Courses

Know who touches your deal and how each one gets paid: brokers, attorney, PM, lender, title

Use a broker for market intelligence and read what they must disclose

Identify the PSA clauses worth fighting, and read an ALTA settlement statement line by line

Work the three layers that set returns: macro, metro, and submarket

Read the metro on jobs, migration, and affordability, and score it from public data

Tell vacancy from availability and gross from net absorption, and read what each one tells you about market health

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

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

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

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

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

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

Map the vehicles from JV to public REIT, and how each changes the investor's experience

Read REITs, traded and non-traded, on FFO and the liquidity premium

Use DSTs for a 1031 and Opportunity Zone funds for deferral, step-up, and elimination

Run the developer's model: the pipeline as a portfolio and the five ways deals fail

Select a site on traffic and access, utility capacity, and demand generation

Build a development pro forma with yield-on-cost, S-curves, and interest reserve

Pull the four value-creation levers an asset manager owns across the hold

Write the annual business plan with targets, variance analysis, and a hold/sell trigger

Build a 10-year CapEx schedule and fund reserves with discipline

Read the four sources of distress and where you sit in the cycle

Buy notes at a discount to par and run the note-to-own play

Work the lender's toolkit: A/B notes, workouts, and the borrower's leverage