Start Here: How to Read an Industrial NNN Deal
Read the course opener first: the Reader's Note, the manual map, and the opening lesson that explains how to think about an industrial NNN deal before you buy.
Each $179 module includes the selected manual lesson, workbook lesson, interactive HTML workbook, narrated video lesson, and slide deck PDF.
Read the course opener first: the Reader's Note, the manual map, and the opening lesson that explains how to think about an industrial NNN deal before you buy.
Learn the tenant-lease-building framework, the three nets, and the first-pass questions professionals ask before a deal gets serious.
Read the lease by obligations, not labels, and find where roof, HVAC, structure, guaranty, and expense risk actually sit.
Go beyond brand names to verify the obligated tenant, parent support, default risk, renewal risk, and site attachment.
Evaluate clear height, docks, power, truck access, fire systems, yard areas, and whether the building fits the tenant's operation.
Judge location durability through labor, transportation, zoning, replacement supply, and the tenant's reason for being there.
Screen opportunities, build a buyer thesis, compare broker materials to evidence, and decide which leads deserve diligence.
Turn diligence findings into a price change, reserve, structure change, or walk-away before capital is fully at risk.
Rebuild verified NOI, separate contract rent from market rent, and stress-test the assumptions behind the spreadsheet.
Understand lender sizing, DSCR, amortization, refinance risk, and how debt changes a simple net-lease return.
Write an LOI where price is tied to assumptions, then negotiate from evidence instead of emotion.
Manage closing, estoppels, insurance, prorations, tenant notices, and the first-year transition without losing control.
Track escalations, reimbursements, lease obligations, reporting dates, and annual hold-sell-refinance decisions.
Model renewal value, option economics, tenant leverage, and the timing of extension talks before expiration pressure hits.
Price the all-or-nothing risk of single-tenant vacancy, full-carry costs, downtime, and re-leasing strategy.
Map roofs, pavement, dock equipment, fire systems, and other capital items against who pays under the lease.
Plan for default, casualty, insurance gaps, environmental risk, and the operational controls that protect income.
Think like a future buyer: exit cap rates, remaining term, credit story, sale timing, and value-preservation decisions.
Build intentionally with tenant, market, maturity, leverage, and property-type concentration controls.
Understand 1031 timing, tax-planning questions, depreciation concepts, and when to bring advisors in early.
Evaluate seller motivation, rent coverage, lease terms, credit, and post-closing alignment.
Understand build-to-suit economics, rent setting, development risk, tenant commitment, and why the lease drives the project.
Understand credit leases, bondable structures, financeability, and the fine print that makes income feel bond-like.
See where syndications and joint ventures create alignment, conflict, fees, control issues, and exit constraints.
Use REITs and public-market signals to understand pricing, sentiment, capital flows, and relative value.
Evaluate distress without confusing a cheap price with a good deal; separate solvable problems from permanent impairment.
Negotiate tenant issues with leverage, documentation, remedies, concessions, and long-term asset value in mind.
Build market intelligence from brokers, comps, rent evidence, tenant movement, and supply constraints.
Decompress the cap rate to see which risks the yield is paying for and whether a deal is cheap or merely high-yielding.
Connect rates, inflation, lender behavior, cap rates, and buyer psychology to acquisition and exit timing.
Replace one optimistic projection with base, downside, and severe cases that force assumptions to defend themselves.
Underwrite IOS through zoning, surfacing, environmental issues, tenant use, and scarcity.
Understand refrigeration, power, buildout, tenant specialization, and downtime risk.
Evaluate power, labor, transportation, tenant investment, and operating fit in manufacturing assets.
Read last-mile demand through truck access, infill scarcity, clear height, and delivery economics.
Track utility capacity, insurance pressure, operating costs, and building-performance requirements.
Treat entity structure as deal architecture: liability separation, governance, lending, taxes, and advisor questions.
Move from one-off deal chasing to repeatable sourcing, standards, systems, and reporting.
Scale without losing discipline: reserves, leverage limits, management cadence, and portfolio-level risk controls.
Study common failure patterns so weak leases, lazy underwriting, and avoidable owner mistakes are easier to spot.
Tie the full framework together into a decision process for screening, pricing, closing, managing, and exiting.
For non-US investors, identify the rental, sale, and estate-tax questions to raise before buying US property.
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