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Commercial Real Estate Investing 101
Justin Kivel
Justin Kivel
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.
Read more
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.
Read more
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.
Register for this course and see more details by visiting:
OpenCourser.com/course/m45ylg/commercial
What's inside
Learning objectives
- 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
- 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
Syllabus
Students will learn what this course is about and how they can benefit from the Commercial Real Estate Investing 101 course.
Welcome!
Who This Course Is For
Read more
Syllabus
Students will learn what this course is about and how they can benefit from the Commercial Real Estate Investing 101 course.
Welcome!
Who This Course Is For
Read more
About The Instructor & Student Successes
CRE Investing 101 Resources File - Download First!
Disclaimer
Students will learn about the different commercial real estate property types including multifamily properties, retail properties, office properties, industrial properties, and more in this section.
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
Students will learn how commercial real estate properties are measured in this section.
Measuring CRE - An Overview
The Stacking Plan
The Pro Rata Share Calculation
Students will learn about commercial real estate leases and lease structures in this section.
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
Students will learn the key revenue drivers that affect operating revenue on commercial real estate properties in this section.
Gross Potential Rent (GPR)
Physical vs. Economic Vacancy
Expense Reimbursements, Caps, & Fees
Students will learn the key drivers of operating expenses at a commercial real estate property in this section.
Controllable Expenses
Non-Controllable Expenses
Utilities & RUBS
Property Management Fees
Students will learn the main drivers of capital expenses on commercial real estate properties in this section.
Tenant Improvements (TI) Allowances
Leasing Commissions
The Capital Expense (CapEx) Reserve
Students will learn about commercial real estate debt and financing in this section, including loan sizing metrics, mezzanine debt and preferred equity structures, and key loan terms in CRE.
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
Students will learn the key return metrics commercial real estate investors use to analyze and value commercial real estate properties in this section.
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
Students will learn how commercial real estate properties are valued by commercial real estate investors in this section.
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
Students will learn about commercial real estate equity financing in this section, including joint venture and equity waterfall structures.
A Breakdown of JV Partnerships
Partnership Fee Structures
Equity Waterfall Structures
The Math Behind Equity Waterfalls
Equity Waterfall Excel Walkthrough
Students will learn various different tax advantages of investing in commercial real estate, and how investors use these tax advantages in this section.
Modeling Income Taxes
Interest & Depreciation Expense
After-Tax Analysis Excel Walkthrough
The 1031 Exchange
The Cash-Out Refinance
Students will learn how to put together everything they've learned in this course about commercial real estate investing in this section.
Wrapping Up
Bonus Lecture
Bonus Lecture - The Next Step
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Focuses on commercial real estate investment, providing a strong foundation for those seeking a lucrative career or knowledge acquisition
Instructor has substantial experience and success in commercial real estate transactions, bringing valuable insights to the course
Covers a wide range of topics, from property types to financial analysis, offering a comprehensive overview of commercial real estate investing
Designed to benefit individuals seeking a high-paying career in commercial real estate investing or those interested in investing as passive limited partners
Utilizes practical examples and case studies to reinforce learning and demonstrate real-world applications
May require learners to have some background knowledge in finance or real estate to fully grasp all concepts
Save this course
Save Commercial Real Estate Investing 101 to your list so you can find it easily later:
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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 Commercial Real Estate Investing 101 with these
activities:
Review: The Intelligent Investor by Benjamin Graham
Show steps
Reviewing 'The Intelligent Investor' will provide you with a foundational understanding of value investing principles, which are essential for success in commercial real estate investing.
View
The Intelligent Investor Third Edition,...
on Amazon
Show steps
-
Read 'The Intelligent Investor' by Benjamin Graham and Jason Zweig
-
Take notes on the key concepts of value investing
-
Apply the principles of value investing to your own investment analysis
Walkthrough of Commercial Real Estate Financial Models
Show steps
By following guided tutorials on commercial real estate financial models, you can solidify your understanding of the financial aspects of commercial real estate investing.
Show steps
-
Find online tutorials or courses on commercial real estate financial modeling
-
Follow the tutorials step-by-step, building your own financial models
-
Analyze real-world commercial real estate deals using the financial models you've built
Discussion Group on Commercial Real Estate Investment Strategies
Show steps
Engaging in discussions with peers about different investment strategies will help you expand your knowledge and gain new perspectives on commercial real estate investing.
