Josh Cantwell: So, hey there. Welcome back to Accelerated Investor. Hey, I’m your host, Josh Cantwell. And today I’m going to be talking with a physician turned entrepreneur. His name is Pranay Parikh. He is an investor, limited partner in multifamily real estate investments. He’s also a very successful doctor, podcast host, and course creator. And I’m super excited to have him on the show to talk a little bit about some of the things that he’s done. Here’s exactly what we’re going to talk about. Number one, we’re going to talk about the ins and outs of loan assumptions, what loan assumptions are good, what loan assumptions are not. Number two, we’re going to talk about how to actively do passive real estate. I love what he says about how to actively do passive real estate and make sure you make passive returns. Number three, we’re going to talk about why Parikh created a course and the credibility that came with that. And then finally, number four, we’re going to talk about what it takes to buy over $1.1 billion in real estate and what Parikh has done to help hundreds of physicians invest in multifamily in that $1.1 million worth of deal flow. It’s fantastic stuff. It’s a fantastic interview. I hope you enjoy it. Here we go with Pranay Parikh. 

[INTERVIEW]

Josh Cantwell: So, hey, Pranay, listen, so excited to have you on the show today and talk about your journey to entrepreneurship, your journey to multifamily investing. So, thanks a lot for carving out a few minutes for us today. 

Pranay Parikh: Thanks, Josh. I appreciate the opportunity. 

Josh Cantwell: Absolutely. So, listen, I know you’ve had a ton of success, both as a physician, as an investor, but let’s talk about today. Obviously, the market’s changed a lot and you’re in your investing journey, your entrepreneurial journey. So, as we introduce you to our audience, tell us about things that you’re working on right now that you’re really excited about, that you’re passionate for. What are you doing right now in your entrepreneurial journey that you’re most excited for? 

Pranay Parikh: Yeah. So, a couple of things. We are looking at multifamily different, right? So, right now the market is frozen. No one’s buying or selling things. So, we try to look at things contrarian like how if we were doing deals right now, what kind of deals would work, what kind of deals would make sense? And we’re doing this in early 2023. And just this week, Jerome Powell is literally talking to Congress right now and saying that interest rates are going to keep going up and we have gone up the highest or the quickest rate increases ever, ever. And he’s saying that there’s going to be more. So, how does multifamily, which we think is the best asset class, how does that still make sense? So, how do we look at debt? How do we look at customer retention and how are we able to take in things? So, maybe we could look at self-storage, then we’d learn to automate everything. You know, you don’t even have to talk to a person and you could get your little self-storage unit. So, how do we take a lot of this stuff that other people have already figured out and implement it into multifamily and our deals? 

Josh Cantwell: Got it. Love your thinking. So, how do you think the market will play out? If you were a betting man and you had to forecast, let’s say you’re Nostradamus and you had a forecast, when do you think the market will start to unfreeze and de-ice? When do you think that as you’re projecting for your company, for your investors, for your clients, that you guys will be back into kind of acquisition mode? Obviously, nobody knows for sure. But just how are you thinking about the market for your company? 

Pranay Parikh: And for your listeners, I would recommend trying to make that suit yourself. Once you give percentages to things, you’ll start to refine your process of making predictions. And I’m not saying that make a big bet, but try to figure out like, “Hey, I think this is 30% possible,” and then follow up and see what happens. And, literally, Josh, this changed within this week. If it was two weeks ago, three weeks ago, I would have said, “Yeah. We’ll probably plateau in terms of interest rates at the end of the year, maybe drop in next year.” But I don’t know. I think we’re probably going to go increase, increase so at least probably two 50-basis-point increases so 1% for the year and potentially another 50 at the end of the year, I think we might plateau in 2024 and it’s looking 2025 might be the first time it actually decreases. So, we’re in a spell for trouble and potentially a recession. 

