LLCs for Rental Properties & Bulletproof Asset Protection

this is the biggerpockets podcast show 595. these are the four things that must be true so one your plan has to be considered effective two you're going to want to control your plan and your assets three you're going to want reasonable and sustainable cost and then four you need to worry about compliance it can't be too difficult for you and your irs cpa to figure out how to you know completely make this compliant with the irs what's going on everyone is david green your host of the bigger pockets real estate podcast the show where we teach you how to build financial freedom through real estate look if you want to grow your wealth if you want to improve your life if you want to get your time back if you want to travel the world if you want to spend more time with family if you want to have a better overall life and you know that real estate is the way you want to do it you my friend are in the right place bigger pockets is a community of over 2 million members all strong all walking the same journey as you and we at bigger pockets are committed and dedicated to helping you achieve that goal we do it through providing a forum where you can ask questions an agent finder service where you can find real estate agents to help you with your deal blogs with articles written by people that have done well and this podcast where we bring in experts in the field that are relevant to what you need like we have today today is a fantastic show that i can't believe we're actually going to be able to give you for free because it's awesome where we dive deep into asset protection with our guest brian bradley now in our show today we cover a lot of topics about how to keep yourself safe as a real estate investor as well as how to grow to the point where this would become relevant here joining me today is my awesome and fun co-host rob abasolo rob welcome to the show hey man i always like being described as fun i i also would have accepted funny but that's you know that i can't demand that it has to be earned it's funny you say that because we were just talking about how you add y to the end of most words and create another word like i think it was bridgy that you just described enough fun and funny you just can't help yourself it's the millennial way man it's a millennial leeway [Laughter] do you ever feel like you have it like something about like what you're learning or like an aspect of your business where you're like i have this down i have figured it out i am a pro at this and then you talk to somebody so smart and well versed in that specific area and then you're like oh my goodness i know nothing that's kind of how today's talk went when it came to asset protection you thought you had protected your assets but you found out maybe you hadn't yes yeah yeah brian talks a lot about you know well a trusts and how no you know there's like he relates it to baskin robbins there's 29 flavors there's a lot of different types of trusts out there common misconceptions about llcs he talks about protecting yourself and your assets how it's kind of like layering up with clothes and how each layer of clothing is a new layer of protection on your business yeah i think we also got into some of the very common misconceptions when it comes to uh different corporations or levels of asset protection where people think they're safe where they're really not so make sure that you pay attention to what the first word means in an llc and how that describes what you can expect from that company we talk about what piercing the corporate veil really means we talked about the safest way to protect some of your assets and when that might be necessary and then also kind of like as a bonus we got into how some of these structures can protect you in one sense but can also build your wealth in another so like there's kind of a dual side to all of this you've got the tax strategy side where you have to sort of claim your income within these structures and you can benefit or you can maximize your tax benefits and then you that's like the offensive side how you're going to make more money then you've got the defensive side which kind of focuses on how you prevent people from taking it away from you now this is probably the most commonly asked question in rob and i's world is everyone will come to us and say should i buy an llc or should i buy in my own name so we wanted to bring you a show just like this with an actual attorney to go deep into how to know how you should start and where to go anything else you think that they should they should keep an eye out for rob no man this is this is really great i'm really excited to have this because people always ask me about legal questions and i'm always just sweating profusely because i'm like i'm not an attorney you can't sue me so this episode i'm gonna be like here you go just listen to this this will answer most of your legal questions and it's free so here's a good question what type of things should people reach out to you to ask about um if they want to you know if they if they want to invest or if they want to learn how to start an airbnb or if they have questions about running an airbnb business anything in that capacity but when it comes to taxes and legal liability no no thank you that's not me that's not my jam that does make me nervous people should reach out to me if they want to know about financing real estate having an agent to help them to get it if they're looking to invest their money with somebody or if they want to be connected to the people i have in my world that do provide these services so here's just a good note please don't ask us for legal advice but you can ask us for the people that we use to get our legal advice we would sweat a lot less if that was the case and then i would be drinking less water from doing less sweating all right before i move on to the show let's get to today's quick tip it's so nice that i don't have to do that high pitch quick tip that brandon was always trying to do and it was so hard to get my quick tip oh see you do that so well you're just like brandon it is tax season so i would like you to think about every single thing that you're dealing with right now that you wish you were not and put a plan in place so that next year you don't have to deal with it the best way to do that is to get connected to a good cpa and actually plan throughout the year so what i do is i meet with my cpa monthly we go over my books we go over the properties that i'm buying we go over tax strategies where i might be on the hook and what type of real estate i would need to buy or what i would need to do to reduce my tax tax liability i highly recommend doing the same thing meet with your cpa semi regularly so that they're not super long meetings and they're not in the middle of nowhere where they're busy and you're like hey i gotta talk to you right now have it set up on a calendar so you can work around it and if you don't have a cpa you like i'm happy to share with you mine send me a message on facebook messenger instagram biggerpockets or if you have my email send it there and i'll make a connection for you rob anything that you'd like to leave our listeners with before we jump into this jam packed show with brian uh no i'm not a lawyer or a cpa so i'm just gonna let brian do all the talking today it wouldn't be fair if you're a lawyer or a cpa and had a beautiful singing voice to match that face of yours god can't give you every gift it wouldn't be fair to the rest of us i'll take it i'll take it all right let's bring in brian all right brian bradley welcome to the bigger pockets real estate podcast yeah thanks dave and rob for having me on and you know today's an important topic and i'm gonna i'm gonna try to keep it you know less dense and not legal boring um and i'm not anyone's attorney here and i'm not you know a legal guru we're just gonna be talking in generalities and we're gonna be learning a lot and i hope the concepts that we talk about help you and your listeners understand this area of asset protection specifically you know we're going to spend a lot of time later on on asset protection trust just to understand this world a little bit better you know i i would argue that this is this is not boring at all i mean for for the people that are actually at home listening to this or watching this on youtube these are some of the most asked about topics on the bigger pockets youtube channel on my youtube channel on our social media so i'm actually genuinely excited to to learn how to protect myself so that i don't i don't get sued brian yeah brian how would you sum up what asset protection is yeah so what asset protection actually is is just think of it as a legal barrier between your assets and your potential creditors before you need it and that's kind of the key word b4 you know that's it it's just like a safe for your gold or your guns or your valuables anything of value you want to put behind the legal barrier and out of your personal name so that it's not easily attached with the lean or reach you know you know kind of mimic the rich i love the tony robbins saying that success leaves clues and so the rich don't own things in their personal name their businesses do their asset protection trust you they just get the beneficial use and enjoyment out of them while separating out the