Should High Paid Professionals go Full Time in Real Estate? with Sumeet Makhijani
Sumeet, thank you for joining us today.
Thanks for having me on.
I appreciate it. You have a really cool story. I’m great. Grateful to speak with you today and share your experience with our listeners, for the folks out there who don’t know about yourself, your background, and what you do. Can you give us an intro and then we’ll go through, your story and your experience and why you made a change in life.
Sure. Yeah. Thank you. So I grew up in Chattanooga, Tennessee, so I’m, I may not look I’m very Tennessee and, or having Tennessee and accent, but they grew up in Tennessee and went to Creighton University for my undergraduate degree in Omaha. And we’ll talk, more about Omaha in the future, probably in this podcast, because there are a lot of things that led me back to Omaha after graduating there, and then eventually becoming a physician.
And ultimately a plastic surgeon is my final kind of career choice. And so I thought and trained for six years in plastic surgery in Albany, New York. And then I’ve been practicing full-time for 10 years as a plastic surgeon and about January of 2021 decided to go part-time. So I’m half-time as a plastic surgeon now and I’m full-time in real estate, so that’s a brief background and it can go in or out or any of that part of the story as much as the like yeah.
So there’s so much we can talk about. And I think a lot of our listeners are out there. Might be sitting in a position where they have a lucrative career.
Maybe they’re a physician of some kind, or maybe not. There are a lot of ways to make money out there. And they’re thinking about, should I plot an exit? Should I be a focus on passive investing in real estate? Or should I just go for it and burn the ships or partially burn the ships and go and do real estate deals.
I want to talk through your decision-making process and why you decided to go the route you ended up going rather than. Stay a hundred percent of your career and just keep piling money into passive investments and get that going. Walking back at sure. Tell us about it.
Yeah. I, the first thing I did when I first was interested in getting back into or getting into real estate was to invest as a limited partner in multifamily syndication.
So I wanted to, I was so eager to get into real estate investing. I was basically willing to do anything right away. So I had worked for. Five six years as a plastic surgeon had come upon some money that obviously I didn’t have when I was a resident. And I knew people who had done real estate investing through syndication when I was growing up they had done it more in the hotel space, but I wanted to get into multifamily.
I thought I really liked the idea of multifamily. For some reason, it just appealed to me. So I reached out to a syndicator who I had heard on a podcast. W within an hour conversation committed to investing with that person. And, probably wouldn’t do that exact same path if I were to do it again.
And it wouldn’t really recommend that to your listeners, for me, I was just so eager to start making some of that money that I had made as a plastic surgeon. I wanted it to be working for me. And so I invested with this gentleman and his company and, things have done well, don’t get me wrong, but it’s just that was kinda my first foray into.
Investing in commercial real estate. As a little bit of background on myself, my parents were both real estate, residential real estate agents when I was growing up. So I was always around real estate. My mother and father were very active. My mother was, pretty much the top producer at her company and I was constantly.
Yeah on showings, open houses, signing contracts, inspections. You name it. I was with her, cause it was pretty much the only time I could spend with my mother. She was so busy and the only quality time we got was in between these appointments and showings and such. So I was always around real estate.
And then. Became a surgeon became, became very committed to my career as a doctor, but then there was something always in the back of my mind that I wanted to get in, get into real estate, just like my parents had been. And they had a very small portfolio over the years. They had accumulated single-family rentals and things of that nature, but I had this bigger dream.
Of doing apartments, that was my goal. So about five years ago, I decided to get real serious and committed to more education in real estate. And I always tell people, I guess I just love being in debt. So I went back to school. I was working full-time as a plastic surgeon at that moment.
Committed the next two years of my life to get a master’s degree in real estate. And the knowledge I was nights and weekends studying and, doing the testing and the assignments and such, and really for me, that was to get a better sense of commercial real estate. I wanted to have a foundation in that because I did feel like I had a good foundation in residential real estate for my parents, but I wanted to do bigger things.
Like I mentioned, in, the multifamily space. So I thought if I got this degree, Prepare me for that. And it did prepare me in some ways, it taught me a lot of things in finance and in law and all these things that I had not really exposed myself to before. And so I finished that degree and that was gonna lead me to become a multifamily developer.
