Hello Everyone,
We had a good discussion at our SEIREIA meeting this past Thursday. I shared the gist of an article that I had read on BiggerPockets.com, whose title I co-opted for my blog post today. It is an eye-catching title, don't you think? It was the title that caught my eye, but...
the message was a good one as well. Brandon makes some very good points. For instance, it's NOT good to cheat in games, your taxes, or on your wife or husband. Those are bad, badder, and baddest! It's only good to cheat at some things like "flip[ping] houses, wholesal[ing] deals, buy[ing] rental property, invest[ing] in a Subway, build[ing] a tech startup, or any of the million other ways to make money..." He says that some types of cheating in business are totally legal and acceptable and can actually help you find more success.
What type of cheating IS this?!
He's talking about using your UNFAIR advantage..."something you possess that you can use to help you succeed that others don't have...[something that] gives you a leg up on the competition."
Brandon has a unique perspective. He gets to sit down each week with a successful RE Investor and talk to them on the BiggerPockets Podcast "about how they got started, the successes and failures they've seen, the lessons they've learned, and the things that brought them to where they are." Here's what he's found...
Every single one had an unfair advantage that set them apart and helped them succeed AND EVERYONE has at least one or even many unfair advantages. Go here to read more about what he means and to discover some of your own...
What was most interesting at our meeting was the response of those who attended when we turned the discussion into a personal exercise in naming our own unfair advantages. We found that Brandon was right! We ALL have our own unfair advantages that we can use to be successful in the RE business. It's important to recognize them and utilize them by taking action with the following path to success in mind...
Cultivate an Attitude of Gratitude, a Longing for Learning, a Devotion to Discipline, and a Willingness to Work. Each one of these statements is worthy of a blog post by itself. Each one can be an unfair advantage or the reason you won't succeed as a Real Estate Entrepreneur. It's up to you to decide which...
By coming to the SEIREIA meetings each month you demonstrate each one of these Path-to-Success attributes. Hey, we just might be the "Ace" up your sleeve! See you next month at my house (April 24 @ 5:45 pm)!
P.S. If you would like to write your own educational posts to the main SEIREIA Blog or have access to the Members Only page where our contact list resides and where deals and referrals can be posted, just add me to your Google+ circles and send me a quick email and I'll send the invitation right on over.
Monday, March 31, 2014
Monday, March 3, 2014
Feb 2014 SEIREIA Meeting - The American Society for Asset Protection
Hello Investors!
We had a great meeting last Thursday. Our first guest speaker, Scott Horan, representing the American Society for Asset Protection, spoke to us about protecting our assets in this litigious society. He said, "One bad lawsuit can mean the end of your business and ruin your life." I've never experienced this, but I sure don't want to. His company is making protecting ourselves just a little bit easier.
I'm posting the outline for last Thursday's meeting as a reminder for those who came and for those of you who weren't able to come, so you could at least see what you missed.
Asset protection is a highly specialized area of law that uses strategies and tools to solve three major problems: lawsuits, taxes, and probate. Total asset protection integrates legal tools and strategies to provide lawsuit protection, tax reduction, and estate planning.
Lawsuit Protection
Problem #1: There are over one hundred million lawsuits currently pending in the United States, and it is estimated that a new lawsuit is filed every thirty seconds. It is now routine for judgments to be in the millions. If you are not properly structured, it only takes one lawsuit to lose everything.
Solution #1: We learned on Thursday night how to protect 100% of your professional and personal assets from lawsuits and how to make yourself so unattractive to a plaintiff attorney that they will not pursue a lawsuit against you. It has to do with what he called a Charging Order. Do you have one in your Operating Agreement? Do you even have an Operating Agreement? An Operating Agreement is legally required for your LLC to function correctly even if you are a single member LLC. If you don't have one, the ASAP can help you.
Tax Reduction
Problem #2: Billions of dollars are overpaid each year in taxes as a result of people not using all the deductions and tax laws available. According to the IRS commissioner, millions of taxpayers are overpaying their taxes each year.
