109: You Will Get Sued. Here’s How To Survive with Attorney Scott Smith

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 12 February 2015

⏱️ 82 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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! 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 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Bigger Pockets Podcast, Show 109.
0:05.0	Personally, what the strategies that I'm recommending to you are usually only given to people that are five to ten million dollars in assets.
0:12.0	You're listening to Bigger Pockets Radio,
0:15.8	simplifying real estate for investors large and small.
0:19.4	If you're here looking to learn about real estate investing,
0:22.0	without all the height, you're in the right place.
0:25.4	Stay tuned and be sure to join the millions of others who have benefited from bigger pockets.com.
0:31.5	Your home for real estate investing online.
0:34.0	What's going on everybody? This is Josh Dorkin, host
0:37.0	to the BiggerPockets podcast, here with my co-host,
0:41.0	Mr. Brandon Turner. What's going on, on Brandon do you have a bandaid I took
0:46.2	some ad veil man my head is pounding yeah my like I got like this hole right
0:50.3	there were like it's bleeding from all the stuff I learned today on this on this
0:53.4	podcast yeah crazy amount of stuff people are gonna learn you'll get a bandaid ready
0:57.2	because it's a good show yeah there's a great show and there's so much like one thing I
1:01.0	notice like the more I get into real estate the less real estate
1:03.6	books I read right we've talked about that before because I've read a lot of real estate
1:06.6	books I still like them but I don't learn a whole lot from real estate books
1:09.7	today I learned more than I've learned in the past like 20 years combined.
1:13.7	I feel like his brain is bleeding.
1:15.8	It's bleeding.
1:16.8	There's so much going on.
	...

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