#020 - Using Trusts to Hide Wealth, Evil Lawyers, and the Scam of LLCs - Gene R Boykin Jr.

In this conversation, Quinton Sanicola and Gene Boykin, Jr. delve into the complexities of real estate investment, focusing on the often-overlooked legal aspects. They discuss the importance of understanding trusts and asset protection strategies, comparing them to LLCs, and emphasizing the need for proactive measures in safeguarding assets. The conversation highlights the misconceptions surrounding trusts, the financial implications of legal structures, and the necessity of incorporating these strategies early in one's investment journey. In this conversation, Gene Boykin, Jr. and Quinton Sanicola delve into the intricacies of real estate investing, focusing on legal risks, innovative financing strategies like subject-to, and the importance of understanding due on sale clauses. They share personal anecdotes and insights on transitioning from traditional jobs to entrepreneurship, emphasizing the significance of decision-making and intention in achieving success in real estate. In this conversation, Gene Boykin, Jr. shares his journey from struggling to find good deals in real estate to becoming a successful mentor and community builder. He emphasizes the importance of taking action, learning through experience, and the power of mentorship. Gene discusses how he built the Go-Getter family, a community aimed at helping others succeed in real estate, and highlights the significance of systems and processes in scaling a business. The conversation also touches on self-discovery, commitment, and the belief in one's potential as key factors in achieving success.

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- Chapters -

00:00 Introduction and Background

02:59 The Importance of Legal Knowledge in Real Estate

06:03 Understanding Trusts and Their Benefits

08:50 The Role of Trusts in Asset Protection

12:03 Comparing Trusts and LLCs

14:49 When to Start Using Trusts

18:06 Real-Life Implications of Legal Structures

20:57 Conclusion and Final Thoughts

29:33 Understanding Legal Risks in Real Estate Transactions

31:40 Exploring Subject-To Financing Strategies

35:58 Navigating Due on Sale Clauses and Trusts

50:43 The Journey from Landscaping to Real Estate Investing

01:03:12 Finding Good Deals in Real Estate

01:07:14 The Journey of Self-Discovery

01:10:01 From Student to Teacher: The Mentor Effect

01:13:44 Building a Community: The Go-Getter Family

01:19:29 Scaling Through Systems and Processes

 

 

Episode Transcript

(00:00):
Jean thank you for hopping on I I got to tell you you know you were right before we hopped on here...

(00:31):
Some uh they call them hbr hbr builds here in Nashville area I'm in Middle Tennessee...
Now so for everybody you probably know this is not the usual setup I am in transition at the moment...

(01:53):
An entire section I believe of real estate that no one touches or excuse me not nearly enough people touch...
That is the legal side that is the asset protection side that is the wealth management side...

(02:31):
Yeah I'm glad I'm glad it it it caught your attention you know people think that traditional real estate...
Um is the only way to go right having a bunch of cash or you know getting approved by A lender...

(03:43):
It and then being able to use that knowledge to use the tools to do it effectively...
So I push that out there to the people because it changed my life completely I mean it changed every millisecond of my life...

(05:00):
And I've been very blessed and fortunate in my life to run into some very real players...
The real players utilize trusts and others are daunted by it that it's too daunting it's too scary for them...

(05:39):
I know you've done one or two responses but there are quite a lot of stitches out there...
Of lawyers that are completely trying to disagree with you and I've talked with the same thing for title companies...

(06:54):
Right out in the open and it's pretty some of the language is more clear than other laws...
Yeah well I mean I I feel like it's been put out there in a way to make people afraid because trusts are the most powerful tool that that we can use...