45 days · 6 modules · 24 lessons · Beginner → Intermediate
A structured path through underwriting, financing, and portfolio strategy — built for operators who want to evaluate real deals with rigor.
Outcome: Build a complete deal analysis with a clear go/no-go recommendation.
Learning outcomes
Speak the language of institutional real estate
Analyze a deal from listing to LOI
Underwrite NOI, cap rates, and DSCR with confidence
Structure a capital stack across debt and equity
Defend a go/no-go recommendation in writing
Roadmap
6 modules · 24 lessons · 1 capstone project. Designed as a guided, sequential program.
01
4 lessons
The asset classes, players, and economic forces that shape every deal.
Asset Classes Explained
Multifamily, retail, industrial, office, hospitality — at a glance.
Beginner · 12 min
Who's Who in a Deal
Sponsors, LPs, brokers, lenders, and operators.
Beginner · 12 min
Real Estate Cycles
The four-quadrant model and where we are now.
Beginner · 12 min
The Metrics That Matter
NOI, cap rate, cash-on-cash, IRR — defined plainly.
Beginner · 12 min
02
4 lessons
Go from a listing PDF to a defensible first-pass underwrite.
Reading an Offering Memorandum
What brokers emphasize and what they hide.
Beginner · 12 min
Decoding the Rent Roll
Occupancy, lease terms, and what 'in-place' really means.
Beginner · 12 min
Running Comps Like a Pro
Sales comps, rent comps, and the trap of cherry-picking.
Beginner · 12 min
The Back-of-Envelope Underwrite
A 10-minute filter to kill bad deals fast.
Beginner · 12 min
03
4 lessons
Build a full operating model and stress-test it like an institutional buyer.
Building the Operating Model
Income, expenses, vacancy, and reserves done right.
Intermediate · 20 min
Expense Analysis & T-12
Reading a trailing-12 and finding the truth.
Intermediate · 15 min
Exit Assumptions That Hold Up
Exit cap, hold period, and reversion math.
Intermediate · 12 min
Sensitivity & Stress Testing
What happens when rents miss by 10%?
Intermediate · 15 min
04
4 lessons
Debt, equity, and the structures that make or break returns.
Debt Basics
Agency, bridge, CMBS — when each fits.
Intermediate · 15 min
DSCR, LTV & Loan Sizing
How lenders actually size a loan.
Intermediate · 15 min
Equity Structures & Waterfalls
Pref, promote, and the math of GP/LP splits.
Advanced · 20 min
Designing the Capital Stack
Layering senior debt, mezz, and equity.
Advanced · 15 min
05
4 lessons
Where alpha actually comes from after the deal closes.
Value-Add Playbooks
CapEx that actually moves rents.
Beginner · 12 min
Operations & Property Management
Self-manage vs. third-party — and how to oversee either.
Beginner · 12 min
Tax Strategy Essentials
Depreciation, 1031s, and cost segregation explained.
Intermediate · 12 min
Building a Portfolio
From one deal to a thesis-driven portfolio.
Beginner · 12 min
06
4 lessons
Underwrite a real, live deal and produce an institutional-grade memo.
Source a Live Deal
Pull a real deal off the market and pick your angle.
Beginner · 12 min
Full Underwrite
Build the model, run the comps, defend the assumptions.
Intermediate · 30 min
Write the Investment Memo
The one-page memo every IC actually reads.
Advanced · 20 min
Submit for AI Review
Final polish and structured AI feedback.
Advanced · 15 min
A nudge
Unlock full access to continue. Pro opens every lesson, the AI Tutor, and project reviews so you can build real AI workflows, analyze real deals, and write real investment theses.
★
Capstone project
Source a real, on-market deal. Build a full operating model, run comps, defend your assumptions, and produce a one-page investment memo with a clear go/no-go recommendation.
Project builder
Apply what you're learning by building tangible deliverables — guided steps, AI suggestions, and an exportable final asset for each project.
Deal Analysis Model
Build a defensible first-pass underwrite of a real, on-market deal.
Investment Memo
The one-page memo every IC actually reads.
Underwriting Template
A reusable underwriting framework you can run on every new deal.
Investment Pitch Deck
Turn your underwrite into a deck that raises capital.
Portfolio Tracker
A single page that tells you how every deal is actually performing.
You are building a real asset, not just consuming content.