Solution #2: We learned on Thursday night how to reduce your taxes to the legal minimum—
potentially saving you thousands of dollars each year. The ASAP knows the tax reduction strategies used by the nation’s top tax reduction law firms. Are you aware of ALL the deductions a business owner can take to legally reduce their tax liability? There are more ways than you can imagine. The ASAP can show you the complete list and explain how to take advantage of the system already in place that will help you be successful.
Estate Planning
Problem #3: The vast majority of Americans either do not have an estate plan or have an
incomplete or ineffective one. If you are one of the many who do not have an effective estate plan, up to 50% of your estate could be lost to probate costs, federal estate taxes and state inheritance taxes.
Solution #3: We learned on Thursday night how to avoid probate, and eliminate or dramatically reduce your estate taxes. We learned what we should be doing now to prepare for successful business and estate succession. The bottom line is... have an Estate PLAN in place BEFORE you die. Your family, partners, and creditors will be glad you did. The ASAP makes this easy and less costly than hiring an attorney.
We had a great meeting last Thursday. Our first guest speaker, Scott Horan, representing the American Society for Asset Protection, spoke to us about protecting our assets in this litigious society. He said, "One bad lawsuit can mean the end of your business and ruin your life." I've never experienced this, but I sure don't want to. His company is making protecting ourselves just a little bit easier.
I'm posting the outline for last Thursday's meeting as a reminder for those who came and for those of you who weren't able to come, so you could at least see what you missed.
What is Total Asset Protection?
Asset protection is a highly specialized area of law that uses strategies and tools to solve three major problems: lawsuits, taxes, and probate. Total asset protection integrates legal tools and strategies to provide lawsuit protection, tax reduction, and estate planning.
Lawsuit Protection
Problem #1: There are over one hundred million lawsuits currently pending in the United States, and it is estimated that a new lawsuit is filed every thirty seconds. It is now routine for judgments to be in the millions. If you are not properly structured, it only takes one lawsuit to lose everything.
Solution #1: We learned on Thursday night how to protect 100% of your professional and personal assets from lawsuits and how to make yourself so unattractive to a plaintiff attorney that they will not pursue a lawsuit against you. It has to do with what he called a Charging Order. Do you have one in your Operating Agreement? Do you even have an Operating Agreement? An Operating Agreement is legally required for your LLC to function correctly even if you are a single member LLC. If you don't have one, the ASAP can help you.
Tax Reduction
Problem #2: Billions of dollars are overpaid each year in taxes as a result of people not using all the deductions and tax laws available. According to the IRS commissioner, millions of taxpayers are overpaying their taxes each year.
Solution #2: We learned on Thursday night how to reduce your taxes to the legal minimum—
potentially saving you thousands of dollars each year. The ASAP knows the tax reduction strategies used by the nation’s top tax reduction law firms. Are you aware of ALL the deductions a business owner can take to legally reduce their tax liability? There are more ways than you can imagine. The ASAP can show you the complete list and explain how to take advantage of the system already in place that will help you be successful.
Estate Planning
Problem #3: The vast majority of Americans either do not have an estate plan or have an
incomplete or ineffective one. If you are one of the many who do not have an effective estate plan, up to 50% of your estate could be lost to probate costs, federal estate taxes and state inheritance taxes.
Solution #3: We learned on Thursday night how to avoid probate, and eliminate or dramatically reduce your estate taxes. We learned what we should be doing now to prepare for successful business and estate succession. The bottom line is... have an Estate PLAN in place BEFORE you die. Your family, partners, and creditors will be glad you did. The ASAP makes this easy and less costly than hiring an attorney.
For more information, please contact Scott Horan at 208-521-6749 or Scott@AmericanSocietyAP.org and tell him that you are a member of SEIREIA. For those who were in attendance at our meeting Thursday, you were offered a discount on the ASAP services. You can also visit their website:
www.AmericanSocietyForAssetProtection.com.
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