“Share my story with the other members, and let’s hope they don’t make the same mistake I did when I got started.”
I hung up the phone a few days ago and was reminded of something….
Our WREIA members are an amazing group of people.
This long-time WREIA member read our post a few days ago and gave me a call at the office. He wanted to share his story with me, and pass some of the details on to you.
This member “finally got serious” about real estate and had spent a little more than a decade accumulating a decent net worth of a little over $3 Million dollars. He was definitely the “millionaire next door”. You never would have known his net worth by the car he drove or his modest background. He was never flashy, and never heard bragging about his business success.
But, he lost nearly all of his net worth over the last few years mostly to some bad advice when he was first getting started. The attorney he used when he got started as a real estate investor was a great real estate transaction attorney – but he knew next to nothing about asset protection.
My friend went on to tell me exactly how he could have kept the majority of his net worth in tact. He could have structured his entire business just a little differently, and most of his losses could have been avoided.
Knowing how to find, fix and flip a house is important. But it doesn’t matter how much you make if you leave yourself and your assets exposed to lawsuits. Just one bad mistake can take down your entire net worth, and leave you penny-less trying to defend yourself.
After spending so much time and working so hard, losing so much is a terrible story. But the conversation really hit home with his final point: It put an enormous amount of pressure on his family.
That is why I am passionate about our topic at WREIA this month. Helping you avoid future problems and keeping you in business is something I am passionate about. You have heard us say it frequently at WREIA – sometimes not doing a deal can be the best decision of your year.
There have been a few times in the history of WREIA when I really wanted everyone to hear our guest speaker. Next Monday, April 15th 2013 is one of those months when I wish I could reach out and invite everyone in the DC area personally who has anything to do with real estate investing.
Keeping what you accumulate is just as difficult and important these days as earning it. And that is why we will be discussing Asset Protection and Tax Reduction next Monday at WREIA.
We have an amazing membership at WREIA.
Come out on Monday night, increase your knowledge and network with a fantastic community of DC area investors.
Let me know if there is anything I can do to help your business.
Washington REIA Network, President