Episode 57: Protect your Ass---ets

Scott Smith personally began investing in real estate while he was in graduate school, and his first property was a huge lesson in the importance of asset protection. He also kicked off his legal career in high stakes litigation, giving him a perspective on real estate investing as both the investor protecting his own assets, but also as an attorney who worked to find the weaknesses in people’s asset protection. After breaking down the most effective asset protection strategies available, Scott wants to share his expertise and offer these anonymity and protective structures to investors, so he started Royal Legal Solutions in Austin, TX.

What you’ll learn about in this episode:

• How Scott Smith paid for law school and graduated with zero debt thanks to real estate investment, compared with most students who graduate $250,000 or more in debt
• The surprisingly small amount you need to have in equity before you need to seriously consider steps to protect your assets that go beyond the basics, like insurance and LLCs
• The importance of finding people to partner with who are experts in various areas of real estate investing as advisors
• Why it’s important to pay attention when new opportunities present themselves for building wealth and adding value
• Ways you can profit by helping people see what they’re doing wrong and showing them the way to correct the problem
• Why asset protection is so important for real estate investors and how you can save big by protecting your assets sooner rather than later
• Why insurance is not enough to protect your assets and what you need to do instead
• The one challenge Scott struggled with early on in investing and why taking action is, even small action, is so critical
• The danger of analysis paralysis and how having a mentor can sometimes help people break out of that state of chronic inaction
• Why it’s important to break away from the notion that you have to be perfect in your investments or other areas of your life to be successful in real estate
• Why you don’t have to know everything before you begin in real estate investing
• The reason Scott believes anonymity is so important for protecting your assets
• What Scott means when he says, “If you can win the morning, you win your day”

Resources:

• SmartRealEstateCoachPodcast.com/RoyalLegalSolutions
• SmartRealEstateCoachPodcast.com/webinar
• SmartRealEstateCoachPodcast.com/termsbook
• SmartRealEstateCoachPodcast.com/ebook
• SmartRealEstateCoachPodcast.com/QLS