by Dr David Phelps
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A
great question I often get is: Should I make it a goal to own my practice Real Estate?
Real Estate is inherently a great investment
and can be a great vehicle to add to your wealth and predictable cash flow. And I would say yes – if you can make it work, then do it.
But there are a lot of variables. In some locations, the Real Estate is too expensive to own, and leasing may be the only way to go. Your practice building doesn’t have to be the cornerstone of your Real Estate investment. If it doesn’t work out due to the demographics of the area, don’t worry about it.
If you’re ready to invest in Real Estate, there are plenty of other avenues to build net worth. Don’t try to force something if it’s not the right time and right place.
Something we do with our Freedom Founders members is help them analyze the actual Real Estate that they own – whether it’s their practice building or other investments – to see if it’s producing the right returns based on risk, future appreciation, demographics, and the time it takes to manage them.
Many times we help our members move from one investment to another that will give them a better return on their equity and time.
All of the details of your specific situation and goals have to be taken into consideration - there is not a one-size fits all answer.
To your freedom!
P.S. Whenever you’re ready, here are some other ways I can help fast track you to your Freedom goal (you’re closer than you think) :
1. Schedule a Call with Me:
If you’d like to replace your active practice income with passive investment income within 2-3 years, and you have at least $1M in available capital (can include residential/practice equity or practice sale), then click the link to jump on a quick call with my team. If it looks like there is a mutual fit, you’ll have the opportunity to schedule a call with me directly. www.freedomfounders.com/schedule
2. Get Your Free Retirement Scorecard:
Benchmark your retirement and wealth-building against hundreds of other practice professionals, and get personalized feedback on your biggest opportunities and leverage points. Go to www.FreedomFounders.com/Scorecard to take the 3 minute assessment and get your scorecard.
3. Ready to Step Away?
“How Much is Enough?” This simple question keeps hard-working professionals at the hamster wheel of active income far longer than they need to be. Watch this free training, and discover a proven model for determining how much you really need before hanging up the handpiece! www.freedomfounders.com/training
4. Apply To Visit The Mastermind:
If you’d like to join dozens of dentists, docs, and practice professionals on the fast track to Freedom (3-5 years or less), visit www.freedomfounders.com/step-1 to apply for a guest seat.
