#81 Bigger Pockets Real Estate Investment Strategy, with Scott Trench

Real Estate World | Tips for Real Estate Investing

Scott Trench is the CEO of Bigger Pockets and author of "Set for Life: Dominate Life, Money, and the American Dream," one of the best books I've read this year! BiggerPockets.com is the world's largest online network of real estate investors, and since joining the company, Scott has been able to help ordinary Americans build wealth and achieve financial freedom through real estate investing. Before Scott entered the real estate world, he was building wealth the hard way. He worked as a financial analyst with Dish Network making $48,000 a year and enjoying a cushy benefits package. However, when he purchased his first investment property and left his finance job to work with Bigger Pockets, all of that changed.

You Don't Need a Finance Degree to Master Real Estate Finance

If you subscribe to Scott's philosophy of finance in the real estate world, there are four things you can do to advance your position: spend less, earn more, invest your accumulated assets aggressively, and create assets. But you don't have to be a mathematics oriented person to succeed. Financial strategy is something you can learn, and Scott's tactics will help you get your revenue working for you so you can achieve financial freedom and early retirement even sooner. The market you invest in plays a significant role in determining your property's potential. But with the right strategy, you will see results in almost any scenario.

House Hacking and Capital Expenditures

A house hack is one of the most valuable tools a middle-class wage earner can use to build wealth. It is when you buy a property as an owner-occupant and rent out extra bedrooms or units. And while it's not necessarily a long term solution, you don't ever have to stop looking for ways to offset your housing costs. But when you own an income property, a lot of things can go wrong. Capital expenditures or CapEx are large, one-time expenses that go into maintaining your property. Although they are not a monthly expense, you have to budget for them because the real estate world can be an unforgiving place if you're unprepared. When you are actively monitoring all of the moving parts, you can manage your cash flow more easily. So, to learn more helpful tips about investment strategy, listen to the latest episode of Pursuing Freedom.

About Scott Trench

Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. He is also a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. Through a solid understanding of money management, calculated risks, and a lot of hard work, he has created financial freedom for himself as well as a successful real estate business in just three years after graduating college. He hopes to now share the knowledge he has acquired so that others will have the tools they need to repeat his results in just 3-5 years, giving them the option to go anywhere they want in the world, work any job, start any business, or finish out the journey to financial independence and retire young.

What You Will Learn:

• Scott's journey from finance into the real estate world

• How Scott got started with Bigger Pockets

• Scott's philosophy of finance

• How to choose the right market when purchasing an investment property

• How to approach house hacking and CapEx

• How to determine the best investment strategy based on your savings and income

How to Connect With Scott Trench:

• Books: Author Page

• Twitter: @BiggerPockets

• Facebook: https://www.facebook.com/BiggerPockets

• Instagram: @biggerpockets

• YouTube: https://www.youtube.com/user/BiggerPockets

• LinkedIn: https://www.linkedin.com/in/scott-trench-53056a22/

• Website: https://www.biggerpockets.com/

• Podcast: https://www.biggerpockets.com/podcast

Additional Resources

• 5-Step Guide to More Referrals

• https://www.mrmoneymustache.com/