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The speaker recently completed their first triple net lease for a six-unit commercial building they've owned for over three years. They reflect on having missed out on significant income by not utilizing the triple net strategy sooner. A triple net lease means tenants pay a base rent along with a share of various expenses, including taxes, insurance, property maintenance (like grass and snow removal), but typically excluding structural costs like the roof and HVAC. Previously, the speaker rented the five smaller units for $850 each, but they are now learning the benefits and potential financial advantages of implementing this lease type.
