Real Estate 101 with Scott Trench (BiggerPockets)

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4.7 • 1.1K Ratings

🗓️ 17 January 2022

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jesse chats with Scott Trench, CEO of BiggerPockets and a real estate investor, about how people can get started with real estate investing and build more wealth. Scott started his working career like many business college graduates, working at a large company as a financial analyst. Early on he stumbled across the Mr. Money Mustache blog, which advocates frugality and saving a large percentage of your income to achieve financial independence. From there, Scott became interested in using real estate to build his personal wealth and reach financial independence earlier in life.

Then, an encounter with the founder of the BiggerPockets website led Scott to a job with the company, and eventually, a chance to steer it as the CEO. Along the way Scott has learned a lot about real estate investing, and purchased and managed several properties. He now uses that knowledge to run the BiggerPockets website, which offers teaching and tools for people new to the real estate market.

Scott also acknowledges the costs and tradeoffs associated with becoming a good real estate investor. He's not shy about the amount of time needed to learn the basics, suggesting around 500 hours of reading and research before considering your first real estate purchase. For some people, like busy specialized professionals (doctors and lawyers for instance) or entrepreneurs running businesses, this time might be too high a cost, and distract from their primary focus. For the right person with patience and diligence, however, real estate investing can be an excellent way to build wealth and achieve financial independence.

BiggerPockets

https://www.biggerpockets.com

Join the More Money Challenge:

https://www.youneedabudget.com/moremoneychallenge/

Transcript

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0:00.0	Hello, Wine Embers. My name is Jesse Meakin with another episode of The Wine Am Podcast,
0:08.8	where we teach you four rules to help you stop even paycheck to paycheck, get out of debt,
0:12.3	and save more money. One way you can save more money is to start to build up a little real estate,
0:18.9	portfolio. And this is coming from a guy that has built a little, very little real estate,
0:24.6	portfolio. And I don't really do much with it now, but it's there. And I quite like it.
0:29.7	I have today with me on the podcast, Scott Trench. He is the CEO of a company called Bigger
0:35.2	Pockets, and they are focused exclusively on solely on educating people on how to invest in real
0:41.7	estate. There are a couple really good takeaways there. One in particular is just that you don't
0:47.2	necessarily dabble. Or if you are going to be hands off, that you have lots of people involved
0:54.7	that are hands on. But Scott walks us through his personal journey in really figuring out real
1:01.5	estate for himself. And then he walks us through a couple of the, you know, kind of the things you
1:06.1	would need to know, a couple pitfalls. I hope you find it tremendously useful. I enjoyed my
1:10.4	conversation with Scott Trench of Bigger Pockets. So let's dive right in.
1:16.9	All right, Scott Trench. Welcome to The Wine Am Podcast.
1:20.0	Thanks for having me, Jesse. Great to be here.
1:21.8	I'm glad to have you here. So I've heard a lot about Bigger Pockets over the years.
1:27.2	I'm going to tell us a little bit about what you do and who you guys are trying to help over there.
1:32.3	Yeah, so Bigger Pockets is a platform for real estate investors. So most of our members are
1:37.6	people who are trying, who are making between 50 and $200,000 per year in household income,
1:42.4	who want to buy rental properties to build supplemental wealth or passive cash flow,
1:47.3	usually outside of their W2 or normal day jobs with that. And when you want to get started
1:55.7	in investing in real estate, you need to put in, I think, something to the tune of 250 to maybe
	...

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