96: 6 Keys to Protecting your Properties from Lawsuits with Scott Smith
Invest Like a Boss
Sam Marks Johnny FD Derek Spartz
4.8 • 518 Ratings
🗓️ 22 June 2018
⏱️ 64 minutes
🧾️ Download transcript
Summary
Scott Smith is the owner of Royal Legal Solutions, an asset protection company for real estate investors which develops strategies to maximize tax savings and protect from lawsuits. He himself is a real estate investor who holds real estate investments in 10 states. He believes that if a person is building a real estate empire, he is bound to get sued and being one step ahead is the wisest way to protect his assets.
During the episode, Scott explains the 6 keys that would help property owners protect their assets from devastating lawsuits. In the real estate world, getting sued is a common thing and a very expensive one. He explains the foundation of asset protection and several ideas that go with it. Listen in and find out why real estate investors need professional asset protection.
Where we are:
Johnny - Ukraine
Sam - Florida
Links:
Time Stamps:
07:57 – His journey to Real Estate Investing
12:28 – The foundation for protecting assets
17:45 – Lawsuits from accidents
20:21 – The truth about Insurance Companies
22:10 – Getting started with Asset Protection
23:37 – Series LLC
28:43 – Insurance and other asset protection
31:17 – Recommendations for what insurance to choose
32:51 – Umbrella Policy
33:33 – Separation of the asset with your personal name
34:37 – Compartmentalization of Assets
37:43 – The Unanimity Structure
40:20 – What do Royal Legal Solutions do?
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Transcript
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| 0:00.0 | Hey bosses, this week's sponsor is Personal Capital. It's the easy to use free tool that lets you |
| 0:05.2 | calculate your total net worth across all platforms in one easy to use dashboard. Just go to |
| 0:10.3 | invest like a boss.com slash personal to see your total net worth today. Welcome to the Invest like a Boss |
| 0:17.2 | podcast. I'm Sam Marks and I'm Johnny FD. We're self-made entrepreneurs who invest our own money and use modern technology to invest like a boss. |
| 0:24.3 | Join us each week for exclusive interviews with our network of modern investors, business owners, and multimillionaires to discover new ways to invest our hard-earned cash. |
| 0:33.6 | Hey bosses. Welcome to episode 96 of Invest like a Boss. This is Johnny. I'm here with Sam Marks. I'm in Odessa, Ukraine. Sam is in the Tampa, the Florida. |
| 0:45.0 | So what's up with the beard? Are you going full on with this? Because every time I see you, it gets bigger and bolder. |
| 0:51.2 | You know what? I'm trying to grow it just like my my net worth. Well, which |
| 0:57.3 | one's growing faster right now? I think the beard is right now. I think we're a bit of a downturn, |
| 1:02.4 | but I think it's doing okay. Well, saving is making, and I know you're saving some money, |
| 1:08.1 | at least, in the Ukraine. |
| 1:11.5 | You know what? |
| 1:13.3 | I'm probably spending a lot of money. |
| 1:17.0 | I ran out of money last night around midnight and I was going out. |
| 1:21.8 | And the biggest problem is like 90% of the ATM machines don't work here. |
| 1:27.5 | And I literally drove around, like, I drove around, I was walking around for blocks and blocks. |
| 1:30.1 | I tried five machines and none of them worked. |
| 1:33.2 | And the last one, finally, I was like, you know what? |
| 1:38.5 | Let me just try to take out 40 bucks and see if it's going to let me do that because I really need 40 bucks. |
| 1:41.0 | And it worked. |
| 1:48.0 | Like none of the machines let, like, there's only a few machines in the city that let let you take out, you know, the 300 or 500 bucks. |
| 1:55.9 | So I got to memorize where those are, but it sucks feeling poor when you're cash poor and, you know, a lot of places don't take credit card. |
... |
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