Jan. 7, 2026
The Smarter Legacy Strategy for Commercial Real Estate Owners
In this episode of Commercial Real Estate Secrets, I sit down with Rich Vaaler, founder and principal of Vaaler CRE, to discuss the hidden risks of “leaving commercial property to the kids” and why simplification—not accumulation—is often the smarter legacy strategy. Rich introduces the concept of Elder CRE, explains how single-tenant absolute net lease properties create true “coupon clipper” income, and shares practical insights on 1031 exchanges, generational wealth, and protecting families from costly surprises.
1
00:00:02,960 --> 00:00:07,520
This week's listener of the Week
is Tales of the Landlord Tales.
2
00:00:07,800 --> 00:00:10,480
Thank you so much for leaving us
a five star review.
3
00:00:10,840 --> 00:00:13,920
And for those of you listening,
if you leave us a five star
4
00:00:13,920 --> 00:00:20,160
review below you might be next
week's Listener of the Week Week
5
00:00:20,440 --> 00:00:22,720
week.
This week on commercial real
6
00:00:22,720 --> 00:00:25,560
estate secrets we have my friend
Rich Voller.
7
00:00:25,960 --> 00:00:30,920
Rich is the founder, principal
and broker of Voller CRE
8
00:00:31,040 --> 00:00:33,240
Commercial Real Estate.
Rich, thank you for being on the
9
00:00:33,240 --> 00:00:34,840
show today.
Thanks for having me.
10
00:00:36,320 --> 00:00:40,200
For the listeners, Rich, who are
you and how did we get here
11
00:00:40,200 --> 00:00:42,320
today?
Well, I always joke around when
12
00:00:42,320 --> 00:00:45,040
I'm meeting people for the first
time and I say I'm rich faller.
13
00:00:45,440 --> 00:00:49,760
Yes, the rich faller, you know,
cracks my wife up.
14
00:00:50,400 --> 00:00:53,760
But I'm, I'm a, I'm a commercial
real estate broker at heart.
15
00:00:53,760 --> 00:00:56,680
I love doing deals.
I own property, I manage
16
00:00:56,680 --> 00:00:58,520
property.
I've been in all the different
17
00:00:58,520 --> 00:01:01,080
sectors.
I started when I was 30 years
18
00:01:01,080 --> 00:01:03,480
old.
My own company, it's 37 years
19
00:01:03,480 --> 00:01:05,800
old now.
The company I have an office in
20
00:01:05,800 --> 00:01:07,720
Virginia by DC and one in
Florida.
21
00:01:08,160 --> 00:01:12,040
And I mostly work on investment
properties and I have a side
22
00:01:12,480 --> 00:01:16,520
specialty that I help elderly
people to sell complex
23
00:01:16,520 --> 00:01:19,400
commercial property and
transition into simpler to own,
24
00:01:19,640 --> 00:01:22,720
easy to manage, easy to sell
single tenant net lease
25
00:01:22,720 --> 00:01:24,040
property.
So that's what I do.
26
00:01:25,800 --> 00:01:31,880
So I want to back up a Rich and
I are in a extensive commercial
27
00:01:31,880 --> 00:01:35,160
real estate coaching program
together and something that I
28
00:01:35,160 --> 00:01:39,960
have admired tremendously about
Rich is how forward thinking he
29
00:01:39,960 --> 00:01:42,360
is.
When we learn a new concept,
30
00:01:42,640 --> 00:01:45,880
Rich has already completed it
and seen it through.
31
00:01:45,880 --> 00:01:51,080
And so being someone in an
industry that is so slow to
32
00:01:51,080 --> 00:01:55,720
adapt, meeting like like minded
individuals like yourself who
33
00:01:55,720 --> 00:02:00,480
are excited to adapt and to push
our industry into the future,
34
00:02:01,240 --> 00:02:03,840
it's just been really fun to get
to know you over the past few
35
00:02:03,840 --> 00:02:09,840
years and see you excel.
So I want to talk about the
36
00:02:09,840 --> 00:02:15,520
concept of Elder CRE.
Oh, you got the hat.
37
00:02:15,520 --> 00:02:17,880
Good.
I got the hat, I put it on, but
38
00:02:17,880 --> 00:02:22,680
I'm OK.
Elder CRE, what is it and how
39
00:02:22,680 --> 00:02:26,160
did it come to be?
OK, so the short, the shortest I
40
00:02:26,160 --> 00:02:29,880
can tell the story was I do a
lot of cold calling prospecting.
41
00:02:30,320 --> 00:02:33,520
And about two years ago, I
called the woman about a
42
00:02:33,520 --> 00:02:36,280
warehouse and I said my spiel
and I said, are you going to
43
00:02:36,280 --> 00:02:39,680
sell this property?
And she said, no, I'm just going
44
00:02:39,680 --> 00:02:43,120
to leave it to my kids.
And after being in the business
45
00:02:43,160 --> 00:02:46,160
all this time, all these years,
I still didn't have, I didn't
46
00:02:46,160 --> 00:02:48,560
know what to say.
My wife was shocked.
47
00:02:48,560 --> 00:02:50,920
She's like you'd for once you
didn't know what to say.
48
00:02:51,640 --> 00:02:53,240
So, so I didn't know what to
say.
49
00:02:53,240 --> 00:02:56,520
So I told my coach, James Bean
in the Massimo group about this
50
00:02:56,520 --> 00:02:59,840
conversation and he said, well,
why didn't you ask her if the
51
00:02:59,840 --> 00:03:03,040
kids want the property or do
they know how to deal with it?
52
00:03:03,040 --> 00:03:06,320
Or are they financially ready to
take this property on?
53
00:03:06,320 --> 00:03:09,800
What if it needs leasing or
maintenance or a new loan?
54
00:03:10,160 --> 00:03:12,600
And all these things started
rolling around in my head.
55
00:03:13,160 --> 00:03:16,120
And so I started creating social
media posts around that.
56
00:03:16,440 --> 00:03:19,120
And then when I made future
phone calls, I, I knew what to
57
00:03:19,120 --> 00:03:22,560
say.
So the, the social media calls
58
00:03:22,720 --> 00:03:26,280
eventually turned into the book
that you have Don't leave it to
59
00:03:26,280 --> 00:03:28,240
the kids.
And it sounds mean.
60
00:03:28,240 --> 00:03:30,480
A lot of people said they pushed
back on that title and they
61
00:03:30,480 --> 00:03:33,040
said, wow, that sounds mean.
You're going to turn off a lot
62
00:03:33,040 --> 00:03:35,440
of people.
And a couple of older people
63
00:03:35,440 --> 00:03:37,880
I've given it to said I'm going
to leave that out on the table
64
00:03:37,880 --> 00:03:40,880
when my kids come to visit to
start a conversation.
65
00:03:41,400 --> 00:03:45,120
But really the conversation is
leaving it to your kids isn't a
66
00:03:45,120 --> 00:03:48,880
great strategy unless they know
how to handle it.
67
00:03:49,160 --> 00:03:52,680
So if you have children, maybe
two or three in a different
68
00:03:52,680 --> 00:03:56,520
markets, different states, if
they know how to handle it like
69
00:03:56,520 --> 00:03:59,600
you do, great.
But if they don't, I help them
70
00:03:59,600 --> 00:04:02,960
buy through a 1031 exchange.
I help them buy single tenant
71
00:04:02,960 --> 00:04:05,480
and at least properties and
leave that to your kids.
72
00:04:05,520 --> 00:04:10,080
So that's kind of the how it
started, how it evolved, and now
73
00:04:10,080 --> 00:04:13,040
it's a part of my practice and I
really enjoy it.
74
00:04:13,040 --> 00:04:16,560
I really enjoy helping those
people simplify their lives with
75
00:04:16,560 --> 00:04:22,000
that.
So I've so many questions, but
76
00:04:22,040 --> 00:04:26,600
OK, why a single tenant net
leased property?
77
00:04:27,600 --> 00:04:30,880
Well, if you're a hands on
person and you want to, you
78
00:04:30,880 --> 00:04:33,600
know, get a value add property
and churn, that great.
79
00:04:33,920 --> 00:04:36,600
If you're like me, I'm I'll be
68 in April.
80
00:04:37,040 --> 00:04:41,320
If you're in your 60s or 70s and
you don't want to deal with, you
81
00:04:41,320 --> 00:04:45,600
know, things breaking down or
tenants not paying rent, it's a
82
00:04:45,600 --> 00:04:48,680
really easy product in
commercial real estate to own
83
00:04:49,280 --> 00:04:53,200
rather than selling it what you
have and paying the taxes that
84
00:04:53,200 --> 00:04:54,720
you have to pay, capital gains
tax.
85
00:04:55,000 --> 00:04:58,000
And a lot of people don't know
depreciation or recapture is
86
00:04:58,000 --> 00:04:59,640
another little bite they take
out of you.
87
00:05:01,120 --> 00:05:03,880
You can certainly take that
money and just put it in a four
88
00:05:03,880 --> 00:05:07,840
O 1K and retire with that, but
it takes about a third of your,
89
00:05:08,200 --> 00:05:09,960
of your wealth.
It's a big hit.
90
00:05:10,240 --> 00:05:13,480
So, so you can, you can
transition from these other
91
00:05:13,480 --> 00:05:15,160
properties into single tenant at
least.
92
00:05:15,160 --> 00:05:17,800
And if you it's there, there's a
lot of nuance to it.
93
00:05:17,800 --> 00:05:19,520
So you can't just go buy
whatever.
94
00:05:19,520 --> 00:05:23,240
You should talk to somebody who
knows what they're doing, like
95
00:05:23,240 --> 00:05:26,280
me or like you, but someone
knows what they're doing and you
96
00:05:26,280 --> 00:05:29,280
want a corporate guarantee, an
absolute landlord, no
97
00:05:29,280 --> 00:05:33,600
responsibility property and a
corporate guarantee, absolute
98
00:05:33,600 --> 00:05:35,200
net.
So you basically get a check
99
00:05:35,200 --> 00:05:38,280
every month.
And if Dollar General has one in
100
00:05:38,280 --> 00:05:43,280
the, in the building leaks, they
fix it, the taxes go up, they
101
00:05:43,280 --> 00:05:45,240
pay it.
So it really it shelters you
102
00:05:45,240 --> 00:05:49,800
against unforeseen costs,
unexpected increases like in
103
00:05:49,800 --> 00:05:51,800
Florida insurance, you know,
skyrocketed.
104
00:05:52,520 --> 00:05:54,960
So, so if that goes up, they pay
that.
105
00:05:54,960 --> 00:05:59,440
So you get a guaranteed payment
every month for usually 15
106
00:05:59,440 --> 00:06:03,360
years, 10 or 15 years.
And if you're elderly, that
107
00:06:03,360 --> 00:06:05,680
number one while you're still
alive, that's great.
108
00:06:06,200 --> 00:06:09,840
And then when you leave it to
your kids, you leave them a
109
00:06:09,840 --> 00:06:12,120
Dollar General or a Burger King
or 711.
110
00:06:12,120 --> 00:06:13,920
I used, you know, a lot of those
names.
111
00:06:14,400 --> 00:06:17,640
They can keep it or they can
sell it and they'll they'll sell
112
00:06:17,640 --> 00:06:20,600
it at stepped up basis, which
means they pay no capital gains
113
00:06:20,600 --> 00:06:23,680
tax and then they can take that
money and give it to their
114
00:06:23,680 --> 00:06:26,120
financial planner and do a four
O 1K.
115
00:06:26,240 --> 00:06:31,160
So it's a really, really good
strategy for your family rather
116
00:06:31,160 --> 00:06:35,600
than sell, pay tax and and leave
your kids the cash, which states
117
00:06:35,600 --> 00:06:41,240
often burn through sometimes too
fast and maybe not, but this is
118
00:06:41,240 --> 00:06:43,800
a better strategy, I think, if
you own commercial real estate.
119
00:06:45,720 --> 00:06:49,720
It's the concept of the coupon
Clipper, yeah, is what I call
120
00:06:49,800 --> 00:06:51,040
it.
Mailbox money.
121
00:06:51,040 --> 00:06:54,160
That's what people call it.
As long as the ACH hits on the
122
00:06:54,160 --> 00:06:56,200
1st, I'm good, right?
Yeah.
123
00:06:57,280 --> 00:07:03,200
I have a dear friend who bought,
He killed it in Silicon Valley.
124
00:07:03,200 --> 00:07:08,840
Young bought a fourplex for his
parents to have a commercial
125
00:07:08,840 --> 00:07:12,480
real estate investment and he
bought it in 2018.
126
00:07:13,600 --> 00:07:17,000
And now he he's talking to me.
He's like a tenant destroyed a
127
00:07:17,000 --> 00:07:18,920
unit.
He's been there for 20 years.
128
00:07:18,920 --> 00:07:21,840
It wasn't the, you know, the,
the multifamily woes.
129
00:07:23,360 --> 00:07:26,280
And I'm listening and it's like,
I, you know, I know it.
130
00:07:26,640 --> 00:07:31,120
This is what we do for a living.
So I wound up randomly in
131
00:07:31,120 --> 00:07:35,600
Boulder where I found a property
that just got leased to Andrill.
