WEBVTT 00:00:00.209 --> 00:00:01.350 I'll record your intro 00:00:01.470 --> 00:00:02.712 actually after this. 00:00:02.911 --> 00:00:04.133 So we'll just jump right into it, 00:00:04.373 --> 00:00:04.854 if that's all right. 00:00:04.873 --> 00:00:05.995 Okay, sounds great. 00:00:06.791 --> 00:00:08.753 So last time we had you on the show, 00:00:08.792 --> 00:00:09.753 I remember like half the time, 00:00:09.773 --> 00:00:10.853 I remember my mind just spinning. 00:00:10.874 --> 00:00:11.234 I was like, 00:00:11.273 --> 00:00:13.015 this guy just focuses on real 00:00:13.054 --> 00:00:14.016 estate for healthcare. 00:00:14.055 --> 00:00:15.336 I'm like healthcare providers. 00:00:15.355 --> 00:00:15.576 I'm like, 00:00:15.897 --> 00:00:16.817 this is where we are in the world 00:00:16.836 --> 00:00:19.457 where it's like niches are this powerful, 00:00:19.518 --> 00:00:20.419 powerful thing. 00:00:20.458 --> 00:00:22.399 So you've got sort of like a 00:00:22.480 --> 00:00:25.100 courtside seat at a lot of 00:00:25.161 --> 00:00:27.222 things that could go right and wrong. 00:00:27.582 --> 00:00:28.722 So I'm more than a thousand 00:00:28.742 --> 00:00:30.283 real estate deals across healthcare. 00:00:30.684 --> 00:00:31.984 I want to know what your biggest... 00:00:32.865 --> 00:00:35.487 if they only knew mistake 00:00:35.987 --> 00:00:37.408 that a practice owner still 00:00:37.448 --> 00:00:39.011 makes when it comes to 00:00:39.051 --> 00:00:39.892 their space because this 00:00:39.911 --> 00:00:40.832 thing sticks around when 00:00:40.853 --> 00:00:42.493 you sign that lease it's 00:00:42.533 --> 00:00:45.137 good for that term yeah 00:00:45.197 --> 00:00:46.158 yeah you're locked and 00:00:46.177 --> 00:00:47.219 loaded I think a lot of 00:00:47.259 --> 00:00:48.880 times people have this idea 00:00:48.920 --> 00:00:49.941 like well just you know 00:00:50.081 --> 00:00:51.542 I'll just do it again or I 00:00:51.563 --> 00:00:52.704 got a mulligan or I can 00:00:52.723 --> 00:00:53.725 change it it's like no man 00:00:54.298 --> 00:00:55.319 you're locking into a 00:00:55.618 --> 00:00:56.460 typically a ten-year 00:00:56.520 --> 00:00:57.621 contract for a lease. 00:00:57.640 --> 00:00:58.642 If you're buying a building, 00:00:59.942 --> 00:01:01.323 you cannot come in and out 00:01:01.384 --> 00:01:02.524 of commercial real estate 00:01:02.564 --> 00:01:04.007 deals the same way you do residential. 00:01:04.027 --> 00:01:05.727 There's a lot more time and energy. 00:01:05.808 --> 00:01:08.150 So you want to make sure you 00:01:08.171 --> 00:01:09.751 do it right the first time. 00:01:10.231 --> 00:01:11.674 So if I could only give 00:01:11.733 --> 00:01:14.335 people one piece of advice, 00:01:15.076 --> 00:01:16.237 and certainly I can give a lot more, 00:01:16.278 --> 00:01:17.338 but if I could only give one, 00:01:17.799 --> 00:01:20.762 it would be you have to have 00:01:21.337 --> 00:01:24.138 a strategy and posture in 00:01:24.278 --> 00:01:26.219 every negotiation that you go into. 00:01:26.579 --> 00:01:27.281 So that's kind of like the 00:01:27.320 --> 00:01:28.621 high level statement. 00:01:28.962 --> 00:01:30.543 And then like the underlying 00:01:30.582 --> 00:01:31.963 statement there is, well, people say, 00:01:31.983 --> 00:01:32.924 well, how do I do that? 00:01:33.344 --> 00:01:34.584 The only way you can have a 00:01:34.644 --> 00:01:35.965 strategy or posture in a 00:01:36.025 --> 00:01:36.787 commercial real estate 00:01:36.807 --> 00:01:38.688 negotiation is you have to 00:01:38.707 --> 00:01:39.909 have multiple options. 00:01:42.099 --> 00:01:43.600 And this is the number one 00:01:43.760 --> 00:01:44.822 error people make is 00:01:45.923 --> 00:01:46.664 whether they're in a 00:01:46.724 --> 00:01:47.685 current building and their 00:01:47.724 --> 00:01:48.545 lease is coming up for 00:01:48.584 --> 00:01:49.445 renewal and they're like, well, 00:01:49.465 --> 00:01:50.346 I'll just negotiate with my 00:01:50.367 --> 00:01:51.867 current landlord and see what I can get. 00:01:52.308 --> 00:01:54.310 That's a fool's game plan to 00:01:54.349 --> 00:01:55.971 get completely crushed in a 00:01:56.012 --> 00:01:56.992 negotiation and lose 00:01:57.031 --> 00:01:57.912 hundreds of thousands. 00:01:58.873 --> 00:01:59.935 Or they just drive around 00:01:59.974 --> 00:02:01.756 and see a property for a new location. 00:02:01.835 --> 00:02:03.358 They call them, oh, this would be great. 00:02:03.918 --> 00:02:05.159 And so the problem with that 00:02:05.218 --> 00:02:07.120 is you have nothing to benchmark 00:02:07.730 --> 00:02:08.651 terms against. 00:02:09.352 --> 00:02:10.413 All you can do is look at 00:02:10.532 --> 00:02:12.373 what they said in their first offer, 00:02:12.413 --> 00:02:13.274 where they started, 00:02:13.694 --> 00:02:14.854 which is never going to be 00:02:15.034 --> 00:02:16.656 a meaningful place. 00:02:16.675 --> 00:02:17.437 People go, oh yeah, 00:02:17.456 --> 00:02:18.777 I got the landlord to come down, 00:02:18.877 --> 00:02:20.318 or I got him to go from 00:02:20.378 --> 00:02:21.378 this amount of concessions 00:02:21.399 --> 00:02:22.060 to this amount. 00:02:22.240 --> 00:02:24.741 The landlord's smart enough 00:02:24.760 --> 00:02:26.042 to know that you think you 00:02:26.062 --> 00:02:26.703 getting a little bit of 00:02:26.763 --> 00:02:28.263 movement makes you feel good, 00:02:28.704 --> 00:02:30.164 but that deal could be 00:02:30.365 --> 00:02:31.504 terrible compared to what 00:02:31.525 --> 00:02:32.306 you could have received 00:02:32.346 --> 00:02:33.787 from three or four other landlords. 00:02:34.507 --> 00:02:35.527 In order to have posture and 00:02:35.548 --> 00:02:36.388 strategy in a commercial 00:02:36.407 --> 00:02:37.348 real estate negotiation, 00:02:37.830 --> 00:02:39.490 You've got to have multiple options. 00:02:39.911 --> 00:02:41.091 In order to have multiple options, 00:02:41.110 --> 00:02:42.211 you've got to know the market. 00:02:42.270 --> 00:02:43.151 You've got to take time to 00:02:43.192 --> 00:02:43.931 get in the market. 00:02:44.292 --> 00:02:45.312 You've got to make sure that 00:02:45.352 --> 00:02:48.413 you can put one landlord up 00:02:48.453 --> 00:02:49.393 against another landlord, 00:02:49.693 --> 00:02:50.593 and you've got to go two or 00:02:50.614 --> 00:02:51.373 three or four rounds of 00:02:51.394 --> 00:02:52.493 negotiations because 00:02:53.114 --> 00:02:53.954 landlords are not just 00:02:53.973 --> 00:02:55.215 going to give you their best terms. 00:02:55.275 --> 00:02:56.294 They're not just going to say, oh, 00:02:56.335 --> 00:02:57.215 you submitted an offer. 00:02:57.294 --> 00:02:59.135 Here's my best deal where 00:02:59.235 --> 00:02:59.975 I'm going to give you an 00:03:00.036 --> 00:03:00.616 extra three hundred 00:03:00.635 --> 00:03:01.937 thousand dollars over ten 00:03:01.977 --> 00:03:02.896 years more than I would 00:03:02.937 --> 00:03:04.116 have just because you asked. 00:03:04.676 --> 00:03:05.717 That's not how it works. 00:03:07.170 --> 00:03:10.335 I would say that's my number one point. 00:03:10.455 --> 00:03:11.656 And I gotta say one more 00:03:11.695 --> 00:03:15.259 thing that's tied to it is, 00:03:15.341 --> 00:03:16.942 hopefully this does not offend people, 00:03:16.981 --> 00:03:18.364 but it's a reality. 00:03:19.344 --> 00:03:20.485 There's not one out of a 00:03:20.545 --> 00:03:21.888 hundred landlords that's 00:03:21.927 --> 00:03:23.008 gonna assume that a 00:03:23.049 --> 00:03:24.610 healthcare provider knows 00:03:24.651 --> 00:03:25.312 what they're doing. 00:03:25.734 --> 00:03:26.955 And so if you're going into 00:03:26.974 --> 00:03:27.675 a commercial real estate 00:03:27.695 --> 00:03:30.277 transaction without representation, 00:03:30.877 --> 00:03:32.919 the landlord will be cordial to you. 00:03:33.020 --> 00:03:35.301 They'll be accommodating to you. 00:03:35.322 --> 00:03:36.223 They'll get you in the space 00:03:36.263 --> 00:03:37.183 or the listing broker, 00:03:37.204 --> 00:03:38.044 whoever you're talking to. 00:03:38.585 --> 00:03:40.066 They'll send you information. 00:03:41.206 --> 00:03:42.307 They're not going to assume 00:03:42.348 --> 00:03:43.169 you know what you're doing. 