The Complete Guide To Multifamily Real Estate Investing from Udemy

Interested in multifamily real estate investing? Whether you're looking to break into the commercial real estate industry and land a job at a multifamily-focused investment, development, or brokerage firm, looking to invest in multifamily properties to build your own portfolio, or just considering investing passively in your first multifamily deal, this course will walk you step-by-step through the underwriting and analysis process used by top global investment and development firms to value multifamily properties. After taking this course, you'll be able to:

Confidently analyze a multifamily acquisition opportunity utilizing analysis techniques used by major private equity firms and institutions to determine an optimal offer price for a potential multifamily acquisition.
Start a lucrative career in real estate private equity, brokerage, or lending in the multifamily sector, building the skills necessary to get "paid to learn" at some of the top investment management firms in the world. According to CEL & Associates, the median total compensation for a multifamily acquisitions associate was $125K in 2021.
Invest passively in multifamily deals with the ability to confidently analyze investment opportunities and choose those that fit your own personal goals and investment objectives.

Multifamily real estate can be an incredibly lucrative business to be in, but you have to be able to know how to buy the right deals at the right prices. This course was designed to help you build a solid foundation in multifamily investment analysis, so you can land jobs at top firms in the industry or build your own multifamily investment portfolio that can withstand market fluctuations over the long-term.

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

"Wow, Just wow. This is my 3rd class with Justin, and this one might be the best. This was an awesome class that guided me through the entire process of acquiring a Multifamily Property. I cannot say enough about Justin and his teaching acumen. I learned so much in this class that I do not even know where to begin. The templates he provides are insane and are ready-made for anyone who wants to engage in MF investing. Thank you for this awesome class, Justin."

"Justin is a versed instructor of real estate who implements contextualization (ex: Excel spreadsheets) to drive his points home in the most concise and precise manner. His lessons are all relevant to today's real estate market and are interesting as well. He took a difficult and dry subject such as investment metrics and brought it to life making it something very easy to comprehend. I highly recommend him."

"Justin explains everything very clearly and is very knowledgeable in the topics. I love how he has exercises for the students to complete. Very organized and exactly what I was looking for. Highly recommend"

"This course is absolutely stellar. Justin really knows how to break complex ideas and get to the core of what matters when investing in multifamily real estate. I have minimal background in finance, but I found this course to be accessible, easy to follow and well-structured. Thank you, Justin. "

"Justin did it again. This course is an excellent course for anybody interested in multifamily real estate. The course content is comprehensive and the presentation of the material is clear and easy to understand. The fully built out excel template multifamily model that comes with the course is institutional grade. The value of this course far exceeds the cost and the time spent going through the course material is well worth."

"This is the best real estate investing course I've taken on Udemy. I am an experienced real estate developer and investor, and I found this course spot on. "

"Best real estate investing courses on Udemy. Justin does a great job of breaking things down into bite sized pieces, that make it easy to learn and follow. His teaching style, ability to breakdown complex ideas and the resources help you through everything step by step, rather than just showing you how to use the pre-built model."

"I have been an avid passive investor in multifamily syndications for a few years now. This course not only sharpened my perspective as a limited partner, but also provided me an understanding of a deal from both a sponsor and lender's point of view. Justin's comprehensive course material and ability to communicate 'technical' information to a potentially non-technical audience is proof of his expertise in the MF area. I look forward to any future courses that he may teach."

Enroll today and get started on your multifamily investing journey. Looking forward to having you in the course.

What's inside

Learning objectives

How to confidently analyze multifamily real estate investment opportunities using professional underwriting and analysis techniques
How to use an institutional-quality pro forma acquisition model to analyze and value potential multifamily investment opportunities

How to identify risks and opportunities for value creation on multifamily deals
How to use debt and equity financing to capitalize a multifamily acquisition or development project

How to confidently analyze multifamily real estate investment opportunities using professional underwriting and analysis techniques
How to use an institutional-quality pro forma acquisition model to analyze and value potential multifamily investment opportunities
How to identify risks and opportunities for value creation on multifamily deals
How to use debt and equity financing to capitalize a multifamily acquisition or development project

Syllabus

Students will be introduced to the course in this section.