And really fortunately things just worked themselves out. And I did end up doing my first deal as a commercial, in real estate was a multi-family development. It was a nice six-unit apartment development, ground-up development, and in Omaha, which we, I had mentioned before and that just got it CFO this past fall.
So about a four-year project from conception to end and. And now we’re in the lease-up phase and that’s going well, thankfully, it was a very difficult way to start your real estate round-up multifamily would again, would not recommend that path for most people. And about a year ago, decided to get more serious.
Mobile home parks. So my partner and I are business partners, we started an easy living community. And the point of that was stoned and operating mobile home parks, primarily in the Midwest and Southeast, and in the last year, we’ve purchased six mobile home parks and about 300 pads. We’re expanding our business in the mobile home park asset class, and always looking for, development opportunities as they come.
But that’s our main focus now is mobile home parks. So not sure if I answered your question, but just maybe a little more background on me. Sure.
I certainly appreciate you sharing the journey with us. And you were working full-time as a surgeon while doing the master’s program nights and weekends.
And presumably, you came to a point where, okay, you graduated the. Master’s program and we’re at something of a crossroads. We, you said, am I going to stay full-time and invest on the side? Am I going to go part-time and really focus on investing, or am I going to stop being a doctor and go invest in real estate?
And you chose that middle path there but why did you go that way rather than the other two?
Yeah. I had a good experience as an LP and I could have done that really for the rest of my life. But, part of me was feeling I wanted to become more active in the space. That was one thing.
The second thing was I was getting burned out, working full time as a physician. I’d done it for 10 years, including, plus six years of my residency, which was not easy. Long hours, late nights, early mornings, and my practice, I have great partners and everything like that in my practice, but still getting burned out with those, 4:00 AM emergency room calls and things of that nature.
And I was partially getting burned out, which is another thing. And then another third thing was, I always thought to myself, what if I could never operate again? How would I make money? How would I, keep things going. And so that was always in the back of my mind. Just, again, a little more background in my personal story is that.
I’m an only child. My mother was an only child and my mother was the main breadwinner being a real estate agent. And about 15 years ago had to move to India. Full-time to take care of her parents as they were getting ill. And so we kinda lost the breadwinner in our family.
And so I thought to myself, history repeats itself, or I have to do something or I’m not able to work full time as a doctor. What, where am I going to get that income? Either to, substitute or replace or partially to replace what I’m making as a surgeon. So it was that was a big motivation for me.
Everybody has their own purpose and why they want to get into something, specifically real estate. But for me it was something I was, I knew I’d done this degree. I was thinking about it. Constantly like when is the shoe gonna drop and I’m going to have to give up my career potential, and thankfully that moment hasn’t happened yet, but I wanted to be prepared for it. And so those were kinda my reasons why I decided to get more active because I wanted to be in the business. I wanted to make a commitment to this and. I became part-time in January of 2021 because frankly, the business had gotten bigger.
My partner and I are getting busier and, I couldn’t do it all working full time. So I just had to go down to part-time just to keep my sanity and my, can my peace in my house and all the rest of it. So that was all, the things that went into making that decision to go down to.
So as you look further down the road, for the rest of this year or the future, do you see yourself maintaining a part-time surgeon schedule and the real estate or trying to go full-time real estate, or what’s the plan?
Yeah. Currently my partner business partner, and I, have it’s just the two of us running this whole company.
And we feel like we’re able to do it well at the pace we’re at, but we know as we continue to scale and get bigger, we will need to take on more help. And I think there will come a point where we do hire employees and probably many of your audience members have already gone into this point in time where they’ve maxed out their own potential to handle things with their own bandwidth.
And so now they’re hiring on people. We’d like to do the same and we see that as kind of something in our future, but I’ll keep working as a plastic surgeon to answer your question. As long as, I’m able to physically mentally, and as well as the business, isn’t suffering.
So as long as I’m able to continue to do, and what I’m doing, I think I will continue to work because I still do enjoy what I’m doing for the most part. And I still the part, I mean trained for so many years, I’ve done it for so many years. So there’s a. Feels it’d be a shame to give it totally up.
But I do find right now, as we are currently in our company and such, this is a good balance for me.
Great. So you mentioned, you, you kinda run out of your own time. You’re on a young bandwidth, I think that is the word that you used. And I think are some of our listeners out there are at the point where maybe they’re at their own little fork in the road, and they’re saying, Hey, I could just really double down on my career.
