I would like to welcome you to this edition of Profitable Practice Optometry Edition Magazine.
For those of you who know me or have read previous articles, you know that I try to give you the true facts on eal state and how you can benefit from it both now and in the future. In this article I would like to share a story, actually a movie that I recently watched with my 3-year-old daughter. If you have young children or grandchildren, chances are you have seen it as well. Written by a famous doctor (yes… Dr. Seuss), it is the story of The Lorax. You may wonder by now why I am going on about a Dr. Seuss movie, but bear with me, as there are some interesting lessons to be learned even for us grown-ups.
The story revolves around a character called the Once-ler. He starts off innocent as an eager inventor wanting to make his mark in the world. He finds success in the trees (literally), and instead of cultivating this resource to use bothnow and preserve for the future, he ignores everyone’s advice and is soon left with nothing. He had an incredible opportunity to build something for years to come, but took the quick and easy way out.
So what exactly does this have to do with you? The way I see it, as a professional, you have the ability to build something and let it grow for the future. It does not matter if you are at the beginning, in the middle of or approaching the end of your career. You can always plant the seed and let it grow. The other day, I met with a doctor because she had called me for advice regarding her practice. She was wondering if she should buy the building in which her practice is located. The landlord has decided to sell, and this particular doctor has been there for 10 years and intends to remain there for at least another 10 years before she sells her practice. As a working professional for over 25 years, she had always rented, and is now nervous about taking that leap from tenant to landlord. My advice was, and always will be, BE YOUR OWN TENANT. I understand many of you may not want to manage a property, but that is what management companies are for.
When it comes down to investment real estate, TIME is always the greatest asset, and it does not matter when you start the clock. Just like in The Lorax, a young go-getter was able to create riches, but he did not plant the seeds for the future. For many professionals like you, investment real estate can be the seed that gets planted for generations to come.
If you have any questions regarding investment real estate, I would be happy to answer them in my next article. Thanks for reading and I will talk to you soon!
Bottom Line: The wisdom of Dr. Seuss is revealed for optometrists considering being their own tenant.
Todd C. Slater is the President The Simple Investor Real Estate Group Inc. Todd has been one of Canada’s top realtors as well as host of Realty TV for 4 seasons. With his innovative approach to managed real estate investment properties, Todd educates and provides investors with solutions and opportunities for investment Real Estate. He can be reached at firstname.lastname@example.org or visit www.thesimpleinvestor.com