Episode 142: From full-time Plastic Surgeon to part-time developer!
In today’s show, Pancham interviews Sumeet Makhijani – a reconstructive plastic surgeon and co-founder of Easy Living Communities.
Sumeet has a simple goal in life: to decrease his work time and have passive income outside of medicine. With his growing portfolio of multi-family development and mobile home parks investments, he proves that you don’t have to leave your career to take the leap into investing!
In this episode, he will unpack his journey on reducing financial risks as he shares his transition to real estate investing! He will drop the details on how he built his first real estate development from scratch and why he diversified into mobile home parks.
Listen and enjoy the show!
Tune in to this show and enjoy!
- 1:02 – Pancham introduces Sumeet to the show
- 2:45 – On transitioning from medicine to real estate investing
- 4:58 – How witnessing other’s experiences got him to start investing
- 11:48 – Jumping straight into building their 96-unit multi-family development
- 15:53 – Multi-family development vs. mobile home parks
- 19:57 – What you should know when starting in real estate development
- 21:53 – On working towards improving their IT systems
- 23:22 – How workouts and reflection helps start his day right
- 27:18 – Taking the Leap Round
- 27:18 – His first multi-family syndication investment outside of Wall Street
- 27:48 – Overcoming his skepticism to real estate syndicators
- 30:39 – COVID-19’s impact to his multi-family development
- 31:26 – Why rookie investors should explore and take the leap
- 33:13 – Sumeet’s contact information
3 Key Points:
- Study the market that you’re going to invest in. Take time to do your research and be in the market that best suits you.
- Real estate development has big risks such as debt and time-consuming but it will also gain you big rewards.
- Know all the factors that will be involved when building your real estate development such as its market, its competition, and where you’ll get your funds.
Get in Touch:
Welcome to The Gold Collar Investor Podcast with your host, Pancham Gupta. This podcast is dedicated to helping the high paid professionals to break out of the Wall Street investments and create multiple income streams. Here’s your host, Pancham Gupta.
Hi, this is Joe Fairless. If you want to diversify out of Wall Street investments, then listen to The Gold Collar Investor Podcast.
Pancham Gupta Welcome to The Gold Collar Investor podcast. This is your host, Pancham. Really appreciate you for tuning in today. Let’s get into today’s show. So, I have had many engineers on the show up until today. Today, I have Sumeet on the show who is a plastic surgeon and has jumped into real estate for many different reasons. He talks about those very personal reasons on the show, and I’m super excited to bring him on. Before I get him,. here’s a bit about Sumeet’s background. Sumeet Makhijani, obtained his medical degree from the University of Tennessee College of Medicine. 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 of Real Estate degree from Georgetown University in 2019. He is a co-general partner on a 96 unit multifamily development in Omaha, Nebraska, that is scheduled for completion in the fall of 2021. Hey, Sumeet, welcome to the show.
Sumeet Hi, thank you so much for having me. We appreciate it.
Pancham Gupta Absolute pleasure to have you on the show. When I first heard you I was like, you know, I need to get Sumeet on the show because I’ve not had many surgeons or doctors on the show who have taken the leap like you have so I’m really excited to share your journey with the audience here.
Sumeet Well, thank you. I’m excited to share it.
Pancham Gupta Yeah, you know, we just plan this perfectly. If you’re watching this on YouTube, you can see like, you know, me and Sumeet, we have the very same shirt, you know, very similar. All right, so Sumeet, like, before we get started, are you ready to fire up my listener break out of Wall Street investments?
Sumeet Yeah, absolutely. Let’s do it.
Pancham Gupta Great, so Sumeet, like, tell our listeners about your background, and more importantly, the person behind that background?
