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BIGGEST RISK with Beth Azor

Commercial Real Estate Pro Network

Release Date: 01/14/2020

People, Property & Capital; Raising Money for Multifamily Real Estate with Tenny Tolofari - CREPN #255 show art People, Property & Capital; Raising Money for Multifamily Real Estate with Tenny Tolofari - CREPN #255

Commercial Real Estate Pro Network

My guest is Tenny Tolofari. Tenny is a co founder of Exide Capital Investment LLC, a multifamily real estate investment focused company based in Washington DC. And in just a minute we're going to speak with Tenny about the myth of finding, find the deal and the money will come.

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BIGGEST RISK with Tenni Tolofari show art BIGGEST RISK with Tenni Tolofari

Commercial Real Estate Pro Network

Well, one of the BIGGEST RISK's for individual investor houses is one is not getting in the game is seen on the on the on the sidelines, right? Because if at the end of the day you you're thinking about getting ahead, and you are dependent on just one asset class to get ahead. You're going to be disappointed from what we're seeing right now. Right.

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Flexible Workspace with Frank Cottle - CREPN #254 show art Flexible Workspace with Frank Cottle - CREPN #254

Commercial Real Estate Pro Network

Today my guest is Frank Cottle. Frank is a futurist based in Southern California. And in just a minute, we're going to speak with frank about the future of commercial real estate.

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BIGGEST RISK with Frank Cottle show art BIGGEST RISK with Frank Cottle

Commercial Real Estate Pro Network

Well in in our business, which functionally is commercial real estate, I think it's cyclicality getting caught on the wrong side of the cycle. And you've seen a lot of property investors overall and market timing is always crucial. So cyclicality is probably the biggest risk and the protection from that comes with debt management. You can be highly you can deal with it. As much more effectively if you have a debt, a debt management program.

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Lease Purchase Commercial Real Estate with Chris Prefontaine - CREPN #253 show art Lease Purchase Commercial Real Estate with Chris Prefontaine - CREPN #253

Commercial Real Estate Pro Network

Today my guest is Chris Prefontaine. He's got 25 plus years experience in real estate as a builder, developer, a realtor, real estate investor and also a best selling author. And just a minute we're going to speak with Chris about one of his his books and just the basic topic, real estate on your terms. But first, a quick reminder, if you like the show, CREPN Radio, please let us know.

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BIGGEST RISK with Chris Prefontaine show art BIGGEST RISK with Chris Prefontaine

Commercial Real Estate Pro Network

I don't want to sound like a redundant broken record, but in my world so comes right to the top of my brain when you ask that is you signing personally and exposing your personal assets to anyone or anything?

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Decision Making for Real Estate Investors with Gleb Tsipursky - CREPN #252 show art Decision Making for Real Estate Investors with Gleb Tsipursky - CREPN #252

Commercial Real Estate Pro Network

My guest is Gleb Tispursky. He is the CEO of Disaster Avoidance Experts. And he's on a mission to protect leaders from dangerous judgment errors, known as cognitive biases, which devastated bottom lines and bring down high flying careers. He's authored hundreds of articles and written multiple best selling books, including Never Go with Your Gut, The Truth Seekers Handbook and his newest book, Blind Spots Between Us.

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BIGGEST RISK with Gleb Tsipersky show art BIGGEST RISK with Gleb Tsipersky

Commercial Real Estate Pro Network

So for me, and for me, and for many other people who are like me, the biggest risk, I would say is coal is a cognitive bias called the optimism bias. So I tend to be very optimistically biased. What does that mean? It's one of the cognitive biases where people tend to see the future as always bright. As always great. As you know, the grass is greener on the other side of the hill, everything is going to be wonderful, tend to be risk blind and tend to be have exaggerated expectations.

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Qualified Intermediary Monetized Installment Sale with Ben Mandel - CREPN #251 show art Qualified Intermediary Monetized Installment Sale with Ben Mandel - CREPN #251

Commercial Real Estate Pro Network

My guest is Ben Mandel. Ben is a partner at Capital Appreciation Strategies. He's also a 35 year finance and real estate professional. And in just a minute, we're going to speak with Ben about an alternative tax deferral process to the 1031 exchange known as the Qualified Intermediary Monetized Installment Sale. But first, a quick reminder, if you like the show, CREPN Radio, please let us know. 

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BIGGEST RISK with Ben Mandel show art BIGGEST RISK with Ben Mandel

Commercial Real Estate Pro Network

Well, the biggest risk actually has two cards. Initially, the biggest one Risk is, as compared to the 1031 exchange, you, you will end up having to pay the tax at some point in the 1031. Exchange if you hold the property until you pass there's no tax ever pay. So that's that's part A of the biggest risk. Part B of the biggest risk is, if you were to pass prior to the note being or the time period being completed on the transaction, then the heirs would have to choose

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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. 

So when I was building my when I developed my first shopping center, which was about five years ago, I bought I bought a strip club and knocked it down and built a strip center. The muncipality loved me. But I had never built anything before. And I was very nervous. And I and I had one partner in that deal. And I kept telling him, you know, I don't know what I'm doing. He said, don't worry, you'll figure it out. 

But I hired people that didn't know what they were doing to consult with me and teach me. And I read a lot of books. I listen to podcasts. So the biggest risk is the lack of education. But particularly you don't know what you don't know. And being wise and astute and I'm just a big believer in continually learning. I probably listened to three or four podcasts a day and I'm constantly reading. 

So that's how I mitigate that potential lack of knowledge. And that helps. But there's things, you know, our retail industry is going to be just lambasted by self-driving cars. So I'm fascinated and I'm reading all about that because if I I'm fifty nine. So if in the next ten years the self-driving car thing happens, our industry is going to shift again. So I'm trying to stay on top of it, but I don't know what I don't know. And so that's how I mitigate it. So that's the biggest risk, not knowing what you don't know.