Vincent Knipp is a Senior Managing Director of Investments in Marcus & Millichap’s Dallas office, where he specializes in net lease investment sales across the United States. Knipp has been the #1 Net Lease Agent in Texas and consistently ranks in the Top 10 Nationally within Marcus & Millichap’s National Retail Group. Over the course of his career, he has closed more than 350 transactions totaling nearly $1 billion in volume in 29 states. On this episode, Chris and Vince discuss the market for single-tenant NNN assets, 1031's, what makes a good investment in this asset class, what makes a great broker, and a lot more. Enjoy! Follow Chris on Twitter: www.Twitter.com/FortWorthChris Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/ (02:14) - Vince’s Upbringing and Early Career (05:11) - What were your first years as a broker like? (07:06) - What’s the mythical ‘database’ that all Marcus agents build? (08:20) - What did Marcus teach you about making your first calls as a broker? (10:19) - What makes great retail? (12:47) - Why do you put all the multi-tenant buildings with your partner? (15:33) - Who are the typical sellers you work with? (19:56) - Who are the typical buyers you work with? (21:32) - How do you value a property in a major metro vs. a smaller town? (24:14) - In markets where rents are growing quickly, are there a lot of buyers who will buy on a 2 cap and wait it out? (27:01) - Ground Leases vs. Fee Simple Deals (29:04) - What usually happens when a tenant leaves their building? (30:33) - Are all of these leases pretty much the same? (32:51) - Percentage Rent Clauses (33:54) - Rent-to-Sales Ratios (36:44) - Why do people leave? (38:02) - What other factors are there in leases that are desirable? (39:54) - Why do sales go down and is it usually tenant-specific? (41:33) - How much do you pay attention to the specific products your tenants sell? (42:29) - Are there ever demands from tenants that they’ll only sign unless you agree to not sell the building? (43:40) - How much does access matter to you, tenants and customers? (43:35) - All-for-One, One-for-All Scenarios of Tenants (46:26) - What are tenants requesting now that we’ve been through Covid? (48:39) - Has the upsurge in drive-through changed things permanently? (51:52) - Are cosmetic upgrades usually on the operator and not the landlord? (53:24) - What do you tell people in a transaction that costs 2x more than replacement costs?  (54:40) - Are there any up-and-coming tenants you have your eye on? (56:05) - How do you conduct due diligence without ever seeing the property in person? (57:48) - Do ghost kitchens make you nervous? (58:51) - What’s your favorite deal you’ve ever done? (1:01:51) - Will you do deals anywhere or are you only based in Texas? (1:02:32) - Is there a reason you’ve stayed with Marcus for so long? (1:04:17) - Is there a way to share information across all of Marcus’ agents? (1:05:45) - Is there anything in the industry that still really excites you after being in it for 15 years? (1:07:20) - Underwriting Deals with a Franchisee vs. a Franchiser (1:09:16) - What can go wrong once you’re under contract? (1:11:34) - How much volume are you expecting for the rest of 2021? The Knipp Group Mailing list (1:13:20) - How do you sell a ‘party center’ deal? (1:15:31) - What advice would you give to people getting into the industry today? The FORT is produced by Johnny Peterson & Straight Up Podcasts