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BIGGEST RISK with Kathy Fetke

Commercial Real Estate Pro Network

Release Date: 12/17/2019

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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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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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Darrin: [00:00:08] Kathy Fetke, What is the BIGGEST RISK? [00:00:11][3.5]

Kathy: [00:00:14] Well, there are so many, but I would say the BIGGEST RISK is not being educated, which is why it is my mission to help people. Like I said at the beginning, the show to raise the wealth consciousness of the average person and definitely of the average investor because there are so many landmines. Whether you're investing in the stock market or in real estate or in Bitcoin or whatever you're investing in. You've got to really take a deep dive and understand it. We've been sort of trained over the years to not really understand it, but hopefully our financial planner understands it and we hand over our money and hope they do well with it. So we haven't really been taught that it was important for us to understand it. We don't we're not educated and in high school and probably not in college for most people. [00:01:00][45.7]

[00:01:00] So first and foremost, the biggest risk is not understanding what you're investing in. From there, I would say what I'm seeing is a lot of gurus. We're at that stage in the market where people have maybe done fairly well, then maybe they did one deal and it went well because we've been in the market and now they are a guru. I've seen this. They can very easily start a podcast or it's so easy to become sort of a well-known person. Thanks to all social media and the Internet and so forth. So these people now don't have a lot of experience, but they've kind of become this guru, so to speak. I'm seeing every day I get people coming, deals coming on my desk that, you know, hey, we just found a 400 unit apartment building. Do you want to invest in this or do you want to partner with us on it? And I'm not an apartment expert, but I do surround myself with experts. And we just kind of sent two deals yesterday to our apartment guru. He is a real one. He's been doing it for 40 years and he asked 10 questions. And basically they were really bad deals. So he, in fact, owns 10000 doors apartments and and just sold the bottom 10 percent that leased performing the the properties that were just OK. They'd already tried to rent the raise the rents as high as they could go. They'd already done the renovations. There was no more money that could be squeezed out of these properties. So they marketed them and they put them at the most ridiculously low cap rates, the highest price they could. They couldn't even imagine anyone would consider buying these properties. And there was multiple offers over asking price. So they basically sold the bottom 10 percent of their portfolio for the highest price. And they're sitting on cash, waiting for some of these deals to implode. Because there's so many people who just don't know what they're doing in multifamily, but are obsessed with the idea of it, thinking that that's that's the true way to wealth. Which it can be, if you buy right. So to me, that's that's kind of a I'm seeing that pretty commonly today. If you're going to invest in somebody syndication, make sure they have more than 10 years experience or they have someone on the team who does. A wise, wise advisor. Because there are a lot of the highly experienced people are just scratching their heads going. I don't see how this is gonna possibly work out for them.