The Commercial Real Estate Investor Podcast

Tyler Cauble
  • 4.9 (47)
  • Investing
  • Updated Weekly

Welcome to The Commercial Real Estate Investor Podcast where your host, Tyler Cauble, covers the ins and outs building wealth and passive income through investing in commercial real estate. Tune in for investing strategies, leasing & management tips, market updates, and more.

  1. 12h ago

    The Real Reason the Best Deals Never Hit the Market

    Key Takeaways The best deals aren't hidden. They're marketed privately before they ever hit Crexi or LoopNet. Brokers send their best opportunities to a small group of trusted buyers first. Most investors are competing for the same public listings, which drives up prices and lowers returns. The three best sources of off-market deals are broker relationships, tired sellers, and direct outreach. Specializing in one asset class makes it much easier to uncover opportunities. Many sellers value certainty and simplicity more than squeezing out every last dollar. Off-market deals often create the biggest value-add opportunities. Success comes from consistency, relationships, and being ready when the right deal appears.

    31 min

  2. 4d ago

    How I Bought My First Commercial Property at 25 (just copy me)

    Key Takeaways First deal’s purpose Not to make you rich, but to teach you how to confidently do more (and better) deals. How he won the deal List: $750k, closed at $575k by giving the seller 2 options and making the lower one ultra-certain (no contingencies, fast close). Capital & structure ~80% bank loan, $100k from 2 investors, $125k LOC as cushion. Simple promise to investors: 8% paid at exit, no monthly distributions. Painful lessons Scope mechanicals deeply (HVAC failure cost $20k). Double your vacancy / lease-up timeline. Underwrite conservatively and stress test for higher expenses and longer vacancy. Real separator Not capital or perfect knowledge. Willingness to act without full certainty, backed by a clear buy box, disciplined DD, and a cushioned capital stack.

    21 min

  3. Jun 8

    The 1031 Move That Lets You Buy Before You Sell

    Key Takeaways Location for Flex/Industrial Don’t go “main & main” in the city core (too expensive, competing with retail/office). Target major highways/arterials just outside town, where you can serve multiple submarkets at lower land/building cost. Pricing & Strategy Your all‑in cost/sf (purchase + rehab) must be well below new construction cost (~$120–$150/sf) or the deal won’t compete. Quick screen: if all‑in ≈ $100/sf and you can get ~$12/sf NNN, that’s about a 12% yield on cost → worth deeper underwriting. Kansas City Example Deal 4,260 sf building at $315K (~$74/sf) in Raytown; concept: split into two bays, add another roll‑up door, light rehab. Verified via Google Street View that there’s no real loading dock despite the listing. Underwriting Outputs (base case) Assumptions: 25% down, 7% interest, 20‑yr am, 2 tenants at $12/sf NNN, 3% bumps. Results: ~16–17% IRR, ~19–20% annualized cash‑on‑cash, ~2.0x equity multiple over 5 years, DSCR ~1.7x. Risk & Stress Test Even with rents at $10/sf and rehab at $100K, deal still modeled at mid‑teens IRR and solid cash‑on‑cash. But in a bear scenario (lower rents, higher vacancy, worse exit cap), you can lose money → need margin. Capital Raising Raising capital starts with your existing network: Call people, explain your deal type and target returns, and ask if they’d want to see one. Build a list of soft commitments before you have a live deal.

    26 min

  4. Jun 1

    Watch Me Underwrite a Real Industrial Deal in 30 Minutes

    Key Takeaways Location for Flex/Industrial Don’t go “main & main” in the city core (too expensive, competing with retail/office). Target major highways/arterials just outside town, where you can serve multiple submarkets at lower land/building cost. Pricing & Strategy Your all‑in cost/sf (purchase + rehab) must be well below new construction cost (~$120–$150/sf) or the deal won’t compete. Quick screen: if all‑in ≈ $100/sf and you can get ~$12/sf NNN, that’s about a 12% yield on cost → worth deeper underwriting. Kansas City Example Deal 4,260 sf building at $315K (~$74/sf) in Raytown; concept: split into two bays, add another roll‑up door, light rehab. Verified via Google Street View that there’s no real loading dock despite the listing. Underwriting Outputs (base case) Assumptions: 25% down, 7% interest, 20‑yr am, 2 tenants at $12/sf NNN, 3% bumps. Results: ~16–17% IRR, ~19–20% annualized cash‑on‑cash, ~2.0x equity multiple over 5 years, DSCR ~1.7x. Risk & Stress Test Even with rents at $10/sf and rehab at $100K, deal still modeled at mid‑teens IRR and solid cash‑on‑cash. But in a bear scenario (lower rents, higher vacancy, worse exit cap), you can lose money → need margin. Capital Raising Raising capital starts with your existing network: Call people, explain your deal type and target returns, and ask if they’d want to see one. Build a list of soft commitments before you have a live deal.

