Aloha from Tristyn and Kamohai! Today, we are so excited to have David Austin from David Austin Law, our personal attorney, on the show. David helps families build, grow, and protect their real estate legacies. He uses trust legal entities like LLCs, and traditional estate planning techniques, which leverage his experience as an attorney. And he's also a real estate investor.
This episode covers the essentials of setting up proper legal structures and agreements for real estate investing. David shares best practices for LLCs, trusts, contracts, and more. He explains how to stay compliant with new laws while avoiding unnecessary complexity. Most importantly, David stresses the responsibility that comes with managing other people's money through private lending. This no-nonsense discussion is a must-watch for new investors protecting their assets and their clients!
Highlights:
00:00 Intro
03:05 How did David become a lawyer
05:24 Real estate and law practice in Hawaii
08:14 The benefits and challenges of commercial real estate
14:34 Starting with LLC creation and trust creation
20:21 When is the right time to get an attorney involved?
24:26 Asset protection and anonymity for businesses
30:33 What is LLC interest and how does it become security
35:40 The difference between accredited and sophisticated
38:07 Private money loans vs. short-term assets
47:48 Legal contracts and their importance in real estate deals
55:16 What is nested LLC?
59:54 How to find a good lawyer?
1:02:38 Legal advice and organization for a successful outcome
1:11:17 The scope of work and avoiding unpleasant situations
1:15:45 David’s current projects and services
1:19:55 Weird stories from a long attorney career
1:23:52 Emotional income as a lawyer
1:26:06 Tips form a legal perspective
Guest Bio:
David Austin is an attorney and real estate investor. He has a background in real estate law, management, brokerage, development, and title and escrow. His practice integrates traditional legal services, real estate advisory and consulting.
David graduated from the University of Pennsylvania with a degree in Asian and Middle Eastern Studies with a concentration in Chinese language. He attended law school at the University of Maryland School of Law, where he was Editor-in-Chief, University of Maryland Law Journal of Race, Religion, Gender and Class, and also received an M.S. in Real Estate Development from the Johns Hopkins University Carey School of Business.
Prior to opening his private law practice, David Austin Law, in 2015, David worked for several major Honolulu law firms as a real estate litigator, in real estate development and finance, and for a national title and escrow company. He is licensed to practice in Hawai‘i, Texas, the District of Columbia and Maryland.
Guest Links:
https://www.davidaustinlaw.com/
https://www.instagram.com/davidaustinlaw/
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