liability and then as you grow you just create different layers as you grow and kind of scale up your planning and when you talk about layers in in specific terms what does that mean also in layman's terms yeah so in layman's terms you know let's just break it down as kind of key concepts and tools that we use and so i want you to think of each tool as a layer of clothing and we add layers as you and your wealth grow and so these tools generally are going to be llc so limited liability companies limited partnerships and then ask the protection trust and where you land in this scale depends on you know your risk profile your profession the asset classes that you own for example like single family multifamily commercial um you know where you own them at like the states you own them in texas nevada california and then we look at your total unprotected net worth and then we look at this holistically and then start creating plans based upon where you're currently at and then your growth and what you're investing in and so i want you and your listeners to think about winter and so when it comes to asset protection you know like i mentioned we have different layers that first entry layer is your base layer it's the foundation and it sits on your skin this is the llc and insurance this layer is generally when you're you're just starting out you have no unit zero to three units or properties your net worth is generally going to be around below 250 000 nets and then as you grow and you add more assets and you hit kind of that four unit spot you know you're investing in probably multiple states with different llc's in different states your net worth has probably hit around five hundred thousand to seven hundred thousand nets um you want a mid layer which is usually going to be a little bit thicker it's generally going to be made out of moreno wool or for you ladies a carnigan and this is your management company and we personally use limited partnerships for this management company that mid layer and i broke those two layers down the llc's and the limited partnership on bigger pockets rookie in great detail but that mid-layer limited partnership will be owning all those llc's and so this way you only maintain one tax filing at the end of the year and then when you hit around 1 million net worth you want an outer shell layer you know this is your waterproof layer this is like we're going out skiing we're in siberia or somewhere like really cold for some reason this keeps you nice and dry and warm when the weather is really bad this is your doomsday lawsuit protection layer this is your asset protection trust and these you know we're going to be spending a lot of the time on later on talking about these today but by layering you're now more flexible you can adjust and make yourself more comfortable and now for all these layers to work i want you to you know think about this acronym eccc these are the four things that must be true so one your plan has to be considered effective two you're going to want to control your plan and your assets three you're going to want reasonable and sustainable cost and then four you need to worry about compliance it can't be too difficult for you and your irs cpa to figure out how to you know completely make this compliant with the irs and so as you go through and evaluate how good an asset protection plan is just remember that acronym eccc effectiveness control cost and compliance okay so let's unpack this a little bit because you know for me and for a lot of the people that we talked to that are just kind of getting started started out a lot of people seem to get very wrapped up in an llc and you know often associate llc's with both legal protection and taxes i get a lot of people that are like oh you know do i need an llc to file taxes as my business so could you kind of share a little bit of the journey of kind of a someone that's investing when they would start with an llc and then and i think you kind of briefly touched on this but at what point you know one would then take the next step to get i guess into that next level which i think you said uh llp yeah the limited partnership or a management company yeah okay yeah and so the llc the limited liability company it's that first layer is basically asset protection 101 along with insurance and so the entry-level base layer that most of us are all going to be familiar with and i think a lot of people spend a lot of time talking about is this llc that's going to be holding your real estate and your risky assets um anything that has a key or needs insurance or can go boom you know these all go into an llc and so we know about llc's people hear about the effect you know partly the effectiveness of them but there's some things that were just not told about them and i think it's really important to understand these three big misconceptions of the the lack of effectiveness on llcs to then understand the reason for the next layers as you grow so once you move from zero to three units and you're getting into probably four units about 500 000 you know of you know unprotected net assets or more you're going to start accumulating a lot of llc so when you start cleaning these things up for your accounting system and so you're not you know being nickel and dimed on all these k1 filings but also one of the big issues with llc's is that the courts have now have a tendency to disregard single member llc's so when your corporate veil is pierced it's not very effective and remember that's one of the most important things we're looking for an effective plan meaning it needs to work when you're in court and cpas tend to set up llc's as disregarded entities for tax purposes that's really great for taxes but it's really bad for lawsuits what being disregarded means is that the irs is not taxing your business separate from you it passes through to you personally and because of this they're basically worthless for asset protection or lawsuit you professional protection because that liability also passes through to you but don't get me wrong like i still use llc's but at that base layer entry protection and then we add the next layers up as we need to as you and your assets and your wealth growth so that would be that limited partnership eventually you want those llc's to be owned not by you but by that limited partnership and then as those taxes pass through to that limited partnership because they're disregarded you only have one tax filing but now you're getting the protection from the limited partnership the other two big misconceptions about the llcs is just like where do you even set these dang things up in you know do you go to wyoming delaware nevada you know texas you hear about all these states and it's technically called like charging order chasing so they're chasing you know different states laws the problem here is that this is not like creating a business like you know dave and i or rob and i going and selling widgets you know we're holding real estate and llc's as a holding company and so you can't really go and buy another state's beneficial laws and bring them to another state that you have no jurisdictional connection to so if i own for example real estate in california and ohio and washington and then i go stuff them all in a wyoming llc i can't take wyoming law with me to one of those other states because there's no jurisdictional connection there no the damage that you're going to be getting sued from is going to be from where the injury is at where the lawsuit is coming from where the property's at where the person's at so a lot of people have this misconception that i'm going to go buy another state's more beneficial law so i'm just going to go use a wyoming llc without understanding i can't just take these you know other state laws with me to where i'm actually getting sued you mentioned so you mentioned two things i want to point out the first is that when it comes to these legal entities at least the way i see it is you've got protection in case you're sued or something like that and then you've got tax purposes and so they sort of function in this dual role and you sort of highlighted how that can become confusing so i'm going to ask in a second if you could like maybe give us a summary of how to understand them as they function those two roles then the other one was you mentioned that you can pierce the corporate veil and we just kind of kept going can you explain to people that this mis this misguided understanding that an llc is a iron type if you have it in llc and you get sued they can't get anything outside of it it's actually not the way that it works in the legal system yeah absolutely let's start with that one like i think you just need to pay attention to the first word first letter limited i mean they just tell you straight out in the name this is limited protection and what piercing the corporate veil means is there's certain ways that we go through and say okay this llc is not an actual business it's an extension of you personally and so because of that that's where we're piercing that limited liability veil and now holding you personally liable and a couple of the easiest ways to pierce this veil is one just the nature of real estate all right we use llc's and business entities as holding companies we don't operate out of those llc's you generally use an operating company and so when i'm trying to pierce