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Commercial Real Estate Pro Network

Commercial Real Estate Professionals who work with Investors, Buyers and Sellers of Commercial Real Estate. We discuss todays opportunities, problems & solutions in Commercial Real Estate.
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Jul 30, 2019

Absolutely, I think. There's a couple there's a couple of factors to that. I mean in any building there's the physical risk right. There's what you can't see. So there's the plumbing there's the electrical there's the things going on behind the wall. So there's a certain amount of risk that you can assess and mitigate. What we used to call it, "Known unknowns". You know it exists but you know that you don't know the status of it. So you just have to plan accordingly. And I think on top of that as owners and as investors you have to be able to adapt. I know a lot of people that in a lot of forms whether it's military or law enforcement or wherever they are they create a plan and they get so tied to that plan that they lose 

 

their flexibility and they and they lose their ability to adapt quickly. And I think adaptability is the key and there's a term that we do use. In my other line of work which is risk at risk you know you're going to mitigate you're going to assess but you're also going to adapt to risk. You're going to adapt and you're going to overcome it. And so if you know if you know you're accepting a certain percentage of it and then you accept it and you move forward I think that that allows you to then react when you go from five units to 13 vacant. You know that is a that's a that's a risk that you knew could always happen. You hoped it wouldn't. And it did. So how are you now going to handle it. And your ability to adapt quickly come up with 

 

a new plan or just the plan and move forward on point and on target will allow you to succeed. So I think that that's bigger than a physical risk of a pipe or whatever that is it all falls into the category of of pivoting and moving forward. And then I think you have to be able to assess the situation and then and then not to mix too many metaphors to pull the trigger on starting. OK. where do we go from here? Because we still have to get because the project doesn't stop. We still got to get to the goal, the finish line. And so I think as investors your ability to remain flexible. You know don't get don't get off target. Don't don't go off on tangents and change the plan throughout stick to the plan but also understand that on it at any given time 

 

the plan will change whether you want it to or not.

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