200: Scott Trench’s 10-Step Checklist to Buy Your First Rental Property

Real Estate Rookie

BiggerPockets

Entrepreneurship, Education, Investing, Business, How To

4.7 • 1.8K Ratings

🗓️ 16 July 2022

⏱️ 72 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

You’re here to buy your 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. In This Episode We Cover The ten steps to becoming a successful real estate investor (even if you have no experience) Frugality and its impact on how you invest and grow your wealth over time Calculating your dollar per hour cost and choosing whether or not to outsource work The four levers of wealth creation and how to pull them all for fast-paced wealth building How Scott went from entry-level worker to CEO of BiggerPockets in under ten years Building your “investor ability” so you can make smarter decisions faster And So Much More! Links from the Show Rookie Readiness Checklist Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Podcast Real Estate Rookie Facebook Group BiggerPockets Forums Podcast Guest Onboarding Form BiggerPockets Bookstore The BiggerPockets Money Podcast Dish Network The Real Estate Podcast Joshua Dorkin's Website Brandon Turner's Instagram Dave Visaya's Podcast Editing Services Mr. Money Mustache Airbnb Vrbo Mindy Jensen's Instagram From 400 Credit Score to Making $17,000/Month in Passive Income BiggerPockets Bootcamps FRED BiggerPockets Calculators Buildium Connect with Scott: Scott's BiggerPockets Profile Scott's Rookie Readiness Checklist Check out the full show notes here: https://biggerpockets.com/blog/rookie-200 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	This is Real Estate Rookie Episode 200!
0:05.4	I actually think that's the best thing that bigger pockets that we have so much more work to do
0:09.5	to help rookies, but I think that we do pretty close to a world-class job at this point of
0:14.7	helping people get started in this business with a realistic assessment about the risks and
0:18.9	rewards of real estate. I don't think we sugarcoat it in our ra ra, this is always the right thing.
0:23.4	I think we're very clear about the trade-offs and the time commitment and the leverage risk
0:27.5	that you take here. From that, we always need to do, I think, a better job of serving those
0:33.6	things, but I think we have a really, like, what is the investor journey? It's probably a good
0:37.4	question, right? What does an investor look like when they come into this world?
0:41.5	My name is Ashley Care, and I'm here with my co-host, Tony Robinson.
0:46.0	And welcome to the Real Estate Rookie podcast where every week, twice a week, we bring you the
0:50.4	inspiration, information, and stories. You need to hear to kickstart your investing career as a
0:55.5	real estate rookie. So, before we dive in, I just want to highlight a recent review that came
1:00.0	in. This one came from ZICD, and ZICD says, solid show, it's very informative, and fun to listen
1:07.7	to. This is now one of my favorite BP podcasts along with On the Market. Keep them coming. So,
1:13.1	ZICD, we appreciate you, and for all those rookies that are listening, if you haven't yet,
1:16.8	please leave an honest rating and review on whatever platform it is you're listening to.
1:20.9	The more ratings and reviews, we get the more folks we can reach, and the more folks we can reach,
1:24.2	the more folks we can help. And that's our job here is to help some folks. So,
1:28.0	Ashley Care, I'm excited for today's episode, episode 200. So crazy. When I first came on the show,
1:33.7	we were at episode 37, I think, was my first episode, and now we're, you know, 100 plus episodes
1:39.8	beyond that. So, man, it's been a fun ride, huh? You guys, I can't believe it.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.