through that llc the number one argument that we use that would work nine times out of ten is saying well your honor this is just a holding company this isn't actually a business it does nothing but hold this company for david or for rob and so this is actually just an extension of themselves that argument in itself will win nine times out of ten and then the next ones we look at is funding issues how is that well it's true right i mean isn't that why most of us are using an llc is i just want to stick a property in it and i don't really do anything else other than that absolutely and that's the thing that you don't want to do is operate out of the holding company because now if you're going to be getting sued through your business operations now the whole point of separating out the asset from the operation is defeats the whole purpose of what you just set up the llc for so that's why people need to realize the nature of real estate and investing in real estate is completely different than taking the same analogy of we're going to go create a business and sell widgets because our widget factory actually has a business to it our real estate llc that's a holding company has no business connected to it it's just holding the real estate for us and then we operate out of something else and then it goes into funding issues a lot of people don't realize one of the biggest ways to pierce an llc is just bad money management you know funding the llc incorrectly bad accounting co-mingling assets which would be um i got my you know paid from the renter it goes into my business account connected to my llc and then i go buy groceries out of that business account on the llc versus paying yourself first and so those three right there beyond the list of a lot of other ylc's get pierced very easily the next question was kind of you know charging orders what a charging order is it's just saying we're trying to stop what damages can come to you and and hold it just in the llc itself and so the charge that you're going to get from a court stops at the llc's and doesn't bleed into you the owner or manager of that llc every state is going to be different on how strong those charging orders are going to be some suck some are horrible like california some are very strong like wyoming or arizona and florida and so at that base layer llc we're not chasing charging orders what we're doing is creating llc's at the state the asset is at that second layer it comes to kind of becoming important of where we create that limited partnership at um which i generally use arizona for the limited partnership just because they have a specific statute that we like to play off of but other than that i don't think chasing charging orders or chasing states with beneficial laws is that important at llc level because you have no jurisdictional connection there and then tax wise you know the third part of your question tax wise realize asset protection is not tax planning and tax mitigation we're protecting your assets so it's going to be tax neutral your tax we need to talk to your cpa and coordinate with your cpa your cpa and wealth manager is going to be where your tax mitigation strategy comes through and so it's the three of us talking together you know the attorney the cpa and the wealth manager of saying well first we need to protect the assets right because if you get sued and lose your assets your cpa and your wealth manager have nothing to you know do tax mitigation strategies on so you know the first advice is protect the assets as strong as you can then the next part is talk to your cpa and your wealth managers to then accelerate tax mitigation strategies as aggressively as you want i think that this is probably the part of the show where everybody's hitting that that share button and sending it to their partner and they're like oh my god the llc isn't enough and they're all like oh we've been told wrong so now that we know that llcs aren't really quite quite bulletproof i mean you kind of mentioned also like pairing that with a good insurance you know to to i guess level out some of the or to mitigate a bit and then i think i'm still you know if you could unpack a little bit on the limit limited liability protection or the llp limited partnership yeah yeah kind of like what it is or yeah yeah like so because you you i think you sort of mentioned here that you know the llp could somewhat function as like a yeah like a management group for the llc that's exactly so really you're using a family limited partnership at that second layer when you use them for asset protection they're just called an asset management limited partnership all right so they're like llc's and they also have some charging order protection and i like them better at that second layer because limited partnership have a delineation between a managing partner called the gp the general partner and the minority partner who does not and so think of it like a split personality we like having both a general partner interest and a limited partner interest and we use that limited partner as a starting point for our clients as that holding company or that management company because it can hold all of those llc's that you're creating so all those k-1s will flow directly through that limited partnership and then there's just a one-page attachment of a 1065 that your cpa will file and now you only have one tax return versus some of my clients have like 30 llc's with you know hundreds of properties thousands of properties all over the place the great thing is we can segregate out those properties and then have all those k1s flow under the management company and so it's still very easy accounting just one tax filing and then the other benefit here is that people don't realize is one limited partnerships are perpetual whereas others you know states they have an annual report on filing llcs um privacy though i'm not a big component of anonymity and privacy because once you get sued privacy goes out the door um but partnerships statutorily are you know private to where you're not gonna the the name party the gp is not named you know by the state on there so you have a statutory privacy built in and limited partnerships by themselves cannot be disregarded entities by nature and so there's statutorily a lot of really strong built-in mechanisms and mechanics that are just stronger than an llc so some people do the wrong thing of saying okay i have my base layer llc's at the bottom they layer up by adding another lc like a wyoming llc that's the wrong next layer you know like really it should be a limited partnership because then we can come in and attach the asset protection trust to own that limited partnership not you great so okay so obviously there are a lot of moving parts with setting up establishing forming evolving your business and so there are obviously going to be several different types of lawyer attorney roles in this so you know there's i would imagine you know you're an asset protection lawyer and that would be like what you do would be a little different than what a business lawyer who's just setting up the business does or do you do it all as an asset protection attorney is there like a difference between um different people in this field different i guess niches in this field yeah that's a that's a great question i relate it to i think a good analogy is like look at it as like medical doctors you know they all go to medical school but they all have different specialties and so sometimes you're going to go to your general family doctor but you wouldn't say like okay hey you have a brain azurism you know like you know hey doc cut my brain open um you're gonna go to you know brain surgeon you know you're gonna go find a specialist in that um so your real estate attorney is gonna be focusing on what you know like real estate deals closing your deals and doing you know the paperwork for that your business attorney is going to be you know focusing on the business aspect of your you know internally you know of your business they're generally not going to know as the nuances of asset protection and generally what you'll find is their knowledge stops at the llc level of protection it's where i'm not going to go in and do your real estate closing for you that's not my job i'm going to create the buckets that we're going to be transferring title and holding all of those assets in so i'm making sure that we set up the protection system fine your business attorney should do their job you know you know helping you and advising you on the internal running of your business and contracts your real estate attorney should be focusing on what their job is the closing of the you know successfully closing the deals that you're getting and then we just all communicate together depending on whatever the deal is i was going to ask you brian if you had to sum up how a newbie could understand when it comes to these legal entities how they protect you in case of a lawsuit as well as how they save you money and taxes can you just give us like a brief understanding of how they work in those two roles yeah at the base layer llcs really work as smokescreen and as a financial deterrent so they're good for little things like grandma slips and falls breaks her hip you know pizza guy you know breaks you know slips on ice breaks his arm um you hit somebody in your car it used to be it can