Dr. Chirag Chaudhari is an emergency medicine physician turned real estate syndicator, and the son of Indian immigrants.
What began as a few rental properties with his wife has grown into a portfolio spanning nearly 800 units through hotel-to-multifamily conversions, land syndications, ground-up construction, short-term rentals, and even oil & gas funds.
Charles:
Welcome to another episode of the Global Investors Podcast; I’m your host, Charles Carillo. Today, we have Dr. Chirag Chaudhari – CHIRAG CHODERY. He is an emergency medicine physician turned real estate syndicator, and the son of Indian immigrants. What began as a few rental properties with his wife has grown into a portfolio spanning nearly 800 units through hotel-to-multifamily conversions, land syndications, ground-up construction, short-term rentals, and even oil & gas funds. Chirag, thank you so much for being on the show today.
Chirag:
Hey, thanks Charles. Really appreciate you having me.
Charles:
So, tell us a little bit about kind of how you got into real estate investing, but before that little bit about yourself personally and professionally, that kind led to going from medicine into real estate.
Chirag:
Yeah, so, you know, we sort of have always been, you know, market averse, I guess if you, if you want to call it that sort of traditional markets. And my wife and I, you know, we put away in a retirement and that was sort of our exposure to the market would be whatever we sort of, you know, pre-tax got to put into a variety of vehicles. But then any cash we had sort of on the side, we wanted to be able to invest in really tangible assets that we could sort of, you know, go see, look, feel, and, and be able to determine their fate ourselves. And so not during residency, because we were dirt poor and probably for the first few years as attendings, you know, we were paying back loans and things like that. But eventually we would get enough for sort of a down payment for a small town home or a condo, and we would purchase one of those.
Chirag:
And what we actually purchased sort of model homes from one of these nationwide home builders that didn’t want to own their model homes and rather sell them and then sort of do a rent back for two to three years or however long it takes to sell out the community. So we did that a few times and it was great. It allowed us to be lazy landlords. We got monthly a CH deposits into our account, which were above market rates. And then, you know, once the once they were done, then we sort of started becoming true landlords and finding tenants. But but that was great. That’s, that’s sort of how we got started.
Charles:
So when you bought those properties, when you sold it back to them, you would, you’d leased it back to them and then you would just sell it once as the final home after the community was developed? Yeah,
Chirag:
If we were intelligent, we would’ve done that. <Laugh> I think that would’ve been the better play, honestly ’cause ’cause we had a decent amount of equity there in a few years. It was the model homes, it was the nicest home on the block. And, and that would’ve been the strategic play, but we actually then started getting into landlording and sort of just, you know, did the traditional long-term rental and had folks stay there and, and found property managers over time. But had about six or seven that was gonna be sort of the retirement plays just to live off that cash flow. But then then started taking some courses later on and, and became a little bit wiser with sort of the investing strategy. Then started using 10 31 exchanges to our advantage. And then got into some short-term rentals as well converting the long-term rentals into short-term rentals, which was really great.
Charles:
When you were, I imagine, ’cause both of you were working, we were busy, did you, you said you used third party management. Did you use ’em for all your properties or just once you hit a certain number of units?
Chirag:
Yeah, no, not until we were sort of over that sort of five six mark where it became, you know, a little bit time consuming to do some of that ourselves. But no, initially absolutely we were sort of self-managing. So
Charles:
What kind of, you said you took some courses, what really brought you into doing larger syndications and really doing what you’re doing today, which is allegating capital for a number of different asset classes, mainly in real estate and some of ’em outside?
Chirag:
Yeah, I think, you know, it, it got to a point where I, I said, look, I’m, I’m continuously trading sort of hours for dollars, whether it was real estate, whether it was working in the emergency department if I wasn’t working, I wasn’t earning. And so I said, you know, how could I sort of change that? How can I continue to earn and have outsized returns based on the amount of work I’m just, you know, putting in? And so I said, let me, let me look into some passive investing opportunities and see what that looks like, and did some courses around that. And really learn to, you know, be able to vet a sponsor, vet a deal, look at things very critically understand, you know, the importance of due diligence. And then my wife and I are in over 25 sort of passive syndication investments ourselves now multiple asset classes to sort of diversify our risk. And that’s been great. That’s been, you know, limited to no effort outside of sort of the initial, you know, strategic look at, you know, various deals. But the returns are great and, you know, no longer am I putting time into that, that’s just the initial work upfront is, is negligible compared to sort of the returns that, that we can benefit from.
