Discussing the possibilities and future at the intersection of healthcare and commercial real estate
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Today’s episode is my interview on The Provider’s Edge Podcast hosted by Sabrina Runbeck. Sabrina coaches private practice physicians that want to take their businesses to the next level, avoid burnout and lead a healthy and happy lifestyle in their entrepreneurial pursuits. In this interview, we discuss how investing in their own physician-owned property and healthcare real estate investments can help them build active or passive income streams.
[3:39] How Trisha got into the healthcare real estate space
She got her start in commercial real estate by working in the development of medical office buildings both on and off campus. Her professional life began in the leasing division. She had gone into healthcare real estate because she wanted to serve people and she saw a need in the market. As the population continues to grow, we need more doctors and more healthcare real estate in order to care for them.
[9:33] The first step investors should think about
Since this is not a typical office building, prospective physician investors will want to think carefully about the layout and amenities that would best suit their needs. These may vary depending on the specialty, the type of practice, and the needs of the patients.
[18:28] Vision and future plans as an investor
It is recommended that the physician owners maintain a lease for their practice, no matter how they own their real estate. They can then sell that lease in a sale leaseback. The lease is sold, along with the real estate, and then the investor can take those proceeds. It is possible to 1031 them into two smaller properties in two different locations and build up both practices. There are so many options once you get into investing, and the path can depend on your risk tolerance and business plan. Real estate can help you to achieve your goals.
[19:55] The effect of the supply shortage on commercial real estate
Over time, commercial real estate will appreciate in value. Even during the pandemic, occupancy rates remained high. PPP loans helped physicians to pay rent, and they needed to be in their offices to care for their patients. Telemedicine is an important addition to the healthcare space, but it will never replace the need for in-person office visits. The real estate will continue to be purpose-driven and mission-critical.
[27:06] Trisha’s thoughts on her whole life assessment
Trisha’s key pillars are getting enough sleep, eating non-processed food, and ensuring the strength of her family relationships. If one of these things is not in place, her stress level increases. Optimizing her life in these areas allows Trisha to support others in her work.
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