00:03:43.188 --> 00:03:44.349 They're going to assume that 00:03:44.370 --> 00:03:45.090 you are a fool. 00:03:46.231 --> 00:03:47.252 do you do you honestly think 00:03:47.293 --> 00:03:48.814 like that like jp chase 00:03:48.854 --> 00:03:50.056 morgan bank or bank of 00:03:50.075 --> 00:03:51.877 america or lockheed martin 00:03:51.957 --> 00:03:54.139 or chipotle or starbucks or 00:03:54.460 --> 00:03:55.700 whether it's office user or 00:03:55.741 --> 00:03:57.263 retail user you know 00:03:57.282 --> 00:03:58.263 whether it's an industrial 00:03:58.304 --> 00:03:59.504 manufacturer do you think 00:03:59.525 --> 00:04:00.185 there's gonna have some 00:04:00.264 --> 00:04:01.186 random person in the 00:04:01.225 --> 00:04:03.127 business who's whose 00:04:03.168 --> 00:04:04.489 expertise is clinical 00:04:04.949 --> 00:04:06.031 handling the real estate like 00:04:07.115 --> 00:04:07.254 No way. 00:04:07.275 --> 00:04:08.335 When a doctor shows up, 00:04:08.375 --> 00:04:09.735 the landlord's literally 00:04:09.756 --> 00:04:10.336 thinking themselves, 00:04:10.455 --> 00:04:11.336 I'm going to take this guy 00:04:11.355 --> 00:04:12.316 for literally three hundred, 00:04:12.336 --> 00:04:12.917 four hundred thousand 00:04:12.956 --> 00:04:14.657 dollars more than he would 00:04:14.697 --> 00:04:16.036 pay or she would pay if 00:04:16.076 --> 00:04:16.737 they had an agent. 00:04:17.358 --> 00:04:20.238 And it's just it's the unfortunately, 00:04:20.259 --> 00:04:21.678 it's just a really common 00:04:21.838 --> 00:04:23.019 mistake that doctors or 00:04:23.038 --> 00:04:24.019 health care providers make. 00:04:24.100 --> 00:04:25.480 It's I'm intelligent. 00:04:26.295 --> 00:04:27.175 no one's doubting your 00:04:27.216 --> 00:04:28.536 intelligence when it comes 00:04:28.576 --> 00:04:30.237 to health care but you're 00:04:30.278 --> 00:04:31.399 not a real estate expert 00:04:31.459 --> 00:04:32.579 like it's it's not it's 00:04:33.180 --> 00:04:33.942 it'd be no different than a 00:04:34.002 --> 00:04:34.961 patient being like well I 00:04:34.982 --> 00:04:35.802 can just do my own 00:04:35.843 --> 00:04:37.363 procedure like you know I 00:04:37.384 --> 00:04:38.805 saw a video online like you 00:04:38.826 --> 00:04:41.108 know it's like oh yeah this 00:04:41.148 --> 00:04:42.369 guy went to school for like 00:04:42.548 --> 00:04:44.129 six eight ten twelve years 00:04:44.170 --> 00:04:45.091 he's been practicing 00:04:45.110 --> 00:04:46.791 practicing for x number of 00:04:46.831 --> 00:04:48.213 years since that time it's 00:04:48.233 --> 00:04:50.095 their only their primary 00:04:50.115 --> 00:04:51.415 and only craft like they 00:04:51.435 --> 00:04:52.117 know what they're doing 00:04:52.437 --> 00:04:54.478 they spend eight ten hours a day doing it 00:04:55.170 --> 00:04:55.851 you're not going to get the 00:04:55.872 --> 00:04:58.334 same result taking it for a 00:04:58.353 --> 00:05:00.036 drive once every ten years. 00:05:00.055 --> 00:05:01.937 It's the same thing for real estate. 00:05:02.579 --> 00:05:03.319 I was going to say, 00:05:03.839 --> 00:05:05.221 my follow-up question was going to be, 00:05:06.062 --> 00:05:06.802 why would healthcare 00:05:06.822 --> 00:05:09.144 providers maybe not be equipped to this? 00:05:09.225 --> 00:05:10.226 Are we just bleeding hearts? 00:05:10.266 --> 00:05:11.387 But you answered it, which is like, 00:05:11.528 --> 00:05:12.488 it's not our bag, 00:05:12.809 --> 00:05:14.370 so you brought a knife to a gunfight. 00:05:16.112 --> 00:05:17.992 yeah no I mean the the 00:05:18.033 --> 00:05:19.634 question of like can you do 00:05:19.733 --> 00:05:21.413 it yes like you have the 00:05:21.454 --> 00:05:22.875 ability to do it you can 00:05:22.915 --> 00:05:23.814 pick up a phone you can 00:05:23.855 --> 00:05:25.055 call a landlord or listing 00:05:25.136 --> 00:05:26.576 agent say send me a pro a 00:05:26.596 --> 00:05:28.757 brochure can we meet can I 00:05:28.797 --> 00:05:29.937 see the property send me a 00:05:29.997 --> 00:05:31.478 proposal like you can do 00:05:31.519 --> 00:05:33.218 those things um but the 00:05:33.259 --> 00:05:34.160 landlord is going to look 00:05:34.240 --> 00:05:35.300 at the person showing up 00:05:35.319 --> 00:05:37.081 without representation and 00:05:37.120 --> 00:05:37.860 again I worked for 00:05:37.901 --> 00:05:39.002 landlords for almost ten 00:05:39.041 --> 00:05:40.262 years before I before I 00:05:40.302 --> 00:05:42.062 started this company I I 00:05:42.122 --> 00:05:43.983 did a lot of landlord work and when 00:05:44.656 --> 00:05:45.536 especially healthcare 00:05:45.557 --> 00:05:46.278 providers would show up 00:05:46.298 --> 00:05:47.379 without representation. 00:05:47.759 --> 00:05:49.321 The landlord's thought was like, 00:05:49.521 --> 00:05:50.742 literally like what an idiot, 00:05:50.843 --> 00:05:52.725 like what a fool, like, again, 00:05:52.745 --> 00:05:54.386 there's no possible way that, 00:05:54.607 --> 00:05:55.567 that fortune, 00:05:55.588 --> 00:05:56.548 five hundred companies are 00:05:56.569 --> 00:05:57.829 just having some random guy 00:05:57.870 --> 00:05:58.971 or gal show up. 00:05:59.310 --> 00:06:00.172 So the landlords, 00:06:00.211 --> 00:06:01.192 when they'd see these 00:06:01.213 --> 00:06:03.074 doctors show up without representation, 00:06:03.675 --> 00:06:04.916 they would be like, let's make a deal. 00:06:06.966 --> 00:06:08.747 And they'd even say stuff like, Hey man, 00:06:08.788 --> 00:06:09.149 like, you know, 00:06:09.168 --> 00:06:09.908 I want to take care of you. 00:06:09.928 --> 00:06:11.750 You seem like a good guy or, you know, 00:06:11.771 --> 00:06:12.713 like I like you. 00:06:12.733 --> 00:06:13.834 Like they would say things 00:06:13.874 --> 00:06:14.834 like I'd listen to the 00:06:14.855 --> 00:06:16.476 landlords or other listing 00:06:16.497 --> 00:06:17.677 brokers or property managers, 00:06:17.697 --> 00:06:19.100 like make comments to the doctors. 00:06:19.120 --> 00:06:21.682 And I'm just like, Oh man, like, 00:06:21.742 --> 00:06:23.824 this is just such a bad, like, 00:06:25.336 --> 00:06:26.557 like subpar, 00:06:26.596 --> 00:06:29.278 like high school drama that you're like, 00:06:29.598 --> 00:06:30.398 you're just watching this 00:06:30.478 --> 00:06:31.598 really bad performance. 00:06:31.639 --> 00:06:32.218 You're just like, 00:06:32.639 --> 00:06:33.619 and the doctors are just like, oh, 00:06:33.660 --> 00:06:34.220 this is great. 00:06:34.259 --> 00:06:35.060 Now he said he had to take 00:06:35.100 --> 00:06:37.120 care of me or he says he really likes me. 00:06:37.141 --> 00:06:38.420 So he was going to give me a better deal. 00:06:38.482 --> 00:06:39.221 Or he said, 00:06:39.262 --> 00:06:40.422 because I didn't have an agent 00:06:40.442 --> 00:06:41.362 that he'd give me a better 00:06:41.403 --> 00:06:42.642 deal as opposed to paying 00:06:42.663 --> 00:06:43.463 an agent at commission. 00:06:43.483 --> 00:06:45.343 He'd give me the, he'd give me a discount. 00:06:45.363 --> 00:06:47.944 And it's like, it's like, dude, 00:06:47.966 --> 00:06:49.005 it's not how it works, man. 00:06:49.505 --> 00:06:51.286 Sounds like what you don't know. 00:06:52.165 --> 00:06:53.564 can hurt you and can hurt 00:06:53.584 --> 00:06:55.725 you bad deep and for a long 00:06:55.786 --> 00:06:57.005 time that you can't take a 00:06:57.026 --> 00:06:59.887 mulligan on no no so yeah I 00:06:59.906 --> 00:07:00.706 mean it's one of those 00:07:00.726 --> 00:07:01.487 things and so then the next 00:07:01.507 --> 00:07:02.627 question is people say well 00:07:03.007 --> 00:07:03.867 you know well why wouldn't 00:07:03.927 --> 00:07:06.269 someone hire someone um 00:07:06.288 --> 00:07:06.889 there's a couple reasons 00:07:07.108 --> 00:07:08.649 why um number one a lot of 00:07:08.709 --> 00:07:11.170 times the they just doctors 00:07:11.189 --> 00:07:12.310 health providers office 00:07:12.350 --> 00:07:13.451 administrators they don't 00:07:13.490 --> 00:07:14.451 have a lot of time and 00:07:14.471 --> 00:07:15.110 they're like I don't know 00:07:15.130 --> 00:07:15.810 what to do I don't know 00:07:15.831 --> 00:07:16.891 where to start I'll just 00:07:17.072 --> 00:07:17.951 just give it to me and I'll 00:07:17.971 --> 00:07:19.252 do it and out of like 00:07:19.291 --> 00:07:21.333 desperation or frustration 00:07:21.988 --> 00:07:23.509 Or just timing, they're just like, 00:07:23.629 --> 00:07:24.610 I just had to do this. 00:07:24.651 --> 00:07:25.351 I don't have time. 00:07:25.771 --> 00:07:26.512 Let's figure it out. 00:07:26.812 --> 00:07:27.473 That's one reason. 