All Forum Posts by: Scott Bares

I appreciate the advice on the dental offices, however, that is what I currently do. I own 9 dental offices and before the health crisis, had 86 employees. As we have all read, wealthy individuals have no less than 7 income streams. Real estate would be an added income stream.

I appreciate all the input!

Cold feet is somewhat right. My major concern is that I live in a very rural area and I am looking for direction on what would be the best market as well as the right deal. My home town that I am most familiar with seams like a bad idea in my gut. The property values are not in line with what average rent is and the crime rate is high. Furthermore, the industries that were previously here (Honeywell, Newell Rubermade, etc..) Have mostly moved out. I would like to be invested in a market that is growing, although the distance from the properties makes me nervous.

For the past two years I have read, researched, drove for dollars, assessed deals, looked at properties in my area as well as distant properties and I have yet to "pull the trigger". I have read countless posts and articles about finding a mentor, which state that it has to be a give and take relationship and I completely agree. I have read about reaching out to investors and offering to work for free in return for mentoring. I have researched and paid for mentoring in the form of classes with no personal interaction. I believe I have done it all, EXCEPT, buy property.

My Story: I am a dentist of 17 years and my dream is to create a dental group that provides a great place for people to work as well as provides exceptional care. I believe this is necessary due to the increasing number of huge corporations that are running dental offices that focus on the bottom line and not patient care. I believe that if you take care of your patients with ethics and morals that the bottom line will take care of itself. This has proved true over the nine dental offices that my wife and I have acquired. 

THE PROBLEM: This has provided me with zero time and as everyone knows that is looking into real estate investing is interested in ending the era of "trading time for money". Since the outbreak of COVID-19, I have worked seeing emergency patients 7 days a week. This is mainly due to the fact that many dentists for one reason or another have completely shuttered their doors. 

That begs the question, how do I find a mentor when I work 80+ hours a week (NOT complaining), in a stay at home society?

Is it taboo to offer my dental services in exchange for mentorship?

Are there other ways to get mentorship that is a win win for both parties? 

Any and All advice is appreciated... 

Stay safe, stay healthy

Thank you to all for replying... Very Helpful!

I am a dentist in North West IL. I currently have 7 Locations and we own 4 of the properties where our dental offices reside. We pay ourselves rent from these locations, which assures us a profitable return. I placed our company (Shady Oak Holdings LLC) 100% in my wife's name to assure that she has income in case the unfortunate would happen to me. Shady Oak Holdings LLC also owns a single family residence and an apartment above one of our locations.

We are looking to expand into real estate investment using rental properties as well as the BRRR method. We are in a rural community where rehabs can be found very inexpensively.

I dislike banks as we purchase a ton of equipment and my credit is constantly getting checked and I am interested in information regarding hard money lending as an alternative.

I would greatly appreciate any feedback from anyone that has experience with hard money lending.

Best Regards,

Scott Bares DDS