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
★
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.