Statistics tell us that one-in-four Americans will be sued in their lifetime, and Real Estate Investors are targeted even more frequently. So what can we do as investors to protect ourselves and our investments?
Our guest today, Scott Smith, is an Asset Protection Specialist and owner of Royal Legal Solutions, which provides business, tax and legal solutions geared exclusively toward real estate investors. Scott is going share his asset protection strategies, as well as stories from the front-lines of the legal system.
Scott will share his advice on why you shouldn't hold your property in your personal name, using trusts to shield your assets, traditional v.s. series LLCs, the importance of accurate accounting and how to avoid piercing the corporate veil.
Scott will also tell us why insurance is not a substitute for asset protection and has a $4 million dollar horror story to prove it.
If you own rental property you need to protect yourself and your investment. This conversation is a great place to start.
Scott can be contacted through his website, email & phone #:
Ric Conkey is a true "Do-It-Yourself" Landlord and Multi-Family Investor who grew up helping his father manage their family's rental properties.
Today Ric shares the secrets he's learned over the years on maximizing rent, decreasing turnover time, and marketing to tenants. He also shares the frustrations of being on call for maintenance and repairs, waiting for cleaning crews, and sorting through multiple keys for his 14 units. We also talk about laundry income and the pro's and con's of owning your own machines.
Ric is also a home appraiser for Real Value Group and will give you the inside scoop on how to maximize your properties' appraised value. Ric and I also discuss his epiphany on retirement and how it relates to his passive income from owning real estate.
There are many great nuggets of wisdom in this conversation that will definitely add value and real estate knowledge. If you'd like to contact Ric, his phone # is 616-813-8952, and his email is email@example.com
Lane Kawaoka is an engineer by day, but whenever he's not on the job, he's full-on into Real Estate Investing as the owner of MPFE Investments which is focused on value-add multifamily apartments.
Lane and his partners own over 626 units and he's raised over $2 Million from private investors.
Today we're going to discuss the steps Lane is taking to break the "Golden Handcuffs" of his high paying job, why its important to get started investing, even if you're buying a mediocre single-family, the reasons he doesn't like 1031 exchanges, and the three ways a deal can fail.
Lane also lives in Hawaii, and explains how he's able to invest in other states. He also describes his transition into commercial real estate investing and how he learned to talk with brokers and find strategic partners in new areas. You'll definitely pick up a lot of great information from this episode that will help you in whatever type of investing you're interested in.
You can contact Lane through his website or email:
Enjoy the show!
Tyler Lyons has acquired and rehabbed three houses in the Grand Rapids, Michigan area, and in the process he's added substantial value to each one. Tyler's goal has been to "BRRRR" - Buy, Rehab, Rent, Refinance, and Repeat. But when it came time to put financing on those properties, he wanted to make sure he avoided the pitfalls that led many investors to lose everything during the Great Recession.
How much debt on your rental properties is safe? Should you keep a good amount of equity in your property, or pull out the maximum in order to buy more? What's better, a 15-year mortgage or a 30-year? And are investors making the same mistakes in financing that were being made leading up to the last recession?
These are questions that need to be taken seriously, so who better to help answer them than "Friends of the Show" Justin Workman and Rob Minch. Justin and Rob join Tyler and me in the studio to perform a bit of Real Estate Therapy and Counseling.
Rob calls on his lending background to compare today's loan environment to the one ten years ago. Justin breaks down just how much money Tyler needs to keep in Capital Reserves for his rentals, and what that means to his ROI. And Tyler shares the process he went through in building his portfolio.
This is a great episode that I know you're going to enjoy. And I guarantee that Justin's CapEx breakdown will make you rethink how much money you should be keeping in reserves for your properties.
And if I may ask a favor, please take a moment and go to itunes to give us a rating and review. This will help us increase our listener-ship and continue getting great guests.