Discovering Financial Security Outside of Your Profession with Entrepreneur Dr. Pranay Parikh

Pranay Parikh: 0:00

I realized the biggest impact I can make actually the most lives I can save is by making doctors financially free. You know, and that's how I make my impact.Because think about it. If you're going to a doctor, your doctor works three days a week,she loves it, right? She spends a day reading all these medical journals, goes to these conferences just has a great life compared to say you're you have a surgeon and he's working six days a week,

Announcer: 0:25

You found The Real Estate Law Podcast, because real estate is more than just pretty pictures. And law goes well beyond the paperwork and courtroom argument. If you're a real estate professional,looking to build real estate expertise, then welcome to the conversation and Discover more at realestatelawpodcast.com

Jason Muth: 0:45

Welcome to another episode of The Real Estate Law Podcast. Thank you for listening to us today. It's Jason Muth here along with Attorney-Broker Rory Gill from NextHome Titletown Real Estate,UrbanVillage Legal in Boston.And Rory, I am clearly the least educated person on this podcast today with the amount of intellect that we have. We have such an amazing guest. And we're going to have you introduce Dr.Pranay, Dr. Pranay Parikh.Because, man, I was looking at your bio, and I was listening to your podcasts. And it just fascinates me the story that you've put together and I can't wait for you to share everything with our audience as to the niche that you've discovered here in the real estate world.Rory, go ahead. We were talking about Dr. Parikh earlier.

Rory Gill: 1:32

And you were also you introduced yourself as being the least educated here, but you probably may have taken the most direct route into doing real estate investments and doing investments. You know, a lot of over educated sometimes don't get to. But today we have Dr.Pranay Parikh on - The MD to Entrepreneur. He is the founder of Ascent Equity Group. And he speaks to people encourages people, particularly the medical profession to get involved with investing and you know,addressing the unique opportunities and challenges that group has. So I'm really excited to welcome him on to the podcast and to provide some value for all those particularly professionals who are looking to get involved in investing.

Unknown: 2:13

Thank you two. You know, you guys would be surprised, maybe not Rory, but how often someone comes up to me and be like Pranay, can I really get into real estate, I'm just a doctor, you know, or I'm just a lawyer. And it always blows my mind. Because at least education wise, you're probably one of the most well educated but it's you know, a lot of times we believe that we don't have it in them.So you know, it's my mission to show people that you can do this, you know, and you can be successful in real estate or really anything else. It's just you got to believe in yourself,you know, and people think that just because you've had the success and one thing that they have all this confidence and belief in themselves, but you know, it's not true. Or maybe it's the exact opposite is true.

Rory Gill: 2:55

Tell us a little about you first how you got into the medical profession, but you know, relevant to this podcast,you know, what were the revelations that you had that brought you also into doing real estate investing.

Unknown: 3:06

So, you know, I'm Indian, and all all Indian parents want their children to go into, you know, medicine, law or engineering, but really,medicine is the big one, you know, and my dad faints at the sight of blood. So he promised his mom that his kids would go into medicine. And fortunately for them, both my brother and I are doctors and really enjoy it,you know, so that's kind of how I got into medicine just really enjoyed it and really, like understanding how things work,you know, and what better to understand than your own body.Right? It's nice to know,actually, sometimes it's not nice to know, all the different things that can go wrong, right with you, especially once you get children. I've always been curious, you know, and that's really that kind of carried along to, to real estate, right?Eventually going to have to buy my house. So I still learn it,you know, and after I graduated residency, so became a full fledged doctor. I looked around and I was like, okay, I can invest in the stock market and wait 30 years to enjoy my labor,which I've already been in school for 20 years, right,another 30 years sounds like too long. So let me go out find something that I have direct control over and that's how I found real estate.

Jason Muth: 4:19

You know, being a medical doctor is very incongruent with the financial independence, retire early movement, you know, probably a lot about FIRE. You know, I was pre-med back in college, and a lot of my friends were of South Asian descent, surprisingly,right? They all went to med school. I was competing with them. It was very challenging. I did not go to med school though.I took the MCAT and decided it wasn't right for me and found my way into a different path. Here I am today. But I know that med school is you know, four years of strenuous studying and then four years of an internship at least, right? So you're talking about people at the very earliest unless you're Doogie Howser, MD, 30 years old. And you have a degree, and you've gone through four years of residency, and you probably have a lot of debt. And you're about to kind of start your career when people in the FIRE movement are looking to wind their careers down at age 30, right?They're looking around the age of 35, or so to say, Hey, I'm retired early and look at my passive income. So, and this is a relatively new thing, right?Like the FIRE movement is around for about 10 years or so. But the medical profession has been around for far more than that.Where does that all fit in with your peer group, and people that you went to school with people that you network with now? You know, do you see people that are coming out of med school coming out of their residencies and saying, jeez, I have all this debt, I'm about to like, make a ton of money, work very hard.But what are all these other friends of mine that have these other passive investments, and they say, they're going to retire early now? Where does that all fit in?