Focus on making money that way, or I could try to be more active in real estate investing, either way, we have to, we all have only so much bandwidth. What do you think about, for most people making that decision, should I be more active in real estate or focus on the LP investments?
You’ve done both, so what do you think about the deciding factors between going, hard on the LPs versus building your own thing, building your own business?
Yeah. I was actually having this conversation with one of our managers. So one of our parks, because he’s going through this same decision in his own mind.
And the way I approach it is, you can be on the LP side and totally passive. You literally hand a person, a check and you don’t have to think about it. For the most part, you put in a lot of time, maybe at the beginning learning about that general partner, learning the market there in learning about the deal, you should do all these things, which I did.
And by the way, when I was, but these are the things that you should do is you get to know the general partner. You didn’t know their management team, your structure, how they’re going to communicate with you, the returns, all that, you know, and then once that’s done and you’ve given that person the money that you’re going to give them.
Or that company, you really don’t have to think about it. So it’s completely hands-off. Whereas what I’m doing is very hands-on. Every day there are decisions to be made there are tenants to deal with there Are, financial statements to look at, there’s all these things that come up, maintenance and such.
You’re either that other extreme. And in between, there are a lot of different options. You can partner with people who may have more time and more sweat equity that they can put into things that you might be the money person. And so you provide the equity for deals and you’re maybe not as involved with the toilets and the tenants as you would if you were, had less money and you were the more, the sweat equity person.
So there’s a lot of stuff in between. It can also work well. It just depends on how you really have to decide how many hours a week, a month, whatever do you want to really get involved with this? Because it will take your time. It will take over your life if you want it to. And so you have to decide, do I want to be.
Should High Paid Professionals go Full Time in Real Estate? with Sumeet Makhijani
I have no time in this, and mental energy in it, or don’t want, I will all the time mental energy in it. Or is there some kind of in-between that maybe makes sense? Maybe I do a fourplex and I have a fourplex and I own it outright. And I have to deal with a tenant here or there. I have to turn over a unit once a year.
Once every other year, that kind of thing. So maybe that’s not as involved as maybe having a 50 Plex that you own and operate yourself. That’s going to be a lot or a hundred Plex. So there are all kinds of shades of gray in between the black and the white. So I always tell people to think about how much time they want to commit to it.
And then that’s going to decide what kind of investment you want to make.
Nice. I like that. So on your experience as an LP back when you were, really doing that, I don’t know how much you’re doing that now versus before. I think in general people don’t. Enough about how many lessons there are to be learned as a limited partner investor in these deals.
If you’re paying attention, watching the deals happen, talking to the sponsors, and seeing what goes right and goes wrong, you can pick up a lot of lessons. So when I dive into, lessons that you learned as, an LP investor.
Yeah, absolutely. I’ve only done. Help the investment. That was my first one, as I mentioned ever since then, I’ve invested in our own company, heavily invested in our own company because I believe in what we do and properties we’ve purchased.
When I was an LP investor, I think I mentioned this is that I literally just, basically shot a dart at a dartboard who was the one person I heard in a podcast. Looking back on it. Do more research on not only that person, but a lot of different options out there in the world.
But again, I was so eager to get into real estate investing. I was basically willing to give my money to anybody and which is, not the way you should do things. And lessons I’ve learned from that are, to do your research before you invest with somebody. Now I know way more than I did five years ago when I started this whole.
I know what to look for. I know what an opera greener operating agreement is. I know all kinds of stuff that I didn’t know before PPM, all these things. So you want to look at and compare your returns. You want to look at and get to know the general partners. You want to get to know the markets they’re in what they’re looking for, what the.
The plan is if there is an exit plan, how long is the hold period? That’s another big deal for a lot of people. They don’t think about it. I, you give the person the money. You don’t know when it’s coming back per se for a while, at least the principle that you put in at the beginning. Our philosophy in our company is we’re very, long-term focus, but there’s a lot of people out there who want to invest on a short-term basis.
And so they want their money in two years or four years or five years, for us, we’re a very, long-term kind of player and focus the mind. That’s very important to consider as well. I think one of the main things I’ve learned from the person I invested in in the beginning is how to run a big company.
