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Mindset, Meditation, and Multifamily Investing with Dr. Sanjay Sharma · Physicians and Properties

• 0:00
  Dr. Sanjay Sharma: Become that individual that starts owning those, those properties.
• 0:05
  Dr. Sanjay Sharma: So, I'll give you an example.
• 0:06
  Dr. Sanjay Sharma: And, you know, I mentioned I did my training and, Mount Sinai, New York City.
• 0:09
  Dr. Sanjay Sharma: So, my wife and I, we were living in this 1 bedroom place and, it was great.
• 0:13
  Dr. Sanjay Sharma: We were newly married.
• 0:14
  Dr. Sanjay Sharma: We love the place and.
• 0:16
  Dr. Sanjay Sharma: my uncle told me is like, why are you renting?
• 0:18
  Dr. Sanjay Sharma: Once you buy the place, I was like, oh man, this is expensive.
• 0:21
  Dr. Sanjay Sharma: Right.
• 0:22
  Dr. Sanjay Sharma: And back then, I don't know how much it costs a few hundred thousand dollars, whatever it was.
• 0:26
  Dr. Sanjay Sharma: And he said, you know what?
• 0:27
  Dr. Sanjay Sharma: Don't buy the apartment by the building.
• 0:30
  Dr. Sanjay Sharma: like, what the heck is he talking about?
• 0:32
  Dr. Sanjay Sharma: Like no one buys buildings.
• 0:35
  Dr. Sanjay Sharma: I was like, I don't know who owns buildings, but I'm sure it's a big gigantic corporation that owns the entire island of Manhattan.
• 0:42
  Dr. Alex Schloe: Welcome to the Physicians and Properties Podcast.
• 0:46
  Dr. Alex Schloe: The show where we teach you how investing in real estate can give you the freedom to practice medicine and live life how you want.
• 0:55
  Dr. Alex Schloe: Doctor! Doctor! Doctor! Doctor! Doctor! Now, here's your host, Dr.
• 1:01
  Dr. Alex Schloe: Alex Schlo.
• 1:05
  Dr. Alex Schloe: Hello everyone.
• 1:06
  Dr. Alex Schloe: And welcome to another episode of the physicians and properties podcast.
• 1:10
  Dr. Alex Schloe: As always, I'm your host, Dr.
• 1:11
  Dr. Alex Schloe: Alex S Thanks for tuning in to another episode of the physicians and properties podcast.
• 1:16
  Dr. Alex Schloe: I really hope you've been enjoying this as much as I have.
• 1:19
  Dr. Alex Schloe: It has been such a joy for me to have the opportunity to interview these incredible physicians and healthcare workers who are doing big things in the real estate space, as well as the business world.
• 1:28
  Dr. Alex Schloe: I hope you've been as motivated as I have to learn how investing in real estate, operating businesses.
• 1:35
  Dr. Alex Schloe: Writing books even can give you the freedom to practice medicine and live life how you want to.
• 1:39
  Dr. Alex Schloe: Our guest today was a really fun episode to record partly because Dr.
• 1:44
  Dr. Alex Schloe: Sharma and I actually graduated from the same medical school separated by a few years, but the same school nonetheless.
• 1:50
  Dr. Alex Schloe: And so we have that common bond of graduating from the medical college of Virginia in Richmond, Virginia.
• 1:55
  Dr. Alex Schloe: Our guest today is Dr.
• 1:56
  Dr. Alex Schloe: Sanjay Sharma.
• 1:58
  Dr. Alex Schloe: He is a hematology and oncology specialist.
• 2:01
  Dr. Alex Schloe: He is a real estate professional and a visionary investor.
• 2:05
  Dr. Alex Schloe: And to be honest, just a incredible educator and mentor to many, he has been doing big things in the real estate space, but it all started as a limited partner on some deals.
• 2:16
  Dr. Alex Schloe: And he realized as he invested more and more into these limited partnerships.
• 2:20
  Dr. Alex Schloe: And did passive investing.
• 2:21
  Dr. Alex Schloe: He realized, Hey, he could do more.
• 2:23
  Dr. Alex Schloe: He could become an active investor and the general partner, and he could buy those big apartment buildings that you see, and that's what he's doing now.
• 2:30
  Dr. Alex Schloe: But it all started from a syndication as a limited partner in a deal.
• 2:34
  Dr. Alex Schloe: And then they bought a triplex and then bought more and more real estate and larger and larger properties to now where they're looking at buying a hundred units, 145 units or more in different markets throughout the Southeast and Midwest.
• 2:50
  Dr. Alex Schloe: Dr.
• 2:50
  Dr. Alex Schloe: Sharma.
• 2:51
  Dr. Alex Schloe: Is committed to teaching physicians how investing in real estate can change your life.
• 2:56
  Dr. Alex Schloe: And that's why we get along so well is because we're, we have the same mission.
• 2:59
  Dr. Alex Schloe: We have the same mindset.
• 3:00
  Dr. Alex Schloe: We have the same goals to create a community of physician, real estate investors who are then able to have the freedom to take better care of their patients, spend more time with their family, do things that they love and really see that freedom.
• 3:14
  Dr. Alex Schloe: We talk a lot about mindset as well.
• 3:16
  Dr. Alex Schloe: In this episode, it's definitely something I've been working on and has been a game changer for me.
• 3:21
  Dr. Alex Schloe: And I think we'll be for you as well.
• 3:23
  Dr. Alex Schloe: There's so much value packed into this episode.
• 3:26
  Dr. Alex Schloe: This is going to be one you're going to want to listen to multiple times.
• 3:29
  Dr. Alex Schloe: So without any further ado, let's get to today's episode with Dr.
• 3:32
  Dr. Alex Schloe: Sharma.
• 3:33
  Dr. Alex Schloe: Hello everyone.
• 3:34
  Dr. Alex Schloe: Welcome to another episode of the physicians and properties podcast.
• 3:37
  Dr. Alex Schloe: We have another exciting guest here tonight.
• 3:39
  Dr. Alex Schloe: Actually an alumni from the same medical school.
• 3:41
  Dr. Alex Schloe: I went to the medical college of Virginia.
• 3:43
  Dr. Alex Schloe: Dr.
• 3:43
  Dr. Alex Schloe: Sanjay Sharma is here.
• 3:45
  Dr. Alex Schloe: Dr.
• 3:45
  Dr. Alex Schloe: Sharma.
• 3:46
  Dr. Alex Schloe: So good to see you.
• 3:46
  Dr. Alex Schloe: Thanks for joining us today.
• 3:47
  Dr. Alex Schloe: Thank you for your time.
• 3:48
  Dr. Alex Schloe: How are things going?
• 3:50
  Dr. Sanjay Sharma: Things are great, Alex.
• 3:51
  Dr. Sanjay Sharma: I'm excited to be here.
• 3:51
  Dr. Sanjay Sharma: It's an honor to be on your podcast and thank you for your service.
• 3:55
  Dr. Alex Schloe: Oh, thank you.
• 3:56
  Dr. Alex Schloe: Yeah.
• 3:56
  Dr. Alex Schloe: Well, it's great to have you here.
• 3:57
  Dr. Alex Schloe: I really appreciate your time and thanks for joining us from sunny California.
• 4:01
  Dr. Alex Schloe: we'll hop right in.
• 4:02
  Dr. Alex Schloe: If you don't mind just kind of telling the audience a little bit about yourself, kind of your journey into medicine.
• 4:06
  Dr. Alex Schloe: And then of course, we want to hit that journey into real estate as well.
• 4:10
  Dr. Sanjay Sharma: Yeah, so yes, we have my journey in medicine.
• 4:12
  Dr. Sanjay Sharma: So I am a doctor.
• 4:13
  Dr. Sanjay Sharma: I'm a full time hematologist oncologist in Southern California in Orange County.
• 4:18
  Dr. Sanjay Sharma: it is sunny here.
• 4:18
  Dr. Sanjay Sharma: So, it's a great place to be.
• 4:20
  Dr. Sanjay Sharma: our pads, didn't cross at the same times, but the same location.
• 4:24
  Dr. Sanjay Sharma: So I did go to MCV.
• 4:26
  Dr. Sanjay Sharma: I graduated last century.
• 4:27
  Dr. Sanjay Sharma: I graduated in 1999.
• 4:29
  Dr. Sanjay Sharma: Um, and like, we were talking about, in the green room before so when I graduated MCV, it eventually changed to VCU School of Medicine.
• 4:36
  Dr. Sanjay Sharma: So, like, this was before there was basketball at VCU.
• 4:40
  Dr. Sanjay Sharma: So, you know, we didn't, we didn't have, like, the rah rah with VCU, but Richmond was a great place.
• 4:45
  Dr. Sanjay Sharma: So I grew up in the Midwest.
• 4:46
  Dr. Sanjay Sharma: I went to college at, Washington, St.
• 4:48
  Dr. Sanjay Sharma: Louis.
• 4:49
  Dr. Sanjay Sharma: And I decided to go to graduate school, but while I was in graduate school, I got into med school.