Unknown: 5:51

Super painful. So I grew up in the bay area. So pretty much everyone worked for Facebook, Apple, you know, when you hear you hear the stock market going down, but you know,over the last couple years with stock options, people have made millions, you know, people are five to 10 years ahead of me,but it's also job satisfaction,you know, I go to work and I make a good living, and I make a difference in the world, you know, and it's kind of rare to have both those. And even the real estate, you know, I realized the biggest impact I can make, actually the most lives I can save, is by making doctors financially free, you know, and that's how I make my impact. Because think about it,if you're going to a doctor,your doctor works three days a week, she loves it, right? She spends a day reading all these medical journals, goes to these conferences, and just has a great life compared to say you're you have a surgeon, and he's working six days a week, or he or she, you know, 15 hour days. Which is the one that you want taking care of you the one that's kind of laid back financially free, the one that's there because they love it,right? So that's my goal to help separate the money and the medicine, right, just like in law, you know, a lot of people would love to take these cases that, you know, probably don't pay that well. And that's how they make a difference. It's just, you know, you still got to take care of your family. And that's, we can take the money out of medicine, I think the world would be a much better place. And we do that through real estate. But you can do that through venture capital, you could do it through entrepreneurship, you know,we've kind of mixed both entrepreneurship and the real estate. But there's, you know,plenty of ways to do it. That's how we're helping, and it's not going to be, you know a get rich quick scheme, it's going to take years, especially syndications,we hold for three to five years,but now people are looking to hold longer. So you know, five,seven, up to 10 years. So it'll make a difference. But you know,and I gave a talk about this at a conference, you don't need to replace your whole salary. When I ask people how much passive income you want. They'll take their salary, say, you know,$240,000 divide by twelve. And they say, Okay, I need $20,000 a month, right? But you don't necessarily need that because real estate, and I know you guys talk about this, it's very tax advantaged, right? And for us,in California, you're getting up to 50% more by getting that money as distributions. So the amount of money you need overall, is a lot less in real estate. And really, you could make substantial changes in your life by really making an extra$10k, $20k, $30,000 through real estate a year,

Jason Muth: 8:25

I bet you that you have a lot of colleagues that -you just mentioned that you spoke at a conference or speak at conferences - I have a feeling that you're touching people who are doctors, and you're having light bulbs go off constantly, you know, people that are probably in their 30s40s 50s that have just been practicing medicine for a long time that never really, it never occurred to them, that this could be something that they could be doing with their money.We all know about 401ks we know about the stock market, you know, real estate could be esoteric if you're not really digging into how to make money on it. But when you start hearing about people making money on the side, you probably get curious. But as a doctor,you're likely just so focused on your profession, right? So tell me about the types of people that are having those conversations with you after you get off the stage saying I never thought about it that way. Like who are those people?

Unknown: 9:13

That reminds me of one person that I talked to you know, he's 51 and a cardiologist so you know, cardiologists make like $400k plus thousand a year,right, that's that's significant money even if you live in California and New York, right?But he's like yeah, I don't have much in savings. I have this house. I think he had a boat or maybe two. And you don't think about that right? You think about this salary and you're so used to it that you're expecting it to come every so often right?And maybe you have grandkids and you want to take time off you realize you haven't taken a vacation in 10 years right? And you know, life isn't guaranteed.I think with doctors know that but we forget it. You know my wife had my best friend who passed away 34 from breast cancer, you know, and it's rare,but it happens, you know, and,you know, there's nothing she could have done. You don't even do mammograms till 40 at the earliest, you know, she passed away pretty quickly, about a year, year and a half after she found it, you know. And she went to Stanford, they did all the chemotherapy and all that stuff.So, you know, life isn't guaranteed. So I think people that people need to have plans to enjoy life. You know, earlier this year, my son was an infant,and we went to vacation, you know, small vacation, if you were like, Why are you doing it,the plane ride is gonna suck -it did suck. But, you know,after we got there, it was, it was fun. And you know, he's not going to remember any of it, but we are, you know, we have these great pictures, great memories.And that way over time, like,yeah, it's, you know, it's against a FIRE to take this like extravagant vacation along the way. But you know, people I see this all the time, people work so hard, so hard, they retire50-55, maybe they don't have their health, maybe, you know,they don't have kids are out doing their own thing. I think it's really important to build in almost safeguards, but moments of escape along the way.

Rory Gill: 11:17

When people work very hard in a traditional W-2 job,or if they just spend so much of their time and energy focus on managing their investments. It's easy to forget the why, why do we do this in the first place?Why are we working and you've already eloquently pointed to a few things. If you believe in your job, because you get to go to work and make a positive impact in the world and you know, saving people's lives.That's some psychic rewards right there unto itself. But if that work can become destructive, even investing can be destructive to those ends if you don't get to see your family, you don't get to make memories, you don't get to take a moment to look at life. So when we put together all these,these bits of financial advice,we'd remember why we're doing it in the first place. It's for our families, it's for our interests. It's for whatever it is for you.

