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BIGGEST RISK with Dovid Preil

Commercial Real Estate Pro Network

Release Date: 10/29/2019

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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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The BIGGEST RISK, so I'm going to stay on topic for this one and I'll speak to the biggest risk for business owners and agents, right. In general, especially for the, I would say the veteran agent, the more mature agent and older agent.  

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I think the BIGGEST RISK is lack of knowledge. And we luckily live in a world where we can mitigate that, but that does take time and effort and work to do so. So and you don't know what you don't know. 

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More Episodes

Darrin: [00:00:08] Dovid Preil, What is the BIGGEST RISK risk? [00:00:11][2.9]

Dovid: [00:00:11] In what, real estate? [00:00:14][2.8]

Darrin: [00:00:15] Real estate or investing, real estate investing? [00:00:18][2.4]

Dovid: [00:00:19] Real estate, again, this is real estate investing in real estate itself. I think the more interesting answer or practical answer is, is, is investing. And that's the BIGGEST RISK is going in with the wrong people. You know, anything can happen. And if you're working with good, honest people, you're the best chance of coming out ahead. I think the more interesting answer, though, is, is what what the biggest risks real estate is. That's a topic, which I find to be fascinating, because I think the answer is technology and all the advances we've had in technology and we're having. I think that that poses a very, very interesting longer term thesis to see how it plays out with real estate. It's fascinating to me. Just for example, you don't live very far. The fact that everyone thought as of a couple of years ago or even their people that I speak to today, they think that retail is going to die because of Amazon. That's just an example how where technology like completely upended an entire major sector and it's transformed it. And I think I have I have a lot of faith in retail. I think the numbers speak to that faith. And they they back it up. But it but it's changed. Retail had to really adjust and change how it operates because of that. And I'm seeing stuff coming down the pipeline technology and I'm very into technology by day. I work for a very advanced fintech company. Doing some pretty groundbreaking stuff. And I think that by training on a program are actually and I think technology is incredible what it's doing. And the advances that are being made in things like autonomous vehicles and 3D printing, both in terms of 3D printing, housing and 3D printing goods. You know, I'm going to go out I'm going to be a little bit futuristic here. But, you know, if you can 3D printer house next to a town that you want to live in for. To with all in with the land and everything, for two thirds the cost and existing units, what's that going to do to the cost, the value of real estate? And you can you know that that's that's I mean, it's not happening tomorrow. But those are the kind of questions that I ask myself or like what happens to warehousing when I can just buy a 3D printer and just print the product? You know, I'll just go. And that's kind of like this is super futuristic, but I just like go to a company and I press a button and like their specs, go to my printer, just prints out the device for me that I want to buy. You know, there's a lot of interesting things happening here. There are things that are going to be that they're going to be talking about in 10 years that don't even exist today. You know, it is changing the market. It is so interesting. [00:00:19][0.0]

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