Browse courses on
Real Estate Investment Strategies
Show steps
-
Join an online discussion group or forum focused on commercial real estate investing
-
Participate in discussions, sharing your insights and learning from others
-
Present your own investment ideas to the group for feedback and analysis
Show all three activities
Review: The Intelligent Investor by Benjamin Graham
Show steps
Reviewing 'The Intelligent Investor' will provide you with a foundational understanding of value investing principles, which are essential for success in commercial real estate investing.
View
The Intelligent Investor Third Edition,...
on Amazon
Show steps
Show steps
Show steps
- Read 'The Intelligent Investor' by Benjamin Graham and Jason Zweig
- Take notes on the key concepts of value investing
- Apply the principles of value investing to your own investment analysis
Walkthrough of Commercial Real Estate Financial Models
Show steps
By following guided tutorials on commercial real estate financial models, you can solidify your understanding of the financial aspects of commercial real estate investing.
Show steps
Show steps
Show steps
- Find online tutorials or courses on commercial real estate financial modeling
- Follow the tutorials step-by-step, building your own financial models
- Analyze real-world commercial real estate deals using the financial models you've built
Discussion Group on Commercial Real Estate Investment Strategies
Show steps
Engaging in discussions with peers about different investment strategies will help you expand your knowledge and gain new perspectives on commercial real estate investing.
Browse courses on
Real Estate Investment Strategies
Show steps
Show steps
Show steps
- Join an online discussion group or forum focused on commercial real estate investing
- Participate in discussions, sharing your insights and learning from others
- Present your own investment ideas to the group for feedback and analysis
Show all three activities
Career center
Learners who complete Commercial Real Estate Investing 101 will develop knowledge and skills
that may be useful to these careers:
Commercial Real Estate Analyst
Commercial Real Estate Analyst
Commercial real estate analysts evaluate and assess the financial viability of commercial properties. They use their knowledge of the market, property types, and financial analysis to make recommendations to investors and developers. This course provides a strong foundation for aspiring commercial real estate analysts by teaching them the key metrics and techniques used in the industry. With a deep understanding of commercial real estate investing, individuals can excel in this role and contribute to informed decision-making.
Commercial Real Estate Agent
Commercial Real Estate Agent
Commercial real estate agents facilitate the purchase, sale, or leasing of commercial properties such as office buildings, retail storefronts, and industrial warehouses. This course can be highly beneficial for aspiring commercial real estate agents as it provides a comprehensive overview of the industry, including property types, lease structures, and financing options. By gaining a solid understanding of commercial real estate investing, individuals can position themselves for success in this competitive field.
Commercial Real Estate Investment Manager
Commercial Real Estate Investment Manager
Commercial real estate investment managers oversee the investment of funds into commercial properties. They conduct due diligence, analyze market trends, and make investment decisions to maximize returns for clients. This course provides a solid foundation for individuals seeking to enter this field by teaching them the principles of commercial real estate investing, including property valuation, financial analysis, and risk management. With a deep understanding of the industry, aspiring investment managers can make informed investment decisions and drive success for their clients.
Commercial Real Estate Developer
Commercial Real Estate Developer
Commercial real estate developers acquire, develop, and manage commercial properties. They oversee the entire development process, from site selection and planning to construction and leasing. This course provides valuable insights into the complexities of commercial real estate investing, including property evaluation, financing, and market analysis. By gaining a comprehensive understanding of these aspects, aspiring developers can increase their chances of success in this highly competitive field.
Commercial Real Estate Lender
Commercial Real Estate Lender
Commercial real estate lenders provide financing for the acquisition, development, and refinancing of commercial properties. They assess the creditworthiness of borrowers and determine the terms of the loan. This course can be beneficial for aspiring commercial real estate lenders as it provides insights into the underwriting process, loan structuring, and risk management. By gaining a comprehensive understanding of commercial real estate investing, individuals can make informed lending decisions and contribute to the success of their clients.
Real Estate Attorney
Real Estate Attorney
Real estate attorneys specialize in legal matters related to real estate transactions, including commercial property purchases, sales, and leases. This course can provide a valuable foundation for aspiring real estate attorneys by introducing them to the legal framework surrounding commercial real estate investing. By gaining a solid understanding of the legal aspects of the industry, individuals can effectively navigate complex transactions and protect the interests of their clients.
Property Manager
Property Manager
Property managers oversee the day-to-day operations of commercial properties, including tenant relations, rent collection, and maintenance. This course can provide valuable insights for aspiring property managers by teaching them the principles of commercial real estate management, including budgeting, lease administration, and tenant communication. With a deep understanding of the industry, individuals can effectively manage properties and create value for their clients.