    41 min

  5. May 28

    100 Doors. 35% Returns. Why He's Walking Away.

    Key Takeaways Private money + confidence Ray rebuilt after 2009 by using private capital from friends/family and backing it with confidence and a clear story. Buy cheap, cash-flowing assets Single-family play: buy well below rebuild cost, add light renos, and rent Section 8 for strong cash flow. Principle carries forward: hard to lose if you buy under value. Why exit 100 SFRs Headaches and damage from low-end tenants scaled with door count. Commercial/triple-net tenants maintain the space and see it as part of their brand. Early commercial wins First commercial: $30k office with $80k in liens, made workable via city lien-relief program. Realized niche opportunity in turnkey restaurant/first-gen spaces → higher rents, strong demand. How he picks markets/locations Follows directional growth and “vibe” by driving day/night. Buys one street off the main corridor for better pricing + similar zoning. Watches zoning meetings and parking/transit changes to front-run value jumps. Renovation & risk lessons Always add 20–30% contingency on value-add deals. Fully vet tenant equipment + code requirements (his tenant’s oven added ~$50k in surprise work). Best “first commercial deal” for SFR owners Start with a small office / multi-tenant office (possibly occupy one suite). Use it to build bank credibility and learn commercial without jumping straight into a big, complex project.

    37 min

  6. May 21

    He Doubled His Cash Flow Without Buying a Single New Property

    Core Concept You don’t always need a new deal Chris realized he could get ~80% of the cash-flow upside of a new acquisition by further improving an existing property, with less time, less capital, and less risk. Micro-suites = outsized value from small spaces Converting an old car wash/warehouse into 6 micro suites created strong demand (120+ inquiries) and stable, high NOI with no vacancies for ~2.5 years. Phase 2: More tenants, more stability Reworking an extra 1,500 SF bay from 1 tenant into 4 micro units bumps NOI from ~$76k to ~$102–103k, while reducing lease-up risk via more, smaller tenants. Leverage LOIs + equity creatively Plan: gather LOIs for new suites → use them to secure a line of credit → fund renovation → then use new equity to springboard into the next deal. Purpose-driven investing plays well with the market Focus on “making space for small business” (micro spaces / small-bay flex) aligns with current demand and supports local operators squeezed by rising rents and costs.

    37 min

  7. May 18

    The Tax Strategy High-Earners Use to Offset Income With Real Estate

    Core Concept Cost Segregation = Accelerated Depreciation Engineering study reclassifies parts of a building into shorter lives (5, 7, 15 years). Combined with 100% bonus depreciation on 5- and 15-year assets → huge year-one write-offs. Impact vs. Regular Depreciation Straight-line 39-year on a $1M building → $25K/yr deduction ($9.5K tax savings at 37%). With cost seg + bonus → about $386K year-one deduction (~$143K tax savings). Real Example Tyler’s $480K office: Cost seg study: $2,750. Year-one tax savings: ~$141K (almost 30% of purchase price). Who Benefits Most High earners (especially 37% bracket) who: Have passive income, or Qualify (or spouse qualifies) as real estate professional, or Own the building their business operates from. Important Constraints Depreciation is usually a passive loss: Offsets passive income, not W-2, unless RE professional. If no passive income, losses carry forward. Recapture (~25%) when you sell; often managed via 1031 exchange. Must use a cost seg engineer + savvy CPA; get a second opinion if your CPA dismisses it without nuance.

    24 min

  8. May 18

    Graham Stephan Just Made the Case for Commercial Real Estate

    Core Concept Graham’s move: He’s selling all his LA residential rentals because of: Heavy regulation (3-year eviction moratorium, rent freezes) Extreme bureaucracy (permits, inspectors, delays) Weak returns (~4–5% on equity) vs. other investments ADU “nightmare” example: Built an ADU and got stuck in: Multiple failed inspections with shifting requirements Forced $22k sewer repair, sidewalk and tree-root work 60–75+ day delays for permits and tenant notices Result: months of delay, extra cost, lost tenant, high stress. Tyler’s core thesis: This story doesn’t kill real estate; it kills small residential in high-reg markets. It actually makes the case for commercial real estate: Fewer tenant-protection politics More contract-driven, business tenants Better return vs. headache trade-off, especially in middle-market CRE deals.

    41 min
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4.9
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About

Welcome to The Commercial Real Estate Investor Podcast where your host, Tyler Cauble, covers the ins and outs building wealth and passive income through investing in commercial real estate. Tune in for investing strategies, leasing & management tips, market updates, and more.

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