What We Will Cover

Who This Course Is For

About The Instructor & Student Successes

Download Me First

Disclaimer

Students will learn the key characteristics of multifamily properties and the different types of multifamily properties.

Multifamily Property Overview

The 3 Main Types of Multifamily Properties

Property Class

Student Housing

Senior Housing

Affordable Housing & LIHTC

Multifamily Value Drivers

Multifamily Risks

Rent vs. Buy Analysis Exercise

Multifamily Opportunities

Students will learn the key revenue drivers on multifamily properties in this lesson of the course.

Gross Potential Rent & Vacancy Loss

Loss-To-Lease & Concessions

Bad Debt

Multifamily Revenue Excel Exercise

Variable & Scheduled Ancillary Income

Students will learn the key drivers of operating expenses on multifamily properties in this section.

Property Taxes

Insurance

Repairs & Maintenance

Personnel Costs

G&A & Marketing Costs

Property Management Fees

Capital Expense Reserves

Students will learn the key capital expense drivers on multifamily properties in this lesson.

Common Area Renovations

Interior Renovations

Students will learn about multifamily debt financing and commercial real estate loans in this section of the course.

Sourcing The Loan

Loan Terms

Amortization vs. Term

Interest-Only Periods

Future Funding

Prepayment Penalties

Loan Sizing

Loan Sizing Excel Exercise

Loan Covenants

Students will learn the multifamily underwriting and analysis process in this section of the course.

The Offering Memorandum (OM)

The Rent Roll & T-12

Commercial Leases

Students will learn how multifamily investment opportunities are underwritten in a real estate pro forma model in this section of the course.

The Pro Forma Model

Data Inputs

Modeling Assumptions

Revenue & Expense Assumptions

Capital & Debt Assumptions

Sale Assumptions

Students will learn the analysis and valuation process used to evaluate multifamily investment opportunities in this section of the course.

The Capitalization (Cap) Rate

The Internal Rate of Return (IRR)

The Equity Multiple

The Cash-on-Cash Return

Multifamily Valuation

What Are "Good" Returns?

Capital Risk Buckets

Capital Risk Bucket Examples

Students will learn the multifamily underwriting process in this section of the course.

Understanding Markets

The Competitive Set

The Unit Mix

Other Income Drivers

Return on Cost

Students will learn about joint venture partnerships and equity waterfall structures in this section of the course.

JV Partnership Structures

Multifamily Fee Structures

Equity Waterfall Structures

Fee & Waterfall Structures Excel Exercise

Students will walk through a complete, done-for-you multifamily acquisition model in Excel in this section of the course.

The Summary Tab

The Revenue Tab

The Expenses Tab

The Monthly CF, Annual CF, & Debt Tabs

The Construction Budget, Waterfall, & Checks Tabs

Students will complete a multifamily valuation case study using the multifamily pro forma acquisition model in this section of the course.

Multifamily Acquisition Case Study Introduction

Case Study Data Walkthrough

Rent Roll & T-12 Walkthrough

Building Out The Summary Tab

Building Out The Revenue Tab

Building Out The Expenses Tab

Building Out The Construction Budget & Equity Waterfall Tabs

Target Return Metric Valuation

Students will learn the key components of the multifamily transaction process in this section of the course.

The LOI & PSA

Key Due Diligence Items

Closing & Post-Close

Students will put together everything they've learned in this section of the course.

Key Takeaways & Where To Go From Here

Bonus Lecture

Bonus Lecture - The Next Step

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Examines multifamily real estate investing, which is a lucrative business to be in and offers lucrative career opportunities

Taught by Justin Kivel, a recognized instructor of real estate who implements contextualization to drive his points home in the most concise and precise manner

Develops multifamily investment analysis and valuation skills, which are core skills for multifamily acquisitions associates, real estate private equity, brokerage, or lending in the multifamily sector

Utilizes an institutional-quality pro forma acquisition model to analyze and value potential multifamily investment opportunities, which is standard in industry

Provides a done-for-you multifamily acquisition model in Excel, which allows for practical, hands-on experience

Requires no experience in real estate or finance, making it accessible to learners with diverse backgrounds

Reviews summary

Beginner friendly guide to multifamily investing

According to students, this beginner friendly course about multifamily real estate investing features easy to understand, great content.

