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Justin Kivel

How do investors and real estate private equity firms actually buy commercial properties? This course will teach you the entire process of acquiring a commercial real estate asset, including property identification, due diligence, raising capital, and closing the transaction. This course was designed to break down a commercial real estate acquisition step-by-step so you can go confidently into your next deal, or understand the acquisitions process as a whole if you're working for a real estate investment, development, or brokerage firm. This course will teach you how to:

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How do investors and real estate private equity firms actually buy commercial properties? This course will teach you the entire process of acquiring a commercial real estate asset, including property identification, due diligence, raising capital, and closing the transaction. This course was designed to break down a commercial real estate acquisition step-by-step so you can go confidently into your next deal, or understand the acquisitions process as a whole if you're working for a real estate investment, development, or brokerage firm. This course will teach you how to:

  • Confidently be able to run the acquisitions process when purchasing commercial real estate properties, either on your own, with partners, or in your job at a real estate private equity, brokerage, or lending firm.

  • Minimize your equity investment and maximize profit potential through understanding fee and waterfall structures, and how JV equity partnership structures are commonly put together on commercial real estate transactions.

  • Determine if a career path in acquisitions is right for you based on what you want to get paid, how you want to get paid, and what your goals are over the long-term.

This course will cover the entire process of a commercial real estate acquisition from start to finish. You'll learn things like the key components of physical and financial due diligence, how investors go about the equity raise process, what lenders are looking for when assessing your deal, and even how you can structure your partnerships with equity investors to create a "win-win" scenario for all parties involved.

Ultimately, you'll leave this course with a strong understanding of the real estate acquisitions process for apartment buildings, retail shopping centers, office buildings, and industrial properties, whether you're looking to do deals on your own (and raise capital to do it), or you just want to get a more detailed look into what your company is doing when taking down a new acquisition.

Here's what some of our students have had to say about the class:

"Clear and to the point. Love that he does not waste time. Lays it out simply and clearly."

"A great high-level introduction to syndicating real estate deals. I work for a small commercial real estate development/management company, and I'm just beginning to put these sorts of deals together myself, so it was nice to have such a solid run through of the process. I'm working through a few other RE financial modeling courses by Justin and I'm really impressed with his knowledge, pacing of course material, and the quality of his explanations. Having an in-depth understanding of these course topics and the ability to apply what I've learned has really helped me stand out at work."

"This is an excellent overview of real estate syndication deals and the transaction elements of a typical commercial real estate acquisition. The material is presented in a logical and easy-to-follow manner from the start to finish of the acquisition deal cycle. The material in this course could serve as a comprehensive checklist for the proper execution of commercial real estate transactions. This course exceeded my expectations and I would recommend it to anyone interested in understanding how real estate syndication works or learning the commercial real estate transaction process."

II hope to see you in the course.

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What's inside

Learning objectives

  • Understand the entire process of purchasing a commercial real estate property from start to finish
  • Learn the key components of physical and financial due diligence, capital raising, and closing of a commercial real estate transaction
  • Understand how fee and waterfall structures work in a commercial real estate transaction, and how investors and private equity firms earn "sweat equity"
  • Understand the acquisitions career path, including compensation structures, career progression, and long-term opportunities in this sector

