2.1 Multifamily Real Estate: From Duplexes to Apartment Complexes
- 9 Sections
- 40 Lessons
- 41 Quizzes
The Multifamily Spectrum
- Lesson 1.1: Why Multifamily Beats the Learning Curve
- Quiz 1.1: Why Multifamily Beats the Learning Curve
- Lesson 1.2: Small Multifamily, The 1–4 Unit World
- Quiz 1.2: Small Multifamily, The 1–4 Unit World
- Lesson 1.3: Garden Apartments, The Value-Add Workhorse
- Quiz 1.3: Garden Apartments, The Value-Add Workhorse
- Lesson 1.4: Mid-Rise, High-Rise, and the Urban Density Play
- Quiz 1.4: Mid-Rise, High-Rise, and the Urban Density Play
- Lesson 1.5: Niche Types, Student, Senior, and Workforce Housing
- Quiz 1.5: Niche Types, Student, Senior, and Workforce Housing
Unit Mix and Rent Analysis
- Lesson 2.1: What Unit Mix Tells You
- Quiz 2.1: What Unit Mix Tells You
- Lesson 2.2: Rent-Per-Square-Foot and the Efficiency Test
- Quiz 2.2: Rent-Per-Square-Foot and the Efficiency Test
- Lesson 2.3: Loss-to-Lease, The Hidden Revenue Gap
- Quiz 2.3: Loss-to-Lease, The Hidden Revenue Gap
- Lesson 2.4: Concessions, Bad Debt, and Other Income
- Quiz 2.4: Concessions, Bad Debt, and Other Income
- Lesson 2.5: Reading a Rent Roll
- Quiz 2.5: Reading a Rent Roll
The T12, Reading Operating History
- Lesson 3.1: What the T12 Actually Is
- Quiz 3.1: What the T12 Actually Is
- Lesson 3.2: Verifying the Income Section
- Quiz 3.2: Verifying the Income Section
- Lesson 3.3: The Expense Section, Where Value Hides
- Quiz 3.3: The Expense Section, Where Value Hides
- Lesson 3.4: Utilities and RUBS
- Quiz 3.4: Utilities and RUBS
- Lesson 3.5: Property Taxes and Insurance, The Reassessment Trap
- Quiz 3.5: Property Taxes and Insurance, The Reassessment Trap
Operating Expenses, Building the Full Stack
- Lesson 4.1: The Management Fee, Market Rate and Self-Management Illusions
- Quiz 4.1: The Management Fee, Market Rate and Self-Management Illusions
- Lesson 4.2: Maintenance, Repairs, and the Capital Reserve Schedule
- Quiz 4.2: Maintenance, Repairs, and the Capital Reserve Schedule
- Lesson 4.3: The Full Expense Stack, Benchmarks by Category
- Quiz 4.3: The Full Expense Stack, Benchmarks by Category
- Lesson 4.4: Calculating NOI and Applying a Cap Rate
- Quiz 4.4: Calculating NOI and Applying a Cap Rate
- Lesson 4.5: The Debt Coverage Ratio
- Quiz 4.5: The Debt Coverage Ratio
Agency Financing, Fannie Mae, Freddie Mac, and FHA
- Lesson 5.1: Why Agency Debt Dominates Multifamily
- Quiz 5.1: Why Agency Debt Dominates Multifamily
- Lesson 5.2: Core Agency Underwriting Standards
- Quiz 5.2: Core Agency Underwriting Standards
- Lesson 5.3: Interest-Only Periods
- Quiz 5.3: Interest-Only Periods
- Lesson 5.4: Freddie Mac Small Balance Loans and Program Options
- Quiz 5.4: Freddie Mac Small Balance Loans and Program Options
- Lesson 5.5: Bridge Loans, CMBS, and When Agency Debt Doesn't Apply
- Quiz 5.5: Bridge Loans, CMBS, and When Agency Debt Doesn't Apply
The Value-Add Playbook
- Lesson 6.1: What Value-Add Actually Means
- Quiz 6.1: What Value-Add Actually Means
- Lesson 6.2: Designing the Renovation Scope
- Quiz 6.2: Designing the Renovation Scope
- Lesson 6.3: Class A, B, and C, What the Labels Actually Mean
- Quiz 6.3: Class A, B, and C, What the Labels Actually Mean
- Lesson 6.4: Calculating the Rent Gap and Value Creation
- Quiz 6.4: Calculating the Rent Gap and Value Creation
- Lesson 6.5: Expense Ratio Improvement
- Quiz 6.5: Expense Ratio Improvement
Market Fundamentals and Rent Comp Analysis
- Lesson 7.1: Population and Job Growth, The Two Demand Drivers
- Quiz 7.1: Population and Job Growth, The Two Demand Drivers
- Lesson 7.2: The Supply Pipeline, Competitive Risk Analysis
- Quiz 7.2: The Supply Pipeline, Competitive Risk Analysis
- Lesson 7.3: Conducting a Rent Comp Analysis
- Quiz 7.3: Conducting a Rent Comp Analysis
- Lesson 7.4: The Affordability Ratio
- Quiz 7.4: The Affordability Ratio
- Lesson 7.5: Building a Market Thesis
- Quiz 7.5: Building a Market Thesis
Capstone, Full Deal Analysis
- Lesson 8.1: The Deal Setup, Reading the Offering Memorandum
- Quiz 8.1: The Deal Setup, Reading the Offering Memorandum
- Lesson 8.2: Income Analysis, Building Your Own EGI
- Quiz 8.2: Income Analysis, Building Your Own EGI
- Lesson 8.3: Expense Underwriting and NOI
- Quiz 8.3: Expense Underwriting and NOI
- Lesson 8.4: The Investment Decision, Pro Lens
- Quiz 8.4: The Investment Decision, Pro Lens
- Lesson 8.q: Module 8 Review Quiz
- Quiz 8.q: Module 8 Review Quiz
Multifamily trades more than any other asset class, and it rewards people who can read the numbers. You go from the duplex to the apartment complex.
You build a unit mix and rent analysis, work a real T12, stack the full expense load, and run the value-add playbook behind most returns. Agency financing from Fannie, Freddie, and FHA gets its own module.
Eight modules, 40 written lessons, 113 practice questions, and a graded final exam with a certificate. The capstone is a full deal analysis, start to finish. Self-paced, no expiry date. Yours to finish on your own timeline.
Walk in able to underwrite rent and expenses as well as the broker on the other side.
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