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BIGGEST RISK with Mansoor Ghori

Commercial Real Estate Pro Network

Release Date: 05/19/2020

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Today my guest is Yakov Smart. Yakov is considered to be the leading expert when it comes to attracting A  list investors and raising capital using LinkedIn.  He is the author of Disrupting LinkedIn and a sought after authority by top business owners and sales leaders worldwide. Yakov has shared the stage with Samantha DeBianchi of Bravo's hit TV show Million Dollar Listing.

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BIGGEST RISK with Yakov Smart show art BIGGEST RISK with Yakov Smart

Commercial Real Estate Pro Network

It's a great question. It's not something that I you know, honestly think about on a daily basis. I guess I'm you're a little more. You know, you see, you see A lot more different scenarios as being an insurance than I probably do when it comes to risk. But I'm gonna I'm gonna give a bit of what might be a bit of a surprising answer here. I think the BIGGEST RISK is a combination of plagiarism and misinformation because in the space, let's call it mentorship or online programs or coaching, consulting.

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I think the BIGGEST RISK for a self directed account is that you take responsibility for all the investments, and it's a risk of personal accountability, right? If you keep your IRA in the stock market, one really nice benefit is that when it goes up and goes down, you know, you can kind of finger point your way around around it. Risking in a self directed account means you're taking on all the risk.

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Commercial Real Estate Pro Network

I'll answer it and maybe the most common risk that people assume when they think of short term rentals or specifically Airbnb s and that is major parties. People messing up your your place. With my experience, it's not the major risk, it is something you can hedge off. And this is how you do it. 

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You know, the BIGGEST RISK that we have right now is that for the percentage of the tenant base that is unemployed, or that has lost their job because it is worked for housing, we buy c properties and B neighborhoods you know, that that if they've lost their job and unemployment you know, kept gets cut down, that they might not be able to To make their rent payments, so though, that's a big risk right there.

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BIGGEST RISK with Zachary Beach show art BIGGEST RISK with Zachary Beach

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Yeah, it's a fantastic question.  The truth is we've we've transferred a lot based on your description, we've actually transferred or deferred a lot of the risk based on how we actually buy and sell real estate because the sellers still typically on title, and we have the ability to renegotiate based on our contracts. You know, we're collecting a non refundable deposit from our buyer. So that's limiting the risk.

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Mansoor Ghori, what is the BIGGEST RISK?

 

Mansoor Ghori  32:55  

So I'll kind of dress this from a PACE perspective because I think from For more of a higher level perspective in terms of the economy, etc. I don't necessarily see a downturn in the economy as a risk to the PACE in which you actually think that is an opportunity. Because all the rest of the money in the capital is going to get tighter. And PACE will provide an opportunity for them to help them get projects done even in a downturn. I think from a PACE perspective, the thing that I worry about most is that we have to make sure that the way that PACE deals are being done that are being done with with diligence underwriting they're being done in a way where these things can get rated, securitized and sold to investors.

If there are people that come in and don't do it correctly, I worry that there could become issues in the pace industry or it could be deals up below. up, you know, if you think about PACE in general historically, there has hasn't been any major blocks and PACE in commercial pace. And since the history of PACE, right, that's on the commercial side. I'm not saying that. So on the residential side, but on the commercial side, they're being underwritten, like normal commercial loans. And so they're being that they're a lot safer from from that perspective. Our worry is that people are going to come into the space as it becomes more active and starts growing, and they do it incorrectly. So we've tried to find ways to mitigate that.

So we created something called a C PACE Alliance, which is an industry group of pretty much every major commercial pace lender, the service providers that are working on that are part of the PACE, the commercial space area. And what we're doing is we're creating templates templates on how to underwrite templates on how to administer templates on what the statute for these programs should look like in each new state, so that there is a box that everyone can play inside and not go outside the box. That makes sense?