• 4:53
  Dr. Sanjay Sharma: So I ditched that became an epidemiologist and then got into school in New York and Virginia.
• 5:01
  Dr. Sanjay Sharma: And I've always been a proponent that you do everything you can to see the country to see the world.
• 5:06
  Dr. Sanjay Sharma: My parents are living in New York.
• 5:07
  Dr. Sanjay Sharma: So I'm like, I'm going to Virginia.
• 5:09
  Dr. Sanjay Sharma: I've never been in the South.
• 5:10
  Dr. Sanjay Sharma: So spend time in Virginia.
• 5:11
  Dr. Sanjay Sharma: And then for, internship and residency, I went back to St.
• 5:14
  Dr. Sanjay Sharma: Louis at Wash U.
• 5:15
  Dr. Sanjay Sharma: And then, while I was in residency, I got married, my wife was from L.
• 5:18
  Dr. Sanjay Sharma: A.
• 5:19
  Dr. Sanjay Sharma: and was in school in New York.
• 5:20
  Dr. Sanjay Sharma: And then, we moved to New York City to, do my training in hematology and oncology.
• 5:27
  Dr. Sanjay Sharma: And then at the end of fellowship, you know, we were talking about, okay, so what are we going to do?
• 5:32
  Dr. Sanjay Sharma: Are we going to, like, buy an apartment in New York City, you know, a 2 bedroom place or build a little wall for a nursery?
• 5:39
  Dr. Sanjay Sharma: Because my wife was pregnant with her 1st and.
• 5:41
  Dr. Sanjay Sharma: She's like, no, we're out.
• 5:43
  Dr. Sanjay Sharma: Oh, actually, it actually even goes further than that.
• 5:45
  Dr. Sanjay Sharma: I was going to go into academics.
• 5:47
  Dr. Sanjay Sharma: And then I was dead set on being an academic oncologist, but then New York academics are different.
• 5:53
  Dr. Sanjay Sharma: And so I was like, well, let me explore and then they offered me a salary, which was.
• 5:59
  Dr. Sanjay Sharma: Not a livable salary in New York City, so we're out and we came to Southern California and I've been here since 2005.
• 6:06
  Dr. Alex Schloe: that's awesome.
• 6:07
  Dr. Alex Schloe: I'm sure you've seen a lot of change in California and I'm sure Richmond had changed a lot in between your time and my time there as well.
• 6:14
  Dr. Alex Schloe: Two questions about MCV from 1999.
• 6:16
  Dr. Alex Schloe: One was Linda Costanza there, Costanza there.
• 6:19
  Dr. Alex Schloe: Yeah.
• 6:19
  Dr. Sanjay Sharma: Yeah.
• 6:19
  Dr. Sanjay Sharma: Yeah.
• 6:20
  Dr. Alex Schloe: Yeah, she was still there when I went, which was awesome.
• 6:22
  Dr. Alex Schloe: She's the best.
• 6:23
  Dr. Alex Schloe: I think she just retired last year.
• 6:25
  Dr. Alex Schloe: but 1 of the best physiology instructors.
• 6:28
  Dr. Alex Schloe: I'm sure that exists in the world.
• 6:29
  Dr. Alex Schloe: I mean, she's she was just just incredible.
• 6:33
  Dr. Sanjay Sharma: You remember, like, studying for USMLE?
• 6:35
  Dr. Sanjay Sharma: No, she, I forgot what text we used, but, you know, you, you would go with her and you would study like, oh, that's, oh, I haven't thought of her name in years.
• 6:42
  Dr. Sanjay Sharma: Okay.
• 6:42
  Dr. Sanjay Sharma: Wow.
• 6:43
  Dr. Sanjay Sharma: All
• 6:43
  Dr. Alex Schloe: Yeah.
• 6:44
  Dr. Alex Schloe: She's the best.
• 6:45
  Dr. Alex Schloe: And then the other was, did you ever go to Joe's in the restaurant in the fan?
• 6:48
  Dr. Alex Schloe: that was one of my favorites.
• 6:49
  Dr. Alex Schloe: Those are two things I miss about Richmond and many more, but, Linda Costanzo is great and Joe's in are great.
• 6:55
  Dr. Alex Schloe: So if anyone listening to this is going to Richmond, Virginia, you got to check out Joe's and it's a great restaurant.
• 6:59
  Dr. Alex Schloe: but yeah, it's also changed a lot.
• 7:01
  Dr. Alex Schloe: Yeah.
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  Dr. Alex Schloe: But what a great education.
• 7:02
  Dr. Alex Schloe: What a great place to learn and to, and to train.
• 7:05
  Dr. Alex Schloe: you know, Richmond was just such a fun city too.
• 7:07
  Dr. Alex Schloe: So absolutely.
• 7:08
  Dr. Alex Schloe: So, it sounds like, you know, California, that's been the place for you.
• 7:12
  Dr. Alex Schloe: and since then Orange County, have you lived, guys lived in Orange County the whole time or
• 7:16
  Dr. Sanjay Sharma: Yeah, yeah, Yeah,
• 7:18
  Dr. Alex Schloe: Cool.
• 7:19
  Dr. Alex Schloe: And then, so you, you previously, had a business, in terms of human Clive, is that correct?
• 7:24
  Dr. Alex Schloe: Where you guys kind of made a course that made cancer easier for patients to understand, probably easier for doctors to understand as well too.
• 7:30
  Dr. Alex Schloe: Is that correct?
• 7:31
  Dr. Sanjay Sharma: Yeah.
• 7:31
  Dr. Sanjay Sharma: So, I love teaching.
• 7:32
  Dr. Sanjay Sharma: I love educating.
• 7:33
  Dr. Sanjay Sharma: So, anything I can do to help that, I do it
• 7:38
  Dr. Alex Schloe: That's awesome.
• 7:38
  Dr. Alex Schloe: Yeah.
• 7:39
  Dr. Sanjay Sharma: I always tell my patients, you know, like, There's an oncologist.
• 7:41
  Dr. Sanjay Sharma: They're like, okay, tell me what to do.
• 7:43
  Dr. Sanjay Sharma: And I was like, you know, my job is actually to educate you and you put the variables in your life and you make a decision.
• 7:50
  Dr. Sanjay Sharma: It's very different than a trauma surgeon.
• 7:51
  Dr. Sanjay Sharma: You come into the ER and then boom, you got to go, you know, for me with cancer is a big time diagnosis, big life changing diagnosis that we spend most of our time just kind of educating.
• 8:00
  Dr. Alex Schloe: absolutely.
• 8:01
  Dr. Alex Schloe: Well, I'm sure you're really great at what you do.
• 8:03
  Dr. Alex Schloe: I got a great little bonus 20 minute education session with you before this, and I'm really grateful.
• 8:09
  Dr. Alex Schloe: So thanks for that.
• 8:11
  Dr. Alex Schloe: I'm sure, you know, talking with folks is a hematologist oncologist.
• 8:14
  Dr. Alex Schloe: You probably talked to a lot of folks towards the end of their lives.
• 8:18
  Dr. Alex Schloe: Has there been any like theme of discussion of like things that people wish they did differently when they were younger or any like themes that you've noticed
• 8:26
  Dr. Sanjay Sharma: interesting.
• 8:26
  Dr. Sanjay Sharma: no, but I will say 1 thing that I've noticed and all of us notice, and I'm sure you notice is that mindset is so critically important for a person, regardless of where they are in.
• 8:40
  Dr. Sanjay Sharma: In their journey, whether it's a cancer survivorship or whether it's what we do in real estate is time and time again.
• 8:46
  Dr. Sanjay Sharma: I see that the patients who got this strong mindset, like a think of like, like, think if you had to push someone over, right?
• 8:58
  Dr. Sanjay Sharma: And you had and you were standing next to, I don't know, like a football player, like an offensive lineman.
• 9:03
  Dr. Sanjay Sharma: You don't budge that person.
• 9:04
  Dr. Sanjay Sharma: So like, if you have a mind that's so strong as that, the outside things that happen to you, you keep your inner strength and it gets you through cancer survivorship.
• 9:15
  Dr. Sanjay Sharma: It gets you through those PET scans that don't look great or side effects or chemotherapy or a clinical trial.
• 9:22
  Dr. Sanjay Sharma: Or, or anything.
• 9:24
  Dr. Sanjay Sharma: And so that's 1 thing I've noticed in oncology and all throughout medicine.
• 9:30
  Dr. Sanjay Sharma: And that's 1 of the freedoms that I seek in myself to try to have that strength that inner strength,
• 9:36
  Dr. Alex Schloe: Yeah, and mindset is so important.
• 9:38
  Dr. Alex Schloe: Are there any like resources that come to mind for folks who want to know more about kind of mindset and how, that impacts medicine and real estate?
• 9:46
  Dr. Alex Schloe: Any, anybody you tend to follow or recommend?
• 9:49
  Dr. Sanjay Sharma: I would say.
• 9:50
  Dr. Sanjay Sharma: So you're asking about specific things.
