Rich Dad Poor Dad Advisor Garrett Sutton Talks Asset Protection for Real Estate
For today’s episode, I’m excited to welcome Garrett Sutton. Garrett has practiced corporate law for more than 35 years and he assists entrepreneurs and real estate investors in maximizing goals and protecting their assets. As a veteran author, Garrett is a highly-sought guest speaker. He is a member of the elite group of “Rich Dad Advisors” for the best-selling author, Robert Kiyosaki. Garrett has authored several successful books for business owners including Loopholes of Real Estate and Scam Proof your Assets.
Garrett first shares his background story and how he was able to work as part of the advisor team for Robert Kiyosaki. He found that he was passionate about using his education and business knowledge to help others start and grow their own endeavors.
We then moved on to the importance of having a great team supporting you. It is important to have a good lawyer who can assist you in the legal aspect of business decisions and a CPA for advice on an intelligent and efficient manner of handling your finances. Garrett then explained further that whatever CPA you select needs to be conversant on real estate issues.
We discussed the business details that people tend to overlook the most. Garrett spoke in great detail about the necessity of starting an LLC and how easy it is to forget the ongoing requirements of maintaining your asset protection. He believes that those are the two key things that people need to consider prior to starting and building their business.
Together we dove into how you can be efficient and organized if you have an early start in real estate. Garrett shared details on how you can use pre-tax dollars for investing and many other pieces of legal advice useful to business owners. We also talked about how you can utilize a personal residence trust to your advantage. He discussed the different situations in multiple states and how you can use an LLC to protect your personal residence.
Lastly, we discussed the deceptions over the internet and how prevalent con artists and real estate scams are. Garrett believed that as people are inundated with a massive amount of misrepresentation and fraudulent behavior, the government should step up to prevent these people from getting away scot-free and that the victims should not be penalized.
Don’t miss out on this important episode of Just Start Real Estate, which provides vital business advice from our super-relatable advisor and guest, Garrett Sutton!
Notable Quotes:
“As a mid-to-early 40-year-old guy, I didn't know what was going on in my finances.”
- Mike Simmons
“It's great that people like you are doing these podcasts because this is our high school and college education on these important issues.”
- Garrett Sutton
“It's really important to get your team on board and come up with the best strategy.”
- Garrett Sutton
“If you don't know the subject matter really well, it can come across cross flat because they don't know where to put the emphasis.”
- Mike Simmons
“Most people don't even know how much they're putting out there and how at-risk they are.”
- Mike Simmons
Links:
Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months