00:07:27.572 --> 00:07:29.454 Another reason is they think about it, 00:07:29.475 --> 00:07:30.615 but they don't know who to call. 00:07:31.896 --> 00:07:33.076 Or maybe they get introduced 00:07:33.096 --> 00:07:34.898 to a couple commercial 00:07:34.937 --> 00:07:36.899 brokers that primarily 00:07:36.939 --> 00:07:38.000 represent landlords. 00:07:38.321 --> 00:07:39.781 They don't give them the time of day. 00:07:39.802 --> 00:07:41.002 They don't show them respect. 00:07:41.915 --> 00:07:42.916 A lot of landlord brokers 00:07:42.976 --> 00:07:44.057 don't like doing tenant and 00:07:44.098 --> 00:07:45.619 buyer rep for a lot of reasons. 00:07:45.639 --> 00:07:47.300 And so they talk to a broker 00:07:47.339 --> 00:07:48.319 or two and they're like, well, 00:07:49.380 --> 00:07:50.261 this guy doesn't seem like 00:07:50.281 --> 00:07:51.021 he's going to help me at all. 00:07:51.041 --> 00:07:52.362 And so they're saying, well, 00:07:53.002 --> 00:07:54.084 I don't have anyone good. 00:07:54.543 --> 00:07:56.384 And then the third reason is 00:07:56.444 --> 00:07:57.005 they'll just say, 00:07:57.086 --> 00:07:58.086 I don't have the money or I 00:07:58.105 --> 00:07:59.007 don't want to spend the money. 00:07:59.666 --> 00:08:01.509 And this is where, again, 00:08:01.928 --> 00:08:03.009 what you don't know hurts 00:08:03.029 --> 00:08:03.750 you at a high level. 00:08:04.550 --> 00:08:05.471 Commissions and commercial 00:08:05.511 --> 00:08:06.692 real estate are paid just 00:08:06.732 --> 00:08:08.052 like in residential real estate. 00:08:08.153 --> 00:08:09.374 They're paid by the landlord 00:08:09.394 --> 00:08:09.894 or the seller. 00:08:10.499 --> 00:08:11.720 If you're selling your house, 00:08:12.841 --> 00:08:14.401 it's incredibly rare to 00:08:14.440 --> 00:08:16.081 tell the buyer that they're 00:08:16.101 --> 00:08:17.403 going to pay their agent. 00:08:17.442 --> 00:08:19.584 It's just not the real estate industry. 00:08:19.783 --> 00:08:21.425 Sellers of houses set aside 00:08:21.444 --> 00:08:22.446 a commission amount that's 00:08:22.505 --> 00:08:23.786 negotiable with the 00:08:23.826 --> 00:08:24.726 percentage of the deal. 00:08:25.107 --> 00:08:26.208 And then they say, look, 00:08:26.228 --> 00:08:27.028 to the listing agent, 00:08:27.088 --> 00:08:28.168 you get half and then give 00:08:28.189 --> 00:08:29.589 the other half to the buyer's agent. 00:08:30.555 --> 00:08:32.436 if the buyer shows up without an agent, 00:08:32.456 --> 00:08:33.437 that listing agent gets a 00:08:33.476 --> 00:08:34.216 double commission. 00:08:34.736 --> 00:08:36.217 So in a scenario, 00:08:36.378 --> 00:08:37.479 commercial real estate healthcare, 00:08:37.839 --> 00:08:39.320 when a doctor shows up or 00:08:39.360 --> 00:08:40.340 health provider shows up 00:08:40.399 --> 00:08:41.541 and they don't have an agent, 00:08:41.581 --> 00:08:42.520 the listing agent gets a 00:08:42.541 --> 00:08:43.981 double commission or the 00:08:44.022 --> 00:08:45.342 landlord just keeps that money. 00:08:45.883 --> 00:08:47.543 And so it's not a for sale by owner. 00:08:47.562 --> 00:08:48.884 Like if you're a doctor, 00:08:48.903 --> 00:08:49.504 health care provider, 00:08:49.624 --> 00:08:50.864 you're not you're not the 00:08:51.104 --> 00:08:52.364 owner of the property 00:08:52.423 --> 00:08:54.764 deciding who gets paid what commission. 00:08:55.125 --> 00:08:56.205 And if you don't use an agent, 00:08:56.245 --> 00:08:58.625 you keep it as a tenant or buyer. 00:08:59.004 --> 00:08:59.745 You're literally just 00:08:59.784 --> 00:09:00.966 telling the listing agent, hey, 00:09:01.105 --> 00:09:02.265 take my commission that 00:09:02.306 --> 00:09:03.645 would have gone to my agent. 00:09:03.846 --> 00:09:05.785 You get fat off that and I'm 00:09:05.806 --> 00:09:06.767 going to get completely 00:09:06.846 --> 00:09:08.027 hosed because I don't have 00:09:08.047 --> 00:09:09.187 anyone to help me. 00:09:09.706 --> 00:09:10.667 So it's a no brainer. 00:09:10.947 --> 00:09:12.047 So when health care 00:09:12.067 --> 00:09:13.067 providers realize you're 00:09:13.087 --> 00:09:15.048 not saving money by not having an agent, 00:09:15.509 --> 00:09:16.610 The money is already set 00:09:16.669 --> 00:09:17.451 aside and you're just 00:09:17.471 --> 00:09:19.312 basically forfeiting this benefit. 00:09:19.793 --> 00:09:21.174 Then the light bulb comes on. 00:09:21.195 --> 00:09:21.875 They're like, okay, well, 00:09:21.895 --> 00:09:22.897 this is a no brainer. 00:09:22.937 --> 00:09:24.638 But then the next question 00:09:24.658 --> 00:09:25.519 goes back to that other 00:09:25.558 --> 00:09:27.640 question of how do I find someone good? 00:09:27.681 --> 00:09:29.263 That's a whole nother situation. 00:09:29.302 --> 00:09:30.504 But once they realize 00:09:30.524 --> 00:09:31.445 they're not paying for it, 00:09:31.465 --> 00:09:32.346 it's not going to cost them 00:09:32.385 --> 00:09:33.607 tens of thousands of dollars. 00:09:34.207 --> 00:09:35.249 You can't afford it because 00:09:35.269 --> 00:09:36.110 it's not going to cost you 00:09:36.129 --> 00:09:36.831 anything directly. 00:09:38.125 --> 00:09:39.246 That changes the narrative. 00:09:39.267 --> 00:09:40.226 So then it becomes, 00:09:40.267 --> 00:09:41.447 how do I find good people then? 00:09:42.028 --> 00:09:43.149 So I'm not letting you go 00:09:43.188 --> 00:09:43.948 until you tell me that. 00:09:45.129 --> 00:09:46.630 How to find someone good. 00:09:46.671 --> 00:09:48.812 So the criteria of what 00:09:48.831 --> 00:09:49.812 you're looking for 00:09:50.072 --> 00:09:52.493 determines the course of action. 00:09:52.754 --> 00:09:53.634 You're looking for someone 00:09:53.653 --> 00:09:54.715 who understands healthcare. 00:09:54.735 --> 00:09:55.674 So that's really important. 00:09:56.174 --> 00:09:57.855 Someone that does industrial 00:09:57.895 --> 00:09:59.897 warehouse manufacturing deals, like sure, 00:09:59.956 --> 00:10:01.057 they can get a deal done, 00:10:01.418 --> 00:10:02.217 but you want someone who 00:10:02.298 --> 00:10:03.178 understands healthcare. 00:10:03.198 --> 00:10:03.778 That's number one. 00:10:04.183 --> 00:10:04.804 Number two, 00:10:04.924 --> 00:10:06.105 you want someone that does not 00:10:06.125 --> 00:10:07.567 have conflicts of interest. 00:10:07.986 --> 00:10:09.067 A conflict of interest is 00:10:09.087 --> 00:10:10.009 when someone's trying to 00:10:10.048 --> 00:10:11.910 represent two opposing parties. 00:10:12.451 --> 00:10:13.873 And this is super obvious, again, 00:10:13.913 --> 00:10:14.673 when you hear it, 00:10:14.692 --> 00:10:15.374 but a lot of people don't 00:10:15.394 --> 00:10:15.974 think about this one. 00:10:16.754 --> 00:10:17.916 If somebody sued you, 00:10:17.936 --> 00:10:18.716 you're not going to ask the 00:10:18.736 --> 00:10:20.398 attorney who is suing you 00:10:20.677 --> 00:10:22.740 to help you out of the situation. 00:10:22.860 --> 00:10:23.801 You've got to have your own 00:10:23.841 --> 00:10:24.581 representation. 00:10:25.081 --> 00:10:25.482 Same thing, 00:10:25.602 --> 00:10:28.184 if you get a tax audit or the IRS says, 00:10:28.264 --> 00:10:29.105 what's going on here? 00:10:29.655 --> 00:10:31.663 You don't call the IRS guy and say, Hey, 00:10:31.703 --> 00:10:32.707 give me some advice. 00:10:32.768 --> 00:10:34.816 Like you get your own CPA or attorney. 00:10:36.235 --> 00:10:38.157 You can't work for, or you can't, 00:10:38.197 --> 00:10:39.356 you can't have a listing 00:10:39.456 --> 00:10:41.076 agent that's working for a 00:10:41.116 --> 00:10:42.518 landlord also helping you. 00:10:42.538 --> 00:10:43.077 So you've got to have 00:10:43.097 --> 00:10:44.518 someone who is conflict free, 00:10:44.878 --> 00:10:46.859 who's doing tenant buyer representation. 00:10:47.278 --> 00:10:49.318 They're not listing properties in the area, 00:10:49.678 --> 00:10:50.659 and they're also not going 00:10:50.679 --> 00:10:52.860 to use your deal as bait to 00:10:52.899 --> 00:10:53.740 get a relationship with the 00:10:53.779 --> 00:10:55.000 new landlord and like just 00:10:55.041 --> 00:10:56.760 kind of glad hand the landlord, 00:10:56.801 --> 00:10:57.701 get your deal done. 00:10:57.721 --> 00:10:59.261 Then all of a sudden, two weeks later, 00:10:59.402 --> 00:11:00.981 their signs in front of the building that, 00:11:01.201 --> 00:11:02.361 that you're leasing now, 00:11:02.662 --> 00:11:03.743 and they were formerly your agent. 