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BIGGEST RISK with Gleb Tsipersky

Commercial Real Estate Pro Network

Release Date: 06/09/2020

Multifamily Real Estate Investing in USA with Hamza Ali - CREPN #261 show art Multifamily Real Estate Investing in USA with Hamza Ali - CREPN #261

Commercial Real Estate Pro Network

Today my guest is Hamza Ali. Hamza moved to the United States five years ago, and founded Gray Spear Capital, which focuses on bringing investors together and investing in real estate projects in the Texas area.

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BIGGEST RISK with Hamza Ali show art BIGGEST RISK with Hamza Ali

Commercial Real Estate Pro Network

Well, it's funny, you bring that up, then I know this is not supposed to be an insurance related answer, but I do have a little bit of a story here that I'd like to share. So very recently, I was I was under contract to buy this property, great deal, great location, you know, just I mean, it checked all the boxes. This gentleman did not have the right coverage did not have the right dollar amount covered towards this fire damage and I will tell you he lost close to a million dollars because of that.

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Ultra Wealthy Investment Solutions with Richard Wilson - CREPN # 260  show art Ultra Wealthy Investment Solutions with Richard Wilson - CREPN # 260

Commercial Real Estate Pro Network

Today my guest is Richard C. Wilson. Richard is a third generation Eagle Scout. He's also the founder of the Family Office Club, which has over 2000 registered investors. And his team offers a digital investor platform and sources direct investment opportunities for his 58 investor clients.

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BIGGEST RISK with Richard Wilson show art BIGGEST RISK with Richard Wilson

Commercial Real Estate Pro Network

For my company, even though we have good managing directors, I think the BIGGEST RISK is myself, you know, I'm driving forward a ton of the new content. You know, when I when I hang up here, we're doing a 1000 person webinar. And I've got someone on my team that could do a webinar on many different topics, but not the same topics I could, you know, fluidly and so it's kind of like a key man risk.

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Richer Than A Millionaire with Bill Danko - CREPN #259 show art Richer Than A Millionaire with Bill Danko - CREPN #259

Commercial Real Estate Pro Network

Today my guest is Dr. William "Bill" Danko. He is the co author of The New York Times bestseller, the Millionaire Next Door, and also his newest book, Richer Than a Millionaire.

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BIGGEST RISK with Bill Danko show art BIGGEST RISK with Bill Danko

Commercial Real Estate Pro Network

I think when people are just so blind to well, for example, in Miami Beach right now. There are a lot of people with very beautiful houses on a flood plain or a rising ocean. And one of the things that they're doing in Miami is raising the roadways and creating culverts to drain off the water. What seemed like a good idea at the time to build a house next to the ocean is, in retrospect, not a very good idea. So sometimes we bring this on ourselves.

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Commercial Real Estate BRRR with Anthony Scandariato - CREPN #258 show art Commercial Real Estate BRRR with Anthony Scandariato - CREPN #258

Commercial Real Estate Pro Network

Today my guest is Anthony Scandariato. Anthony is the co founder of Red Knight Properties.  They are a multifamily syndication firm. It's a vertically integrated doing both investing and property management. And in a moment we're going to speak with Anthony about both multifamily and property management more specifically.

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BIGGEST RISK with Anthony Scandariato show art BIGGEST RISK with Anthony Scandariato

Commercial Real Estate Pro Network

the BIGGEST RISK is to me it's always on the buy. So you have to always buy right you have to always run your numbers. You To run a sensitivity analysis, you have to understand, you know, if downside base case and upside, and if the downside scenario still makes sense, then it's a good deal. So the BIGGEST RISK is people not buying right? You know, we always not running these analysis because markets change, and right now they're changing every day.

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Machine Learning AI and Commercial Real Estate with Alex Fleiss - CREPN #257 show art Machine Learning AI and Commercial Real Estate with Alex Fleiss - CREPN #257

Commercial Real Estate Pro Network

Today. My guest is Alex Fleiss. Alex is the CEO of RebellionResearch.com. They're an artificial intelligence company. He's also an instructor at Cornell Engineering. And in just a minute we're going to speak with him about AI and the potential to disrupt real estate.

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BIGGEST RISK with Alex Fleiss show art BIGGEST RISK with Alex Fleiss

Commercial Real Estate Pro Network

'd say the BIGGEST RISK is the unforeseen risks without a doubt, which obviously is manifest in the COVID-19 Black Swan event or the S&P debt downgrade of the US government in 2011. The unforeseen risks is always always the worst risk, but it's very, it's very hard to worry about risk, you know, because there's, it's almost a it's really endless.

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Gleb Tispersky. What is the BIGGEST RISK?

 

Gleb Tispursky  0:06  

So what is the biggest risk for me? You're asking? 

 

J Darrin Gross  0:09  

Yeah, you are however you you know, you can identify you personally. Or if you see investors or how you see people making decisions or however you want to, however you want to frame the question. 

 

Gleb Tispursky  0:21  

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. So I tend to systematically underestimate the risks for my future for myself, and this is a huge problem. I've run into many, many mistakes and many problems.

 

That I wouldn't have to run into if I was not risk intuitively risk blind if I was not just focusing on the opportunities instead of the frets. So I've had to really work on myself and train myself and how to get some outside advisors and help to who are pessimistically oriented to run my ideas by because I just don't see the inherent flaws in them, which are many, you know, the kind of first was 28 years before breakfast, and thinks they're all brilliant. Now, to my bitter experience, I've learned they're not, but this is something I know I have to deal with. And this is something that I've learned to mitigate by both calibrating myself better and knowing that I tend to be way too optimistic, and getting outside help from people who are pessimistic who I trust, who I can run ideas by, and who can tell me that hey, you know, these are 20 have baked potatoes and you know, 17 of them don't make sense but maybe these three you could work on and you know, finish baking them into fully baked potatoes.