• 9:52
  Dr. Sanjay Sharma: I would say everything I follow is about mountain.
• 9:54
  Dr. Sanjay Sharma: it's intertwined in kind of everything you do.
• 9:57
  Dr. Sanjay Sharma: so in terms of practices, there's different ways of practicing it and people do it differently.
• 10:01
  Dr. Sanjay Sharma: So, for example, I meditate and thus I spend time on getting my feelings in my emotions and to kind of almost like a steady joyous state as opposed to the stress of life and.
• 10:15
  Dr. Sanjay Sharma: whatever challenges you may have in terms of work and family and finances, I separate myself and spend time on gratefulness.
• 10:23
  Dr. Sanjay Sharma: And it kind of takes you into a different mental state that allows me then to think about my future and try to picture myself into those freedoms.
• 10:33
  Dr. Sanjay Sharma: Again, we talked, pre recording where I asked you, you know, what are your visions?
• 10:36
  Dr. Sanjay Sharma: Like, what do you see yourself?
• 10:38
  Dr. Sanjay Sharma: and you aptly and appropriately talked about goals that you have your family, but physically put yourself in that setting in a state of mind, where you're not kind of stressed with all the craziness of life.
• 10:51
  Dr. Sanjay Sharma: And that's kind of your challenge and that you get guided towards.
• 10:54
  Dr. Sanjay Sharma: And so that's kind of how mindset gets developed and people have different ways.
• 10:58
  Dr. Sanjay Sharma: You know, people do it through spirituality.
• 11:00
  Dr. Sanjay Sharma: I do it through my meditations.
• 11:02
  Dr. Sanjay Sharma: I am also a religious person.
• 11:04
  Dr. Sanjay Sharma: and I also recognize kind of the good and the strength of all my family members and the people before me.
• 11:10
  Dr. Sanjay Sharma: and I try to glean from that.
• 11:11
  Dr. Sanjay Sharma: And even when I'm doing kind of that gratefulness stuff, sometimes I'm thinking about people who.
• 11:17
  Dr. Sanjay Sharma: Our strangers, you know, someone on the road that smiled and said, hi, right?
• 11:20
  Dr. Sanjay Sharma: You know, that's not common in Southern California, or, whatnot, or a patient, or my kids, or my parents, or, you know, my in laws.
• 11:28
  Dr. Sanjay Sharma: so I, I glean strength from all of that, and that helps strengthen your mindset.
• 11:35
  Dr. Alex Schloe: Yeah, I couldn't agree more.
• 11:36
  Dr. Alex Schloe: I have like a miracle morning every morning, basically.
• 11:39
  Dr. Alex Schloe: And if folks aren't familiar with the miracle morning, how Elrod wrote a book called the miracle morning, it's great.
• 11:43
  Dr. Alex Schloe: You can, make different variations of it, how you see fit.
• 11:46
  Dr. Alex Schloe: But, I wake up at five, go to the gym, take a shower and sit in my car outside the clinic, read the Bible journal, try and start with something I'm grateful for, but it's typically just like a stream of consciousness.
• 11:57
  Dr. Alex Schloe: and then go to work.
• 11:57
  Dr. Alex Schloe: I've been doing that probably every day for the last year.
• 12:00
  Dr. Alex Schloe: and a half without missing a day during the work week and gosh, it's just a game changer.
• 12:05
  Dr. Alex Schloe: I mean, it just really is.
• 12:07
  Dr. Alex Schloe: I think there was one day I missed my alarm and I didn't get a chance to have that routine.
• 12:11
  Dr. Alex Schloe: And that day was just, it was shot.
• 12:13
  Dr. Alex Schloe: And, the mindset, you know, and, and having that time and that routine is really helpful for folks to really encourage people who are listening to take this stuff to heart because mindset really is a game changer.
• 12:23
  Dr. Alex Schloe: how have you found vision has impacted your real estate investing and your medical practice and so forth?
• 12:28
  Dr. Alex Schloe: If someone's looking at creating their own vivid vision.
• 12:31
  Dr. Sanjay Sharma: So the vision that specifically what you're talking about in the book, and I have my written vivid vision is is picturing yourself 3 years from now.
• 12:39
  Dr. Sanjay Sharma: that, and I wrote it as.
• 12:42
  Dr. Sanjay Sharma: I titled it, so my company's exponential capital investments, but I titled it exponential capital investment.
• 12:48
  Dr. Sanjay Sharma: I think annual report something, so, like, start out, like, whatever, dear investors, we look back in the last 3 years, and these are the kind of things that we've succeeded on.
• 12:55
  Dr. Sanjay Sharma: So I, so, within that, I talk about specifically closing on particular size building in particular parts of the country, the charity work that, we had accomplished the mentorship that we've done with other physicians, I specifically talk about in that vivid vision.
• 13:11
  Dr. Sanjay Sharma: The, physician real estate nation, a nation of physician investors who are free from kind of the burdens of finances and making medicine a better place for all patients in all, and.
• 13:25
  Dr. Sanjay Sharma: That's like my vivid vision.
• 13:27
  Dr. Sanjay Sharma: and within that, I incorporate the freedoms I'm looking for in the sense of, it allows me to have time freedom where I can do podcasts with you or they knew at random times of the day or my kids are getting older.
• 13:39
  Dr. Sanjay Sharma: They're gonna their juniors and seniors in high school.
• 13:41
  Dr. Sanjay Sharma: So It's not so much that they're eight years old and I can, take them to soccer and all that kind of stuff, but, you know, spending time with them and spending time with my family or my parents or whatever and vitality.
• 13:51
  Dr. Sanjay Sharma: I mean, you're in the air force.
• 13:52
  Dr. Sanjay Sharma: You talk about exercise and likewise is super important to me is, you know, having that strength and the things that we did see, you mentioned that in oncology we talk about and we see end of life issues and I've had too many patients who waited to retire to buy that RV and to travel and they ignore the abdominal pain they've had for two years.
• 14:09
  Dr. Sanjay Sharma: Yeah.
• 14:10
  Dr. Sanjay Sharma: And that ends up being metastatic pancreatic cancer or colon or whatever it may be.
• 14:14
  Dr. Sanjay Sharma: And you want to have that strength of vitality.
• 14:17
  Dr. Sanjay Sharma: And then obviously geography to be anywhere in the world.
• 14:20
  Dr. Sanjay Sharma: and to do these things.
• 14:21
  Dr. Sanjay Sharma: and so that's my vision and it's physically written down and what that does to you.
• 14:27
  Dr. Sanjay Sharma: It allows you similar to what I was talking about mindset and meditation.
• 14:30
  Dr. Sanjay Sharma: It puts you in that place and it gives you a guide.
• 14:34
  Dr. Sanjay Sharma: So now let's relate that to how we're guided in medicine.
• 14:37
  Dr. Sanjay Sharma: Okay.
• 14:38
  Dr. Sanjay Sharma: So, we're guided in medicine.
• 14:40
  Dr. Sanjay Sharma: It's a mentorship.
• 14:41
  Dr. Sanjay Sharma: so by default, we both went to MCV, you know, for us in medicine, your job was to get into med school.
• 14:49
  Dr. Sanjay Sharma: Once you got into med school, the apprenticeship takes you along.
• 14:53
  Dr. Sanjay Sharma: Okay, so it's kind of pretty simple.
• 14:57
  Dr. Sanjay Sharma: If you think about it, like, I don't think medicine is hard.
• 14:59
  Dr. Sanjay Sharma: I don't think being a doctor is hard.
• 15:00
  Dr. Sanjay Sharma: You just have to get in the front door and then you're guided what to do on day one at MCV.
• 15:05
  Dr. Sanjay Sharma: Here's your syllabus, right?
• 15:06
  Dr. Sanjay Sharma: You have a test in two weeks.
• 15:08
  Dr. Sanjay Sharma: Okay.
• 15:09
  Dr. Sanjay Sharma: This is how you pass us at Millie.
• 15:11
  Dr. Sanjay Sharma: You know, we talked about Linda.
• 15:12
  Dr. Sanjay Sharma: This is how you get into residency.
• 15:14
  Dr. Sanjay Sharma: This is what you do for you to attending.
• 15:15
  Dr. Sanjay Sharma: We're guided.
• 15:16
  Dr. Sanjay Sharma: Okay.
• 15:17
  Dr. Sanjay Sharma: In entrepreneurship.
• 15:17
  Dr. Sanjay Sharma: It's different.
• 15:18
  Dr. Sanjay Sharma: You're not given a textbook.
• 15:20
  Dr. Sanjay Sharma: So that's what your vivid vision is that you've created yourself and you're guided either purposely.
• 15:26
  Dr. Sanjay Sharma: Whereas, and I'm assuming in your miracle morning, at least in my miracle morning, there's also scheduling and putting things forward.
• 15:34
  Dr. Sanjay Sharma: And there's something called called Eisenhower matrix that I use.
• 15:37
  Dr. Sanjay Sharma: So now you're guiding yourself.