Charles:
Yeah, no, for sure. Yeah, once you’ve done your due diligence pretty much the majority of the work’s done at that time. Yeah. So let’s talk about what you’re doing today. So as I was looking at your website and doing a little research for this episode, it was one of the things that you’re in, you’re are involved in a number of different asset classes. So can you tell us a little bit about your firm’s current investment strategy, some of the asset classes you’re looking at, and maybe a little bit more into how you look at those asset classes that you’ve been most successful, maybe in different types of strategies with them?
Chirag:
Yeah, no, absolutely. I think you know, just talking to, and, and obviously being a physician, I talked to a lot of other physicians and they’re curious real estate curious, we’ll call it just about sort of what opportunities are out there and some wanna be active and, and do that side of things and others, you know, similarly just wanna be passive and have sort of an adjunctive passive stream to of income in addition to what they’re doing already clinically. And so getting those conversations started, understanding people are really looking for very different things. Some of them want monthly mailbox money. Some of them want, you know, to take a, a sort of their initial capital investment and grow it as quickly and as largely as they can and are slightly less risk averse. And there’s different opportunities for that subset of folks.
Chirag:
Others don’t have really any passive income to be able to wash away with passive losses with a lot of these, you know, opportunities offer. And they just want the tax break off of their active income, whether it be 10 99 W2. And so it became very clear that we were to help sort of all of these folks, we really need to look at a multi, multiple different asset classes. And so we sought out to partner with experts in their niche and that have very impressive track records in whatever asset class we’re looking for. So we’ve done, we’re in, in the due diligence phase now for storage product which some of our folks have asked for around self storage, but oil and gas we got into last year that was about a five month sort of due diligence process. And that was fourth quarter of last year to really help offset active income for a lot of our colleagues. And so you know, after doing the due diligence and, and looking at what that deal would entail, it amounted to essentially a 50% return on investment in the first year, which was impressive. And we’ve not done deals previously that, that would afford that you know, in addition to sort of the, the really great tax benefits. And so that’s, that’s really it. It’s just kind of talking to folks and figuring out what it is that they’re looking for.
Charles:
That’s interesting. Yeah. Well, as I understand with oil and gas, I’ve never invested in it. We’ve had a couple of people on the show is that it has fantastic tax benefits even for active income, and mostly with the tax benefits in real estate in general, they are gonna be for your passive income, which is great. Once you start making some passive income, you can offset that, but it doesn’t help that physician like you were talking about with that active income. So can you just tell us a little bit about, you went over a couple things there, and one of them is about due performing due diligence over a five month period, which is which is great ’cause obviously you’re putting a lot of people money, you know, into the deals. You’re putting a lot of your own money into the deals. So can you talk to us a little bit first about what that due diligence process really takes, and this can be with that oil and gas investment, or really with operators and deals in general?
Chirag:
Yeah, absolutely. I think I think that’s so critical and, and I think my, when my wife and I were investing as LPs ourselves, the due diligence process was very different. It was very limited, it was short, it was, you know, just the details in our checklist, if you will. But to your point, when you’re bringing in millions of dollars of, you know, colleagues and friends and family that burden and sort of that, that going in eyes wide open and transparency is so much more important and it’s just weighs more heavily. And so yeah, we, we tend to date we like to call it sort of our, our partners for we’ve gone as long as two years that we’ve sort of been harnessing a relationship and meeting in person and passing on certain deals until we find one that we really align with and in a location that we think is gonna do well and the market sort of supports it.
