D. Scott Smith
BiggerPockets.com
Essex, MD, United States
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Past articles by D.:
3 Reasons to Start a Business During Retirement
Going from working every day to doing nothing may sound appealing, but in reality, the adjustment is often too harsh. It might just feel like having nothing to do. To solve the “too much time” problem, some retirees elect to start a small business. Here's why—above and beyond generating some income—it's a good idea. → Read More
Lawsuits Are a Big Business—Here's How to Shut Them Down
As a real estate investor, you have to understand that lawsuits are a business. If someone is looking to sue you, they're looking to get your money. A solid asset protection strategy both keeps people from finding out what you own and limits what they can get from you. → Read More
6 Tax Scams Guaranteed to Set off Alarm Bells With the IRS
Don’t fall prey to the "Dirty Dozen" tax schemes on the IRS watchlist. Compiled annually, the watchlist describes common scams that taxpayers may encounter during filing season as people prepare their returns or hire someone to help with their taxes. → Read More
What Investors Should Understand About Attorney-Client Privilege
When it comes to going over business plans and tax structures with a lawyer, you need to understand which information is privileged and which is not. Don't give crucial information to a lawyer and then wonder whether it is attorney-client privileged after the fact. Here's what to disclose when—and to whom. → Read More
The Best ( Worst) States for Flipping Houses in 2020
House flipping isn't for the faint of heart. But you know what makes it a little easier? Knowing where to find the friendliest environments for house flippers. Let's talk about the best markets for fix and flips in 2020 (plus how you can limit your tax liability when flipping homes). → Read More
Flipping Houses: The 6 Most Important Calculations When Assessing a Fix Flip
TV makes flipping houses look easy. Sure, the investor may have to replace an entire HVAC system last-minute, but they always walk away with happy buyers and money in their pocket. Is that really how fix and flips go? Not exactly. Up the chances of flipping success by carefully calculating these costs before diving in. → Read More
How Does an LLC Owner Get Paid?
If you plan on setting up an LLC for your real estate business, you might be wondering how you'll get paid. Use this post as a guide to paying yourself and making the most tax-wise out of this business structure. → Read More
7 Mountain or Ski Towns Worth Your Investment in 2020
Some people long for a beach vacation on a sunny island, while others prefer a cozy ski chalet and breathtaking, snow-covered mountains. With the right investment property, you can afford to take vacations wherever you want. Many mountain towns are often overlooked but here are several worth investing in. → Read More
Listen Up: These Are the Top 9 Podcasts for Real Estate Investors
Don't spend your commute cursing at traffic. Or waste your bus or train ride fantasizing about how to punish the passenger eating egg salad. Or rupture your eardrums with death metal at the gym. Turn on these top business podcasts for real estate investors, and gain a wealth of knowledge you can put into practice. → Read More
Pet Horror Stories: 5 Reasons to NOT Allow Pets in Rentals
Should you allow pets in rentals? On one hand, you open up your property to more tenants. On the other hand, you'll have to clean up dog poop. These horror stories are precautionary tales (tails?) for all real estate investors. → Read More
Airbnb Real Estate Investing: 6 Pros and Cons
Property owners have the option of finding long-term renters or using a platform like Airbnb to rent on a shorter-term basis to vacationers, business travelers, and the like. Before setting up your Airbnb profile and jumping in, weigh the pros and cons here. → Read More
7 Profitable Side Hustles in the Real Estate Field
Seems like everyone's got a side hustle these days. Part-time real estate-related gigs can help you break into the industry, save up money for a down payment, and establish critical connections. Here are a few side hustle suggestions to consider. → Read More
An Invaluable Website Every Real Estate Investor Should Know About
Are you starting a real estate business? If you are, consider setting up your business with an LLC or similar structure. The Small Business Administration offers tips and resources for choosing the best structure for your business, goals, and assets. → Read More
Landlords, Liability, and LLCs: How Property Owners Cover Their Assets
Real estate investors are vulnerable to lawsuits if they do not have an asset protection strategy in place. The strongest strategies often consist of many tactics, including liability insurance and starting an LLC. → Read More
Flipping Houses: The 5 Best Fix Flip Financing Options
What's the best way to finance a flip or rehab project? The optimal source of funding may depend on your credit score, investment history, and project deadlines. Here are several financing possibilities to consider for a fix and flip investment property. → Read More
Should You Require Renters Insurance as a Landlord? (Hint: Definitely)
As a real estate investor, renters insurance protects you just as much as it protects your renters. Understand the key benefits of renters insurance so you can have a productive conversation at move-in and keep the terms of your lease transparent before disaster strikes. → Read More
3 Cheap and Free Steps Toward Becoming a Real Estate Pro
If you're considering becoming a real estate professional, this article will help you get an idea of what it takes and where to start. We'll also dispel the myth that becoming a real estate professional is an inherently expensive endeavor. → Read More
Understanding Self-Directed IRAs: Frequently Asked Questions
Self-directed IRAs may sound intimidating, but if they're properly understood and managed, they offer great freedom. Here are your questions, answered. → Read More
Libel, Slander, and Defamation: How to Protect Your Reputation
Platforms like Yelp are the gatekeepers to quality now. You have to accept that not everyone is going to like what you are doing and that any old jerk can leave a scathing review that could damage your credibility. But never fear—even in the seemingly lawless world of the internet, there is law to protect you. → Read More
Anonymity Asset Protection for Dummies: How to Avoid Lawsuits
In this day and age, it can be uncomfortable to own anything, because anyone with a smartphone can find out your information. Imagine creating a layer of privacy for your real estate investments through anonymous ownership on public record! Learn the power of anonymity here. → Read More