• 15:40
  Dr. Sanjay Sharma: You're not being guided by other people and other people's, schedule and timeline.
• 15:46
  Dr. Sanjay Sharma: It's yours.
• 15:47
  Dr. Sanjay Sharma: And that's a pretty beautiful and amazing and powerful thing because most of us, we just live lives based on what's around us, the circumstances that are around us.
• 15:56
  Dr. Sanjay Sharma: You're busy today because you have 25 patients.
• 15:59
  Dr. Sanjay Sharma: You're busy today because whatever, you know, something's going on with your kids or your wife or this, that, or the other, or if you're a football fan, so and so's at the playoffs.
• 16:08
  Dr. Sanjay Sharma: How about you create your own mind, and what you did through that Vivid Vision, you had to strengthen your mindset practice.
• 16:14
  Dr. Sanjay Sharma: And now, that's what truly being guided is about.
• 16:18
  Dr. Sanjay Sharma: So, that's kind of how I look at my Vivid Vision and what I see for the future.
• 16:22
  Dr. Sanjay Sharma: Yeah.
• 16:31
  Dr. Alex Schloe: surpass what's on that vivid vision.
• 16:33
  Dr. Alex Schloe: cause you're so focused on that.
• 16:35
  Dr. Alex Schloe: And your particular activating system has been activated like we discussed and, and you're just, just charging up that mountain.
• 16:41
  Dr. Alex Schloe: and I think you mentioned a good point too, talking about the folks who are waiting until they retire to buy the RV.
• 16:45
  Dr. Alex Schloe: it's important to enjoy that climb as well up the mountain.
• 16:48
  Dr. Alex Schloe: I think sometimes folks, we just focus on, Hey, what's the summit, what's the peak, what's the end of that vivid vision.
• 16:53
  Dr. Alex Schloe: And we kind of forget the in between and forget the climb.
• 16:56
  Dr. Alex Schloe: And so I think that's really important as well.
• 16:58
  Dr. Alex Schloe: So thanks for touching on that point too.
• 17:00
  Dr. Alex Schloe: Well, let's kind of pivot into real estate.
• 17:02
  Dr. Alex Schloe: So how did you get involved in real estate?
• 17:04
  Dr. Alex Schloe: Kind of take, take me back to the beginning of real estate investing for you.
• 17:07
  Dr. Alex Schloe: And we'll kind of work our way through that journey.
• 17:10
  Dr. Sanjay Sharma: So I think immediately everyone understands real estate because everyone has is living in some place or another.
• 17:15
  Dr. Sanjay Sharma: and then everyone gets the concept that people who are wealthy own real estate.
• 17:20
  Dr. Sanjay Sharma: the stuff that is hard to make is how do you.
• 17:23
  Dr. Sanjay Sharma: Yeah.
• 17:24
  Dr. Sanjay Sharma: Become that individual that starts owning those, those properties.
• 17:29
  Dr. Sanjay Sharma: So, I'll give you an example.
• 17:30
  Dr. Sanjay Sharma: And, you know, I mentioned I did my training and, Mount Sinai, New York City.
• 17:33
  Dr. Sanjay Sharma: So, my wife and I, we were living in this 1 bedroom place and, it was great.
• 17:37
  Dr. Sanjay Sharma: We were newly married.
• 17:38
  Dr. Sanjay Sharma: We love the place and.
• 17:40
  Dr. Sanjay Sharma: my uncle told me is like, why are you renting?
• 17:42
  Dr. Sanjay Sharma: Once you buy the place, I was like, oh man, this is expensive.
• 17:46
  Dr. Sanjay Sharma: Right.
• 17:46
  Dr. Sanjay Sharma: And back then, I don't know how much it costs a few hundred thousand dollars, whatever it was.
• 17:51
  Dr. Sanjay Sharma: And he said, you know what?
• 17:51
  Dr. Sanjay Sharma: Don't buy the apartment by the building.
• 17:54
  Dr. Sanjay Sharma: like, what the heck is he talking about?
• 17:57
  Dr. Sanjay Sharma: Like no one buys buildings.
• 17:59
  Dr. Sanjay Sharma: I was like, I don't know who owns buildings, but I'm sure it's a big gigantic corporation that owns the entire island of Manhattan.
• 18:05
  Dr. Sanjay Sharma: But it ain't me now.
• 18:06
  Dr. Sanjay Sharma: I own buildings, but, and that kind of.
• 18:10
  Dr. Sanjay Sharma: Put that bug in my ear, and then I also saw during those 3 years in Manhattan that properties really went up in price and I was like, darn it.
• 18:18
  Dr. Sanjay Sharma: And in fact, when we moved to California, like, man, I wish we'd have owned there because it's worth so much.
• 18:22
  Dr. Sanjay Sharma: And then my other home then became Southern California.
• 18:26
  Dr. Sanjay Sharma: And that in Southern California, real estate is king.
• 18:28
  Dr. Sanjay Sharma: I mean, if you just bought a property and you held on to it long enough.
• 18:32
  Dr. Sanjay Sharma: You know, people are worth hundreds of thousands of dollars, if not millions of dollars, like I have so many patients who, they bought their house for, I don't know, 12, 000.
• 18:39
  Dr. Sanjay Sharma: And now it's 4 million dollars.
• 18:42
  Dr. Sanjay Sharma: it was always there right in front of me.
• 18:44
  Dr. Sanjay Sharma: I just didn't know how it worked.
• 18:47
  Dr. Sanjay Sharma: And then early in my career, we joined a syndication to buy a building.
• 18:51
  Dr. Sanjay Sharma: And again, I didn't know what I was doing.
• 18:54
  Dr. Sanjay Sharma: Like, we sat in the meeting and they said, okay, this is what the deal is.
• 18:58
  Dr. Sanjay Sharma: We're going to buy this building.
• 18:59
  Dr. Sanjay Sharma: And you're going to get returns and I was like, I don't get it.
• 19:03
  Dr. Sanjay Sharma: Right.
• 19:04
  Dr. Sanjay Sharma: Just doesn't make sense.
• 19:05
  Dr. Sanjay Sharma: I was like, okay, I'm just gonna put my money in a 401k, but everyone is doing this.
• 19:09
  Dr. Sanjay Sharma: So maybe I'll do it.
• 19:10
  Dr. Sanjay Sharma: And then someone's like, well, don't invest if you're afraid of losing money.
• 19:13
  Dr. Sanjay Sharma: I'm like, well, I'm afraid of losing money.
• 19:15
  Dr. Sanjay Sharma: I don't want to lose money.
• 19:16
  Dr. Sanjay Sharma: Right.
• 19:17
  Dr. Sanjay Sharma: Okay, I'll do it.
• 19:18
  Dr. Sanjay Sharma: And that came out to be a very lucrative.
• 19:21
  Dr. Sanjay Sharma: Investment that we're still part of.
• 19:23
  Dr. Sanjay Sharma: it was a syndication.
• 19:25
  Dr. Sanjay Sharma: It was a build of the medical office building, which was a build, but like, never to sell.
• 19:28
  Dr. Sanjay Sharma: So we're still in it, like, you know, 12, 13, 14 years later, 15 years later, And so that was that.
• 19:34
  Dr. Sanjay Sharma: I still didn't understand.
• 19:35
  Dr. Sanjay Sharma: I still didn't know what was going on, but, you know, I was getting quarterly checks and then I started learning more about real estate and like every single doctor who's listening to this podcast, we spent a gazillion hours learning and reading and listening to podcasts and then second guessing and making spreadsheets.
• 19:50
  Dr. Sanjay Sharma: And then just, you know, we dig deep when doctors get into it, we really really like to study it.
• 19:57
  Dr. Sanjay Sharma: And then I got involved in another LP.
• 20:00
  Dr. Sanjay Sharma: On a, industrial building in L.
• 20:01
  Dr. Sanjay Sharma: A.
• 20:02
  Dr. Sanjay Sharma: And man, within 2 years, it was like a 70 80 percent return.
• 20:05
  Dr. Sanjay Sharma: That blew my mind.
• 20:06
  Dr. Sanjay Sharma: I was like, holy cow, but I still didn't recognize how to be an operator.
• 20:12
  Dr. Sanjay Sharma: in fact, when I would talk to the operators, they're like, oh, dude, you're a doctor, you know, just stick with this and I kind of accepted it.
• 20:20
  Dr. Sanjay Sharma: and then my wife and I, we started doing active real estate all in Southern California.
• 20:24
  Dr. Sanjay Sharma: where we bought a duplex, built it into a triplex and, actually, active military, officer purchase it from us.
• 20:32
  Dr. Sanjay Sharma: And we made this great profit.
• 20:34
  Dr. Sanjay Sharma: And then we exchanged that into a 3 unit and a 4 unit, and then we rehabbed it, bought it.
• 20:41
  Dr. Sanjay Sharma: One building was in a massively gentrifying area.