Good for beginners.

"As a novice, the course helps a lot from multiple potential roles in the industry."

Easy to understand explanations.

"Justin explains things in a way that is easy to understand."

High quality materials.

"Fantastic course. Great content & materials."

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 The Complete Guide To Multifamily Real Estate Investing with these activities:

Multifamily Underwriting and Analysis

Show steps

These guided tutorials will help you to understand the process of underwriting and analyzing multifamily properties.

Show steps

Watch a tutorial on the basics of multifamily underwriting.
Follow along with a step-by-step demonstration of how to underwrite a multifamily property.
Complete a practice exercise to test your understanding of the underwriting process.

Multifamily Investment Discussion

Show steps

This discussion will enable you to connect with other learners and discuss your experiences and questions about multifamily investing.

Show steps

Attend a discussion session hosted by an experienced multifamily investor.
Share your thoughts and insights on multifamily investing.
Ask questions and get feedback from other participants.

Multifamily Property Analysis

Show steps

This project will provide you with hands-on experience in analyzing and valuing multifamily properties.

Show steps

Select a multifamily property in your target market.
Collect data on the property, including income and expense statements, market analysis, and property condition.
Analyze the data to determine the property's financial performance and investment potential.
Present your analysis to a potential investor or lender.

Show all three activities

Career center

Learners who complete The Complete Guide To Multifamily Real Estate Investing will develop knowledge and skills that may be useful to these careers:

Real Estate Portfolio Manager

Real Estate Portfolio Managers are responsible for managing a portfolio of real estate investments. They work with investors to develop investment goals, identify suitable properties, and manage the day-to-day operations of the portfolio. This course will provide you with the knowledge and skills needed to successfully manage a real estate portfolio. You will learn how to evaluate investment opportunities, develop and implement investment strategies, and manage risk. This course will also help you to develop the analytical and financial skills needed to succeed in the real estate investment industry.

See salaries and explore the career path for Real Estate Portfolio Manager

Multifamily Asset Manager

Multifamily Asset Managers are responsible for managing the day-to-day operations of multifamily properties. They work with property managers, tenants, and vendors to ensure that the properties are operating smoothly and efficiently. This course will provide you with the knowledge and skills needed to successfully manage multifamily properties. You will learn about the different aspects of property management, including tenant relations, lease administration, and financial reporting. This course will also help you to develop the operational and management skills needed to succeed in the multifamily property management industry.

See salaries and explore the career path for Multifamily Asset Manager

Multifamily Acquisitions Analyst

Multifamily Acquisitions Analysts are responsible for evaluating and underwriting potential multifamily investment opportunities. They work with investment teams to identify and acquire properties that meet the investment criteria. This course will provide you with the knowledge and skills needed to successfully evaluate and underwrite multifamily investment opportunities. You will learn about the different types of multifamily properties, how to analyze market trends, and how to identify potential risks. This course will also help you to develop the analytical and financial skills needed to succeed in the multifamily investment industry.

See salaries and explore the career path for Multifamily Acquisitions Analyst

Real Estate Investment Manager

Real Estate Investment Managers are responsible for overseeing and managing real estate investments. They analyze investment opportunities, identify potential risks and returns, and make recommendations on which investments to acquire or sell. This course will provide you with the knowledge and skills needed to develop and implement successful real estate investment strategies. You will learn how to underwrite and analyze potential investments, identify market trends, and manage risk. This course will also help you to develop the analytical and financial skills needed to succeed in the real estate investment industry.

See salaries and explore the career path for Real Estate Investment Manager

Real Estate Development Manager

Real Estate Development Managers are responsible for overseeing the development of real estate projects. They work with developers, architects, engineers, and contractors to bring a project from concept to completion. This course will provide you with the knowledge and skills needed to successfully manage real estate development projects. You will learn about the different phases of development, how to finance projects, and how to manage risk. This course will also help you to develop the analytical and financial skills needed to succeed in the real estate development industry.

