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Wealth Creation Mindset with Dovid Preil - CREPN #220

Commercial Real Estate Pro Network

Release Date: 10/31/2019

Real State of Retail Real Estate with Chris Ressa - CREPN #237 show art Real State of Retail Real Estate with Chris Ressa - CREPN #237

Commercial Real Estate Pro Network

Retailers are finding that when they open a physical location in a market, that their online sales increase and the reverse holds true when a location closes.  Good retailers are figuring out how to add to their bottom line and make the consumer experience frictionless.  

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So I think both from a real estate end and a retail end. The BIGGEST RISK is human capital. 

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Hidden investing? What do the top 1% know that you do not? 

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Oh, I know that's an easy answer, though, because almost I had some real estate, but the majority of my net worth was in the stock market. And I know and you're it's it's all about hope. It really is. I need Trump tweets. It goes up. Tweets again. It goes down. You know, we can have a company can have the best earnings ever and their stock goes down.

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people ask me about this in terms of real estate, what's going to happen with the economy, as you know, with political elections, what is it going to go up or down a recession or continue in this?

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Wow, I'm so glad you shared that because I settled three lawsuits. You know, just in the last quarter of 2019. So it's very fresh in my mind. And actually, one lawsuit was going on for about two and a half years. Nothing major, but it was major in the sense that something happened with one of my contractors on one of my property. And I'm so glad that I have had full coverage, you know. And they said you settle the issue for almost like seven hundred some thousand dollars. And I didn't have to pay a penny. 

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I think the BIGGEST RISK in what I do, multi-family investing, is making sure that the deal the way that you buy it. Because like honestly, the way you buy it means everything. I mean, if you don't buy it, right. Sorry, sucker. You know, whether whatever whether it's you know, you're not operating it right? 

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Wealth 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: dovid@ydlpinvestments.com