Intermediate Courses
Intermediate is where property-type knowledge turns into the ability to analyze and close a deal. Six courses, each built around a skill that applies no matter which asset class you’re underwriting. CRE Valuation builds NOI, cap rates, GRM, and a full ten-year DCF from scratch, then reconciles all three into one number you can defend. Due Diligence gives you the full A-to-Z checklist, physical, financial, legal, environmental, and insurance, that catches what a rushed buyer misses before close. Reading Commercial Leases teaches you to abstract a lease clause by clause, since the lease itself is the asset in the deal: rent escalations, CAM audits, options, and default remedies. CRE Finance covers LTV, DSCR, and how to layer debt and equity into a capital stack so a good deal pencils. Working the Room covers brokers, attorneys, property managers, lenders, and municipalities, the people who decide whether your deal closes on time and what it costs you along the way. Market Analysis teaches you to read a submarket on jobs, migration, absorption, and the supply pipeline before you commit to a property sitting inside it.
Each course runs $99 to $129, eight or nine modules, and 100 to 140 practice questions, with a capstone that runs the skill on a real deal (a retail strip center, a value-add multifamily buy, a target submarket) and a graded final exam with a certificate. Same self-paced, 12-month format as the rest of the catalog, no video.
Take these after you’ve picked a property type at the Beginner level, or run them in parallel if you’re already looking at live deals and need the analytical skills now, not after you’ve closed on the wrong number.
3.6 Market Analysis: How to Read a Submarket Like a ProLesson 1 unlocked
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
3.5 Working the Room: Brokers, Attorneys, PMs & MunicipalitiesLesson 1 unlocked
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
3.4 CRE Finance: Loans, LTV, DSCR & Capital StacksLesson 1 unlocked
Size a loan on LTV and DSCR, and how each one caps your proceeds
Stress-test DSCR for rate and vacancy, and back-solve the equity you need
Match the debt to the deal: agency, CMBS, bank, life company, and bridge
3.1 CRE Valuation: NOI, Cap Rates, GRM & DCF ExplainedLesson 1 unlocked
Build NOI from a raw rent roll, including the capital expenditure line most people miss
Use cap rates three ways: as a yield, a pricing tool, and going-in against exit
Screen fast with GRM, then cross-check it against cap rate and DCF
3.2 Due Diligence: The A–Z Checklist Before You CloseLesson 1 unlocked
Inspect the building and price the fixes: roof, HVAC, plumbing, electrical, and a 5-year CapEx plan
Verify the numbers with estoppels, the T12, and the tax bill, and catch ghost income
Clear title and survey: Schedule B exceptions, zoning, and the certificate of occupancy
3.3 Reading Commercial Leases: What Every Investor Must KnowLesson 1 unlocked
Read gross, NNN, and modified gross leases side by side, including expense stops and base-year math
Work the rent: fixed against CPI escalations, percentage rent, free rent, and TI
Audit CAM: what it includes, gross-ups, caps, and the annual reconciliation