Manage episode 348364130 series 1404037
I'd like to ask you, Craig Berger, what is the biggest risk?
Craig Berger 42:57
Darrin, you're really good interviewer, you're asked some great questions, and you're really smart. Our biggest risk, my biggest risk is taking a finite amount of personal resources and growing a business. I'm hiring I'm buying deals and having the investor of last resort or the backstop in any of my deals if if a deal needs more money, I really don't do capital calls. I've I've always invested out of my own pocket and the very few limited cases where one of our deals or properties is needed more money. So I've got a number of demands on my personal resources, most of which revolve around growing a business. So that's my biggest risk. How do I hire top flight and top quality, talented sea level executives, investor management, personnel, acquisition personnel, back office personnel, with my resources, how do I go out and buy quality deals when when I have to raise the money in a finite period of time. And so those are those are some of the biggest risks on our assets, we've really paid mostly prices that I feel really good about. So I don't feel like any of our projects are a risk. You know, again, that's one of the great things about multifamily. We're buying below replacement cost we're buying into a business that is fairly stable overall so I like the the multifamily and commercial real estate business. And we've never lost money on any deal yet knock on wood. And hopefully, hopefully we won't. So you know, my risks are more around corporate level. risks and how to scale a business with, you know, limited limited personal resources. We have exited, you know, a number of properties over the last year. So my resources are a lot less limited than they were a year or two ago. But they're still limited in terms of growing the business and hiring talented people that need and deserve to make, make a make a living.