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

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