Beginner Courses
Beginner is six courses, one per property type, and you don’t need to take them in order. Once you know the vocabulary, the real skill is underwriting a specific asset class: reading its rent roll, its lease structure, and its expense load the way a buyer would. Multifamily covers the T12 line by line, agency financing from Fannie, Freddie, and FHA, and the value-add playbook that drives most returns. Industrial covers clear height, dock doors, column spacing, and the last-mile tenants bidding the sector up. Retail covers anchor leases, co-tenancy, go-dark clauses, and CAM reconciliation. Office covers post-2020 leasing mechanics, WALT, rollover risk, and tenant improvement economics. Net Lease (NNN) covers tenant credit, sale-leasebacks, and the 45- and 180-day rules behind a 1031 exchange, which is why it’s the passive investor’s favorite. Special Purpose covers self-storage, hotels, and medical office, the three asset classes most investors never learn to underwrite, and pay more for that reason.
Each course runs $79, eight modules, 26 to 40 written lessons, and 80 to 150 practice questions, all closing with a capstone that underwrites a real deal in that asset class (a distribution center, a grocery-anchored center, a Dollar General) and a graded final exam with a certificate. Self-paced, 12 months of access, no video, same format as Foundation.
Pick the property type you’re actually looking at buying, or work through all six if you want to compare asset classes before you commit capital to one. Either way, Beginner assumes you already know the vocabulary from Foundation. It teaches you to apply it to a real building.
2.2 Industrial Real Estate: Warehouses, Flex Space & ManufacturingLesson 1 unlocked
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
2.3 Retail Real Estate: Strip Centers, Anchored Centers & Triple NetLesson 1 unlocked
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
2.4 Office Real Estate: Class A to Coworking, Post-COVID RealityLesson 1 unlocked
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
2.5 Net Lease (NNN) Properties: The Passive Investor's CRELesson 1 unlocked
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
2.6 Special Purpose Properties: Self-Storage, Hotels & MedicalLesson 1 unlocked
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
2.1 Multifamily Real Estate: From Duplexes to Apartment ComplexesLesson 1 unlocked
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