Sumeet Sure, sure, thank you. Well, I was born in Tennessee, my parents came from India and migrated there. So, it’s born in Tennessee and continue my studies in Nebraska, which may come up later in our call or talk but then went to medical school back in Tennessee and did a residency in plastic surgery. And that took about six years. And then after that I started my practice in upstate New York, which I’m still at, I’ve been doing reconstructive plastic surgery for the most part, that’s the majority of my practice. So, a lot of people get injured or have difficulties with wounds or healing or things of that nature and hand injuries, things of that. So, I’ve been doing that for 10 years and have just recently gone down to part time starting in 2021. But you know, up to then was just a full time reconstructive plastic surgeon and decided that I wanted to transition out of medicine and decrease my work time in medicine about five years ago. At that point, I went and got a master’s in real estate from my Georgetown because I guess I just loved being loved being in debt and medical school, that wasn’t expensive enough. So, I thought I’d you know, add some more debt into my load. But really, it was just so that I could get more exposure and come off as you know, having some knowledge base that I may have not had if I was just plastic surgeon, coming to people down the road you know, asking for syndications and money and things of that nature. So, it was a way to get you know, exposure to commercial real estate world and that really that degree prepared me to be a real estate developer that was the point in interest of that degree, and you know, I started in that world and which you can get into and then transition now into full time mobile home parks.
Pancham Gupta Wow, quite a bit of journey. I want to unpack some of that and kind of find out from you. A lot of these interviews that I do. There’s so much so many common themes and with you I want to find out like, so you went to school, you got your degree You became a plastic surgeon. Why did you decide to have this alternative career?
Sumeet Yeah, so that really good question and something I’ve thought about a lot, you know, why did I exactly feel this, this need to move into real estate, I think there were some factors. One was that my parents were both professionals but, you know, in the middle of their careers, they switched out of being an engineer and a chemist, and became real estate, residential realtors. And so, I kind of grew up with my parents in the residential real estate business, I would go to open houses, I would go to signings, I would go to showings, I would sit in the back of the car as my mother’s in with the clients going around different areas of town. So, I kind of was always exposed, that was really the only way I could spend time with my mother and father was going to all these things who are so busy as residential real estate, you know, an agent. So, I was kind of always in that world of real estate growing up, but I didn’t, you know, pursue that initially. That was the thing. So that was one thing is I can always add real estate in the back of my mind. The second thing was that in my residency, I know, I mean, as I was going through it, I saw when we came, we finished the residency, that people who had been ahead of me in my residency and people who had been behind me, my residency, had left medicine for different reasons. Some had left because they became disabled, some had left because they had been fired, some had left because they lost their license, you know, and kind of, you know, done some things, and so they lose their license. You know, someone just decided they didn’t want to do medicine anymore. So, I was thinking to myself, in my peer group at that time, shortly after training, all these people were having these issues. I started thinking to myself, what happens if I became disabled? Or what happens if I couldn’t keep working and everything was fine. You know, I didn’t, I wasn’t in any imminent danger. But I was always thinking, could there be something here that would derail me from my career? Where would I make money, there would be no really alternative for me, it was either being a doctor, or I didn’t know what else to do. So, I started preparing in that way, because I wanted to have something as a kind of a backup for income. And that was another thing that came into my mind, you know, to get into real estate. The third thing is my mother was our breadwinner in our family, as a real estate agent. And then she had her parents get ill in India. And I mentioned they came from India. So, her parents became ill. And so, she’s she moved back to India full time to take care of her parents.
Pancham Gupta Wow.
Sumeet I thought kind of in our own family, I saw my mother who was the breadwinner, basically stop everything. And she moved to India, you know, the finances of the family changed quickly overnight. And so again, I thought, well, what if history repeats itself? And I’m an only child and mother was an only child, I thought, what if history repeats itself? And I need to take care of my parents, and I can’t work? Well, what am I going to do for money again, you know, so there were all these things. I’m not a pessimist by nature, don’t get me wrong. I’m kind of a prepare in the sense that realist, yeah, I mean, I’ve seen all these real things happen to my colleagues, I had seen real things happening to my mother and my own family. So, all these things kept working on my mind that I had to have an alternative source of income. And so, the first thing I did was invest passively. And I know this will be one of your questions later. But the first thing I did was invest passively with the real estate syndicator multifamily syndicator, because I wanted to at least have some passive income flow, I’d listened to enough podcasts I had seen enough in my hometown
Pancham Gupta So, you started getting educated,
Sumeet yeah, getting educated in my, in my hometown, I was really lucky. There was a big syndicator, who did hotels and I had seen my friend’s parents invest, but this individual and do quite well. So, I always knew I didn’t know what syndication was, but I knew they invested, guy built hotels. So that was kind of the first thing I did, because I wanted to have some kind of passive income coming outside of medicine.