132
00:07:36,200 --> 00:07:42,360
Andrill is owned by Palmer
Luckey, who was the genius who
133
00:07:42,360 --> 00:07:45,800
invented Oculus and sold it to
Facebook for $2,000,000 at the
134
00:07:45,800 --> 00:07:49,560
age of 21.
He just started an aerospace
135
00:07:49,560 --> 00:07:55,440
company and got billions of
dollars from the Pentagon, from
136
00:07:55,480 --> 00:07:59,520
the Navy, from the Air Force,
and he's renting a triple net
137
00:07:59,520 --> 00:08:04,040
building here in Boulder.
And I know Andrill, this
138
00:08:04,040 --> 00:08:07,240
company, this now, now that I've
brought it up, you'll start
139
00:08:07,240 --> 00:08:12,280
seeing it everywhere.
It's huge for VC tech.
140
00:08:12,320 --> 00:08:16,400
It's like all the rage.
I said, you know that that guy
141
00:08:16,400 --> 00:08:20,360
could be your tenant.
You could take your complex and
142
00:08:20,880 --> 00:08:24,040
your new tenant could be this
multibillion dollar government
143
00:08:24,040 --> 00:08:30,040
backed space defense company and
I could see the wheels turning
144
00:08:30,040 --> 00:08:32,200
in his head.
And you know, are you concerned
145
00:08:32,200 --> 00:08:33,679
they're going to destroy the
property?
146
00:08:33,919 --> 00:08:36,480
Are you concerned their rent
won't clear?
147
00:08:38,480 --> 00:08:42,240
And and that is to me the
concept of a coupon Clipper
148
00:08:42,320 --> 00:08:46,440
where you know the rent is
coming and you have, like you
149
00:08:46,440 --> 00:08:49,680
said, that corporate guarantee
the real deal.
150
00:08:49,760 --> 00:08:52,160
That's that's what you want.
We have a six unit apartment
151
00:08:52,160 --> 00:08:55,080
building that we just put on the
market because we're tired of
152
00:08:55,640 --> 00:08:57,560
being those people I write about
in my book.
153
00:08:57,560 --> 00:08:59,560
I'm my own, you know, case
study.
154
00:08:59,920 --> 00:09:03,720
It's just too many stories about
why we can't pay the rent.
155
00:09:03,800 --> 00:09:07,320
And so we're selling that and
we're going to buy probably a
156
00:09:07,320 --> 00:09:10,960
Dollar General.
So I'll I'll be a an example of
157
00:09:10,960 --> 00:09:16,880
my own clients.
Hey, you gotta what?
158
00:09:16,880 --> 00:09:20,280
What's the phrase where you you
do what you say you?
159
00:09:20,520 --> 00:09:21,840
Yeah, you walk the talk.
Yeah.
160
00:09:22,080 --> 00:09:23,840
You talk the what?
Walk the talk.
161
00:09:23,840 --> 00:09:28,920
Exactly, so you know, I never
the way that I always saw and
162
00:09:28,920 --> 00:09:32,000
experienced commercial real
estate was you just hold on
163
00:09:32,000 --> 00:09:35,160
until you die and then you
capture the stepped up basis.
164
00:09:35,160 --> 00:09:37,480
You know, then your kids capture
the stepped up basis.
165
00:09:39,480 --> 00:09:42,040
Can you?
And then when I started talking
166
00:09:42,040 --> 00:09:46,440
to you, it exposed me to exactly
your theory concept.
167
00:09:46,440 --> 00:09:50,000
Don't leave it to the kids.
They can capture the stepped up
168
00:09:50,000 --> 00:09:53,440
basis in the coupon Clipper.
When you're on the phone with
169
00:09:53,440 --> 00:09:58,640
somebody and they're dead set on
leaving it to the kids so they
170
00:09:58,640 --> 00:10:02,200
can capture the stepped up
basis, What do you say to them
171
00:10:02,400 --> 00:10:05,720
to get those wheels turning that
there are other options out
172
00:10:05,720 --> 00:10:08,280
there?
I basically give an analogy like
173
00:10:08,280 --> 00:10:13,600
it's moving your asset from one
bucket to another bucket, but
174
00:10:13,680 --> 00:10:17,080
and so you're protecting that
the value for your kids, you're
175
00:10:17,080 --> 00:10:18,680
keeping the wealth in your
family.
176
00:10:19,840 --> 00:10:22,000
And so you're just saying, hey,
I'm going to give them a
177
00:10:22,000 --> 00:10:27,200
different bucket that's easy for
them to handle rather than a
178
00:10:27,200 --> 00:10:29,600
complicated bucket.
When they open the lid and go,
179
00:10:30,080 --> 00:10:33,280
Oh my God, you know what did dad
leave me?
180
00:10:33,520 --> 00:10:36,480
You know, I didn't, I don't know
what to do with this bucket.
181
00:10:36,720 --> 00:10:39,080
So leave them a bucket.
When they open the lid, they go.
182
00:10:39,440 --> 00:10:41,320
Oh wow.
This is great.
183
00:10:41,640 --> 00:10:44,560
I just get a check every month.
This is a nice bucket.
184
00:10:44,800 --> 00:10:48,040
So you're still, you know,
helping the family preserve the
185
00:10:48,040 --> 00:10:51,840
wealth, the generational wealth.
It's kind of a buzzword, but you
186
00:10:51,840 --> 00:10:54,840
want to keep it in the family
and you're not.
187
00:10:54,840 --> 00:10:58,080
I'm not telling them, you know,
don't give it to your kids.
188
00:10:58,080 --> 00:11:00,360
I'm just telling them, give,
give them something else.
189
00:11:00,480 --> 00:11:04,840
Give them something better.
Give them a gift rather than, or
190
00:11:04,840 --> 00:11:07,000
a blessing rather than, you
know, a curse.
191
00:11:07,440 --> 00:11:10,200
And so I, and I help them map
that out.
192
00:11:10,200 --> 00:11:13,160
Every client is different.
I have one client that owns 22
193
00:11:13,160 --> 00:11:16,040
properties and I have another
client that only owns 2
194
00:11:16,040 --> 00:11:18,640
properties.
So, you know, it's, you have to,
195
00:11:18,640 --> 00:11:22,240
you know, customize the strategy
for the family and the kids and
196
00:11:22,440 --> 00:11:25,160
who's going to get the property.
But I just think it's a better
197
00:11:25,160 --> 00:11:28,600
strategy than than, you know,
OK, if you want to cross your
198
00:11:28,600 --> 00:11:33,440
arms and say I'm leaving it to
the kids, OK, You know, they'll
199
00:11:33,440 --> 00:11:35,760
probably call me.
I've had that.
200
00:11:36,400 --> 00:11:39,080
They'll call me and kill.
What do I do with this?
201
00:11:40,680 --> 00:11:43,800
It's true story.
I've had that happen so and it
202
00:11:44,000 --> 00:11:47,640
and they didn't get as much as
they could have if they had done
203
00:11:47,640 --> 00:11:49,320
it properly.
So.
204
00:11:49,320 --> 00:11:54,280
OK, OK, so the next objection
I'm guessing is, well, I don't
205
00:11:54,280 --> 00:11:57,720
like to be under the gun for a
timeline for a 10/31.
206
00:11:57,840 --> 00:12:00,840
Right there, there is a time
frame, there is a, you know,
207
00:12:00,840 --> 00:12:03,960
there is a clock.
Once you sell, you have 45 days
208
00:12:03,960 --> 00:12:07,560
to identify the, the up leg
property and you have six months
209
00:12:07,560 --> 00:12:11,720
from the closing date not on
addition to the 45-6 months to
210
00:12:11,720 --> 00:12:15,280
close on the up leg property.
And there, there are situations
211
00:12:15,280 --> 00:12:19,440
where you can sell and all of
your three properties don't work
212
00:12:19,440 --> 00:12:21,240
out.
Like you put in a contract and
213
00:12:21,240 --> 00:12:22,720
something happens or you change
your mind.
214
00:12:23,000 --> 00:12:26,400
I had one client, Dollar
General, we got way into it
215
00:12:26,400 --> 00:12:28,120
didn't work.
We switched to the other one.
216
00:12:28,120 --> 00:12:31,880
That one it, it did work.
Fortunately, the the bailout
217
00:12:31,880 --> 00:12:34,560
provision that that lot of
people use is called a Delaware
218
00:12:34,560 --> 00:12:39,120
statutory trust.
It's not as good in some ways as
219
00:12:39,120 --> 00:12:41,880
the, you know, buying a property
within tax free exchange.
220
00:12:42,480 --> 00:12:45,720
I have a good friend of mine
here in in West Palm Beach at
221
00:12:45,720 --> 00:12:47,840
Fortitude.
They specialize in that.
222
00:12:48,360 --> 00:12:52,560
And so you can, if you get to
the end of your study, your time
223
00:12:52,560 --> 00:12:55,800
frame, you can buy a Delaware
statutory trust.
224
00:12:56,160 --> 00:12:58,600
And that's a whole other, it's
in my book, but that's a whole
225
00:12:58,600 --> 00:13:03,800
nother conversation.
But you still preserve the, the,
226
00:13:03,800 --> 00:13:06,200
the tax free exchange and you
don't lose, You don't have to
227
00:13:06,200 --> 00:13:10,280
pay the capital gains tax.
So there are some bailout safety
228
00:13:11,280 --> 00:13:14,960
measures you can take.
And we have an episode about it.
229
00:13:14,960 --> 00:13:18,840
So if you want to learn more
about Delaware statutory trusts,
230
00:13:19,680 --> 00:13:22,560
look on Commercial Real Estate
Secrets, the podcast and YouTube
231
00:13:22,560 --> 00:13:24,280
channel, Anyway.
I'm sure you have.
232
00:13:24,280 --> 00:13:26,680
That's yeah, I would.
I would recommend that for
233
00:13:26,680 --> 00:13:29,760
people to look at their options
before they do it before you.
234
00:13:29,920 --> 00:13:32,600
The other thing is I've had
people call me and go, I, I,
235
00:13:32,680 --> 00:13:34,480
I've sold this property Closings
next week.
236
00:13:34,480 --> 00:13:37,280
I want to do a 10/31.
I'm like, you know, you, you
237
00:13:37,280 --> 00:13:40,520
should think about it when you
list the property, you know,
238
00:13:40,520 --> 00:13:43,560
when you put it on the market,
you should have it in your mind.
239
00:13:44,000 --> 00:13:46,360
This is what we're doing.
It needs to be in the contract.
240
00:13:46,360 --> 00:13:48,920
The language needs to be in the
contract too, to make it a valid
241
00:13:48,920 --> 00:13:52,040
exchange.
And so before you do anything,
242
00:13:52,160 --> 00:13:56,280
you should talk to a tax person.
You should talk to someone like
243
00:13:56,280 --> 00:14:00,080
us who knows that part of it.
Just talk to your kids, your
244
00:14:00,080 --> 00:14:03,120
family.
How how's this going to map out?
245
00:14:04,040 --> 00:14:06,760
You know, I have some ideas in
in my book and other play other
246
00:14:06,760 --> 00:14:09,600
material where pant you know,
you can have a family committee
247
00:14:09,600 --> 00:14:11,200
meeting.
You'd have this set up.
248
00:14:11,520 --> 00:14:13,680
You know, maybe you're not going
to do anything for five years.
249
00:14:13,840 --> 00:14:16,040
We'll start talking about it now
with your kids.
250
00:14:16,480 --> 00:14:20,440
You know, don't wait until
closing and go, hey, here's what
251
00:14:20,440 --> 00:14:22,560
we're going to do.
I mean, there you need to get
252
00:14:22,560 --> 00:14:25,440
out way in front of it.
And that's that's what I that's
253
00:14:25,440 --> 00:14:28,520
really what I help people do.
It's it's not salesy, it's more
254
00:14:28,520 --> 00:14:32,520
advisory.
Help them create a strategy
255
00:14:32,520 --> 00:14:35,360
that's better than it's in the
will.
256
00:14:35,360 --> 00:14:36,480
And you guys, here's what you
get.
257
00:14:36,560 --> 00:14:37,920
You know, that's not a great
strategy.
258
00:14:40,000 --> 00:14:46,040
I see both ways where somebody,
you know, they keep the
259
00:14:46,040 --> 00:14:48,280
building.
Generally it's a business.
260
00:14:48,280 --> 00:14:51,200
You know, they, you know, the
old man operated the business,
261
00:14:51,200 --> 00:14:54,920
bought the building, leaves it
to the kids and then the kids
262
00:14:54,920 --> 00:14:59,160
end up with the building and
they go, Oh my God, what what do
263
00:14:59,160 --> 00:15:02,000
I do?
I mean, I've seen it where they
264
00:15:02,040 --> 00:15:05,240
say I can't afford this.
And it's like, but that's a
265
00:15:05,240 --> 00:15:09,360
whole another story.
And then it's like you said, get
266
00:15:09,360 --> 00:15:13,520
your ducks in a row before you
kick the bucket so that your
267
00:15:13,520 --> 00:15:18,360
kids aren't looking around
going, how do I handle this?
268
00:15:18,840 --> 00:15:21,040
Yeah.
