Wealth Creation Mindset with Dovid Preil - CREPN #220
Commercial Real Estate Pro Network
Release Date: 10/31/2019
Commercial Real Estate Pro Network
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info_outline BIGGEST RISK with Jeremy FriedmanCommercial Real Estate Pro Network
J Darrin Gross 0:00 And I'd like to ask you, Jeremy Friedman, what is the BIGGEST RISK? Jeremy Friedman 0:05 But as we discussed before the call, that's actually the one largest risk item that we that does keep us up at night and that we're working diligently on at the moment is our insurance. And I think it's so this is not to be clear to your listeners, you did not prompt me for that at all this is this is our biggest risk at the moment, as we see it. We being located on the coast, the Gulf Coast of Alabama, and we have several coastal...
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info_outline BIGGEST RISK with Christian GoreCommercial Real Estate Pro Network
J Darrin Gross I'd like to ask you, Christian Gore, what is the BIGGEST RISK? Christian Gore That's a great question. I would say, generally speaking, I would say geo geo political risk, that, that can significantly kind of affect what the Fed does or doesn't do. Yeah, we've, there's a lot of things going on overseas. I know we were fortunate enough not to kind of have to, you know, be involved with it daily. But there's there's significant geopolitical risks in our view going on right now. That, you know, who knows what, what what can happen, but there's a direct...
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J Darrin Gross I'd like to ask you, Ben Spiegel, what is the BIGGEST RISK? Ben Spiegel So, land, like I said, we were talking on our economy. When we started our conversation before the podcast began, landlords are Sue land that landlords sued 25 times more than the next business than the next highest sued business. So we're already in a very elevated risk, risk type of business. So I think the major form of risk obviously, when you have ambulance chasers out there looking to profit off of almost any opportunity they can. And so it depends really, it for example, I own...
info_outlineWealth Creation is all about mindset.
Dovid Preil has worked in all different aspects of real estate, from mortgage brokering to multifamily syndication. The through line he has found in all successful real estate investors is mindset.
Importance of Mindset
Mindset is based in knowledge and experience. Without either, you are left with fear. The fear is a recognition of the risk, and risk is rooted in the probability of loss. Fear of loss is powerful. It will keep you from the ability to take action.
Risk
That’s risky! Investing in something you do not understand, is very risky. Real Estate is not rocket science, but if you do not understand it and how you can lose, your likelihood of success is low. When you don’t know what you are doing, and you follow the herd, you are waiting to lose. The solution is get educated.
Investor Mindset
The investor mindset is focused on how to invest and create wealth rather than spend an increase in income. This is not limited only to people with a large salary. If your focus is to make more so you can spend more, your mindset is not focused on wealth creation, rather you are focused on consumption.
Investors take the time to study a market so that they understand the market and the risk. No asset is immune from loss, but real estate has historically been a great hedge against inflation. Over time, it trends up, and unlike the stock market, it is not easy to push a button and sell. If you have a long enough runway, real estate will work out.
Wealth Creation
Wealth creation starts with a plan. This plan has goals and with each goal accomplished, a new goal is set.
Keys to Wealth Creation
- Budget: When you live within your means and your budget, you create habits. Habits become discipline. When you create a habit of saving, you can set goals, and save so that you have the ability to invest. Once you have $10 to $20k, you can invest. But if you never have the savings, you will never have the resources needed to invest.
- Focus: Learn one asset at a time. There are an unlimited number of options to invest in; Stocks, Bonds, Currency, Real Estate, Precious Metals, etc. To experience the upside of any market, you have to focus and learn the asset, and how you can make money without a high degree of risk. Budget your time to learn the asset.
- Action: In order to gain experience, you have to take action. Once you have learned the asset, built a plan that you can execute easily, you have to take action. Without action, all of the efforts are for not.
BIGGEST RISK
Each week I ask my guest, “What is the Biggest Risk Real Estate Investors face?”
BIGGEST RISK: Investing with the wrong people. If you work with good honest people, you have the best chance of coming out ahead.
Technology is changing real estate. Amazon has totally changed the retail real market. 3-D printing is changing construction. How will it change the cost and opportunity to build a building? What about the goods that are currently manufactured, and warehoused waiting for you to order? Will the demand for warehouse space decrease due to the use of 3-D printing?
For more go to:
Linkedin: Dovid Preil
Website: www.ydlpinvestments.com
Email: [email protected]