Josh Cantwell: Yeah, I agree. And matter of fact, your assessment is exactly what I’m betting on. So, whatever percentage you put to that, let’s say it’s 75%, you and I are in lockstep. So, if we’re going to go make a bet, we’re both going to bet on the same thing. Let’s go play roulette. We’ll both bet on black or whatever it is together because we have a lot of the same views of the marketplace. And so, like selling properties, refinancing acquisitions will definitely pick up. How do you feel about distress? Like, what kind of distress do you think that’s going to create for some operators maybe that have short-term debt or bridge loans or interest rate caps that are expiring? And how do you think that your company or other investors may be able to capitalize if there is distress? 

Pranay Parikh: So, fortunately, our investor base is all retail investors people. Our minimum is 35,000. We want it to be very accessible for most doctors. A lot of people think doctors have this big salary, but a lot of us that are primary care, we make 150, which is good money, but it’s hard to put down 100,000 when you only make 150. So, we make our stuff very accessible. But the nice thing, the flip side on that is that times like these, our salary hasn’t changed, right? So, we have a deal that we’re looking at, which is a loan assumption and I’ll mention the loan assumptions in a second but doctors are reaching out to me. They’re like, “Hey, I don’t want to do the stock market like it’s down 30%.” They told me 60/40, the bond market is down. So, we want to do multifamily. And so, we’re fortunate that all three of us are doctors, the founders, and we have a good set of investors. Loan assumptions, quick aside on that, we are looking at loan assumptions, meaning you pick up the loan that the property has already on it. You can’t really do that on residential, but commercial you can do it. So, we did it twice last year for an average of like 3.5%. It’s long-term fixed and now we’re looking like geniuses. We had an inkling that interest rates were going to go up but we didn’t know for sure. So, two deals. We’re looking at one right now. One is a HUD. So, it’s the housing authority. It’s a 3.3% interest rate, 30 years on a commercial property. And then the other one is a 4.5, 4.8 loan assumption that we’re looking at. 

Josh Cantwell: So, let’s talk about that for a second. So, we’re actually selling one of our buildings. It’s 164-unit. We locked in long-term debt right after COVID. So, this was refinanced in 2020 when rates were still low. Same thing, 3.65%, long-term Freddie Mac loan. And we took that property to market. We have buyers. And really the only way that the deal really pencils is loan assumptions. We’ve got offer that we actually just talked to our brokers yesterday about. We’ve got five offers to work through, which is great. So, in your mind, as you think through the loan assumption opportunities, the benefit obviously is that the debts are already in place. You can assume a low-interest rate. What other benefits are there, Pranay, that you think of? And then also, what downside, if any, is there to a loan assumption deal when you take over a deal or look at a loan assumption opportunity? 

Pranay Parikh: So, the biggest issue with loan assumptions is the lender has to approve. So, say lender X is lending out money at say 3.65% like you mentioned. They know that the opportunity cost of that money is really high. So, the question is, why would they let you do that? So, you have to make it. You have to behoove them to be like, “Hey, this is a great deal. You’re going to not take risk,” because they look at risk and they look at the interest rate payment. So, you’ve really got to make a case and not everyone could qualify for a loan assumption. You, as the new buyer, have to be underwritten by the lender and not everyone can do that. So, you can’t just be random Joe Schmo walking off the street and be like, “Yeah. Started this syndication company. We want this loan.” Number two, it can take months up to a year for the lender to approve. And if any of you have done your own mortgage, it takes weeks longer than you expect. And commercial loans take weeks or months longer than you expect. So, you’re potentially trying to figure out what to do. And for us, we only do one deal at a time. So, say this, we have this under contract for months. It’s a big issue and it stops us from doing other things.

So, it’s a huge positive on the debt side but it can be a pretty big negative in terms of waiting. And potentially if you’re waiting eight or nine months and you don’t get the deal, it’s a bummer and that really hurts operations. Any time we’re looking at a deal, we’re spending tens of thousands of dollars to underwrite it and do due diligence. 

