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Description

Interested in commercial real estate investing, but don't really know where to start? 
Built by an instructor with over $1.5 billion of commercial real estate transaction experience, this course was designed to take you from complete beginner with no knowledge of the business to a comprehensive understanding of the many components of commercial real estate investing so you can do your first deal, land a lucrative new career opportunity, or both.
This course was created to help our students:
Land a high-paying job in commercial real estate investing - 
Commercial real estate investing can be an incredibly lucrative business, on a much larger scale than flipping houses or buying single family residences to rent. This course will provide you with the building blocks of understanding how to analyze, purchase, and manage commercial real estate properties using the knowledge and techniques of some of the strongest institutional investors in the industry. 
Invest as a passive limited partner in large commercial real estate deals - 
Commercial real estate investments are generally complex and difficult to understand for those without a strong background in the industry. This course will give you a leg up on the competition, so when a friend, family member, or colleague comes to you with a real estate investment opportunity, you can evaluate the deal and invest with confidence.
Understand commercial real estate to invest in their own deals - 
Many would-be investors want to get into commercial real estate, but they just don't know where to start. This course will teach you the fundamentals of analyzing apartment buildings, retail shopping centers, office buildings and industrial properties for purchase, and how these deals are valued in the market.
This course includes graduate-level content which is taught every year in the top MBA and Master's in Real Estate programs across the globe,
practically applied to real life scenarios and case studies in the commercial real estate investment industry.
Here's what some of our students have had to say:
★★★★★
"Awesome class. Engaging & real life application. Examples are well thought out and leave you wanting to learn more. On to the next 2 classes by Justin! Great teacher."
★★★★★
"This course is PERFECT. It covers everything you need to know about CRE and it is organized in a very clean and logic way. Mr. Kivel makes you understand the subject of the course easily, it is almost magic! Thank you, this is the most useful course I've done so far."
★★★★★
"This course is spot on! With almost no commercial real estate background, I really needed a deep dive into this topic that was easy to understand and absorb and this course delivered. I'm really impressed by the models and the instructor's depth of knowledge and clarity of explanations. Looking forward to his future courses!"
If you're looking to learn about commercial real estate investing to start your career in commercial real estate, buy your own deals, or invest in commercial real estate as a passive, limited partner, you've come to the right place.  Join us!
Who this course is for:
College students, graduate students, or career switchers who are looking to land a lucrative job in commercial real estate investment
Real estate agents and property managers who want to expand their existing skill set to add value to their existing client base, attract investor clients, invest on their own, and increase their overall compensation
Current real estate investors who want to buy bigger deals with more profit potential than 1-4 unit residential properties
Investors who want to grow their wealth and create passive income through intelligent Limited Partner investing in large commercial real estate deals

What you'll learn

Build the foundational knowledge and skill set to land a lucrative job in commercial real estate investing

Confidently analyze commercial real estate properties to purchase on their own or with partners

Understand the key real estate investment metrics sophisticated real estate investors use to analyze deals

Know how to use debt and equity to acquire properties and earn outsized returns on your initial investment

Requirements

  • You will need a copy of Adobe XD 2019 or above. A free trial can be downloaded from Adobe.
  • No previous design experience is needed.
  • No previous Adobe XD skills are needed.

Course Content

27 sections • 95 lectures
Expand All Sections
1-Introduction
5
1.1-Welcome!
1.2-Who This Course Is For
1.3-About The Instructor & Student Successes
1.4-CRE Investing 101 Resources File - Download First!
1.5-Disclaimer
2-CRE Product Types
12
2.1-Retail Overview
2.2-Retail Property Types
2.3-Office Overview
2.4-Office Property Types
2.5-Multifamily Overview
2.6-Multifamily Property Types
2.7-Industrial Overview
2.8-Industrial Property Types
2.9-Hotel Overview
2.10-Hotel Property Types
2.11-Specialty Product Types Overview
2.12-Specialty Property Types
3-Measuring CRE
3
3.1-Measuring CRE - An Overview
3.2-The Stacking Plan
3.3-The Pro Rata Share Calculation
4-CRE Leases
10
4.1-Introduction To Commercial Real Estate Leases
4.2-Triple Net (NNN)
4.3-Full Service Gross
4.4-Modified Gross
4.5-The Base Year Stop
4.6-Percentage Rent
4.7-Percentage Rent Exercise & Solution
4.8-Leasing Costs
4.9-LCs & TI Allowances Exercise & Solution
4.10-Other Key Lease Terms
5-CRE Revenue Drivers
3
5.1-Gross Potential Rent (GPR)
5.2-Physical vs. Economic Vacancy
5.3-Expense Reimbursements, Caps, & Fees
6-CRE Expense Drivers
4
6.1-Controllable Expenses
6.2-Non-Controllable Expenses
6.3-Utilities & RUBS
6.4-Property Management Fees
7-CRE Capital Expense Drivers
3
7.1-Tenant Improvements (TI) Allowances
7.2-Leasing Commissions
7.3-The Capital Expense (CapEx) Reserve
8-CRE Debt & Financing
17
8.1-Sourcing The Loan
8.2-Key CRE Loan Terms
8.3-Loan Amortization vs. Term
8.4-CRE Interest Rates Explained
8.5-The Interest-Only (I/O) Period
8.6-Future Funding & "Good News" Money
8.7-Prepayment Penalties
8.8-Loan Covenants
8.9-Mezzanine Debt
8.10-Preferred Equity
8.11-Loan Sizing (& How It Works)
8.12-The Loan-To-Value (LTV) Ratio
8.13-The Loan-To-Cost (LTC) Ratio
8.14-The Debt Service Coverage Ratio (DSCR)
8.15-The Debt Yield
8.16-Loan Sizing Based on Multiple Constraints
8.17-How Debt Magnifies Returns
9-CRE Return Metrics
8
9.1-The Capitalization (Cap) Rate
9.2-Cap Rate Exercise & Solution
9.3-The Cash-on-Cash Return
9.4-Cash-on-Cash Exercise & Solution
9.5-The Internal Rate of Return (IRR)
9.6-IRR Exercise & Solution
9.7-The Equity Multiple
9.8-Equity Multiple Exercise & Solution
10-CRE Valuation
7
10.1-The Real Estate Financial Analysis Framework
10.2-Making Operating & Sale Assumptions
10.3-Projecting Reversion (Sale) Value
10.4-Target Return Metric Valuation
10.5-Capital Risk Buckets
10.6-Capital Risk Buckets Walkthrough
10.7-Why All Cap Rates Are Not Created Equal
11-CRE Equity Financing
5
11.1-A Breakdown of JV Partnerships
11.2-Partnership Fee Structures
11.3-Equity Waterfall Structures
11.4-The Math Behind Equity Waterfalls
11.5-Equity Waterfall Excel Walkthrough
12-CRE Investing Tax Considerations
5
12.1-Modeling Income Taxes
12.2-Interest & Depreciation Expense
12.3-After-Tax Analysis Excel Walkthrough
12.4-The 1031 Exchange
12.5-The Cash-Out Refinance
13-Wrapping Up
1
13.1-Wrapping Up
14-Bonus Lecture
1
14.1-Bonus Lecture - The Next Step