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COURSE 4 · NNN INVESTING MASTERCLASS
Triple Net Lease Real Estate:
The Passive Income Blueprint
NNN leases are the closest thing to truly passive income in commercial real estate. The tenant pays rent, taxes, insurance, and maintenance — you collect a check. This 4-hour Masterclass teaches you how to find, evaluate, finance, and build a NNN portfolio using the same framework Jeb Fuller uses on every NNN transaction.
⏱4 Hours
🎬12 Video Segments
📊12 Downloadable Tools
🏢NNN / Triple Net Focus
✅No License Required
$50B+
NNN transaction volume annually
5–7%
typical NNN cap rate range (2024–2025)
10–25 yr
typical NNN primary lease term
40+
years Jeb has been an active broker & investor
Educational Disclaimer: This course is for educational purposes only and does not constitute investment advice, legal advice, or tax advice. All examples use hypothetical numbers for illustrative purposes. Consult a licensed real estate professional, attorney, and tax advisor before making any investment decisions.
Who This Course Is For
🏖️
Passive Income Seekers
You want income that arrives whether you work or not. NNN leases are the closest thing to a mailbox check in real estate.
🔄
1031 Exchange Buyers
You're selling appreciated property and need a replacement that's hands-off, credit-backed, and easy to finance.
🏠
Residential Investors Going Commercial
You've mastered single-family or small multifamily and are ready to move into commercial for bigger checks and less management.
📖
Readers of Jeb's NNN Book
You've read the book and want the full implementation course — the spreadsheets, the checklists, and the step-by-step deal framework.
🎬 COURSE INTRODUCTION — WATCH BEFORE YOU BEGIN
Full 4-Hour Curriculum
12 segments · 20 minutes each · One video per segment · 12 downloadable tools
Module 1
NNN Fundamentals
SEGMENT 1 · 0:00–20:00
What Is a NNN Lease and Why It Creates Passive Income
📥 Net Lease Spectrum Reference Card (PDF)
- The spectrum of net leases: Gross → Modified Gross → Single Net → Double Net → Triple Net → Absolute NNN
- What 'absolute NNN' means and why it is the gold standard for passive investors
- The landlord's only job in a true NNN lease: collect rent and manage the relationship
- The passive income math: $1M NNN property at 5.5% cap rate = $55,000/year with zero management
SEGMENT 2 · 20:00–40:00
The NNN Tenant Universe: Who's Who and What They're Worth
📥 NNN Tenant Credit Tier Matrix — 50 tenants ranked by credit quality (PDF)
- Investment grade vs. non-investment grade tenants — what the rating means for your risk
- Tier 1 tenants: McDonald's, Walgreens, CVS, Dollar General, AutoZone, Starbucks
- Corporate guarantee vs. franchisee guarantee — the most misunderstood distinction in NNN investing
- How to look up an S&P credit rating and what BBB- means for your investment
SEGMENT 3 · 40:00–60:00
NNN Market Fundamentals: Cap Rates, Pricing, and the Investment Landscape
📥 NNN Cap Rate Benchmark Table by Tenant Type (Excel)
- How cap rates work in NNN: the relationship between cap rate, NOI, and purchase price
- Cap rate benchmarks by tenant tier (current market data)
- The interest rate / cap rate relationship — and what rising rates mean for NNN values
- The NNN market size: $50B+ in annual transaction volume, why it attracts institutional capital
Module 2
Tenant Credit & Lease Analysis
SEGMENT 4 · 60:00–80:00
Reading a NNN Lease: The 12 Clauses That Determine Your Return
📥 NNN Lease Clause Checklist — 12 critical clauses with red/yellow/green ratings (PDF)
- Primary term and option periods — what 20 years of term remaining means for value
- Rent escalation clauses: flat, CPI-based, and fixed percentage bumps (10% every 5 years)
- Co-tenancy clauses: the hidden risk that can allow a tenant to reduce rent or terminate
- Dark clause: what happens if the tenant goes dark but keeps paying rent
SEGMENT 5 · 80:00–100:00
Tenant Credit Analysis: How to Evaluate Any NNN Tenant
📥 Tenant Credit Analysis Worksheet (Excel)
- Where to find tenant financial data: SEC filings, S&P Global, Moody's, annual reports
- The 5 financial metrics that matter: revenue trend, EBITDA margin, debt-to-equity, same-store sales, store count growth
- Corporate guarantee analysis: what BBB- means, why investment grade matters for financing
- The 'essential retail' thesis: why dollar stores, pharmacies, and QSRs survived COVID-19
SEGMENT 6 · 100:00–120:00
NNN Property Types: QSR, Dollar Stores, Pharmacies, Auto Parts, and More
📥 NNN Property Type Comparison Matrix (PDF)
- Quick Service Restaurants (QSR): McDonald's, Chick-fil-A, Taco Bell — drive-thru premium, corporate vs. franchisee
