Protect Your Portfolio! Trusts, Insurance, and LLCs for Rentals | Bigger Pockets Video
Episode #561
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Do you really need an LLC for rentals? What about a trust? What kind of insurance should you get? With so many questions (and confusion) surrounding asset protection for real estate investors, we’ve brought on an expert to set the record straight so you can protect your assets—without going overboard or breaking the bank!
Welcome back to the “Real Estate Rookie” podcast! Today, we’re chatting with real estate attorney and fellow investor Bonnie Galam about the nuances of asset protection. The truth is that there are two sides to this coin, but most investors only focus on the defensive or “reactive” side. Bonnie will show you the keys to 360-degree protection—like setting up strong legal structures before problems arise and the essential documentation you should have from day one.
You’ll also learn about the potential pitfalls of equity partnerships, how personal events can put your properties at risk, and why car insurance and prenups matter more for your portfolio than you might think. Asset protection doesn’t have to be complicated, but it does need to be strategic, and this episode will help you prioritize what’s important now, what can wait, and how to create a legal framework that evolves as your real estate portfolio grows!
00:00 Intro
00:56 Asset Protection 101
06:42 Getting Insurance
09:25 3 Steps for Rookies
14:59 Do You Need a Trust?
19:52 Pros and Cons of Trusts
23:48 The Asset Protection “Ladder”
27:40 Key Team Members & Tools
32:44 Asset Protection Costs
35:37 Connect with Bonnie!