Syllabus

Students will be introduced to the commercial real estate acquisitions process in this section of the course.
Welcome!
Who This Course Is For
Disclaimer
Read more
Students will learn the real estate deal sourcing process in this section.
Finding Your Deal
Choosing Your Market
Choosing Your Product Type
Choosing Your Business Plan
Marketed Deals
Off-Market Deals
Students will learn what goes into the real estate underwriting process for a potential acquisition in this section.
Real Estate Deal Analysis 101
Finding Deals
Collecting Data
Underwriting & Valuation - Part 1
Underwriting & Valuation - Part 2
Students will learn what makes up a letter of intent and how a purchase and sale agreement is structured in commercial real estate in this section.
Tying Up The Deal
The Letter of Intent (LOI)
The Offer Process
The Purchase & Sale Agreement (PSA)
Students will learn about the key financial and physical components of running due diligence on a commercial real estate acquisition opportunity in this section.
The Contingency Period
Due Diligence Overview
The Property Condition Assessment (PCA) Report
Environmental Reports - Phases I & II
Survey & Zoning Reports
Ancillary Reports
Lease Audits
Estoppels
The Appraisal
Market Analysis
Underwriting Finalization
Waiving Contingencies
Students will learn how commercial real investors secure loans to capitalize acquisitions in this section.
Sourcing The Loan
Lender Requirements
Third-Party Reports
SNDAs
Lender Underwriting Standards
Students will learn how commercial real estate investors find equity partners to capitalize acquisitions in this section.
Finding Equity Partners
The GP-LP Relationship
The Investment Memo
Accredited vs. Non-Accredited Investors
The JV Operating Agreement
Fee & Waterfall Structures
Fee & Waterfall Structures Excel Exercise
The Property Management (PM) Agreement
Entity Formation
The Funding Process
Post-Closing
Students will learn the different career paths within commercial real estate acquisitions in this section.
Acquisitions Career Paths
Acquisitions Compensation & Exit Opportunities
Students will learn where to go from here and how to utilize what they've learned in the course in this section.
Wrapping Up
Document Sources
Bonus Lecture
Bonus Lecture - The Next Step

Good to know

Know what's good
, what to watch for
, and possible dealbreakers
Covers the full process of real estate acquisition, from sourcing deals to post-closing activities
Provides practical guidance on raising capital and minimizing equity investment through structuring fee and waterfall structures
Taught by experienced professionals, Justin Kivel, in the commercial real estate field
Suitable for individuals seeking to pursue a career in the acquisitions sector
In-depth coverage of financial and physical due diligence, ensuring comprehensive understanding of risk assessment
Emphasizes practical application, offering insights into real-world scenarios and challenges in acquisitions

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Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Real Estate Acquisitions 101 with these activities:
Review the course syllabus
Review the course syllabus to familiarize yourself with the course content.
Show steps
  • Read the course syllabus
Watch a tutorial on commercial real estate due diligence
Watch a tutorial on commercial real estate due diligence to understand the process.
Browse courses on Finance
Show steps
  • Find a tutorial on commercial real estate due diligence
  • Watch the tutorial
Discuss a commercial real estate case study with a peer
Discuss a commercial real estate case study with a peer to learn from others.
Browse courses on Finance
Show steps
  • Find a commercial real estate case study
  • Discuss the case study with a peer
Four other activities
Expand to see all activities and additional details
Show all seven activities
Write a summary of a commercial real estate transaction
Summarize a commercial real estate transaction to understand the process.
Browse courses on Finance
Show steps
  • Identify a commercial real estate transaction
  • Gather information about the transaction
  • Write a summary of the transaction
Practice financial analysis for commercial real estate
Practice financial analysis for commercial real estate to understand the investment potential.
Show steps
  • Find a commercial property listing
  • Analyze the financial data for the property
  • Make a decision about the investment potential of the property
Practice negotiating a commercial real estate contract
Practice negotiating a commercial real estate contract to understand the legal aspects.
Browse courses on Finance
Show steps
  • Find a commercial real estate contract template
  • Negotiate the terms of the contract
  • Sign the contract
Participate in a commercial real estate investment competition
Participate in a commercial real estate investment competition to test your knowledge and skills.
Browse courses on Finance
Show steps
  • Find a commercial real estate investment competition
  • Register for the competition
  • Develop an investment strategy
  • Submit your investment proposal