Josh Cantwell: Agreed. Yeah. The loan approval could take a long time. And now more than ever, Pranay, the lenders know that a lot of people want to assume their loans, and so their underwriting departments and loan assumption departments are more busier than ever. Loan assumptions used to take at least four months, even when loan assumptions were not in vogue when they weren’t all the rage. Now that they are more of the rage, that now they’re much more busy underwriting new borrowers for loan assumptions and lenders are really considering that. Obviously, something that we would love to do and so like the deal that we’re selling, let’s say we secure a buyer for roughly 13 million, give or take, the loan that we have on that property is 9.9 million. So, it’s a relatively high loan to value. The building is very stable. We’ve done our loan to value, had improvements, so it’s really a cash flow play for the next buyer. So, they’ve got to bring in X amount of dollars. Let’s say it’s a $3.1 million down stroke plus some soft cost, etcetera, etcetera, etcetera. Call it 3.5, maybe a little bit of CapEx money, call it 4 million. What they’re going to be looking at is I’ve got $4 million down. I’ve got my loan assumption for the rest. And what’s my cash-on-cash return? What’s going to be my internal rate of return?

But what a lot of those guys are looking at is what’s the initial cash-on-cash return, $4 million down stroke. What’s my net operating income? What’s the mortgage balance? What’s my net free cash flow? Take the net free cash flow divided into my down stroke and my raise or my money in, my 4 million, what’s my initial year one rate of return? That’s what I think that people care most about. And then if that number is 4% or 6% or 5% or somewhere in there, usually, then they have the upside of, again, rents growing. And what it does, Pranay, as you’re aware, maybe you can comment on this, is de-risking the business because you take the interest rate risk off the table. So, maybe, Pranay, think about or comment on like what things do you think are important for investors today in this market to do to de-risk their businesses. 

Pranay Parikh: So, that’s a great point and I feel like I’ve gotten a Ph.D. in debt in the past year. And fortunately, because we’re doctors, a lot of people don’t necessarily see us as competitors because we bring in kind of JV equity, joint venture equity. So, a lot of people will talk to us. We’ve talked to everyone. We ended up going down a rabbit hole of interest rate swaps. We talked derivatives. At some point, we’re like, “Okay. We’re going too deep down this rabbit hole of interest rates,” because it’s a whole like industry, interest rates and capital markets and all that stuff. But that just goes to say that we really have to focus on interest rates. So, it’s not just the interest rate. It’s how long the term is. Is it adjustable or fixed? A lot of people are using this new agency adjustable product, which no one was really using before the last year or two. So, you can’t just say agency, it’s fixed because agency could be adjustable now. You have to look at, is there an interest rate cap and how long is the interest rate cap? Everyone just assumed the interest rate cap would be the same length as the loans, but a lot of people are realizing that didn’t happen. And then if you have a fixed debt, what is the prepayment penalty? And that gets a little complicated. So, I won’t.

But basically, if someone says, “Hey, I’m giving you this loan for ten years, for example, if I give you $10 and you give me $10 back in the next year, I will be mad not because I have my money back, because I was expecting $15 over ten years and I was expecting that to be steady income.” Lenders do all of their work in the front end, right? They underwrite you. They look at the property. I don’t want to go out and lend my $10 again. I was expecting $15 out of that $10. So, that’s why they say, “Hey, if you’re going to give us that money back, you’re going to have to give us a big payment penalty.” And it goes down over the years, right, because you’re paying off some of that interest. So, all these things you’ve really got to think about. And if someone normally and we did this too. We were like, “Oh yeah, we have an adjustable rate mortgage, we have a rate cap, and here’s the all-in rate.” But I think especially during presentations index, it really needs a good 5 to 10 minutes and debt really needs to get the respect that it deserves. 

