BIGGEST RISK with Gino Barbaro

J Darrin Gross I'd like to ask you, Gino Barbaro, what is the BIGGEST RISK?   Gino Barbaro That is an excellent question. I can look at risk from my own perspective in my life as when I look at risk, what is the risk of not doing something? If I had been at the restaurant back in 2008 and I would have said, You know what? It's too risky. I've got a nice little small business. I'm hanging out. I'm doing okay, and that's what a lot of people out in society right now. They have a comfortable job. They're not looking around. They think that there's no risk involved in that. Whatever you do in this world, whether you're working for yourself or you're working for an employer, there is always risk involved. Choose risk accordingly. I had that picture in my mind of, you know, becoming getting into my 60s and being stuck in a kitchen doing something that I hated. What's more riskier than that? I mean, I don't care how much money I lose and doing whatever, but to me, that picture was scary as hell. There was a lot of risk involved in that, and I didn't want to live my life that way. Now, how do you mitigate the risk? I remember being in the laundry room with my wife. It was around 2012 and I looked at her, I smelled like garlic. I just come home from the restaurant, and I said, Julia, I can't take this anymore. I need to leave New York, and I need to get out of the restaurant business. And she looked at me, and in about three seconds she said, Okay. I was shocked that she actually said, okay, but I think she looked at the pain on my face. Now, the reason why I'm telling you this story is what I proceeded to do after was to try to minimize the risk. At that point, I was all in with real estate. I said to myself, If my wife is give me the grace, and is giving me the permission to get into this venture full time. I need to give it my all. I need to learn, and I need to dedicate time and become an expert in the craft of real estate. Forget about single family homes, forget about self storage, forget about Bitcoin. Focus on multifamily, and I proceeded over the next three to four years to really become an expert in investing in real estate, that's probably the best tip that I can give you on minimizing risk, is to become an expert in whatever you're getting yourself into before you put that first dollar into an investment exhaustive join mentorships groups, go out there and learn how to become an. Investor, read tons of books, see what other people have done as far as becoming experts in that specific area. To me, that was the best thing. When she said, Yes, I couldn't let her down. And I knew that, and it's funny, because she had confidence in me. She knew that I was going to work hard. So for me to know that I'm like, I can't let her down. I can't let my family down, so that's why I plowed in. I even ended up opening up the Jake and Gino community because I knew that was a way for me to start learning. I started a podcast because Darrin gross told me would be a great idea. I wrote a book. All of a sudden, I'm learning all of these things about real estate. That's probably one of the better ways to actually start mitigating the risks is by becoming an expert in what you're doing, ultimately, you're trying to avoid the downside risk. And then for us in the real estate space, we created that framework. And I work with frameworks, whether it's buy, right, manage, right, finance, right, whether it's the three pillars of real estate, whether it's a negotiation framework that we use, you have to really understand to limit that downside risk you're looking at it, and for us to limit the risk is to have more of a long term approach. If you're trying to do something with a short window and less time, there's more risk involved in something like that. But we know if we buy an asset, we buy it with good fundamentals, we buy it in a good market that's growing, if we are able to be able to cash flow, put good debt on that. That's going to limit my downside risk going forward. Now.   https://jakeandgino.com/ https://www.youtube.com/@barbaro-360