Posts tagged "asset"

JC 035: How to Protect Yourself at all Times with Scott Smith

January 17th, 2018 | no comments

The Rich Don’t Own Assets; They Control Them

The Real Estate Locker Room Show EP 34 Scott SmithScott Smith is an attorney, an avid MMA participant and founder of Royal Legal Solutions, a boutique law firm that specializes in real estate asset protection across the United States and Canada. What makes Royal Legal Solutions unique is that Scott is a real estate investor himself and knows exactly what every investor worries about when it comes to protecting their real estate assets and money. Before founding Royal Legal Solutions, Scott was known as an aggressive and ruthless litigator who never backed down. He draws on this past experience to protect his firm’s clients and defend them should they encounter a lawsuit.

In this episode, Scott shares his wisdom regarding asset protection and how even newbie investors can get started protecting their assets and wealth. He explains the difference between insurance and Limited Liability Companies (LLCs), the type of LLCs avalible to real estate investors, and why a Texas LLC protects investors better than the LLC structures in other states. Scott shares specific scenarios that involve lawsuits and the result between an investor with an LLC and an investor whose assets are held in their personal name.

3 Words of Wisdom to Someone New in Real Estate

  1. You want an attorney and a CPA in the same business you’re in.
  2. If you’re a flipper, always use a series structure.
  3. If you have less than $50,000 in any single equity investments, you’re not a target for lawsuits.

Five Key Points:

  1. If you’re not protected and somebody sues you, they will literally take everything you have.
  2. If you own a property in your personal name, you have to be okay with losing it.
  3. Insurance protects you from accidents like negligence; LLCs protect you from everything else unrelated to accidents.
  4. Texas entities are relatively inexpensive and are very strong for asset protection.
  5. A series LLC works best for multiple properties.

 

 

Favorite Athlete:

Favorite Sport:

  • Jujitsu and Rock Climbing

Favorite book:

Pro tip:

  • Winning is defined by doing the things that are important or by accomplishing the goals you set out for day in and day out.

Reach Out to Scott Smith:

Thank you Scott for taking the time to share your knowledge on asset protection and LLCs with the Real Estate Locker Room audience.

Tune into all the episodes of The Real Estate Locker Room Show and sign up for my FREE monthly newsletter at www.johncarneyonline.com

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Twitter: @John_M_Carney
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© John Carney 2018

JC 022: Grit and Billion Dollar Real Estate with Brendon Bergen

August 23rd, 2017 | no comments

Your success and failure depends on you

Every deal starts with a financial model. Brendon Bergen is the Director of Asset Management for Affirmed Housing Group in San Diego. He embraces the team aspect of the real estate game and is always on the lookout for the most efficient way to operate an asset and add value for the residents.

Brendon’s company looks after the environment and has implemented solar powered electrical systems at their properties in order to strive for Net Zero electric. Solar offers a triple win solution; the owner benefits, the city benefits and the tenants pay a fraction of “on grid” electrical prices. They install high efficiency water systems as well.

Brendan loves working on repositioning older, rundown assets. He tackles the challenge of each project head on and enjoys witnessing the tangible transformation of the renovations. Improving the asset and the tenant experience results in win, win.

Brendon moved from Cleveland to California to pursue his real estate career right at the beginning of ‘The Great Recession’ – the worst time to be knocking on doors to interview for a job in real estate. He relied on the grit that he developed on the wresting mat to manage the “no’s” that he received job prospecting. His perseverance paid off and Brendon landed a job as an analyst for a portfolio holding retail centers, office and industrial real estate.

Brendon’s number one tip for success in the real estate game is to be resilient. He highly recommends joining the Urban Land Institute as a networking platform and a way to learn who the players are in your market.

5 Key Points:

  • Always look for ways to be more efficient and add value.
  • Surround yourself with the right experts.
  • Add solar technology to multifamily and commercial real estate projects.
  • Understand the fundamentals of real estate development on small projects before you tackle larger projects.
  • Be resilient. Your success and failure depends on you.

Favorite athlete: Lebron James – NBA player

Favorite book: An Unfair Advantage by Chad M Robinchaux

Favorite quote: “The strongest iron comes from the hottest flame”

Brendon trains for success by waking up early, working out and getting to work early.

Connect with Brendon on LinkedIn or send him an email, brendon@affirmedhousing.com

Affirmed Housing Group – www.affirmedhousing.com

Thank you Brendon for taking time out of your busy day to share your success tips with us today.

Listen to all the episodes of The Real Estate Locker Room Show and sign up for my FREE monthly newsletter at http://www.johncarneyonline.com

Connect with John Carney
Facebook: www.facebook.com/JohnCarneyOnline
Twitter: @John_M_Carney
Instagram: @johnm_carney

 

© John Carney 2017