• 20:44
  Dr. Sanjay Sharma: So, by the time we rented it, we were renting to, like, attorneys and teachers and, all these, like, professionals, rent had tripled, other building, likewise, rent was under a thousand, and then we rehabbed it and we rented it for 3, 000.
• 21:00
  Dr. Sanjay Sharma: So, like, there was massive, forced appreciation, massive value add that we did, and I just utilized the hours and all the kind of stuff that I had spent, like, all that studied kind of came to fruition, but then I said, huh, let me look at my vision.
• 21:17
  Dr. Sanjay Sharma: I don't know if I'd written.
• 21:18
  Dr. Sanjay Sharma: No, I hadn't written my vision by then, but it didn't meet all the freedoms that I was looking for.
• 21:23
  Dr. Sanjay Sharma: it wasn't getting me to.
• 21:26
  Dr. Sanjay Sharma: That level I wanted to be in terms of the freedoms, it wasn't making me financially independent.
• 21:32
  Dr. Sanjay Sharma: It wasn't giving me that that strong source of time and geography.
• 21:37
  Dr. Sanjay Sharma: The income was great, but It didn't meet all my necessities and I wanted to be in larger situations.
• 21:44
  Dr. Sanjay Sharma: And that's when I started syndicating.
• 21:46
  Dr. Sanjay Sharma: that's when I started seeking mentors.
• 21:48
  Dr. Sanjay Sharma: That's when I started, you know, develop my companies and in the formal basis.
• 21:53
  Dr. Sanjay Sharma: and that's really where.
• 21:54
  Dr. Sanjay Sharma: Things started to increase again, we were talking beforehand and I was kind of asking you about your how your journey is going in and you're doing incredibly well.
• 22:03
  Dr. Sanjay Sharma: And we kind of officially talked about where you could be.
• 22:07
  Dr. Sanjay Sharma: We actually honestly talked about where you could be in 1 year and in terms of your area of influence and how you would start bringing in more influential people and.
• 22:16
  Dr. Sanjay Sharma: Both of you had said, Oh, it's going to snowball.
• 22:18
  Dr. Sanjay Sharma: And you're like, yeah, it's going to snowball.
• 22:20
  Dr. Sanjay Sharma: So that's what happens.
• 22:23
  Dr. Sanjay Sharma: when I realigned myself, stronger mindset recognized, and I could tangibly write down my vision, bringing in mentors, thus bringing in partners and then expanding.
• 22:35
  Dr. Sanjay Sharma: That's my story.
• 22:36
  Dr. Alex Schloe: That's awesome.
• 22:37
  Dr. Alex Schloe: there's a ton to unpack there.
• 22:39
  Dr. Alex Schloe: Going back to mindset a little bit.
• 22:40
  Dr. Alex Schloe: Was there a mindset shift for you going from kind of LP investor to a GP or more passive to active?
• 22:47
  Dr. Alex Schloe: What was that like for you to, to make that jump?
• 22:49
  Dr. Sanjay Sharma: so you asked two things, you said, was there a mindset shift?
• 22:52
  Dr. Sanjay Sharma: absolutely.
• 22:53
  Dr. Sanjay Sharma: 100%.
• 22:53
  Dr. Sanjay Sharma: And the second thing is, how did it feel?
• 22:56
  Dr. Sanjay Sharma: it was the mindset shift was recognizing, or giving myself credit for what I do being grateful for what I've done and I would say a lot of it is giving myself credit and recognizing that.
• 23:10
  Dr. Sanjay Sharma: you can grow and you can master these things like look at us and everyone who's listening to this like think about the things you did you've mastered your profession.
• 23:18
  Dr. Sanjay Sharma: Okay, fine.
• 23:19
  Dr. Sanjay Sharma: Granted, you may be in practice for two years.
• 23:23
  Dr. Sanjay Sharma: I've been practicing for 18 years.
• 23:25
  Dr. Sanjay Sharma: I may have a ton more experience and I have a lot more comfortability and anything that walks through the doors in terms of hematology oncology.
• 23:32
  Dr. Sanjay Sharma: And if you're in a resident, or if you're two years, you may not have that because you don't have the same experience.
• 23:37
  Dr. Sanjay Sharma: But you know, you really mastered all the things.
• 23:40
  Dr. Sanjay Sharma: I mean, you did really darn good in school.
• 23:42
  Dr. Sanjay Sharma: you know, your grades were great You did the activities that you needed to do.
• 23:46
  Dr. Sanjay Sharma: You had an excellent, essay, you know, you had great MCAT scores and think back when you started to MCAT, when you, when you started MCV, I remember, man, when I sat in that room at MCV, I forgot what hall it was.
• 23:59
  Dr. Sanjay Sharma: I was like, I know I'm the dumbest person in here.
• 24:02
  Dr. Sanjay Sharma: Like, you feel so darn inferior.
• 24:05
  Dr. Sanjay Sharma: When every single person around you is exactly the same, you know, my roommate and ended up, you know, graduating number one, number two, and we're still good friends and he lives in Southern California here, he's actually one of my investors, but, he was A normal person, but exceedingly smart and all that kind of stuff that we're all the same darn people.
• 24:24
  Dr. Sanjay Sharma: So, and the same thing that happened in residency, like, I went to, you know, this prestigious, internal medicine residency, the program director kind of, like, came in the room on, like, day 1 and said.
• 24:34
  Dr. Sanjay Sharma: we are orange.
• 24:36
  Dr. Sanjay Sharma: We are wash shoe.
• 24:37
  Dr. Sanjay Sharma: We are like the best in the world.
• 24:39
  Dr. Sanjay Sharma: You know, people look up to us.
• 24:40
  Dr. Sanjay Sharma: We published the wash you man.
• 24:42
  Dr. Sanjay Sharma: You know, I'm like, I don't belong.
• 24:44
  Dr. Sanjay Sharma: I am in the wrong place.
• 24:46
  Dr. Sanjay Sharma: I don't know what dummy decided to accept me in here, but I am a dummy compared to everyone else.
• 24:50
  Dr. Sanjay Sharma: So there's that imposter syndrome.
• 24:52
  Dr. Sanjay Sharma: So now you would take what was the switch LP to GP.
• 24:58
  Dr. Sanjay Sharma: It was accepted.
• 24:59
  Dr. Sanjay Sharma: No, I can do this.
• 25:01
  Dr. Sanjay Sharma: I can master this.
• 25:02
  Dr. Sanjay Sharma: it's not an imposter syndrome.
• 25:04
  Dr. Sanjay Sharma: And it was that inner strength that just put me there, like literally nothing happened.
• 25:08
  Dr. Sanjay Sharma: Right.
• 25:08
  Dr. Sanjay Sharma: It wasn't like I'm sitting there at 9:00 AM and then at 9 0 1, am like, boom.
• 25:14
  Dr. Sanjay Sharma: it's not like when you get to med school, you got a letter and it said, oh, son, the gun I made it, I got into med school.
• 25:18
  Dr. Sanjay Sharma: you're right.
• 25:19
  Dr. Sanjay Sharma: It's kind of a Mindset shift that gets you there.
• 25:22
  Dr. Alex Schloe: Yeah.
• 25:23
  Dr. Alex Schloe: I remember too, the Egyptian building.
• 25:25
  Dr. Alex Schloe: that's where we first met, you know?
• 25:26
  Dr. Alex Schloe: Yeah.
• 25:27
  Dr. Alex Schloe: And, I remember thinking the same thing.
• 25:29
  Dr. Alex Schloe: I'm the dumbest one here.
• 25:30
  Dr. Alex Schloe: And it was interesting going from college where like, frankly, honestly, in college, I was one of the smarter ones that I knew that.
• 25:37
  Dr. Alex Schloe: To the med school and you're like, Oh my goodness.
• 25:38
  Dr. Alex Schloe: Yeah.
• 25:38
  Dr. Alex Schloe: All these people are just as smart as me or smarter.
• 25:40
  Dr. Alex Schloe: And the majority were smarter.
• 25:42
  Dr. Alex Schloe: And, it's just crazy how that works.
• 25:44
  Dr. Alex Schloe: and also how other people, you know, in your med school class and mentors and residency and investors and partners, how they lift you up and pull you along and help you out on that journey too.
• 25:54
  Dr. Alex Schloe: And I'm sure that was a huge piece for you as well, as you made that shift.
• 25:58
  Dr. Alex Schloe: to become a more of an active investor.
• 26:00
  Dr. Alex Schloe: I'm sure you had plenty of awesome mentors who are pouring into you as you had that support system, almost like the attending when you were the resident, you knew, Hey, they had your back and you had someone to lean into.
• 26:09
  Dr. Alex Schloe: So I think sometimes people think if they're going to get into the real estate investing game, that they have to do it alone or they have to do everything.
• 26:17
  Dr. Alex Schloe: And you don't, I mean, there's two of us here who are more than happy to help out anyone, I'm sure.
• 26:22
  Dr. Alex Schloe: So, yeah, it's really cool to hear your journey.
• 26:25
  Dr. Alex Schloe: so now it sounds like predominantly focused commercial multifamily properties.