Chirag:
And so that timeframe definitely varies. Two years has been our longest. I would say our shortest is that four to five month mark. And it really is just, you know, looking at their entire track record, but getting detailed financial reports on all of their assets, on all of their past track records. We, we’ve been told by some of the folks that we’ve worked with that our our level of due diligence is on par with, if not slightly more absurd than institutional due diligence when other folks come in. And so, you know, we, we think that’s great. It’s off putting sometimes the amount of detail and information that we ask for, but we have an economist on our team. We run our own numbers, we do our own spreadsheets, and we sort of don’t, you know, we, we trust but verify and we’ll look at those numbers, but then we dig into to see where they’re actually coming from.
Chirag:
So that’s really helpful. And the, the oil and gas, like you mentioned there’s a lot of different opportunities with oil and gas. The important thing to do is in essentially ensure that you and your investors are getting the IDCs or the intangible drilling costs that pass through, that’s what carries the active tax benefits. And so, you know, in the last deal that we did, for example, it’s a 90, we just got the K ones yesterday, but 95.7% depreciation which is, which is tremendous. So a hundred K investor just took, you know, 95 7 off of their W twos and, and 10 90 nines, which, you know, is great. Oil, solar, wind certain data center will all also pass off that active tax benefit. Those are a little bit trickier to find but, but oil and gas does a good job of that.
Charles:
Interesting, yeah, as I found out too, you have to really know what you’re doing with these assets when you’re investing into ’em. Because as I understand with oil and gas, is that vu have to have it, your share of it has to be in your own name. Is that correct? It can’t be like in an LLC or something like that. I heard from an attorney doing it. So like, there’s all these nuances. So when you’re getting into one of these last classes, make sure that you’re, we’re vetting sponsors, but you’re also maybe speaking to your own team CPAs and stuff to know exactly how this is structured correctly to make sure that you are gonna get the full benefit for what you’re investing into.
Chirag:
Yeah, I think that’s a, that’s a really critically important point. And, and you’re spot on. I think discussion with the CPAs really important. But yes, typically when you get into these investments, you wanna invest in the same name or entity that your paycheck is being made out to. If that’s to you and your name, that’s how you wanna invest in this because that’s how the IRS is gonna transfer those benefits. If you’re a 10 99 contractor and you’re getting paid as an LLC, that’s the LLC that should invest in, in these investments typically. But yeah, definitely speak with your CPA, that’s important.
Charles:
Interesting, interesting. Yeah. ’cause that’s something different that I don’t really see with other real estate investments. So doing it that way, that’s, that’s super important. One of the things, I mean, 25 different passive investments. Have you picked up any kind of, let’s just say high level, not to go into your whole due diligence checklist, but any kind of things you’ve brought up other than doing your initial due diligence with people, but once you’re working with someone, is there anything kind of main points or kind of rules of thumb that you follow when just passively investing with someone, maybe you’re not investing with them multiple times per year, you’re waiting for it to go full cycle after your first investment. I mean, is there anything like this that you follow or you wish you follow, or now you do?
Chirag:
Yeah, I would say, you know, it’s it’s giving me sort of more chutzpah, if you will, for lack of a better term, to be able to speak with sponsors, even when I’m a passive lp. Because most of the time I’m gonna be a passive LP first before I bring in a lot of friends and colleagues and other folks into opportunities. And how that initial relationship goes and sort of the interaction, the communication, the transparency with me as a sole, you know, small retail investor, if you will is gonna be how they treat us, you know, when, when we’re larger investors. So I think it’s really important to, to sort of build that, that relationship early. And so I’m a little bit more I guess, you know, forthright in my communication and asking about certain things when I get, you know, it could be a monthly or quarterly summary from, from the sponsor that’s the operating the asset.
Chirag:
And I’ll have a list of questions that I’ll, I’ll answer the degree to which those are answered, and the transparency which they’re answered determines whether or not I reinvest with them and bring in others. So I, I do think that’s really important and I think that’s important for any lp you know, to be critical, not just read the report, not just look at that, that’s important. But, but ask questions. Use chat, GPT, use ai, you know, whatever you need to do to come up with some, some good questions. But you wanna be a very invested investor.
