Multifamily Investing Masterclass

About this course

An intensive masterclass on institutional-quality multifamily investing. Examine real offering memorandums, build a waterfall model, underwrite interest rate caps and refinance risk, and learn how top operators protect NOI.

What you will learn

• Model preferred returns and promote waterfalls
• Underwrite floating-rate debt and rate caps
• Stress-test refinance and exit scenarios
• Evaluate sponsors and offering documents critically

1. Module 1

   Introduction

   3 lessons
   • Welcome to Multifamily Investing MasterclassVideo · 19 min · Free preview
   • Course Roadmap and Completion RequirementsWritten lesson · 13 min · Free preview
   • How to Get the Most from This CourseWritten lesson · 13 min

2. Module 2

   Core Principles

   5 lessons
   • The Four Sources of Real Estate ReturnVideo · 19 min
   • Net Operating Income and Cap RateWritten lesson · 13 min
   • Cash-on-Cash Return and DSCRVideo · 19 min
   • Market Selection FundamentalsWritten lesson · 13 min
   • Knowledge CheckQuiz · 8 min

3. Module 3

   Deal Structure

   4 lessons
   • Choosing a Financing StructureVideo · 19 min
   • Down Payment, Reserves and LeverageWritten lesson · 13 min
   • Ownership Entities and TitleVideo · 19 min
   • Structuring Offers and ContingenciesWritten lesson · 13 min

4. Module 4

   Financial Analysis

   4 lessons
   • Building a Pro FormaVideo · 19 min
   • Estimating Expenses RealisticallyWritten lesson · 13 min
   • Valuation with Comparable Sales and IncomeVideo · 19 min
   • Sensitivity AnalysisWritten lesson · 13 min

5. Module 5

   Risk Management

   4 lessons
   • Identifying Property-Level RisksVideo · 19 min
   • Market and Liquidity RiskWritten lesson · 13 min
   • Financing and Interest Rate RiskVideo · 19 min
   • Building a Margin of SafetyWritten lesson · 13 min

6. Module 6

   Real-World Examples

   3 lessons
   • Example: A Single-Family Rental UnderwrittenVideo · 19 min
   • Example: When the Numbers Look Too GoodWritten lesson · 13 min
   • Example: Comparing Two Properties Side by SideVideo · 19 min

7. Module 7

   Case Study

   2 lessons
   • Case Study: The Midwest DuplexCase study · 21 min
   • Case Study Debrief: What the Numbers MissedWritten lesson · 13 min

8. Module 8

   Final Assessment

   2 lessons
   • Final AssessmentQuiz · 8 min
   • Applied AssignmentAssignment · 16 min

Downloads included

• Multifamily Underwriting SpreadsheetXLSX · included with the course