Today, my guest is Joel Miller. Joel Miller is the author of the best selling book, Build Real Estate Wealth. Enjoy the Journey of Rental Property Investment, and in just a minute, we're going to speak with Joel Miller about the Journey to Real Estate Wealth.
J Darrin Gross
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.
https://www.joelmillerbooks.com/
Today my guest is Creek Stewart. Creek is an expert survival instructor and author of survival hacks and the best selling Build the Perfect Bug Out Series has been featured on The Weather Channel. The Today Show, Fox and Friends are just a couple places where Creek's been featured, and in just a minute, we're going to speak with Creek about get down to this Mastering the Art of Preparedness.
J Darrin Gross
If you're willing, I'd like to ask you Creek Stewart, what is the BIGGEST RISK?
Creek Stewart
That's a great question, and I think most people would probably expect me to say that it's being lost in the woods or being struck by a natural disaster. But I guess I'm going to get real personal on this one I me personally being a wilderness survival instructor and a preparedness consultant. I see all of the bad things and think about all of the bad things and think about all the scenarios, right? And it's really easy for me to get caught up, just too much in all of the things of this world. And so I think my biggest risk is thinking that they, that they, I don't know, giving, giving them too much value, versus the things that are eternal, right? The things that last forever our life and these little natural disasters that happen, even though I'm in this business and even though I sell books on the subjects, they're just little tiny blips in this lifetime of eternity. And so for me personally, it would be to consume myself with the thoughts of the temporary things versus the eternal things. And I'm going to quote scripture on you. I always, I always think about this verse from Colossians, you know, set your mind on the things above and not on the things of this earth. And so my strategy for navigating that is to take time each day and try to spend time in solitude and prayer and reading scripture, and, you know, try to dig in a little bit deeper to the eternal side of things, so that I just don't focus so much on the negativity and the temporary.
Tilden Moschetti, an investment fund and syndication attorney, discussed Regulation D (Reg D) exemptions for raising capital. Reg D allows unlimited funds from accredited investors without advertising, with 98% of deals using it. Rule 506(b) allows non-accredited investors, while Rule 506(c) requires accredited investor verification. Accredited investors must earn $200K annually or have $1 million in net worth. Moschetti emphasized the importance of communication to mitigate risks and maintain investor trust. He noted that only 1-2% of cases lead to legal action if proper documentation is in place. His firm's turnaround time for Reg D filings is two weeks.
J Darrin Gross
I'd like to ask you Tilden Moschetti, what is the BIGGEST RISK?
Tilden Moschetti
I'd say that it's lack of communication. So and that's which is unfortunate because it's also the easiest to fix, right? So lack of communication will lead to failure to identify risks, whether it's, you know, the kind of risks we think about in in the insurance game, like, you know, fire and hazard risk, right? We know those things are there, but communicating with your property manager, communicating with your tenants, communicating with those kind of people, can all help identify, hey, yeah. And by the way, the sprinklers never work when we do the testing, or whatever those those things are that can help reduce that risk. But certainly in my world, things go bad when you don't talk to people. So if I could have the best deal in the world, send people their regular checks, but all I'm doing is sending them money, and if it just looks like a black hole, then investors are always going to be thinking, there's something wrong, you know, I don't I don't have any kind of transparency. I don't understand what's going on. Maybe this guy is ripping me off where it could be completely not true. But if I don't communicate, there's no way that they can ever know. And so I'd say, you. By far, almost every risk kind of boils down to that lack of communication, or at least communicating a lot, and really kind of understanding and listening and talking and kind of figuring out what's going on on any kind of asset is going to, at the very least, you know, reduce that risk, or help you identify it, or help mitigate it in some manner.
Today, my guest is Rich Lee. Rich Lee is a top lawyer, or was a top lawyer for two companies, and richly experienced the reality that dispute resolution today is driven by pain due to legacy dispute resolution forums and courts. Rich set out to change this with New Era Alternative Dispute Resolution, or ADR, and in just a minute, we're going to speak with rich Lee about dispute resolution.
J Darrin Gross
I'd like to ask you Rich Lee, what is the BIGGEST RISK?
Rich Lee
I'll answer that kind of in like two parts really quickly, right? The first is, I think, you know, in the real estate industry, and actually in business in general, I think the biggest risk, you know, in a lot of just kind of business dealings is the relationship, right, and and maintaining good relationships, whether it's with an existing, you know, Counterparty, or, you know, a future counterparty or a former Counterparty. Relationships are everything you know. And so all the things you do right to mitigate that you know both before, and then, of course, you know during a relationship. And then, God forbid, you know if something sours in that relationship, I think that's, you know, it's critical. And something that I think is is often overlooked for us as a business, right? The thing that I will think about all the time, and that we obsess about is, you know, frankly, and it's, it's still related to the relationship, it's the user experience, you know, both on the platform, you know, on our actual technology platform, but also just the experience overall, and the experience for all the people that would be involved in in, you know, in a dispute on our on our platform, which is both, you know, the plaintiff, the defendant, the two sides who are actually in a disagreement, their lawyers, Right? So that's two more parties, and then the arbitrators and mediators themselves, you know, and their experience, you know, administering and adjudicating a case on our platform. And so it's something that we obsess over a lot in terms of, you know, both the people we hire, you know, finding the best people who are smart, bias towards action empathetic, right? So even your interactions with us are positive. And then, of course, everything, every product we design, every feature we add, every additional process we create, even every new rule or any rule change we make right to to our arbitration rules, always with that kind of end user in mind, and like what the experience is going to be. And, of course, fairness above all else.
Today, my guest is Kelly Stratton. Kelly Stratton is the President and Chief Product Officer and founded Quire in 2010 to transform the manual, air prone Technical Report development process she experienced for more than the first 10 deck the first decade of her engineering career. And in just a minute, we're going to speak with Kelly Stratton about three trends that will define technical report management for project driven businesses in 2025.
J Darrin Gross
I like, to ask my guests if they can look at their own situation. Could be your clients, the economy, you know, whatever it is that you, you identify and consider to be the BIGGEST RISK?
Kelly Stratton
Yeah. And when you ask, like, the first thing that pops in my head, because I, you know, as the chief product officer, and I kind of help drive like, what is our product going to be, you know, today, versus, you know, six months from now, a year from now, and you know, we have a really strong feedback loop with our users, and they have a mandate for us about, how can we make a difference in their work lives and in their work product? And both those things are really important to me, because this is a bit like our platform, is a space they spend a lot of time in. And, you know, so, so you have that, but then you also have this, this powerful energy around AI, and how do we incorporate that intelligently and effectively into our product? And again, the mandate from our customers is, you know, is pretty specific. They want to be able to access their past experience. They want to be able to interact with their and harvest their intellectual property, and it that that you know, you know, again, I use the phrase institutionalize that knowledge that's really important to them. You know, in the past, it's just, you know, write the report and put it in the file folder, and then it's on to the next one. But there's an awakening around this, like, hey, no, this isn't just an archive this that that we never look at again. How can we use this as a tool to make train our team and improve our reports and our process going forward? So I think just getting creating products where we give them access to their content, smart, yeah, powered searching, and we, we don't step outside of that too much, right? That we give them kind of the the access to their historical information, that that can really make a difference, and we deliver on it. So I think for me, is continuing to keep purpose built as our North Star, and we introduce risk if we spread ourselves too thin and are not incorporating kind of that feedback with our customer for things that they want, and then the things that we know how our product makes a big difference in how AI kind of supports both of those things. So. That's how I'd say that risk is getting AI right for our customers, helping lead them away being lead the way for them, being their innovation partner, and not spreading ourselves too thin.