No one wants to get sued, but if you plan to build a real estate empire, the question is not so much “if” but “when.” However, we here at BiggerPockets have your back, so today we are bringing on Scott Smith, an incredibly smart and funny asset protection attorney from the great state of Texas! Scott shares with us a variety of tools and tactics you can use in your real estate business to protect yourself from losing the wealth you are working so hard to create.
Be prepared to learn new tips you've probably never heard before regarding umbrella policies, building your real estate team, LLCs, trust funds and more. Don't miss out on this information-packed episode!
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This Show Sponsored By
We just wanted to give a shout out to our podcast sponsor on today’s show: RealtyShares. RealtyShares is a crowdfunding platform that allows you to invest in professionally managed properties without leaving your living room!
Learn more by visiting RealtyShares.com/biggerpockets!
In This Episode We Cover:
Forming an LLC right off the bat
The ins and outs of Insurance vs. Assets
Ten things you need to know to protect your assets
What exactly an Umbrella Policy is and why it might not do what you think it will
Why you shouldn't put all your properties under one name
What you should know about the Delaware Statutory Trust
Scott's advanced strategies for real estate investors
Everything you need to know about LLCs vs. Trust Funds
Who you need as part of your team when investing
And SO much more.
Links from the Show:
BiggerPockets Webinar
BiggerPockets Wholesaling Calculator
Trivia Email
10 Ways to Protect Your Assets -- This document was prepared by Scott Smith to accompany this podcast presentation.
BiggerPockets Podcast Show 105 with Neal Frankle
BiggerPockets' Investing in Real Estate with No Money Down
Books Mentioned in this Show
The 4-Hour Workweek by Timothy Ferriss
Rich Dad Poor Dad by Robert Kiyosaki
Tweetable Topics:
"Rich people don’t own things, rich people control things." Share on Twitter
"You don’t really have any friends once you start getting sued." Share on Twitter
Connect with Scott
Scott's BiggerPockets Profile
Scott's Email Address
Transcript:
This is the BiggerPockets Podcast Show 109.Scott: Personally, the strategies that I’m recommending you are usually only given to people that have five to ten million dollars in assets.
You're listening to BiggerPockets Radio - simplifying real estate for investors large and small. If you're here looking to learn about real estate investing without all the hype, you're in the right place. Stay tuned and be sure to join the millions of others who have benefited from BiggerPockets.com, your home for real estate investing online
Josh: What’s going on, everybody? This is Josh Dorkin, host of the BiggerPockets podcast, here with my co-host, Mr. Brandon Turner. What’s going on, Brandon?
Brandon: Do you have a Band-Aid?