Flipping America 389 Asset Protection with Brian Bradley
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You spend your energy building up your business, your real estate holdings, and finally you are set. Except for perhaps one thing. The thing about having money is, there are unscrupulous people out there who spend time trying to figure out how to get their hands on other people\\u2019s money. If you don\\u2019t think they will come after you, think again. And then there are things that just happen. That\\u2019s called \\u201clife.\\u201d You do not want bad news in one of your properties to affect your other properties and businesses, right? Protect yourself. Today we have Brian Bradley coming along to talk to us about how to put together a plan that includes LLCs, holding companies, trusts, and off-shore companies. It can get a little complicated, but it\\u2019s also something you can understand when your life situation warrants this.\\xa0
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Sponsors
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Announcements:
- The Flipping America REIA meets every Wednesday from noon to 2 and Thursday from 7-9. You can join the REIA and learn real estate investing from the comfort of your own home, or get together with a few friends and form a chapter in your area. Learn more at flippingamericareia.com.\\xa0\\xa0
- Flipping America App is in the app store. You can listen to the show, read the show notes, and the entire catalog of shows is now available to you. It\\u2019s a free download and there are no upsells or in-app purchases. Free to download, free to listen. Go ahead and give it a try and drop me a line and let me know what you think.
- FlipCalcs allows you to enter one data set about a property and consider up to six deal possibilities .\\xa0
- \\u201cReal Estate Investing Quick Start\\u201d Fifteen lessons to start your real estate investing career. Study from the comfort of your own home. I give you 8 action assignments in lesson 1 and show you how to complete them while holding your feet to the fire over the next 15 lessons. bit.ly/requickstart.
News:\\xa0
- The most affordable counties in the US. https://www.attomdata.com/news/market-trends/figuresfriday/top-10-u-s-counties-where-buying-a-home-is-most-affordable/
- Good article talking about home buying and why your primary home shouldn\\u2019t be considered an investment. It\\u2019s more like a low or no-interest savings account. https://www.investopedia.com/articles/mortages-real-estate/11/the-truth-about-the-real-estate-market.asp
Topic: Asset Protection, Brian Bradley
- Bradley Legal Corp.\\xa0
- www.btblegal.com
- brian@btblegal.com
- 1. What really is asset protection?\\xa0
- 2. What has changed in the legal system over the decades that has made asset protection so important?\\xa0
- 3. What are asset protection trusts and what are the pros and cons of setting them up Domestically vs Offshore? And can you actually combine the both together for a \\u201cbest of both worlds\\u201d?\\xa0
- 4. What are common misconceptions and problems you see people are doing or have?\\xa0
- 5. With your clients, what are some real world results that you have seen?
- Gross is vanity, net is sanity cash is king.
Questions:
- Arlene, Villages of Ocala, FL \\u201cMy husband and I retired and moved here from Milwaukee five years ago. We have 14 rental properties up there. We live off of our pensions and the income from those properties. He passed away a year ago and I don\\u2019t know what to do. A friend said I should tune in to your show so I did on WAMF 97.7. I hope you can help me. Michael my husband did most of the work concerning the rentals. I don\\u2019t really know anything about them and don\\u2019t want to. I get a nice income from them, but I worry about making repairs or hiring a handyman. One tenant is having a problem with their furnace and called me a lot over the past few months. Do you have any suggestions?\\u201d
- Luther, Long Beach, CA \\u201cI\\u2019ve heard about the 1% rule - even heard you talking about it. It\\u2019s just not possible here. A decent 3br house costs more than half a mil and rents for about 2500-3000. I can afford to buy one, but I don\\u2019t think it will make money. What do you recommend?\\u201d
- Alyssa, Birmingham, AL \\u201cWhen you buy rental properties, do you stick to your own neighborhood where you know the values or do you branch out to other parts of town where the homes might be cheaper but the neighborhoods sketchier? We live in a part of Birmingham called Homewood and the homes are more expensive here.\\u201d