Your Credit Score
45:33 Keeping Your Cash Position Strong
48:37 Building Your Investor Ability
01:00:10 Rising Interest Rates
01:02:45 Rookie Exam
01:05:40 Rookie Rockstar
#biggerpockets #realestaterookiepodcast #ep200
Set for Life was a great read. I read that closely after I read “Rich Dad, Poor Dad”. I’m very excited to read the revamped version. Definitely a yearly read for me. Thank you for all that you do for making this information so accessible.
Glad you found it valuable. Thank you, Tiffany!
Congratulations on episode 200!!! You have been my inspirational podcast since you started. I have been watching bigger pockets podcast since 2017. I still remember the BiggerPockets episode 348 with Ashley care since I’m originally from upstate New York(Albany county) and episode 476 with Tony Robinson. When I moved to(Oceanside California) 2018 . Like all your episodes this one has been my favorite since I want to begin investing in real estate after I graduate Florida air National Guard sometime next year . You guys pinpointed everything to the T . With Scott Trench. (CEO of bigger pockets) Great work Scott trench! Apologize for the long comment, But I really appreciate your hard work over the years. I can’t wait to be as successful as you guys are. Thanks again for your hard work
Thanks, Ken!
Great podcast. Link to the checklist not working?
Same here. Can't find it or the free copy of Set for Life they mentioned, link isn't working for me either..
Thank you for letting us know! We were able to get that link fixed, you can get the checklist here: biggerpockets.com/rookieshow
Great interview with Scott! The checklist is a good value. Thanks
Might need to go there Aug 15, lol
Very informative thank you so much
Haha, I read that comment on the last episode and thought you would say it live, lol. Love you guys!
Weird question: can I get a copy of the old show intro? It’s a motivating sound for me, so I want to use it when I need motivation 😂
I have more time than money and I am looking to partner with someone (in San Diego) with the funds. Thanks for the confidence that investors are out there to work up a deal that is a win-win! I am going to my local REI to network & learn.
Middle class for most folks across America, even with a college degree, is closer to $30,000 a year. We get a misunderstanding from the posted average. But once looking at the actual data, that's where we get a clear understanding of the poverty most Americans live in Real estate investing is a win-win for all (just don't sell to out-of-country billionaires who are gobbling up our land without being vested in the strength and stability of the USA).
Great episode-lots of nuggets. Looks like the checklist link is not working.
Thanks for letting us know, we got it up and running! biggerpockets.com/rookieshow
Great Ep. I don't agree on the arbitrage point, that you should not DIY something if you can get someone else to do it cheaper than your hourly rate. That assumes you'll be working an hour instead of DIY, I DIY when I've finished work so essentially it's a side hassle job tax free :) there's a point where scale and time come into the equation though where farming out work to others cheaper or more expensive than you both makes sense if its for an investment.
Where did he place the money that he saved? In a savings account, High Yield Savings or somewhere else?
Hey! When I was getting started, I put them all into after-tax index funds. In retrospect, I got lucky and earned a solid ~10% yield on those funds, instead of 0%. But, I got lucky. I'd probably just put them in a high yield savings account if I was starting over.
How dare you re-write Set for Life a few Weeks after I bought it.