00:11:03.763 --> 00:11:04.982 Now they're the landlord's agent. 00:11:05.355 --> 00:11:06.537 That happens all the time. 00:11:06.557 --> 00:11:08.537 So healthcare experience, 00:11:09.038 --> 00:11:11.318 tenant and buyer rep, expertise and focus, 00:11:11.399 --> 00:11:12.519 no conflicts of interest. 00:11:12.999 --> 00:11:14.740 So you can search that online. 00:11:14.759 --> 00:11:15.639 You can Google like 00:11:15.740 --> 00:11:17.061 healthcare tenant buyer rep. 00:11:18.041 --> 00:11:20.543 You can use terminology like 00:11:20.562 --> 00:11:21.482 that for whatever search 00:11:21.523 --> 00:11:22.243 engine you're using. 00:11:23.004 --> 00:11:24.403 But another great way to do 00:11:24.443 --> 00:11:26.284 it is you just talk to industry experts. 00:11:26.304 --> 00:11:28.206 Like you find lenders that 00:11:28.245 --> 00:11:29.426 specialize in healthcare. 00:11:29.466 --> 00:11:32.988 You find CPAs or attorneys or architects 00:11:33.413 --> 00:11:34.773 And if you ask a few people, Hey, 00:11:34.812 --> 00:11:35.913 who do you know that that 00:11:36.193 --> 00:11:37.374 really specializes in 00:11:37.413 --> 00:11:38.594 healthcare tenant buyer rep 00:11:38.614 --> 00:11:41.094 for real estate, no conflicts of interest, 00:11:41.615 --> 00:11:42.495 you're going to probably 00:11:42.534 --> 00:11:44.414 hear similar names in a 00:11:44.534 --> 00:11:45.934 certain city or market that 00:11:45.975 --> 00:11:46.715 are prominent. 00:11:47.155 --> 00:11:48.056 And then that gives you a 00:11:48.135 --> 00:11:48.956 short list of people to 00:11:48.995 --> 00:11:49.855 start talking to 00:11:49.975 --> 00:11:51.196 interviewing and then 00:11:51.235 --> 00:11:52.456 trying to find someone that you like. 00:11:52.496 --> 00:11:54.116 But when all else fails, 00:11:54.177 --> 00:11:55.456 if you don't have those relationships, 00:11:55.476 --> 00:11:56.817 just get online, search it, 00:11:56.917 --> 00:11:58.597 start making some phone calls or emails. 00:11:59.258 --> 00:12:00.158 And you know, the, 00:12:00.922 --> 00:12:02.602 The direction is pretty simple. 00:12:02.822 --> 00:12:04.003 Just don't stop until you 00:12:04.023 --> 00:12:05.124 find someone you like. 00:12:05.783 --> 00:12:06.403 Talk to someone. 00:12:06.423 --> 00:12:06.683 You're like, 00:12:06.703 --> 00:12:08.044 I'm just not feeling this person. 00:12:08.804 --> 00:12:10.304 Even if they come highly referred, 00:12:10.325 --> 00:12:11.306 just go on to the next person. 00:12:12.306 --> 00:12:13.866 There is more than one fish in the sea, 00:12:14.287 --> 00:12:15.606 especially in this situation. 00:12:16.168 --> 00:12:16.988 And there's enough people 00:12:17.067 --> 00:12:17.847 out there that you should 00:12:17.868 --> 00:12:19.168 be able to find someone that you like, 00:12:19.328 --> 00:12:20.589 trust, want to work with, 00:12:20.928 --> 00:12:21.529 and that you actually 00:12:21.549 --> 00:12:22.450 believe is going to help you. 00:12:23.509 --> 00:12:23.690 All right. 00:12:23.710 --> 00:12:24.591 You mentioned this word before, 00:12:24.630 --> 00:12:25.331 which is lease. 00:12:25.611 --> 00:12:26.932 You mentioned another word was just buy. 00:12:26.993 --> 00:12:27.994 I'm feeling like there's a 00:12:28.033 --> 00:12:28.914 health care phrase going to 00:12:28.934 --> 00:12:30.035 come up like it depends. 00:12:30.676 --> 00:12:31.636 But a lot of people are thinking, 00:12:31.677 --> 00:12:32.758 should I lease or buy? 00:12:33.158 --> 00:12:34.539 I'm guessing there's a lot of depends. 00:12:34.659 --> 00:12:35.600 How should a practice owner 00:12:35.620 --> 00:12:37.562 really think through that big decision, 00:12:37.621 --> 00:12:39.244 especially maybe early in 00:12:39.264 --> 00:12:40.625 their growth as a practice owner? 00:12:41.403 --> 00:12:41.623 Yeah, 00:12:41.682 --> 00:12:44.144 so I'm a huge fan of owning 00:12:44.183 --> 00:12:46.163 commercial real estate if 00:12:46.203 --> 00:12:47.264 it's a great location, 00:12:47.304 --> 00:12:48.245 a great building and the 00:12:48.284 --> 00:12:49.304 numbers make sense. 00:12:49.686 --> 00:12:51.365 And so it's kind of like 00:12:51.466 --> 00:12:52.446 leasing a house versus 00:12:52.466 --> 00:12:54.027 buying a house or renting versus buying. 00:12:54.986 --> 00:12:55.927 If you can find a great 00:12:55.966 --> 00:12:57.048 house in an area that you 00:12:57.067 --> 00:12:59.207 want to be in and the numbers make sense, 00:12:59.628 --> 00:13:00.328 I think there's a lot of 00:13:00.428 --> 00:13:02.509 arguments why ownership is 00:13:02.548 --> 00:13:04.389 better than renting. 00:13:05.289 --> 00:13:06.471 But it also depends on the 00:13:06.530 --> 00:13:08.251 season of your life and it 00:13:08.272 --> 00:13:10.253 depends on a lot of factors. 00:13:10.293 --> 00:13:11.352 But here's some of the 00:13:11.373 --> 00:13:12.192 criteria I tell you. 00:13:12.874 --> 00:13:14.735 Number one, when you go into a market, 00:13:15.495 --> 00:13:16.215 let's say you said, hey, 00:13:16.235 --> 00:13:17.375 I want to be in this area, 00:13:17.475 --> 00:13:19.476 this sub market within a two, 00:13:19.496 --> 00:13:21.177 three mile radius of this location, 00:13:21.197 --> 00:13:21.977 whatever it might be. 00:13:22.477 --> 00:13:23.438 There might not be any 00:13:23.519 --> 00:13:24.399 options to purchase in 00:13:24.418 --> 00:13:25.340 commercial real estate. 00:13:25.460 --> 00:13:26.460 Like in residential real estate, 00:13:26.480 --> 00:13:27.279 there's almost always 00:13:27.320 --> 00:13:28.400 another neighborhood or 00:13:28.620 --> 00:13:30.562 another building or a house to buy. 00:13:31.062 --> 00:13:32.243 In commercial real estate, 00:13:32.342 --> 00:13:33.442 if you're in a certain area, 00:13:33.942 --> 00:13:35.144 you could run a certain two 00:13:35.183 --> 00:13:36.163 mile radius and not find 00:13:36.264 --> 00:13:37.284 one property for sale. 00:13:38.345 --> 00:13:40.025 From a scarcity standpoint, 00:13:40.046 --> 00:13:40.946 there are a lot less 00:13:40.985 --> 00:13:41.946 commercial properties that 00:13:41.985 --> 00:13:43.706 are for sale than there are for lease, 00:13:44.206 --> 00:13:45.168 and then there's a lot less 00:13:45.347 --> 00:13:46.408 properties that are inside 00:13:46.427 --> 00:13:48.009 of a certain price range that work. 00:13:48.149 --> 00:13:50.230 A four story office building 00:13:50.250 --> 00:13:51.330 that's a hundred thousand 00:13:51.370 --> 00:13:52.450 square feet is not going to 00:13:52.470 --> 00:13:54.110 be an option for most 00:13:54.150 --> 00:13:54.931 healthcare providers. 00:13:54.951 --> 00:13:55.652 They're not going to have 00:13:55.731 --> 00:13:56.792 fifteen million dollars. 00:13:56.812 --> 00:13:57.312 They're going to say, 00:13:57.331 --> 00:13:58.572 I have a million and a half dollars. 00:13:59.349 --> 00:13:59.589 you know, 00:13:59.609 --> 00:14:00.850 the first question is what's the 00:14:00.929 --> 00:14:02.451 inventory, what's the availability. 00:14:02.991 --> 00:14:04.993 Um, the next question is, you know, 00:14:05.013 --> 00:14:05.854 could you have the down 00:14:05.894 --> 00:14:06.794 payment and can you afford 00:14:06.835 --> 00:14:07.615 the monthly payment? 00:14:07.975 --> 00:14:08.655 You might say, Hey, 00:14:08.676 --> 00:14:09.917 that's a beautiful property. 00:14:10.376 --> 00:14:11.817 Um, it's right where I want it to be. 00:14:12.139 --> 00:14:12.818 But again, if, 00:14:12.979 --> 00:14:14.740 if the cost of buying that 00:14:14.780 --> 00:14:15.400 is going to give you a 00:14:15.461 --> 00:14:17.582 monthly payment of and you 00:14:17.602 --> 00:14:19.965 can rent for six thousand, you might say, 00:14:20.044 --> 00:14:21.645 look, the juice isn't worth the squeeze. 00:14:21.686 --> 00:14:21.846 Like 00:14:22.341 --> 00:14:22.600 Sure. 00:14:22.701 --> 00:14:23.902 I love to own my own building. 00:14:24.022 --> 00:14:25.282 I love principal pay down. 00:14:25.402 --> 00:14:26.482 I love depreciation. 00:14:26.543 --> 00:14:28.523 I love tax deductions that 00:14:28.543 --> 00:14:30.423 you get when you own, but it's, it's not, 00:14:30.683 --> 00:14:32.945 it's not conducive to, you know, 00:14:32.985 --> 00:14:34.666 me being successful in my practice. 00:14:35.346 --> 00:14:36.166 Other times you find these 00:14:36.206 --> 00:14:38.287 buildings that the price works, 00:14:38.647 --> 00:14:39.967 the numbers work, et cetera, 00:14:40.008 --> 00:14:41.327 but it's not a good location. 