- Dollar Stores: Dollar General, Dollar Tree, Family Dollar — store count growth, dark store risk
- Pharmacies: Walgreens, CVS, Rite Aid — long lease terms, credit quality divergence
- Emerging NNN: EV charging stations, car washes, self-storage — higher risk, higher reward
Module 3
Deal Sourcing & Underwriting
SEGMENT 7 · 120:00–140:00
Finding NNN Deals: LoopNet, CoStar, Brokers, and Off-Market Sources
📥 NNN Deal Sourcing Tracker (Excel)
- LoopNet NNN search: filters for cap rate, lease term remaining, tenant, price range
- The NNN broker ecosystem: who the major NNN brokers are and how to get on their lists
- Marcus & Millichap, CBRE, JLL, Cushman & Wakefield — how NNN deals flow through these firms
- How to evaluate an Offering Memorandum (OM) in 10 minutes before requesting financials
SEGMENT 8 · 140:00–160:00
The NNN Analyzer: Underwriting Any NNN Deal in 30 Minutes
📥 NNN Analyzer Spreadsheet — the core tool of this course (Excel)
- The NNN Analyzer inputs: purchase price, NOI, loan terms, rent bumps, hold period
- Cap rate calculation and what it tells you about the deal
- 10-year IRR projection: factoring in rent bumps, cap rate at exit, and loan paydown
- Live walk-through: underwriting a $1.5M Dollar General using the NNN Analyzer
SEGMENT 9 · 160:00–180:00
Due Diligence for NNN Properties: What to Check Before You Close
📥 NNN Due Diligence Checklist — 47 items across 6 categories (PDF)
- Phase 1 Environmental: when it's required, what it covers, what a Phase 2 means
- Estoppel certificate: what it is and why you must get one from the tenant before closing
- Physical inspection: roof, HVAC, parking lot — who pays for what in a NNN lease
- The 7 NNN deal-killers: short remaining term, franchisee guarantee, co-tenancy clause, dark clause...
Module 4
Acquisition, Financing & Portfolio
SEGMENT 10 · 180:00–200:00
Financing NNN Properties: Loans, LTV, and the Debt Service Coverage Ratio
📥 NNN Loan Comparison Worksheet (Excel)
- NNN financing overview: conventional commercial, CMBS, SBA, credit union, portfolio lenders
- LTV for NNN: typically 65%–75% depending on tenant credit and lease term
- DSCR requirements: most lenders require 1.25x minimum — how to calculate it
- Non-recourse CMBS loans: what they are, who qualifies, and when to use them
SEGMENT 11 · 200:00–220:00
The 1031 Exchange and NNN: The Perfect Combination
📥 1031 Exchange NNN Replacement Property Worksheet (Excel)
- 1031 exchange basics: what qualifies, the 45-day identification rule, the 180-day closing rule
- Why NNN properties are the #1 choice for 1031 exchange buyers: passive income, no management, long lease terms
- Case study: selling a $500K rental house, doing a 1031 into a $1.5M Dollar General, deferring $120K in capital gains taxes
- The depreciation recapture issue: what it is and how to plan for it
SEGMENT 12 · 220:00–240:00
Building a NNN Portfolio: From One Property to Ten
📥 NNN Portfolio Builder Worksheet (Excel)
- The NNN portfolio thesis: why 5–10 NNN properties at $1M–$3M each is the optimal passive income portfolio
- Geographic and tenant diversification — why you shouldn't own 5 Dollar Generals and nothing else
- The NNN portfolio income model: $5M in NNN at 5.5% cap = $275,000/year passive income
- Estate planning with NNN: why NNN properties are ideal for wealth transfer
What's Included
12 video segments — one every 20 minutes (4 hours total)
4 structured modules with clear learning objectives
NNN Analyzer Spreadsheet (the core underwriting tool)
NNN Tenant Credit Tier Matrix — 50 tenants ranked (PDF)
NNN Lease Clause Checklist — 12 critical clauses (PDF)
NNN Due Diligence Checklist — 47 items (PDF)
NNN Cap Rate Benchmark Table by Tenant Type (Excel)
NNN Deal Sourcing Tracker (Excel)
NNN Loan Comparison Worksheet (Excel)
1031 Exchange NNN Replacement Property Worksheet (Excel)
NNN Portfolio Builder Worksheet (Excel)
Net Lease Spectrum Reference Card (PDF)
Lifetime access — no expiration, no subscription
No license required. No prior experience required.
YOUR INSTRUCTOR
Jeb Fuller
Top 1% Commercial Real Estate Investing Advisor
Jeb Fuller has been an active commercial real estate broker and investor for over 40 years. He is the author of multiple books on NNN investing and fast food real estate — the asset classes he has personally transacted hundreds of times. He is not a YouTube personality or seminar promoter. He is a verified Top 1% advisor who teaches from decades of real transactions, real numbers, and real results.
Enroll in the NNN Investing Masterclass
One-time payment · Lifetime access · No license required