Sept. 9, 2022

Defensive & Offensive Asset Protection with Bonnie Galam


Before things get out of hand, you need to prepare. And when you're in the real estate business, you've got properties and people to look out for, not to mention the significant amounts involved.

Lawsuits could arise if you're not cautious and could lead to severe business losses. That is not what we want to happen.

With that said, how do you protect your assets, avoid legal battles, and increase profitability?

Bonnie Galam left law firm life and started her own business because she saw the London Underground 'mind the gap' kind of hole in the legal space: LEGAL for INVESTORS THAT VALUE their time and integrity as much as their money.

In this episode, Bonnie shares how you can save yourself from future headaches borne out of lawsuits and losses caused by it by putting systems and processes that prevent them from happening, as well as getting asset protection for your properties and people.

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What you'll learn from this episode in just 18 minutes:

  • Find out how these two kinds of asset protection to help you from lawsuit costs and business losses.
  • Know when it is best to get LLC for your real estate business entity to ensure the protection is more than the cost incurred.
  • Learn about the misconceptions about asset protection, so you know what systems and processes you need to be in place.

Resources:

Topics Covered:

02:08 - What is asset protection

02:48 - Misconceptions about asset protection

06:51 - Defensive versus offensive asset protection

09:20 - Being more proactive with legal stuff to increase profitability

11:24 - As a startup real estate investor, when is it best to have LLC?

12:52 - Is LLC recommended for flippers, and how about buy-and-hold property owners?

18:15 - Where to reach Bonnie for her perspective on asset protection

Key Takeaways:

"Asset protection is straight up saving me money. It's this big picture. I'm not just trying to protect myself from lawsuits. I'm trying to protect myself from losses. Period. And to use that to be able to increase my own bottom line." - Bonnie Galam

"We can take actions to protect ourselves the way that everyone else does. And by creating this ecosystem of processes and procedures that are not just drafted in a way that's in our favor, but also legally compliant and understood by all parties." - Bonnie Galam

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