#195 How to Grow Your Real Estate Portfolio, ft. Dr. Pranay Parikh

Growing a Real Estate Portfolio

Peter starts by asking Dr. Parikh about his rapid growth and success in real estate. Together they discuss how physicians tend to downplay their achievements but constantly strive for more, emphasizing the need to appreciate one’s accomplishments to avoid burnout.

Their conversation eventually led to Pranay’s real estate portfolio and the process of scaling from four units to larger numbers, in which he emphasized the importance of mindset, education, authority building, finding good deals, and asset management. Dr. Pranay also highlights the need to focus on running the property well, taking care of tenants, and ensuring a safe and secure environment.

When asked what urges him to grow, Pranay mentions that his motivation stems from the desire to cover himself financially and the realization that there had to be a way to do something else beyond purchasing individual properties.

“I knew that real estate was a good asset class, I knew that eventually, I’d figure things out.” — Pranay Parikh, MD.

Taking the First Steps Towards Growth

Dr. Kim continues by asking more about Pranay’s initial steps on how he made such growth happen.

Dr. Parikh emphasizes the importance of mentorship and coaching when taking the first steps to scale and grow in real estate. He reasons the individualized guidance and support that mentors and coaches provide, stressing the significance of finding someone who shares similar values and backgrounds. He also mentions the value of seeking guidance from individuals with a similar career trajectory and perspective on the world.

When asked about the motivations of individuals seeking to grow and build in real estate, Pranay highlights financial stability as a primary driver, particularly for those in the medical field where job stability can be uncertain. He also emphasizes the desire for a new challenge and the opportunity to make a positive difference, noting that many physicians are drawn to real estate as a way to create a meaningful impact and take care of tenants. He advocates for more physician-led businesses and landlords who genuinely care about their tenants’ well-being.

“I think we all especially as physicians, we want to be striving for something, we want to try something different, and real estate… it’s really a fun puzzle”  — Pranay Parikh, MD.

Should Physicians Get Into Real Estate?

On the topic of whether physicians should think about getting into real estate investments, Dr. Pranay shares some insights on why it is something worth exploring.

Pranay Parikh discusses the advantages of doctors entering the realm of real estate, emphasizing the value of practical learning and mentorship. However, he highlights the need for hands-on experience and expert guidance, stressing the importance of feedback and mentorship in accelerating the learning process and avoiding common pitfalls, ultimately saving time and effort in the pursuit of real estate expertise.

When asked how doctors can market and promote real estate investments to other physicians, he emphasizes the importance of focusing on the quality of the deal rather than relying solely on the “doctor” label for marketing purposes. He stresses the need to communicate the unique perspective and care that doctors bring to the table and the importance of avoiding sleazy or shady marketing tactics. 

“We’re the people that care, I just find that the physicians that I’ve worked with and talk to… just care a lot more.” — Pranay Parikh, MD.

What’s the Potential When Starting Now?

Dr. Kim continues by asking Pranay about the potential of those who want to start their real estate now in the current market.

Pranay Parikh advocates for real estate investment now, highlighting the potential for great deals in the current market due to lowered purchase prices. He emphasizes the benefits of locked-in purchase prices and stresses the importance of coaching, mentorship, and networking for access to opportunities and vetted deals. 

Additionally, Parikh also mentions that mindset is a primary barrier for physicians to enter real estate investment, stressing that the solution is to get external validation and see the transferability of skills from medicine to real estate. Dr. Parikh encourages them by recognizing their capabilities and by drawing parallels to the initial doubts medical students have before performing complex medical procedures.

“The biggest thing, and what I spend the most time when I work with people is just telling them that they can do it. And a lot of times you just need some external validation, or to see someone else do it right.” — Pranay Parikh, MD.

Best Advice to Those Who Want to Start

Peter concludes by asking Dr. Parikh about how he balances his career and family, along with his tip to those who want to follow in his footsteps.

Pranay shares about the flexibility and freedom in his career, highlighting his ability to choose when and where to work, reducing burnout, and maintaining a love for medicine. He also mentions the financial freedom and mental stimulation that comes with it. 

Lastly, he advises that courage is not about acting without fear but rather about acting in spite of fear. He encourages individuals to push past doubts and imposter syndrome, drawing on past successes as a source of motivation. Parikh doubles on the importance of stepping outside one’s comfort zone and leveraging previous accomplishments to overcome challenges.

“Having that flexibility and being able to choose less work, less stuff, and being able to have that mental stimulation, I think is just so healthy and really helps with burnout.”  —  Pranay Parikh, MD.