BIGGEST RISK with Joel Miller

Commercial Real Estate Pro Network

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4d ago 2:08

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I'd like to ask you. Joel Miller, what is the BIGGEST RISK?

Joel Miller

Well, I'm going to surprise you with the answer, but it's going to be two pronged here. From a financial standpoint, I will say that rental property can be a source for risk, which is why you typically should form an entity that you hold your properties in that protects your personal assets from things that might happen within your entity related to those properties. And on top of that, you know, I do recommend carrying replacement costs insurance on your properties and. A commercial liability insurance. You know, on top of that, to pick up where the liability coverage on your your underlying insurance is. So that's my financial part of that answer.

But the other prong I want to talk about is relationships. The risk is in losing relationships. You know, I am well known when I'm talking to like teaching the landlord one on one classes and masterminds and stuff like that. I am known for saying this thing, that if I had a choice of losing all my money or losing all my relationships, I would lose all my money in a heartbeat, because my relationships will help me get my money back. And if I have no relationships and a pile of money, what good is that? You know that that's failure. You know, as far as I'm concerned, so it's important to build and maintain relationships that are sometimes lifelong and sometimes might be for one project or something like that, because those are the people that are going to get you from point A to point B, and you've got to be that person to somebody else as well. You know it goes both ways, and so what I say is, don't make a withdrawal from a good relationship just to make a deposit in your bank account.

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