Josh Cantwell: Yeah. It’s unbelievably important, especially because it’s really the one thing that can take your deal down, right? You can have bad operations for a short time. Fix the operations. That might not sink your deal. You could have a bunch of vacancy for a while and then they could pick back up. That might not sink your deal. But if something goes wrong with operations with your debt service coverage ratio or the cost of your debt skyrockets and ultimately the bank comes and said, “Hey, we’re going to take this deal back over,” there is no recovering, right, because your limited partners get wiped out. Somebody else is in control. It’s a major, major risk to the deal. So, Pranay, let’s talk a little bit more about this assumption, and let’s talk about two scenarios, right? I’d like to get your kind of thoughts on this. So, let’s say you have a deal that you could assume where, again, 3.65% interest, long-term Freddie Mac, let’s say. It’s got a 10 or 12-year term on it. It’s truly fixed. But the loan-to-value is a little bit lower versus a deal that has going to be a higher loan-to-value. So, you have to bring in less proceeds to the table, but maybe it has an interest rate cap but it’s already hit the cap.

Let’s say the cap’s 5.5% and it’s already adjusted and hit the cap, and the caps are only going to last maybe for two more years. And maybe it’s interest only, but it’s only interest only for three more years. Okay. Is there one of those two scenarios that you think is better? Or are there certain parts of each scenario that are better? What’s the upside and downside of each? Or one, again, lower loan to value, lower interest rate, you got to bring more money to the table versus the other one higher loan to value, so you have to bring less money to the table, but a shorter duration. So, it has more risk because the duration is quicker. What are your thoughts on those two scenarios? 

Pranay Parikh: Yes. So, great question. I think this is dependent on the business plan and the specific person. What we are moving towards is more cash flow. So, what I tell people is if the property is able to throw off cash, that means there’s so much extra money after all of operations, after your maintenance and your reserve and all that, that there’s money to send to our investors. And if that’s a pretty good amount, we aim for around 4 to 6 in the first year, then that means the property can handle really anything the world throws at it. And like, who knows what’s going to happen? You know, actually if you look back historically, the worst flu that we had in the early 1900s, that it was actually the worst in year three, not in the beginning. So, fortunately, we have a vaccine and all that stuff, but we’re not necessarily out of the woods with COVID and all this other stuff. We had RSV. My whole family did. It was horrible. You know, a couple of weeks ago I was like coughing out a lung. And so, what we like is cash flow. So, I would look at what is higher cash flow, and that typically means bringing more money to the table so that if you have more equity, if you have more people that want a piece of the pie that actually lowers your returns. We’re okay with that because it also lowers risk. So, that’s number one. We focus on cash flow.

So, we like adjustable-rate mortgages but we want it to be long-term. So, if it’s a five-year property, we can get a ten-year loan, then that means I could hold the property for another two, three, even five years after my business plan in case things go poorly. But I like to have rate caps and the issue with rate caps is right now they’re very expensive. So, with what has changed, with what we talked about, about 5 minutes ago, it actually might make sense to get a longer-term fixed because interest rates are going to keep going up, interest rate caps are still going to go up, and these are not minimal differences. It used to cost 50,000 early last year for a rate cap for one property. Now, it’s 1.5 million. So, it’s a significant difference. And if interest rates keep going up, then that’s money that you don’t get back. That goes straight to the bank or whoever you’re buying the rate cap for. So, I like long-term debt potentially fixed or a long rate cap and loan assumptions, and also really take a look at what the prepayment penalty is. So, the nice thing about the agency, the agency adjustable, is that their prepayments are very reasonable. So, like a 1% fee as opposed to I’ve seen as high as 5% to 10%, which for your property that’s over $1 million. 

