# 380.  Graham Stephan Just Made the Case for Commercial Real Estate

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Podcast: [The Commercial Real Estate Investor Podcast](https://stenobird.com/podcast/the-commercial-real-estate-investor-podcast-1247143)
Published: 2026-05-18T10:00:00+00:00
Episode link: https://www.tylercauble.com/podcast/episode380
Audio file: https://static1.squarespace.com/static/5c115fec9d5abbba78a23c93/t/6a065015b6f4fb6efde5849b/1779309515985/Graham+Stephan+Just+Made+the+Case+for+Commercial+Real+Estate.mp3
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Duration seconds: 2469

## Resource

Core Concept Graham’s move: He’s selling all his LA residential rentals because of: Heavy regulation (3-year eviction moratorium, rent freezes) Extreme bureaucracy (permits, inspectors, delays) Weak returns (~ 4–5% on equity ) vs. other investments ADU “nightmare” example: Built an ADU and got stuck in: Multiple failed inspections with shifting requirements Forced $22k sewer repair , sidewalk and tree-root work 60–75+ day delays for permits and tenant notices Result: months of delay, extra cost, lost tenant, high stress. Tyler’s core thesis: This story doesn’t kill real estate; it kills small residential in high-reg markets . It actually makes the case for commercial real estate : Fewer tenant-protection politics More contract-driven, business tenants Better return vs. headache trade-off, especially in middle-market CRE deals .

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