Pancham Gupta Got it. So great reasons, right. So those are your reasons, right? And when you have a question in terms of your parents, you know, work really hard, made sure their son their only son, becomes a doctor right? Really happy professional. And once you become a doctor, you’re like, like, they’re like, you know what, okay, he’s always said, we don’t have to worry about him anymore, and all that. And then you come the end, and then you decide, you know what, I want to go into real estate. How did you break that news? or how did they take it? And was there any negativity around? Hey, Sumeet you know, you have this great career we have seen over the years how doctors do really well. Why are you spending time on this?
Sumeet Yeah, I mean, there were certainly some questions that were raised. Me and my parents had basically invested their whole life into me I think that’s pretty common, you know, and like the Indian community, for example and in many communities, but my parents had really invested all their time, energy, and effort into me as that was the only focus really that they had with being an only child. So, I think they were taken aback, I don’t think they thought I would jump into it maybe full time, whole time, it was kind of a transitioning period, they, I explained that to them that this is going to transition, I haven’t quit working, I still have my job to this day. I mean, I’m still part time now. But you know, I kind of didn’t want to jump all in and leave everything I get. I’m not a pessimist but I’m a realist. So, I wanted to be prepared. If things didn’t go well, I could always go back working full time, or maybe slow down, and even more, it was always and then that way, so I kind of transitioned them slowly mentally into it. But of course, they wondered, you know, why are you gonna spend two years getting a master’s degree.
Pancham Gupta Exactly. I mean, that’s a huge,
Sumeet Why are you going to, you know, take risk in that way, because my parents were not big risk takers. So, for me, I felt like I was in my early 30s, it was time to if I was gonna do it, I was gonna have to do it now. Because there does come a point in your career when you’re maybe 50,55. Or, you know, the idea of transitioning at that point is so difficult. But for me, it was I was in my 30s I wasn’t married yet. You know, I had some ideas that this might be the way to go. So, I it was kind of now or never, for me. And I really wanted to jump in, I had a great partner, which I you know, embrace a great business partner I’m thankful to have. And so, everything was kind of lining up. I had this degree, I had a great business partner, we had a plan, we had a thought we had a vision that was in line, we’re very similar. So, it just seemed like this was going to be the time.
Pancham Gupta Got it. So, let’s fast forward a little bit. Once you decided you got your degree, got comfortable with what the terms mean, how the business is run and all that. And you found your business partner. So, what did you do next?
Sumeet Yeah, so the first that, so you know, I said, my degree kind of prepared me to become a real estate developer, I always loved multifamily. That was what I wanted to do. I knew that one provide housing for people, that was something that I had always thought about, you know, it was one of my ways to contribute to society was providing housing. So, the first deal we did was absolutely insane, probably for person to do right out of school. first deal, you know, most people start with a single family home or duplex quadplex. So, we went right into multifamily development. Yeah. So that was, you know, we didn’t even buy anything that was already there. We built it from scratch. But our first deal was a 96 unit apartment complex, four storeys with underground heated garage in Omaha, Nebraska. So, we partnered with another guy, so the three of us did this general partnership. And that’s taken the last three years of my life, you know, to do predevelopment, development now, lease up. And so that’ll be opening here in this fall, early fall. And so that was my first foray into real estate really, on my own.
Pancham Gupta Wow, that’s pretty awesome. So, you know, really like, me and my partner, we’ve been trying to get into development for some time, and I’m in the northeast, where it’s very, very hard to even get permits, or do anything. You know, so it’s really awesome that for your first day, you went into development? Can you tell us about the mindset behind like, why did you choose development? Is it because you’re the relationships you had, and you had this opportunity come your way or you were going and looking for just development opportunities?
