Courses

Learn the five asset classes and how each one generates income: office, retail, industrial, multifamily, and special purpose

Follow a CRE deal through its six steps, from listing to close

Read an offering memorandum: rent roll, actual versus proforma rents, and lease abstracts

Run the operating numbers cold: GPI, EGI, NOI, cash flow, and the expense ratio

Price a property three ways: cap rate, GRM, and price per unit or per square foot

Talk debt and returns without bluffing: LTV, DSCR, and cash-on-cash

Read a rent roll and unit mix, and spot loss-to-lease, concessions, and bad debt

Verify a T12 line by line, where sellers pad income and bury expenses

Size agency debt from Fannie, Freddie, and FHA, and run the debt coverage ratio

Read the building specs that set rent: clear height, dock doors, column spacing, and power

Know who leases industrial and price their credit: 3PLs, e-commerce, last-mile, and manufacturers

Work an industrial NNN lease: base rent, escalations, TI allowances, and options

Read the retail formats: strip, neighborhood, power, lifestyle, and regional

Read the clauses that move value: anchor leases, co-tenancy, go-dark, and percentage rent

Work CAM pools and reconciliation, and read lease-expiry risk in a rent roll

Grade office by class, location, and measurement: RSF, USF, and the load factor

Work a full-service gross lease: base-year stops, free rent, and true lease economics

Underwrite from the rent roll: NOI, WALT, rollover risk, and tenant concentration

Read the net-lease spectrum: net, double net, triple net, and absolute net

Price tenant credit: investment grade, corporate versus franchisee guarantees, and sales-to-rent

Work the lease clock: primary term, options, escalations, and tenant outs

Underwrite self-storage: the month-to-month model, key metrics, expenses, and cap rates

Read hotel performance through ADR, occupancy, and RevPAR, and the cyclical risk

Value medical office and price the tenant stickiness that keeps occupancy high

Build NOI from a raw rent roll, including the capital expenditure line most people miss

Use cap rates three ways: as a yield, a pricing tool, and going-in against exit

Screen fast with GRM, then cross-check it against cap rate and DCF

Inspect the building and price the fixes: roof, HVAC, plumbing, electrical, and a 5-year CapEx plan

Verify the numbers with estoppels, the T12, and the tax bill, and catch ghost income

Clear title and survey: Schedule B exceptions, zoning, and the certificate of occupancy

Read gross, NNN, and modified gross leases side by side, including expense stops and base-year math

Work the rent: fixed against CPI escalations, percentage rent, free rent, and TI

Audit CAM: what it includes, gross-ups, caps, and the annual reconciliation

Size a loan on LTV and DSCR, and how each one caps your proceeds

Stress-test DSCR for rate and vacancy, and back-solve the equity you need

Match the debt to the deal: agency, CMBS, bank, life company, and bridge