kind of help for that but now you're seeing radically excess um damage awards you know even just in like fender benders and people getting you know i had one client call that said like oh i got a fender bender we were both taken away in an ambulance i don't remember much what can i do to protect my assets i'm like well you kind of know you're getting going possibly getting sued now so we have to walk a very fine line but if you're being carried away in an ambulance you know even if it's a fender bender expect you know this lawsuit is going to probably run you know to be expensive in damages and so the llc's like i said they're good as deterrents so think about like a leg you know what you're doing is with an llc cutting off one leg of the you know plaintiff's attorney suing you because you're trying to make it harder for them and more expensive for them to collect damages on you because law firms are what businesses businesses have profit lines and so if i'm going to sue you for a hundred thousand dollars i have to make sure that when i get the settlement from the case or judgment i didn't overspend and and break even like we have to create a profit and so each layer adds more um you know cuts off more legs of the chair to where then the chair is unstable and it's either going to be too costly to push the case forward so they'll take the insurance coverage or settlements or in certain big cases like i have you know like i was talking about off screen with you guys we have that california client who's a doctor who owns a jersey property um rented it out to a gang member didn't know you know didn't know as a gang member there was a fight that broke out guns were pulled someone was shot and killed who's getting sued mr deeppockets you know white coat investor here with the rental property for negligence and wrongful death would insurance and an llc hold up and protect you in that case no because whoever suing you has a war chest and now they're going after pro you know millions of dollars for lost earnings and wrongful death that's where stronger protection needs to come into play and that's where very strong asset protection trusts come in to protect you because in those type of cases where you have a doomsday lawsuit and you're going to potentially lose everything we have to be able to what's called break a bridge and move your equity out of a u.s jurisdiction to protect your assets and that's where the different layers really come in depending on you know and strength comes in it just depends on the type of lawsuit so effectively if i'm hearing this correctly it's you know we're trying to bog people down in the actual legal flow and so you know llcs there's going to be a lot of paperwork um that that you have to kind of mitigate through or like kind of go through as as someone that's in this lawsuit and so that can already be costly but then to then start going into that next layer of like the llp and having to go through all of that it just takes more time and expense for the other party that's you know trying to take legal action is that is that about right yeah that's that sums it up right and then the final layer the asset protection trust if you're using for example like a bridge trust a very strong asset protection trust we can we can break domestic compliance meaning um move the equity to an offshore account to where no judge can actually reach that money legally and then that generally once uh the party's suing you sees that a foreign trust is in play at that point they'll just go away because it's just too difficult like we can break through all you know all of that when we talk about trust you know why it's so strong but the ultimate deterrent is saying even if you win that 10 million dollar judgment against me i'm uncollectible and really what we're trying to do is make sure like in a doomsday scenario you're going to lose this lawsuit you're going to lose bad and you're going to probably lose most of your wealth we want to be able to make sure you're not collectible legally yeah so let's dive into it a little bit because you know i want to know a little bit more about trust i actually not too long ago set up a family trust and i was under the impression you know hey is that it is that am i good to go is that all i need to do here but how many are there different types of trusts just like there are you know llc's and llps and all that kind of stuff is there a whole branch of trusts out there that a lot of people don't know about that's a great question and that's absolutely true it's kind of like you know a lot of people have this misconception that trust or trust well i have a trust so i'm good to go and it's not it's like baskin robbins 31 flavors you know like it's all ice cream but there's different types of ice cream and so um asset protection trusts are that final layer of your planning um like i said like it's that full bad weather you know outer shell layer but it's the heart and soul of the system and so trusts have been the longest lasting entity of all entities and you can sculpt them to fit however you want them to fit or they can morph it as you need them without dealing with funding issues that you see with llc's and business entities that we talked about before that can generally get them pierced and so i just love trust and then having a trust at the very top of your planning is just very powerful and so is picking the right place to actually set these things up in and so like to keep with my baskin robbins you know theory the standard 101 trust that everybody's familiar with you know rob that you mentioned that came from the 60s is the family revocable living trust so trust don't die so when you do and you actually funded your trust by transferring ownership and title to it you don't have to go through the courts in probate you know and that changed the landscape of estate planning which is not asset protection planning that's just estate planning to avoid courts and probate and then you also have land trust you know which i'm sure like some of your listeners have heard other people talk about you know for real estate they hold your real estate and the land and then you connect those to an llc but land trusts don't have any protection in and of themselves they're only as strong as the llc that they're connected to and so land trusts are just a privacy mechanism they're not a protection mechanism and then from here you have higher levels of trust that are called asset protection trust and if you guys don't mind this is where i think that we can really spend like a lot of time breaking these three concepts down of you know like an offshore domestic and then a hybrid because then i think after this you and your listeners will probably know like 99 percent more of all the attorneys out there just on asset protection trust no i i don't mind at all then in fact i would very much welcome it what about you dave yeah i don't think you can ever have too much of this information i mean there is a stage in your career where you're listening to this and thinking well this doesn't apply to me i'm trying to get my first property or my second property but the thing with real estate is it doesn't grow in a linear way it grows exponentially you get a property you get a second one you start to think holy cow this this happens all the time one property made me more wealth in a year than all the money that i made at my full-time job after i was taxed and this like paradigm shift starts to happen where you realize gaining assets is how you grow wealth and i've been banging this drum for a long time i think people are finally starting to listen to me which is nice but there is a massive problem with inflation going on in our country we are devaluing our currency and in that environment you can feel like you are getting wealthy because you're saving money but you're really not your money is losing massive amounts of value every year it sits there so you almost have to be investing just to break even just to stay where you want to be you have to be taking action and i really believe more and more people are going to start to figure this out and you bigger pockets fans you heard it first right so you had an advantage but you're going to see that we're not likely heading to a crash in the real estate market it's just going to get hotter as wealthier people start putting their money there to protect it from inflation and when that happens there's always vultures that will circle because it's easier to go and take your money than it is to make their own and i think what brian's talking about which is beautiful is this is how you make it harder to take your money right when you were talking about how we set up these these foreign trusts and different ways to make it difficult it made me think about i believe it was world war one actually i should know this i'm sorry that i don't but when the russians pulled the germans into invading russia and they just kept sucking them deeper and deeper and deeper into russian territory and their supply lines got stretched out and then winter hit it was very very difficult to go after the russians so they finally gave up and said i don't want it well you could think about your wealth in that same way that as people are coming after it the more obstacles that you put in the in their way and the longer of a process you make them spend the more money they