Welcome to another episode of AskAlHow. I’m your host Allan Susoeff. Today I want to talk with you about Asset Protection and how it relates to Tax Sales.
This post features Asset Protection & Tax Sales: How LLCs 7 Land Trusts Help YOUR Real Estate Investment Business, A video posted on YouTube on April 7, 2020.
Asset Protection and Tax Sales
I learned a long time ago that showing off is a bad way to conduct business. In fact, only somebody with an over-inflated ego and low self-esteem would show off. There are many reasons to use financial and business vehicles. Placing your assets in trusts, LLC’s, and other financial and business vehicles help keep them safe.
Let me make this as clear and succinct as I can. Anybody who brags about how many deals they’ve done, or how successful they are, or how much money they’ve got, or how much property they own, is either full of crap, a newbie in this business, or a complete idiot. And that goes for the so-called gurus who are trying to teach you real estate. Bragging about your assets to me is equal to leaving all your doors and windows unlocked, and then going on vacation with a big sign in the front yard that says, “take what you want”.
The Story
I don’t have time for the whole story in this module; I wish I did. It’s a great story, but let me say this. Somebody decided to sue me one time back before the big real estate and financial crisis in 2008. They pursued litigation because they considered me to be deep pockets. No Kidding. Back then I had every bit of my property either in my name or in the name of one single company. And, in the company I was a sole proprietor, it was not an LLC or an INC.
A Predator Attorney
The attorney who sued me on behalf of his client did me a great favor. First, he sued me for ridiculous amounts of money over ridiculous issues. Then, he pulled the race card. It happened in Arkansas. If you know any history about the South, you know that there are still racial tensions there. He had the gall to tell my attorney that I should settle for what he wanted. He said he knew I was deep pockets. If I argued, his client was a “little old retired black lady” and that’s a quote. And I was a…and this is also a quote, “the big robber baron house flipper”.
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