Career center

Learners who complete Real Estate Acquisitions 101 will develop knowledge and skills that may be useful to these careers:
Real Estate Syndicator
Real Estate Syndicators raise capital and manage private equity real estate investments. They typically have experience in finance and/or real estate. This course will be helpful to Syndicators as it provides a deep dive into commercial real estate acquisitions and related financial concepts.
Real Estate Private Equity Associate
Real Estate Private Equity Associates analyze and execute real estate investment opportunities. They typically have a background in finance and/or real estate. This course will help an Associate become familiar with commercial real estate acquisitions and understand the financial structures used by real estate investors.
Real Estate Agent
Real Estate Agents work with clients and customers to sell and purchase properties, as well as serve as advisors on real estate matters. This course will help a Real Estate Agent to prepare for this career by providing an understanding of commercial real estate acquisitions and the related financial underwriting process.
Urban Planner
Urban Planners play a role in the planning and development of communities. They may work for government agencies, non-profits, or private companies. This course will provide an Urban Planner with an understanding of commercial real estate acquisitions and the potential impacts of real estate transactions.
Real Estate Investment Manager
Real Estate Investment Managers oversee real estate investments. They typically have a background in finance and real estate. This course will provide the financial and real estate fundamentals needed by a Real Estate Investment Manager to be successful within the field.
Investor Relations Analyst
Investor Relations Analysts are responsible for the relationships between an organization and its investors. They must have an understanding of accounting, finance, and financial analysis and modeling. Real Estate Acquisitions 101 can provide this understanding and help an analyst build a foundation for success.
Property Manager
Property Managers oversee the day-to-day operations of real estate properties. They typically have experience in real estate and property management. This course may be helpful to Property Managers by providing an understanding of commercial real estate acquisitions and related financial concepts.
Real Estate Developer
Real Estate Developers are responsible for the development of real estate properties. They typically have experience in real estate development and construction. This course may be helpful to Real Estate Developers by providing an understanding of commercial real estate acquisitions and related financial concepts.
Real Estate Finance Analyst
Real Estate Finance Analysts spend their days looking at how to fund real estate investments and transactions. This course may be helpful to a future Real Estate Finance Analyst by providing a foundation in real estate finance, underwriting, and closing.
Venture Capitalist
Venture Capitalists invest in early-stage companies. They typically have experience in finance, technology, or business development. This course may be helpful to future Venture Capitalists who wish to invest in real estate-related startups.
Construction Manager
Construction Managers oversee the construction of real estate projects. They typically have experience in construction management and real estate development. This course may be helpful to Construction Managers by providing an understanding of commercial real estate acquisitions and related financial concepts.
Real Estate Investment Banking Analyst
Real Estate Investment Banking Analysts assist with the financing and underwriting of commercial real estate transactions, as well as provide advice on mergers and acquisitions. This course may be useful for an analyst as it provides an introduction to commercial real estate acquisitions and related financial concepts.
Real Estate Lawyer
Real Estate Lawyers represent clients in real estate transactions and provide counsel on real estate matters. This course may be helpful to those who wish to practice real estate law by providing a foundation in commercial real estate acquisitions and related financial concepts.
Architect
Architects design and plan the construction of buildings. They typically have a degree in architecture. This course may be helpful to Architects who plan to work on commercial real estate projects by providing an understanding of the acquisitions process.
Civil Engineer
Civil Engineers design and build infrastructure projects, such as roads, bridges, and water systems. They typically have a degree in civil engineering. This course may be helpful to Civil Engineers who plan to work on commercial real estate projects by providing an understanding of the acquisitions process.

Reading list

We've selected 12 books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Real Estate Acquisitions 101.
This user-friendly guide to real estate finance provides a clear and concise explanation of the key concepts and principles involved in real estate acquisitions. It helpful resource for those who want to gain a better understanding of the financial aspects of real estate investing.
This comprehensive handbook covers a wide range of topics related to real estate investment, including acquisitions, financing, management, and disposition. It valuable resource for anyone who wants to learn more about the real estate investment process.
This practical guide provides step-by-step instructions on how to find and finance real estate investment properties. It helpful resource for both novice and experienced investors.
Provides a philosophical and historical perspective on real estate investing. It thought-provoking read for anyone who wants to gain a deeper understanding of the real estate investment process.
This popular book provides a step-by-step guide to building a successful real estate investment business. It motivational and practical read for anyone who wants to get started in real estate investing.
This personal finance classic provides a unique perspective on the importance of financial education and investing. It thought-provoking read for anyone who wants to improve their financial literacy.
This classic book provides a value investing approach to investing. It must-read for anyone who wants to learn about the principles of value investing.
This classic book provides a comprehensive overview of security analysis. It valuable resource for anyone who wants to learn about the principles of security analysis.
Provides a simple and straightforward guide to investing in the stock market. It valuable resource for anyone who wants to learn about the principles of index investing.

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