Built a $10M+ healthcare real estate brokerage team in 4 years. Sold $3B+ of real estate. Sharing my thoughts on real estate investing, markets, and business.
Los Angeles, CA
Joined May 2021
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A client of ours has hacked dental real estate.
He owns 25+ dental practices, and has made ~$10M in the last 24 months.
Just from the real estate.
He buys vacant buildings, plugs in his practice, and flips them as sale leasebacks.
Buy. Rent. Repeat.
The building is the part of a practice sale most groups think about last.
Once it sells, the building becomes an investment property. Your cash, your equity, and your building all ride on one company.
That is a lot of concentration risk tied to one entity. It makes sense to diversify.
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Looking for a lender that can finance a small price point net-lease Circle K property in Arizona.
Targeting a year-end close.
All introductions would be greatly appreciated, thank you!
Buying things at below replacement cost is an overrated strategy.
Who cares if "it would cost more to build this?"
It is an irrelevant metric if no one cares whether the building is even there in the first place.
I don’t understand how anyone can dislike the new iPhone Duo.
I absolutely love it.
The last time I was this excited about a new piece of hardware was maybe my PS3 in high school.
Just an incredible design and feel.
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Was on a pitch for a $60M+ portfolio a few weeks ago.
The group's head of real estate asked me for my thoughts on the market.
I start talking about the MOB market and the interest rate environment.
Within 30 seconds, he cuts me off.
He is straight up offended that I suggested movement in treasury yields can affect property values.
"How could anyone think that interest rates affect pricing?! Interest rates have nothing to do with what these buildings are worth!"
I actually thought he was joking. But he wasn't. He was absolutely 100% serious lol.
Picture that. Director of Real Estate for a $60M portfolio doesn't understand how interest rates affect pricing.
I have officially seen and heard it all.
Safe to say, we probably aren't winning that one! 🤣
🚨 UNDER CONTRACT | 3-Property ABA Therapy Portfolio 🚨
Empower Behavioral Health | Schertz, Spring & Waco, TX
• ±26,161 SF
• ±10 yrs WALT, NNN
Repeat client, several sale-leasebacks together. All three under contract, great pricing across the board.
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🚨 JUST LISTED | $17,526,102 | Decatur, IL MSA 🚨
Decatur Orthopedic Center + Memorial Health | Mt. Zion, IL
• $17,526,102 ($388/SF)
• ±45,132 SF, 100% occupied, NNN
• ±11.6 yrs WALT
• DOC 15-yr NNN sale-leaseback
• Memorial Health A+ S&P tenant
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One of the first things I am going to teach my kids is how to meditate.
It's so obviously clear that attention spans are getting crushed.
Discernment isn't a common skill anymore.
Look at our news cycles, the new way we consume information, how much of it is junk, and the sheer flood of it we receive daily.
There is no way to defend against this onslaught unless you have a trained mind.
I truly think that unless you want your mind to be highjacked 24/7 by social media, news, etc., mindfulness is the only real defense we have.
The ability to instantly refocus, become present, zoom out, and steer your own mental ship.
Awareness, mindfulness, and discernment.
These will be the valuable skills of the future.
Post M&A real estate sale: the deal after the deal.
I break down what it is, the concentration risk of having 80% tied to one company, and why the lease decides whether the deal holds value.
Full video below.
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One of the best ways to make X better:
Introduce credibility scores for every profile that posts at least 10x/month.
So many heavily followed accounts on here consistently post junk.
That would change if X users over time gave someone with a lot of followers a credibility score of 2.2/5.0.
Content would instantly rebalance, and the most valuable would get rewarded.
Under-followed accounts would see more light and over-followed accounts would see less.
You’d need to be thoughtful on how you did it however, and it can’t be based off subjective judgement.
It would need to score off of objective points like the accuracy of verifiable claims, track record of predictions made, as well as a user’s historical community notes activity.
People who like an account’s content regardless of its credibility score can continue to like, comment and follow, but now users will have one more data point to consider.
To make it fair, you can even make it optional for accounts to display their credibility score.
The ones who choose to display would gain instant credibility, and the ones who don’t can limit their downside.
Super annoying seeing content that gets eaten up, especially financial and political, when you know it is not the truth.
I think this can be fixed fairly easily.
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Market Minute: where we're seeing value in healthcare real estate right now.
Michael and I talk through the biggest opportunity we're seeing, the biggest misconception in healthcare, and our predictions for what's next.
Full video below. @HealthcareREguy
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🚨 JUST LISTED | $14.27M | 7.00% CAP RATE 🚨
Lone Star Crossing | Plano, TX
• 5800 Coit Rd, $14,271,257, 7.00% cap
• 100% occupied NNN dental MOB
• 8 practices, 20+ dentists
• ±5.2 yrs WALT
• Next to Walmart Supercenter, DFW
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We've entered a world where influencing moves the needle more than ever.
A good example is looking at the price action of some of these neo-cloud stocks.
One single tweet from Elon is causing some of these stocks to tumble.
Defensive tweets from founders and CEOs in response is actually preventing the freefall of their stock prices.
Take a look at WULF as an example.
The CEO has been front and center with the public, firming up the discourse on why the company is well positioned.
It shows how important having a voice and familiarity with the public is for running a company these days.
Investors want to buy into narratives. It's human nature.
The best founders understand this and are proactively shaping them.
We are not in the business of pushing flyers.
We are hired by owners of real estate to influence buyers and their decision making.
In simpler terms, we are hired to SELL deals!
I am amazed at how many agents across the industry will send a flyer to me without any context. No deal summary or even some bullets on what makes the opportunity worth considering.
"See attached OM. LMK if any questions."
This type of "selling," if you can even call it that, only works in 2 scenarios:
1. The market is on fire and everything is selling
2. There is something extremely attractive about the deal that sells it for you (location, upside, price, etc.)
As we all know, Scenario 1 is long gone, and Scenario 2 is rare.
In a competitive market like today's, you need to operate as if your listing is competing with 100s of others out there, because it is!
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JUST CLOSED | 675 Piper Blvd | Naples, FL
Eye Health America | Naples, FL
• ±9,596 SF, NNN, ±7 yrs term
• All-cash, competitive cap
• Listed $4.76M, 6.50% cap
• 122nd Matthews Healthcare deal this year
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If you're a seller or broker of commercial real estate, you should be sprinting until Thanksgiving.
There's always a year-end rush from buyers looking to buy deals for depreciation.
Humans procrastinate. Capital does as well.
Take advantage of it and put some deals together!
