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DMD #66 | Real Estate Investing for Physicians & Financial Strategies

DMD #66 | Real Estate Investing for Physicians & Financial Strategies

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 This episode is sponsored by Lightstone DIRECT. Lightstone DIRECT invites you to partner with a $12B AUM real estate institution as you grow your portfolio. Access the same single-asset multifamily and industrial deals Lightstone pursues with its own capital – Lightstone co-invests a minimum of 20% in each deal alongside individual investors like you. You’re an institution. Time to invest like one.—-----Jonathan Spitz, Head of Capital Formation at Lightstone Direct, joins Dr. Peter Crane to discuss real estate investing tailored for busy physicians. With over a decade in the industry, Jonathan shares his path from commercial brokerage to capital raising, emphasizing passive strategies over active management. The conversation covers REITs vs. private investments, liquidity considerations, target returns (14-16% IRR), tax efficiency, and risk management. Jonathan highlights Lightstone's conservative approach, including 20% co-investment and wealth preservation focus, while advising on common pitfalls like excessive leverage. Practical tips include due diligence on managers, diversification, and when to start (around $2-3M net worth). This episode equips physicians at all career stages with tools for long-term financial independence.Episode HighlightsJonathan's career journey from public equities to real estate brokerage and capital formationActive vs. passive real estate: Managing properties yourself or investing with professionalsREITs explained: Public vs. private, dividends, and volatility differencesPrivate real estate strategies: Value-add deals with 3-5 year horizonsLiquidity trade-offs: Illiquid investments for higher potential returns (14-16% IRR)Tax efficiency and cash flow benefits for high-income physiciansRisk management: Conservative leverage (e.g., 54% LTV) and scenario stress-testingLightstone's differentiators: 40-year history, 20% co-investment, and multi-sector agilityCommon mistakes: Over-focusing on high IRRs without checking debt or manager track recordsAdvice for physicians: Join investor groups, seek references, and diversify portfoliosTop 3 TakeawaysPrioritize manager due diligence—check track records, co-investment, and strategy execution over flashy returns.Balance liquidity and upside: Allocate 5-20% to illiquid private real estate for tax-efficient growth.Start diversifying at $2-3M net worth, focusing on wealth preservation and conservative leverage. About Jonathan SpitzAbout Jonathan Spitz Jonathan Spitz is Head of Capital Formation at Lightstone Direct, overseeing business development and investor education for a $12B AUM real estate institution. With over a decade in real estate, he has experience in commercial brokerage, single-family REITs, community banking, and private equity. Jonathan focuses on educating investors—from residents to retirees—on passive real estate strategies, emphasizing risk management and alignment through Lightstone's 20% co-investment policy. Based in Tampa, he enjoys guiding physicians through diversified portfolios.LinkedIn: Jonathan Spitz About the Host:Dr. Peter Crane is a board-certified physician, educator, and storyteller with a heart for service and a calling to spotlight doctors who make a difference—in their communities, in medicine, and in the lives they touch.Through Doctors Making a Difference, he brings you into intimate conversations with physicians who have overcome challenges, redefined success, and found purpose in and beyond the clinic. His goal is simple: to help more doctors stay in medicine by showing them what's possible.About the Show:Doctors Making a Difference is more than a podcast—it’s a movement to highlight the good, the gritty, and the deeply human side of medicine.In every episode, Dr. Peter Crane interviews physicians whose stories defy the script. From burnout recovery to bold career pivots, health challenges to quiet leadership, this show honors the truth that healing begins with connection—and doctors, too, deserve to be whole.Visit: doctorsmakingadifference.comLMC Series Note:Living with Metastatic Cancer (LMC) explores the science, decisions, and day-to-day realities of life with advanced disease—through candid physician–patient conversations. The Doctors Making a Difference Podcast is for informational purposes only and does not substitute for medical, legal, or professional advice. Always consult appropriate experts regarding your unique circumstances. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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