Unknown: 12:07

Yeah, and the, you know, the 40 Hour Workweek, it was for farming. It wasn't made for us. And I think for most people, 40 hours is too much.Right? It takes us away from families. And don't even get me started on commuting. You know,fortunately, for most of my stuff, I have like a five minute commute. But the average commute is half an hour each way. Right?So you're working all this hard.And a lot of people will come up to me and they will be like,hey, you know, I hear real estate's great should I go out and buy properties? That is a great way to make wealth, but it's really a second job to do it, right? You really need to own 10-20-30-40 units to make an impact. And at that point,you're creating a business you got to market you got to hire people, and it's a question is,if you really want to value your time, is that something you want to do sign up for a second job?For some people, you know, I call it burnt to a crisp,they're so burned out that they're willing to put in as much hours into something else that they can because they want out as quickly as possible. For those people might make sense for the rest of us that still want to work, but maybe just a little bit less, I don't think getting something that's going to become a second job, unless that's what you want. You know,there's some people that do short term rentals, and you could even create a lot of wealth through it. It's just you got to treat it like a business.

Jason Muth: 13:30

Yeah, that's where we are right now. At least I am.I mean, I worked 27 years in media related jobs, you know,both on the research side, and then sales management side,couple things in between. And yeah, I was done. I just was done. Like, you know, we this summer was my last day at work.And we'd already started building up a portfolio of short term rentals. And then we just kind of accelerated that a little bit more this year. And I always wondered in the back of my head, like, what, what would happen if I had all the time in the world to do this full time,right? So I'm at that point, you just kind of mentioned it, were creating another job for yourself. Like right now, that's where we are. We've created companies and another job for myself. And that's fine. Like,I'm not I don't need to have a four hour workweek, like you know, we've all heard about the podcasts and the books about that where everything is automated you offshore,everything and you go golf all day, like you know, I'm not there yet. Like I still enjoy being hands on a bit with what we're doing. But yeah, if I reached that point of 10-20properties, you know, we're at seven right now, five short term rentals. Like, you know, it's right now close to the breaking point of, yeah, I probably need a little bit of help. But you know, we're not there yet. Right now. It's, it's fun. And part of work is supposed to allow you to earn money to then enjoy your life. You know, that's part of what you've discovered early on in your professional career, and that's where you're helping other doctors do as well. The FIRE movement is all about, I follow the Financial Samurai, do you know Financial Samurai?Yeah, he's out the Bay area too.And, you know, put it very starkly like, you know, figure out what the average age is of when the mortality of a adult male 78-80 or whatever, 80 years old, subtract your age, and that's about what you have left,like, how much of that time do you want to work? And how much do you want to enjoy your family and the rest of your life? And you know, when you think about it that way, you're like, Oh, my God, I should have retired 10years ago. So tell us about the podcast, From MD to Entrepreneur, it's a fascinating little angle that you have,where your audience I'm guessing is, is it mostly doctors that are saying, What is this other doctor doing? I trust him because he's a doctor, I'm a doctor. And but now he's an entrepreneur, like, tell me,tell me about your audience.Tell me about the, you know, the genesis of that podcast.

Unknown: 15:40

So most doctors don't feel like they need, they can do something outside of medicine,because you've sacrificed so much right to college, you took all the pre med classes, you didn't do any humanities, and you really tried to do the least amount outside of medicine as possible, right. And then you get into medical medical school,and you literally don't do anything but medicine for four years. And then same with residency, right? So your skills are very deep in medicine, but it's very shallow elsewhere.Right. But, and this is one of the goals that are podcast, is to show people that what you've been through really makes you a great entrepreneur, you know,persistence, being able to learn, you know. The human body is very complicated, you know,and we had to learn every single aspect of it, right? The hours,the due diligence, like, it's just all these skills, where you get refined through fire, you know, make you a good entrepreneur. But what is the biggest issue for most of us is perfectionism. Right? So in medicine, you don't take a class unless you know, you're gonna get an A, right? And you don't raise your hand if you don't know that the answer 100%. But that's the anti thesis to entrepreneurship, right? You,you try something, you fail, you try something, you fail, and you really try 15 things, even if even one of them is successful.You're set, right? You don't need to have all of them be in success. But you know, if I had15 patients, and only one of them survived, that'd be a bad thing. Right? So it's switching your mindset. And a lot of times when you see someone like yourself, doing these things that you want to do, you're like, oh, yeah, if he can do it,I can do it, I can tell you,most of my audience are much smarter, and more capable than me. So my goal is to just show them that I can do it. So I interview people that have been doing stuff interesting in entrepreneurship. Recently, I interviewed someone who was an ultra marathon runner, you know,for some reason, he'll do 100miles at a time. Yeah, that's like me in a year if that. But it was interesting to get into his mindset, right? It's like,how do you push your body to do that? And, you know, maybe we can use those same skills to lose a couple pounds, you know,that like to help ourselves be less procrastinators? So, you know, just interviewing interesting people and give people like the real truth. I interviewed someone. And we talked about how entrepreneurship is super lonely, right, especially now from work from home. We're all small business owners where you know, it's just us, or maybe our spouse, or maybe a couple of virtual assistants. And it can get pretty lonely. And it's hard, especially when you get a setback, it's really hard,because you don't necessarily have someone to commiserate with, you know, and especially us professionals. You know, you know, people say, Oh, why don't you just go back to medicine,you know, like, people don't understand entrepreneurship. So trying to, you know, inspire people give them the tools and tips of entrepreneurship.