Sumeet Yeah, my business partner, I we’re always looking for development. And we knew the Omaha market because we had both gone to school there. And we were comfortable with that market, we saw kind of the stability of the Midwest, we loved everything about Omaha growth. I mean, this isn’t gonna be a podcast, but how great on the highs, but really, it’s about we just knew the market, you know, and you can know any market as long as you feel comfortable with it. If you have a familiarity, you do feel more at ease, you know, in terms of development. So, we knew we wanted to do development that again, that was going to be our focus was multifamily development. That’s what my degree was telling me to do. That’s what I had prepared to do. So, we were always looking for development. And we just, we had a partner on the ground that we knew and so it kind of worked together between the three of us to really get that project started moving in the you know, and there’s a lot to learn when you’re doing your first development. First predevelopment is a whole new process, you know, the permitting, the city council meetings, the architectural, you know, year of architectural renderings that you’re going back and forth on the finishes picking out every single finish. I mean, all these things, were something I enjoy. I love that idea of building something beautiful from kind of the ground up, you know, that had always been an interest for me. So that was really the first deal that I thought, well, okay, this is what we’re going to do and that was kind of our mindset.
Pancham Gupta Cool. So how big is this deal?
Sumeet This is a nice six unit apartment building. Okay.
Pancham Gupta And, you know, I get this question, even from myself, I’m gonna be a little selfish here and ask it for myself that how did you partner like, how did you structure this deal with the developer? Did you bring the capital and he build it? Or was it you know, 50-50, everything split in the middle, and he got a developer fee? Like, how did you guys do the partnership?
Sumeet Yeah, so we were like co GPs on this project. We had; we had our own capital in the project. He had his own capital; we also had a syndication for that development as well. So, we raised funds from LPs got our bank loan, construction loan. And so, we split the developer fee between the three of us.
Pancham Gupta Got it. So, you have this great development stuff going on and you were in multifamily in Hawaii? mobile? If I heard you right, you said you are doing mobile home park. So, tell us why mobile home parks and how did that transition happen?
Sumeet Yeah. So, I mean, I think development is, is amazing. It’s incredible but there are some things about development, as we started getting into that you realize can be difficult. I mean, one of those things is, you’ve got to guarantee a lot of debt. That’s one of the big things.
Pancham Gupta So, recourse loans.
Sumeet Yeah, exactly. And the second thing is that these projects take a long time. You know, if you see an apartment building, and you want to go buy it, I mean, it might take you three, four months to close on that apartment building. But when you’re talking development, it’s like a three to four year process, you know, you have to find the dirt, then you have to go to the predevelopment, then you have to go through the development, which takes one to two years minimum, and then you have to lease up. So, this whole project, you know, takes three to four years and the best developers have continuous projects going at multiple times in different stages. And so, we realized, if we were going to be full time developers, we would have to have these staggered, every you know, every 10 months or 12 months that another one is going to start and then another one would start and another one starts. So, you kind of have to build your own pipeline in development, which can be challenging. So, it’s a time issue. And I only have so many years on this earth. And you know, it’s guaranteeing that debt, which can be quite a lot. And there’s a lot of risk in development, right? You have to if we never knew COVID was going to happen during this development process. We never knew prices, prices, were going to go like sky high. I mean, thankfully, we had locked in lumber prices. But the long, the short of it is that these things, there’s so much risk, you never know what’s going to happen in three or four years. It’s a long time when you’re doing the development. So, you take on a lot of risk. And that’s why you get rewarded handsomely in development because there is a lot of risk. And at the end of the day, you’re hoping that somebody will want to rent your new building. So, there’s so much risk in these projects that it was difficult to keep going it was difficult to scale and be sustainable in multifamily development. So, my business partner, VJ, and I had, you know, he had really started the idea about mobile home parks. And he had thought about this for 10 years, he had worked in that world. He had worked in development; he had done all kinds of things. And so, but he had thought about this 10 years ago and about a year ago decided, hey, I really want to come back to this idea. I want to pursue it. And so, he looked into it. He did some weekend stuff with a mentor learning about mobile home parks, he came to me, and he says to me, I know we did multifamily. You know, this is like what we’re going to do, but I think we should transition to mobile home parks for all these reasons. And I said, okay, and I looked into it myself educated myself, agreed with him on this, maybe just very smart. So, things he tells me I was listened to. And we decided to pursue mobile home parks. So, in six months, or first six months and about but four parks, and syndicated three of them, bought a fourth park, him and I bought a fourth Park and then we’ve got multiple parks under contract now. So that’s kind of become the focus of our business. We started a fund, our first son, you know, raising money for mobile home parks. So that’s kind of our transition and our growth pattern.