have to spend on their lawyers to try to get to it they're either not going to fight that war or they're going to quit once they start and so this is a very practical thing to be learning especially if someone really likes real estate because it's going to become more and more uh important in the future absolutely and like to piggyback off of that like i'll use my ex brother-in-law as an example a guy who couldn't rub two pennies together and then decided he was going to go do a you know flip and fix and then um that turned into like a short-term rental that turned into a six-plex that turned into him you know speccing out a couple homes and three years worth of time he has over a million dollars worth of assets and unprotected network just by like listening like hey go listen to bigger pockets go listen to these guys like start learning this stuff but execute it don't just read it and get stuck in analysis paralysis he actually did and the next thing you know from not being able to rub two pennies together it's amazing how fast real estate can accelerate wealth and so if my the whole point of this is if you're just starting out it's good to know like here's the foundation but you need to know the direction that you're heading because then you're gonna set up like most of my clients come in like a complete mess they're gonna come in i own 15 properties either all in my name in all these different states or i have you know a wyoming llc or like one was one was what four days ago i have a montana llc i don't know why montana i have 15 properties in all these different states in a montana llc that i don't live in i have no connection to montana whatsoever um and so what can you do for me and i'm like okay well now we're gonna have to disassemble all this craziness that you did but let's like make this flow and let's put you in a stronger jurisdiction for you know you know this trust but um you know to get into you know like the strength of you know these these three different trusts um what going offshore is particularly the cook islands does is they have this beautiful thing that's called statutory non-recognition all right and what this means is that if you have a judgment against you in the united states you know and you could you took it down to the cook islands your u.s judgment there is completely worthless it literally has no value whatsoever because it has seven very strong statutory standards and so if somebody wants to sue your trust that you create in the cook islands they'd have to start the case all over from scratch there the person suing you would have to prove their case beyond a reasonable doubt so that's the murder standard the 99 sure standard not the you know us civil case 51 percent called a preponderance of the evidence like oh maybe i don't know you know but sure like let's give them their money you're talking about the highest legal standard in the world you can't get a contingency fee attorney to represent you there because they're not allowed down there it's unethical like it used to be here in the us but that got changed in the 60s because lawyers now control our legal system and they want lawsuits to get started so they can get bigger paydays the claim meaning the lawsuit's not amendable so once you file your complaint that's it once you start sending out discovery and you start digging around and poking around you can't just say like oh okay well we're gonna now change what we're suing you about and sue you for this even though we didn't know we were suing you for that so we're going to amend our complaints you can't do that down there the person suing is going to have to front the entire court cost plus flying a judge from new zealand and you can't take your u.s attorney your u.s attorney is with you down there and the kicker here with this is like if you lose you pay and so this is one of the single worst things that we don't have here in the united states that the loser does not need to pay the legal fees of the winner so if you get sued by somebody for something completely bogus i mean like a frivolous lawsuit and you spend two hundred thousand dollars defending yourself on legal fees and then the judge decides hey you know what this is ridiculous i'm throwing this case out you're still out two hundred thousand dollars they're not gonna be getting the bill for it because that's discouraged in the u.s because that will discourage people suing other people and then there's only a one-year statute of limitations and so while you have now the most effective remember the four things i told you to think about effectiveness cost control compliance while you have the most effective trusts in the world by far i mean statutory non-recognition right doesn't get stronger than that those other three factors if you're going to go purely purely foreign it falls short because now as costs are going to be very high like 50 000 to 75 000 is set up a purely foreign trust you're going to be out of control of your assets and the irs compliance is insane you're talking about like full disclosures factor disclosures you know full trust disclosures um so for most people that's a hard pill to swallow so that's why we really rarely ever see you know using going purely foreign what most people then default to is going domestic it's cheaper to start startup you're going to be in control of your assets the problem is they suck on effectiveness and they're starting to get pierced because we have what's called a constitution you know article 4 section 1 full faith and credit clause meaning if i own you know a california piece of property and i have a nevada llc i can't take that judgment go to nevada and nevada say like hey sorry we're not going to exercise that judgment they legally have to you know adhere to that judgment and even litigate the case because you have to give the full fence and credit to other states you know judgments and recognitions and so and then you have crazy judges nowadays that are just you know um what is it litigating from the bench and so you have radical judges now not following case law and statutes by and using their superpower called public authority you know public policy and so the way you combat this is you want to take the best of both worlds you create what's called a hybrid trust or a bridge trust and you take an offshore cook islands trust and you domesticate it through the irs and now it's cheaper to start up it's cheaper to maintain you have no irs disclosures whatsoever while that trust is domestic okay the maintenance is gonna be easier but i have that strength in my back pocket so if i ever do get sued and for example there's this louisiana case that happened um sometime in september i think it was there was a guy airbnb his property okay um the short-term renter like a lot of people party we know in short-term rentals all right uh guy got plowed decided to do a head dive off the back patio and landed in the shallow pond broke his neck became a quadriplegic sued the landowner of the property and got an 11 million dollar judgment out of him okay because he was a dumb drunk and so what this means is if you're that landowner getting sued and you had a bridge trust we can do what's called a disco a demand on the assets break the irs compliance and now your trust is what it is it's purely foreign now we have that strength in our back pocket because we set it up beforehand and so now even when you lose that 11 million dollar lawsuit i've moved your equity i moved your money you're safe now we can either have them just completely walk away which most people do nine times out of ten or the cases settle for a penny on the dollar once the case settles you re-domesticate that trust and it's back to being purely domestic again so i actually have a question about this because you know a lot a lot of interesting stuff here so let's just say in the case where you have a trust like let's say the hybrid trust for example and that holds all your real estate and you have an 11 million dollar judgment so that judgment is against your your trust which is more protected because it's it's offshore do you personally just as a a person walk in the streets of america have any sort of liability at all or any kind of charging order or any money that you would be on hook for from that 11 million dollars so what would happen is at that point removing the equity and removing you as the trustee and so what the likelihood of them following you so we've had to break you know like over 300 bridges you know and and move a bunch of equity offshore we've never had or seen over decades a client actually follow us down to the cook islands because it's just too daunting of a task if you go through like those seven prongs that they have to do the only people who ever go down there is the irs the government the man who can print money and has infinite amount of resources and all they do is lose down there and so do you have liability walking around yes can you run from that no do you have a judgment against you a valid judgment yes but what we did is make it legally to where you're not collectible on that judgment because the offshore trustee is going to say sorry this is the cook islands we don't recognize any country's court orders or judgments you have to sue us here and that's out of your control and this is the u.s grant case to where a guy stiffed the irs for 36 million dollars