Charles:
Interesting. Okay. Yeah, I think when I’m speaking to more, I guess, seasoned passive investors and larger investors, it’s one thing where they will, they’re gonna go more into the communication. They’re gonna go into more of how to limit their downside. They’re gonna go more into getting copies of previous K ones to see exactly how it’ll look. I mean, of a, a completely, I guess, 180 conversation from atypical new retail investor that’s just worried about getting every, I guess, percent outta the return, not really worried about everything else that goes with it. And knowing that this could be a relationship for five or seven years.
Chirag:
Yeah, absolutely. It’s so important. And I think you know, people sort of you know, it’s no different to me than the market where most people are invested in multiple different things. You know, in, in, it could be individual stocks, could be individual, you know, variety of different funds. And the level at which we pay attention is obviously very different. But in a year, there are swings of tens, if not hundreds of thousands of dollars up and down, you know, in the market. We don’t tolerate that in syndications. Most people don’t you know, individual syndications are gonna have the same fluctuations as the market, maybe not as dramatic. But you know, the important part is the upside is great. But to your point, you really wanna mitigate your downside. That’s, that’s where the risk is, is you don’t wanna have that loss of capital, which happens, unfortunately happens even with good operators. But but as much as you can protect that, that’s, that’s what’s really important because the upside will come.
Charles:
Interesting. Do you have money sitting in the stock market and you’re worried about it? Or worse, you have money sitting at the bank not keeping up with inflation? My name is Charles Carillo, founder and managing partner of Harborside Partners. And since 2006, I’ve been investing my money and my family’s money into income producing properties. These are real assets, real properties with real addresses that produce real cash flow. At Harborside Partners, we provide passive investors who love real estate with a turnkey investing solution. If you want to put your money to work in real estate but can’t find deals, don’t have the time to get funding. And the last thing that productive people want to do is manage real estate. We find the deals, we fund the deals, and we manage the tenants, the termites and the properties. Partner with us@investwithharborside.com. That’s invest with harborside.com. Go to invest with harborside.com.
Charles:
If you love real estate, you like the idea of passive income and believe that income producing properties will appreciate over time, go to invest with harborside.com. That’s invest with harborside.com. Yeah, so you said when you, when you got started, you were doing long-term rentals, you brought on some third party management, and then you were getting into short-term rentals. And this is space that I’ve never really invested into, and I know, you know, my short-term rentals really became very popular with mom and pop investors years back during COVID, and they still are. And now it’s really gone into, I know some people that are running funds with short-term investments. So can you tell us a little bit about, because it’s, it’s a li it’s a whole different ballgame. We’re owning the real estate and then we’re running a hospitality business. So what’s the difference if I went out and got a short-term rental, just, you know, all details aside, but just for if you had wor out and got a short-term rental and it was in the fund with a number of other properties, other than me not having to do the work for that passive investor, what are the main benefits?
Charles:
Is there any type of you know, scale that you’re getting benefits on there? Is there anything with the hospitality, with working with any of the people that you have your guests there? I mean, what are the main benefits about working with a large syndicator that has a number of these short-term properties versus just me with, you know, two condos? Yeah,
Chirag:
I think I think it’s just the power of scale and sort of the economy of scale that really helps. I think you know, there’s massive benefits to having your own Airbnb short-term rental. The, the great thing is there’s really great tax benefits. The short-term rental tax loophole is there. Some people like the hospitality side of things and being able to interact with guests who are staying, you know, at your property they typically will cashflow significantly better than a comparable long-term rental. But there’s, you know, there’s a cost to that. The cost is work and maintenance, and they tend to wear down a little bit quicker. But for example, we 10 31, 1 of our long-term rentals into a short-term rental they, they can be seasonal but that’s doing 10 x the cashflow of what that long-term rental did.