So you you've said something
269
00:15:21,040 --> 00:15:25,680
twice in this podcast.
No, no, you said Dollar General.
270
00:15:25,680 --> 00:15:30,680
Oh, OK.
One, I want to know why this
271
00:15:30,680 --> 00:15:34,560
affinity to Dollar General?
And two, I want to know if you
272
00:15:34,560 --> 00:15:39,200
had to choose like your three
top absolute net lease tenants,
273
00:15:39,720 --> 00:15:42,520
who would they be?
Well, the reason I love Dollar
274
00:15:42,520 --> 00:15:46,480
General is it's sort of Amazon
proof and COVID proof and
275
00:15:46,720 --> 00:15:49,800
recession proof.
They've demonstrated they can
276
00:15:49,920 --> 00:15:52,800
weather the storm and they're in
all these little markets.
277
00:15:53,320 --> 00:15:56,280
And if you ever go to 1, they're
always full of people.
278
00:15:56,720 --> 00:15:59,400
And they have a new, they have a
new model called the DG market
279
00:15:59,400 --> 00:16:01,320
where they have more food and
produce.
280
00:16:01,320 --> 00:16:05,000
It's not like quite ALDI, but
it's, it's they have all their
281
00:16:05,000 --> 00:16:07,160
normal stuff and the grocery add
on.
282
00:16:08,160 --> 00:16:11,040
They do really, the, the leases
are really good.
283
00:16:11,040 --> 00:16:14,000
I've sold several of those,
helped several clients buy them.
284
00:16:14,680 --> 00:16:16,160
And it doesn't really matter
where they are.
285
00:16:16,160 --> 00:16:19,040
You know, you can live in
Boulder and buy one in Florida
286
00:16:19,040 --> 00:16:21,800
or I can live in Florida and buy
one in Boulder and it doesn't
287
00:16:21,800 --> 00:16:24,560
really matter because you're
just, you're just concerned that
288
00:16:24,560 --> 00:16:26,680
the corporate guarantee is
behind the lease.
289
00:16:26,720 --> 00:16:29,080
That's what you.
So I like the, I like them
290
00:16:29,080 --> 00:16:31,440
because of what they sell and
where they're located.
291
00:16:31,920 --> 00:16:33,720
And they've got a pretty long
track record.
292
00:16:34,280 --> 00:16:37,440
There's a website you can go on.
You can tell your your listeners
293
00:16:37,440 --> 00:16:41,520
to go on net lease advisor.
One of my friends, John Hip does
294
00:16:41,520 --> 00:16:44,760
that with his company.
And you can look up every type
295
00:16:44,760 --> 00:16:48,480
of you can look up dollar
stores, food stores, oil change,
296
00:16:48,760 --> 00:16:51,480
whatever category.
And then you can drill down to
297
00:16:51,480 --> 00:16:54,600
the actual brands and you'll get
a profile and say, well, they're
298
00:16:54,720 --> 00:16:58,240
triple B rated or this, you
know, and they're selling for a
299
00:16:58,240 --> 00:17:01,760
5.8 cap rate.
So you can really get some, some
300
00:17:01,760 --> 00:17:05,079
background on the various types
of single tenant, not least
301
00:17:05,480 --> 00:17:07,920
tenants.
The other ones I like are food.
302
00:17:08,280 --> 00:17:12,640
You know, people, pizza's been
around for like 10,000 years and
303
00:17:12,640 --> 00:17:14,680
I've never seen a pizza place go
out of business.
304
00:17:14,880 --> 00:17:18,240
You know, we have had a couple
of Burger Kings here close, but
305
00:17:18,240 --> 00:17:21,000
I think that's because they
were, they weren't doing that
306
00:17:21,000 --> 00:17:21,960
well.
They're going to put different
307
00:17:21,960 --> 00:17:24,839
operators in.
But I would say, you know, the
308
00:17:24,839 --> 00:17:29,560
fast food companies, those,
those would be my second because
309
00:17:29,560 --> 00:17:32,120
people are just, you know,
Americans just like fast food
310
00:17:32,440 --> 00:17:35,360
And, and they're, they just,
they don't go dark.
311
00:17:35,360 --> 00:17:38,240
I mean, you get the check.
And I think, you know, one of
312
00:17:38,240 --> 00:17:41,200
the other ones would probably be
the automotive sector.
313
00:17:41,360 --> 00:17:43,880
So you have oil change, you have
auto part like O'Reilly auto
314
00:17:43,880 --> 00:17:47,480
parts again, because they're,
they're proven track record.
315
00:17:47,480 --> 00:17:49,960
They're in tertiary markets
where guys still work on their
316
00:17:49,960 --> 00:17:52,040
car.
I don't, I don't know how to do
317
00:17:52,040 --> 00:17:55,040
it, but I used to change my own
brakes and I used to change my
318
00:17:55,040 --> 00:17:59,280
own oil and do all that stuff.
But there's still a huge demand
319
00:17:59,280 --> 00:18:01,560
for that.
I I think in the food sector.
320
00:18:01,560 --> 00:18:05,000
Also, I left one out is the
coffee I'm doing a deal with
321
00:18:05,000 --> 00:18:07,760
Dutch Brothers coffee.
They're growing all over the
322
00:18:07,760 --> 00:18:10,960
place or Dutch Bros.
I I call them Dutch Bros but.
323
00:18:11,000 --> 00:18:13,640
Everybody knows.
Everybody knows the Bros.
324
00:18:13,720 --> 00:18:16,000
The Bros, yeah.
And they're actually from, you
325
00:18:16,000 --> 00:18:17,840
know, the Netherlands.
That's why they got the name.
326
00:18:17,840 --> 00:18:21,280
If you look up their LLC, it's a
Netherlands brothers, whatever.
327
00:18:22,440 --> 00:18:25,760
So anyway, but some people like,
they might want a different
328
00:18:25,760 --> 00:18:26,880
thing.
They might say I'd, I'd like to
329
00:18:26,880 --> 00:18:30,600
have a, I don't know, pick
another, another category and
330
00:18:30,600 --> 00:18:34,720
and they say I'd really have a
favorite, you know, in, in
331
00:18:34,720 --> 00:18:37,200
medical, like they do dialysis,
you know, people do that.
332
00:18:37,200 --> 00:18:40,440
You can get a triple net
dialysis center, you know it and
333
00:18:40,600 --> 00:18:43,160
whatever cap.
So I just, I just think Dollar
334
00:18:43,160 --> 00:18:44,960
General that that's what my wife
wants to.
335
00:18:45,280 --> 00:18:47,960
She wants us to buy 1 so she can
take her girlfriends and go
336
00:18:47,960 --> 00:18:51,520
shopping in one and go and look
around and go look I own this
337
00:18:51,520 --> 00:18:54,720
place you know.
So anyway.
338
00:18:54,720 --> 00:18:56,360
Happy wife, Yeah.
Happy life.
339
00:18:56,360 --> 00:18:57,280
Oh.
That's what we're going to.
340
00:18:57,280 --> 00:18:57,800
Yeah.
Her cat.
341
00:18:57,960 --> 00:18:59,560
She has a hat like you're 1.
I showed you.
342
00:18:59,560 --> 00:19:01,960
Show me.
Her hat has cash flow on it.
343
00:19:02,520 --> 00:19:05,680
OK.
Yeah, I got her a hat that says
344
00:19:05,680 --> 00:19:07,520
cash flow.
That's cute.
345
00:19:07,640 --> 00:19:09,320
Yeah.
That's cute.
346
00:19:09,680 --> 00:19:14,880
So there's a chance maybe a
listener doesn't know what a
347
00:19:15,200 --> 00:19:19,360
absolute net lease is.
Explain to me what an absolute
348
00:19:19,360 --> 00:19:21,600
net lease is, as if I'm a fifth
grader.
349
00:19:21,760 --> 00:19:25,760
OK, so let's start at the top
with a full service lease or a
350
00:19:25,760 --> 00:19:27,600
gross lease.
That's where you give the
351
00:19:27,600 --> 00:19:30,440
landlord a check every month and
they pay for everything.
352
00:19:30,640 --> 00:19:34,080
Electric bill, the real estate
taxes, snow removal, trash
353
00:19:34,080 --> 00:19:35,080
removal.
They pay.
354
00:19:35,160 --> 00:19:37,320
You just get one check, they pay
for everything.
355
00:19:37,640 --> 00:19:40,200
Then you have a triple net
lease, which is a lot of retail,
356
00:19:40,760 --> 00:19:44,200
where the triple net rent mostly
in retail, the tenant pays the
357
00:19:44,200 --> 00:19:47,600
landlord a check and they also
pay something called Cam.
358
00:19:47,720 --> 00:19:50,440
So they pay common area
maintenance, taxes and
359
00:19:50,440 --> 00:19:53,720
insurance, their share of it.
And they pay their own electric
360
00:19:53,720 --> 00:19:56,680
bill or their own utility, gas,
electric, water, whatever.
361
00:19:57,000 --> 00:19:58,640
So they pay all that on top of
the rent.
362
00:19:59,080 --> 00:20:03,760
So an absolute net lease with
like one of these companies is
363
00:20:03,760 --> 00:20:07,360
where they give you a check
every month for the rent and
364
00:20:07,360 --> 00:20:09,640
they pay absolutely everything
else.
365
00:20:09,920 --> 00:20:12,800
They pay taxes, they pay
insurance, they pay utilities.
366
00:20:13,720 --> 00:20:17,280
If it goes up, they pay the up.
You know, so basically you,
367
00:20:17,320 --> 00:20:20,560
you're locked in.
If you're getting 10,000 a month
368
00:20:20,560 --> 00:20:23,920
from this lease, and usually
they're flat for five years,
369
00:20:24,160 --> 00:20:27,080
then they'll bump.
So you're getting that check
370
00:20:27,080 --> 00:20:29,200
10,000 a month.
No matter what happens, if the
371
00:20:29,200 --> 00:20:31,400
building burns down, they have
to build it back.
372
00:20:31,800 --> 00:20:36,200
So it's really you, you're
really banking on the credit of
373
00:20:36,200 --> 00:20:38,440
the corporation.
Now we've in the last few years,
374
00:20:38,440 --> 00:20:40,360
we've seen Toys-R-Us go out of
business.
375
00:20:40,360 --> 00:20:44,640
We've seen in my lifetime,
Kmart, Sears, some big names
376
00:20:44,960 --> 00:20:47,240
shuttered their stores, you
know, all over the place.
377
00:20:47,320 --> 00:20:51,680
So it does happen.
So I can't tell you there's no,
378
00:20:52,040 --> 00:20:55,560
no risk like a commercial, no
risk guarantee or whatever.
379
00:20:56,040 --> 00:20:58,680
But you can look up their credit
rating, you can look up their,
380
00:20:58,800 --> 00:21:01,840
how they're doing and, and study
the company cuz that's what
381
00:21:01,840 --> 00:21:03,120
you're buying.
You're basically buying the
382
00:21:03,120 --> 00:21:07,000
guarantee of the company and the
absolute net lease means
383
00:21:07,800 --> 00:21:11,080
absolutely no cost to you, you
know, no matter what.
384
00:21:11,280 --> 00:21:13,840
Now that's why I said if you get
into this business and you want
385
00:21:13,840 --> 00:21:16,840
to buy one of these properties,
there are some that will say
386
00:21:17,600 --> 00:21:20,160
some landlord expenses and
you'll see it in the notes,
387
00:21:20,160 --> 00:21:23,240
you'll see a broker flyer and
they'll say not absolute.
388
00:21:23,360 --> 00:21:24,960
You know, you don't want to get
those.
389
00:21:25,240 --> 00:21:29,160
There's plenty of the other kind
because then then the rent
390
00:21:29,160 --> 00:21:31,080
you're getting, you think I'm
getting 10,000 a month.
391
00:21:31,080 --> 00:21:34,440
Oh, the taxes went up.
Now I'm getting 8000 a month and
392
00:21:34,440 --> 00:21:38,000
all of a sudden your returns
just diluted so or your
393
00:21:38,000 --> 00:21:40,400
insurance went up, you know, so
you want to make sure in the
394
00:21:40,400 --> 00:21:44,680
fine print, 100% absolute net
lease is what you're buying.
395
00:21:44,920 --> 00:21:49,360
Those are the kind to look for.
And I think, you know, the
396
00:21:49,360 --> 00:21:53,360
average person fundamentally
might not even be able to wrap
397
00:21:53,360 --> 00:21:56,960
their head around this concept
because maybe they paid rent.
398
00:21:57,200 --> 00:22:00,520
Yeah, you know, or they pay rent
and they're like, well, you just
399
00:22:00,520 --> 00:22:02,880
write a check and it's the same
every month then.
400
00:22:03,280 --> 00:22:09,560
Yeah, it's just, it's fun.
I suppose it's good that this is
401
00:22:09,560 --> 00:22:12,560
my job.
It's fun to learn about these
402
00:22:12,560 --> 00:22:16,200
strategies and teach people
about ways that they can
403
00:22:17,080 --> 00:22:22,080
maximize their income, minimize
the headaches specifically if
404
00:22:22,080 --> 00:22:25,400
they're dealing with an elder.
