I'd like to ask you, Jeff Love, what is the biggest risk?
Jeff Love
To me, it's the same for me, because I'm a real estate investor myself, as well as advising real estate investors. And to me, the biggest risk with with real estate is exposing my non real estate assets to a real estate related risk. And what I mean by that is, if I own a two unit apartment building, and the tenant has a party, someone slips and falls. Now I've got, I've got, I've got a claim against me as the landlord. It may be a really bad fall, someone dies. And they may want to they when they want to sue me. It's a $5 million claim. Now, I may have insurance, which I hopefully do, get it from someone like yourself, and that gives me protection. But what if that insurance isn't enough? You know, my property insurance, my umbrella? That only gets me to 3 million? How do I protect myself because I don't want my bank account. I don't want my car, my kids college bonds my home, I don't want that exposure for one particular investment, real estate, just one aspect of my portfolio. I want to try to keep it contained. And one of the ways we do that is through insurance. And that's you know, that's my, you know, first answer. But insurance may not may not always cover, there may be an exception. So how do we go one step further, and to our clients. That's part of our corporate practice or entity structuring and what those limited liability companies give you our limited liability, whether depending on what the form, whether it's a corporation, a limited partnership, and LLC, what that does is say, my exposure is only the company, I can't unless I do something wrong, and it pierce the veil, myself as the owner of that company, you can't come after my personal assets. So I take my two year apartment building, I put it into Jeff's LLC. Now there's that slip and fall, they may make a claim against me, they may get my $3 million insurance coverage. And they may take the property to cover the other $2 million of the claim. But that's all I lose, I don't lose my car, my bank accounts. That's all safe. And to me, that's the biggest risk is being able to really mitigate the risk of each property and segregate my assets to make sure that if one card falls, all of them don't. And so what we do with clients is help them segregate those risks, maybe even have different properties in different companies. One has specific environmental risk. Maybe one is an apartment building with lots of tenants and other Amazon deliveries, we want to keep that separate from my industrial property that's worth a lot more money or my personal assets. So I think that corporate structuring and understanding what an entity that grants limited liability protection, the benefits that that can really give you in mitigating risk and exposure.