00:14:41.368 --> 00:14:42.948 Like, you know, you gotta turn right, 00:14:42.989 --> 00:14:44.070 turn left, turn right. 00:14:44.090 --> 00:14:45.549 And it's the third building behind the, 00:14:45.710 --> 00:14:47.951 you know, behind the, the warehouse. 00:14:47.990 --> 00:14:48.551 And you're like, 00:14:48.811 --> 00:14:50.231 that's not gonna help me because, 00:14:50.970 --> 00:14:52.451 While the numbers make sense, 00:14:53.471 --> 00:14:54.890 patients are not going to like it. 00:14:55.010 --> 00:14:56.652 It's not going to help my referrals. 00:14:57.131 --> 00:14:58.173 Staff's not going to be as 00:14:58.212 --> 00:14:59.352 excited to show up to work 00:14:59.373 --> 00:15:00.253 here every day compared to 00:15:00.273 --> 00:15:00.953 the other options. 00:15:00.974 --> 00:15:04.274 So the simple game plan is this. 00:15:04.794 --> 00:15:06.176 If you're open to purchasing 00:15:06.336 --> 00:15:07.816 outside of leasing or additional leasing, 00:15:08.176 --> 00:15:08.897 go to the market, 00:15:09.017 --> 00:15:10.297 look at all your top options, 00:15:10.557 --> 00:15:11.738 narrow them down to the top 00:15:11.778 --> 00:15:12.817 three or four properties. 00:15:13.399 --> 00:15:14.919 negotiate simultaneously on 00:15:14.940 --> 00:15:15.801 three or four properties, 00:15:15.841 --> 00:15:17.601 whether it's for lease or for purchase. 00:15:18.042 --> 00:15:18.982 And then you compare the 00:15:19.043 --> 00:15:20.443 numbers and you say things like, 00:15:20.884 --> 00:15:22.205 what's the cost to get in the lease? 00:15:22.225 --> 00:15:23.745 What's the cost to get into the purchase? 00:15:24.187 --> 00:15:24.966 What does the monthly 00:15:25.006 --> 00:15:25.967 payment look like on a 00:15:26.008 --> 00:15:27.288 monthly cashflow basis? 00:15:27.816 --> 00:15:28.897 And then you factor in 00:15:28.937 --> 00:15:30.437 things like principal pay down. 00:15:30.738 --> 00:15:31.698 Every month you cut a check 00:15:31.719 --> 00:15:33.400 to a mortgage company or a 00:15:33.441 --> 00:15:34.240 bank or a lender, 00:15:34.301 --> 00:15:35.322 your net worth goes up 00:15:35.341 --> 00:15:36.863 because a portion pays down principal. 00:15:37.364 --> 00:15:38.764 What's the depreciation look 00:15:38.804 --> 00:15:40.125 like on the purchase of the real estate? 00:15:40.145 --> 00:15:41.047 Because you can depreciate 00:15:41.067 --> 00:15:42.567 the real estate and pick up 00:15:42.788 --> 00:15:43.869 a lot of times tens of 00:15:43.889 --> 00:15:44.669 thousands of dollars per 00:15:44.710 --> 00:15:46.091 year in extra tax deductions. 00:15:46.610 --> 00:15:47.532 And then what do the tax 00:15:47.552 --> 00:15:49.234 deductions look like in a lease, 00:15:49.274 --> 00:15:49.813 in a purchase? 00:15:49.833 --> 00:15:50.575 How do they compare? 00:15:51.075 --> 00:15:51.916 That's called the purchase 00:15:51.936 --> 00:15:53.037 versus lease analysis. 00:15:53.076 --> 00:15:53.697 And once you get to the 00:15:53.736 --> 00:15:55.519 bottom of that equation, 00:15:55.979 --> 00:15:56.879 you'll see the effective 00:15:56.919 --> 00:15:58.681 cost of owning versus leasing. 00:15:59.120 --> 00:16:00.221 And then it'd be really clear, 00:16:00.260 --> 00:16:01.902 like either yes, 00:16:01.922 --> 00:16:03.363 this makes sense to buy or no, 00:16:03.403 --> 00:16:04.303 it's too expensive. 00:16:04.984 --> 00:16:05.063 Um, 00:16:05.124 --> 00:16:06.784 but the numbers will basically tell you 00:16:06.865 --> 00:16:08.086 very quickly whether it's 00:16:08.125 --> 00:16:09.125 even an option or not. 00:16:09.687 --> 00:16:11.028 And sometimes you might have 00:16:11.067 --> 00:16:11.847 three or four options to 00:16:11.888 --> 00:16:12.648 purchase and you're in a 00:16:12.687 --> 00:16:13.308 really good place. 00:16:13.349 --> 00:16:15.149 Other times, like you might want to buy, 00:16:16.008 --> 00:16:17.229 you have nothing to purchase 00:16:17.269 --> 00:16:18.210 it just doesn't make sense 00:16:18.230 --> 00:16:19.552 so inventory will determine 00:16:19.572 --> 00:16:20.412 that for you a lot of times 00:16:20.451 --> 00:16:22.014 too smart a lot of good 00:16:22.033 --> 00:16:22.754 questions you should be 00:16:22.855 --> 00:16:24.096 asking and one of them I 00:16:24.135 --> 00:16:25.197 bet you would say your 00:16:25.236 --> 00:16:27.178 biggest advantage is time 00:16:27.198 --> 00:16:28.220 you mentioned earlier these 00:16:28.259 --> 00:16:29.441 things sneak up you're 00:16:29.480 --> 00:16:31.163 running a business then a 00:16:31.222 --> 00:16:32.624 lease ending is coming up 00:16:32.644 --> 00:16:33.345 and you're like I'll get to 00:16:33.384 --> 00:16:34.205 it I'll get to it until 00:16:34.225 --> 00:16:35.046 you're like man we got to 00:16:35.086 --> 00:16:36.567 solve this thing so those 00:16:36.607 --> 00:16:37.509 things can sync up quick 00:16:37.568 --> 00:16:38.470 what's what's a piece of 00:16:38.490 --> 00:16:39.450 advice you wish every 00:16:39.490 --> 00:16:40.490 provider would follow 00:16:42.030 --> 00:16:42.351 months, 00:16:42.412 --> 00:16:44.174 a year before that renewal date 00:16:44.255 --> 00:16:44.996 actually hits. 00:16:45.298 --> 00:16:45.457 Well, 00:16:45.958 --> 00:16:47.883 you actually just hit it yourself and 00:16:48.024 --> 00:16:49.245 start the process at least 00:16:49.285 --> 00:16:50.389 twelve months in advance. 00:16:51.028 --> 00:16:53.470 A lot of landlords are very, 00:16:53.590 --> 00:16:56.652 very savvy with this and 00:16:56.751 --> 00:16:58.212 they will run the clock out. 00:16:58.373 --> 00:16:59.214 And so, you know, 00:16:59.254 --> 00:17:01.174 whether you're a sports guy or not, or, 00:17:01.534 --> 00:17:01.796 you know, 00:17:01.875 --> 00:17:03.056 you watch like you watch 00:17:03.076 --> 00:17:04.636 football and you know, 00:17:04.678 --> 00:17:05.897 the team who's on defense 00:17:05.917 --> 00:17:07.599 is down and the team on offense is like, 00:17:07.619 --> 00:17:07.759 look, 00:17:07.799 --> 00:17:09.240 we're going to run the clock out there. 00:17:09.260 --> 00:17:11.021 They're staying in bounds at all costs. 00:17:11.321 --> 00:17:12.222 They're going to run the ball, 00:17:12.262 --> 00:17:12.903 not pass it. 00:17:12.923 --> 00:17:14.104 They want that clock just to 00:17:14.124 --> 00:17:15.625 keep taking down because 00:17:15.664 --> 00:17:16.486 they know that if they can 00:17:16.526 --> 00:17:18.267 keep the defense from getting the ball, 00:17:18.686 --> 00:17:19.928 They're not going to have time to win. 00:17:19.968 --> 00:17:21.829 So a lot of landlords will 00:17:21.869 --> 00:17:23.531 wait till the tenant is 00:17:23.592 --> 00:17:24.873 like a month or two or 00:17:24.932 --> 00:17:26.795 three from their lease expiring. 00:17:27.295 --> 00:17:28.395 And then they'll realize 00:17:28.415 --> 00:17:29.837 that that tenant has no 00:17:29.857 --> 00:17:32.140 ability within a reasonable 00:17:32.180 --> 00:17:33.922 timeframe to go find another location, 00:17:33.961 --> 00:17:35.262 get it built out, relocate. 00:17:35.663 --> 00:17:36.805 And so then they get stuck 00:17:36.825 --> 00:17:38.747 in this corner with like, 00:17:38.886 --> 00:17:39.928 I guess I have no option 00:17:40.008 --> 00:17:41.809 besides to stay and take this deal. 00:17:42.290 --> 00:17:43.231 And then at that point, 00:17:43.291 --> 00:17:44.993 the landlord knows whatever 00:17:45.054 --> 00:17:46.075 that tenant asked for, 00:17:46.234 --> 00:17:47.557 they're literally begging like, 00:17:47.696 --> 00:17:49.398 would you give me a better lease rate? 00:17:49.439 --> 00:17:49.759 No. 00:17:49.839 --> 00:17:50.640 Would you give me TI 00:17:50.660 --> 00:17:51.642 allowance to renovate? 00:17:51.801 --> 00:17:52.122 No. 00:17:52.542 --> 00:17:53.624 Can you give me some free rent? 00:17:53.784 --> 00:17:53.983 No. 00:17:54.865 --> 00:17:55.224 Eventually, 00:17:55.244 --> 00:17:56.006 they might give them some 00:17:56.046 --> 00:17:58.548 little carrot to get them 00:17:58.587 --> 00:17:59.948 just to do the deal and go away. 00:17:59.988 --> 00:18:01.730 But the landlord knows at 00:18:01.769 --> 00:18:03.171 that point that person 00:18:03.211 --> 00:18:04.451 doesn't have a viable 00:18:04.611 --> 00:18:06.031 opportunity to move in time. 00:18:06.071 --> 00:18:08.733 And so the timing is really important. 00:18:08.894 --> 00:18:10.454 Ten to twelve months in advance. 