You know, there, there's so many
405
00:22:25,400 --> 00:22:30,200
dynamics to it, but it's like
you said, to be able to take an
406
00:22:30,200 --> 00:22:34,800
asset with maybe 5 tenants,
right, and reduce it down to 1
407
00:22:35,720 --> 00:22:38,320
corporate.
Yeah, Dutch, bro.
408
00:22:38,400 --> 00:22:41,760
Yeah, it it, it actually makes a
ton of sense.
409
00:22:41,760 --> 00:22:43,200
And there's a whole market for
it.
410
00:22:43,200 --> 00:22:45,240
There's a whole, you know, in
you're in the business.
411
00:22:45,240 --> 00:22:48,760
It's, it's nationwide and you,
and you can do it from your
412
00:22:48,800 --> 00:22:51,960
computer pretty much you don't
have to go, you don't have to go
413
00:22:51,960 --> 00:22:55,640
look at the building in, you
know, LA or Saint Louis or New
414
00:22:55,640 --> 00:22:56,960
York.
You, you can do it from your
415
00:22:56,960 --> 00:22:59,920
screen and see pretty much
everything you need to see.
416
00:23:00,240 --> 00:23:01,640
Check out the corporate
guarantee.
417
00:23:01,960 --> 00:23:03,680
And then you say, OK, I'll do
that deal.
418
00:23:04,000 --> 00:23:06,360
But it is rewarding for me.
I will say this point in my
419
00:23:06,360 --> 00:23:10,200
life, my career, it is very
rewarding to know that I've
420
00:23:10,200 --> 00:23:13,600
helped people with some of these
because I've helped some
421
00:23:13,600 --> 00:23:15,800
families that were really in the
weeds.
422
00:23:15,800 --> 00:23:18,640
And there are people that have
owned property for a long time,
423
00:23:19,000 --> 00:23:23,120
but they still didn't know the
rules of the 1031 exchange or
424
00:23:23,120 --> 00:23:26,760
they heard from a friend that
these single tenant things are
425
00:23:26,760 --> 00:23:32,760
really risky or what's ADST, you
know, they don't, they don't
426
00:23:32,760 --> 00:23:35,680
know some of these things.
So when I help them, it's
427
00:23:35,680 --> 00:23:39,320
rewarding to see their eyes
light up and go, wow, I so I can
428
00:23:39,320 --> 00:23:44,360
do this instead of that.
It's I don't want to say it's
429
00:23:44,360 --> 00:23:46,720
like the Dickens story, but you
kind of look at, you know,
430
00:23:46,720 --> 00:23:49,720
Dickens and you had, you know,
one scenario that was really bad
431
00:23:50,280 --> 00:23:52,880
and one in the middle and then
one that you looked at that's
432
00:23:52,880 --> 00:23:55,480
really good.
And you can kind of walk them
433
00:23:55,480 --> 00:23:57,840
through and say, well, if you
don't do this, the future is
434
00:23:57,840 --> 00:24:00,440
going to look really grim for
your kids.
435
00:24:00,440 --> 00:24:03,000
If you do nothing, nothing isn't
good either.
436
00:24:03,480 --> 00:24:05,280
You know, putting your head in
the scene is not good.
437
00:24:05,840 --> 00:24:08,400
And if you do something
proactive, wow, what a beautiful
438
00:24:08,400 --> 00:24:10,280
future your kids and your
grandkids can have.
439
00:24:10,600 --> 00:24:14,200
Let's show you this path.
And I think that that really is
440
00:24:14,200 --> 00:24:19,240
rewarding to see how how it's
helped some families to end up
441
00:24:19,240 --> 00:24:21,440
with a better situation, I
think, than something
442
00:24:21,440 --> 00:24:24,840
accidental.
I do like it.
443
00:24:25,360 --> 00:24:27,880
You know, you you've been in the
business a lot longer than I
444
00:24:27,880 --> 00:24:30,560
have.
I'm I'm eclipsing A decade.
445
00:24:31,240 --> 00:24:35,800
But something that is so
fascinating in this business is
446
00:24:36,600 --> 00:24:38,600
you work with the generations,
right?
447
00:24:39,120 --> 00:24:41,440
Like that.
It's a very natural progression
448
00:24:41,440 --> 00:24:46,160
for somebody like you or myself
or a property owner, right,
449
00:24:46,160 --> 00:24:53,200
where the only thing that are,
you know, death certain in life
450
00:24:53,200 --> 00:24:56,320
or death in taxes.
And we deal with that every
451
00:24:56,320 --> 00:24:59,600
single day.
And to then work with the next
452
00:24:59,600 --> 00:25:02,960
generation is just a crazy
experience.
453
00:25:03,200 --> 00:25:04,920
Sometimes it's good, sometimes
it's bad.
454
00:25:05,040 --> 00:25:07,880
Viva, you're still young and
you're in the beginning of your
455
00:25:07,880 --> 00:25:09,400
career.
I'm so old.
456
00:25:09,400 --> 00:25:11,680
I'm dealing with the
grandchildren of my original
457
00:25:11,680 --> 00:25:12,680
client.
So.
458
00:25:13,160 --> 00:25:16,040
So yeah.
But you will too one day.
459
00:25:16,600 --> 00:25:20,160
Yeah, hey, I hope so.
Yeah, I better or else that
460
00:25:20,160 --> 00:25:22,080
means I'm not on this planet.
So.
461
00:25:22,080 --> 00:25:26,440
Well, my, my coach James Bean
asked me on Tuesday, what's your
462
00:25:26,760 --> 00:25:28,720
retirement plan?
How long are you in the
463
00:25:28,720 --> 00:25:29,840
business?
What do you think?
464
00:25:30,120 --> 00:25:33,280
And I said, I don't have an end
insight.
465
00:25:33,360 --> 00:25:36,480
I mean, I just don't, I don't
want to say, you know, my
466
00:25:36,480 --> 00:25:38,240
friends were like, oh, I got six
months left.
467
00:25:38,240 --> 00:25:41,800
I'm out of here.
I, I'm, I'm in the, I don't
468
00:25:41,800 --> 00:25:43,520
know.
I don't have an end insight.
469
00:25:43,520 --> 00:25:45,320
I'm just going to keep doing
this as long as I can.
470
00:25:46,640 --> 00:25:50,240
And you push, it's like I said,
like you're in coaching, like
471
00:25:50,240 --> 00:25:53,640
you're trying new things.
I just really commend you for
472
00:25:53,640 --> 00:25:56,880
that because you're an like,
man.
473
00:25:56,880 --> 00:25:59,840
If anybody in my market were
like you, I would be well, I
474
00:25:59,840 --> 00:26:02,560
always say I'll give, I'll give
you all the flowers because
475
00:26:02,560 --> 00:26:04,480
you're not in my market.
You're not like, you know,
476
00:26:04,480 --> 00:26:05,720
you're killing it.
So.
477
00:26:05,920 --> 00:26:08,320
Well, I think, I think it starts
with your mindset.
478
00:26:08,480 --> 00:26:11,600
So if I thought I'm going to
retire next year, I wouldn't
479
00:26:11,600 --> 00:26:14,480
worry about learning Chachi PT
or how to do something in gamma
480
00:26:14,480 --> 00:26:17,640
or create a video online.
I just wouldn't do it.
481
00:26:18,000 --> 00:26:20,760
But I'm looking at I don't know
when that end will be.
482
00:26:20,760 --> 00:26:24,000
So I'm, I've got to do the best
I can and keep up with
483
00:26:24,000 --> 00:26:26,760
everything that's going on and
be the top of my game.
484
00:26:27,000 --> 00:26:29,200
You know, the best version of
myself, as they say.
485
00:26:29,600 --> 00:26:33,960
And and I had an interview with
Rod and he asked me why I always
486
00:26:33,960 --> 00:26:38,560
say I live an intentional life
because I have I don't get up
487
00:26:38,560 --> 00:26:40,240
everyday and wonder what's going
on.
488
00:26:40,240 --> 00:26:44,040
I have an intentional life that
I've designed and created and it
489
00:26:44,920 --> 00:26:47,520
I don't know when the end of
that is, so I have to keep going
490
00:26:47,520 --> 00:26:49,480
like there's no end.
So.
491
00:26:50,000 --> 00:26:52,480
And it's like, it's very
rewarding.
492
00:26:52,640 --> 00:26:55,360
Yeah.
You know, like the friendships,
493
00:26:55,360 --> 00:26:59,320
the people like you who I've met
from this business.
494
00:26:59,480 --> 00:27:01,840
Yeah.
You know, from the conferences
495
00:27:01,840 --> 00:27:06,600
or the deals or the families
like they become, you know, some
496
00:27:06,600 --> 00:27:10,040
of these relationships are some
of the most like rewarding
497
00:27:10,040 --> 00:27:11,960
friendships that I have and
it's.
498
00:27:12,160 --> 00:27:14,880
Yeah.
I will, you know, if I didn't do
499
00:27:14,880 --> 00:27:18,000
this, I wouldn't have that.
And it's I just love it.
500
00:27:18,200 --> 00:27:21,120
The best thing is when my
clients hug me, if they see me
501
00:27:21,560 --> 00:27:25,000
and they haven't seen me in a
while and they and they remember
502
00:27:25,000 --> 00:27:26,000
I helped them and they hugged
me.
503
00:27:26,000 --> 00:27:28,280
I just, you know what?
Yeah, I got the check and that
504
00:27:28,280 --> 00:27:30,000
was great.
But you know, when they come
505
00:27:30,000 --> 00:27:32,520
back and and say, wow, you know,
give me a hug.
506
00:27:32,520 --> 00:27:35,000
I really, you know, I'm, I'm a
great friend of yours or I
507
00:27:35,000 --> 00:27:38,720
really appreciate what you did
that that's just icing on the
508
00:27:38,720 --> 00:27:42,800
top, you know, that's the best.
I couldn't agree more.
509
00:27:42,840 --> 00:27:49,200
Yeah.
So Rich for the listeners, where
510
00:27:49,200 --> 00:27:54,120
can they find you, follow you,
transact with you, etcetera?
511
00:27:54,360 --> 00:27:58,120
Well, I'm all over the place on
social media, but the easiest
512
00:27:58,120 --> 00:28:00,400
way is my phone number.
I can give you that.
513
00:28:00,400 --> 00:28:06,040
It's 703-431-4513.
That's my personal cell phone
514
00:28:06,040 --> 00:28:08,040
number.
Unless I'm on it, I'll answer
515
00:28:08,040 --> 00:28:09,720
it.
Sometimes I'm on it.
516
00:28:10,280 --> 00:28:12,880
My e-mail is Rich at valer dot
US.
517
00:28:12,880 --> 00:28:18,680
That's RACH at VAALER dot US.
I'm on LinkedIn, Instagram,
518
00:28:19,000 --> 00:28:21,480
Facebook.
I think that's it.
519
00:28:21,600 --> 00:28:23,600
I don't do I don't know how to
do TikTok like you.
520
00:28:23,680 --> 00:28:28,800
I wish I did and and I do things
for clients too that some people
521
00:28:28,800 --> 00:28:31,840
don't do.
Like I will do a free one hour
522
00:28:31,840 --> 00:28:33,200
consultation.
Just call me.
523
00:28:33,200 --> 00:28:36,280
I've, you know, no sales job.
You don't have to sign anything.
524
00:28:36,280 --> 00:28:38,680
If you want to do like we're
doing and say, Hey, I want to
525
00:28:38,680 --> 00:28:40,960
pick your brain about something.
I do that all the time.
526
00:28:41,080 --> 00:28:45,280
I do with other brokers.
I do with potential clients and
527
00:28:45,280 --> 00:28:47,720
then I may never work with them.
They just say I, I have some
528
00:28:47,720 --> 00:28:49,360
questions for now, I'll get back
to you later.
529
00:28:49,640 --> 00:28:51,640
That's fine.
Happy to do that.
530
00:28:52,920 --> 00:28:54,960
Very cool.
Well, Rich, we'll put your
531
00:28:54,960 --> 00:28:58,440
contact info in the comments or
in the notes.
532
00:28:58,440 --> 00:29:04,000
Excuse me?
So anybody who is ready to ride
533
00:29:04,000 --> 00:29:06,640
off into the sunset and get a
coupon Clipper can call you.
534
00:29:06,760 --> 00:29:10,040
Yeah, you get a free hat too.
No, I'll, I will send anybody a
535
00:29:10,040 --> 00:29:12,440
free copy of the book if they
want that too.
536
00:29:12,760 --> 00:29:16,000
Just e-mail me.
I have boxes, I'll send them a
537
00:29:16,000 --> 00:29:18,120
free copy of the book.
I forgot to mention that.
538
00:29:19,000 --> 00:29:22,120
Deal Rich, I really appreciate
your time.
539
00:29:22,360 --> 00:29:25,360
Thank you, Aviva.
And for everybody listening,
540
00:29:25,880 --> 00:29:31,960
we'll see you next week.
That's a wrap for this week on
541
00:29:31,960 --> 00:29:35,880
commercial real estate secrets.
If you found value, do us a
542
00:29:35,880 --> 00:29:39,800
favor and subscribe, leave a
review and share it with a
543
00:29:39,800 --> 00:29:42,080
fellow commercial real estate
lover.
