#46 - Why Physicians Are Turning to Private Commercial Real Estate

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.__________________________You went from making residency peanuts to six- and seven-figure clinical income practically overnight but medical school never taught us what to do with it.In this episode, Leo Damasco sits down with Jonathan Spitz as he reveals why more telemedicine and 1099 physicians are using institutional-grade real estate to create tax-efficient cash flow, slash volatility, and build true diversification outside the rollercoaster of public markets. He pulls back the curtain on Lightstone’s new direct-to-investor platform, explains the massive alignment that comes from the firm putting its own money in first, breaks down the current 2025–2028 market opportunity (20–30% valuation resets + disappearing new supply = rent-growth tailwinds), and shares the red flags and green flags physicians must know before investing passively in private deals.Whether you’re looking for 6–8% tax-deferred distributions, mid-teens IRRs, or simply a way to stop writing huge checks to Uncle Sam every April, this is the roadmap.Three Actionable Takeaways:Define Your Investment Objective Before Choosing a Deal: Before investing in private real estate, determine whether your priority is cash flow, tax efficiency, portfolio diversification, or long-term appreciation. This clarity ensures you select deals aligned with your financial goals and prevents emotional decision-making. Physicians especially benefit from knowing what they want as income and workload shift.Perform Sponsor Due Diligence, Not Just Deal Analysis: Evaluate who is managing your money. Ask how long they’ve operated, how much of their own capital they invest, their track record in the specific market, and whether they've navigated past downturns. Sponsors with skin in the game and proven execution reduce risk and align incentives with investors.Understand and Accept Illiquidity Before Committing Capital: Private real estate investments often lock funds for multiple years, typically without early exit options. If you may need cash within that timeframe, reconsider. Accepting illiquidity allows you to benefit from consistent income distributions, tax advantages, and potential higher long-term returns without reacting emotionally to market volatility.About the Show:Telemedicine Talks explores the evolving world of digital health, helping physicians navigate new opportunities, regulatory challenges, and career transitions in telemedicine.About the Guest: Jonathan Spitz is the Head of Capital Formation at Lightstone Direct, where he connects individual investors, especially physicians, to institutional-quality real estate opportunities. With over a decade of experience spanning brokerage, lending, and private equity, Jonathan has navigated multiple market cycles and capital-raising environments. He focuses on transparency, education, and aligned incentives, helping professionals understand how private real estate can diversify portfolios, reduce taxes, and build long-term wealth.Website: https://www.lightstonedirect.com/dpnAbout the Hosts:Dr. Leo Damasco – Pediatrician and emergency medicine doctor turned telemedicine advocate, helping physicians transition to digital health.Email: [email protected]: https://www.telemedicinetalks.com The information provided in Telemedicine Talks is for educational and informational purposes only and should not be construed as medical, legal, or financial advice. While we discuss best practices, industry trends, and real-world experiences, every situation is unique. Listeners should consult with qualified professionals before making decisions related to telemedicine practice, compliance, contracts, or business operations. The views expressed by the hosts and guests are their own and do not necessarily reflect those of any organizations they may be affiliated with. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.