Pancham Gupta Wow, that’s pretty fast growth. How big are these? Like, how big is your portfolio right now, not including the ones that you have under contract?
Sumeet Yeah, we got about 215 pads over four parks. We kind of focus on that sub 100 park pad count, you know, that’s above 100 gets very institutional. So, we tend to focus on the sub 100. Although we will take multiple parts over 100 if we can be competitive, you know. But mobile home parks have become very popular. We weren’t the only ones who thought they were a good idea. And so, we have seen compressed cap rates, we have seen prices going up. We’ve seen the competition going up as well. A lot of private equity money has moved into the space. So, it’s just one of those things. We try to find our niche and kind of see where we can be competitive.
Pancham Gupta Cool. So, let me ask you this one question, on someone who’s listening, and they’re really excited by the idea of development right? And they really want to build something grounds up? What is one piece of advice would you give to them if they’re thinking?
Sumeet Yeah, I mean, there’s a lot of research that goes into development, you need to know your market very, very well. And you need to know your competition also very, very well. So, I think those are two things, you also need to know your costs, because costs can really make or break your project. You’ve got to understand, like I was mentioning the debt market, you’ve got to understand the guarantees, you got to understand where you’re going to raise your money from so there’s a lot to factor into when you’re thinking about development, I mean, it’s a, it’s a very different game than buying something that’s already there that’s got cash flow that’s got a history that’s got a track record. And that, you know, I can pull these levers or desk levers, and I can advance the NOI. Whereas when you’re talking about development, it is somewhat of a somewhat more of a gamble, because you are taking a long process and hoping at the end of the movie, that there’s going to be a success. So, I would say you just have to know kind of all the factors involved in development, you have to know kind of your own appetite for risk, you have to understand how much work it’s going to take because it will take a lot of work, even though you’re not hammering the hammer, and you’re not putting up every stud and every piece of siding, but you’re gonna have to manage all these different actors that are in your movie. So, it is something to think about.
Pancham Gupta Yeah, there’s a lot that goes into development, we have been trying to we have a parcel of land, we’ve been trying to get it zoned and to two years now.
Sumeet Well, if you ever want me help, I can try to help you as much as I possibly can.
Pancham Gupta Thank you. All right, so I’m going to switch gears here. I will ask you, you know, one question, actually two questions before we move on to the next part of the show. MY first question is like what are, you know, what are the goals that you are most inspired by now, and uncomfortable at the same time that you’re working towards?
Sumeet Yeah, I mean, our goal is to, you know, kind of build our business. And so, we started a year ago, and you quickly realize, as you scale, you need a lot more systems. And so that has made it uncomfortable in the sense that we are learning as you’re kind of going in terms of the growth pattern and implementing the software that we need. I mean, I know, you’re probably much more, you know, familiar with all the software products out there, and all that. But that was totally new to me, I didn’t realize how technology was going to impact our business, from just our management software, to accounting to investor relations to all these aspects, you know, even how our tenants pay their bills is, so it’s so based in technology, so there’s a lot there that I had to kind of wrap my head around me. I’m it’s just a dumb doctor, you know, going to work every day. So, it’s the idea that we had to implement all this technology into our business. And now how we are scaling our business very fast, we have to get the technology to support us and, and currently, it’s just my partner Nivea, VJ and I. And so that’s, that’s what we’ve been doing the last, you know, six months, and we’ll continue on to do is bringing in more systems to kind of help us streamline our process.
Pancham Gupta Cool. So, my last question, before we go is that do you have any morning routine that you follow? And if so, what is it and do you think that attributes to success?