544
00:29:42,760 --> 00:29:45,280
For brokerage services or to
connect, visit
545
00:29:45,280 --> 00:29:47,960
warehousehotline.com.
I'm Aviva.
546
00:29:48,360 --> 00:29:49,600
We'll see you next week.
00:00:02,960 --> 00:00:07,520
This week's listener of the Week
is Tales of the Landlord Tales.
2
00:00:07,800 --> 00:00:10,480
Thank you so much for leaving us
a five star review.
3
00:00:10,840 --> 00:00:13,920
And for those of you listening,
if you leave us a five star
4
00:00:13,920 --> 00:00:20,160
review below you might be next
week's Listener of the Week Week
5
00:00:20,440 --> 00:00:22,720
week.
This week on commercial real
6
00:00:22,720 --> 00:00:25,560
estate secrets we have my friend
Rich Voller.
7
00:00:25,960 --> 00:00:30,920
Rich is the founder, principal
and broker of Voller CRE
8
00:00:31,040 --> 00:00:33,240
Commercial Real Estate.
Rich, thank you for being on the
9
00:00:33,240 --> 00:00:34,840
show today.
Thanks for having me.
10
00:00:36,320 --> 00:00:40,200
For the listeners, Rich, who are
you and how did we get here
11
00:00:40,200 --> 00:00:42,320
today?
Well, I always joke around when
12
00:00:42,320 --> 00:00:45,040
I'm meeting people for the first
time and I say I'm rich faller.
13
00:00:45,440 --> 00:00:49,760
Yes, the rich faller, you know,
cracks my wife up.
14
00:00:50,400 --> 00:00:53,760
But I'm, I'm a, I'm a commercial
real estate broker at heart.
15
00:00:53,760 --> 00:00:56,680
I love doing deals.
I own property, I manage
16
00:00:56,680 --> 00:00:58,520
property.
I've been in all the different
17
00:00:58,520 --> 00:01:01,080
sectors.
I started when I was 30 years
18
00:01:01,080 --> 00:01:03,480
old.
My own company, it's 37 years
19
00:01:03,480 --> 00:01:05,800
old now.
The company I have an office in
20
00:01:05,800 --> 00:01:07,720
Virginia by DC and one in
Florida.
21
00:01:08,160 --> 00:01:12,040
And I mostly work on investment
properties and I have a side
22
00:01:12,480 --> 00:01:16,520
specialty that I help elderly
people to sell complex
23
00:01:16,520 --> 00:01:19,400
commercial property and
transition into simpler to own,
24
00:01:19,640 --> 00:01:22,720
easy to manage, easy to sell
single tenant net lease
25
00:01:22,720 --> 00:01:24,040
property.
So that's what I do.
26
00:01:25,800 --> 00:01:31,880
So I want to back up a Rich and
I are in a extensive commercial
27
00:01:31,880 --> 00:01:35,160
real estate coaching program
together and something that I
28
00:01:35,160 --> 00:01:39,960
have admired tremendously about
Rich is how forward thinking he
29
00:01:39,960 --> 00:01:42,360
is.
When we learn a new concept,
30
00:01:42,640 --> 00:01:45,880
Rich has already completed it
and seen it through.
31
00:01:45,880 --> 00:01:51,080
And so being someone in an
industry that is so slow to
32
00:01:51,080 --> 00:01:55,720
adapt, meeting like like minded
individuals like yourself who
33
00:01:55,720 --> 00:02:00,480
are excited to adapt and to push
our industry into the future,
34
00:02:01,240 --> 00:02:03,840
it's just been really fun to get
to know you over the past few
35
00:02:03,840 --> 00:02:09,840
years and see you excel.
So I want to talk about the
36
00:02:09,840 --> 00:02:15,520
concept of Elder CRE.
Oh, you got the hat.
37
00:02:15,520 --> 00:02:17,880
Good.
I got the hat, I put it on, but
38
00:02:17,880 --> 00:02:22,680
I'm OK.
Elder CRE, what is it and how
39
00:02:22,680 --> 00:02:26,160
did it come to be?
OK, so the short, the shortest I
40
00:02:26,160 --> 00:02:29,880
can tell the story was I do a
lot of cold calling prospecting.
41
00:02:30,320 --> 00:02:33,520
And about two years ago, I
called the woman about a
42
00:02:33,520 --> 00:02:36,280
warehouse and I said my spiel
and I said, are you going to
43
00:02:36,280 --> 00:02:39,680
sell this property?
And she said, no, I'm just going
44
00:02:39,680 --> 00:02:43,120
to leave it to my kids.
And after being in the business
45
00:02:43,160 --> 00:02:46,160
all this time, all these years,
I still didn't have, I didn't
46
00:02:46,160 --> 00:02:48,560
know what to say.
My wife was shocked.
47
00:02:48,560 --> 00:02:50,920
She's like you'd for once you
didn't know what to say.
48
00:02:51,640 --> 00:02:53,240
So, so I didn't know what to
say.
49
00:02:53,240 --> 00:02:56,520
So I told my coach, James Bean
in the Massimo group about this
50
00:02:56,520 --> 00:02:59,840
conversation and he said, well,
why didn't you ask her if the
51
00:02:59,840 --> 00:03:03,040
kids want the property or do
they know how to deal with it?
52
00:03:03,040 --> 00:03:06,320
Or are they financially ready to
take this property on?
53
00:03:06,320 --> 00:03:09,800
What if it needs leasing or
maintenance or a new loan?
54
00:03:10,160 --> 00:03:12,600
And all these things started
rolling around in my head.
55
00:03:13,160 --> 00:03:16,120
And so I started creating social
media posts around that.
56
00:03:16,440 --> 00:03:19,120
And then when I made future
phone calls, I, I knew what to
57
00:03:19,120 --> 00:03:22,560
say.
So the, the social media calls
58
00:03:22,720 --> 00:03:26,280
eventually turned into the book
that you have Don't leave it to
59
00:03:26,280 --> 00:03:28,240
the kids.
And it sounds mean.
60
00:03:28,240 --> 00:03:30,480
A lot of people said they pushed
back on that title and they
61
00:03:30,480 --> 00:03:33,040
said, wow, that sounds mean.
You're going to turn off a lot
62
00:03:33,040 --> 00:03:35,440
of people.
And a couple of older people
63
00:03:35,440 --> 00:03:37,880
I've given it to said I'm going
to leave that out on the table
64
00:03:37,880 --> 00:03:40,880
when my kids come to visit to
start a conversation.
65
00:03:41,400 --> 00:03:45,120
But really the conversation is
leaving it to your kids isn't a
66
00:03:45,120 --> 00:03:48,880
great strategy unless they know
how to handle it.
67
00:03:49,160 --> 00:03:52,680
So if you have children, maybe
two or three in a different
68
00:03:52,680 --> 00:03:56,520
markets, different states, if
they know how to handle it like
69
00:03:56,520 --> 00:03:59,600
you do, great.
But if they don't, I help them
70
00:03:59,600 --> 00:04:02,960
buy through a 1031 exchange.
I help them buy single tenant
71
00:04:02,960 --> 00:04:05,480
and at least properties and
leave that to your kids.
72
00:04:05,520 --> 00:04:10,080
So that's kind of the how it
started, how it evolved, and now
73
00:04:10,080 --> 00:04:13,040
it's a part of my practice and I
really enjoy it.
74
00:04:13,040 --> 00:04:16,560
I really enjoy helping those
people simplify their lives with
75
00:04:16,560 --> 00:04:22,000
that.
So I've so many questions, but
76
00:04:22,040 --> 00:04:26,600
OK, why a single tenant net
leased property?
77
00:04:27,600 --> 00:04:30,880
Well, if you're a hands on
person and you want to, you
78
00:04:30,880 --> 00:04:33,600
know, get a value add property
and churn, that great.
79
00:04:33,920 --> 00:04:36,600
If you're like me, I'm I'll be
68 in April.
80
00:04:37,040 --> 00:04:41,320
If you're in your 60s or 70s and
you don't want to deal with, you
81
00:04:41,320 --> 00:04:45,600
know, things breaking down or
tenants not paying rent, it's a
82
00:04:45,600 --> 00:04:48,680
really easy product in
commercial real estate to own
83
00:04:49,280 --> 00:04:53,200
rather than selling it what you
have and paying the taxes that
84
00:04:53,200 --> 00:04:54,720
you have to pay, capital gains
tax.
85
00:04:55,000 --> 00:04:58,000
And a lot of people don't know
depreciation or recapture is
86
00:04:58,000 --> 00:04:59,640
another little bite they take
out of you.
87
00:05:01,120 --> 00:05:03,880
You can certainly take that
money and just put it in a four
88
00:05:03,880 --> 00:05:07,840
O 1K and retire with that, but
it takes about a third of your,
89
00:05:08,200 --> 00:05:09,960
of your wealth.
It's a big hit.
90
00:05:10,240 --> 00:05:13,480
So, so you can, you can
transition from these other
91
00:05:13,480 --> 00:05:15,160
properties into single tenant at
least.
92
00:05:15,160 --> 00:05:17,800
And if you it's there, there's a
lot of nuance to it.
93
00:05:17,800 --> 00:05:19,520
So you can't just go buy
whatever.
94
00:05:19,520 --> 00:05:23,240
You should talk to somebody who
knows what they're doing, like
95
00:05:23,240 --> 00:05:26,280
me or like you, but someone
knows what they're doing and you
96
00:05:26,280 --> 00:05:29,280
want a corporate guarantee, an
absolute landlord, no
97
00:05:29,280 --> 00:05:33,600
responsibility property and a
corporate guarantee, absolute
98
00:05:33,600 --> 00:05:35,200
net.
So you basically get a check
99
00:05:35,200 --> 00:05:38,280
every month.
And if Dollar General has one in
100
00:05:38,280 --> 00:05:43,280
the, in the building leaks, they
fix it, the taxes go up, they
101
00:05:43,280 --> 00:05:45,240
pay it.
So it really it shelters you
102
00:05:45,240 --> 00:05:49,800
against unforeseen costs,
unexpected increases like in
103
00:05:49,800 --> 00:05:51,800
Florida insurance, you know,
skyrocketed.
104
00:05:52,520 --> 00:05:54,960
So, so if that goes up, they pay
that.
105
00:05:54,960 --> 00:05:59,440
So you get a guaranteed payment
every month for usually 15
106
00:05:59,440 --> 00:06:03,360
years, 10 or 15 years.
And if you're elderly, that
107
00:06:03,360 --> 00:06:05,680
number one while you're still
alive, that's great.
108
00:06:06,200 --> 00:06:09,840
And then when you leave it to
your kids, you leave them a
109
00:06:09,840 --> 00:06:12,120
Dollar General or a Burger King
or 711.
110
00:06:12,120 --> 00:06:13,920
I used, you know, a lot of those
names.
111
00:06:14,400 --> 00:06:17,640
They can keep it or they can
sell it and they'll they'll sell
112
00:06:17,640 --> 00:06:20,600
it at stepped up basis, which
means they pay no capital gains
113
00:06:20,600 --> 00:06:23,680
tax and then they can take that
money and give it to their
114
00:06:23,680 --> 00:06:26,120
financial planner and do a four
O 1K.
115
00:06:26,240 --> 00:06:31,160
So it's a really, really good
strategy for your family rather
116
00:06:31,160 --> 00:06:35,600
than sell, pay tax and and leave
your kids the cash, which states
117
00:06:35,600 --> 00:06:41,240
often burn through sometimes too
fast and maybe not, but this is
118
00:06:41,240 --> 00:06:43,800
a better strategy, I think, if
you own commercial real estate.
119
00:06:45,720 --> 00:06:49,720
It's the concept of the coupon
Clipper, yeah, is what I call
120
00:06:49,800 --> 00:06:51,040
it.
Mailbox money.
121
00:06:51,040 --> 00:06:54,160
That's what people call it.
As long as the ACH hits on the
122
00:06:54,160 --> 00:06:56,200
1st, I'm good, right?
Yeah.
123
00:06:57,280 --> 00:07:03,200
I have a dear friend who bought,
He killed it in Silicon Valley.
124
00:07:03,200 --> 00:07:08,840
Young bought a fourplex for his
parents to have a commercial
125
00:07:08,840 --> 00:07:12,480
real estate investment and he
bought it in 2018.
126
00:07:13,600 --> 00:07:17,000
And now he he's talking to me.
He's like a tenant destroyed a
127
00:07:17,000 --> 00:07:18,920
unit.
He's been there for 20 years.
128
00:07:18,920 --> 00:07:21,840
It wasn't the, you know, the,
the multifamily woes.
129
00:07:23,360 --> 00:07:26,280
And I'm listening and it's like,
I, you know, I know it.
130
00:07:26,640 --> 00:07:31,120
This is what we do for a living.
So I wound up randomly in
131
00:07:31,120 --> 00:07:35,600
Boulder where I found a property
that just got leased to Andrill.
132
00:07:36,200 --> 00:07:42,360
Andrill is owned by Palmer
Luckey, who was the genius who
133
00:07:42,360 --> 00:07:45,800
invented Oculus and sold it to
Facebook for $2,000,000 at the
134
00:07:45,800 --> 00:07:49,560
age of 21.