00:18:10.515 --> 00:18:12.296 Ten months should be the minimum. 00:18:12.336 --> 00:18:13.037 Twelve is ideal. 00:18:13.076 --> 00:18:14.698 Fourteen, fifteen, sixteen months. 00:18:15.103 --> 00:18:15.844 Fantastic. 00:18:16.223 --> 00:18:17.065 You don't want to start at 00:18:17.105 --> 00:18:17.885 three years in advance 00:18:17.905 --> 00:18:18.846 because there's no option 00:18:18.886 --> 00:18:19.846 for you to get out of your lease. 00:18:19.968 --> 00:18:20.847 You're just wasting time 00:18:20.867 --> 00:18:22.088 because what's available 00:18:22.130 --> 00:18:22.890 three years from your lease 00:18:22.910 --> 00:18:23.851 expiring is not going to be 00:18:23.871 --> 00:18:25.112 available twelve months. 00:18:25.452 --> 00:18:26.513 But twelve months gives you 00:18:26.574 --> 00:18:28.915 time to go to market, look at options, 00:18:29.336 --> 00:18:31.157 negotiate multiple properties, 00:18:32.199 --> 00:18:33.380 select the best option, 00:18:33.400 --> 00:18:34.181 decide to move forward. 00:18:34.201 --> 00:18:35.642 And then if you are relocating, 00:18:36.021 --> 00:18:37.763 it gives you the time to design it. 00:18:38.625 --> 00:18:40.247 Get construction documents, get a permit, 00:18:40.326 --> 00:18:42.888 build it out, equip it, move in, 00:18:42.929 --> 00:18:43.848 work the kinks out, 00:18:44.369 --> 00:18:45.891 get the IT and all the wiring done. 00:18:46.351 --> 00:18:47.372 And then you open the door 00:18:47.412 --> 00:18:48.272 to see patients again. 00:18:48.292 --> 00:18:49.574 But if you don't have at least ten, 00:18:49.614 --> 00:18:51.674 twelve months, you can get it done. 00:18:51.714 --> 00:18:53.277 But you're going to be on a 00:18:53.317 --> 00:18:54.396 more rapid time frame than 00:18:54.416 --> 00:18:55.298 you'd like to be. 00:18:55.417 --> 00:18:55.698 Yeah. 00:18:55.739 --> 00:18:56.558 Want to buy some time. 00:18:56.578 --> 00:18:56.838 All right. 00:18:56.858 --> 00:18:58.800 So my rudimentary knowledge 00:18:58.840 --> 00:18:59.461 of real estate. 00:18:59.500 --> 00:18:59.741 Right. 00:18:59.761 --> 00:19:01.222 The first three rules are location, 00:19:01.262 --> 00:19:02.463 location, location. 00:19:02.483 --> 00:19:02.703 Right. 00:19:03.144 --> 00:19:04.684 But in healthcare real estate, 00:19:04.704 --> 00:19:05.785 are there myths around 00:19:06.566 --> 00:19:07.665 things like visibility? 00:19:07.685 --> 00:19:09.166 You mentioned make a right, make a left. 00:19:09.227 --> 00:19:10.407 It's behind the warehouse or 00:19:10.488 --> 00:19:11.488 square footage. 00:19:11.508 --> 00:19:13.189 Are there myths around those 00:19:13.249 --> 00:19:15.029 things that we take too 00:19:15.049 --> 00:19:16.790 much to heart and that hurts us? 00:19:16.830 --> 00:19:18.211 Things that maybe are 00:19:18.271 --> 00:19:19.551 repeated because they sound 00:19:19.592 --> 00:19:20.633 good that actually aren't true? 00:19:21.403 --> 00:19:22.103 Yeah, no, I mean, 00:19:22.443 --> 00:19:24.285 location is exceptionally important. 00:19:24.325 --> 00:19:26.205 I mean, the quality of your location, 00:19:26.226 --> 00:19:27.486 the accessibility of it, 00:19:27.586 --> 00:19:29.528 if it has visibility, that's great. 00:19:29.567 --> 00:19:30.508 But you can find all those 00:19:30.528 --> 00:19:31.828 things that not have parking. 00:19:32.048 --> 00:19:33.569 Like, I can give you an example. 00:19:33.609 --> 00:19:34.690 I'm in Denver, Colorado. 00:19:35.310 --> 00:19:36.211 And like, you know, 00:19:36.250 --> 00:19:38.873 we had this retail center, where this, 00:19:39.053 --> 00:19:39.692 this, you know, 00:19:39.732 --> 00:19:40.894 healthcare provider went in, 00:19:41.233 --> 00:19:42.194 and then this brand new 00:19:42.255 --> 00:19:44.415 restaurant concept came in, which I said, 00:19:44.455 --> 00:19:45.395 everyone would know what it is. 00:19:45.997 --> 00:19:46.217 And 00:19:47.125 --> 00:19:47.967 If you're there at eight or 00:19:48.007 --> 00:19:49.287 nine in the morning, no problem. 00:19:49.326 --> 00:19:50.807 But when it hits eleven o'clock, 00:19:51.229 --> 00:19:52.429 this restaurant literally 00:19:52.489 --> 00:19:53.670 there's you cannot park. 00:19:53.710 --> 00:19:55.230 There's not a single parking space. 00:19:55.830 --> 00:19:57.531 And then if you get there on four or five, 00:19:57.571 --> 00:19:58.313 it's the same thing. 00:19:58.333 --> 00:19:59.834 And so, you know, 00:19:59.913 --> 00:20:01.914 it's a combination of the location. 00:20:02.715 --> 00:20:04.737 If you can get accessibility or sorry, 00:20:04.797 --> 00:20:06.038 visibility, that's great. 00:20:06.077 --> 00:20:07.578 Sometimes it doesn't make sense. 00:20:07.598 --> 00:20:08.578 Sometimes an office building 00:20:08.598 --> 00:20:09.819 makes more sense than retail. 00:20:10.450 --> 00:20:10.549 Um, 00:20:10.630 --> 00:20:13.030 parking obviously is a big factor and 00:20:13.070 --> 00:20:14.490 then you have other concepts though. 00:20:14.530 --> 00:20:15.632 Like what's the leash rate. 00:20:16.051 --> 00:20:16.832 And then you've got to go 00:20:16.872 --> 00:20:17.672 deeper from there. 00:20:17.832 --> 00:20:18.553 How much money is the 00:20:18.593 --> 00:20:19.393 landlord giving you to 00:20:19.432 --> 00:20:20.333 build out the space? 00:20:20.873 --> 00:20:22.173 Like how much free rent are 00:20:22.193 --> 00:20:22.614 they giving you? 00:20:22.894 --> 00:20:23.413 Cause you can have a 00:20:23.453 --> 00:20:24.374 scenario where one 00:20:24.394 --> 00:20:25.615 landlord's charging you a 00:20:25.674 --> 00:20:26.654 higher leash rate, 00:20:27.055 --> 00:20:27.795 but what if they gave you 00:20:27.835 --> 00:20:28.615 enough money to pay for 00:20:28.635 --> 00:20:29.496 your entire build out? 00:20:29.884 --> 00:20:30.703 And so, you know, 00:20:30.723 --> 00:20:32.044 you look at one landlord's 00:20:32.084 --> 00:20:33.565 at twenty dollars a square foot. 00:20:33.924 --> 00:20:34.984 One guy's at twenty five 00:20:35.025 --> 00:20:35.944 dollars a square foot. 00:20:36.285 --> 00:20:37.204 But the one at twenty five a 00:20:37.244 --> 00:20:37.865 square foot is going to 00:20:37.885 --> 00:20:39.246 give you seventy five 00:20:39.286 --> 00:20:40.006 dollars a square foot to 00:20:40.026 --> 00:20:40.986 build out your space. 00:20:41.546 --> 00:20:43.227 If you run the math on not 00:20:43.267 --> 00:20:44.926 borrowing seventy five dollars a foot, 00:20:44.987 --> 00:20:45.707 paying seven or eight 00:20:45.727 --> 00:20:46.906 percent interest over ten 00:20:46.946 --> 00:20:49.448 years and then factor in free rent, 00:20:49.807 --> 00:20:51.968 you'd be better off to pay 00:20:51.988 --> 00:20:52.868 a higher lease rate, 00:20:52.949 --> 00:20:53.808 not borrow that money. 00:20:53.828 --> 00:20:54.169 And so, you know, 00:20:54.969 --> 00:20:56.209 the economics always come 00:20:56.229 --> 00:20:57.890 into play no matter what you're doing. 00:20:58.069 --> 00:20:59.670 You know, what's the total cost per month? 00:21:00.273 --> 00:21:01.695 my lease and then any money 00:21:01.756 --> 00:21:02.916 I have to borrow to get the 00:21:02.957 --> 00:21:04.679 space built out how do you 00:21:04.699 --> 00:21:05.720 factor in free rent you get 00:21:05.839 --> 00:21:06.641 one land that gives you 00:21:06.681 --> 00:21:07.682 four or five months of free 00:21:07.721 --> 00:21:09.462 rent to start a new deal I 00:21:09.482 --> 00:21:10.483 mean that could shave off 00:21:10.545 --> 00:21:11.526 you know a dollar two or 00:21:11.546 --> 00:21:12.586 three dollars a foot on the 00:21:12.626 --> 00:21:13.688 lease rate if you factored 00:21:13.748 --> 00:21:15.690 over you know five seven ten years so 00:21:16.561 --> 00:21:17.643 Location's important. 00:21:18.942 --> 00:21:20.663 Visibility, signage, if you can get it, 00:21:20.703 --> 00:21:21.023 great. 00:21:21.604 --> 00:21:23.005 Sometimes office makes more sense. 00:21:23.025 --> 00:21:25.066 Sometimes the cost savings 00:21:25.105 --> 00:21:26.626 is worth not having a sign, 00:21:26.967 --> 00:21:27.586 especially if you've got a 00:21:27.606 --> 00:21:28.788 really established practice 00:21:28.807 --> 00:21:30.469 with really good referral patterns. 00:21:31.009 --> 00:21:32.930 And then the economics. 00:21:33.009 --> 00:21:35.111 And again, that's why. 00:21:36.194 --> 00:21:37.174 Somebody might hear this say, well, 00:21:37.194 --> 00:21:38.096 that's overwhelming. 