Introduction
  • What We Will Cover
  • Who This Course Is For
  • About The Instructor
  • DOWNLOAD ME FIRST!
  • Disclaimer
Multifamily Overview
  • Multifamily Overview
  • Who Invests in Multifamily
  • Multifamily Investing Benefits
  • Buying a Multifamily Deal Step-By-Step
  • The Multifamily Underwriting Process
  • Real Estate Financial Modeling Best Practices
Key Multifamily Investment Metrics
  • Multifamily Cap Rates
  • Cap Rates Exercise & Solution
  • How To Calculate Cash-on-Cash Returns
  • Cash-on-Cash Returns Exercise & Solution
  • Internal Rate of Return (IRR) Calculations
  • IRR Exercise & Solution
  • Equity Multiple
  • Equity Multiple Exercise & Solution
  • LTV & LTC
  • LTV & LTC Exercise & Solution
  • DSCR & Debt Yield
  • DSCR & Debt Yield Exercise & Solution
Multifamily Investment Analysis
  • Risks
  • Risks Sensitivity Exercise
  • Multifamily Deal Opportunities
  • Opportunities Excel Exercise
  • Risk-Adjusted Return Requirements
  • Multifamily Capital Risk Buckets
  • Understanding Markets
  • The Competitive Set
Multifamily Revenue Drivers
  • The Multifamily Unit Mix
  • Unit Mix Modeling & Weighted Averages
  • Unit Type Analysis
  • Other Income & Excel Exercise
  • Rent Growth
  • Annual Rent Growth Excel Analysis
  • Rent vs. Buy Analysis
  • Vacancy Analysis
Multifamily Expense Drivers
  • Multifamily Operating Expenses Overview
  • Property Management Fees
  • Personnel & G&A
  • Marketing & Turnover Expenses
  • R&M & Contract Services
  • Utilities & Reimbursements
  • Property Taxes & Insurance
  • CapEx Reserve
  • The Effect of Expenses on Returns
Multifamily Debt & Equity Financing
  • The Multifamily Capital Stack
  • The Cost of Capital
  • Multifamily Syndication & Fee Structures
  • The Multifamily Waterfall Framework
  • The Effect of Partnership Fees on Returns
  • Multifamily Waterfall Structures
Multifamily Underwriting
  • Multifamily Underwriting - Introduction
  • What Is Underwriting
  • Multifamily Property Density
  • The Effects of Unit Square Footage
  • Underwriting Multifamily Revenue Drivers
  • Underwriting Multifamily Expenses
  • Exit & Sale Underwriting
Multifamily Acquisition Model Walkthrough
  • Multifamily Acquisition Model Overview
  • The Summary Tab
  • The Revenue Tab
  • The Expenses Tab
  • The Monthly & Annual CF Tabs
  • The Equity Waterfall & Debt Tabs
  • The Construction Budget & Checks Tabs
Multifamily Value-Add Acquisition Case Study
  • Multifamily Acquisition Case Study Introduction
  • Case Study Walkthrough
  • Building Out The Summary Tab
  • Building Out The Revenue Tab
  • Rent Data Resources
  • Building Out The Expenses Tab
  • Building Out The Construction Budget
  • Finalizing The Valuation
Putting It All Together
  • Wrapping Up - Rules of Thumb
  • How To Use This Information
  • Where To Go From Here
Bonus Lecture
  • Bonus Lecture - The Next Step