• 26:28
  Dr. Alex Schloe: Is that correct?
• 26:30
  Dr. Alex Schloe: Is there a specific market you're looking into and you're
• 26:33
  Dr. Sanjay Sharma: so right now we're shopping in Atlanta.
• 26:36
  Dr. Sanjay Sharma: And Indiana curiously, and those 2 markets are Atlanta.
• 26:40
  Dr. Sanjay Sharma: I've known because my parents used to live there.
• 26:42
  Dr. Sanjay Sharma: We own in Atlanta and Indiana.
• 26:46
  Dr. Sanjay Sharma: we're searching there because my mentors in a project we were involved with was interestingly in Indiana.
• 26:52
  Dr. Sanjay Sharma: I kind of know the area because I grew up in the Midwest.
• 26:55
  Dr. Sanjay Sharma: Kind of a personal connections, but that's what we're actually shopping for.
• 26:58
  Dr. Sanjay Sharma: You know, we're looking for 100 plus units.
• 27:00
  Dr. Sanjay Sharma: To give our investors a 2 X return in 5 to 7 years is greater than 15%.
• 27:05
  Dr. Sanjay Sharma: so that's what we're shopping for.
• 27:08
  Dr. Alex Schloe: That's awesome.
• 27:09
  Dr. Alex Schloe: Are you guys predominantly looking for more cashflow plays value add plays appreciation or just a combination of all three?
• 27:15
  Dr. Alex Schloe: Is there something you tend to focus on?
• 27:17
  Dr. Sanjay Sharma: Yeah.
• 27:18
  Dr. Sanjay Sharma: So forced appreciation.
• 27:19
  Dr. Sanjay Sharma: Uh, so for sure value add, but in terms of, we need value add in.
• 27:25
  Dr. Sanjay Sharma: We don't want to be speculative, so that's kind of when the cash flow part comes in.
• 27:29
  Dr. Sanjay Sharma: So we want value add, but we want the cash flow to give to our investors.
• 27:34
  Dr. Sanjay Sharma: During, the operations of a project, we were actually in a great deal that we pulled out because we just couldn't get the cash flow.
• 27:41
  Dr. Sanjay Sharma: I mean, the returns are great.
• 27:42
  Dr. Sanjay Sharma: And then we would hit that 2 X return.
• 27:45
  Dr. Sanjay Sharma: But without having the cash flow in between, and then so let me kind of explain that because this is a question that comes up from investors all the time.
• 27:53
  Dr. Sanjay Sharma: And actually, at the end, when you go to our, how you can contact me, I, I do have a free ebook that explains all of this that your listeners are welcome to have.
• 28:00
  Dr. Sanjay Sharma: But the concept is when you're talking to an investor.
• 28:03
  Dr. Sanjay Sharma: They, and the, when you're doing a syndication model, a syndication is purely you, aggregate people, investors, money, and then when you have more capital, you can buy a bigger building, simplest way of thinking about it.
• 28:16
  Dr. Sanjay Sharma: And then it's the investors who, as GPs are focuses the investors and the tenants.
• 28:24
  Dr. Sanjay Sharma: Only those two.
• 28:25
  Dr. Sanjay Sharma: And then so for the investors, you need to give a return.
• 28:28
  Dr. Sanjay Sharma: So I use some terminology.
• 28:29
  Dr. Sanjay Sharma: The simplest way to think about it is, can we get close to two X in a person's money in five to seven years?
• 28:35
  Dr. Sanjay Sharma: So 100, 000 investment, can that be 200, 000 five years from now or seven years from now?
• 28:39
  Dr. Sanjay Sharma: And then I use some other terms, IRR and all that kind of stuff.
• 28:42
  Dr. Sanjay Sharma: So it's one thing to say, Hey, come invest with me, come invest with exponential capital investments, and I'm going to give you 200, You know, in 2028, that sounds great.
• 28:54
  Dr. Sanjay Sharma: But what happens in the interim you need to keep your investors engaged.
• 28:59
  Dr. Sanjay Sharma: You need to always keep them in mind.
• 29:01
  Dr. Sanjay Sharma: So you, all the deals we look for is to give cash flow, throughout it.
• 29:06
  Dr. Sanjay Sharma: It's not going to be.
• 29:07
  Dr. Sanjay Sharma: A ton of cash flow, but it's that you're operating the building appropriately and you're able to, and you conservatively underwrote it and you have enough equity in the building.
• 29:16
  Dr. Sanjay Sharma: That basically the rents are paying the mortgage and paying you more.
• 29:19
  Dr. Sanjay Sharma: and so that's why I stress cashflow, but we're true value at, we want to get that two X returns.
• 29:25
  Dr. Sanjay Sharma: We're not holding these for, you know, 20 years to eventually get 10, 12, 14 percent returns.
• 29:32
  Dr. Alex Schloe: Are you guys typically, 1031 exchanging these properties after, or are you just, are you selling them?
• 29:37
  Dr. Alex Schloe: Are you doing a cash out refinance and paying off investors?
• 29:40
  Dr. Sanjay Sharma: so now you're kind of talking about how, how money is made.
• 29:44
  Dr. Sanjay Sharma: So let's actually go through everything.
• 29:46
  Dr. Sanjay Sharma: So when we talk about a two X that's based on.
• 29:48
  Dr. Sanjay Sharma: Well, I'll define some terms.
• 29:50
  Dr. Sanjay Sharma: So there's preferred returns and equity splits.
• 29:54
  Dr. Sanjay Sharma: So our goals are typically 7 percent per returns with a 70 30 split.
• 29:58
  Dr. Sanjay Sharma: So what that means is we're saying that.
• 30:02
  Dr. Sanjay Sharma: In our underwriting of the building in our operations of the building, we are anticipating that we are giving a greater than 7 percent return per year.
• 30:11
  Dr. Sanjay Sharma: So, meaning on a 100, 000 dollar investment or 50, I use 100, 000 dollars not to scare people away and be like, forget this guy, but just to use like numbers that are easy math.
• 30:22
  Dr. Sanjay Sharma: So we're saying that this building will operate.
• 30:25
  Dr. Sanjay Sharma: That we anticipate there'll be at least a 7 percent return.
• 30:28
  Dr. Sanjay Sharma: So you're 1 7000, you're 27, 000, you're 37, 000, you're 4, et cetera.
• 30:32
  Dr. Sanjay Sharma: however, what we also say is that, The deal that 7 percent comes when the business cycle has completed.
• 30:41
  Dr. Sanjay Sharma: So say for example, so at the beginning you have this capital and you need the capital to buy the building, to rehab the building and all that kind of stuff.
• 30:49
  Dr. Sanjay Sharma: It just takes more money.
• 30:50
  Dr. Sanjay Sharma: It's like when you buy a house, you decide to get furniture, you decide to paint the place.
• 30:54
  Dr. Sanjay Sharma: It's not just the down payment that you're using.
• 30:56
  Dr. Sanjay Sharma: So the returns may be three and a half percent, make it 3, 500 year one, 4, 000 year two.
• 31:01
  Dr. Sanjay Sharma: And then when you sell the building, you go back in time and say, holy, I gave you 3, 000 year one.
• 31:06
  Dr. Sanjay Sharma: I still owe you 4, 000.
• 31:08
  Dr. Sanjay Sharma: So here's 4, 000.
• 31:09
  Dr. Sanjay Sharma: Year two, I gave you 4, 000.
• 31:10
  Dr. Sanjay Sharma: Here's 3, 000.
• 31:11
  Dr. Sanjay Sharma: So that's what that preferred return is.
• 31:13
  Dr. Sanjay Sharma: the 2nd way you make money is on the profits.
• 31:15
  Dr. Sanjay Sharma: I need the term 70 30.
• 31:17
  Dr. Sanjay Sharma: So, let's say in that in that example, I said, you sell the building.
• 31:20
  Dr. Sanjay Sharma: and then, you have a 10Million dollar in profit after you've given all the preferred returns.
• 31:25
  Dr. Sanjay Sharma: Then you split it, so if it's 70, 30, 7Million dollars with investors, 3Million dollars come to the, The general partners, so that's how people make money.
• 31:33
  Dr. Sanjay Sharma: Then you also talked about refinancing.
• 31:35
  Dr. Sanjay Sharma: Yeah, the goal is always to refinance.
• 31:37
  Dr. Sanjay Sharma: to try to return capital as soon as possible.
• 31:39
  Dr. Sanjay Sharma: So when you force value add, you may buy a billion at 10 million, but you know, if you increase the income, that'd be worth 14 million.
• 31:47
  Dr. Sanjay Sharma: So, then you go to the bank, you say, hey, my building is now worth 14, 000, 000, just like you do in your personal home.
• 31:52
  Dr. Sanjay Sharma: You refinance money out.
• 31:54
  Dr. Sanjay Sharma: You do the same thing in the commercial building.
• 31:56
  Dr. Sanjay Sharma: So, yeah, those are always our goals.
• 31:58
  Dr. Sanjay Sharma: And then, at the end, you're actually talking about tax terms.