00:21:38.375 --> 00:21:39.395 It's not overwhelming when 00:21:39.415 --> 00:21:40.797 you take it step by step 00:21:41.196 --> 00:21:42.258 and you have an advisor, 00:21:42.617 --> 00:21:43.458 but that's why you can't 00:21:43.478 --> 00:21:44.659 just pick a property and 00:21:44.679 --> 00:21:45.699 then hope it works. 00:21:46.138 --> 00:21:48.599 You've got to take property one, two, 00:21:48.920 --> 00:21:49.861 three, and four, 00:21:50.740 --> 00:21:52.781 go three or four rounds of negotiations. 00:21:53.201 --> 00:21:54.182 And then when you're looking at it, 00:21:54.202 --> 00:21:54.863 you can say, look, 00:21:55.599 --> 00:21:56.340 this property is going to 00:21:56.381 --> 00:21:58.122 cost me a thousand dollars a month more, 00:21:58.362 --> 00:21:59.262 but it's worth it to me 00:21:59.282 --> 00:22:00.124 because it's a way better 00:22:00.144 --> 00:22:02.986 location and the free rent's fantastic. 00:22:03.066 --> 00:22:05.327 And I like this or that, or you say, look, 00:22:05.367 --> 00:22:06.569 this is not worth paying an 00:22:06.630 --> 00:22:07.810 extra two thousand a month. 00:22:08.451 --> 00:22:09.991 I'd rather go to the office space. 00:22:10.472 --> 00:22:11.453 I can use that money for 00:22:11.513 --> 00:22:12.354 targeted marketing. 00:22:12.375 --> 00:22:13.075 I don't even probably need 00:22:13.095 --> 00:22:14.016 that because my practice is 00:22:14.056 --> 00:22:16.577 thriving and I'd rather save, you know, 00:22:16.617 --> 00:22:17.098 twenty five, 00:22:17.138 --> 00:22:18.420 thirty grand a year in rents 00:22:18.839 --> 00:22:19.540 and either put it in my 00:22:19.601 --> 00:22:21.021 pocket or invest it somewhere else. 00:22:21.061 --> 00:22:22.083 And it's not worth getting 00:22:22.123 --> 00:22:23.324 assigned for thirty thousand a year. 00:22:23.819 --> 00:22:25.221 Yeah, a lot of factors. 00:22:25.260 --> 00:22:27.082 Compare apples to apples and make sure you, 00:22:27.142 --> 00:22:27.801 I mean, again, 00:22:27.862 --> 00:22:28.883 I think that time element 00:22:28.903 --> 00:22:30.983 you're saying is if you're rushed, 00:22:31.003 --> 00:22:32.884 you can't make those 00:22:33.365 --> 00:22:34.664 decisions properly because 00:22:34.684 --> 00:22:35.486 you're not able to invest 00:22:35.526 --> 00:22:36.465 the time while you're 00:22:36.486 --> 00:22:37.267 running your business. 00:22:37.967 --> 00:22:38.086 Colin, 00:22:38.106 --> 00:22:39.107 we're going to play a game called 00:22:39.147 --> 00:22:40.528 Deal or No Deal, clinical edition. 00:22:40.548 --> 00:22:41.068 Are you ready for this? 00:22:41.108 --> 00:22:42.489 Let's do it. 00:22:51.501 --> 00:22:51.721 All right. 00:22:51.741 --> 00:22:52.382 I hit the button twice. 00:22:53.282 --> 00:22:55.722 So I'm going to give you a scenario. 00:22:55.762 --> 00:22:56.644 You give me deal, 00:22:56.663 --> 00:22:59.163 which is like a green flag or no deal, 00:22:59.384 --> 00:22:59.924 red flag. 00:22:59.944 --> 00:23:00.464 And then you can give a 00:23:00.505 --> 00:23:01.644 little one sentence or you 00:23:01.664 --> 00:23:03.465 can go deep into why. 00:23:03.506 --> 00:23:05.046 First segment on deal or no 00:23:05.086 --> 00:23:06.787 deal clinical edition with Colin Carr. 00:23:07.166 --> 00:23:08.366 My landlord says I don't 00:23:08.406 --> 00:23:09.366 need representation. 00:23:09.406 --> 00:23:11.028 They'll just handle everything for me. 00:23:11.147 --> 00:23:11.288 I mean, 00:23:11.627 --> 00:23:12.948 you already tipped your hand on this. 00:23:12.968 --> 00:23:14.088 No deal. 00:23:14.148 --> 00:23:14.669 No deal. 00:23:15.410 --> 00:23:15.650 Yeah. 00:23:15.809 --> 00:23:16.029 I mean, 00:23:16.310 --> 00:23:18.111 that person is the person you're 00:23:18.171 --> 00:23:19.051 negotiating against. 00:23:19.172 --> 00:23:20.093 They're not going to 00:23:20.133 --> 00:23:21.712 negotiate in your best interest. 00:23:21.953 --> 00:23:22.814 Yeah. 00:23:22.854 --> 00:23:24.154 The reciprocal statement to 00:23:24.174 --> 00:23:25.134 the landlord would be great. 00:23:25.394 --> 00:23:26.135 Then you don't go to the 00:23:26.175 --> 00:23:27.496 doctor or health care provider ever. 00:23:27.516 --> 00:23:28.356 You just do it yourself 00:23:28.376 --> 00:23:28.936 because that's what you're 00:23:29.017 --> 00:23:30.077 asking me to do. 00:23:30.968 --> 00:23:31.989 If a health care provider 00:23:32.028 --> 00:23:33.951 told a landlord never go to the doctor, 00:23:33.971 --> 00:23:35.172 you can just do it yourself. 00:23:36.192 --> 00:23:37.594 The landlord say that's foolish. 00:23:37.673 --> 00:23:38.595 I'm not a doctor. 00:23:38.894 --> 00:23:40.676 Then you'd say this is foolish, too. 00:23:40.737 --> 00:23:42.117 I'm not a real estate specialist. 00:23:42.137 --> 00:23:42.238 Yeah. 00:23:43.318 --> 00:23:44.921 My lease auto renews, Colin, 00:23:44.980 --> 00:23:46.382 and I forgot to negotiate it. 00:23:48.016 --> 00:23:49.696 That's a bad place to be. 00:23:49.757 --> 00:23:50.936 A lot of leases do auto 00:23:50.957 --> 00:23:53.958 renew or you miss the 00:23:54.077 --> 00:23:54.878 option to renew and they 00:23:55.618 --> 00:23:56.659 kick you out or they charge 00:23:56.699 --> 00:23:58.039 a good twenty five percent premium. 00:23:58.400 --> 00:23:59.780 So there's a couple of 00:23:59.820 --> 00:24:01.661 things you cannot miss and 00:24:01.681 --> 00:24:03.162 you cannot miss lease 00:24:03.321 --> 00:24:05.462 expiration deadlines and 00:24:05.522 --> 00:24:06.923 time frames that you need 00:24:06.962 --> 00:24:08.483 to exercise options to 00:24:08.523 --> 00:24:10.105 renew or exercise options 00:24:10.125 --> 00:24:11.125 to negotiate a renewal. 00:24:11.144 --> 00:24:12.525 Yeah. 00:24:12.545 --> 00:24:13.705 There's no free rent or 00:24:13.746 --> 00:24:15.287 build out allowance in the offer, 00:24:15.326 --> 00:24:16.267 but the rent is low. 00:24:18.143 --> 00:24:18.723 Bad deal. 00:24:19.683 --> 00:24:20.104 No deal. 00:24:21.144 --> 00:24:22.865 There is a lease rate that 00:24:22.925 --> 00:24:23.846 landlords will typically 00:24:23.925 --> 00:24:25.646 not go below because when 00:24:25.707 --> 00:24:28.127 you lower the lease rate on 00:24:28.189 --> 00:24:29.409 a space or a property, 00:24:29.769 --> 00:24:31.170 it devalues the property. 00:24:32.371 --> 00:24:34.311 Investment properties sell 00:24:34.392 --> 00:24:36.653 or trade on a multiplier or 00:24:36.712 --> 00:24:37.653 multiple of rent. 00:24:37.692 --> 00:24:38.653 It's called a cap rate. 00:24:39.074 --> 00:24:39.493 And so, 00:24:39.954 --> 00:24:41.214 and so people sometimes will see a 00:24:41.255 --> 00:24:43.296 space that vacant for like, you know, 00:24:43.375 --> 00:24:44.317 a period of time, I'll say, well, 00:24:44.336 --> 00:24:45.076 this has been vacant. 00:24:45.116 --> 00:24:45.797 So the landlord should be 00:24:45.876 --> 00:24:47.958 motivated to do an aggressive deal. 00:24:48.378 --> 00:24:50.259 No, because the second they do a lower, 00:24:50.400 --> 00:24:51.380 a lower lease rate than the 00:24:51.440 --> 00:24:52.500 property should have, 00:24:52.820 --> 00:24:54.181 it just devalued the property. 00:24:54.541 --> 00:24:55.342 And especially if you have 00:24:55.402 --> 00:24:57.202 multiple tenants there, you know, 00:24:57.702 --> 00:24:58.604 A lot of landlords, 00:24:58.663 --> 00:25:00.184 if they got ten tenants in the building, 00:25:00.325 --> 00:25:01.205 one space vacant, 00:25:01.486 --> 00:25:02.967 they'll sit on a vacancy for two, 00:25:02.987 --> 00:25:03.507 three years. 00:25:03.528 --> 00:25:03.968 And people are like, 00:25:03.988 --> 00:25:04.929 why are they doing this? 00:25:05.348 --> 00:25:06.630 It's because they don't want 00:25:06.650 --> 00:25:07.750 to devalue the property. 00:25:07.891 --> 00:25:09.291 If you take that last lease 00:25:09.352 --> 00:25:10.792 rate and the last deal and 00:25:10.813 --> 00:25:11.773 you lower the lease rate 00:25:12.413 --> 00:25:13.954 and you want to go sell that property, 00:25:14.194 --> 00:25:15.115 whether you want to or 00:25:15.155 --> 00:25:16.017 maybe you're forced to if 00:25:16.037 --> 00:25:17.096 you have to as a landlord 00:25:17.116 --> 00:25:17.698 for some reason. 00:25:18.327 --> 00:25:19.807 anyone who looks at it is going to say, 00:25:19.907 --> 00:25:21.469 well, the property is really worth this. 00:25:21.568 --> 00:25:23.269 Even though you have nine leases higher, 00:25:23.648 --> 00:25:24.730 it's not worth that because 00:25:24.789 --> 00:25:25.829 you would not have done 00:25:25.869 --> 00:25:27.490 this tenth deal at that 00:25:27.549 --> 00:25:28.549 lease rate if it wasn't. 00:25:29.030 --> 00:25:30.830 And so it's really interesting. 