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
- The importance of timing when investing in real estate
- How to calculate if you can afford a certain space
- The things to do and not to do when investing in real estate
Time Stamps
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
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!