Jason Muth: 18:54

Yeah, you know, you mentioned loneliness, with entrepreneurship. You know, it's why mentorship groups, meetup groups, masterminds, networking groups, conferences are so important for people that are going out there doing it on their own, because they realize there's other people out there that are also doing it. And, you know, usually people in the real estate world I found are not sniping at each other. Everyone wants to help each other, at least, they want to help with information, whether it's an ego thing because they know something, and they want to tell everyone about it, or they just want to talk about all of their properties and how many doors they have and how much wealth they have, or they just want to legit share knowledge with somebody that is just a couple chapters behind them in the book. It seems it's been a very giving group from what I've seen. Not to say that like the workspace that I came from wasn't but it was a little bit more political and competitive.But then again, you have a built in network of people like you know, do I miss my co-workers?Some of them. Others, you know,I don't really think about at all. But you know, I have a whole new set of colleagues and co workers now you know, with people like yourself, people that come on the podcast, people that I meet at conferences,people that are in my mastermind. People that I can network with who, you know, are doing the same exact thing that I am just for their own individual company, right? And that's what entrepreneurs do they find people that they can learn from. They find smarter people, right? Just like what you're doing. Like we bring smarter people like yourself on the podcast, you bring smarter people on your podcast, we should get your guests on this podcast, they'd be the smartest people in the world? How long into your career do you think that you discovered that this pivot was something that maybe you wanted to have made? You know, because when you come out of med school, you match the program? You're a resident for four years, right? Where you for your resident or longer, three years, three years, okay? From that point onward, like, where do you think you said, jeez, you know, maybe I don't want to do this for 30 years straight and only this?

Pranay Parikh: 21:15

Before you get into medical school, they want you to be well rounded, you know, not just, you know, taking bio and chemistry all day, they want you to be well rounded,done leadership, volunteering,and all this stuff, right. But they beat it out of you when you're in medicine, you know.For me, it wasn't ever beat out,you know, I was walking the halls of the hospital while I was a resident, and I saw a bunch of art. So I talked to my program director, I was like,hey, who gets to decide who this art is? Can I be on that committee? And I could see him like visually, like, try to slap me in, you know, back of the head. She's like, this is not what residents do. Right. And I was applying for fellowship at the time, they're like, You need to focus on this one thing,applying for fellowship, which I ended up not getting, because my CV is all over the place, which was probably one of the best things that happened to me. But I've always been interested in a lot of stuff, you know, and then finally, when I graduated, I could take up some of those, you know, and I got a twofer, right.Because not only is this stuff really interesting, but I'm taking control over my financial life, you know, and a lot of us professionals, we just co opted to someone else, but no one's gonna care about your money as much as you are, you know, at least in the beginning, you have to have enough education, so that you can tell that they're managing your money well.

Rory Gill: 22:40

We're talking a lot about the cultural headwinds that the doctors face going into entrepreneurship and investing.But there are some advantages that medical professionals have in a space too. Can you tell us,you know, what are some of the advantages, or some of the things that help help them stand out when they get into the entrepreneurial space?

Pranay Parikh: 23:00

So having that ability to, to persist, you know, in residency, I used to do80 hour weeks, we used to do couple 36 hour shifts in the intensive care unit, you know,when sickest of the sick patients actually worked nights,it still worked nice, but most people would say nights would be horrible, right? It's just totally against your, your system, your body, right. And so I think having that. Plus,there's this level of trust,that a lot of physicians have gotten, you know, and tell people, we do real estate in the way we do medicine, you know,integrity, transparency,honesty, and that gives us a lot of benefit of the doubt. You know, in real estate, you mentioned, the network, that it's a really small world, in real estate, once you get to a certain level, there's, there's only a handful of people out there. And when we partner with people, you know, that will tell them, hey, well, we'll bring $15million to the table - $15million in equity. And they're trusting us. Right? And they have maybe a million dollars hard, meaning they, they have a million dollars in the deal that they can lose if we don't live up to our word, you know, so trust and faith and connections are super important. And I think just the profession helps us with that. But I think a lot of the graduate degrees, you know,lawyers plus or minus, some of them get a bad rap. But other you know, other professions.Definitely, and you know,lawyers as well, like we love we I am in almost daily contact with our security and exchange lawyer and they have opened a ton of doors for us because of who we use and their reputation as well.