Josh Cantwell: Yeah. That’s a ton. So, as we think about going forward, I’d love to hear from investors and entrepreneurs, their kind of growth path. Now, I’d like to hear talk about tactics with real estate, but on this show, we love to talk about the entrepreneurial journey. So, tell us sort of about your journey. You’re a doctor but you pivoted from being a doctor and an entrepreneur at the same time. I’ve met a lot of great doctors, and I know one in particular who’s done a great job of kind of bringing another group of doctors similar to what you’ve done that invests passively into syndications and they have a lot of horsepower. Collectively, they can write some pretty monster checks and they’ve used that as their entrepreneurial path. Also, they’ve been able to then capture enough deals and do some things on an active basis where they can qualify as a real estate professional and actually use all that depreciation to offset all of that doctor income that they’re making. So, a lot of great things there for doctors or highly paid professionals and reasons why to invest in real estate. But, Pranay, for you, tell us a little bit about your journey. Tell us about your first syndication, the transition from being just a doctor to doctor and an entrepreneur. How did that go? What were some of the early challenges that you faced? 

Pranay Parikh: Yeah. I joked that I found a way to actively do passive real estate. In the beginning, so I graduated a residency. I had a good doctor’s salary but what a lot of people don’t necessarily realize is I had a ton of debt. I looked around. I could put my money into the stock market and retirement accounts, but I wouldn’t get access to that for another 30 years. I graduated when I was in my early thirties. So, in the beginning, I wish I could say, “Then I bought a bunch of real estate and I became financially free,” but the money has to come from somewhere. I had to pay off my loans, so I worked a lot. So, normal shifts are about 14 a month and I was doing 25, so almost double. But in a year, I paid off my loans. I bought my first four-unit property, active real estate, and I thought that was it. I’m just going to buy one property every year and then retire in ten years. 

Josh Cantwell: Problem is you got addicted to it, right? 

Pranay Parikh: Well, I realize now looking back, I got super lucky with that property. It’s in Long Beach, coastal water, less than a million bucks. You know, you can’t find that. It was a diamond in the rough. So, I looked around and that’s when I found syndications. I was like, “What? Someone will do all this work and I get most of the benefits?” I get the depreciation, I get all this stuff. But I realized there wasn’t much education. There wasn’t your podcast at the time. This is many years ago. And so, I partnered with another doctor and we created a course to teach doctors how to invest in real estate. And I did that for a while. We’re like, okay, you guys know how to invest, go invest but a majority of them would come to us. They’re like, “Yeah. Now, that we know all this stuff and how to vet deals, how to find them, we are too busy and we don’t care about doing that. So, why don’t we just invest in the deals you two are investing in? We could get better terms, better deals,” kind of like that group you had mentioned. And that’s what we did. Our very first deal was a small piece of a much larger deal, but over time we had enough people that we could bring in all the equity in a deal. So, that’s kind of what we do. 

Josh Cantwell: Got it. I love it. Now, why did you create a course? I’m interested to see what the benefits of that was, the credibility that came from that, and how long did it take you to create. Like, how long is the course? Because it would seem like creating a course would put you up kind of on a pedestal, like you become the expert. People go through the course and then they’re like, “Wow. I want to do what he does.” So, tell us a little bit about the course. What was your mindset in creating it? How long did it take? Those kinds of things.

Pranay Parikh: So, I’m a doctor. I’ve been in school for 20-plus years. I got a master’s because I didn’t have enough education and my wife had a master’s and I only had a doctorate. And so, I love education, you know, but what I find is that most classes they could get all their material done in 2, 3 hours, right? It doesn’t have to be 10 hours so one hour a week for ten weeks like we did in college. So, I thought, “Let me take all this information.” I read a couple of books. I used my own experience, so let me try to get this down, distilled as much as possible. And every year I look at the course, I’m like, “What can I take out? What can I combine? How can I explain things quicker?” So, you can do the course. It’s a four-week course, but it’s like half an hour to an hour a week. It’s meant for busy professionals and it’s a way to go from zero to being able to find deals, vet them, and invest yourself. It’s for passive real estate but can be used for active real estate as well. And I just love courses. I’ve spent tens of thousands of dollars on courses, some good, some great, some kind of sucky. So, I’m always trying to improve and educate myself. And I think that’s how we as adults, instead of going back to college or taking classes online I think a course that’s taught by an industry expert just makes a ton of sense. 

