Beginner
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
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
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
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
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
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