Rory Gill: 24:55

So, I mean, as you're talking about the different professionals here, you know,when you kind of break out of one silo and kind of see the world and the other professionals that are out there in different fields. The opportunities are a little bit more endless. As you've grown with your investing and everything. Tell us a little bit how you put together your team because you know, you're, you're still a doctor, you're still a very busy person and you can't manage everything on your own.How did you go about building your team?

Pranay Parikh: 25:23

The important thing and how I really started is partnerships, you know,someone that you trust 100% with your business, which is, it's like your child, right? It's something that you put your sweat and equity in that eventually, it'll become something big, right? So there's two other founders, they're both doctors, and we just have this connection that all large decisions we make, everyone has to agree with. You know, we have some pretty intense arguments,but in a great way, and I think that safety is super important,where you can speak up and say,your mind, you know, sometimes a lot of times I get my, my opinion changed, because someone just makes a great argument. So started off with three of us,you know, and then just very slowly hiring, you know, hiring for people that have a culture fit, you know, and over time,just like we have, we've learned what we needed, you know, so we've been moving people around like a chess board. And in the starting, everyone was kind of a generalist. And we also had a ton of contractors. So we brought in generalists on the hired, but when, you know, we on Upwork, you can get insanely low, complicated, educated and successful people for, you know,relatively cheap, so we can get underwriters for anywhere from$200 to $400 an hour, which sounds like a lot, but they're only working hourly. So you can get a project done in two, three hours, when, if you were paying them full time, most of that time would be dead time and your your cost would be a lot higher.So we have an army of underwriters and different contractors. Now we have most of that in house, but we still use them. So for them to double check our stuff, you know, so it's nice to have kind of triangulation. But I think contractors, especially when you're starting, if you're solopreneur, I think that makes sense. And we have a bunch of virtual assistants in the Philippines that are just amazing. And so there's a lot of ways to make it work. But you have to know that if you get someone like that, or if you get someone that's a generalist and not an expert, you're going to be paying with sweat equity,right? You pay either in sweat equity, or you pay in actual equity, which is money or potential future profits. So we try to find a good number that works. And then we're willing to put in the time it takes to train people because eventually,when they get trained, though,you know, and you have a good employee culture and all that stuff, then, you know, hopefully they stick around forever.

Jason Muth: 28:02

So I'm on the website right now for Ascent Equity Group, when did you start this? What year?

Pranay Parikh: 28:08

So we started in2020.

Jason Muth: 28:10

Okay so this is two years. Yeah, right? Well, two to three years, we're gonna turn the page now this will come out in 2023. Yeah, as of right now,6,892 units acquired 1.207billion in assets acquired, that is jaw dropping for that short amount of time that you've built all this while being a doctor,during a pandemic. How did you do that?

Pranay Parikh: 28:35

years, you know,that's amazing. But, you know,we're like an overnight success that took 10 years in the making. So there's this other company that my partner owns,and I help with called Passive Income MD. And it's kind of like this podcast. It's basically working with doctors and educating them about real estate and entrepreneurship. So you know, that company's about five years old. And so we started,you know, we started on the 50yard line, because we had that built up. So for your audience that wants to do anything,anything at all, you know, it's not build it and they will come,right. It's build an audience,you can take them wherever you want to go. So before you, you know, you know, I know you have a lot of young professionals as well. So, before you know what you want to do, because, you know, it took me a while to figure out exactly what I wanted to do. You know, I actually,first thought I was going to build a real estate empire of just myself, you know, not syndications, not big apartment complexes, just, you know,single family homes. I buy a bunch of them, but I decided,you know, I hated that. And I like working with partners. So,but if you build a podcast, you build a blog, you know, you build a YouTube channel, then no matter where you go, you could take like, 70-80% of the people there, right? Because they know like and trust you. So, you know, a lot of people are asking me, Where would I start? You know, if I had to do it again. I would start the podcast a lot sooner. You know, I had some impostor syndrome. You guys talked about how nice my background is. That's because for a year I just kept researching best microphone best background, and I just kept buying stuff and researching and eventually I ran out of stuff to buy and research, I had to start my podcast. So, you know, start it as soon as you can doesn't have to be a podcast can be blog, you know, YouTube channel video is really hot right now.And it's actually you don't need it to be super polished, just go out and start it. And so start whatever you want. And then eventually, when you figure out what it is you want to do,you'll you'll have an indwelling audience. And that's just so much better than starting a real estate company and then going out to find people to invest with you.

