How to Become “Set for Life” with Scott Trench | BP Podcast 223

[@MrSologuy]

thanks for another great show :)

[@biggerpockets]

Of course! Thanks for watching!

[@MrSologuy]

I look forward to it every Thursday!

[@romeog8250]

One of my favorite podcasts by far. One thing that people need to understand is that Scott works harder on his philosophy than he does on real estate. I say that because those mental shifts that he has made have helped him look at real estate from a different prospective.SO DON'T JUST SELF EDUCATE ON REAL ESTATE,SELF EDUCATE ON PHILOSOPHY BECAUSE REAL ESTATE DEALS SOMETIMES FALL APART BUT PHILOSOPHY LASTS A LIFE TIME. I'll watch this a few more times for sure because its very inspiring. Great job Scott!

[@moneymechanics77]

It's great to have a message of financial independence! We need more and louder voices on this subject in our society. It seems to me that our culture wants us to spend everything and be in debt our whole life. The better path for the individual is to minimize expenses, avoid debt, save, and invest!

[@keaton8182]

This book has changed the course of my life. Thank you BP and Scott Trench.

[@superskbman]

"Wealth Creation begins with Frugality" ... Awesome!

[@JeffMartinez648]

This was the best Bigger Pickets podcast of all time!

[@turboZ3]

Great book by Scott changed my life I got rid of expensive crap in my life learned to shop cheaper and save more efficiently.

[@dennisnguyen690]

Love how he is now the CEO. Passion shows with his wealth of knowledge at such a young age. Great stuff guys!

[@nicholasvarro7382]

DISCIPLINE EQUALS FREEDOM!

[@DealswithDavid]

Finished the book. I loved it completely and Scott Trench is one of my favorite authors.

[@ifeeltheneedfospeed2339]

Scott looks like a young Robert De Niro. Great podcast!

[@peanutbutterisfu]

Very true about college. So many people go hugely in debt and find out after the fact they could work at many entry level job making the same money. In my opinion ( not with all trades but many) you learn your job and about life by doing it not from school. The biggest thing they perched to us in high school about life is "you will go no where without college". But they didn't teach us how to rent an apartment, buy a house, or a car. The 3 most basic things that should have been very relevant to teach. If I would have learned 1% of what I have learned about real estate when I was 18 I would be solely working for myself now (32)

[@levits77]

I wish I knew bigger pockets before. It really opened my eyes into new possibilities.

[@erickahalsey7663]

This is my favorite episode to date! Fantastic!!! Waiting for his book in the mail now!

[@naomiking2442]

Hi BP! I am a Home Stager in Waco TX. I am coming off of an amazing spring...one flipped property sold in 48 hours...this house had sat unsold and unstaged for 3 months last August. Have you ever done an episode talking with investors about the importance of Staging their properties? Thanks for any info.

[@joejohnson7745]

AWESOME SHOW!! Great information!! Thank you guys!

[@zengear553]

Scott's a smart dude

[@rollogic2988]

Scott, don't know if you will see this or not, but near the beginning of this Podcast one of the guys was making a joke about a bad investment you had in the stocks (don't know if that was true or not). I was wondering if you have ever read the book "Millionaire Teacher" by Andrew Hallam? If not, I think you should check it out it is a great read on investments and stocks/bonds, and if so, what did you think about it? Also I like and agree with your comment during the Famous Four at the end about your favorite business book, during that you mentioned how you liked "Rich Dad Poor Dad" and it was a good book, but that book, and others like it, don't really seem to answer any specifics exactly on how to get out of the Rat Race. After I finished it I thought it was good too, but that it didn't really help me to get started in real estate or investing. I guess books like that are for total novices to get the gears of their mind thinking differently before getting to the specifics, which I think did for me. Having said that, I am excited to check out your book! It's on my list of MANY books on finance investments I want/need to buy. Great Podcast and thoughts. Thanks for sharing!

[@angelmarieb]

Absolutely loved this show! Thanks for uploading!

[@PlayYourSongz]

Great advice from this young man.

[@PrettyBrown2983]

Love this episode!!! Scott mentioned you can refinance out of an FHA loan to get another one. However, I thought if your name was listed on any title for a house the individual can no longer get an FHA loan. Mainly because you are no longer a 1st time homebuyer even if you refinance. Please help me clarify this scenario. Thank you!

[@WarriorWillTv]

PrettyBrown2983 that's what I thought too! This would be. Great way to start if I could figure out how to either refi or hold and get second loan.

[@kcurby]

PrettyBrown2983 I believe fha loan is just federal insured. A person one their 10th house can get an FHA loan.

