Alan Fruitman holding The NNN Triple Net Property Book

The NNN Triple Net Property Book

The NNN Triple Net Property Book is a practical guide for investors evaluating single-tenant triple net leased properties. The book explains how to analyze tenant credit, lease terms, cap rates, location quality, due diligence, 1031 exchange strategy, and buyer representation before purchasing a NNN property.

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Who Wrote The NNN Triple Net Property Book?

The NNN Triple Net Property Book was written by Alan Fruitman, founder of 1031tax.com and President and Managing Broker of Real Estate Foundation, Inc. Alan began his real estate career in 1993 and has helped investors purchase more than 1,000 NNN properties nationwide, representing several billion dollars in transactions. 1031tax.com is a buyer-only brokerage, meaning the firm exclusively represents purchasers of NNN property and does not list properties or represent sellers.

Alan built his NNN specialization after a 1031 exchange client asked about trading rental houses into triple net property. You can read his full story on the About page.

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Cover of The NNN Triple Net Property Book by Alan Fruitman

Alan Fruitman at a Glance

Want to understand how I evaluate NNN properties? Contact Alan or request a copy of Alan’s NNN Property Book

Credential Why It Matters
Founder of 1031tax.com (1993) Built a firm focused exclusively on NNN property buyers and 1031 exchange investors
President and Managing Broker, Real Estate Foundation, Inc. Licensed real estate broker with transaction experience since 1993
Author, The NNN Triple Net Property Book Published a dedicated buyer’s guide for purchasing single-tenant NNN property
1,000+ NNN properties purchased by clients Deep experience across tenants, markets, leases, and deal structures nationwide
Buyer-only brokerage 1031tax.com represents purchasers, never represents the seller
Featured in national media The Estate Planning Podcast With Bill Gross, The On The Rise Podcast, Accredited Investors Only, Commercial Real Estate Pro Network, How to Scale Commercial Real Estate, Invest Florida Show, Best Ever CRE Show, Real Estate Investing for Cash Flow with Kevin Bupp, Net Lease TV, MARE Journal

What Does The NNN Triple Net Property Book Teach Investors?

The book teaches investors how to evaluate NNN property beyond the headline cap rate. Most buyers start with the cap rate. That is a mistake. Cap rate matters, but it is only one piece of the puzzle. A higher cap rate may reflect higher risk. A lower cap rate may reflect a stronger tenant, better location, longer lease, or more durable income stream. The book helps buyers understand what sits behind the numbers.

Topic What Investors Learn
Tenant credit How to evaluate the financial strength behind the lease
Corporate vs. franchise guarantees Why the name on the building is not always the entity guaranteeing the lease
Lease terms How term length, renewal options, rent escalations, and landlord obligations affect value
Ground leases How ground lease, leasehold, and fee simple ownership differ
Location quality Why the location may matter more than the tenant over a long holding period
Cap rates How to think about yield, risk, and long-term durability
Letter of Intent How buyers use an LOI to secure a property without skipping due diligence
1031 exchange strategy How NNN property fits into a tax-deferred replacement property plan
Due diligence What must be reviewed before the contingency period expires
Buyer representation Why working with a buyer-focused broker changes the process and outcome

Who Should Read The NNN Triple Net Property Book?

The book is written for real estate investors who want passive income, are considering a 1031 exchange, are tired of active property management, or want to understand the risks and process before buying a NNN property.

Apartment and rental property owners are tired of active management. Owners who want real estate income without the day-to-day management burden (passive income).

Investors completing or considering a 1031 exchange. Investors who need to evaluate replacement property under a compressed timeline.

Retirees seeking predictable monthly income. Retirees who want NNN income to fund their retirement.

Families repositioning inherited real estate. Families who want to simplify an inherited portfolio.

High-net-worth investors building passive real estate portfolios. Investors who want leased income purchased correctly.

If you are evaluating NNN property for income, retirement, or a 1031 exchange, start with Alan’s book.

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What Are Alan Fruitman’s Core NNN Investment Frameworks?

The book introduces several investment principles that I use when evaluating NNN properties and advising buyers. These are not abstract theories. They come from closing more than 1,000 NNN transactions over three decades and seeing what works, what fails, and what separates a strong investment from a regrettable one.

The 96% Rule

If you are 96% sure about a property, it is the right property for you to purchase. Waiting for 100% certainty is not realistic, and in a competitive NNN market, the delay will cost you the deal. Strong NNN properties often attract multiple offers the first day they come to market. The buyers who succeed are the ones who have done their homework, understand their criteria, and can commit when the right property appears. The 96% Rule is about preparation, not recklessness.

The Two Happiest Days
of Owning NNN Property

The two best days are the day you buy and the day the lease expires. The day you buy a property, you know that you will have a long stream of uninterrupted income. The day the lease expires, assuming you chose a great location, will often be a windfall because you can lease the property at a higher rate or sell at a greater value. Full explanation in What Happens When a NNN Lease Expires.