stuffed in the cook islands lawsuit had a heart attack died the irs came after the wife for the back taxes and the money three times and three times lost and then tried to hold her in civil contempt of court and throw her in jail until the money came back and the court said listen it's not her choice now at this point the offshore trustee is the one in control saying no sorry you don't get access to this because it's under duress and she even tried to instruct the offroad trustee to give the money back and they kept saying no because it's under duress and the court said three times to the prosecutors we can't hold her in civil contempt of court because it's no longer in her control so that's how effective and strong that becomes so you're walking around with the liability but it's the ultimate settlement you know big red button that works that you have in your toolbox so generally before you go down that route you're going to be settling the case because the attorneys at that point realize a foreign trust is in play it just is up to me the attorney to decide when i'm going to use that option or not because the ultimate negotiating factor so i have two questions about that the first would be how quickly can you get this set up is this something where like oh boy i'm in trouble i can get it moved over before it get a judgment is issued number two approximately how much somebody how much money should someone plan to set aside to to do this technique that's a good question so it generally takes about 30 days to set up and transfer all the assets over it's fast and ideally you want to set this up yeah it's pretty quick and ideally you want to set the stuff up before you even have a whiff that you're going to get sued because realize states have look-back periods the most extreme is california a 10-year look-back period other states have like two-year look-back periods meaning you set this up and then if you get sued next year someone's going to look and say okay well this is a fraudulent transfer unwinded because you had a reasonable expectation within this time frame that you could have been sued anyways that's irrelevant because you're not getting sued but that's the argument that's going to be played um so you want to set these up like any defense system before a lawsuit happens okay once the lawsuit happens you're starting to go too far down the rabbit hole and you're really limiting the options that we have and if you have a big lawsuit against you already and you come to me i'm either going to have to exempt that lawsuit or just go purely foreign and that's going to be very expensive purely foreign like i said you're generally talking like 45 000 to 75 000 to set up plus ten thousand to fifteen thousand dollars a year to maintain that's why we don't use them very much because and the irs compliances it's just too much um that's why you go the hybrid option to where generally with a bridge trust with a limited partnership you're talking about twenty nine thousand to set up plus around two thousand six hundred dollars to maintain a year and all of this is you know asset protection so it's a tax write-off the profile that generally fits a bridge trust set up is you have about one million like i said of unprotected net you probably have you know four to six or more real estate properties in different states um either you're a pure real estate and you know 100 into real estate investing at this time or you have some other type of high risk career like you're a medical doctor investing in real estate or a lawyer cpa um something that has more profile to where you haven't besides just the real estate itself because i think people don't realize how much bad things can happen in real estate even if you're the most wonderful tenant you know landlord in the world you know you can't control mold issues you can there's a lot of things that are just you know renting out to the wrong person to fight breaking out of someone dying there's just so many things that go out of your realm of control that you know you that's what these trusts are for and i tell people think of it like a pie chart you know there's three quadrants the things you know the things you don't know and the things you don't know that you don't know most bad things happen in the third quadrant and that's where most people own their assets the things that i don't know that i don't know if i know something i can i already know the answer if i don't know something but i know dave or rob knows the answer i'm gonna be like hey dave hey rob what's the answer to this and you'll tell me but if i don't know that i don't know something i don't even know how to ask the question and so the idea is shrink that portion of the pie as much as possible but create protection around yourself so that when something does blow up in that quadrant we're safe okay so i think for offshore you mentioned that that is expensive 45 to 55 000. can you also break down that for i think for the domestic side i don't i don't know if i missed that particular number and then that's one that you said if i'm if i don't if i remember correctly offshore highest level of protection most expensive domestic more affordable but not as much protection in hybrid basically mary's like the best right so what would be the cost on on those side of things yeah so the domestic side the purely domestic side on average you see a domestic trust fall in the realms of like i would say nine thousand to twelve thousand to set up um and probably around a thousand dollars a year to maintain um again the weakness with that is is purely us domestic so there's no escape option so just realize that's the weakness of it okay and we're having a lot of case law come down of judges even in states that have asset protection statutes and self-settled spencer statutes just completely ignoring those statutes now or you have states like california um that don't have self-settled spencer legislation and people running off to like nevada for example to create an out-of-state asset protection trust well the courts in california came down and killed cover steelman in 2012 and said uh not anymore we're not going to allow you to do this anymore we're not recognizing out-of-state asset protection trust or people run off to like create delaware statutory trust well california doesn't recognize them anymore and so you have a very thin lines of what states recognize them and what states don't and so when you combine where your assets are where you're right where you're resident of where the potential lawsuits come in that really weakens the the effectiveness of anything purely domestic so yeah i can spend twelve thousand dollars on a domestic trust but i feel like we're buying false sense of security at that point and then that's where the domestic comes in kind of in between but what you're doing like you mentioned rob is taking the best of both the pure strength of the foreign the ease and simplicity from tax purposes of the domestic combining them together and then that falls within kind of by a you know half price range around 29 000 so okay yeah i mean it's still up there but i mean i think now hearing the the benefits of it i mean it it starts to make a lot of sense especially when you do have like a very you know a very uh quickly growing portfolio um i also wanted to get some clarity on something you said about the um i guess like if you solely do real estate then the trust is going to help you and then if you're kind of in another high risk you know job like a doctor or cpa a podcaster youtuber in those instances as well if you got sued personally out in the streets here or whatever for something you said or something you did you would still have protection on all of your assets even if what you're getting sued for isn't necessarily real estate related does that make sense correct yeah absolutely because your assets are out of your personal name they're owned in the proper buckets you know the real estate's in the llc's you have the management company as a second layer your trust really owns everything and so since everything's out of your name there's nothing you're gonna get sued personally but they're gonna have to break into the system and let's say they do pierce fails and they do get into that system everything's unwinding you know like you're in your doomsday health situation right now you had a glass of wine you know at date night with your spouse and you hit somebody with your car and then they died you know like that's just a general negligence on you personally um they're coming into your trust to try to get it that's where those layers come into play and then that trust disconnects does a unilateral with demand on the assets and it's gone and so even though you have a judgment against you personally your asset protection trust is what's going to be owning everything and then that offshore trustee eventually is what's going to be you know like the ultimate door in that judgment's face it's just a matter of having the layers set up again keyword beforehand so that's where when we create the trust and everything before you're getting sued now i have that option to break the bridge you know or that compliance because it's in my toolbox already just like you're hiring a contractor to build your house i want to make sure the contractor has all the tools and knows how to use them and not saying like oh