He just started an aerospace
135
00:07:49,560 --> 00:07:55,440
company and got billions of
dollars from the Pentagon, from
136
00:07:55,480 --> 00:07:59,520
the Navy, from the Air Force,
and he's renting a triple net
137
00:07:59,520 --> 00:08:04,040
building here in Boulder.
And I know Andrill, this
138
00:08:04,040 --> 00:08:07,240
company, this now, now that I've
brought it up, you'll start
139
00:08:07,240 --> 00:08:12,280
seeing it everywhere.
It's huge for VC tech.
140
00:08:12,320 --> 00:08:16,400
It's like all the rage.
I said, you know that that guy
141
00:08:16,400 --> 00:08:20,360
could be your tenant.
You could take your complex and
142
00:08:20,880 --> 00:08:24,040
your new tenant could be this
multibillion dollar government
143
00:08:24,040 --> 00:08:30,040
backed space defense company and
I could see the wheels turning
144
00:08:30,040 --> 00:08:32,200
in his head.
And you know, are you concerned
145
00:08:32,200 --> 00:08:33,679
they're going to destroy the
property?
146
00:08:33,919 --> 00:08:36,480
Are you concerned their rent
won't clear?
147
00:08:38,480 --> 00:08:42,240
And and that is to me the
concept of a coupon Clipper
148
00:08:42,320 --> 00:08:46,440
where you know the rent is
coming and you have, like you
149
00:08:46,440 --> 00:08:49,680
said, that corporate guarantee
the real deal.
150
00:08:49,760 --> 00:08:52,160
That's that's what you want.
We have a six unit apartment
151
00:08:52,160 --> 00:08:55,080
building that we just put on the
market because we're tired of
152
00:08:55,640 --> 00:08:57,560
being those people I write about
in my book.
153
00:08:57,560 --> 00:08:59,560
I'm my own, you know, case
study.
154
00:08:59,920 --> 00:09:03,720
It's just too many stories about
why we can't pay the rent.
155
00:09:03,800 --> 00:09:07,320
And so we're selling that and
we're going to buy probably a
156
00:09:07,320 --> 00:09:10,960
Dollar General.
So I'll I'll be a an example of
157
00:09:10,960 --> 00:09:16,880
my own clients.
Hey, you gotta what?
158
00:09:16,880 --> 00:09:20,280
What's the phrase where you you
do what you say you?
159
00:09:20,520 --> 00:09:21,840
Yeah, you walk the talk.
Yeah.
160
00:09:22,080 --> 00:09:23,840
You talk the what?
Walk the talk.
161
00:09:23,840 --> 00:09:28,920
Exactly, so you know, I never
the way that I always saw and
162
00:09:28,920 --> 00:09:32,000
experienced commercial real
estate was you just hold on
163
00:09:32,000 --> 00:09:35,160
until you die and then you
capture the stepped up basis.
164
00:09:35,160 --> 00:09:37,480
You know, then your kids capture
the stepped up basis.
165
00:09:39,480 --> 00:09:42,040
Can you?
And then when I started talking
166
00:09:42,040 --> 00:09:46,440
to you, it exposed me to exactly
your theory concept.
167
00:09:46,440 --> 00:09:50,000
Don't leave it to the kids.
They can capture the stepped up
168
00:09:50,000 --> 00:09:53,440
basis in the coupon Clipper.
When you're on the phone with
169
00:09:53,440 --> 00:09:58,640
somebody and they're dead set on
leaving it to the kids so they
170
00:09:58,640 --> 00:10:02,200
can capture the stepped up
basis, What do you say to them
171
00:10:02,400 --> 00:10:05,720
to get those wheels turning that
there are other options out
172
00:10:05,720 --> 00:10:08,280
there?
I basically give an analogy like
173
00:10:08,280 --> 00:10:13,600
it's moving your asset from one
bucket to another bucket, but
174
00:10:13,680 --> 00:10:17,080
and so you're protecting that
the value for your kids, you're
175
00:10:17,080 --> 00:10:18,680
keeping the wealth in your
family.
176
00:10:19,840 --> 00:10:22,000
And so you're just saying, hey,
I'm going to give them a
177
00:10:22,000 --> 00:10:27,200
different bucket that's easy for
them to handle rather than a
178
00:10:27,200 --> 00:10:29,600
complicated bucket.
When they open the lid and go,
179
00:10:30,080 --> 00:10:33,280
Oh my God, you know what did dad
leave me?
180
00:10:33,520 --> 00:10:36,480
You know, I didn't, I don't know
what to do with this bucket.
181
00:10:36,720 --> 00:10:39,080
So leave them a bucket.
When they open the lid, they go.
182
00:10:39,440 --> 00:10:41,320
Oh wow.
This is great.
183
00:10:41,640 --> 00:10:44,560
I just get a check every month.
This is a nice bucket.
184
00:10:44,800 --> 00:10:48,040
So you're still, you know,
helping the family preserve the
185
00:10:48,040 --> 00:10:51,840
wealth, the generational wealth.
It's kind of a buzzword, but you
186
00:10:51,840 --> 00:10:54,840
want to keep it in the family
and you're not.
187
00:10:54,840 --> 00:10:58,080
I'm not telling them, you know,
don't give it to your kids.
188
00:10:58,080 --> 00:11:00,360
I'm just telling them, give,
give them something else.
189
00:11:00,480 --> 00:11:04,840
Give them something better.
Give them a gift rather than, or
190
00:11:04,840 --> 00:11:07,000
a blessing rather than, you
know, a curse.
191
00:11:07,440 --> 00:11:10,200
And so I, and I help them map
that out.
192
00:11:10,200 --> 00:11:13,160
Every client is different.
I have one client that owns 22
193
00:11:13,160 --> 00:11:16,040
properties and I have another
client that only owns 2
194
00:11:16,040 --> 00:11:18,640
properties.
So, you know, it's, you have to,
195
00:11:18,640 --> 00:11:22,240
you know, customize the strategy
for the family and the kids and
196
00:11:22,440 --> 00:11:25,160
who's going to get the property.
But I just think it's a better
197
00:11:25,160 --> 00:11:28,600
strategy than than, you know,
OK, if you want to cross your
198
00:11:28,600 --> 00:11:33,440
arms and say I'm leaving it to
the kids, OK, You know, they'll
199
00:11:33,440 --> 00:11:35,760
probably call me.
I've had that.
200
00:11:36,400 --> 00:11:39,080
They'll call me and kill.
What do I do with this?
201
00:11:40,680 --> 00:11:43,800
It's true story.
I've had that happen so and it
202
00:11:44,000 --> 00:11:47,640
and they didn't get as much as
they could have if they had done
203
00:11:47,640 --> 00:11:49,320
it properly.
So.
204
00:11:49,320 --> 00:11:54,280
OK, OK, so the next objection
I'm guessing is, well, I don't
205
00:11:54,280 --> 00:11:57,720
like to be under the gun for a
timeline for a 10/31.
206
00:11:57,840 --> 00:12:00,840
Right there, there is a time
frame, there is a, you know,
207
00:12:00,840 --> 00:12:03,960
there is a clock.
Once you sell, you have 45 days
208
00:12:03,960 --> 00:12:07,560
to identify the, the up leg
property and you have six months
209
00:12:07,560 --> 00:12:11,720
from the closing date not on
addition to the 45-6 months to
210
00:12:11,720 --> 00:12:15,280
close on the up leg property.
And there, there are situations
211
00:12:15,280 --> 00:12:19,440
where you can sell and all of
your three properties don't work
212
00:12:19,440 --> 00:12:21,240
out.
Like you put in a contract and
213
00:12:21,240 --> 00:12:22,720
something happens or you change
your mind.
214
00:12:23,000 --> 00:12:26,400
I had one client, Dollar
General, we got way into it
215
00:12:26,400 --> 00:12:28,120
didn't work.
We switched to the other one.
216
00:12:28,120 --> 00:12:31,880
That one it, it did work.
Fortunately, the the bailout
217
00:12:31,880 --> 00:12:34,560
provision that that lot of
people use is called a Delaware
218
00:12:34,560 --> 00:12:39,120
statutory trust.
It's not as good in some ways as
219
00:12:39,120 --> 00:12:41,880
the, you know, buying a property
within tax free exchange.
220
00:12:42,480 --> 00:12:45,720
I have a good friend of mine
here in in West Palm Beach at
221
00:12:45,720 --> 00:12:47,840
Fortitude.
They specialize in that.
222
00:12:48,360 --> 00:12:52,560
And so you can, if you get to
the end of your study, your time
223
00:12:52,560 --> 00:12:55,800
frame, you can buy a Delaware
statutory trust.
224
00:12:56,160 --> 00:12:58,600
And that's a whole other, it's
in my book, but that's a whole
225
00:12:58,600 --> 00:13:03,800
nother conversation.
But you still preserve the, the,
226
00:13:03,800 --> 00:13:06,200
the tax free exchange and you
don't lose, You don't have to
227
00:13:06,200 --> 00:13:10,280
pay the capital gains tax.
So there are some bailout safety
228
00:13:11,280 --> 00:13:14,960
measures you can take.
And we have an episode about it.
229
00:13:14,960 --> 00:13:18,840
So if you want to learn more
about Delaware statutory trusts,
230
00:13:19,680 --> 00:13:22,560
look on Commercial Real Estate
Secrets, the podcast and YouTube
231
00:13:22,560 --> 00:13:24,280
channel, Anyway.
I'm sure you have.
232
00:13:24,280 --> 00:13:26,680
That's yeah, I would.
I would recommend that for
233
00:13:26,680 --> 00:13:29,760
people to look at their options
before they do it before you.
234
00:13:29,920 --> 00:13:32,600
The other thing is I've had
people call me and go, I, I,
235
00:13:32,680 --> 00:13:34,480
I've sold this property Closings
next week.
236
00:13:34,480 --> 00:13:37,280
I want to do a 10/31.
I'm like, you know, you, you
237
00:13:37,280 --> 00:13:40,520
should think about it when you
list the property, you know,
238
00:13:40,520 --> 00:13:43,560
when you put it on the market,
you should have it in your mind.
239
00:13:44,000 --> 00:13:46,360
This is what we're doing.
It needs to be in the contract.
240
00:13:46,360 --> 00:13:48,920
The language needs to be in the
contract too, to make it a valid
241
00:13:48,920 --> 00:13:52,040
exchange.
And so before you do anything,
242
00:13:52,160 --> 00:13:56,280
you should talk to a tax person.
You should talk to someone like
243
00:13:56,280 --> 00:14:00,080
us who knows that part of it.
Just talk to your kids, your
244
00:14:00,080 --> 00:14:03,120
family.
How how's this going to map out?
245
00:14:04,040 --> 00:14:06,760
You know, I have some ideas in
in my book and other play other
246
00:14:06,760 --> 00:14:09,600
material where pant you know,
you can have a family committee
247
00:14:09,600 --> 00:14:11,200
meeting.
You'd have this set up.
248
00:14:11,520 --> 00:14:13,680
You know, maybe you're not going
to do anything for five years.
249
00:14:13,840 --> 00:14:16,040
We'll start talking about it now
with your kids.
250
00:14:16,480 --> 00:14:20,440
You know, don't wait until
closing and go, hey, here's what
251
00:14:20,440 --> 00:14:22,560
we're going to do.
I mean, there you need to get
252
00:14:22,560 --> 00:14:25,440
out way in front of it.
And that's that's what I that's
253
00:14:25,440 --> 00:14:28,520
really what I help people do.
It's it's not salesy, it's more
254
00:14:28,520 --> 00:14:32,520
advisory.
Help them create a strategy
255
00:14:32,520 --> 00:14:35,360
that's better than it's in the
will.
256
00:14:35,360 --> 00:14:36,480
And you guys, here's what you
get.
257
00:14:36,560 --> 00:14:37,920
You know, that's not a great
strategy.
258
00:14:40,000 --> 00:14:46,040
I see both ways where somebody,
you know, they keep the
259
00:14:46,040 --> 00:14:48,280
building.
Generally it's a business.
260
00:14:48,280 --> 00:14:51,200
You know, they, you know, the
old man operated the business,
261
00:14:51,200 --> 00:14:54,920
bought the building, leaves it
to the kids and then the kids
262
00:14:54,920 --> 00:14:59,160
end up with the building and
they go, Oh my God, what what do
263
00:14:59,160 --> 00:15:02,000
I do?
I mean, I've seen it where they
264
00:15:02,040 --> 00:15:05,240
say I can't afford this.
And it's like, but that's a
265
00:15:05,240 --> 00:15:09,360
whole another story.
And then it's like you said, get
266
00:15:09,360 --> 00:15:13,520
your ducks in a row before you
kick the bucket so that your
267
00:15:13,520 --> 00:15:18,360
kids aren't looking around
going, how do I handle this?
268
00:15:18,840 --> 00:15:21,040
Yeah.
So you you've said something
269
00:15:21,040 --> 00:15:25,680
twice in this podcast.
No, no, you said Dollar General.
270
00:15:25,680 --> 00:15:30,680
Oh, OK.
One, I want to know why this
271
00:15:30,680 --> 00:15:34,560
affinity to Dollar General?
