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Brief Intro to Commercial Real Estate by Udemy
Learn the essential fundamentals of commercial real estate
Course Highlights
- Be able to speak intelligently about commercial real estate
- Understand the key financial concepts for commercial real estate
- Understand and apply key analysis techniques to commercial real estate
- Understand the differences between the core asset classes
- Understand the emerging trends that will shape the future of commercial real estate
Skills you will learn!
Curriculum
5 Topics
Welcome
Why Investment Analysis? Part 1 of 2
Why Investment Analysis? Part 2 of 2
Investment Analysis Process Overview
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5 Topics
What is Commercial Real Estate?
Commercial Real Estate Asset Classes
Replacement Cost
Highest and Best Use
Deal States
19 Topics
Key Financial Concepts Overview
The Capital Stack
Revenue Items
Operating Expenses
RUBS
Net Operating Income
Capital Expenditures
Gross Rent Multiplier
Vacancy - Economic and Physical
Rent Roll
Delinquencies and Bad Debts
Debt Service
Cash Flow
Return on Assets
Cash on Cash Return (Return on Equity)
Capitalization Rates
Sources and Uses
Replacement Reserves
Carried and Promoted Interest
11 Topics
Types of Commercial Real Estate Loans
Construction Loans
Permanent Loans
Refinancing
Mezzanine and Bridge Loans
What Lenders Care About
Loan to Value (LTV)
Loan to Cost (LTC)
Debt Service Coverage Ratio
Debt Yield
Maximum Loan Calculation Example
6 Topics
Spotting Opportunities Overview
City Planning and Development
Land Use and Zoning
Demographic Trends
Job and Employment Outlook
Approved Projects - Local and Regional
2 Topics
Elements of Commercial Leases
Types of Commercial Leases
11 Topics
Top 10 Risks Overview
Sponsor Risk
Debt Risk
Cap Rate Risk
Tenant Risk
Leasing Risk
Physical Asset Risk
Entitlement Risk
Construction Risk
Market Risk
Geographic Risk
1 Topic
Introduction to the Investment Model
3 Topics
Industrial Asset Class
Warehouse Subdivision Example
Industrial Warehouse Portfolio Example
4 Topics
Retail Asset Class
Simple Retail Example
Anchored Retail Acquisition
Mixed Use Retail Example
4 Topics
Office Asset Class
Simple Neighborhood Office Example
Downtown High Rise Office Example
Medical Build to Suit Development Example
3 Topics
Multifamily Example Overview
Multifamily Example - Front-loaded Renovation
Multifamily Example 2 - Backloaded Renovation
5 Topics
Specialty Assets
Self Storage Example
Economy Hotel Example
Parking Garage Example
Landing Banking Example
1 Topic
Congratulations!
1 Topic
Introduction to DealCheck
6 Topics
Real Estate Cycles Overview
The Recovery Phase
The Expansion Phase
The Hypersupply Phase
The Recession Phase
The Next Bust?
12 Topics
What makes a good investment?
Discounted cash flow analysis and net present value
Discount rate
NPV demonstration
Measuring Efficiency - Internal Rate of Return
IRR demonstration
Measuring magnitude - cash multiple
How to use the measures
NPV vs IRR
Terminal value of an indefinitely held rental property
Investment yields and capitalization rates
Measures of return summary
4 Topics
What is debt leverage?
Interest only vs amortized loans
The amortization calculator
How debt impacts investment returns
5 Topics
Intro to investment strategies
Core investment strategy
Opportunistic investment strategy
Value-added investment strategy
Investment strategies summary
18 Topics
Why do you need the waterfall
Why invest with other people?
Risk of investing with othe rpeople
Introduction to the waterfall framework
Waterfall example overview
No waterfall
2-tier waterfall
3-tier waterfall
4-tier waterfall
Summary of waterfall example
Which waterfall to use?
What happens if the investment loses money?
Money losing waterfall example
Waterfall example - rental income property
Waterfall example - fix and flip investment
Waterfall example - restaurant startup
Waterfall example - revisiting the parking garage
Other situations to use the waterfall
5 Topics
Deep Dive into the Waterfall Framework Overview
Modeling the Preferred Return
Modeling the IRR and Cash Multiple Hurdles
Modeling the Catchup
Final Calculations for the Waterfall
2 Topics
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Udemy Technical Issues
Brief Intro to Commercial Real Estate
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