Chirag:
You know, not to mention the tax benefits that we had, you know, to go along. So there’s huge upside to doing it on your own. And then you could always, you know, send it to a property manager the year after you claim your benefits and you sort of actively manage that first year. A lot of folks will do that. So it takes the weight off. A fund is great though because it’s, you’re, you’ve got a, a team of professionals that do just that and they’ve got a number of different assets that they’re able to manage. The risk goes down because geographically they’re typically gonna be in 2, 3, 4 different locations. And so you’re not sort of geographically concentrated. The goal for most of those are going to be to sell to private equity, you know, and bundle them and not individually sell but instead sell them as sort of a portfolio product.
Chirag:
And so you’ll have anywhere from eight to 15 say, Airbnbs that are being sold together, but they do well they, they usually are, at least the fund that we were involved with. These are short-term rentals that are not gonna be bought by the average person. They’re multimillion dollar mansions. They go in, they add, you know, multiple millions in sort of, they put in lazy rivers. There’s, you know, indoor basketball courts. There’s just, they, they’re really high-end homes. And because of that, they become a little bit recession resistant because the folks who are staying there, you know sort of are able to stay there no matter what the economy’s doing. And so the, the fund tends to do well because of sort of the high price level and price point of some of these properties. And then ideally four or five years later, they get sold as a portfolio product.
Charles:
Yeah, see, I like that a lot because it’s, it’s a, you’re, you’re, you’re dealing with, you know, pretty much four seasons versus double tree in the sense that, like you said, for the recession. And the second thing is that the moat to entry is very difficult. You’re not gonna have someone that went to a weekend short-term rental seminar that’s gonna be competing, buying a multimillion dollar mansion and setting it up that you’re gonna have to compete with. And yeah, that’s, see that’s a very interesting. Now are these strategically in one place, or how did you have it with that fund?
Chirag:
Yeah, so they primarily specialize in Indio California, Sedona, Arizona, and Palm Springs. Palm Springs is interesting because they’ve sort of have short-term rental restrictions and limitations, and you can’t just operate short-term rentals. And so what they do is they buy entire hotels and then they’re able to use the hotel as a short-term rental. And so you, you rent out the entire, you know, all the rooms, half the rooms et cetera, and it becomes one large sort of short-term rental, but it’s in, in the hotel space. And so it bypasses some of the, the typical STR restrictions that you’ll see a lot of places have.
Charles:
Interesting. That, that’s a very, that’s a very interesting model of doing that. So what would you say have, you know, years and years, dozens of different passive investments, what would you kind of say some of the common mistakes you see passive investors make, or maybe mistakes you’ve made yourself early on that you’ve since kind of corrected and you make sure that you check on that as you go forward?
Chirag:
Yeah, I think, you know, starting out some of my mistakes was just you know, I just finished a class. I’m one of these people who I’m gonna take a class, I’m gonna learn something, I’m taking action pretty immediate. And that usually works out great except when it doesn’t. And so I had a couple where my first couple syndications ended up leading to capital calls and it’s sort of, you know, it’s your first one, you don’t wanna let it die. And, you know, in the er it’s like doing CPR, we’re gonna keep going, we’re gonna, you know, resuscitate this deal. And, and unfortunately there was no resuscitation to be had and, and it was a complete loss of capital. Luckily it was a small amount because I was just starting. But looking back at that, you know, I sort of looked at the pitch deck, I looked at the numbers, I did my own analysis, but nowhere near sort of the level to which I do now.
Chirag:
But I went in and, you know, had the conversations. I actually spoke to the sponsor myself very personally, and asked what I thought at the time were critical questions. You know, this was in 21, no one sort of predicted you know, the interest rate kind of increases that we were gonna see which is, you know, what ended up, you know, unfortunately not having this move forwards. But now that’s obviously a big part of our downside. You know, risk and questions and looking at debt, debt is so important and how that debt is structured on every asset is something we really dig into. So I would say, you know, again, it’s, it’s, it’s a little cliche, but do your homework do more homework than I did when I first started. You know, and, and that can help risk mitigate against some of those downturns. Yeah.
