How to Get Into Commercial Real Estate: Pharmacist to $50M AUM (w/ Tanh Truong) [TJP Ep57]
In this episode of The Journey, Leo sits down with Tahn Truong, a PharmD turned commercial real estate investor with over 250,000 square feet of retail, office, and industrial across the US, and author of Value Over Volume. He started as a pharmacist, went into residential real estate to put his money to work, and eventually sold everything to go all in on commercial after finding a mentor who changed the trajectory of his career.Tahn runs a lean operation managing over 200 tenants and $50M in AUM with himself, his partner Ash Patel, and one and a half other people. He buys value add commercial assets, optimizes them, and exits in three to five years. His thesis is simple: find good deals, add value the right way, and never let volume distract you from what actually matters.This episode is part commercial real estate masterclass, part partnership cautionary tale, and part blueprint for building wealth without a big team.👉 What you’ll learn:🏪 Why retail, office, and industrial are easier to manage than residential💊 From pharmacist to commercial real estate investor with $50M AUM🤝 Hard lessons on partnerships: trust but verify and get everything on paper🏗️ Outlots, ground leases, and how to unlock hidden value in a strip mall🏙️ How to work with city officials to get tax incentives and expedited permits📋 Gross leases vs. triple net leases and how to optimize your lease types💰 Why knowledge and network are the only two things you need to start over📈 The debt fund, two deals a year, and a vision to change how commercial real estate transacts// Timestamps //00:00 Introduction00:33 Biggest lesson: trust but verify in partnerships01:53 From pharmacist to residential to commercial real estate03:44 How he found and earned the trust of mentor and partner Ash Patel07:50 How to vet partners and structure equity splits13:41 The real why behind getting into real estate: freedom not money15:57 Breaking into commercial with no experience18:00 First deal: a five million dollar strip mall and learning everything hands on20:36 Working with municipalities for tax incentives and expedited permits25:21 Why office is his current opportunity at twenty to thirty cents on the dollar32:11 Value add levers: rents, vacancies, and lease type optimization34:12 Outlots and ground leases: how one coffee shop could add $1.2M to a center36:44 Running $50M AUM lean with under three people43:40 The only two things you need to start over: knowledge and network45:41 Next ten years: debt fund, more deals, and a vision to change how commercial transacts🤝 Connect with Tahn TruongInstagram: instagram.com/pro_tanhWebsite: investbeyondmultifamily.comprotonprofits.com 👋 Connect with Leolinkedin.com/in/leo-younginstagram.com/leoyoungrealestateInvest with us: tidycal.com/leoyoungrealestate/investor-alignment-call👍 If this episode brought you value, follow, rate, and share.⚠️ Disclaimer: This podcast is for educational purposes only. Not financial, legal, or tax advice. All investments carry risk. Consult licensed professionals before making investment decisions.#CommercialRealEstate #RealEstateInvesting #ValueAdd #TheJourneyPodcast #LeoYoung #TahnTruong #RetailRealEstate #OfficeRealEstate #IndustrialRealEstate #Syndication #WealthBuilding #Entrepreneurship #ValueOverVolume #TripleNet