We set a high bar for the projects we take on. Many of the opportunities we evaluate project gross IRRs in the range of 30–40%, but we only move forward if we believe there’s a clear and achievable path to delivering a net IRR of 20% or more to our investors.
This isn’t easy. High IRR development projects often come with significant risk, and we’re not in the business of gambling. Instead, we search for needles in the haystack—opportunities where strong returns align with measured, manageable risks.
For every project we say yes to, we’ve passed on dozens that didn’t meet our standards. It’s a disciplined approach that prioritizes quality over quantity, ensuring we deliver results you can count on.
We seek partners who share our commitment to intelligence, rationality, and value. While many of our projects are shorter-term, our focus is on building a base of high-quality, long-term investors. These are individuals and institutions who understand the value of patience, discipline, and aligning capital with opportunity.
Many of the deals we pursue are time-sensitive, requiring swift, decisive action. Long-term capital aligned with our philosophy enables us to move quickly when opportunities arise. By partnering with like-minded investors, we can focus on what matters—delivering exceptional returns while maintaining the integrity of our approach. Having aligned partners we believe is strong competitive advantage.
Development starts with meticulous planning and a focus on fundamentals. We target locations and projects where long-term tenant demand is evident, and the economics make sense. Each property is built to exacting standards, ensuring not just quality but the resilience to weather shifting market conditions.
We work exclusively with developers who have demonstrated exceptional integrity, a proven track record, and a value-driven approach. These partners share our commitment to precision and maintain strong relationships with reliable contractors, ensuring a narrow range of predictable costs. Every decision—from design to construction to leasing—is made with care to protect capital and maximize future upside.
“Invert, always invert.” By focusing on what to avoid—unclear risks, unreliable partners, and speculative projects—we ensure that what remains is worth pursuing. This mindset allows us to act with clarity, precision, and confidence when the right opportunities arise.
— Charlie Munger —
Development success hinges on cost control. Projects with uncertain expenses, inflated budgets, or unverified assumptions are immediately dismissed. We insist on detailed cost analyses and a clear margin of safety before proceeding. If a project doesn’t provide a high degree of predictability, we don’t hesitate to pass.
Relationships are the foundation of our business. We only work with developers who have demonstrated consistent integrity, a long track record of delivering results, and a commitment to quality. Developers who lack these attributes, or who we haven’t had the opportunity to build trust with, are not considered—no matter how compelling the numbers might appear on paper.
Speculation is a distraction. We avoid projects that rely on market timing, aggressive assumptions, or unpredictable factors for success. Instead, we focus on opportunities with clear fundamentals, tangible upside, and a path to strong risk-adjusted returns. Speculative bets don’t align with our commitment to protecting investor capital.
Cutting corners is never an option. From the locations we target to the contractors we approve, quality remains a non-negotiable criterion. This extends to every facet of development—materials, design, construction timelines, and tenant selection.
Success isn’t about doing the most deals—it’s about doing the right deals. We scrutinize every opportunity with the understanding that most will fail to meet our high standards. Our goal isn’t to stay busy; it’s to focus on the rare projects that offer exceptional value with controlled risk.
No matter how attractive a project might seem, we remain vigilant about uncovering potential risks. Incomplete due diligence, inflated projections, or vague answers from developers are all deal-breakers. If something doesn’t feel right, we trust our judgment and walk away.
Our principles have served us well, and we don’t let trends or external pressures sway us. By staying disciplined and sticking to our approach, we protect capital and position ourselves to take advantage of true opportunities when they arise.
Ben Kogut, founder of NetLeaseValue.com, Net Lease Value Fund, and RoosterEquity, has raised over $112 million from 200+ accredited investors. Since 2004, he has been involved in over $1 billion in commercial real estate deals, specializing in structured investments with strong fundamentals. He focuses on creative deal structuring, 1031 exchanges, and investor education, regularly teaching about raising capital and building successful investment strategies.
Through Rooster Equity, he acquires and manages cash-flowing commercial real estate, while Net Lease Value Fund provide accredited investors access to high-quality NNN development opportunities. Ben holds a degree from the University of Texas and an MBA. He lives in Austin, Texas, with his Golden Doodle, Mazzy, enjoys playing pickleball, and is actively involved in the Jewish community. Connect with Ben on Linkedin
Eric Schleien is an investor, entrepreneur, and author with a sharp eye for overlooked opportunities. As the founder of Granite State Capital Management, he applies a disciplined, value-driven approach to investing, earning recognition for uncovering hidden gems in the market. A graduate of UMass Amherst with a degree in Leadership & Social Frameworks, Eric blends systems thinking with behavioral psychology to drive his investment and business strategies. His insights have been featured in Forbes, The Wall Street Journal, and Business Insider, and he’s recognized in Of Permanent Value: The Story of Warren Buffett by Andrew Kilpatrick, a definitive biography on Buffett and Berkshire Hathaway.
As host of The Intelligent Investing Podcast, Eric interviews top investors and entrepreneurs, delivering sharp, actionable insights for his audience. (Checkout Eric's interview with Ben about NNN investing.) His ventures span real estate, startups, and consulting, with a focus on solving real-world problems and creating lasting value. Eric is also the author of "Principles of Power: The Art and Wisdom of Badassery", a guide to mastering the inner game of business and life. When he’s not making deals, Eric enjoys two-stepping and country dancing, living life to the fullest in Texas with his dog, Peanut. His approach to life is simple: Think independently. Act decisively. Live authentically. Connect with Eric on Linkedin
You can find out more about Eric's consulting by visiting his ThinkingTribal web page.
We create exceptional opportunities in triple net lease developments by avoiding unnecessary risks, maintaining high standards, and aligning with trusted partners.
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