Charles:
As a founder on this last pullback when speaking with people that had issues that were able to navigate it it’s not only for years. I would always check who your property management was and how, what user relationship with that property manager as a way of kind of forecasting the future if you could. If they’re gonna be switching that manager if they have five properties with ’em already, I don’t wanna have to go through that. I want something that’s like, you’ve already figured it out and you’re kind of just putting me into your next deal. But I think becoming more crucial is not only what the debt structure is, but also knowing what is your relationship with that lender. And if I’ve got seven deals or they have seven deals with them, and I’m the eighth one that we’re investing into, it’s gonna be different if, hey, this is our first deal that we have, they’re gonna be, there’s gonna be usually a different relationship in a different way of how any type of adverse situation is gonna be handled.
Chirag:
Yeah, I think that’s so important. I think we’ve worked with a couple operators now that have a really in-depth relationship with kind of a local lender. They know each other, to your point. They’ve done this multiple times now. And there’s always gonna be something that comes up and, and what, you know, how those are handled I think becomes a very different conversation when it’s your first deal versus your 10th deal there. That relationship is definitely really helpful in sort of mitigating those things.
Charles:
Have you ever invested with an operator whether you are passively and or GP and passive in a deal that you lost money with previously? And what was your decision if you did? So
Chirag:
Have I ever gone back and reinvested with someone that I’ve lost? I have not. I think if it was a situation where I thought the operator was very transparent in their conversations and open about what was going on, and there were sort of, it wasn’t brought to investors as a surprise I definitely would consider that because then to no fault of their own, it’s the market doing what the market does at times. I’m not gonna hold that against the operator. My case was different. Mine I think was some lack of transparency on the part of the sponsor and the operator. And that for me is, is a red flag forever and not one that I would do business with again. Yeah.
Charles:
And the communication, the transparency is is so important. I was at a, a real estate conference several years back and people were like, how many, you know, raise your hands if you get emails from syndicators and everybody rose their hand and then it goes, how many people wish with the real estate syndications they have now, they’d have more communication with their, with their person, with their sponsor, and pretty much everybody’s hand stayed up. And it’s just something very interesting about, I think about how simple communication, even if it goes out, it doesn’t have to be one-to-one, just if it went out by email. And I realized, I think during COVID initially, and then obviously during 20 21, 20 22, but COVID I think was the initial test because, you know, when collections were coming, the really good sponsors we worked with we had a lot of communication, you know what I mean? A lot of open communication weekly if not more, about how everything was progressing, especially in the beginning of the month when rent was coming in. So I just wanted to kinda see, because what I was thinking is, if you reinvest it was it, how do they handle the whole issue? But yes, it’s communication transparency, it’s something that really can’t, you can’t take it back, you know what I mean? ’cause Now you know how how they act when deal isn’t going a hundred percent the way it should be. Yeah,
Chirag:
Yeah. And, and there’s other ones that, you know, have are gonna do fine, but maybe are not quite up to performer at this point. And, you know, those operators and sponsors have been very transparent. And so, you know, those, regardless of how the deal does, that’s not something I’ll hold against a sponsor. I’ll definitely come back and at another opportunity if it, you know, fits my buy box at the time. But I think one of the things I’ve noticed and that we have done in several of our opportunities now is, you know, it takes some time and effort to put together an email and to put together those thoughts. It takes very little time in addition to that, to do a quick video for, for your investors, for your colleagues, and just to sort of talk like we are now about, you know, here’s what’s going on. Here’s any challenges that have come up, here’s what we think is gonna happen, or hey, this is going, you know, even better than performa and, and sending that video out. It’s very, very personal. It’s very different than reading an email. And, and to your point, I think investors really appreciate that.
Charles:
Yeah, I think it’s, one of the things is in deals that I’ve invested passively in that have gone south, let’s say having video, having conferences and doing Zoom calls, whatever you want to do, and people actually asking question that puts them, I mean, right there, feet to the fire type of thing, asking them, and they have to be completely upfront. And when I, when I’ve had before and we have one now a deal that went south as a past investor, and it was something where they avoided doing that, you know what I mean? And it’s again, the same thing. It’s like not having the communication, not answering questions because if I have a question, if I have a call with them one-on-one, it’s, it’s gonna be good. But if I am doing it with the other people that are LPs, even if I’m not, like if we’re not sitting in the same room, they’re gonna have a lot of other questions that I’m not gonna have that I want to hear.