Jason Muth: 31:45

Yeah, I mean, that's partly what we've done also with this podcast, and we launched this in 2019, and did eight episodes, and then put it on the shelf when we had a baby. And then we relaunched it last year or so, I don't know, this is episode 80 something. You know,we're consistent now like, you know, we release every single week, we're up on YouTube, we're on social media, we publish audio across platforms, just like you do. And the audience just builds and builds and builds. I mean, you know, I'm not one to just stare at the stats, but you start to scratch your head and say, Well, who are all these people who are listening to this? But you know,but you realize that you're touching a number of people, for a variety of reasons. I mean, we probably have some folks just like you that listen to every episode. And there are some that probably just find episode number 64, because of the guest,right? And they listen to that episode, and then maybe they stick around afterward. But you know, it builds up that credibility that you were talking about. I mean, like I can, I can imagine there's probably other people in the space that are doing something similar to what you're doing. I don't know that for sure,though. But, you know, if you are going to be raising money for syndicated deals, like you're doing, and you have this expertise as a medical professional, know that you know, how to speak, you know, to other doctors, about what to do,and you understand the pains that goes through their every day. And you're helping them plan for the future, it gives you so much more credibility,also that you're probably able to, you know, just say, hey, go check out my website, check out my podcast, I'm one of you. And I'll help you through this if you're looking to make some money, you know, passively while you continue with your career.It's such a great strategy.

Rory Gill: 33:12

I actually want to flip the content question around just a little bit. So if I were working with my agents, and they want to generate content that might help them get the attention and trust of doctors who are looking to invest in real estate, what are some tips from them to make a connection from their professionals, a realtor to some doctor investors out there? What are some things that they might want to hear?

Pranay Parikh: 33:35

My sister in law is a real estate agent. And I have been begging her to put out some content a lot of times, and not as much anymore, because I don't do single family homes.But someone would ask me a question. And I'd ask her, and then pare it back what she said,and I would look like a genius,you know, and I was like, You are so smart. You have all these skills, just you need to find a venue to put it. So I would say take a look or maybe even ask all their ideal clients, right?So maybe they're doctors? What kind of questions are they asking? And then find a venue that you can do. Right? Everyone wants to be on YouTube? Tik Tok,you know, but are you going to be consistent? You talked a little bit, Jason, about consistency, right? What are you going to be consistent with? And the nice thing about tick tock,for example, is it doesn't have to be super polished, right? You have to use your phone, you don't necessarily need to use this, like, elaborate setup that I have, or do you like talking in podcasts, right? Maybe you interview your clients and talk them through like the buying process. So I would say, find your ideal clients. Ask them,like, start keeping track, I have this little FAQ that people if they ask me any question, I just write it down. Right? And then you can even I would say for your agents, just you can make a quick little poll thing up on Instagram, even their personal Instagram, or their Facebook page, just be like,Hey, what are the top questions you have about the real estate market? Right? And take those and make videos or make some kind of content either blog posts, I would do video. Video is really hot right now Instagram reels, YouTube shorts,and you're just much more likely to get found and then just be consistent, right? One a day or maybe one a week you know and then do two a week and three week I promise you you're not going to have issues with content pretty quickly. But it's all about consistency right? And trying to find that ideal client and what would try to get in their head like what would they want? You know, for example,most doctors are busy, right?And so if I really wanted to attract doctors I would I would work off hours right? Five to8pm right? I'd work Saturdays,I'd work Sundays, Sundays specific specialty because most clinics are closed Sundays, but you got to do something different. If you want to be successful, you want to be way more successful than everyone else, you have to do something different.

Jason Muth: 36:13

Before we get to our final questions, I want to ask about Passive Income MD. Is there a passive income JD out there coming? Something?

Pranay Parikh: 36:20

There isn't.There isn't. But there are a bunch of people that have been asking about it. So if you want to be the one to started it, let us know, we'll be happy to help out.

Jason Muth: 36:29

Yeah, hey, let's let's partner up, that could be our next big idea. Right? We'll just jump on your back, because you've already figured it out.But no, in all seriousness,there's a lot of parallels,right, you know, between people in the medical profession, and people that are attorneys who have, you know, lots of loans,lots of years of education,maybe love the profession, but also would love their own time back.

Rory Gill: 36:52

You know, and as he said earlier, just the, the commitment you've gotten, you've undertaken this many years, and you've incurred this debt, you feel very committed to the profession, and inflexible with how you imagine your career moving forward. So I think that's a pretty strong parallel between two very different professions, but there's a stickiness to the field that I've noticed among my peers.

Pranay Parikh: 37:16

Yeah, we, you know, we're kings and queens of sunk cost, you know, that we have spent so much time doing something that it almost feels like a waste, but I promise you that whatever skills you've learned, like, for example, I'm actually envious of lawyers and their ability to intake documents and reading and be able to ask great questions. I actually look up to lawyers, and their ability to question people but not in you know, not in like the crime and like that, but really, probe, I think is is such a unique skill set that if you learn and to consume these,like gargantuan legal documents,that skill is really transferable to anything, right?To be able to consume and pick up the important points and all this like, literal gibberish,like I've read our PPMs like page to page, it doesn't mean anything here and to there to for, you know, like, understand why it needs to happen. But that's such a unique skill to be able to write eloquently. And specifically, you know, that's one huge thing I'm very envious,you're able to write so specific. Anytime I have an email to our lawyer, he's like,What do you mean? Like, I literally do not understand the English language is like no,like, what specifically do you mean in this scenario, but I think that's a unique skill to be able to read and write in that way.

