60. Obsessed With The Concept of Financial Independence - Scott Trench, CEO of BiggerPockets

House Hacking Success

Three months out of college, Scott Trench joined a Fortune 500 Company and becomes obsessed with the concept of Financial Independence. He networked with other real estate investors and finally made his way into BiggerPockets as its 3rd employee.
Since joining BiggerPockets in 2014, Scott has authored the wealth-building book Set for Life and joined Mindy Jenson as a host of the BiggerPockets Money Podcast.
He stays active in the BiggerPockets forums and contributed hundreds of articles, market analyses, and files to BiggerPockets. He has also contributed to other personal finance blogs, along with traditional news outlets including Time, CNBC, and NBC.
A spiring individual who strives to help ordinary Americans build wealth in part through real estate investing. Personally, his goals were financial freedom and long-term wealth. He believes that those two were the combination to get over the difficulties in building a brighter future for oneself.
Scott's Book Recommendations:

• The Psychology of Money by Morgan Housel
• The Millionaire Next Door: The Surprising Secrets of America's Wealthy

Podcast Episode 60

Show sponsors:

• Rentometer - Rentometer lets you analyze rent on your property!
• RentRedi - Manage your property with this property management software. Use code "SUCCESS" to get 50% off!!

Instagram:
@scott_trench
BiggerPockets

Instagram:
@househackingsuccess
househackingsuccess.com
Click here to download our FREE eBook
The House Hacking Success Course

Visit our website to learn more about house hacking at househackingsuccess.com

Subscribe on YouTube
House hacking is one the best ways to get started in real estate. So many investors have used house hacking to buy their first rental property with a low down payment, then even live rent free. You can live rent free because the with house hacking you utilize an "owner occupied" loan to buy a property. Owner occupied means you agree to move into it. If you occupy the property you get a lot of loan options that vary from 0-5% down. You can even buy a 4-unit multi-family property depending on the loan! After you move in you rent out the extra space to cover the mortgage, which allows you to live rent free. You only have to do that for a year! After a year you can move out and turn your property into a full time cash flowing rental property! What makes house hacking so powerful is a combination of the low down payment and living for free. You can literally change your life buy purchasing one house hack and cutting out your rent or mortgage. Imagine if you reinvested those savings to buy another property. House hacking is the best way to go from just getting by to becoming a rock star real estate investor.