Charles:
Right. And they’re gonna be some of those tough questions. And maybe things I wasn’t even thinking of, right? You know, we weren’t operating the deal. It’s something that we were passive in just like them. So I think having, you know, doing calls and being completely upfront, I think more communication is always best when when, especially when something’s not going as planned. If you’re, if everybody’s getting distributions every month, everything’s fine. You know, that monthly quarterly newsletter is fine, but when they’re not, you have to really up that communication or we can’t, can’t invest again. Yeah,
Chirag:
No, totally agree. And I think you’re spot on. I think just the sharing of sort of that knowledge and being, you know, quote unquote in the room when other people are asking those questions is so helpful. Which you don’t wanna have happen is, Hey, where’s my check? Right? And then, and now you’re backpedaling and you realize you didn’t message and yeah, that’s never, that’s never good. But yeah, you wanna be transparent, like in those, in those meetings is where your true self sort of should shine through. And everything you’ve done in the conversations you’ve had you know, that should be a hundred percent transparent with anyone that’s helped you sort of build the business that you’re building. Yeah.
Charles:
So as we’re wrapping up here my last couple questions, number one would be like when you, you know, you’re, you’re very successful, you are a medical doctor. I know as I hear through this, there’s kind of like a common recurring theme of always learning. What would you say are any other main factors that have really contributed to your success as being a doctor, as being a passive investor and now as a capital allocator?
Chirag:
Yeah, I think, you know so I don’t do anything alone. I always sort of do things in teams and so I have a number of partners that I work with. And so anytime we sort of do this work, we do it collectively, you know I forget the term, but it’s you know, light many, many hands you know, leads to light work. And it’s so true because especially as we, we get into new asset classes, we have four and five different people, you know, on the due diligence team that are doing this work for four and five months. And so if I were to do it alone, that would be a year long commitment, typically with the amount of work that goes into it. And so to be able to sort of have a team that does these and work together on these opportunities, I think is so important.
Chirag:
Everyone has sort of a specific kind of zone of genius, right? And we should operate within our zone of genius because then it’s not work. We love that it fills our cup. And for some people that may be legal, you know, and doing the PPM for other people, it may be accounting and doing distributions for other people, it’s a due diligence. And so to do all of those things on your own, you could do it. There’s gonna be things you love and things you don’t like. So why not find f you know, folks that like the things you don’t. And when you do that collectively, I think it, it, it makes for a truly great product in the end.
Charles:
Yeah, no, it makes perfect sense. So how can our listeners learn more about you and your business?
Chirag:
So my website is the syndication doctor.com. My email is the syndication doctor@gmail.com. Happy to chat and you know, whether it’s passive investing, whether it’s active investing that people are looking to do. Just love sort of being able to have these conversations and, and talk to folks and you know, if I can offer anything, love to do that.
Charles:
Okay. Well thank you so much for coming on today and looking forward to connecting with you here in the near future.
Chirag:
Thanks so much, Charles. Appreciate it.
Dr. Chirag Chaudhari is an emergency medicine physician turned real estate syndicator, known as the “Physician Fiduciary” for busy professionals. After climbing the medical leadership ladder for years, his career took a sharp turn when he heard his first big “no” — a moment that forced him to rethink success and sparked what he calls his “real estate fellowship.”
What began as a few rental properties with his wife has grown into a portfolio spanning 787 units in hotel-to-multifamily conversions, land syndications, ground-up construction, short-term rentals, and even oil & gas funds.
But for Chirag, investing is more than numbers. “Investments aren’t dollars—they’re dreams.” He treats every deal with a doctor’s duty to care, offering rigorous due diligence so professionals can confidently put their money to work without adding stress to already full lives.
His journey—from the son of Indian immigrants in a village called Golden Hills, to living on Gold Hill Road in Maryland, to raising capital in San Diego’s Golden Hill District—reflects the generational courage and resilience that fuels his mission: helping others create their own “golden hills” of financial freedom.
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