BIGGEST RISK with Mike Merrigan & Bo Kort

Commercial Real Estate Pro Network

J Darrin Gross

Mike Merrigan, and Bo Kort, what is the BIGGEST RISK?

Mike Merrigan: I'll go first, if you're, because you're an insurance, one of the best feelings I've gotten, as far as an insurance thing, and looking at risk is once I had it explained to me, once I did get some assets, an umbrella policy gives me a lot of comfort, never had to use it. But I feel like it's a good investment. So if you're talking about literally insurance, I like the fact that I have an umbrella policy to protect things that I might not be thinking of. So I love having that. And I think it's a good value. And I'm glad to have it, and I don't think I'll ever not have it. On the other side of just generally speaking risk. One of the things that I learned, the biggest risk is not taking a risk, not taking the chance of buying real estate, I don't care, then buying an index fund, throwing your 10% every year, or every month, or whatever. But the biggest risk in life is don't take a risk. And guess where you're going to end up. If you can draw a picture, you're going to be just fine, you're going to be 30 pounds overweight, you're going to have a retirement that's going to be small, and you're going to just live this life, as opposed to take a few risks. Get a little older, take care of yourself, physically eat where you want, stay where you want, live, where you want, do what you want, it's a lot happier life, don't take a risk is the biggest risk and take in my opinion.

Bo Kort:

I agree completely. Gonna be hard to follow that one because I wanted to so Trump. I would say the other thing that I was thinking of is, is that in risk, and in real estate investing, is just staying disciplined and don't get emotional over things. And I think partnerships help in that, you know, like Mike talked about, he's good at one thing I'm good at another. Another thing that we lean on each other about a lot of times is we'll come up with a deal, and we'll have a feeling about it. We'll be in the office, and we'll spend hours just going over it and this and that. Okay, what do you guys want to do. And then one of us usually speaks up and goes to a call tomorrow. Tomorrow, nobody makes a decision that we're supposed to call him tonight. So call them back and let them know, we're not going to talk to him till tomorrow, you know, I mean, just let them know, something came up, whatever it is, and we sleep on it, we come back, and just make sure that we're not being emotional about the decisions that we're making. And because of being like that, and a lot of that is Mike's good about that to hold us all accountable for for things like that. But um, it has saved us tremendously on not making mistakes. And mistakes are good, and you learn from mistakes. And that's why you start small so that you don't have the type of mistakes that crumble you. But you educate yourself from those mistakes and it keeps you to be disciplined and not get too emotional about things. And your old self will be thanking your ass whenever you're whenever you got the money coming to you. Because you were disciplined, persistent