Sumeet Yeah, absolutely. So, my schedule is I work two weeks as a doctor and two weeks in our business and when I’m when I’m working as a doctor in the evenings and weekends, I’m still doing our business. But my schedule when I’m working as a doctor is very different than my ideal schedule when working as a real estate professional. So, my real estate professional time every morning is exercise that definitely a big believer in that I was a big tennis player growing up. And so, I’ve always been into athletics and fitness and, and so that’s kind of something I’ve continued to try to get back into, you know, as much as I can. So, every morning is athletics or some kind of exercise. And then also just trying to find some quiet time in the morning just to reflect on gratefulness, I think that’s a big thing that I tried to do. You know, we’re always trying to be the next something, try to keep advancing, advancing, we always have those mentors ahead of us that we know we want to be like, but I really am thankful for where I am today. Even if nothing progressed in my life, business, and wealth and all that I would still feel like I’ve done as well as 99% of the world could ever hope to do. And so, I’m very, very thankful for where I am today. So, I like to spend a little time in the morning thinking, you know, just for everything I’ve got and what we’ve built and what we continue to build. So, spending some time reflecting is always important in the morning, and then just eating healthy. Those are also things that I’ve tried to do so great.
Pancham Gupta I 100% agree on the gratefulness. You know there was this quote, if you find time to be grateful for what you have, then you will have lot of things to be grateful for.
Sumeet Yeah, yeah. I mean, we’re all very blessed in many different ways. And you know, just have to remind we, because when the day starts, the fires start literally, actively. So, you’re always stressed, and you might forget about a lot of that. But it’s, it’s always good to think about it in the morning, at least for me, I like to, you know, remind myself and even say it out loud, what am I thankful for?
Pancham Gupta That’s great. Thank you Sumeet. So, let’s, we’ll be back up to this message… If you are an accredited investor and have been thinking about putting your money to work for you, then I have a good news for you. I have created an investor club, which I call The Gold Collar Investor Club. I will be putting together investing opportunities exclusively for the group. These are the opportunities where I have done the due diligence for you and will be investing my own money alongside you. If you are interested, please sign up on thegoldcollarinvestor.com/club, I repeat thegoldcollarinvestor.com/club. I will reach out to schedule a 30 minute phone conversation to discuss your investing goals once you sign up. This can be a good opportunity to diversify and take some chips off the hands of Wall Street to produce some passive income. And in case you were wondering, what is an accredited investor, accredited investor is someone who has earned more than $200,000 as filing single, or more than $300,000 filing jointly for last two years. Another way to qualify as an accredited investor is if your total net worth is more than $1 million, excluding your personal home. It includes your stocks for one case, IRAs, cars, etc. Just not the equity in your personal home. If this is you, I would highly encourage you to sign up… So, let’s move on to the next section of the show, which I call taking the leap round, I asked these four questions to every guest on my show and submit my first question for you is when was the first time you invested outside of Wall Street? Was it the syndication investment passively?
Sumeet Yeah, it was the first indication. It was about four years ago, invested with a guy who was a big multifamily syndicator in the Midwest, and, you know, just gave him money, and said, here, here you go. And, you know, I just jumped in, you know, I just jumped in and said, you know, do what you need to, and he bought a big apartment complex, and, and it’s been going ever since.
Pancham Gupta That’s great. So, did you have any fears before you invested with him?
Sumeet You know, I should have been more fearful. I think and I should have done more research. And these are two things that I probably, if I were to tell my younger self, what would you do differently. And what I tell our investors is in our investors are family and friends. So, they’ve known me for 20 years and that kind of thing. But when I meet new investors, one of the things I tell them is, obviously get to know your syndicator get to know the person you’re trusting your money with. I literally heard the guy on a podcast, called him up and had a 30 minute conversation with him and gave him money, like that was that was the process and looking back, he’s been fine, he’s a good syndicator, don’t get me wrong. But looking back, I probably should have talked to others who invests with him. I should have seen more of the track record; I should see the vision, but I didn’t know what I didn’t know. I had not done the development; I had not ever invested in syndication. I’ve never done my own syndications. So, all these things I didn’t know to even ask, I was so naive, and just a fresh person, like looking at trying to find some passive income. So, to me, my hurdles were very low. It was just like, have you done it before? Are you good at it? Let’s, you know, hear your spiel, and then I gave them money. So, I think my biggest fear was, of course, you know that you give money to somebody, you don’t know them, and you hope that they don’t run away with it. I mean, that’s basically the biggest fear you have, you have to hope to they’re actually buying a property that they say they’re going to buy or they’re going to give you returns that they say they’re going to give you returns and you just don’t know, because you’ve never invested with that person. So, there is that fear when you’re first starting and you know, as a passive investor, that whereas this is all going to turn out, okay.