Josh Cantwell: And what benefits have you personally received from that? Like, what would have been the results because of authoring a course?

Pranay Parikh: So, everyone needs some type of leadership platform, right? So, you and I both have podcasts, people do books. I’m not a great writer and a blog but we created a course and we’re fortunate. You can’t just create a course and expect a lot of people to buy it. So, fortunately, my business partner, he had this media company that he teaches doctors how to do passive investing. So, conferences, blog, podcasts. And so, we had that. So, we had a way to get people into our course, but our course just helped to elevate us. Now, we’re really the experts. We’re not people that partner with other people. We’re the experts ourselves. And so, if you’re trying to come up with investors, half of our investors, if not more, are people that have gone through our course. 

Josh Cantwell: Yeah. That’s fantastic, right? So, a lot of times people do podcasts because it’s free content. I’ve been doing live events since 2006 and a lot of investors come to those live events thinking that they’re going to be active investors, whether it’s in residential or multifamily. And then they’re like, “Well, yeah,” but even the people who are active operators, they also have maybe a self-directed IRA or they have an old 401(k) rollover and they can’t invest from their retirement account in their own deals because it’s a prohibited transaction. They have to push that into somebody else’s deal and by default, they’re looking for another operator. They’re like, “Well, I went through your course or went through your podcast. I went to one of your webinars or I attended your live event. Look, can I invest it with you?” So, the idea of creating these financial friends, right, that you do deals with and sometimes you need to invest in their deals, sometimes then you invest in your deals, make loans to each other. It’s those kinds of things that’s going to kind of help everybody achieve their goals and achieve financial freedom even faster. It’s fantastic stuff.

So, Pranay, for those people who are highly compensated busy professionals, if you look at the course, what are some suggestions that you make to them to create financial freedom through real estate? What are some suggestions or some steps that they can take if they’re highly compensated, if they’re very busy to invest in a syndication or to find a single family, or to buy a four-unit or an eight-unit on their own? You and I are obviously believers in this stuff, right? 

Pranay Parikh: Yeah, definitely. I think you got to have something that’s outside of how you make money, right? So, you have to have an investment and I think it has to be diversified. In the past, people have just looked at their portfolio in 60/40, right? 60% stocks, 40% bonds. And that’s been okay. But we’ve seen that that isn’t. And you need to have some real assets, I think real estate, especially single-family and especially multifamily. Even in 2008, the amount of bankruptcies in multifamily was less than 1%. And those people, that small percentage had issues with debt, as we mentioned earlier. But residential real estate goes well, right? There’s the Maslow’s hierarchy and lodging, living, finding a safe place is very at the bottom. So, we just try to provide a good place, a secure place for people, and the money eventually comes and we say that we do real estate a little bit different than others and we have a code of ethics that we think is pretty unique to us. 

Josh Cantwell: Fantastic stuff. So, last question is you’ve been involved in, bought, acquired with your groups over $1 billion in real estate. What does it take to do that? Like, what are some of the keys, the traits that you think has led you to have that kind of success, about that amount of real estate and participate in some significant, significant deals? 

Pranay Parikh: Not knowing how hard it is. Our very first deal with 3 million, with 3 million in equity, and people after that told me, “Normally, people don’t raise that much equity,” and I was like, “Oh, that was really tough. Let me do a fund.” So, we did a $10 million fund right after that. And people after told me, “People don’t do funds for years.” And a lot of it is, and I’m not saying I’m anyone special, it’s that we often limit ourselves like, “Hey, I can’t do that.” One time we had two really good deals at the same time and we were like, “Okay. Let’s separate them by two weeks.” And it was about 26 million in equity in about a month-and-a-half or two months. And it was hard but we were able to get it done. A lot of time you develop so many skills throughout your life, if you’re a lawyer or if you’re a dentist, regardless of what you’re being in, but you think, “Hey, this is not going to transfer over,” but it will. A lot of what I do in medicine transfers directly over and it’s actually vice versa as well. A lot of stuff I learned in negotiation and stuff in business carries over and makes me a better doctor.

