Episode 537

Dental Real Estate

Host: Gary Takacs | Published Date: April 27, 2022 | Listening Time: 00:55:37

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Why would it be wiser to invest and buy your own space rather than renting a property for dentistry?

Listen to the episode to find out!

This episode features a clinical tip from Brenton Ruopp, DDS on Painless Injection Techniques

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In this episode, you will learn

  1. The importance of timing when investing in real estate
  2. How to calculate if you can afford a certain space
  3. The things to do and not to do when investing in real estate

Time Stamps

  • 00:00:24 – Introduction to the episode
  • 00:00:50 – Announcement on the upcoming Masterclass

Today’s Clinical Tip

  • 00:02:54 – Painless Injection Technique by Brenton Ruopp, DDS

Coaching In Action Segment

  • 00:09:38 – What is dental real estate?
  • 00:10:47 – Does it make sense to buy a building?
  • 00:11:20 – Why is timing important in real estate?
  • 00:13:53 – What is an escalation clause?
  • 00:15:42 – Gary talks about landmines to avoid in real estate.
  • 00:17:09 – Gary shares a story about his client
  • 00:19:00 – Gary shares another story about his client regarding real estate
  • 00:21:14 – How do you determine whether you could afford a certain space or not?
  • 00:28:32 – Naren talks about the book rich dad poor dad
  • 00:29:20 – Gary talks about Robert Kiyosaki

Q&A Segment

  • 00:34:23 – Question 1 – I am purchasing a practice within the next couple of months. I have an opportunity to buy real estate as well. I am concerned that I might not qualify for the loan for the practice as well as for the building. Any suggestions?
  • 00:38:44 – Question 2 – My office is currently a leased space that is part of a strip mall. I am paying a premium for the space because of traffic count. Would it be better for me to purchase my real estate elsewhere? 
  • 00:40:26 – I currently have a great location that I own. I have the opportunity to expand by purchasing the space immediately adjacent to mine. At this point it seems like it is more space than I would ever need. Your thoughts?
  • 00:44:44 – Question 4 –  Gary in your 6 goals for a Thriving Practice one of those goals is to create financial independence. Seems to me that dental real estate could be an accelerator here. What guidance would you have for me?
  • 00:46:32 – Question 4 – I am a senior dentist who will be selling my practice later this year. I also own my building. Would it be wise to sell the building to the practice purchaser or would it be better to keep the building?

Resources

Grow your practice with high-quality patients using high-quality marketing tools.

More Information About EKWA Marketing!

Learn how to create a thriving dental practice step by step by joining the Thriving Dentist Coaching sessions.

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Upcoming Masterclass

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Six Goals to Achieve Personal, Professional and Financial Satisfaction

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Gary Takacs

Gary Takacs Gary became a successful practice owner by purchasing a fixer-upper practice and developing it into a world-class dental practice. He is passionate about sharing his hard-earned insights and experiences with dental practices across the globe.

As a dental practice coach, Gary provides guidance for dental professionals on how to create a healthier practice style that lets them deliver excellent patient care while reducing depending on insurance.

More importantly, Gary’s insights are not just based on theory – as a co-owner of a dental practice, he has first-hand experience in making this transformation from a high-volume and low-fee insurance model to a fee-for-service approach that is more sustainable and promotes a patient-centric and financially healthy dental practice, and he is dedicated to sharing this knowledge with other dental practitioners via the popular Thriving Dentist Show!
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