Rory Gill: 38:45

I just wish we could turn off that sometimes, because we read some emails the wrong way.

Jason Muth: 38:51

Yeah, yes. Yeah. My sales background I talked to Rory all the time. I'm like, Are you sure you're reading the email the right way? Like read it with a different tone. I think that's what they're trying to say.

Pranay Parikh: 39:00

For sure.

Jason Muth: 39:00

Well, we'll get to our final couple questions. And then I'd love for you to tell everybody where where they can find you reach out maybe invest with you or learn more about you obviously, put everything in the show notes. Yeah, with with great links back to your websites and whatnot. So Dr.Parikh, we ask these questions of all of the guests that come on our podcast, we'd love to hear the answers that you have for these final three questions.First of which is if you can get on stage for a half hour and talk about any subject in the world with zero preparation.What would that be?

Pranay Parikh: 39:27

Imposter syndrome. I think this is really the bane of all our professional experience in you know, like,there was a story about the, one of the head doctors for UN and she was just talking about, like having to get in front of these people. And, you know, she's at,like, the pinnacle of her career. And having to do that,you know, it's something that we all face, you know, every single one of us has to do it, you know. Ed Sheeran, the famous singer get the song that's like two or 3 billion plays the most plays ever. And he said when he first wrote down that song, he's like, this sucks. Like, he literally said, this sucks, you know, fortunately, like no one came up to him and was like,Yeah, you know, that does suck.And he would just throw it away.And now it's billions, billions of plays, right? So I think the world would be a better place of all these people, because it's the people that feel impostor that we really need more of, not that not the people that are out there, you know, just like the best, you know, I have no faults. So people that are questioning themselves that really have the difference to make in the world.

Jason Muth: 40:36

That's the tricky part. Because there's a lot of imposters out there who are legit imposters, who people are listening to and haven't really been doing that or talking to talk or walking the walk whatever the phrase is, but you're right. There's people that probably have impostor syndrome saying what do I have to say about that subject, but they're the best ones to talk about it. Right. Great answer.The second of the final questions we have for you tell us something that happened early in your life or career that impacts the way that you're working today.

Pranay Parikh: 41:03

So I think a lot of people will probably be able to take things in their life and see little forks, right. This happened and this was a complete fork. So, one day after residency pretty much right after residency, I realized,like, I was like, I'm going to take control of my financial life, right? I didn't think, you know, just like everyone else, I was not good at numbers. I didn't know about finance and all this stuff. So I said, Hey,I'm going to, there's a doctor conference or meet up, I'm going to be more involved, right? And I was part of this doctor Facebook group, and someone said, Hey, anyone in Los Angeles, then I replied, as like, live in Los Angeles, I will host an event, I'll pay for it, I'll clean up like, I'll do everything, I just want to be involved. And my current business partner, who's a relatively big deal at the time,reached out to me and said, Hey,want to get on the phone. And our very first conversation was three and a half hours. And it was lucky that he's a dude, my wife would have been like, Who are you talking to? Like,twirling your hair? You know.But, you know, we instantly connected we had we hashed out all these, like business plans and all this stuff. And it was,it was that distinct decision,like, Hey, I'm going to really take control of my life, and just put it out there into the world, because you never know what's going to happen. I didn't know that my partner was going to reach out to me, but it was just intentional decision to really, really increase the surface area of my luck, right?I mean, that was lucky that he happened to be on at the same time saw it on all that stuff.But you know, and that's, that's the one time that sticks out in my mind, but maybe I did that a bunch of times, and none of them hit. But yeah, it's just doing that often and doing it with intention.

Jason Muth: 42:50

I've never heard that phrase increase the surface area of my luck. I love that.

Pranay Parikh: 42:55

Yeah. So you know, you have you have luck.And you You always see some people that are just really lucky, right? Like Mark Cuban,for example, or Richard Branson,right? But it's because they're doing so much. And they're failing all the time, that over time, they're increasing the surface area, right. And one of those things can be lucky. It's kind of like your tongue, right?Your tongue, you can't really see it, but it has all these little things. And it's like this. And then when you zoom in further, it's like this again.So it's all all these little areas just increased the surface area and one of those that the delicious taste is going to hit that and you're going to be like, Yeah, but if you just had a block, like one little block,then you know, you know, the chance of that hitting is pretty low.

Jason Muth: 43:43

So you knew we had to get some some medicine involved some physiology, right?Human Anatomy. Final question we have tell somebody that you're listening to watching or reading these days.

Pranay Parikh: 43:53

Yeah, so this, I get this question a lot. And I like, you know, there's always all these books that people recommend, Who Not How and you know, The One Thing. But this is different - this is called the Dictionary of Obscure Sorrows.And what it is, is, it's a collection of words in different languages. And you know, you always, you know, a lot of times you'll have this feeling, I like the word angst because it just encapsulates this like feeling of uncomfortableness, when you're expecting something to happen. But so it collects words from different languages, just to describe kind of human emotions, you know. And so like,hoggled - shocked upon looking twice, it's something you see every day, and catching an obvious detail that you've never noticed before. Alright, so it's just full of different words that kind of describe the different feelings that we go through. And a lot of times aren't able to put into words.

