Posted by John Merchant on July 10, 2005 at 14:02:34:
You’re in a great position with your knowledge of the industry and contacts.
Find and get acquainted with one or two of the top lease agents in your vicinity and tell them what you’re thinking, and ask ther “expert” advice.
You’ll probably find an ally to help you formulate your plans and move ahead.
Such a contact will know market, lease rates, what the practitioner is wanting, space demands, etc. and can save you lots of time and digging.
Medical Office Buildings and renting to physicians - Posted by Yomi
Posted by Yomi on July 10, 2005 at 09:04:44:
Does anyone have any experience in this niche? I’m a health care worker and I’m looking to buy and sell medical office space. Any thoughts are appreciated.
Re: Medical Office Build - Posted by Mr. Big
Posted by Mr. Big on July 11, 2005 at 19:31:49:
There are some great buys in this field. It is common for a group of doctors to build or buy a medical building, then no one wants to run it or pay the bills, some of the doctors move away leaving the others holding the bag, and after a few years the doctors quit making payments and the bank takes it back.
I have seen this scenario more than once, the building stays on the market a long time before an investor comes along. In one case they never got a buyer until they auctioned it off to the highest bidder.
On such fire sale terms I would think they would make an excellent investment.
However I have heard that doctors are by far the cheapest of the cheap, and the most demanding of tenants.
Re: Need a Medical Advisor - Posted by Marie
Posted by Marie on July 10, 2005 at 19:13:41:
I don’t know anything about this niche except an important piece of information I learned from the Son of a Doctor.
It seems there was a Medical Building for sale in our City that was owned by a renowned Surgeon in the area. He decided to sell it.
This Son of a Doctor told me that the worth of a Medical Building is affected by the reputation of the Medical professional that owns it. I don’t know if this is true, but the story went like this…
A Group of Investors was considering an offer on this building and began an investigation into the renowned reputation of the Surgeon/owner (because of the importance of this in the value of the enterprise, according to my source).
Their investigation revealed that he was not even a licensed Physician, but was in fact, one of those “Pretenders” who are geniuses that can pass for highly trained and specialized professions, like that of a Surgeon! He had been practicing and amazing the community with his skill and knowledge for decades!
The deal fell through, and this so-called renowned Physician skipped town, never to be seen again!
Ask your advisors if what my source told me about the importance of the Medical reputation of the owner was true.
Need an advisor - Posted by John Merchant
Posted by John Merchant on July 10, 2005 at 11:04:05:
Since this a very specialized niche, I think I’d find the pre-eminent RE agent in your area who does this and treat her to lunch and run your ideas by her.
I’m currently working with a friend who’s doing this all on her own, having bought a good sized office building and is renting it out to health care professionals.
She has a head start because she has spent some years working on the staff and then managing the staff of a large medical clinic…she knows the field, the players, the tenant prospects, etc.
But you clearly need some knowledge from somebody who does know the business.
Re: Need an advisor - Posted by Yomi
Posted by Yomi on July 10, 2005 at 12:19:44:
I’m actually a health care worker and can make contacts easily. I just need some guidance on where to start. Any suggestions in addition to the ones you gave me. Thanks