i'm gonna go put the the roof on you know and i need to get a crane but i don't know how to use a crane you know so you need the pieces and the tools in place beforehand okay that that all okay that see this is like truly this is all mind-blowing stuff for me so the only other real question around the trusts uh well no i actually i have a thousand more questions but the one big one that i think a lot of people are probably wondering at home is once you start getting into like let's say you put your property in an llc or you did like a quick claim into an llc or you did anything in that world refinancing and doing like a cash out refi and and you know moving those deeds over that can already start getting tricky at that level so my question is once you completely move your properties into your trusts how does that affect doing any kind of financing in the states does that get murky at all or is it the same straightforward process that's a great question and i would say it depends on the type of trust that you use we specifically use a grantors trust so there's no murkiness and banks and lenders prefer to see a grand tourist trust because you're the one that's maintaining the control of you know the management of your assets there's other types of trust that you create in that um you know you hear some people saying like well i have an asset protection trust in nevada and it's so difficult to get lending through or like you know using it for bankers well that's because it's not a grand tourist trust and so it just depends on the type of trust that you're using at the end of the day so if it's owned in a foreign i guess i guess it's hybrid but if it's owned uh kind of in this hybrid thing it doesn't necessarily have you know like really bad ramifications on going to a bank and saying hey okay not at all because all it is it would just be a foreign grantors trust the hybrid trust is a grantors trust and all that the banks will see is a domesticated u.s grantors trust and that's all that they're going to see and it's just like everything else like another form of a grantor's trust is your revocable living trust you know that's another self-settled created for you by you so they're familiar with that you know if you start going away from grantor's trust then you're going to start seeing banks or lenders saying like oh i really don't understand what this is so like the basic kiss principle right keep it simple stupid it's the same thing that you want to apply when you start creating asset protection plans some attorneys that don't do this you know at higher levels create very convoluted messes for clients who just becomes a nightmare for what you're saying lending purposes or even tax accounting purposes and then they just stop using it and unwinding what they did and they just completely wasted a bunch of money because the system was so convoluted and so difficult to use and maintain that is completely contrary to what you want to do so again remember the acronym ecc you know c you want to make sure you can maintain your compliance and the costs are going to be you know you know easy to maintain so that acronym just everything that you do realize if it looks convoluted this crown will probably be convoluted to you so you want to really simplify what you create just make sure it's strong and has different multiple layers okay and i kind of i want to pivot a little bit here um not not super left field but a question here because obviously like in today in 2022 today's world cryptocurrency and in digital real estate right nfts and other things that's obviously a really growing industry at the moment and so i'm kind of curious when you start factoring in technologies like crypto and blockchain are there any um is there anything you can speak to with protecting that through any kind of trust as well yeah absolutely i almost feel like that's a whole nother episode in and of itself um but just remember that the irs defines cryptocurrencies as a property okay it's very very important for your listeners to understand this and what this means is that it can be targeted with legal action and you are legally required to disclose that you own it and how much of it you own and where and so people have this misunderstanding that because you purchase you know you purchase this cryptocurrency and that is private that they think that it can't be traced or that is inherently protection in and of itself meaning that simply owning your cryptocurrency is asset protection in and of itself and that you're hiding wealth and this is the farthest thing from the truth you know if you ever are subjected to a money judgment and you're brought into debtors court because the u.s classifies your crypto as a property you're legally required to disclose it and like any property it can be frozen and ceased you know and so if if you don't disclose it you're lying to the court you just come into perjury and perjury means people go to jail and so what we need to do is assign your exchanges and your wallets out of your name and into your asset protection plan to protect those assets and now this is where you know blockchain technology and the law is really getting fun so there are things called blockchain trusts that are started like we're developing right now ourselves using the same concepts as the blockchain you know that's powering crypto that then can be used to create these unique trust and um the chain you can make changes and amendments to these trusts that they're going to be recorded in the blockchain and then it's going to be forever verifiable and what you know we also are building we can build our pre-built-in triggers into a blockchain trust that allow the trust to alter its structure based on certain events that are happening for example like a trust can convert into an irrevocable asset protection trust if you're ever in a lawsuit or it can become an irrevocable income only trust you know before a beneficiary ever needs to apply for medicaid and so the blockchain trusts based off of all this new technology um is really starting to accelerate you know what we can you know the trust that we're using you know for the future but this is all kind of in beta development now but i expect to see like big changes you know starting to happen there awesome man well we'll bring you on for a whole noth a whole another deep dive on that and i guess a general a general disclaimer for everybody out there david and i will never ask you to send us crypto we'll never ask you to contact us on whatsapp so if you're on the bigger pockets youtube channel you're going to see a lot of bigger pockets branded accounts that are scanners that are saying hit me up on whatsapp send me forex trading i don't really know what it is these days it's not true we're never gonna ask for that that is a good point i've got every month i get a new fake account where they will have some variation of my screen name do we call them screen names did i just go back to like aol days right now on the planet it's a handle what do you call your social name your handle all right so they they'll copy some variation of my handle they'll leave off the green at the e at the end of green or they'll turn the e into a c so it doesn't look like they'll copy all my pictures and then they'll say hey send me your bank account information i want to give you some money and i get so many people that say hey i thought i was sending you my bank account i sent it to a scammer it's like why would you send it to me that's a terrible idea but yeah please be very careful with these uh with these dms uh brian i think now would be a good time to transition over to the fire round section of the show did you have anything that you wanted to say before we move on no i'm ready for the fire round awesome okay this is a segment of the show where rob and i will fire questions at you and we will see what you can uh how you would reply in your best response where you fire them back so what is the biggest myth surrounding llcs yeah so the the big myth right now is this wonderful word called anonymity like let's go create an anonymous wyoming llc and just like we can completely ghost and disappear lawsuits and that's not how the that's not how the legal system works but i get this call probably three times a day and um it's uh sorry i'm like cracking up as i say it but it amazes me that this is the general train of thought that you know we're creating this anonymous wyoming our delaware llcs and now i don't have to show up in court and i can never be sued or discovered it reminds me of the person who can like figure out somebody's myspace packwork password and then they think they're a hacker they're like oh i'm in like they think that that's what computer hacking is right it's the same type of thing like if we just find an anonymous thing or there's this one move that they know about that nobody else knows that can win them the fight it's the same type of an idea but yeah when you go to court they unpack everything there's no five finger death punch uh i'm gonna say you can definitely think tick tock for that i mean it's tick tock is 15 to 30 second viral videos that are like this hack is gonna save you millions of dollars in a lawsuit wyoming llc and then it's like oh gosh yeah well and that and that's where this comes from because you have so many promoters you know and even attorneys and cpas have