The FORT Podcast: Nick Farris
Nick Farris has an extensive background in consulting and market analysis for health care real estate and senior living assets. He has functioned in advisory roles nationally with hundreds of developers, hospitals, health systems, healthcare REITs, and medical operators since 2006.
On this episode, Nick and Chris deep dive into Health Care Real Estate and how MedCore works with physicians to locate areas to develop medical facilities across the country. They also discuss Nick’s work developing Senior living campuses, how they first met in college, what’s next for the boomer generation, and more. Enjoy!
(03:15) – Chris and Nick Meeting in College
(07:04) – Nick’s Career Path After College Leading up to Today
(14:16) – What’s the spectrum of Health Care as it relates to what you do?
(19:16) – Where are you gathering all of the data for physicians?
(23:44) – What’s the lead time between folks approaching you and when they need to find a place?
(25:46) – Are physicians coming to you with a broad brush in mind or specific locations they want to set up a practice?
(30:27) – What room is there for a physician in markets where there’s virtually no insurance coverage?
(32:37) – What’s an orthopedic surgeon looking for?
(35:02) – Data Availability Via Insurance Providers
(35:56) – Are you involved in an ortho’s search for finding physicians to work within an area they want to go to?
(39:00) – What are the big drivers for how facilities are built?
(41:30) – What is a client in for when they come to you to build a facility?
(44:43) – Are physicians signing leases or joining the ownership group?
(45:54) – How does the organization make money?
(47:14) – How would a deal go south?
(48:15) – Scarcity of Medical Facilities vs. Other Types of Real Estate Leasers
(49:08) – What’s considered Elective Surgery?
(52:22) – What’s a co-morbidity?
(54:24) – Senior Housing
(1:00:11) – How big are these campuses?
(1:01:54) – How do you raise capital?
(1:05:28) – What amenities are you adding to these campuses?
(1:07:19) – Are memberships covered by insurance or private pay?
(1:07:41) – Is the fact that people are living longer good for your business?
(1:09:03) – What’s your reason and process for acquisitions?
(1:10:16) – Does the government offer loans for financing in this area?
(1:10:47) – What’s the next 10 years look like for the boomer generation?
(1:14:22) – Do you have a childhood experience that has shaped who you have become?
(1:19:34) – Do you have a morning routine?
(1:21:46) – What’s the best advice you’ve been given?
The dialogue unveiled the crucial aspects that underpin successful property transactions, emphasizing the importance of thorough due diligence, comprehensive research, and strategic planning in ensuring robust investments and mitigating potential risks. Farris underscored the significant impacts that a meticulous approach to loan-level analysis can have on real estate investments, shedding light on the multifaceted aspects that need to be considered to navigate the terrain of property acquisitions successfully.
As the conversation unfolded, Farris navigated through the landscapes of investment strategies and financial management within the real estate domain. His insights shone a spotlight on the criticality of judicious financial planning and management, highlighting the need for a balanced approach that intertwines strategic investment with risk mitigation to foster sustainable growth and profitability in real estate ventures. Farris’ discourse highlighted the paramountcy of agility and adaptability in aligning investment strategies with evolving market trends, ensuring that investments are poised to capitalize on opportunities even amidst fluctuating economic climates.
The dialogue further explored the granular aspects of property management, offering insights into strategies that can enhance returns on investment and ensure sustained profitability. Farris provided a panoramic view of the challenges and opportunities that permeate the domain, elucidating strategies that can optimize property management, enhance operational efficiency, and streamline transactions.
A significant portion of the discussion was dedicated to exploring the intersection of technology and real estate. Farris offered an in-depth exploration of how technological advancements can be leveraged to enhance various facets of real estate transactions and management. His perspectives illuminated the pathways through which technology can be harnessed to foster an environment conducive for innovation and forward-thinking strategies in real estate ventures.
As the episode progressed, the topic of client relationships and their pivotal role in real estate endeavors was brought to the fore. Farris underscored the importance of fostering robust and transparent client relationships, built upon a foundation of trust and mutual respect. He highlighted how nurturing such relationships ensures that ventures are cultivated and managed in an environment that is conducive to growth and mutual benefit.
Navigating through the pathways of emerging trends and market shifts, the dialogue explored strategies that can harness the potential of emerging opportunities in the real estate sector. Farris shed light on approaches that ensure investments are strategically positioned to capitalize on market shifts and emerging opportunities, providing listeners with strategies to navigate through the evolving landscapes of the real estate domain.
The dialogue also traversed through the legal and regulatory landscapes that govern the real estate sector. Farris emphasized the criticality of adherence to legal frameworks and compliance with regulatory mandates. His insights provided a guide through the legal contours of real estate transactions, ensuring that investments are safeguarded from potential pitfalls and that transactions are executed within the defined legal and regulatory frameworks.
The final segments of the episode delved into the future perspectives of the real estate sector. Farris provided a panoramic view of the potential trends, challenges, and opportunities that may shape the future trajectory of the real estate domain. His insights offered listeners a glimpse into what lies ahead, preparing them to navigate through the future landscapes of the real estate sector with informed confidence and strategic foresight.
The FORT with Chris Powers is produced by Straight Up Podcasts