When I started, we had nothing, we started with no properties. We were the managers. We, we still are, but my point is, we didn’t have a website, we didn’t have anything. We didn’t have any. Connecting with our investors, et cetera. So from them, they were already so big. We’re talking hundreds of millions in property that I learned how their investor relations worked.
I know I learned how they communicate with those investors. I know what kind of reports they’re providing. So it gave me an insight into what a real big company is. Does for their investors. And so I’ve tried to emulate that and just try to re basically copy the formula that they have been using.
I’m a big believer in communication. So I over-communicated to our investors because at times I felt maybe a little bit under-communicated toward them too. Another lesson there is. Over-communicating for me in our company, we send out monthly investors I guess I’d just call them, a synopsis of what’s going on with the property.
I personally ride them, my, my business partner proofs we send them out. Every month, the investors know exactly what’s going on at that property. Good, bad, and the ugly. It’s all there, black and white, they see it every month. They actually look forward to them. And that was just something I learned from, being an LP is I wanted to know as much as possible because I was actually very interested in it.
Understanding that business plan and that, that purchase, a lot of our investors literally give us money and they don’t think about it or, it’s very hands-off, but I wanted to be more hands-on. So for me, that communication was critical and that’s something I’ve given our investors or the.
Interested in it or not per se, but they get that, five-minute email that they can read and see everything they want to see about the property. So I think those are some of the lessons I’ve learned. Being an LP is, doing your homework before you invest with somebody, getting to know them, seeing their markets to see the properties, understanding.
About their business plan, what’s their track record. Of course, if you’re investing with somebody who doesn’t really have a track record, to trust their business plan, to trust them as a person, you have to trust their honesty, their ethics, et cetera. And then, really just decide how much of it you really want to learn, because there’s a lot to learn from any investment that you have.
Nice a hundred percent, so much great information in there. Now, this is a little bit of a hard shift, but I have to ask, you went and did the masters in real estate development. Given what you know now, would you do that again? If you were to make the same decision or would you just skip it and go for real estate?
Yeah. So there were a couple of ways to do that master’s when I was looking at it one way was to do it in person. And that was going to be a year of my time, full time as a student again. And I had already been a doctor for, as a physician practicing for many years and didn’t feel like that was the best use of my time.
And so that the second option was to do a two-year online version basically the same coursework, but just online and that’s what I chose. So I think if you’ve got the time. Sure great. To do it. It’s not, it never hurts to get more education. But I think 99% of people who get into this business probably don’t go get a master’s degree.
And also it costs money. I was fortunate. I had a job that paid well. And so I was able to afford more education, but not everybody has. Ability. So I think for, I think a way to skip around that where you don’t need a degree is to get mentorship. I’m a big believer in mentorship.
I offer my services to anybody who wants to use them, and there are paid mentorships out there. I know there are, and they have programs and the whole thing. Which will hopefully lead you to your first deal or multiple deals. But for me, I didn’t really seek that out as I probably should have.
So I would say mentorship can be, a shortcut. And also just, like I said, From kind of osmosis around people who’ve been successful in like investing with a general partner. Who’s done it a million times. If you take an interest and show an interest and get as much information as you can add that deal, you will learn a tremendous amount.
There’s really no replacement for doing obviously. The third thing I’d say is, just jump in at some level, whatever you feel comfortable doing for your situation, your family situation. If you’ve got. A limited amount of money. You could be the sweat equity partner in a deal and learn that way.
You’re the construction person, you know how to fix, an apartment or fix the mobile home or whatever it may be. That could be your value and you may not have a lot of money to your name, but you can do those things and still learn about them. So I don’t think it’s necessary. I think a majority, vast majority of people don’t need to do it.
Maybe if I were to go back in time, I wouldn’t do it. But for me at that time, I felt I just needed a basis for my education. I and I thought if I’m going to go out there and ask for money from people. And they say to me what experience do you have or what knowledge do you have? And I say I’m a plastic surgeon that should qualify me there.
That’s not going to carry much weight. That might carry weight if they’re asking me about the laceration, but if it’s regarding real estate investing, what am I, what do I know? Prepare them to give me money. Certainly my degree I thought would give me a little bit more background that they would feel more comfortable with investing.
So that was one of my, also my motivations.
