Kim Lisa TaylorSecurities Attorney, Founder, Syndication Attorneys, PLLC · Corporate Securities Attorney, 2x Best-Selling Author, Nationwide Speaker | Private Placement

The Risk of Investing Outside Your Expertise

24 Aug 2024 · 1 min

Watch on YouTube

0:30

In this segment, the speaker recounts an encounter with an individual who, after completing a multifamily real‑estate training program, attempted to acquire a ski resort without any background in that niche. The speaker stresses that successful investment in a specialized sector requires partnering with someone who possesses the relevant expertise. Without such a partnership, the likelihood of failure—and the potential loss of hundreds of thousands of dollars—is very high.

And I met somebody one time who'd gone through a multifamily training course and then came to us and said, we have ski area under contract. Like, okay, well, what do you know about ski areas? You know? And so if you're going to do ski areas, then you better bring someone on your team that knows about ski areas. So you team up with somebody that does that. That's fine. If you don't have somebody that does that, chances of you succeeding with that and chances of you spending hundreds of thousands of dollars and not getting anywhere with it are, you know, are pretty good. Pretty great.