Introduction
  • Welcome!
  • Who This Course Is For
  • About The Instructor & Student Successes
  • CRE Investing 101 Resources File - Download First!
  • Disclaimer
CRE Product Types
  • Retail Overview
  • Retail Property Types
  • Office Overview
  • Office Property Types
  • Multifamily Overview
  • Multifamily Property Types
  • Industrial Overview
  • Industrial Property Types
  • Hotel Overview
  • Hotel Property Types
  • Specialty Product Types Overview
  • Specialty Property Types
Measuring CRE
  • Measuring CRE - An Overview
  • The Stacking Plan
  • The Pro Rata Share Calculation
CRE Leases
  • Introduction To Commercial Real Estate Leases
  • Triple Net (NNN)
  • Full Service Gross
  • Modified Gross
  • The Base Year Stop
  • Percentage Rent
  • Percentage Rent Exercise & Solution
  • Leasing Costs
  • LCs & TI Allowances Exercise & Solution
  • Other Key Lease Terms
CRE Revenue Drivers
  • Gross Potential Rent (GPR)
  • Physical vs. Economic Vacancy
  • Expense Reimbursements, Caps, & Fees
CRE Expense Drivers
  • Controllable Expenses
  • Non-Controllable Expenses
  • Utilities & RUBS
  • Property Management Fees
CRE Capital Expense Drivers
  • Tenant Improvements (TI) Allowances
  • Leasing Commissions
  • The Capital Expense (CapEx) Reserve
CRE Debt & Financing
  • Sourcing The Loan
  • Key CRE Loan Terms
  • Loan Amortization vs. Term
  • CRE Interest Rates Explained
  • The Interest-Only (I/O) Period
  • Future Funding & "Good News" Money
  • Prepayment Penalties
  • Loan Covenants
  • Mezzanine Debt
  • Preferred Equity
  • Loan Sizing (& How It Works)
  • The Loan-To-Value (LTV) Ratio
  • The Loan-To-Cost (LTC) Ratio
  • The Debt Service Coverage Ratio (DSCR)
  • The Debt Yield
  • Loan Sizing Based on Multiple Constraints
  • How Debt Magnifies Returns
CRE Return Metrics
  • The Capitalization (Cap) Rate
  • Cap Rate Exercise & Solution
  • The Cash-on-Cash Return
  • Cash-on-Cash Exercise & Solution
  • The Internal Rate of Return (IRR)
  • IRR Exercise & Solution
  • The Equity Multiple
  • Equity Multiple Exercise & Solution
CRE Valuation
  • The Real Estate Financial Analysis Framework
  • Making Operating & Sale Assumptions
  • Projecting Reversion (Sale) Value
  • Target Return Metric Valuation
  • Capital Risk Buckets
  • Capital Risk Buckets Walkthrough
  • Why All Cap Rates Are Not Created Equal
CRE Equity Financing
  • A Breakdown of JV Partnerships
  • Partnership Fee Structures
  • Equity Waterfall Structures
  • The Math Behind Equity Waterfalls
  • Equity Waterfall Excel Walkthrough
CRE Investing Tax Considerations
  • Modeling Income Taxes
  • Interest & Depreciation Expense
  • After-Tax Analysis Excel Walkthrough
  • The 1031 Exchange
  • The Cash-Out Refinance
Wrapping Up
  • Wrapping Up
Bonus Lecture
  • Bonus Lecture - The Next Step