Do you know over 40 million lawsuits are filed each year in the United States alone?
After discovering this crazy statistic and life experiences, I realized I needed to establish rules of money & investments to protect myself, clients and investors.
In this video I am coming from the warm beaches of Columbus, Ohio to share the most important rule of money & investments.
Whatever your financial situation is – successful or having no money, this video will help you.
Stay tuned till the end to hear how I structure my 8 figure real estate portfolio
What’s up guys! Welcome back we just got done swimming here in the beaches of Ohio and in this video I’m going to teach you guys the most important rule when it comes to money and investments okay. I’ve built over an eight-figure real estate portfolio and I’ve worked with some of the best consultants when it comes to this most important rule and so what I’m going to share with you is how whether you are getting started in let’s say real estate or you have a massive portfolio already.
How you can apply this rule into whatever level that you are at right now okay so whether you have a ton of money or no money at all the most important tip to know is protect what you already have okay so what we’re going to dive into is how I’ve been able to use this role of protecting my real estate portfolio for example from successes and failures right whether you have one property zero properties thousands of properties.
The number one rule when it comes to money and investments is protecting it okay again most businesses don’t grow and most portfolios and investments don’t grow because people don’t protect what they have they put themselves their clients and their investors at risk which ultimately leads to putting everyone in a spot to fail okay.
So let’s go ahead and dive right in on the first tip when it comes to protecting your money and your investments okay so the first piece of advice is consult with your own attorney and lawyer in your area that specializes in the specific asset class that you’re in so for me it is real estate right and so it’s in my best interest and then also your best interest to consult with you know an attorney that specializes in real estate that has experience working in the state of Ohio in Columbus and you can get those resources by this lovely thing called google right.
You can literally google the best lawyer in real estate Columbus Ohio best attorney in real estate in Columbus Ohio look at the reviews call them vet them ask them good questions give me scenarios of when you helped your client or when something went wrong and how you improved in your profession.
So number one consult with the true experts in your industry in the second piece I’m going to share a little background on why this video is so important and giving you guys one of my personal experiences so you may or may not know I bought my first property it was a duplex in 2016 and someone broke into to my side that I lived in and lit the place on fire right.
And although that was a horrible experience and although it was quite demanding on you know what to do moving forward I had a lot of peace of mind because I had insurance on the property I had business insurance for my LLC and so if you’re buying real estate for example you want to do your best to not buy in your personal name and if you do move it over to an LLC right.
Move it over where you’re removing your personal liability you’re not putting yourself your business and your investors and even putting your tenants in a position where everyone could be negatively affected all right so by having insurance by having business insurance by having the property and LLC it avoided me losing that property and getting sued by my tenants so as my portfolio grew right and I went through an insurance claim and I realized oh wow this is super important that you protect what you already have right but as my portfolio grew I realized that you need to set up foundational LLC’s in other words each property that I purchase.
I put them in separate LLC’s and then as your net worth grows again consult with your attorney and lawyers to find out when this is going to be a good time for you to do this I set up a management company right and that management company owns those LOC’s okay and so if the seventh property there’s a tenant or another house fire something crazy happens or the contractors mess up and and something crazy goes wrong and I get sued right.
It’s not going to affect the other x amount of properties right it’s just going to affect that specific LLC and it removes your personal liability now keep in mind every situation can be different but as your net worth continues to grow even further and you have more responsibility and more outstanding liability as you’re growing a business as you’re growing your portfolio.
You want to consider setting up a trust not only does that protect you but it can also help you potentially mitigate a lot of expenses with taxes so for me I want to build a multi-billion dollar real estate portfolio and what is that going to take that’s going to take a lot of other people’s money that’s going to take a lot of time to build that so the last thing I want to happen is the single-family house that I bought 20 years ago affects the entire portfolio so as you guys are building your net worth as you guys are building your portfolios.
You want to do whatever you can to get things removed from your personal name into LLC’s then have a management company own those LLC’s and then ultimately set up a trust there are multiple trusts and multiple experts I can guide you through that process just depends on your situation but I hope you guys got value from this because look at the end of the day.
It doesn’t matter how much money you make and that is how much you keep and ultimately you can keep your money and your investments by protecting it by putting things in place so you’re not a part of that crazy statistic of 40 million lawsuits that are filed each and every single year so if you guys got value from this go and share your thoughts in the comment and I’ll see you guys here in the next video.