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:
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
"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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