Jason Muth: 44:56

It's like a schadenfreude. Right?

Pranay Parikh: 44:58

Yeah, yeah,exactly. Exactly. No, or deja vu, right?

Jason Muth: 45:02

I just heard, was it freudeenfreude. I don't even know if it's a real term, but it's basically the opposite of schadenfreude, if that's indeed the thing, where it's it's a,you know, not taking pleasure in someone else's discomfort, but taking pleasure in someone else's pleasure, right, you know, so maybe somebody made that up. Yeah, growing up, I used to buy these books. You're probably a little too young for this. But there was a show on HBO back in the 80s called Not Necessarily the News. And they had a segment called Sniglets.And Sniglets were words that were supposed to be words, but just weren't. Right. They were just, they were funny. It was a funny thing. It was a comedy thing. But it was as if this was a word and it was defined. And it's almost similar to what you're describing here. I mean,these are obviously words in other languages that express a complex thought that we just don't quite have in our language and that's what a singlet was trying to be but this I'm just on the website of it right now.This looks very similar to that where you could learn words in Korean and German and Italian that we just don't have an English but have this complex thought to it. This is a fascinating potential read.

Pranay Parikh: 46:06

You know, it's something that I just pull up every so often. But yeah, you know, it's interesting because especially being able to dig into different languages. So you know, for example, it's in Spanish the word for weight and wish, the same thing, you know,and that's just such an interesting idea that, you know,if you're wishing for something you're waiting for to happen,right? And it's like

Jason Muth: 46:27

Is it esperar. Is that right?

Pranay Parikh: 46:28

Yeah, exactly.And I don't know if that many languages, you know, I'm sure each of them have like an interesting, interesting kind of abstraction or, kind of root word for us to think about.

Jason Muth: 46:43

Well talk about impostor syndrome. I took one year Spanish and somehow remember that word from 15 years ago. And Rory studied in France.He doesn't like to talk French,but he understands it more than he cares to admit. Well, this has been a fascinating discussion. I really appreciate it. You know, Pranay, can you please tell people where they can reach out to you and learn more about the work that you're doing, how they can invest with you how they can learn from you?All that great stuff.

Pranay Parikh: 47:13

So our website is ascentequitygroup.com you could sign up for our newsletter,where we post about deals talk about deals I do. I go on, like webinars and zoom all the time talking about the market, and kind of where we are. And then my podcast is on Apple podcasts,Spotify, it's called From MD to Entrepreneur,

Jason Muth: 47:36

And you're still practicing medicine.

Pranay Parikh: 47:38

Yeah.

Jason Muth: 47:39

40 hours a week?

Pranay Parikh: 47:41

No, no, you know,I've had to cut down. I was doing most of that until a couple months ago. Now. I'm about three fourths full time.So it goes by shifts. I do about10 shifts, 10-12 hour shifts. So yeah, about 40 hours for three weeks.

Jason Muth: 47:59

I think you have more than 168 hours in your week, somehow. You have about340 I don't know how you do that. But good for you. That's great. Hey, Rory, where can

Rory Gill: 48:08

People can find me through my law practice.people find you?UrbanVillage Legal,urbanvillagelegal.com or through my real estate brokerage NextHome Titletown,nexthometitletown.com.

Jason Muth: 48:18

They could find you right here. If you're in South Boston - come stop by right here on A street. And if you want to reach out to me,jason@nexthometitletown.com.I'll see your email. If you want to be on the podcast. Reach out to me. If you have comments from this episode, shoot me an email or leave them on the YouTube page. We love reviews also.Hopefully they're good reviews for our podcast. We appreciate hearing from our audience. And if you have any questions for Dr. Parikh that you can't quite get a hold of him. We will do that. Thank you so much. I don't even know is it Pranay, should we call you or should we call you Dr. Parikh? Yeah, we're all friends. Pranay, thank you so much for appearing in the podcast. This has been a enlightening discussion. I really think you're doing some fantastic work in multiple ways,not just in the medicine,medical field, presumably, but with your colleagues, you know,and really helping them along and say that there is life after practicing all this great medicine, which we need as a society. And, you know, keeping their sanity and remaining financially stable for their families too because that is very important. We've been through a very, very difficult past couple years through COVID.And you know that people in the medical profession deserve all the credit in the world. So thank you for appearing. Thanks for all your work. Rory, thanks for being our co-hosts.

Rory Gill: 49:35

Thank you. All right.

Jason Muth: 49:37

Thank you for listening. We'll talk to you next time.

Announcer: 49:40

This has been The Real Estate Law Podcast. Because real estate is more than just pretty pictures. And law goes well beyond the paperwork and courtroom arguments. were powered by NextHome Titletown,Greater Boston's progressive real estate brokerage. More at nexthometitletown.com.