Discussing the possibilities and future at the intersection of healthcare and commercial real estate
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Today’s episode, I am welcomed by Off the Clock Healthcare Entrepreneurs with Carl and Paul, who are both physical therapists encouraging discussions for healthcare entrepreneurs, and I bring the conversation referring to healthcare real estate investing to the table. Besides offering essential information to healthcare professionals, we also cover the significance of representation for those healthcare professionals who are interested in investing in real estate.
[3:08] Why I choose the field of healthcare real estate
I began my career in the leasing department of a healthcare real estate development. At the time, I had no idea that I intended to pursue a career in healthcare real estate development and management. To get into commercial real estate, I was looking for opportunities. I became more mission and demand-oriented. I was on the lookout for ways to bring physicians closer to the hospitals because I saw a demand for it. Not only that, but these people needed someone to assist them throughout the process because they work night and day and require assistance in locating and acquiring real estate. My motivation comes from this!
[8:45] Difference between residential real estate and commercial real estate
The acquisition of commercial real estate will be far more expensive than the purchase of a home. Most people don’t have a large amount of money sitting around. You’ll need a large sum of money from a lender before you can make a buy. It’s also possible to get money from a variety of lenders, each with a particular set of conditions. Contractors who specialize in medical infrastructure should also be considered, rather than a contractor who specializes in home renovations. Real estate investing only makes sense if your practice generates enough revenue to support the purchase of real estate.
[12:00] Strategically placing your business and who are trying to serve
Location is a deciding factor in terms of choosing real estate for your practice. Choosing to be near a hospital is ideal. Consider where you’re located, who you’re attempting to serve, and how many other practices are in the same general area as you are while making this decision. Be near a hospital or a specialty clinic that others can recommend you to for the best results.
[15:57] Biggest myths or misconceptions of real estate investing as a healthcare professional
People who buy real estate for their practice don’t always take into account everything that goes into running a successful practice. Real estate investing isn’t perfect, and it can be frustrating, but you need to take into account all of the variables. Consider the members of your team and the impact that particular aspects will have on them.
[20:08] Walking clients through and understand the process of investing
Having conversations with customers about the infrastructure’s layout and the unique characteristics that set it apart from other real estate investments Taking a look at what’s currently available, observing how the floor plans of each building are designed, and questioning the owners about their goals. In terms of what goes into the transaction, we want to proceed in the appropriate manner.
[24:47] How to fix financial issues when a client is about to close on a deal
Before we even consider running into financial difficulty, we want to thoroughly examine all of our options. Every document, including the names and numbers of accountants, is requested by clients when we work with them. Initiating that discussion up front, before anything else gets underway, makes it easier. Making phone calls, obtaining all of the necessary construction documents, and so on.
[27:26] What was it like when COVID hit in 2020 and how did real estate investors do around this time
Non-emergency surgeries were put on hold during this period, and only those that were truly necessary were allowed to proceed. It was an uncertain time for investors, but the work went on despite the global standstill. Healthcare Real estate is demand driven and mission critical so people had to go back.
[31:52] How Trisha grew and what helped her succeed and grow as an entrepreneur three successes she saw in her business
Clients depend on her work, and the fact that she is organized has helped her be reliable. You might not think about it much, but having a system will help you in the long run. Work harder, not smarter. Learn how to make the best use of not only your own time but also the time of other people. Clients want to know what’s going on and want answers, but they also want to go home to their families. It’s also important to be ready when your clients need you.
Links to resources:
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