So, the one thing I would tell people is don’t get in your own way. If you have a goal, try to go out and do it. And what you’ll see is you’ll need help along the way and we’ve had a ton of help. We’ve had an army of contractors. We’ve had a ton of sponsors that have helped us. And most people are willing to help you. And we always had this fear that like they’re going to be like Josh is like, “No, never going to talk to you.” But most of us like Josh is being so kind to let me onto his podcast, most of us are happy and willing to help people so get started and get help along the way. 

Josh Cantwell: No doubt. Love it. It’s interesting, you know, as the more successful people I’ve associated with, as my personal net worth has grown, we’ve done larger and larger deals, obviously, the number of people participating at that level are smaller and smaller and smaller. And I find those people to be even more and more and more generous, willing to help, willing to kick in, willing to learn, willing to listen, willing to teach a lot of times for free because instead of needing the income or desperate for money, everyone’s really investing for the greater good and for the long term. So, everybody’s taking a longer view in willing and knowing that they have to bring people with them. Like, it’s a team sport, as many people say, multifamily syndications or any kind of investing. And so, I just want to say that because I think for our audience that’s listening to, like you said, almost like your naivete, your naiveness of, “Oh, 3 million? That’s hard. I didn’t know it was going to be hard like I just did it or 10 million fund.” And then you start to bump into these other people who’ve done huge things and you’re like, “Wow. Most people at that level are also very generous, very giving, very open, and everybody’s wanting each other to succeed.”

Once in a while, you run into that super arrogant jerk who thinks he knows everything and doesn’t need anybody but ultimately that’s a guy who just doesn’t realize how much help he’s had or she’s had along the way because they’ve had a lot of help too. So, fantastic stuff. So, Pranay, I know that you’ve written a PDF. You have a podcast. My audience can go to AscentEquityGroup.com, and we’ll put that in the show notes. We’ll put that all over the websites and things like that. AscentEquityGroup.com, there they can also join your investor network, participate in your podcast, download your PDF, and learn a lot more about your company. So, anything else that you’d like to leave our audience before we wrap up today? 

Pranay Parikh: No. Just super excited to chat. If anyone has any questions, want to get started, I’m happy to help. My podcast name is From MD to Entrepreneur, just kind of chronicles my journey as an entrepreneur. I can’t say that I’ve gotten to the end yet but I have made plenty of mistakes along the way and hope to help everyone avoid them. 

Josh Cantwell: Awesome. Pranay, listen, thanks so much for carving out some time today for us on Accelerated Investor. 

Pranay Parikh: Thanks, Josh. Have a good day. 

[CLOSING]

Josh Cantwell: Well, there you have it, guys. Listen, I hope you enjoyed that episode of Accelerated Investor. It was really fantastic to have that conversation with him about loan assumptions and about creating courses and about really staying in your lane, staying in your niche. You know, for him to be an active physician and then focus on joint venturing with more physicians I think is a really, really phenomenal investment strategy that really fits his lane. And I think that’s something that we can all learn from. It’s really fun to see someone like that even a successful doctor. Like you said, not all doctors make a huge salary, but together, you take their combined net worth, their combined horsepower can do some amazing things. Him and his group consistently write checks for between $8 million to $20 million. And so, big, big, big money. And so, fantastic to hear his journey as an entrepreneur. If you would do me a favor, I’d be so grateful if you would subscribe to this podcast, like it, rate, and review it. Whether you’re on Spotify, YouTube, or iTunes, or what have you, thank you so much for joining that and sharing this podcast all over social media. Thank you so much for being a part of our group and we’ll see you again next time. Take care.