Advanced Courses
Advanced is for the investor moving from analyzing deals to running them. Six courses, each covering a strategy that separates an operator from someone who just buys and waits. Value-Add CRE walks the full play: source the deal, underwrite the two-period business plan, execute the renovation and lease-up, exit through refinance or sale. CRE Development covers the build-versus-buy call, the entitlement process that kills most projects, and the construction financing that funds the ones that survive it. CRE Tax Strategy covers depreciation, cost segregation, and the 1031 exchange rules that make real estate the best-taxed asset class in the code. CRE Accounting teaches you to read a property income statement, a K-1, and a seller’s financial package like an analyst instead of taking their word for it. Raising Capital covers syndications, JVs, and the securities law you can’t ignore once you’re using other people’s money, plus the waterfall that pays your investors and still pays you. Leasing Strategy treats leasing as an asset management function, the lever that keeps a building’s NOI intact, protected through TI allowances, net effective rent, and a real renewal strategy.
Each course runs $129 to $149, eight or nine modules, and 100 to 140 practice questions, closing with a capstone that runs the strategy on a real scenario, like a $3 million equity raise or a 120-unit development, and a graded final exam with a certificate. Two courses, Tax Strategy and Accounting, carry an educational-only disclaimer; they teach the mechanics, not personalized advice, and neither substitutes for a CPA or attorney.
Advanced assumes you can already underwrite a deal from the Intermediate level. It teaches you what to do once you own one and the return you underwrote is now your responsibility to hit.
4.1 Value-Add CRE: Find, Underwrite & ExecuteLesson 1 unlocked
Tell core-plus, value-add, and opportunistic apart, and the four ways value-add fails
Source candidates off-market and run a 15-minute screen before you commit
Underwrite the two-period model: as-is NOI, renovation budget, and the stabilized value
4.2 CRE Development: From Entitlement to ExitLesson 1 unlocked
Compare build versus buy on development spread and yield-on-cost, and make the call
Run a feasibility study and back-solve the most you can pay for land
Work the entitlement process and price the premium on entitled land
4.3 CRE Tax Strategy: Depreciation, 1031s & Cost SegregationLesson 1 unlocked
Use depreciation to shelter cash flow, and plan for recapture at sale
Run a cost segregation study and the four property categories it reclassifies
Defer gains with a 1031, and avoid boot with the 45 and 180-day rules
4.4 CRE Accounting & Financial ReportingLesson 1 unlocked
Tell GAAP from tax basis and accrual from cash, and why profit is not cash flow
Read a property income statement and normalize a T12 for non-recurring items
Work partnership accounting and a K-1: the boxes that matter and your capital account
4.5 Raising Capital: Syndications, JVs & Private EquityLesson 1 unlocked
Structure the raise: two-party JV, syndication, or fund, and the economics of each
Stay inside securities law: Reg D 506(b) against 506(c) and the accredited investor test
Build the package: PPM, operating agreement, and subscription docs
4.6 Leasing Strategy: Attract, Negotiate & Retain Commercial TenantsLesson 1 unlocked
Treat leasing as asset management, where TI, free rent, and commissions are capital
Read the submarket on vacancy, availability, absorption, and a live rent survey
Negotiate to protect NOI: TI allowances, net effective rent, term, and guarantees