And two, I want to know if you
272
00:15:34,560 --> 00:15:39,200
had to choose like your three
top absolute net lease tenants,
273
00:15:39,720 --> 00:15:42,520
who would they be?
Well, the reason I love Dollar
274
00:15:42,520 --> 00:15:46,480
General is it's sort of Amazon
proof and COVID proof and
275
00:15:46,720 --> 00:15:49,800
recession proof.
They've demonstrated they can
276
00:15:49,920 --> 00:15:52,800
weather the storm and they're in
all these little markets.
277
00:15:53,320 --> 00:15:56,280
And if you ever go to 1, they're
always full of people.
278
00:15:56,720 --> 00:15:59,400
And they have a new, they have a
new model called the DG market
279
00:15:59,400 --> 00:16:01,320
where they have more food and
produce.
280
00:16:01,320 --> 00:16:05,000
It's not like quite ALDI, but
it's, it's they have all their
281
00:16:05,000 --> 00:16:07,160
normal stuff and the grocery add
on.
282
00:16:08,160 --> 00:16:11,040
They do really, the, the leases
are really good.
283
00:16:11,040 --> 00:16:14,000
I've sold several of those,
helped several clients buy them.
284
00:16:14,680 --> 00:16:16,160
And it doesn't really matter
where they are.
285
00:16:16,160 --> 00:16:19,040
You know, you can live in
Boulder and buy one in Florida
286
00:16:19,040 --> 00:16:21,800
or I can live in Florida and buy
one in Boulder and it doesn't
287
00:16:21,800 --> 00:16:24,560
really matter because you're
just, you're just concerned that
288
00:16:24,560 --> 00:16:26,680
the corporate guarantee is
behind the lease.
289
00:16:26,720 --> 00:16:29,080
That's what you.
So I like the, I like them
290
00:16:29,080 --> 00:16:31,440
because of what they sell and
where they're located.
291
00:16:31,920 --> 00:16:33,720
And they've got a pretty long
track record.
292
00:16:34,280 --> 00:16:37,440
There's a website you can go on.
You can tell your your listeners
293
00:16:37,440 --> 00:16:41,520
to go on net lease advisor.
One of my friends, John Hip does
294
00:16:41,520 --> 00:16:44,760
that with his company.
And you can look up every type
295
00:16:44,760 --> 00:16:48,480
of you can look up dollar
stores, food stores, oil change,
296
00:16:48,760 --> 00:16:51,480
whatever category.
And then you can drill down to
297
00:16:51,480 --> 00:16:54,600
the actual brands and you'll get
a profile and say, well, they're
298
00:16:54,720 --> 00:16:58,240
triple B rated or this, you
know, and they're selling for a
299
00:16:58,240 --> 00:17:01,760
5.8 cap rate.
So you can really get some, some
300
00:17:01,760 --> 00:17:05,079
background on the various types
of single tenant, not least
301
00:17:05,480 --> 00:17:07,920
tenants.
The other ones I like are food.
302
00:17:08,280 --> 00:17:12,640
You know, people, pizza's been
around for like 10,000 years and
303
00:17:12,640 --> 00:17:14,680
I've never seen a pizza place go
out of business.
304
00:17:14,880 --> 00:17:18,240
You know, we have had a couple
of Burger Kings here close, but
305
00:17:18,240 --> 00:17:21,000
I think that's because they
were, they weren't doing that
306
00:17:21,000 --> 00:17:21,960
well.
They're going to put different
307
00:17:21,960 --> 00:17:24,839
operators in.
But I would say, you know, the
308
00:17:24,839 --> 00:17:29,560
fast food companies, those,
those would be my second because
309
00:17:29,560 --> 00:17:32,120
people are just, you know,
Americans just like fast food
310
00:17:32,440 --> 00:17:35,360
And, and they're, they just,
they don't go dark.
311
00:17:35,360 --> 00:17:38,240
I mean, you get the check.
And I think, you know, one of
312
00:17:38,240 --> 00:17:41,200
the other ones would probably be
the automotive sector.
313
00:17:41,360 --> 00:17:43,880
So you have oil change, you have
auto part like O'Reilly auto
314
00:17:43,880 --> 00:17:47,480
parts again, because they're,
they're proven track record.
315
00:17:47,480 --> 00:17:49,960
They're in tertiary markets
where guys still work on their
316
00:17:49,960 --> 00:17:52,040
car.
I don't, I don't know how to do
317
00:17:52,040 --> 00:17:55,040
it, but I used to change my own
brakes and I used to change my
318
00:17:55,040 --> 00:17:59,280
own oil and do all that stuff.
But there's still a huge demand
319
00:17:59,280 --> 00:18:01,560
for that.
I I think in the food sector.
320
00:18:01,560 --> 00:18:05,000
Also, I left one out is the
coffee I'm doing a deal with
321
00:18:05,000 --> 00:18:07,760
Dutch Brothers coffee.
They're growing all over the
322
00:18:07,760 --> 00:18:10,960
place or Dutch Bros.
I I call them Dutch Bros but.
323
00:18:11,000 --> 00:18:13,640
Everybody knows.
Everybody knows the Bros.
324
00:18:13,720 --> 00:18:16,000
The Bros, yeah.
And they're actually from, you
325
00:18:16,000 --> 00:18:17,840
know, the Netherlands.
That's why they got the name.
326
00:18:17,840 --> 00:18:21,280
If you look up their LLC, it's a
Netherlands brothers, whatever.
327
00:18:22,440 --> 00:18:25,760
So anyway, but some people like,
they might want a different
328
00:18:25,760 --> 00:18:26,880
thing.
They might say I'd, I'd like to
329
00:18:26,880 --> 00:18:30,600
have a, I don't know, pick
another, another category and
330
00:18:30,600 --> 00:18:34,720
and they say I'd really have a
favorite, you know, in, in
331
00:18:34,720 --> 00:18:37,200
medical, like they do dialysis,
you know, people do that.
332
00:18:37,200 --> 00:18:40,440
You can get a triple net
dialysis center, you know it and
333
00:18:40,600 --> 00:18:43,160
whatever cap.
So I just, I just think Dollar
334
00:18:43,160 --> 00:18:44,960
General that that's what my wife
wants to.
335
00:18:45,280 --> 00:18:47,960
She wants us to buy 1 so she can
take her girlfriends and go
336
00:18:47,960 --> 00:18:51,520
shopping in one and go and look
around and go look I own this
337
00:18:51,520 --> 00:18:54,720
place you know.
So anyway.
338
00:18:54,720 --> 00:18:56,360
Happy wife, Yeah.
Happy life.
339
00:18:56,360 --> 00:18:57,280
Oh.
That's what we're going to.
340
00:18:57,280 --> 00:18:57,800
Yeah.
Her cat.
341
00:18:57,960 --> 00:18:59,560
She has a hat like you're 1.
I showed you.
342
00:18:59,560 --> 00:19:01,960
Show me.
Her hat has cash flow on it.
343
00:19:02,520 --> 00:19:05,680
OK.
Yeah, I got her a hat that says
344
00:19:05,680 --> 00:19:07,520
cash flow.
That's cute.
345
00:19:07,640 --> 00:19:09,320
Yeah.
That's cute.
346
00:19:09,680 --> 00:19:14,880
So there's a chance maybe a
listener doesn't know what a
347
00:19:15,200 --> 00:19:19,360
absolute net lease is.
Explain to me what an absolute
348
00:19:19,360 --> 00:19:21,600
net lease is, as if I'm a fifth
grader.
349
00:19:21,760 --> 00:19:25,760
OK, so let's start at the top
with a full service lease or a
350
00:19:25,760 --> 00:19:27,600
gross lease.
That's where you give the
351
00:19:27,600 --> 00:19:30,440
landlord a check every month and
they pay for everything.
352
00:19:30,640 --> 00:19:34,080
Electric bill, the real estate
taxes, snow removal, trash
353
00:19:34,080 --> 00:19:35,080
removal.
They pay.
354
00:19:35,160 --> 00:19:37,320
You just get one check, they pay
for everything.
355
00:19:37,640 --> 00:19:40,200
Then you have a triple net
lease, which is a lot of retail,
356
00:19:40,760 --> 00:19:44,200
where the triple net rent mostly
in retail, the tenant pays the
357
00:19:44,200 --> 00:19:47,600
landlord a check and they also
pay something called Cam.
358
00:19:47,720 --> 00:19:50,440
So they pay common area
maintenance, taxes and
359
00:19:50,440 --> 00:19:53,720
insurance, their share of it.
And they pay their own electric
360
00:19:53,720 --> 00:19:56,680
bill or their own utility, gas,
electric, water, whatever.
361
00:19:57,000 --> 00:19:58,640
So they pay all that on top of
the rent.
362
00:19:59,080 --> 00:20:03,760
So an absolute net lease with
like one of these companies is
363
00:20:03,760 --> 00:20:07,360
where they give you a check
every month for the rent and
364
00:20:07,360 --> 00:20:09,640
they pay absolutely everything
else.
365
00:20:09,920 --> 00:20:12,800
They pay taxes, they pay
insurance, they pay utilities.
366
00:20:13,720 --> 00:20:17,280
If it goes up, they pay the up.
You know, so basically you,
367
00:20:17,320 --> 00:20:20,560
you're locked in.
If you're getting 10,000 a month
368
00:20:20,560 --> 00:20:23,920
from this lease, and usually
they're flat for five years,
369
00:20:24,160 --> 00:20:27,080
then they'll bump.
So you're getting that check
370
00:20:27,080 --> 00:20:29,200
10,000 a month.
No matter what happens, if the
371
00:20:29,200 --> 00:20:31,400
building burns down, they have
to build it back.
372
00:20:31,800 --> 00:20:36,200
So it's really you, you're
really banking on the credit of
373
00:20:36,200 --> 00:20:38,440
the corporation.
Now we've in the last few years,
374
00:20:38,440 --> 00:20:40,360
we've seen Toys-R-Us go out of
business.
375
00:20:40,360 --> 00:20:44,640
We've seen in my lifetime,
Kmart, Sears, some big names
376
00:20:44,960 --> 00:20:47,240
shuttered their stores, you
know, all over the place.
377
00:20:47,320 --> 00:20:51,680
So it does happen.
So I can't tell you there's no,
378
00:20:52,040 --> 00:20:55,560
no risk like a commercial, no
risk guarantee or whatever.
379
00:20:56,040 --> 00:20:58,680
But you can look up their credit
rating, you can look up their,
380
00:20:58,800 --> 00:21:01,840
how they're doing and, and study
the company cuz that's what
381
00:21:01,840 --> 00:21:03,120
you're buying.
You're basically buying the
382
00:21:03,120 --> 00:21:07,000
guarantee of the company and the
absolute net lease means
383
00:21:07,800 --> 00:21:11,080
absolutely no cost to you, you
know, no matter what.
384
00:21:11,280 --> 00:21:13,840
Now that's why I said if you get
into this business and you want
385
00:21:13,840 --> 00:21:16,840
to buy one of these properties,
there are some that will say
386
00:21:17,600 --> 00:21:20,160
some landlord expenses and
you'll see it in the notes,
387
00:21:20,160 --> 00:21:23,240
you'll see a broker flyer and
they'll say not absolute.
388
00:21:23,360 --> 00:21:24,960
You know, you don't want to get
those.
389
00:21:25,240 --> 00:21:29,160
There's plenty of the other kind
because then then the rent
390
00:21:29,160 --> 00:21:31,080
you're getting, you think I'm
getting 10,000 a month.
391
00:21:31,080 --> 00:21:34,440
Oh, the taxes went up.
Now I'm getting 8000 a month and
392
00:21:34,440 --> 00:21:38,000
all of a sudden your returns
just diluted so or your
393
00:21:38,000 --> 00:21:40,400
insurance went up, you know, so
you want to make sure in the
394
00:21:40,400 --> 00:21:44,680
fine print, 100% absolute net
lease is what you're buying.
395
00:21:44,920 --> 00:21:49,360
Those are the kind to look for.
And I think, you know, the
396
00:21:49,360 --> 00:21:53,360
average person fundamentally
might not even be able to wrap
397
00:21:53,360 --> 00:21:56,960
their head around this concept
because maybe they paid rent.
398
00:21:57,200 --> 00:22:00,520
Yeah, you know, or they pay rent
and they're like, well, you just
399
00:22:00,520 --> 00:22:02,880
write a check and it's the same
every month then.
400
00:22:03,280 --> 00:22:09,560
Yeah, it's just, it's fun.
I suppose it's good that this is
401
00:22:09,560 --> 00:22:12,560
my job.
It's fun to learn about these
402
00:22:12,560 --> 00:22:16,200
strategies and teach people
about ways that they can
403
00:22:17,080 --> 00:22:22,080
maximize their income, minimize
the headaches specifically if
404
00:22:22,080 --> 00:22:25,400
they're dealing with an elder.
You know, there, there's so many
405
00:22:25,400 --> 00:22:30,200
dynamics to it, but it's like
you said, to be able to take an
406
00:22:30,200 --> 00:22:34,800
asset with maybe 5 tenants,
right, and reduce it down to 1
407
00:22:35,720 --> 00:22:38,320
corporate.