00:25:31.230 --> 00:25:32.810 In the game of investment real estate, 00:25:33.692 --> 00:25:35.172 you do one bad deal, 00:25:35.231 --> 00:25:36.231 especially if it's recent. 00:25:36.271 --> 00:25:37.692 It's one thing it's four or five years ago, 00:25:37.732 --> 00:25:38.913 you just slam someone in 00:25:38.932 --> 00:25:39.853 there to get a deal done. 00:25:39.873 --> 00:25:41.534 You can maybe talk your way 00:25:41.554 --> 00:25:43.074 out of that scenario as a seller. 00:25:43.453 --> 00:25:44.054 But if you're doing 00:25:44.094 --> 00:25:45.434 investment real estate and 00:25:45.454 --> 00:25:47.194 you just made a deal at, let's say, 00:25:47.796 --> 00:25:48.676 twenty dollars a foot and 00:25:48.696 --> 00:25:50.178 everyone else paying twenty five a foot. 00:25:50.657 --> 00:25:51.538 Anyone who looks that's 00:25:51.558 --> 00:25:52.339 going to say that's not 00:25:52.420 --> 00:25:53.381 market or you wouldn't have 00:25:53.421 --> 00:25:54.080 done that deal. 00:25:54.121 --> 00:25:56.442 And so landlords have a 00:25:56.502 --> 00:25:57.604 lease rate that they won't 00:25:57.644 --> 00:25:58.825 go below typically, 00:25:59.305 --> 00:26:01.287 but they will give you TI 00:26:01.326 --> 00:26:02.188 and free rent and other 00:26:02.228 --> 00:26:03.429 concessions even at that 00:26:03.469 --> 00:26:04.148 lowest lease rate. 00:26:04.209 --> 00:26:05.829 And that's that's a long answer. 00:26:05.871 --> 00:26:07.432 But a lot of people think, well, 00:26:07.471 --> 00:26:08.251 give me the best deal 00:26:08.291 --> 00:26:08.952 possible with no 00:26:08.992 --> 00:26:12.155 concessions that that does not exist. 00:26:12.215 --> 00:26:13.396 The best deal possible on a 00:26:13.436 --> 00:26:14.758 lease rate is still going 00:26:14.778 --> 00:26:16.318 to have concessions available. 00:26:16.788 --> 00:26:17.650 because they're going to 00:26:17.690 --> 00:26:19.211 have money set aside for 00:26:19.251 --> 00:26:20.934 those other benefits, commissions, 00:26:21.499 --> 00:26:23.359 free rent, build that allowance. 00:26:23.440 --> 00:26:24.240 The lease rate might not 00:26:24.259 --> 00:26:25.701 come below a certain number, 00:26:26.020 --> 00:26:26.921 but if you don't capture 00:26:26.941 --> 00:26:27.781 the other benefits, 00:26:27.882 --> 00:26:29.061 even with that lower lease rate, 00:26:29.461 --> 00:26:30.742 you lost probably tens to 00:26:30.762 --> 00:26:31.823 hundreds of thousands of dollars. 00:26:32.323 --> 00:26:32.542 Oof. 00:26:32.722 --> 00:26:32.983 All right. 00:26:33.003 --> 00:26:34.443 Last thing we do on the show, Colin, 00:26:34.503 --> 00:26:36.944 is called the parting shot. 00:26:37.105 --> 00:26:38.846 What's a bit of advice or a 00:26:38.905 --> 00:26:40.165 mantra that you would leave 00:26:40.185 --> 00:26:42.446 with clinicians who are listening, 00:26:42.586 --> 00:26:42.847 you know, 00:26:42.968 --> 00:26:43.988 twenty eight minutes into this 00:26:44.048 --> 00:26:45.048 episode and saying, OK, 00:26:45.087 --> 00:26:46.489 there's a lot more than I need to know. 00:26:46.528 --> 00:26:47.368 What's what's something you 00:26:47.388 --> 00:26:48.789 want to just burn into their psyche? 00:26:49.348 --> 00:26:49.528 Yeah. 00:26:49.548 --> 00:26:52.151 Let an expert, uh, do the process for you. 00:26:52.191 --> 00:26:53.131 Hold your hand for you. 00:26:53.151 --> 00:26:54.771 Like you'll cooperate. 00:26:54.832 --> 00:26:56.353 You are the ultimate decision maker. 00:26:56.692 --> 00:26:57.933 It's very similar to healthcare. 00:26:58.453 --> 00:26:59.835 No one's going to strap you 00:26:59.855 --> 00:27:01.236 to a table and force you to 00:27:01.276 --> 00:27:02.516 do a procedure or do 00:27:02.536 --> 00:27:03.457 something or take medicine. 00:27:03.497 --> 00:27:04.518 You don't want to take or do 00:27:04.557 --> 00:27:05.317 something you want to do. 00:27:05.718 --> 00:27:06.858 They're going to advise you. 00:27:06.878 --> 00:27:07.838 They're going to counsel you. 00:27:07.880 --> 00:27:08.500 They're going to give you 00:27:08.519 --> 00:27:09.480 the pros and cons. 00:27:09.941 --> 00:27:10.560 And at the end of the day, 00:27:10.621 --> 00:27:11.461 you're still fully in the 00:27:11.481 --> 00:27:12.521 driver's seat as the patient, 00:27:12.541 --> 00:27:13.343 but you've got someone 00:27:13.423 --> 00:27:14.603 helping you navigate the 00:27:14.643 --> 00:27:16.243 situation and trying to get 00:27:16.263 --> 00:27:17.484 you the best outcome possible. 00:27:17.971 --> 00:27:19.573 Same thing is true with tax strategy. 00:27:19.593 --> 00:27:21.973 There's significant tax laws 00:27:22.315 --> 00:27:23.315 that are on the table right 00:27:23.355 --> 00:27:25.175 now in Congress. 00:27:25.615 --> 00:27:26.997 There's things that changed last year. 00:27:27.237 --> 00:27:28.458 You don't do your own taxes. 00:27:28.637 --> 00:27:31.319 You have a really good expert CPA. 00:27:31.880 --> 00:27:33.221 And the same thing is true for legal. 00:27:33.921 --> 00:27:34.821 You're not an attorney. 00:27:34.882 --> 00:27:36.303 You don't play games with contracts. 00:27:36.323 --> 00:27:37.482 You have a really good attorney. 00:27:37.542 --> 00:27:39.604 So it's really simple. 00:27:40.025 --> 00:27:42.086 Again, pick your sports analogy. 00:27:42.810 --> 00:27:43.590 You're going to have a pitcher. 00:27:43.612 --> 00:27:44.392 You're going to have a catcher. 00:27:44.412 --> 00:27:45.732 You're going to have a first baseman. 00:27:45.772 --> 00:27:46.272 You're going to have 00:27:46.353 --> 00:27:47.693 different people on your team. 00:27:47.713 --> 00:27:49.394 They each have a unique skill set. 00:27:49.815 --> 00:27:50.894 But trying to make your 00:27:51.435 --> 00:27:52.516 catcher or your pitcher 00:27:52.576 --> 00:27:53.696 doesn't work very well. 00:27:54.196 --> 00:27:55.218 And trying to be the guy 00:27:55.238 --> 00:27:56.417 that does it all himself or 00:27:56.458 --> 00:27:58.398 herself is a really bad game plan. 00:27:58.499 --> 00:27:59.440 Going to get in trouble. 00:27:59.460 --> 00:28:00.681 All right, hire a professional. 00:28:01.080 --> 00:28:03.761 And we'll make sure they can 00:28:03.801 --> 00:28:04.643 reach out in the show notes. 00:28:04.682 --> 00:28:05.522 But where should they go to 00:28:05.863 --> 00:28:06.963 get in touch with you if they're like, 00:28:06.983 --> 00:28:07.163 all right, 00:28:07.183 --> 00:28:08.003 this Colin guy sounds like he 00:28:08.023 --> 00:28:08.884 knows what he's talking about? 00:28:09.508 --> 00:28:11.868 Yeah, our website is car.us. 00:28:12.028 --> 00:28:13.729 So car.us. 00:28:14.568 --> 00:28:15.670 We are a national firm. 00:28:15.730 --> 00:28:17.029 We're the actually only firm 00:28:17.289 --> 00:28:18.410 that's truly national that 00:28:18.430 --> 00:28:19.750 does healthcare tenant by rep. 00:28:20.171 --> 00:28:21.730 We're licensed in all fifty states. 00:28:22.852 --> 00:28:24.432 We're helping over fifty 00:28:24.451 --> 00:28:25.311 five hundred health care 00:28:25.332 --> 00:28:26.952 providers with their real 00:28:26.972 --> 00:28:28.492 estate right now as we speak. 00:28:28.532 --> 00:28:30.113 So we're not the only 00:28:30.153 --> 00:28:31.213 company that does this. 00:28:31.773 --> 00:28:33.013 We do believe that we do an 00:28:33.094 --> 00:28:34.755 excellent job and we've been doing it for 00:28:36.852 --> 00:28:37.853 Sixteen and a half years now, 00:28:37.913 --> 00:28:40.753 so we've got some time under our belt, 00:28:40.794 --> 00:28:42.035 but that's a great way to start. 00:28:42.075 --> 00:28:44.996 And I think that people 00:28:45.635 --> 00:28:46.676 getting representation, 00:28:46.717 --> 00:28:47.758 starting the process, 00:28:48.238 --> 00:28:49.478 reaching out to find an agent, 00:28:49.498 --> 00:28:50.858 having an initial conversation, 00:28:51.659 --> 00:28:52.660 you'll be glad that you 00:28:52.680 --> 00:28:53.420 didn't go it alone. 00:28:53.941 --> 00:28:54.361 Colin Carr, 00:28:54.381 --> 00:28:55.721 appreciate you stopping by the show again, 00:28:55.761 --> 00:28:55.942 Colin. 00:28:55.961 --> 00:28:57.102 Thanks for dropping some insight on us. 00:28:57.461 --> 00:28:57.863 Thanks, man. 00:28:57.883 --> 00:28:58.542 Appreciate you having me.