Snapshot · BiggerPockets Real Estate Podcast
By buying his commercial warehouse in a designated Opportunity Zone, Remington can sell after 10 years and pay zero federal capital gains tax on the investment gains.
Where this was said
At 30:00 · chapter starts 28:05
By 2022, Remington had 80 rental units, rising interest rates, a growing family, and a burning desire to simplify. He shifted his focus to commercial real estate, specifically targeting assets with triple net leases. His first major commercial play was a 24,000 square foot warehouse in Columbus, listed at $600,000, which he and a partner snapped up immediately [1] — Remington Lyman "24,000 sq ft warehouse commercial deal: Remington and a business partner purchased a 24,000 square foot warehouse listed at $600,000, inves…" 28:40 . They invested another $500,000 in renovation — no small feat on a building that had sat vacant for 30 years — and landed a 10-year triple net lease with a not-for-profit art studio backed by a major donor. The art studio quickly subleased interior studios to individual artists, became fully occupied within a month, and generated steady monthly cash flow. The neighborhood improved, local government supported the project, and the community benefited. A genuine win-all-around deal.
Remington and a business partner purchased a 24,000 square foot warehouse listed at $600,000, invested another $500,000 in renovation, and secured a 10-year triple net lease.
Finding deals and generating cash flow is the glamorous side of real estate. But Remington argues that tax strategy — Opportunity Zones, 1031 exchanges, state credits — is where generational wealth is actually built and preserved.
In a triple net lease, the tenant pays ALL property expenses — taxes, repairs, maintenance, every bill. For Remington, this meant predictable monthly cash flow with almost no surprises, making it far easier to underwrite than residential rentals.
Bhanu grew SiteGPT to $13,000 monthly recurring revenue entirely through organic channels, spending nothing on paid marketing.
More than 1 million people have visited SiteGPT's website since launch in March 2023, all through organic channels.
Approximately 90% of SiteGPT's Google search traffic comes from the free tools Bhanu built, not the main product pages.
Bhanu sold his first SaaS product, Feather, for $250,000 so he could focus fully on the faster-growing SiteGPT.
SiteGPT has generated approximately $500,000 in total revenue since its launch in March 2023.
The average customer lifetime value for SiteGPT is approximately $1,700 to $1,800, which Bhanu considers unusually high.
SiteGPT receives around 50,000 visitors per month, of which about 200 convert to leads and 60 start free trials.
SiteGPT hit $10,000 MRR within its very first month of launch, driven largely by early traction in the AI chatbot space.
Despite strong download numbers, PropGPT could not push past $1,000–$2,000 MRR due to poor product retention.
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