161: Common Asset Protection Mistakes, and LLC Updates featuring Garrett Sutton

What makes you weird makes you successful. Embrace what makes you “abnormal”. Why? Because being wealthy isn’t normal. Inflation transfers wealth from lenders to borrowers. Therefore, be a smart borrower. Next, Rich Dad Advisor Garrett Sutton joins us with updates to protect yourself and your real estate with Limited Liability Companies (LLCs). His website is CorporateDirect.com. We learn about common asset protection mistakes. Garrett tells us why flip properties and buy-and-hold properties should be in separate LLCs, and more. When you establish a Wyoming LLC which presides over your other LLCs, you get better protection and you reduce your audit risk. LLCs vs. LPs also discussed.

Want more wealth? 1) Grab my free newsletter at: GetRichEducation.com 2) For actionable turnkey real estate investing opportunities: GREturnkey.com 3) Read my new, best-selling book: GetRichEducation.com/Book Listen to this week’s show and learn:

00:50 What makes you weird? Embrace it. That’s often what makes you wealthy.
05:54 The New Orleans Investment Conference.
07:37 I’m the newest writer at Forbes.
09:55 Inflation transfers wealth from lenders to borrowers.
12:57 Garrett Sutton interview begins.
15:05 Common asset protection mistakes.
16:37 Buy-and-hold vs. flipping and asset protection.
18:55 Does every property need its own LLC?
21:04 LLCs in multiple U.S. states. What makes Wyoming special.
24:17 Reducing your administrative time in maintaining your LLCs.
24:50 Lower your audit risk.
26:33 California.
29:58 LLCs vs. Limited Partnerships (LPs).
32:41 Living Trusts.
34:34 New IRS rule to conform with by December 31st.