Yeah, Dutch, bro.
408
00:22:38,400 --> 00:22:41,760
Yeah, it it, it actually makes a
ton of sense.
409
00:22:41,760 --> 00:22:43,200
And there's a whole market for
it.
410
00:22:43,200 --> 00:22:45,240
There's a whole, you know, in
you're in the business.
411
00:22:45,240 --> 00:22:48,760
It's, it's nationwide and you,
and you can do it from your
412
00:22:48,800 --> 00:22:51,960
computer pretty much you don't
have to go, you don't have to go
413
00:22:51,960 --> 00:22:55,640
look at the building in, you
know, LA or Saint Louis or New
414
00:22:55,640 --> 00:22:56,960
York.
You, you can do it from your
415
00:22:56,960 --> 00:22:59,920
screen and see pretty much
everything you need to see.
416
00:23:00,240 --> 00:23:01,640
Check out the corporate
guarantee.
417
00:23:01,960 --> 00:23:03,680
And then you say, OK, I'll do
that deal.
418
00:23:04,000 --> 00:23:06,360
But it is rewarding for me.
I will say this point in my
419
00:23:06,360 --> 00:23:10,200
life, my career, it is very
rewarding to know that I've
420
00:23:10,200 --> 00:23:13,600
helped people with some of these
because I've helped some
421
00:23:13,600 --> 00:23:15,800
families that were really in the
weeds.
422
00:23:15,800 --> 00:23:18,640
And there are people that have
owned property for a long time,
423
00:23:19,000 --> 00:23:23,120
but they still didn't know the
rules of the 1031 exchange or
424
00:23:23,120 --> 00:23:26,760
they heard from a friend that
these single tenant things are
425
00:23:26,760 --> 00:23:32,760
really risky or what's ADST, you
know, they don't, they don't
426
00:23:32,760 --> 00:23:35,680
know some of these things.
So when I help them, it's
427
00:23:35,680 --> 00:23:39,320
rewarding to see their eyes
light up and go, wow, I so I can
428
00:23:39,320 --> 00:23:44,360
do this instead of that.
It's I don't want to say it's
429
00:23:44,360 --> 00:23:46,720
like the Dickens story, but you
kind of look at, you know,
430
00:23:46,720 --> 00:23:49,720
Dickens and you had, you know,
one scenario that was really bad
431
00:23:50,280 --> 00:23:52,880
and one in the middle and then
one that you looked at that's
432
00:23:52,880 --> 00:23:55,480
really good.
And you can kind of walk them
433
00:23:55,480 --> 00:23:57,840
through and say, well, if you
don't do this, the future is
434
00:23:57,840 --> 00:24:00,440
going to look really grim for
your kids.
435
00:24:00,440 --> 00:24:03,000
If you do nothing, nothing isn't
good either.
436
00:24:03,480 --> 00:24:05,280
You know, putting your head in
the scene is not good.
437
00:24:05,840 --> 00:24:08,400
And if you do something
proactive, wow, what a beautiful
438
00:24:08,400 --> 00:24:10,280
future your kids and your
grandkids can have.
439
00:24:10,600 --> 00:24:14,200
Let's show you this path.
And I think that that really is
440
00:24:14,200 --> 00:24:19,240
rewarding to see how how it's
helped some families to end up
441
00:24:19,240 --> 00:24:21,440
with a better situation, I
think, than something
442
00:24:21,440 --> 00:24:24,840
accidental.
I do like it.
443
00:24:25,360 --> 00:24:27,880
You know, you you've been in the
business a lot longer than I
444
00:24:27,880 --> 00:24:30,560
have.
I'm I'm eclipsing A decade.
445
00:24:31,240 --> 00:24:35,800
But something that is so
fascinating in this business is
446
00:24:36,600 --> 00:24:38,600
you work with the generations,
right?
447
00:24:39,120 --> 00:24:41,440
Like that.
It's a very natural progression
448
00:24:41,440 --> 00:24:46,160
for somebody like you or myself
or a property owner, right,
449
00:24:46,160 --> 00:24:53,200
where the only thing that are,
you know, death certain in life
450
00:24:53,200 --> 00:24:56,320
or death in taxes.
And we deal with that every
451
00:24:56,320 --> 00:24:59,600
single day.
And to then work with the next
452
00:24:59,600 --> 00:25:02,960
generation is just a crazy
experience.
453
00:25:03,200 --> 00:25:04,920
Sometimes it's good, sometimes
it's bad.
454
00:25:05,040 --> 00:25:07,880
Viva, you're still young and
you're in the beginning of your
455
00:25:07,880 --> 00:25:09,400
career.
I'm so old.
456
00:25:09,400 --> 00:25:11,680
I'm dealing with the
grandchildren of my original
457
00:25:11,680 --> 00:25:12,680
client.
So.
458
00:25:13,160 --> 00:25:16,040
So yeah.
But you will too one day.
459
00:25:16,600 --> 00:25:20,160
Yeah, hey, I hope so.
Yeah, I better or else that
460
00:25:20,160 --> 00:25:22,080
means I'm not on this planet.
So.
461
00:25:22,080 --> 00:25:26,440
Well, my, my coach James Bean
asked me on Tuesday, what's your
462
00:25:26,760 --> 00:25:28,720
retirement plan?
How long are you in the
463
00:25:28,720 --> 00:25:29,840
business?
What do you think?
464
00:25:30,120 --> 00:25:33,280
And I said, I don't have an end
insight.
465
00:25:33,360 --> 00:25:36,480
I mean, I just don't, I don't
want to say, you know, my
466
00:25:36,480 --> 00:25:38,240
friends were like, oh, I got six
months left.
467
00:25:38,240 --> 00:25:41,800
I'm out of here.
I, I'm, I'm in the, I don't
468
00:25:41,800 --> 00:25:43,520
know.
I don't have an end insight.
469
00:25:43,520 --> 00:25:45,320
I'm just going to keep doing
this as long as I can.
470
00:25:46,640 --> 00:25:50,240
And you push, it's like I said,
like you're in coaching, like
471
00:25:50,240 --> 00:25:53,640
you're trying new things.
I just really commend you for
472
00:25:53,640 --> 00:25:56,880
that because you're an like,
man.
473
00:25:56,880 --> 00:25:59,840
If anybody in my market were
like you, I would be well, I
474
00:25:59,840 --> 00:26:02,560
always say I'll give, I'll give
you all the flowers because
475
00:26:02,560 --> 00:26:04,480
you're not in my market.
You're not like, you know,
476
00:26:04,480 --> 00:26:05,720
you're killing it.
So.
477
00:26:05,920 --> 00:26:08,320
Well, I think, I think it starts
with your mindset.
478
00:26:08,480 --> 00:26:11,600
So if I thought I'm going to
retire next year, I wouldn't
479
00:26:11,600 --> 00:26:14,480
worry about learning Chachi PT
or how to do something in gamma
480
00:26:14,480 --> 00:26:17,640
or create a video online.
I just wouldn't do it.
481
00:26:18,000 --> 00:26:20,760
But I'm looking at I don't know
when that end will be.
482
00:26:20,760 --> 00:26:24,000
So I'm, I've got to do the best
I can and keep up with
483
00:26:24,000 --> 00:26:26,760
everything that's going on and
be the top of my game.
484
00:26:27,000 --> 00:26:29,200
You know, the best version of
myself, as they say.
485
00:26:29,600 --> 00:26:33,960
And and I had an interview with
Rod and he asked me why I always
486
00:26:33,960 --> 00:26:38,560
say I live an intentional life
because I have I don't get up
487
00:26:38,560 --> 00:26:40,240
everyday and wonder what's going
on.
488
00:26:40,240 --> 00:26:44,040
I have an intentional life that
I've designed and created and it
489
00:26:44,920 --> 00:26:47,520
I don't know when the end of
that is, so I have to keep going
490
00:26:47,520 --> 00:26:49,480
like there's no end.
So.
491
00:26:50,000 --> 00:26:52,480
And it's like, it's very
rewarding.
492
00:26:52,640 --> 00:26:55,360
Yeah.
You know, like the friendships,
493
00:26:55,360 --> 00:26:59,320
the people like you who I've met
from this business.
494
00:26:59,480 --> 00:27:01,840
Yeah.
You know, from the conferences
495
00:27:01,840 --> 00:27:06,600
or the deals or the families
like they become, you know, some
496
00:27:06,600 --> 00:27:10,040
of these relationships are some
of the most like rewarding
497
00:27:10,040 --> 00:27:11,960
friendships that I have and
it's.
498
00:27:12,160 --> 00:27:14,880
Yeah.
I will, you know, if I didn't do
499
00:27:14,880 --> 00:27:18,000
this, I wouldn't have that.
And it's I just love it.
500
00:27:18,200 --> 00:27:21,120
The best thing is when my
clients hug me, if they see me
501
00:27:21,560 --> 00:27:25,000
and they haven't seen me in a
while and they and they remember
502
00:27:25,000 --> 00:27:26,000
I helped them and they hugged
me.
503
00:27:26,000 --> 00:27:28,280
I just, you know what?
Yeah, I got the check and that
504
00:27:28,280 --> 00:27:30,000
was great.
But you know, when they come
505
00:27:30,000 --> 00:27:32,520
back and and say, wow, you know,
give me a hug.
506
00:27:32,520 --> 00:27:35,000
I really, you know, I'm, I'm a
great friend of yours or I
507
00:27:35,000 --> 00:27:38,720
really appreciate what you did
that that's just icing on the
508
00:27:38,720 --> 00:27:42,800
top, you know, that's the best.
I couldn't agree more.
509
00:27:42,840 --> 00:27:49,200
Yeah.
So Rich for the listeners, where
510
00:27:49,200 --> 00:27:54,120
can they find you, follow you,
transact with you, etcetera?
511
00:27:54,360 --> 00:27:58,120
Well, I'm all over the place on
social media, but the easiest
512
00:27:58,120 --> 00:28:00,400
way is my phone number.
I can give you that.
513
00:28:00,400 --> 00:28:06,040
It's 703-431-4513.
That's my personal cell phone
514
00:28:06,040 --> 00:28:08,040
number.
Unless I'm on it, I'll answer
515
00:28:08,040 --> 00:28:09,720
it.
Sometimes I'm on it.
516
00:28:10,280 --> 00:28:12,880
My e-mail is Rich at valer dot
US.
517
00:28:12,880 --> 00:28:18,680
That's RACH at VAALER dot US.
I'm on LinkedIn, Instagram,
518
00:28:19,000 --> 00:28:21,480
Facebook.
I think that's it.
519
00:28:21,600 --> 00:28:23,600
I don't do I don't know how to
do TikTok like you.
520
00:28:23,680 --> 00:28:28,800
I wish I did and and I do things
for clients too that some people
521
00:28:28,800 --> 00:28:31,840
don't do.
Like I will do a free one hour
522
00:28:31,840 --> 00:28:33,200
consultation.
Just call me.
523
00:28:33,200 --> 00:28:36,280
I've, you know, no sales job.
You don't have to sign anything.
524
00:28:36,280 --> 00:28:38,680
If you want to do like we're
doing and say, Hey, I want to
525
00:28:38,680 --> 00:28:40,960
pick your brain about something.
I do that all the time.
526
00:28:41,080 --> 00:28:45,280
I do with other brokers.
I do with potential clients and
527
00:28:45,280 --> 00:28:47,720
then I may never work with them.
They just say I, I have some
528
00:28:47,720 --> 00:28:49,360
questions for now, I'll get back
to you later.
529
00:28:49,640 --> 00:28:51,640
That's fine.
Happy to do that.
530
00:28:52,920 --> 00:28:54,960
Very cool.
Well, Rich, we'll put your
531
00:28:54,960 --> 00:28:58,440
contact info in the comments or
in the notes.
532
00:28:58,440 --> 00:29:04,000
Excuse me?
So anybody who is ready to ride
533
00:29:04,000 --> 00:29:06,640
off into the sunset and get a
coupon Clipper can call you.
534
00:29:06,760 --> 00:29:10,040
Yeah, you get a free hat too.
No, I'll, I will send anybody a
535
00:29:10,040 --> 00:29:12,440
free copy of the book if they
want that too.
536
00:29:12,760 --> 00:29:16,000
Just e-mail me.
I have boxes, I'll send them a
537
00:29:16,000 --> 00:29:18,120
free copy of the book.
I forgot to mention that.
538
00:29:19,000 --> 00:29:22,120
Deal Rich, I really appreciate
your time.
539
00:29:22,360 --> 00:29:25,360
Thank you, Aviva.
And for everybody listening,
540
00:29:25,880 --> 00:29:31,960
we'll see you next week.
That's a wrap for this week on
541
00:29:31,960 --> 00:29:35,880
commercial real estate secrets.
If you found value, do us a
542
00:29:35,880 --> 00:29:39,800
favor and subscribe, leave a
review and share it with a
543
00:29:39,800 --> 00:29:42,080
fellow commercial real estate
lover.
544
00:29:42,760 --> 00:29:45,280
For brokerage services or to
connect, visit
545
00:29:45,280 --> 00:29:47,960
warehousehotline.com.
I'm Aviva.
546
00:29:48,360 --> 00:29:49,600
We'll see you next week.
