#167 with Garrett Sutton: All Your Questions Answered for Any Legal Advice in Real Estate
Millennial Millionaire Real Estate Podcast
English - February 03, 2021 18:30 - 44 minutes - 81.7 MB - ★★★★★ - 56 ratingsInvesting Business Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
In this episode, Jonathan Farber interviews Garrett Sutton on his road from keeping his first property as a rental by accident to creating a law office specializing in real estate. Garrett is a lawyer and bestselling author with the Rich Dad company with expertise in asset protection. In this episode, we dive into topics like: buying property the smart way, why to call a lawyer every time, where to establish your entities, and more!
Top Takeaways:
The basics of how you should legally buy a property - 10:00 - 12:45
Insurance is always the first line of defense, but can’t be relied on for every claim
The downside to keeping the property in your individual name is you are personally liable
If the property is transferred to an LLC, the liability is restricted to its assets
Why you should call a lawyer before you ever sign a deal - 13:30 - 14:45
Lawyers aren’t looking to make money from 15 minute first consultations
Both parties want to know they’ll be happy working with the other
If you really want to cut costs, do the bulk of the learning on your own, then come with questions
Where your entities should be established - 18:15 - 21:45
If you’re doing transactional real estate like flipping, you’re probably being taxed as an S corp
If you’re holding real estate, put it in an LLC in the state where the property is
That LLC should then be owned by an LLC in an asset protection state
How to bring value to Garrett Sutton:
Check out his books and schedule a consultation
Resources:
Book by Garrett Sutton: Loopholes of Real Estate
Book by Garrett Sutton: Scam-Proof Your Assets
Social Links:
(800) 600-1760
Connect With Our Sponsor, MartelTurnkey:
Connect With The host, Jonathan Farber Here!
LinkedIn: https://www.linkedin.com/in/jonathanfarber1/
Instagram: @jonjfarb
Facebook: https://www.facebook.com/jonathan.farber.9
Facebook Group: Real Estate Mentorship Mastermind
https://www.facebook.com/groups/860025821084224/
BiggerPockets: https://www.biggerpockets.com/users/JonathanF29
Youtube: https://www.youtube.com/channel/UCB8BJ8K5ILXdfOnsDWamVqw
Schedule a time to talk: https://calendly.com/jonathan-farber/1-on-1-with-jonathan-farber-mmtr
Apply to be a guest on the podcast here: https://forms.gle/YNmALHUvDvuMWVVFA