• 32:01
  Dr. Sanjay Sharma: So you could sell the building and you have that profit.
• 32:04
  Dr. Sanjay Sharma: And as opposed to the money you're making as a doctor, which is ordinary income, so whatever, if you're 50 percent tax bracket in California.
• 32:11
  Dr. Sanjay Sharma: You make a 100, 000, 50, 000 to go to the IRS and real estate.
• 32:16
  Dr. Sanjay Sharma: It's a capital gain.
• 32:18
  Dr. Sanjay Sharma: So it's 20 percent and then there's depreciation.
• 32:20
  Dr. Sanjay Sharma: So it's actually lower, or you roll that money into the next deal and you don't pay any taxes.
• 32:25
  Dr. Alex Schloe: yeah, it's beautiful.
• 32:26
  Dr. Alex Schloe: The tax benefits of real estate are incredible.
• 32:28
  Dr. Alex Schloe: It could be a whole, whole nother podcast episode.
• 32:30
  Dr. Alex Schloe: I'm sure.
• 32:31
  Dr. Alex Schloe: why do you think that physicians make good investors or why do you think a physician would be a good LP investor in one of your deals?
• 32:39
  Dr. Sanjay Sharma: Yeah.
• 32:40
  Dr. Sanjay Sharma: So physician investors, especially when it comes to us, we speak the same language.
• 32:44
  Dr. Sanjay Sharma: We come from the same.
• 32:45
  Dr. Sanjay Sharma: Place we went to the same schools.
• 32:47
  Dr. Sanjay Sharma: So there's an automatic connection.
• 32:49
  Dr. Sanjay Sharma: the important thing that a physician needs to do is they need to be analytical in their decision.
• 32:55
  Dr. Sanjay Sharma: you will be at different points of your life.
• 32:57
  Dr. Sanjay Sharma: You'll be approached by lots of investments.
• 33:00
  Dr. Sanjay Sharma: You've got to analyze.
• 33:01
  Dr. Sanjay Sharma: The deal, and when it's actually coming to the through syndications, you got to analyze the sponsor.
• 33:06
  Dr. Sanjay Sharma: The most important thing is to to trust the sponsor.
• 33:09
  Dr. Sanjay Sharma: You're not going to fly out to the building.
• 33:11
  Dr. Sanjay Sharma: You're not going to interview the tenants.
• 33:13
  Dr. Sanjay Sharma: You're not going to check what the electric bill is.
• 33:15
  Dr. Sanjay Sharma: If you're watering the lawn and all that kind of stuff, you're relying on the expertise of the sponsor.
• 33:20
  Dr. Sanjay Sharma: To operate like that, so physicians have to do their analysis and, put their analytical cap on to see if the deal makes sense and actually go through this in my ebook.
• 33:31
  Dr. Sanjay Sharma: Does it make sense?
• 33:32
  Dr. Sanjay Sharma: You know, is it kind of sound like some crazy?
• 33:35
  Dr. Sanjay Sharma: in fact, I just looked at a deal when my investors wanted to go into.
• 33:38
  Dr. Sanjay Sharma: And it was kind of crazy returns and the crazy operations done in a crazy time.
• 33:43
  Dr. Sanjay Sharma: and I didn't need to be an expert to see that.
• 33:45
  Dr. Sanjay Sharma: He saw it himself, but I had to kind of hold him back because if you just look at the rewards and you don't look at all the risks, then.
• 33:54
  Dr. Sanjay Sharma: It doesn't work like when I, when I'm talking to my patients about a treatment, and about their disease, a lot of the discussion is about what are the side effects?
• 34:03
  Dr. Sanjay Sharma: What are the risks?
• 34:04
  Dr. Sanjay Sharma: You know, what are you getting yourself involved in?
• 34:06
  Dr. Sanjay Sharma: And then what are the actual results that you're going to get?
• 34:09
  Dr. Sanjay Sharma: so for all those reasons, I think physicians are good investors.
• 34:13
  Dr. Sanjay Sharma: And then lastly, Real estate is an amazing asset class.
• 34:17
  Dr. Sanjay Sharma: If you look at the wealthiest people in the world, if you look at the top, whatever percent, you just named the percent real estate carries a large portfolio.
• 34:25
  Dr. Sanjay Sharma: I wish I could remember the percentages of, I'll have to look it up, but there was some, I was reading something, the economist was reporting, like, what are, like, the wealthiest have in terms of your portfolio.
• 34:37
  Dr. Sanjay Sharma: And interestingly enough, it wasn't all equities.
• 34:41
  Dr. Sanjay Sharma: it was real estate that carried the burden of their wealth equities, which are smaller.
• 34:45
  Dr. Sanjay Sharma: And I'm willing to bet most people who are listening to this podcast.
• 34:48
  Dr. Sanjay Sharma: If they look at their wealth, they're going to see it in the 401k, you know, and those are all in.
• 34:53
  Dr. Sanjay Sharma: So, doctors need real estate and being an LP is completely passive.
• 34:58
  Dr. Sanjay Sharma: We do all the work.
• 34:59
  Dr. Sanjay Sharma: You just collect the checks.
• 35:00
  Dr. Alex Schloe: Yeah.
• 35:00
  Dr. Alex Schloe: It's pretty awesome.
• 35:01
  Dr. Alex Schloe: Yeah.
• 35:02
  Dr. Alex Schloe: Real estate is just incredible in so many different ways.
• 35:05
  Dr. Alex Schloe: And I would say real estate and owning a business, you know, those are the two ways that you can really become wealthy.
• 35:11
  Dr. Alex Schloe: Yeah.
• 35:12
  Dr. Alex Schloe: And then if you can merge those like exponential capital investments, there you go.
• 35:15
  Dr. Alex Schloe: And, it's incredible.
• 35:17
  Dr. Alex Schloe: what are kind of your thoughts if you were to, Look into your crystal ball in terms of multifamily right now, there's a lot of talk on a lot of bridge debt that came due and, and so forth.
• 35:26
  Dr. Alex Schloe: And, of course the interest rates, increasing dramatically and how that impacts the values of properties and so forth and compresses cap rates, what are kind of your thoughts in regards to that and where do you think multifamily is going to go in the future?
• 35:38
  Dr. Sanjay Sharma: so 1, you have to start with the fundamentals that multi families need.
• 35:42
  Dr. Sanjay Sharma: Silence.
• 35:42
  Dr. Sanjay Sharma: It's not going to be that all of a sudden people don't need a place to live.
• 35:45
  Dr. Sanjay Sharma: So you, you just have to recognize that this, asset class will exist and it will always exist.
• 35:50
  Dr. Sanjay Sharma: It's not going to disappear.
• 35:52
  Dr. Sanjay Sharma: then to what's happening in terms of what we think internally and what our economists tell us is that.
• 35:58
  Dr. Sanjay Sharma: there's money around, you know, where the, the feds are trying to slow down inflation, which they've been successful in doing.
• 36:05
  Dr. Sanjay Sharma: Although, I guess yesterday's report show there was a little bit increased inflation.
• 36:08
  Dr. Sanjay Sharma: But, the idea is we're just looking for stability in the market to understand what the feds are doing.
• 36:13
  Dr. Sanjay Sharma: And then you're going to start to see more transactions because there's always people who need to sell.
• 36:17
  Dr. Sanjay Sharma: There's always people like us who are looking to buy.
• 36:20
  Dr. Sanjay Sharma: And so once you get stability, and you can anticipate.
• 36:23
  Dr. Sanjay Sharma: Or like what I like to say in an underwriting spreadsheet in a row in a column, you can anticipate what that interest rate is going to be.
• 36:30
  Dr. Sanjay Sharma: You can then transact with knowledge.
• 36:33
  Dr. Sanjay Sharma: Then you have the data to recognize, at what value are you going to purchase this asset?
• 36:38
  Dr. Sanjay Sharma: when you're forcing appreciation to what value you can get and it's not so much that interest rate are 6 percent or 5 percent or 3 percent or 10%.
• 36:47
  Dr. Sanjay Sharma: It's a variable in your underwriting and it allows you to have stability.
• 36:50
  Dr. Sanjay Sharma: We're already starting to see more transactions occur in this 3rd quarter.
• 36:55
  Dr. Sanjay Sharma: We anticipate that more is, is going to be, and my favorite things when you talk about forecasting, I remember Q1, they said Q3 and Q4 is when we're going to see a lot of activity interest rates are going to stabilize.
• 37:07
  Dr. Sanjay Sharma: So, actually, they weren't too far off because we're seeing more activity happening.
• 37:11
  Dr. Sanjay Sharma: And then, I was talking to another economist and he's like, well, 2024 is when you're going to see more activity.
• 37:18
  Dr. Sanjay Sharma: I was like, you just like to make forecasting, like, far enough, but close enough.
• 37:23
  Dr. Sanjay Sharma: So it's kind of like, you can kind of be teased
• 37:25
  Dr. Alex Schloe: Yeah,
• 37:26
  Dr. Sanjay Sharma: and then you change it when you get to that point.