That is a great point. You were thinking about building your resume, not just building your knowledge, but also building your resume to help folks make a decision, a knowledgeable decision, whether to invest with you and starting out, in the more active, real estate investing.
Finding the right fit in so many things is important.
The capacity, a lot of us either have. Imposter syndrome or we have to find a way to get over that and scale-up and learn. So absolutely I can appreciate all of those reasons. And I would agree that the overwhelming majority of people who do not end up in real estate do not end up getting that degree, but that doesn’t show a bad decision.
No. I certainly have no regrets. And the person I invested with as a general partner, when I first started, as an LP, I was the LP and he had been in real estate since he was 22 and had done a lot by 30 and then had started his own company, essentially shortly thereafter.
10 years. He had grown up to 40 years old. He had grown in his portfolio and the company, in a tremendous way, in my twenties, I was in school. And then I was in residency, tell us 32. And then I, I was working for 10 years. I’m 42 now. So the moral story is like all those years I was spending in my education.
He was doing stuff from the age of 22 and had grown this huge company. For him, it was a little bit different, a roadmap, but I felt like if I was coming out at basically zero to start a company, I needed to have a little bit more cloud or reputation, or as you said, resume building then.
Somebody who had never done anything, but just became a doctor and said, okay, now I’m going to become a real estate person. I didn’t have those 15, 16 years of experience in the real estate world to kinda have another investor feel comfortable with.
Nice. Makes a lot of sense.
Right now we’re going to take a quick break for our sponsor. All right. To me, I’ve got three questions. I ask every guest on the show. Are you ready? I’m ready? Yeah. Great. First one. What is the best investment you ever made other than in your education?
Yeah, no. Yeah, that’s a good, quite good question. Probably our first mobile home park, I’d say it was our best investment.
Bought that park a little over a year ago. And the whole mobile home park game is, I could have a whole nother podcast on how to find a good mobile home park, but, basically we found a park that was really great. It was in great condition. Really well maintained looked nice.
The whole, it looks like a five-star park, basically. But the only problem was it was below-market rents. And our business plan was pretty simple. It came in and solely adjusts rents to market. And, it’s been just, and just refinance it eventually which is our still our business plan.
And, it’s just been a great investment. Philly bought it aggressively at the time, but we knew what we were buying based on, market rent. We paid a decent cap categorized or, paid a reasonable price based on a pretty, pretty aggressive cap rate. But over time that’s that investment will look very wise moving forward just because we just, eventually we’ll raise rents to market and refinance and that’ll do very well.
Nice and mobile home park space, in general, has gotten considerably more popular for good reasons in the years that I’ve been a real estate investor. So that’s been certainly interesting to watch.
Yeah, absolutely.
We have the best investment. Now we go to the other side of that coin, the worst investment.
What is the worst investment you ever made?
Yeah. Fortunately, haven’t had a ton of worst investments, which is good. I think the only investment I wouldn’t say is I bring it back to my LPA investing. And again, that hasn’t been a bad deal per se, but it was very unwise. Decision-making that I made at the time.
When I invested, because again, I didn’t, I knew nothing about the property. I knew nothing about the marketing and nothing about the GP and nothing about anything. And, so as an investment, it was not a smart investment in that way, but it was just a way to get into the business, which I felt was so important.
So I’d say my worst investment is probably just not putting in the homework and doing the homework that it took. Really quantify and qualify the investment that I was making.
Yeah. The rising market that we’ve had and rising markets, in general, can hide or smooth over a lot of mistakes that we make either as limited partner investors or general partners or whatever, investing in.
If we get lucky on the market timing, then you know, we could make an uninformed, maybe reckless decision. That’s still. Working out, but it’s still learning. Like I should have maybe been more careful about that.
Yeah, absolutely. Absolutely.
My favorite question here at the end of the show is what is the most important lesson you’ve learned in business and investing?
Yeah, that’s a good question. A most important lesson, I think it’s finding the right. Fit in general. And that can be fit with your personality. What kind of risk are you willing to take to find the right fit in business partnerships? I think that’s critical. Find the right fit in asset types, find the right fit in so many things.
Areas, but knowing your own personality and finding everything that aligns with that. My business partner and I fit in the same age bracket, we fit in the same ethics morality. Long-term horizons value add type approach. And so it’s a good fit, a very good fit, and our investors are good fits.
