Why is commercial real estate a great investment vehicle? Well, ask several different commercial real estate investors, and you would probably get a variety of the same answers such as tax depreciation, economies of scale, and passive income. But no one asset type in the commercial real estate sector is the same. Those same investors surveyed will probably argue for a particular asset type vs another and have strong opinions to support their thesis.
On today's episode, we are joined by our special guest, Barry Wolfe, Senior Managing Director at Marcus & Millichap. Barry specializes in investment sales of single tenant properties and shopping centers across more than 40 states across the US. So what is a single tenant property? Single tenant properties, most commonly referred to as NNN (triple net) properties, are ideal investment vehicles for creating "mailbox money." Typically, these are properties that are leased to franchises, fast food restaurants, drug stores, etc and it's maintenance responsibilities fall upon the tenant.
Barry developed his focus on the retail sector as a private practice attorney in which his area of practice was in transactional real estate law in the retail sector. Having practiced real estate law for nearly 10 years, Barry leveraged his experience and expertise of real estate law and transitioned to commercial investment sales. Throughout his career as a commercial investment sales broker, Barry has received several recognitions and rewards as one of the nation's leading retail brokers.
In this episode, we cover:
What is a NNN propety?
How are NNN properties different from multifamily assets?
Who are the typical tenants leasing the NNN spaces?
What are the typical yields one can expect from investing in NNN properties?
Who is this investment strategy suited for?
Tune in to hear the answers to these questions and so many more!
Final Four Questions:
1. What are you doing for your continued education to further your business?
Barry: "I do a lot of reading also looking a trade publications. Utilizing LinkedIn and looking at posts from others. I think it's imperative, no matter what field you are in, whether it be daily, weekly, looking to pick up knowledge and staying on top of things and what's happening in your field."
2. Who has been your biggest inspiration for you and your success?
Barry: "There's so many people. There's a lady who is very active on social media who is also a client, Beth Azor, down in South Florida, who was an inspiration to get me active on social media which is where I meet guys like yourselves and so many others. Gene Berman was my original manager who gave me my first opportunity, my dad who gave me an opportunity in the legal field. There's so many individuals over the years that have helped us all get to where we are today.
3. What advice would you give to the listeners to help them grow their businesses?
Barry: "Keep learning, don't panic, stay calm, and take a long term approach."
4. How can the listeners learn more about and get connected with you?
Barry:
LinkedIn: @barrywolfe
Phone: 954-245-3493 (office)
Email: [email protected]
