How did you hear about The Real Estate Physician?
I heard Cherry Chen on a podcast. (Hippocratic Hustle – Investing in a Real Estate Syndicate)
What made you want to diversify your real estate portfolio with commercial real estate?
Frustration with the lack of control over the stock market and poor returns over time. I was also concerned about the lack of diversity in the markets especially as the markets become increasingly interconnected. I was also looking for a smart and more tax efficient vehicle that may allow a greater degree of control over my financial independence at hopefully a younger age!
Have you had prior experience investing in commercial real estate syndications before signing up with The Real Estate Physician?
No. The biggest barrier was the learning curve with this new investment vehicle. Six months ago, I would not have even known what a syndication was (probably would have thought it was a Ponzi scheme). Cherry has been incredibly open and transparent with the process and also very willing to share and give information with no expectation of anything in return. She has been both realistic and very encouraging.
What suggestions do you have for physicians interested in getting started in commercial real estate syndications?
It is probably worth reading “Rich Dad Poor Dad” to help set your mind frame before you begin this process. Read broadly on real estate investing, listen to real estate podcasts, and remember so much out there is free. Next, when you are comfortable with the mind set and the basics, set up a phone call with Cherry, which goes a long way in getting you comfortable with the process. Consider partnering up with another physician. I formed an LLC with one of my partners for real estate investments, and it has been a really rewarding process for both of us. Lastly, get off the sidelines and start screening deals. You will very quickly get a sense of what looks right to you. The first investment is the most challenging but also the most important. Physicians need to understand the difference between wealth and income. Our financial education has to be sought out because they for sure don’t teach it in medical school.
What does financial independence look like to you?
The ability to gain control over my time and to be able to prioritize my family above my work as a physician. I always knew that physicians make an excellent income, but only recently did I recognize how tightly that income is tied to your work. If we stop working, that goes away. Real estate investing allows the development of true passive income at a low tax rate, and it’s a game changer for control of how we live our lives and focusing on what really matters.
Interested in learning more? Sign up for the Physician Investors Circle to connect with us and our members.