Anderson Business Advisors Podcast

You’ve Been SERVED - How To Save Your ASSets!

October 15, 2019

What do you want to do in the future? Are you living your dream? Your passion? Or, is it time to make a career change? Today, Michael Bowman of Anderson Business Advisors and Bowman's Business Brief talks to long-term client Eddie Russell, an electrician who shares words of wisdom on the world of real estate by attending the Anderson Advisors Tax and Asset Prevention Workshop. He worked hard, saved money, and slowly acquired properties.Eddie is a perfect example of how to protect your hard-earned money and assets for the future. 

Highlights/Topics: 

  • Why and how Eddie started an electrical business? Followed in his father’s footsteps
  • Why real estate? After 32 years, Eddie sold successful business to follow his passion for properties
  • What mistakes did Eddie make? Tried to do it all by purchasing residential properties for rentals, repairing them, getting loans, and collecting too many assets
  • What lessons did Eddie learn? He went back to school, got his real estate master’s, and changed how he did things
  • Why more real estate education? Eddie needed to know how to hold onto, structure, and insure properties to pass them onto his children as legacy wealth
  • What concerns did Eddie consider? Types of entities/structures (i.e. LLCs), liabilities, costs, fees, growth, and tax benefits
  • How to welcome knocks on the door and sleep at night? Tax and Asset Protection Workshop taught Eddie about processes, funds, where to go, and how to do things 
  • Why was Eddie served with papers due to two lawsuits? Real estate is high-liability business; despite liens/loans on properties, Eddie’s wise decisions helped him win
  • Why are lawsuits never fun, but scary and painful? Have the means to take care of it, before it’s too late; lawsuits take time, value, and money
  • Does Eddie’s business continue to grow? Still building, going to town, and doing about 12-13 houses a year  

Resources

FDIC

Form 1099-C

Michael Bowman

Anderson Advisors

Anderson Advisors Tax and Asset Protection Event

Anderson Advisors on YouTube

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