June 14, 2017
Owning the building and land where you practice is a profitability-builder, says John C. Pack, OD. Learn how to acquire real estate as a long-term investment that enables you, ultimately, to pay yourself instead of a landlord.
Gain Greater Control Over Your Practice |
Create a Long-Term Investment |
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PROFITABLY BUILD-OUT. Know that when you spend money to expand your office, all the benefits will go to you, and not to a landlord. CHOOSE HEALTHCARE COMPLEX. If possible, choose a building filled with other healthcare practitioners. It will create a professional atmosphere and facilitate referrals. MAINTAIN BUILDING. Consider getting involved with the building board to ensure your office space and grounds are well maintained.
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CREATE A NEST EGG. After you retire, you can rent out the space for a continuing revenue stream. CHOOSE UP-AND-COMING AREA. Double-check that the property values in the area you are thinking of buying in are dependably increasing over time. SHOW PRACTICE GROWTH. Be ready to show potential lenders your profit-and-loss statements, and other signs that you are a good risk for granting a mortgage.
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John C. Pack, OD, is co-owner of Pack & Bianes Vision Care Optometry.
