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This week, Scott Trench joins me on the show. Scott is a 25 year old real estate investor, a financial blogger and the vp of operations at BiggerPockets.com. Scott lives almost completely debt free with exception of his car and a mortgage on his rental property. The debt he has on his rental property is easily covered by the rental income coming in and is fixed for 30 years at 4.65% interest.
Scott created this passive income by moving into a duplex in downtown Denver using FHA financing, fixing it up, and renting out the other unit to some tenants to help cover the mortgage. He cleared about $1,700 per month in the first year to live rent and mortgage free.
At the end of this year, Scott plans to purchase 3-6 more units, in the form of one to two additional triplexes, or one additional quadplex and a duplex. On this episode, Scott will be sharing his own story of becoming a real estate investor at a young age and also the advice he offers for others who want to start building a real estate portfolio.
You can find more information about Scott’s real estate investing site Bigger Pockets, visit www.BiggerPockets.com.
