Triple Net Investing & Tokenized Real Estate with Michael Flight | 047

In this episode, I’m joined by Michael Flight, a commercial real estate veteran and the founder of Liberty Fund. With nearly four decades in the business, Michael walks us through how he built a real estate career focused on retail properties and eventually transitioned into triple net lease investing. We explore the many layers of retail—from strip malls to grocery-anchored centers—and dive into the major benefits of net lease properties for passive investors.We also take a hard look at how blockchain technology is transforming real estate investing. Michael explains how tokenized shares could create new liquidity options for traditionally illiquid assets and how Liberty Fund is pioneering tokenized real estate for both domestic and international investors. Whether you’re a real estate enthusiast or curious about how blockchain intersects with hard assets, this conversation delivers on all fronts.Episode Highlights: [0:00] - Introduction[2:25] - Michael’s real estate background and why he chose retail over office and industrial[4:14] - Working with pension funds and hedge funds, and why he shifted to individual investors[6:25] - Overview of retail real estate asset classes: convenience centers, grocery-anchored, lifestyle centers[8:46] - Why location and co-tenancy are critical in retail success[11:29] - How percentage rent deals worked in the past and why they’re less common now[12:20] - Pros and cons of national tenants, franchisees, and mom-and-pop shops[15:21] - The rise of MedTail (medical retail) and why dental and dialysis tenants are considered “sticky”[18:17] - Why Liberty Fund targets sub-$6 million deals to avoid institutional competition[22:12] - Cap rate and lease term risk: how to assess and manage exposure[24:11] - The challenge of repurposing vacant bank buildings[26:30] - The difference between gross and triple net leases—and the nuances in each[28:48] - Why triple net leases are attractive to multifamily investors seeking cash flow[29:41] - Geographic and tenant diversification in Liberty Fund’s strategy[31:13] - How tokenization creates new possibilities for investor liquidity and asset management[34:03] - Blockchain as the foundation for faster, borderless financial transactions[37:29] - Michael’s role in a fitness app using blockchain to incentivize physical activity[41:38] - Where to find Michael’s resources on triple net leases and tokenized real estate5 Key Takeaways: Triple net leases offer reliable, passive income – With tenants handling taxes, insurance, and maintenance, NNN investments are attractive for investors seeking stability without active management.MedTail is on the rise – Medical retail tenants like dental offices and dialysis centers are high-retention businesses that need visibility and rarely relocate.Tokenization is unlocking real estate liquidity – Michael’s use of blockchain for Liberty Fund allows investors to eventually trade or borrow against their shares more easily than in traditional syndications.Retail real estate is highly location-dependent – National tenants prefer high-traffic areas with complementary neighbors, making demographic research crucial.Blockchain isn’t just about crypto – It’s a backend infrastructure that enables faster, cheaper, and more secure transactions—ideal for global investing and fund management.Links & Resources: LibertyFund.io – Learn more about Michael’s triple net lease investment fundMichaelJFlight.com – Download free reports on triple net investingIf you found this episode valuable, don’t forget to rate, follow, share, and review the podcast. It really helps us reach more investors like you.