Real Estate Appraiser
Real Estate Appraiser
Real estate appraisers determine the value of commercial properties for various purposes, such as financing, taxation, and investment analysis. This course can provide a solid foundation for aspiring real estate appraisers by introducing them to the principles of commercial real estate valuation. By gaining a deep understanding of the industry, individuals can accurately assess property values and contribute to informed decision-making.
Real Estate Developer
Real Estate Developer
Real estate developers acquire, develop, and manage real estate properties. This course may provide some helpful insights for aspiring real estate developers interested in commercial properties. By gaining a basic understanding of commercial real estate investing, individuals can better evaluate and select development opportunities and create successful projects.
Real Estate Consultant
Real Estate Consultant
Real estate consultants provide advisory services to clients on a wide range of real estate matters, including investment analysis, development strategies, and market research. This course can be beneficial for aspiring real estate consultants as it provides insights into the industry, including property evaluation, financial analysis, and market trends. By gaining a comprehensive understanding of the field, individuals can effectively advise clients and help them make informed real estate decisions.
Financial Analyst
Financial Analyst
Financial analysts evaluate the financial performance and prospects of companies and industries. This course may provide some useful insights for aspiring financial analysts interested in the real estate sector. By gaining a basic understanding of commercial real estate investing, individuals can better analyze and value real estate companies and make informed investment recommendations.
Private Equity Investor
Private Equity Investor
Private equity investors invest in private companies, typically with the goal of generating capital gains through the sale of the investment. This course may provide some useful knowledge for aspiring private equity investors interested in the real estate sector. By gaining an understanding of commercial real estate investing, individuals can better evaluate and select real estate investments and contribute to the success of their funds.
Venture Capitalist
Venture Capitalist
Venture capitalists invest in early-stage companies with high growth potential. This course may provide some foundational knowledge for aspiring venture capitalists interested in the real estate technology sector. By gaining a basic understanding of commercial real estate investing, individuals can better evaluate and select real estate-related startups and contribute to the growth of the industry.
Portfolio Manager
Portfolio Manager
Portfolio managers oversee the investment portfolios of individuals and institutions. This course may provide some helpful insights for aspiring portfolio managers interested in incorporating real estate into their portfolios. By gaining a basic understanding of commercial real estate investing, individuals can better evaluate and select real estate investments and construct diversified portfolios.
Investment Banker
Investment Banker
Investment bankers provide financial advisory services to companies and governments, including mergers and acquisitions, capital raising, and debt restructuring. This course may provide some foundational knowledge for aspiring investment bankers interested in the real estate sector. By gaining an understanding of commercial real estate investing, individuals can better evaluate real estate-related transactions and provide informed advice to clients.
For more career information including salaries, visit:
OpenCourser.com/course/m45ylg/commercial
Reading list
We've selected eight 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
Commercial Real Estate Investing 101.
Comprehensive guide to security analysis, which is an essential skill for any investor. It provides a detailed framework for evaluating the financial health of a company, which is crucial for making sound investment decisions.
This classic book provides a timeless framework for investing, including principles that are applicable to commercial real estate. It must-read for any serious investor.
Provides a fascinating look at the psychology of money and how it affects our financial decisions. It great resource for anyone who wants to improve their financial literacy and make better investment decisions.
Save
Provides a unique perspective on wealth and investing. It great resource for anyone who wants to learn more about how to break free from the traditional financial system and achieve financial freedom.
Great resource for beginners who want to learn the basics of commercial real estate investing. It covers topics such as property types, due diligence, and financing in a clear and concise way.
Save
This classic book provides timeless advice on how to save money and build wealth. It great resource for anyone who wants to learn more about the basics of personal finance.
This classic book provides insights into strategy and negotiation, which are essential skills for any investor. It valuable resource for anyone who wants to improve their ability to make sound decisions in a competitive environment.
Provides a detailed look at the habits and behaviors of millionaires. It great resource for anyone who wants to learn more about how to build wealth and achieve financial independence.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/m45ylg/commercial
Share
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Effort
4 total hours
Via
Udemy
Instructor
Justin Kivel
Language
English
Good to know
Focuses on commercial real estate investment, providing a strong foundation for those seeking a lucrative career or knowledge acquisition
Instructor has substantial experience and success in commercial real estate transactions, bringing valuable insights to the course
Covers a wide range of topics, from property types to financial analysis, offering a comprehensive overview of commercial real estate investing
Designed to benefit individuals seeking a high-paying career in commercial real estate investing or those interested in investing as passive limited partners
Utilizes practical examples and case studies to reinforce learning and demonstrate real-world applications
May require learners to have some background knowledge in finance or real estate to fully grasp all concepts
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