Our investors they’re primarily high net worth earners like physicians. I can relate to all our physics. Investors cause I am one and they’re fits because they’re friends or family. And so that’s a good fit. The asset type that we’re in, I think it fits our personalities. We’ve done multifamily.
We do mobile home parks. And so we’re in the residential space. That’s a good fit for what I always wanted to do. And B I wanted to provide housing for people. So that was a good fit. So I think the lesson learned is to find what your fit is. Everything around, you should work into that.
Wow. I love that. I think that is so much a great lesson. The most successful people out there say no to things much more often than they say yes. And I think that comes down to knowing your fit and knowing what, what fits with you and what doesn’t I think the most important yeah.
What doesn’t feel? So I love it absolutely. It’s been a great conversation with you today. Thank you so much for all of the lessons. If folks want to reach out, if they want to get in touch with you, they track you track it down on the internet or anything like that. Where can they get it?
Yeah, multiple options.
I always give my phone number out. You can reach me directly on my cell phone, at (402) 850-1315. Happy to give that to anybody who feels like I could help them in any way. And then our website is easylivingcommunities.com and my contact is [email protected].
Awesome. Once again, it’s been a great conversation with you today. We talked about a few different types of education. You invested in your education as a follow-up to that. And my experience recording this podcast with yourself and many others that have been on the show before is the best way that I found that I get educated.
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Should High Paid Professionals go Full Time in Real Estate?
About our Guest
Sumeet Makhijani
Sumeet Makhijani obtained his medical degree from the University of Tennessee College of Medicine after completing his undergraduate studies at Creighton University. After completing an integrated plastic surgery residency program in Albany, New York, he started his career as an Assistant Clinical Professor of Plastic Surgery at Columbia University and has been in practice for 10 years.
Sumeet was always interested in real estate, with both parents working in the industry, and obtained a Master’s of Real Estate degree from Georgetown University in 2019. He is a co-general partner on a 96-unit multi-family development (Benson Mill) in Omaha, Nebraska that is scheduled for completion in the Fall of 2021.
Episode Show Notes
Sumeet Makhijani obtained his medical degree from the University of Tennessee College of Medicine after completing his undergraduate studies at Creighton University. After completing an integrated plastic surgery residency program in Albany, New York, he started his career as an Assistant Clinical Professor of Plastic Surgery at Columbia University and has been in practice for 10 years.
Sumeet was always interested in real estate, with both parents working in the industry, and obtained a Master’s of Real Estate degree from Georgetown University in 2019. He is a co-general partner on a 96-unit multi-family development (Benson Mill) in Omaha, Nebraska that is scheduled for completion in the Fall of 2021.
[00:01 – 05:31] Opening Segment
- Get to know Sumeet Makhijani
- Balancing life as a plastic surgeon and real estate investor
[05:32 – 17:15] Should High Paid Professionals go Full Time in Real Estate?
- Why Sumeet went full-time as a real estate professional
- Growing the business: Always looking for development opportunities and focusing on mobile home parks
- Sumeet asks himself “What do I do when I can’t operate anymore?”
- Factors to consider when deciding whether you should be a limited partner versus building your own business
[17:16 – 26:57] Pro-Tips from Sumeet as an LP
- Do your due diligence with your investors
- I love overcommunicating!
- It never hurts to get more education.
[26:58 – 36:47] Closing Segment
- Quick break for our sponsors
- Groundfloor offers short-term, high-yield real estate debt investments to the general public. Check www.passivewealthstrategy.com/groundfloor/ to get started.
- What is the best investment you’ve ever made other than your education?
- Their first mobile home park
- Sumeet’s worst investment
- An investment he knew nothing about
- What is the most important lesson that you’ve learned in business and investing?
- Finding the right fit
- Connect with my guest. See the links below.
Tweetable Quotes:
“Think about how much time you want to commit to an investment. That’s going to kind of decide what kind of investment you want to make. ” – Sumeet Makhijani
“There’s a lot to learn from any investment that you make.” – Sumeet Makhijani
“Find what your fit is and everything around you should work into that.” – Sumeet Makhijani
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Connect with Sumeet Makhijani through 402-850-1315, [email protected], and LinkedIn. Visit their website https://easylivingcommunities.com/.
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