How to Underwrite, Select, and Lease Commercial Real Estate | Tanh | Part 2

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 brokerHow to vet a commercial broker the same way you'd vet a tenant - and what their answers reveal about whether they actually know their marketWhy mixed-use properties are the most accessible commercial entry point for operators coming from multifamily, and how to value the commercial and residential components independentlyThe four location filters Tanh uses before any retail underwriting: traffic volume, visibility, parking availability, and demographic fitWhat a personal guarantee actually protects - and when a corporate guarantee from a national tenant replaces it entirelyThe difference between gross leases, net leases, and absolute net leases - and how each structure shifts financial risk between landlord and tenantIf 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] 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.Youtube: https://www.youtube.com/@ChiefMilestonesInstagram: https://www.instagram.com/chiefmilestones/Spotify: https://open.spotify.com/show/7HLDAe7SP3GnJSTOgAQqLy?si=6e9ac82be46f413cApple Podcasts: https://podcasts.apple.com/us/podcast/chief-milestones/id1861185226