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
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