See salaries and explore the career path for Real Estate Development Manager

Commercial Real Estate Broker

Commercial Real Estate Brokers are responsible for representing buyers and sellers of commercial real estate properties. They work with clients to identify and acquire properties that meet their needs. This course will provide you with the knowledge and skills needed to successfully represent clients in commercial real estate transactions. You will learn about the different types of commercial real estate properties, how to market properties, and how to negotiate contracts. This course will also help you to develop the sales and marketing skills needed to succeed in the commercial real estate brokerage industry.

See salaries and explore the career path for Commercial Real Estate Broker

Debt Underwriter

Debt Underwriters are responsible for evaluating and underwriting loan applications for commercial real estate projects. They work with borrowers and lenders to ensure that the loans are structured and priced appropriately. This course will provide you with the knowledge and skills needed to successfully underwrite commercial real estate loans. You will learn about the different types of commercial real estate loans, how to analyze loan applications, and how to manage risk. This course will also help you to develop the analytical and financial skills needed to succeed in the commercial real estate lending industry.

See salaries and explore the career path for Debt Underwriter

Real Estate Appraiser

Real Estate Appraisers are responsible for valuing real estate properties. They work with clients to determine the value of properties for a variety of purposes, such as buying, selling, or refinancing. This course will provide you with the knowledge and skills needed to successfully value real estate properties. You will learn about the different methods of real estate valuation, how to analyze market data, and how to identify potential risks. This course will also help you to develop the analytical and financial skills needed to succeed in the real estate appraisal industry.

See salaries and explore the career path for Real Estate Appraiser

Real Estate Finance Analyst

Real Estate Finance Analysts are responsible for providing financial analysis and advice to real estate investors and developers. They work with clients to develop and implement financing strategies for real estate projects. This course will provide you with the knowledge and skills needed to successfully provide financial analysis and advice to real estate investors and developers. You will learn about the different types of real estate financing, how to analyze financial statements, and how to identify potential risks. This course will also help you to develop the analytical and financial skills needed to succeed in the real estate finance industry.

See salaries and explore the career path for Real Estate Finance Analyst

Equity Analyst

Equity Analysts are responsible for evaluating and underwriting potential equity investments. They work with investment teams to identify and acquire companies that meet the investment criteria. This course will provide you with the knowledge and skills needed to successfully evaluate and underwrite equity investments. You will learn about the different types of equity investments, how to analyze financial statements, and how to identify potential risks. This course will also help you to develop the analytical and financial skills needed to succeed in the equity investment industry.

See salaries and explore the career path for Equity Analyst

Property Accountant

Property Accountants are responsible for managing the financial operations of real estate properties. They work with property managers and owners to track income and expenses, prepare financial statements, and file tax returns. This course will provide you with the knowledge and skills needed to successfully manage the financial operations of real estate properties. You will learn about the different accounting principles and practices used in the real estate industry, how to prepare financial statements, and how to file tax returns. This course will also help you to develop the accounting and financial management skills needed to succeed in the real estate property management industry.

See salaries and explore the career path for Property Accountant

Financial Analyst

Financial Analysts are responsible for providing financial analysis and advice to businesses and investors. They work with clients to identify and evaluate investment opportunities, develop financial models, and make informed financial decisions. This course may provide you with some of the knowledge and skills needed to successfully provide financial analysis and advice to businesses and investors. However, this course is not a substitute for the experience and expertise required to succeed in this role.

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Real Estate Consultant

Real Estate Consultants are responsible for providing consulting services to real estate investors, developers, and owners. They work with clients to identify and solve real estate problems, develop and implement real estate strategies, and make informed real estate decisions. This course may provide you with some of the knowledge and skills needed to successfully provide consulting services to real estate investors, developers, and owners. However, this course is not a substitute for the experience and expertise required to succeed in this role.

See salaries and explore the career path for Real Estate Consultant

Investment Banker

Investment Bankers are responsible for providing financial advice and services to corporations, governments, and other institutions. They work with clients to raise capital, merge and acquire companies, and restructure debt. This course may provide you with some of the knowledge and skills needed to successfully provide financial advice and services to corporations, governments, and other institutions. However, this course is not a substitute for the experience and expertise required to succeed in this role.

See salaries and explore the career path for Investment Banker