The Commercial Real Estate Investor Podcast

Key Takeaways:- It's important to hire an experienced real estate attorney who understands commercial leases and transactions. Referrals from others in your network can help find the right fit.- When reviewing a lease, pay close attention to ensuring the tenant is creditworthy, the lease terms actually make it a true triple net lease, and that there are no early termination rights for the tenant. - Getting an estoppel certificate directly from the tenant is important to verify the status of the lease and rent payments from their perspective.- Assignment and sublease provisions should ensure the landlord retains control over any future tenants in the space.https://www.tylercauble.com/podcast/episode184

Key Takeaways:- Having a systematic approach to building and maintaining relationships with brokers, property owners, and other industry professionals to generate deal flow- Developing clear investment criteria focused on factors like location, demographics, property condition, to efficiently filter through deals - Using technology like Google Maps, PlaceIQ, and virtual assistants to help analyze deals at scale, but still validating data through on-the-ground research- Focusing on consistency by pursuing smaller, lower-risk deals rather than only swinging for "elephants" which are high risk and infrequenthttps://www.tylercauble.com/podcast/episode183

Ian Horowitz, a self storage investing expert, discusses the benefits of hiring an asset manager, turning around underperforming properties, and evaluating financials when onboarding a new asset. The podcast also explores the tech-forward nature of the self-storage industry and niche storage ideas. In a lighthearted chapter, the speakers share humorous anecdotes about facial hair growth. They also discuss the use of 360 tours in real estate and give advice for a cash investor. Wrapping up, they emphasize the value of casual conversations and ask for feedback from listeners.

Key Takeaways:- Hiring a third party asset manager can allow an owner to take a step back from day-to-day operations and focus on other goals or investments- An asset manager acts as the CEO to oversee finances and hold the property manager accountable - It makes sense to consider an asset manager once a portfolio grows to around 100-200 units- When onboarding a new asset, an asset manager will evaluate financials, goals, timelines, team members, and identify any issues or opportunities- Turning around an underperforming property requires fixing maintenance issues, improving marketing, addressing tenant complaints, and ensuring the property manager is actually completing taskshttps://www.tylercauble.com/podcast/episode181

Key Takeaways:- The commercial real estate market is slowing down significantly compared to last year, with brokerage volumes down 50% or more for many brokers.- Investment sales have dried up considerably, while leasing remains more active as companies still need space. However, cap rates have risen significantly.- The office market faces uncertainty, especially for Class B properties, but Class A properties and well-located spaces are holding up better. Co-working faces challenges after WeWork's issues.- Industrial, especially Class B, remains in high demand due to limited supply. However, there is a large amount of new Class A inventory that could face vacancies if the market pulls back further.- Retail fundamentals remain uncertain but some brokers see opportunities in Class B strip centers. However, new retail development is limited after the "retail apocalypse."- The brokers plan to focus on over-communicating with clients, thinking creatively for new opportunities, growing their teams, and ramping up prospecting and business development activities in the challenging 2024 market.https://www.tylercauble.com/podcast/episode180

- The real estate market is facing challenges like higher costs, difficulty obtaining financing, and uncertainty about the future. However, this also creates opportunities for investors who can find good deals.- Local politics and policies have a major impact on real estate markets, more so than who is in the White House. Investors need to pay attention to their local areas.- Expectations for investment returns will likely need to be adjusted downward, with a focus on cash flow over high IRRs. - Rising costs like insurance are major issues in addition to interest rates, making deals harder to make work financially.- 2024 may see opportunities emerge as developments from the past few years deliver properties into a difficult market environment. Having cash available will be important.https://www.tylercauble.com/podcast/episode179

Key Takeaways:- Tyler is taking a sabbatical from mid-December to mid-January to recharge and plan for the new year.- He is working on a book about commercial real estate investing and companion materials to help visualize deals.- For 2024, Tyler is interested in smaller neighborhood commercial properties, industrial/outdoor storage, flex space, and some residential construction.- He thinks now is not the best time to invest in multifamily due to high prices and low yields. Cap rates need to increase more before it makes sense.- Covered land plays that cash flow are appealing investment opportunities.- Networking, mailing lists, and leveraging one's platform are effective ways for investors to find deals without using expensive services like CoStar.https://www.tylercauble.com/podcast/episode178

Key Takeaways:- Self-serve car washes can provide high cash-on-cash returns, often 30-90%, through improvements like adding credit card readers and changing wash timers.- Locations with high traffic and growth are ideal, as are sites that have been undermanaged and offer opportunities for operational improvements. - Common value-add improvements include updating signage, credit card capabilities, and in-bay automatic equipment.- Self-serve car washes provide diversified revenue streams from multiple bays and amenities compared to single-tenant tunnel washes.- Ongoing management involves daily cleaning, equipment maintenance, and cash handling but can become relatively passive once optimized.https://www.tylercauble.com/podcast/episode177

Key Takeaways:- Tyler is excited about the potential of industrial outdoor storage/vehicle storage properties as covered land plays that can provide good cash flow. He discusses underwriting assumptions and marketing strategies for these types of properties.- Tyler discusses his brokerage business and some recent listings they have picked up. He also mentions a drone he recently purchased to help with property marketing photos/videos.- Tyler fields various questions from listeners about commercial real estate topics like cap rates, specific markets, leasing to certain business types like wine bars, and more.- Tyler seems optimistic about investment opportunities in 2023 and 2024, expecting some distressed selling opportunities as interest rates impact property owners.https://www.tylercauble.com/podcast/episode176

Key Takeaways:- It's important to find your niche and become a thought leader in your area of commercial real estate- Having the right systems and infrastructure like a CRM and calendar are crucial for staying organized- Leveraging technology like podcasts and blogs can help generate leads and position you as an expert- Building a team is important for scaling, but you need to clearly define roles and expectations- It's valuable to get experience on both the landlord and tenant representation sides of commercial real estatehttps://www.tylercauble.com/podcast/episode175