BIGGEST RISK with Adiel Gorel
Episode description
J Darrin Gross
Adiel Gorel, what is the BIGGEST RISK?
Adiel Gorel
With your permission, I'm going to riff the answer, not going to be one sentence, just a few sentences to me knowing what I know now, funnily enough, the biggest risk is doing nothing at all, because later in the future, you say, Oh, my God, I could have owned three houses. Okay, so doing nothing is a very big rate, but Okay, fine. Within the realm of actually doing stuff and buying rentals or buying property. To me, a big risk is buying junk and buying junk. It's easy to say, don't buy junk, but junk is very attractive. Why? Because people have a notion about cash flow, and typically, the worst the home, the worse the neighborhood, the worse the city on paper, the cash flow looks better. Life doesn't happen on paper. So the biggest risk is to buy junk. It's like in software, garbage, in garbage, out. I know people say, Well, we're gonna fix it. No, really is the was the fix up good? Okay, so to me, not buying new is a big risk, mitigating it. Buy new in good areas, but related to your sphere, I also consider it a risk to be under insured. You need to be well insured on your property and get the maximum liability insurance that your insurance agent can offer. Of course, we make it so that it all taken is taken care of for you. But I recommend never being, you know, under insured, because that's an opening for risk.