• 37:27
  Dr. Sanjay Sharma: Yeah,
• 37:31
  Dr. Alex Schloe: to my wife loves the weather.
• 37:32
  Dr. Alex Schloe: She's always looking at the weather app.
• 37:34
  Dr. Alex Schloe: It's going to storm.
• 37:34
  Dr. Alex Schloe: It's going to storm.
• 37:35
  Dr. Alex Schloe: And I'm the guy that like, just looks up like, Oh, there's a gray cloud and lightning and it's raining.
• 37:39
  Dr. Alex Schloe: Of course it's storming.
• 37:40
  Dr. Alex Schloe: You know, it's funny how, how that plays out, but, that's awesome.
• 37:44
  Dr. Alex Schloe: well, thanks.
• 37:45
  Dr. Alex Schloe: Yeah.
• 37:45
  Dr. Alex Schloe: Thanks for sharing that.
• 37:46
  Dr. Alex Schloe: And what's, if you don't mind me asking, what's kind of the portfolio look like now, for you guys?
• 37:52
  Dr. Sanjay Sharma: so we own in LA and we own in Atlanta, so we have 252 units in Atlanta, and we have about 21 units here in LA.
• 37:59
  Dr. Alex Schloe: That's awesome.
• 38:00
  Dr. Alex Schloe: That's awesome.
• 38:00
  Dr. Alex Schloe: Still looking to buy in LA or just really focusing on the Indianapolis and Atlanta markets at this point.
• 38:06
  Dr. Sanjay Sharma: So we, we know L.
• 38:07
  Dr. Sanjay Sharma: A.
• 38:08
  Dr. Sanjay Sharma: So well, it's hard for us not to buy in L.
• 38:11
  Dr. Sanjay Sharma: A.
• 38:12
  Dr. Sanjay Sharma: But it's not necessarily our full focus.
• 38:16
  Dr. Sanjay Sharma: so, I mean, a lot of people get scared of investing in, in L.
• 38:18
  Dr. Sanjay Sharma: A.
• 38:19
  Dr. Sanjay Sharma: and California in general, but we're from here.
• 38:22
  Dr. Sanjay Sharma: We know we know the areas.
• 38:23
  Dr. Sanjay Sharma: We know the buildings.
• 38:25
  Dr. Sanjay Sharma: So, for us, it's, it's easier to do.
• 38:28
  Dr. Sanjay Sharma: and I mean, to simplify, even if you're not from here, just Google map and just, like, pick a city, pick an address and see how close you're to the ocean.
• 38:35
  Dr. Sanjay Sharma: And that kind of gives you an idea of.
• 38:37
  Dr. Sanjay Sharma: Yeah, that you're going to do.
• 38:38
  Dr. Sanjay Sharma: Okay.
• 38:39
  Dr. Sanjay Sharma: but that's not our full focus.
• 38:40
  Dr. Sanjay Sharma: No.
• 38:41
  Dr. Alex Schloe: Yeah.
• 38:41
  Dr. Alex Schloe: Well, you guys are, you're doing big things and you said that you guys also work together.
• 38:45
  Dr. Alex Schloe: You and your wife also work together investing in real estate.
• 38:48
  Dr. Alex Schloe: How's that husband, wife team.
• 38:49
  Dr. Sanjay Sharma: so we play very different roles.
• 38:52
  Dr. Sanjay Sharma: so she's a great partner.
• 38:54
  Dr. Sanjay Sharma: we work very, very well, but we do different roles and we try not to have our links across because it's not worth the challenges.
• 39:01
  Dr. Sanjay Sharma: Yeah.
• 39:07
  Dr. Alex Schloe: Francesca and Ryan burn.
• 39:09
  Dr. Alex Schloe: they're great.
• 39:09
  Dr. Alex Schloe: And, so really cool to hear their insight.
• 39:12
  Dr. Alex Schloe: It was actually the first time I interviewed two people at the same time, and that was a lot of fun.
• 39:15
  Dr. Alex Schloe: And it was cool.
• 39:16
  Dr. Alex Schloe: They said the same thing.
• 39:17
  Dr. Alex Schloe: You really have to, to separate your roles, and have complimentary skill sets as we've already talked about.
• 39:22
  Dr. Alex Schloe: That's important in partnerships as well.
• 39:23
  Dr. Alex Schloe: Of course, just as important in a marriage.
• 39:25
  Dr. Alex Schloe: And, it's really cool for them to get to do that journey together.
• 39:28
  Dr. Alex Schloe: My wife and I, we're involved in some short term rentals together.
• 39:31
  Dr. Alex Schloe: She does interior design and staging and photography and those sorts of things.
• 39:34
  Dr. Alex Schloe: So it keeps her interested and excited as well in real estate.
• 39:37
  Dr. Alex Schloe: Well, I want to be respectful of your time.
• 39:40
  Dr. Alex Schloe: and, just wanted to ask, is there anything that we didn't hit on anything that you'd like the listener to know going forward?
• 39:46
  Dr. Sanjay Sharma: Yeah, so I think the most important thing and I hope when people listen to podcast, they recognize that we're all reachable.
• 39:53
  Dr. Sanjay Sharma: we really are accessible.
• 39:54
  Dr. Sanjay Sharma: I mean, if you have an itch of entrepreneurship or real estate, there truly is a community who's.
• 40:00
  Dr. Sanjay Sharma: Super excited and super eager to be out there.
• 40:04
  Dr. Sanjay Sharma: I mean, don't be intimidated by us.
• 40:05
  Dr. Sanjay Sharma: It's like that attending you had in residency or something.
• 40:08
  Dr. Sanjay Sharma: Oh, man, shoot.
• 40:09
  Dr. Sanjay Sharma: I don't want to round under here.
• 40:10
  Dr. Sanjay Sharma: She, but, you know, we're here to teach.
• 40:13
  Dr. Sanjay Sharma: We're here to mentor and again, you know, I want that nation of I want our nation.
• 40:18
  Dr. Sanjay Sharma: Do we have the physicians who are financially independent and have freedoms?
• 40:23
  Dr. Sanjay Sharma: Man, you could practice medicine so much better and then the patients benefits and society benefit for you.
• 40:31
  Dr. Alex Schloe: Yeah, I couldn't agree more.
• 40:32
  Dr. Alex Schloe: That's what physicians and property is all about.
• 40:34
  Dr. Alex Schloe: How investing in real estate can give you the freedom to practice medicine and live life how you want.
• 40:38
  Dr. Alex Schloe: And you're a great example of that.
• 40:41
  Dr. Alex Schloe: So I really appreciate it.
• 40:42
  Dr. Alex Schloe: Really appreciate your time.
• 40:43
  Dr. Alex Schloe: If folks want to reach out to you and learn more, get on your investor's list, how can they do that?
• 40:47
  Dr. Sanjay Sharma: so I'm on LinkedIn every day.
• 40:49
  Dr. Sanjay Sharma: So come, friendly on LinkedIn.
• 40:51
  Dr. Sanjay Sharma: That's Sanjay Sharma MD.
• 40:52
  Dr. Sanjay Sharma: You can also get me on my website.
• 40:54
  Dr. Sanjay Sharma: that's exponential capital investment.
• 40:59
  Dr. Sanjay Sharma: Dot com, those are 2 best way.
• 41:01
  Dr. Sanjay Sharma: I'd say LinkedIn is the best because if you contact me, I will contact you back.
• 41:04
  Dr. Sanjay Sharma: You can directly email me essentially dot.
• 41:06
  Dr. Sanjay Sharma: Sharma at dot com.
• 41:09
  Dr. Sanjay Sharma: Come on board, I'll give you a copy of my free ebook where I go into much greater detail and can give you a guide and how to look at syndications.
• 41:17
  Dr. Sanjay Sharma: If you're new to the, or even if you're not new to it, it'll help you understand what these are.
• 41:21
  Dr. Sanjay Sharma: And it also give you a chance to join my investor list, so I hope to meet all your listeners.
• 41:26
  Dr. Alex Schloe: Yeah, absolutely.
• 41:27
  Dr. Alex Schloe: That's awesome.
• 41:28
  Dr. Alex Schloe: Yeah.
• 41:28
  Dr. Alex Schloe: we'll include all those links in the show notes and congratulations again on, hitting a thousand followers on LinkedIn.
• 41:33
  Dr. Alex Schloe: I saw that you did that the other day.
• 41:35
  Dr. Alex Schloe: That's awesome.
• 41:35
  Dr. Alex Schloe: Yeah.
• 41:36
  Dr. Alex Schloe: So let's make it 2000 here soon, but, very cool.
• 41:38
  Dr. Alex Schloe: Well, thank you so much for your time.
• 41:40
  Dr. Alex Schloe: with that, it's been Dr.
• 41:41
  Dr. Alex Schloe: Sharma and Dr.
• 41:42
  Dr. Alex Schloe: Shlo with another episode of the Physicians and Properties Podcast signing off.