no idea about this because they just take a continuing legal education course and then just realize like i can use this for everybody and cast a big net uh and and don't realize well what really happens then plays out in court because i'm a trial lawyer by trade and it's like well you do get this thing called like you're getting a a service so that personal agent of service that's legally required to be attached to that wyoming or delaware llc they're so jobless to be like hey rob guess what man you just got served here's your lawsuit now go get a lawyer and show up in court well there's no more anonymity at that point so now you got to show up in court and the judge is going to say hey you know you're going to potentially have a judgment against you so here's this great thing called an asset declaration list like write everything down that you own and if you don't and you don't disclose everything now you're going to commit perjury on the court and go to jail and so once you get sued like an immunity goes completely out the door now if you want to hide your assets you're the weak link on that because you're going to be the one going to jail and so just realize an amenity is a privacy mechanism not a lawsuit ghosting mechanism all right awesome let's move on to the next one here how will investors use blockchain in the near future i think investors are going to be um from the legal side or like you know contract side or yeah yeah like smart contracts anything and that and that side of things yes so i would go and look at you know like what is that company like i'm not pumping any one specific like currency or anything like that but like at 88 you know um they're really getting into um like what's called cardano yeah ada is cardano they're really getting into like the smart contract play and so realize you know like the blockchain is really it's about transferring a title and so now it's going to be making um you're going to have these smart contracts and it's going to be really easy clear title and so the importance of that even the legal field is you can't go in and manipulate a piece of evidence and document because it's all going to be transparently there in the blockchain and you can't just go in and start manipulating you know these these agreements all right next question has to do with building your team so in the book that i david wrote long distance real estate investing i talked about the core four you want a deal finder a property manager a contractor and a lender you have those four pieces you can invest anywhere outside of those pieces brian who do you think investors need on their team yeah and that's a great book that i actually read that your book is a really good book i reckon so you're the one that read it i've been looking for you what i am this is me it's me like i should get a little courteous like that but um i bought all the covers so i just give them out as gifts but anyways no like the key pieces um beyond those i would say you become friends with your cpa like really you know you should be talking quarterly to your cpa to take better advantage of your you know tax strategies your asset protection attorney before you buy something before you sell something or if you have a sniff in the wind that you did something wrong and are about to get sued so we need those two to talk and you need to talk you know we need to talk to each other and your wealth manager because we need to protect what you have your cpa needs to be able to file the proper you know tax forms and your wealth manager needs to be able to do whatever tax mitigation strategies it you know that you want in place and so i think those are the three key pieces of your investment world that you need to be constantly talking to and some people are afraid to talk to lawyers some people don't realize like you should be talking to your cpa probably quarterly to create you know proper plans on how to you know write a lot of stuff off and then your wealth managers take your cpa's job to a whole another accelerated level and so if you really want to accelerate wealth get in with your wealth manager tell them your strategies tell them how aggressive you want to be and let them do their magic totally agree man i mean that's a that's a whole nother level on the uh you know on the avengers right on i call mine airbnb avengers i think david calls his the dream teamers 4-4 this is now your financial i don't know we don't have to think of the name for them now but yeah i mean teams in every aspect of your business i guess there's no limit to the amount of teams that you can have when you're trying to scale and protect your assets so that thanks for answering that so i'm gonna be uh i'm gonna be re-listening to this podcast myself just i'm gonna digest it and then come back and then re-listen with a whole new i mean i feel like i've just evolved to the next level of like what it takes to really know your business so you know brian for you are there any final takeaways or anything you want to leave the view or the viewers or the listeners with as we close out yeah i just say like in the realm of you know what we've been talking about is too late after you're getting sued so you got to think about this stuff beforehand and then just layer it up and structure it as you go um and the investment side of things i would just say don't get stuck in analysis paralysis eventually you got to just jump in and kick your arms and feet around and realize you know let's float then swim where can people find out more about you brian oh yeah they can jump on my website www.btblegal.com i have it set up more as an educational resource with a bunch of case law frequently asked questions video content because i'd rather have you be educated to ask better questions when you are shopping around um versus just coming in like a blank slate um or you can just email me brian b r i a n btblegal.com and you know i i generally do a one hour free consultation whether you know we're the right match or not i'd rather again just have you have you know a long educated opinion and then take that and see what other people have to say announcing that you're about to you're about to get all the hours on your calendar filled out for the next year i think i'll say you know this really is david what about you man you know this really is a trial attorney because you're referring to case law the second i hear that i'm like okay that's actually a person who is going to end up being in court and knows this from a practical standpoint not just a theoretical standpoint i always noticed that when i worked in law enforcement those of us that were in court testifying had to pay a lot more attention to the case law involved than those that never did anything well and and i would say that's a great thing to ask people when you're vetting your attorney is asking for some case law because most of them won't send it that's exactly right that so the the 15 second clip on tick tock person probably doesn't have case law i think that's an awesome litmus test all right well thank you brian i think that's a big hey man you could probably go viral with that brian you want to hit up tick tock i think that's also how you know if someone's like david where can people find you you can find me at davidgreen24 find me on instagram find me on facebook find me on uh twitter and linkedin and i'm going to be making a tick tock for the david green team i'm just trying to figure out who the right person is to make that thing brandon turner has warned me very very carefully do not get sucked into tick tock it's like putting on the ring in lord of the rings where it just could pull you right in so i'm gonna be making content for tik tok but not ever actually watching it because i've been warned of the dangers of it oh it's true they know me well they know me well you can find me on tick tock at raw bilto uh instagram raw built the on youtube at raw built as well um and and remember everybody it's it's david green with an e 24 it's not it's not david crean25 [Laughter] all right well thank you very much brian this has been a fantastic show probably more practical knowledge and insight than almost anywhere else you could get i mean this is just like the consultation that you're going to give to somebody many people would pay money to get this information so thank you very much for coming and bringing it to our audience we appreciate you and i think rob and i will now be having another talk where we say oh my god do we need to do anything differently what could happen here do we want to go to monaco do we want to go to swiss switzerland what's what's the key going to be but we appreciate you man we'll be in touch we'll be in touch this is david green for rob robilto abasolo [Music] you

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Keywords: biggerpockets, real estate, real estate investing, investing, rentals, rental property, investing in real estate, income property, bigger pockets, passive income, llcs for rental properties, llc for rental property, rental property llc, llc for rental properties, asset protection, asset protection strategy, real estate asset protection, offshore asset protection, asset protection strategies, setting up llc for real estate investing, real estate investor, llcs pros and cons

Id: OAlTPxYJWh0

Length: 67min 48sec (4068 seconds)

Published: Tue Apr 12 2022