[@gettingslim186]

I use to be a mortgage lender and to qualify for FHA loan you can not own a house within the last 3 years. Unless the laws have changed in 2014/15

[@KOCOMA1234]

I've had a hard time deciding for sure what we want to do. I've got a decent savings and no debt. I'm thinking an FHA and finding a property that's a good deal is a great idea. Then keep the cash I have for emergencies or future conventional loans! Love it.

[@biggerpockets]

FHA is a great way to start... Trench and many other people on BiggerPockets believe an FHA duplex is the best way to start. But it's all about the numbers!

[@FlipAnythingUSA]

Nice show sharp guest. That's me 25 years ago. . Have me on your show guys. I have a lot of experience and I want to share. Tom

[@michaelperon1793]

How do i get the resources for the audiobook?

[@UniqueMechanics]

I would like to see a professional on the show discussing how to determine if the purchase is a deal, a steal or do not buy! We are hear not to buy homes, but to profit from buying. The purchase is simplified, but I want to hear from others regarding what there process is, or calculation to determine if the purchase is a slam dunk.

[@stefanstankovic570]

Are you serious... There are 222 podcasts before this one. Not exactly hard to find that and many other topics.

[@themcduffiesisters826]

whose vision started BiggerPockets? I love you guys!

[@righteousloveandtruth]

Crystal McDuffie josh on the right

[@biggerpockets]

That would CEO & Founder of BiggerPockets, Joshua Dorkin, on the right!

[@LKNCONDOS]

That's David Schwimmer

[@debussyx]

The tension between Josh and Brandon is really painful to watch.

[@Re3iRtH]

Jonathan Leung Hmm.. never noticed it in the past, let's see if you're right?

[@debussyx]

Yeah the jabs/insults are starting to detract from the show. I think they need couples counseling lol

[@Re3iRtH]

Jonathan Leung Sadly, I agree. They used to be cute/friendly but now it sounds kinda awkward..

[@mrkrabs622]

I think it's hilarious

[@stevend481]

totally disagree, they're friends that are busting chops, its what guys do

[@artiecox8896]

Great show guys!!

[@matimartinez5098]

You guys are the best! saving some money to start investing soon!

[@juancortes5876]

Great show great information as always

[@popseworld28]

I feel when you have very good assets that can fund your liabilities that's great. Don't do it before that. Thanks BP

[@un4cntremor]

Great episode. I have pre-ordered the book for my 24 year old son. What is the email address again for the bonus items?

[@un4cntremor]

Thank you Felipe

[@laurarenteria4253]

Hey Chuck! I love how you got the book for your son, good looking out for him dad! It’s a really good book, hope he enjoyed it.

nice show guys!

[@mrkrabs622]

Around 44:00 you guys talk about drinking before going to the restaurant, then who's going to drive you?

[@ThePittas]

Uber

[@Falcodrin]

Daniel M. Pitta tesla

[@tekootianderson]

Ae, haere mai ki Aotearoa. Yes, come over to New Zealand. Organize your trip to coincide with an All Black test.

[@williamsmith3331]

I want the book

[@biggerpockets]

Check it out on Amazon or Barnes & Noble!!

[@lukewarmnomore7523]

One thing you guys never talk about is the tax you have to pay on your rentals or you house hack on the income you earn off of the properties..??

[@powersonic6255]

nice video

[@Shini1984]

Hey, I went to a boot camp and now I'm a software developer! Can I get a job at BP?

[@gregeckhardt5338]

you can only have 1 FHA loan at any time. to get a new FHA loan every year you would have to pay off the house with the loan every year.

[@ianhop]

No, you would just refinance into a conventional loan on the one you've lived in for a year, which shouldn't be hard if your house hasn't depreciated. I'm 5 months in on my FHA loan and I will be refinancing to a conventional loan in a month.

[@lukask1063]

how can you buy $400K property with $80-$85K of income/year???

[@Falcodrin]

Lukas K leverage man leverage

[@Duckywucky92]

Nice bruh just do it

[@luxlux2574]

Josh shut up and let us get to the point ! Jeesussss

[@luxlux2574]

Josh is a bit annoying

[@elebea868]

What's wrong with Josh? Tool

[@path_ethics]

This two guys interrupting the real content to make jokes and try to be funny............ Just stop it

[@dl7423]

flawed podcast - a few things are entirely not correct and/or contains misinformation - viewer beware - take in what is logically sound and discard the rest

[@djwestbrook36]

Please elaborate so we can know the misinformation.

[@Arthur-Silva]

You guys joke too much, it’d be nice if y’all quit interrupting your guest with the most cheesy, irrelevant and unfunny comments.

[@DVendi-lw2eh]

First!

[@anthonyrawles1154]

Dont shit on Detroit man