Pancham Gupta Yeah, see, I know that hindsight is 2020. And you always think that maybe you should have been more fearful and talk to a lot of people but that actually got you hooked and stuff. So that’s the thing, right? There’s always this, you know, in engineering world, we always talk about this, like engineers are very, uh, you know, they do a lot of analysis. It’s just how they are and sometimes you get paralyzed, and you get into this analysis paralysis situation so, yeah, that action actually got you where you are today.
Sumeet Yeah, it’s really give me a good perspective because I was a past investor first. Now I’m on the active side. And I did see kind of how their process work. I did see their systems that they had, how they communicated, how they provided us financials, how they went about their business plan. So, all those things I was learning passively, you know, through the process and still now that I’m active, I’ve taken good and bad out of those experiences and tried to provide them to our investors.
Pancham Gupta Yeah, great. Cool. So, my third question for you is, do you have any investment that has not gone as expected?
Sumeet Well, we, you know, we’re still gonna, we’re not the end of the movie on a lot of these things. So, when we did our development, did not expect COVID did not expect any of this to happen. I mean, it’s right in the middle of building it. And so here, we are ready to start development and you know, COVID is started and the whole world is turned upside down. So, I would say in terms of not going as expected, we you know, we’ve had ups and downs and all these properties, and but nothing we, you know, fortunately have been, you know, coming out on the other side, fine, but it’s just one of those things that you, you always have to expect the unexpected.
Pancham Gupta Yeah. Cool. So, my last question for you is, what is one piece of advice would you give to somebody who’s thinking of investing in main street that is outside of Wall Street?
Sumeet Do it? I mean, absolutely do it. I think historically, real estate has provided massive wealth to many, many, many, many people. And I know for myself, I wanted to have that other stream of income outside of my W2 job and that was very important to me for financial security for my future and giving me flexibility in my time and where I was living and my career. So, I would say to all those thinking about it are on the fence, definitely explore, you know, syndication, do it, if you want to be active, be active, find a mentor, find a coach, find some friend who’s done it, you know, call me, I’ll help you. I mean, you know, whatever it is that you need to move past that contemplation stage and moving to the action stage. And even if it says, a passive investor, look, that’s a big step, you’ve given somebody $50,000, or $100,000, or whatever it may be, that’s a big step right there. And you’re going to learn from that process. And, and when you start seeing the returns of your investment, you’re going to, you know, realize that there is other alternative means of income. And don’t get me wrong, I love Wall Street and pet stocks my life as an adult. So, you know, Wall Street has its place, but alternative forms of income, whether you’d mentioned to me earlier in the super Bitcoin or any of these other alternative streams of income, outside of real estate event, you know, always contemplate gold or whatever else may be, you always want to think outside of what everybody else is doing too.
Pancham Gupta Great piece of advice. Thank you Sumeet so much for sharing all that you have shared today. How can listeners reach you and connect with you if they want to get in touch?
Sumeet Yeah, they can connect with me in a couple different ways ,you can go to our website, www .easylivingcommunities, that’s our company website, e a s y living communities with an ies on the dot.com. If you can Google it, you’ll , you’ll be at the top. There’s not a lot of other Easy Living communities out there. So, we’ve got the market on that name so far. And you can always call me on my personal cell phone. I always give that out. You know, the people if they need to touch base with me or contact me, I’m willing to provide any support I can, which is my cell phone 402-850-1315
Pancham Gupta That’s great. Thank you Sumeet so much for your time and you know, sharing your wisdom.
Sumeet No, thank you so much. I really appreciate you having me on your podcast.
Pancham Gupta Thank you. I hope you learn something from Sumeet’s journey. He’s a plastic surgeon and decided to take the plunge and get into real estate. Thank you for listening. I really appreciate you. If you have questions, don’t hesitate to email me at p@thegoldcollar investor.com. This is Pancham signing off. Take care.
Thank you for listening to The Gold Collar Investor Podcast. If you love what you’ve heard and you want more of Pancham Gupta, visit us at www.thegoldcollar investor.com and follow us on Facebook @thegoldcollarinvestor. The information on this podcast are opinions. As always, please consult your own financial team before investing.