Combining lifestyle and business in real estate involves finding ways to incorporate your personal preferences, interests, and values into your real estate ventures.
Here are several strategies that Recentric has employed to achieve this lifestyle integration:
1. Identify your niche
Determine the type of real estate that aligns with your lifestyle and business goals. For example, you might focus on eco-friendly properties, luxury homes, vacation rentals, or commercial real estate for specific industries. Recentric has made it a mission to focus on value-add health care real estate properties, which in turn provides gratification knowing that our portfolio is providing non-acute care for patients of all ages every day.
2. Select locations
Choose locations that resonate with your lifestyle and offer viable business opportunities. Consider factors like proximity to amenities you enjoy, potential for growth, and market demand for your chosen real estate niche. Recentric has identified eight target markets across the South and Western regions of the United States that offer the following metrics for success:
a) Proximity to our Denver headquarters (just a Southwest Airlines flight away)
b) Above average percentage of employed residents with health insurance coverage, and positive net migration for overall population.
c) States that do not require CON (certificates of need) which require approval from state authorities to build/open certain practices, with the exception of Nevada which is very limited in scope.
3. Partner Up
Real estate investments require many expert disciplines to make the right choices. Be sure to assemble a strong and diverse team of experts that you enjoy spending time with. As your investment portfolio grows, you will find that connecting for dinner or taking a vacation together makes the lifestyle aspect of your money-making venture much more satisfying. Choose your partners and co-workers wisely, as that could be one of the most important decisions to a satisfying and positive investment experience.
There is a saying that real estate investments have two speeds: slow and slower. This tempo allows an investor to be strategic in their decision making when it comes to whom and where to focus time, money, and energy to produce a positive outcome. As a final deep thought, this quote from James Allen in 1903 could not be more relevant in 2023, 120 years later:
Until the thought is linked with purpose, there is no intelligent accomplishment. With the majority, the bark of thought is allowed to “drift” upon the ocean of life.
We hope you are enjoying your summer and look forward to connecting soon.