Location Outlasts the Tenant

A strong tenant carries the current lease, but a strong location protects the property long after that tenant is gone, because tenants are temporary and real estate is permanent. Full explanation in What Makes a Great Location for NNN Property.

LOI Before You Fly

Never travel to inspect a property before securing it with a Letter of Intent. By the time you fly out, visit the site, fly back, and submit your LOI, the seller may have already accepted another buyer’s offer. The due diligence period, which comes after the LOI and purchase agreement are finalized, is when you inspect the property, review the lease, evaluate the title, order a survey and environmental reports, and confirm everything meets your standards. Control the property first. Inspect it second.

Low Cap Is Safe,
High Cap Is Dangerous

In baseball terms, owning NNN property with a low cap rate is like hitting a single or double. Owning NNN property with a high cap rate is like swinging hard and hoping for a home run. Most NNN property owners are investors who prioritize safety and predictable income. Singles and doubles are not exciting, but swinging for home runs is how you strike out.

1031 Until You Die

Exchange into NNN property, collect passive income for years, and exchange again as your goals change. If you hold the property until death, heirs may receive a stepped-up basis under current law, which can eliminate the deferred capital gains. Full strategy in 1031 Until You Die.

Buyer Representation Changes the Deal

The book explains why buyer representation matters when purchasing NNN property. Most NNN properties are marketed by brokers who represent the seller, so buyers need their own independent analysis of the tenant, lease, location, cap rate, guarantee, and exit strategy before making an offer. For a full breakdown of the two representation models, see NNN Buyer’s Broker vs Listing Broker.

Get a Free Copy of The NNN Triple Net Property Book

Investors can request a complimentary copy of The NNN Triple Net Property Book before evaluating NNN replacement properties or beginning a 1031 exchange search.

If you are considering NNN property for income, retirement, or a 1031 exchange, start with the book. It will help you understand the questions to ask before you buy, the risks to evaluate before closing, and the difference between a property that looks attractive on a brochure and a property that will perform for decades.

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Stack of The NNN Triple Net Property Book by Alan Fruitman

Frequently Asked Questions About The NNN Triple Net Property Book

The NNN Triple Net Property Book is a free guide by Alan Fruitman for investors buying single-tenant triple net (NNN) leased property. Its seven chapters cover the full purchase decision, from tenant credit and lease structure to cap rates, ownership types, due diligence, and 1031 exchanges. It is written in plain English for investors deciding whether NNN property fits their goals and how to buy it correctly.

Alan Fruitman, founder of 1031tax.com and President and Managing Broker of Real Estate Foundation, Inc., wrote the book. He began selling real estate in 1993 during his final semester at Colorado State University, where he earned a degree in economics. After selling more than 300 residential properties, he began specializing in 1031 exchanges and NNN property. His clients have since purchased more than 1,000 NNN properties nationwide, representing several billion dollars in transactions.

Yes. The complete book is a free PDF download on 1031tax.com, and no purchase is required. Principal investors can also request a complimentary printed copy. The printed-copy offer is not available to real estate brokers.

Buyers. Alan Fruitman runs a buyer-only brokerage that never lists property or represents sellers, and the book is written from that side of the table. Most NNN properties are marketed by listing brokers working for the seller, so the book focuses on what a purchaser should verify independently before relying on a marketing package, from the strength of the lease guarantee to how the property will hold value after the tenant leaves.

Yes. Chapter Six explains how investors can sell qualifying investment real estate and acquire NNN replacement property through a 1031 exchange while deferring capital gains and depreciation recapture taxes. It covers like-kind property, qualified intermediaries, the 45-day identification period, the 180-day exchange period, the Three Property Rule, the 200% Rule, reinvestment requirements, and how ownership and title decisions affect future exchanges. Investors should confirm the requirements of their transaction with their CPA, attorney, and qualified intermediary.

The NNN Triple Net Property Book treats risk as central to every NNN purchase. It explains why a higher cap rate often signals greater risk, how corporate and franchise guarantees differ, and why a lease marketed as “NNN” may still leave the landlord responsible for the roof, structure, HVAC, or parking lot. It also covers leverage and refinancing risk, leasehold interests, lease expiration, and why a large-format building can be harder to re-lease than a smaller one.

The NNN Triple Net Property Book gives buyers a framework for evaluating the tenant and lease guarantor, remaining lease term, renewal options, rent increases, landlord obligations, location, demographics, visibility, access, cap rate, financing, and the building’s potential for future reuse. It also walks through the purchase process, including the Letter of Intent, purchase contract, attorney review, lease and tenant financials, title commitment, survey, Phase I Environmental Site Assessment, and estoppel certificate.

Start With the Book Before You Buy a NNN Property

Buying a NNN property can affect your income, your retirement, your taxes, and the legacy you leave your family. The right property can provide stability and predictable income for decades. The wrong one can quietly weaken the foundation you spent years building.

I wrote this book to help buyers understand the difference.

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Alan Fruitman holding The NNN Triple Net Property Book