Looking for a mentor who’s actually bought NNN and NN deals

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Looking for a mentor who’s actually bought NNN and NN deals

Rashid CovingtonPro Member
Savannah, Savannah GA · Member since 2026 · 8 posts · 2 votes

I am a newer commercial buyer working net lease retail in GA, SC, AL and north Florida. Mostly single tenant, under $2.5 million. That's the kind of box. Dollar General, Family Dollar, Walgreens.

I'm not sitting on the sidelines reading about it. I have LOIs out on three single-tenant stores in the $700K-$900K range right now, and I'm working a four-store Dollar General portfolio around $1.8M, where the seller offered to carry the paper. I've been coming in under the broker's NOI on the ones I've underwritten, once I add back management, reserves, and roof and structure – the kind of thing I want a second pair of eyes on exactly.

Looking for someone who has actually done these deals. bought them, held them, sold them Both triple net and double net. Someone who will allow me to run a deal by them from time to time and tell me straight when I’m wrong.

What I need help with:

How to read a lease properly. Who actually owns the roof, the structure, the parking lot, and the HVAC?
pricing the risk when it is a franchisee or weak guarantor, not corporate.
What to do with a lease with 5 to 7 years to run?
Seller financing terms – balloon, amortisation, prepay, release clauses.
Knowing when to walk and when to re-trade.

What you’d get out of it: I do my own underwriting before I ask anything. I’ll give you the numbers and my thinking, not something I could have googled. I don’t waste people’s time, and I don’t need to be led by the hand. I’m happy to do some legwork for you if that’s useful – I’m looking at deals every week out here anyway.

I’m not asking for money. I’m not raising any money. One bit of advice.

If that’s you, then comment or DM me. And if you know someone who would fit, I would appreciate the introduction.

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  • Diana KhanPro Member
    Attorney · 10451 Mill Run Cir #755 Owings Mills, MD 21117 · Member since 2024 · 688 posts · 246 votes
    6h
    Quote from @Rashid Covington:

    I am a newer commercial buyer working net lease retail in GA, SC, AL and north Florida. Mostly single tenant, under $2.5 million. That's the kind of box. Dollar General, Family Dollar, Walgreens.

    I'm not sitting on the sidelines reading about it. I have LOIs out on three single-tenant stores in the $700K-$900K range right now, and I'm working a four-store Dollar General portfolio around $1.8M, where the seller offered to carry the paper. I've been coming in under the broker's NOI on the ones I've underwritten, once I add back management, reserves, and roof and structure – the kind of thing I want a second pair of eyes on exactly.

    Looking for someone who has actually done these deals. bought them, held them, sold them Both triple net and double net. Someone who will allow me to run a deal by them from time to time and tell me straight when I’m wrong.

    What I need help with:

    How to read a lease properly. Who actually owns the roof, the structure, the parking lot, and the HVAC?
    pricing the risk when it is a franchisee or weak guarantor, not corporate.
    What to do with a lease with 5 to 7 years to run?
    Seller financing terms – balloon, amortisation, prepay, release clauses.
    Knowing when to walk and when to re-trade.

    What you’d get out of it: I do my own underwriting before I ask anything. I’ll give you the numbers and my thinking, not something I could have googled. I don’t waste people’s time, and I don’t need to be led by the hand. I’m happy to do some legwork for you if that’s useful – I’m looking at deals every week out here anyway.

    I’m not asking for money. I’m not raising any money. One bit of advice.

    If that’s you, then comment or DM me. And if you know someone who would fit, I would appreciate the introduction.

    @Rashid Covington, I think you're looking at the right things, especially the leases and who's actually responsible for major repairs. With NN and NNN properties, I wouldn't rely on the lease label alone. I'd want to read the actual terms for the roof, structure, HVAC, and other expenses before deciding whether the numbers make sense. I'd also look closely at the guarantor and the remaining lease term.

    I'm a real estate attorney, broker, and investor based in Maryland, and I work with clients on commercial real estate transactions, contracts, and business matters. I've seen how important it is to understand the obligations in an agreement before making a financial commitment, especially when unexpected costs could affect the investment.

    I appreciate how much research you're already putting into these deals, @Rashid Covington! You're asking some good questions. Happy to stay connected!

    [email protected]240-266-0291
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    • Rashid CovingtonPro Member
      OP
      Savannah, Savannah GA · Member since 2026 · 8 posts · 2 votes
      4h

      Thank you, I appreciate you taking the time on this — that was more useful than you probably realize.

      You landed on exactly where I’ve been uncertain. A few follow-ups if you don’t mind:

      On the guarantor — how do you tell whether you’re getting a real corporate guarantee versus a subsidiary or franchisee entity that doesn’t carry much weight behind it? Is that visible in the lease itself, or do you have to go dig into the entity?

      On remaining term — where’s the line where a short remaining term stops being a discount you’re getting paid for and starts being a re-tenanting problem you’re buying? I’m looking at a deal with 5 years left and I don’t have a good instinct for it yet.

      On roof and structure — is there specific language you look for first? I’d like to get better at screening these myself before I’m paying for a full review on every deal that crosses my desk.

      Appreciate you staying connected. I’m working coastal Georgia and the Carolinas, mostly net-lease retail under $3M.

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  • John M.
    Investor · Fairfax, VA · Member since 2015 · 1k+ posts · 803 votes
    1h

    Yikes! I wouldn't touch Walgreens or a dollar store unless it's an extremely good location.

    -Large foot print stores are hard to rent out due to their size.

    -Walgreens has been closing stores left and right.

    -Dollar Stores are generally in the middle of no where. Who is going to lease it when they leave? How much is that dirt worth then?

    ....buy the location, not the tenant!

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