This episode isn't about getting started in commercial real estate. It's about understanding the mechanics before you make a decision that residential experience didn't prepare you for.

In Part 2 of this conversation, Tanh walks through the actual operating logic behind commercial property valuation, site selection, tenant vetting, and lease structure - the decisions that determine whether a deal holds up under pressure.

This was not a creative problem. It was a systems problem.

We cover:

• Why NOI divided by cap rate is the only reliable valuation framework - and how to find market comps on LoopNet and Crexi before engaging a single broker
• How to vet a commercial broker the same way you'd vet a tenant - and what their answers reveal about whether they actually know their market
• Why mixed-use properties are the most accessible commercial entry point for operators coming from multifamily, and how to value the commercial and residential components independently
• The four location filters Tanh uses before any retail underwriting: traffic volume, visibility, parking availability, and demographic fit
• What a personal guarantee actually protects - and when a corporate guarantee from a national tenant replaces it entirely
• The difference between gross leases, net leases, and absolute net leases - and how each structure shifts financial risk between landlord and tenant

If you're a founder, operator, or investor approaching a capital decision that's structurally different from anything you've underwritten before, this conversation will feel familiar.

Reach out: [email protected]

Chief Milestones is a video podcast featuring honest conversations with founders, parents, and investors about building real businesses, staying healthy, and raising families.

New episodes release Tuesdays and Fridays.

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