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Commercial Real Estate Investing 101
Introduction
Welcome (2:13)
Who This Course Is For (1:04)
About The Instructor & Student Success (2:52)
Download Me First
Commercial Real Estate Product Types
The Makeup of a Retail Property (3:10)
Retail Property Types (5:40)
The Makeup of an Office Property (1:20)
Office Property Types (3:32)
The Makeup of an Industrial Property (1:41)
Industrial Property Types (4:49)
The Makeup of a Multifamily Property (1:46)
Multifamily Property Types (4:41)
The Makeup of a Hotel Property (1:53)
Hotel Property Types (4:30)
Specialty Product Types - Part 1 (3:57)
Specialty Product Types - Part 2 (5:39)
Commercial Property Fundamentals
Commercial Property Layouts (4:30)
The Pro Rata Share (1:40)
CRE Leases & Key Terms (3:44)
Base Rent, OpEx Reimbursements, & TI Allowances (3:45)
Commercial Real Estate Revenue
Revenue Drivers (4:58)
Operating Expense Reimbursements (3:17)
NNN Structures (8:52)
FSG & MG Structures (6:30)
BYS Structures (7:13)
Other Income & Percentage Rent (4:26)
Percentage Rent Excel Exercise (3:53)
Commercial Real Estate Operating Expenses
Controllable Expenses (2:28)
Non-Controllable Expenses (2:04)
Property Management Fees (2:10)
Utilities (2:24)
Commercial Real Estate Capital Expenses
TIs & LCs (4:37)
TIs & LCs Excel Exercise (3:56)
Capital Improvements & Reserves (2:44)
Commercial Real Estate Debt Financing
Loan Sourcing & Terms (4:11)
Amortization vs. Term (5:20)
Interest Rates (2:22)
Interest-Only Periods (2:34)
Future Funding ("Good News Money") (1:35)
Prepayment Penalties (4:22)
Loan Covenants (4:42)
Loan Sizing - LTV & LTC (4:54)
Loan Sizing - DSCR & Debt Yield (8:05)
How Leverage Magnifies Returns (4:50)
Levered Cash Flow (0:54)
Commercial Real Estate Investment Analysis
Property Class & Geographic Markets (5:03)
Underwriting & Purchase/Operating Assumptions (6:23)
Sale Assumptions & CF Projections (6:25)
The Cap Rate (7:59)
The Cash-on-Cash Return (5:37)
The IRR (8:20)
The Equity Multiple (7:03)
Target Return Metric Valuation & Capital Risk Buckets (12:20)
The Capital Stack & JV Equity Partnerships
The Capital Stack (6:18)
JV Partnerships & Fee Structures (5:04)
Equity Waterfall Structures (9:21)
Commercial Real Estate Tax Considerations
Underwriting & Income Taxes (5:00)
Taxable Sale Income & Excel Exercise (8:08)
Cash-Out Refinance (3:51)
Wrapping Up
Where To Go From Here (2:00)
Course Lessons - Previous Version
A Note About The April 2025 Course Update
Welcome! (4:23)
Who This Course Is For (2:20)
About The Instructor & Student Successes (3:08)
CRE Investing 101 Resources File - Download First!
Retail Overview (3:09)
Retail Property Types (3:49)
Office Overview (1:56)
Office Property Types (4:14)
Multifamily Overview (2:15)
Multifamily Property Types (3:07)
Industrial Overview (1:29)
Industrial Property Types (2:51)
Hotel Overview (1:23)
Hotel Property Types (2:06)
Specialty Product Types Overview (1:14)
Specialty Property Types (6:16)
Measuring CRE - An Overview (3:20)
The Stacking Plan (1:54)
The Pro Rata Share Calculation (3:28)
Introduction To Commercial Real Estate Leases (4:25)
Triple Net (NNN) (2:09)
Full Service Gross (0:49)
Modified Gross (2:01)
The Base Year Stop (3:42)
Percentage Rent (2:39)
Percentage Rent Exercise & Solution (2:30)
Leasing Costs (2:30)
LCs & TI Allowances Exercise & Solution (3:14)
Other Key Lease Terms (3:06)
Gross Potential Rent (GPR) (1:27)
Physical vs. Economic Vacancy (1:53)
Expense Reimbursements, Caps, & Fees (2:44)
Controllable Expenses (2:04)
Non-Controllable Expenses (1:41)
Utilities & RUBS (1:09)
Property Management Fees (1:50)
Tenant Improvements (TI) Allowances (2:32)
Leasing Commissions (2:05)
The Capital Expense (CapEx) Reserve (2:40)
Sourcing The Loan (1:47)
Key CRE Loan Terms (3:15)
Loan Amortization vs. Term (4:18)
CRE Interest Rates Explained (2:33)
The Interest-Only (I/O) Period (1:51)
Future Funding & "Good News" Money (1:28)
Prepayment Penalties (3:39)
Loan Covenants (2:38)
Mezzanine Debt (2:31)
Preferred Equity (1:51)
Loan Sizing (& How It Works) (1:13)
The Loan-To-Value (LTV) Ratio (2:01)
The Loan-To-Cost (LTC) Ratio (1:45)
The Debt Service Coverage Ratio (DSCR) (6:02)
The Debt Yield (1:45)
Loan Sizing Based on Multiple Constraints (1:48)
How Debt Magnifies Returns (5:11)
The Capitalization (Cap) Rate (3:00)
Cap Rate Exercise & Solution (5:11)
The Cash-on-Cash Return (1:42)
Cash-on-Cash Exercise & Solution (5:11)
The Internal Rate of Return (IRR) (2:23)
IRR Exercise & Solution (2:56)
The Equity Multiple (1:28)
Equity Multiple Exercise & Solution (3:16)
The Real Estate Financial Analysis Framework (2:21)
Making Operating & Sale Assumptions (3:19)
Projecting Reversion (Sale) Value (5:10)
Target Return Metric Valuation (4:37)
Capital Risk Buckets (3:15)
Capital Risk Buckets Walkthrough (4:25)
Why All Cap Rates Are Not Created Equal (4:37)
A Breakdown of JV Partnerships (2:45)
Partnership Fee Structures (2:32)
Equity Waterfall Structures (2:29)
The Math Behind Equity Waterfalls (1:44)
Equity Waterfall Excel Walkthrough (3:36)
Modeling Income Taxes (2:18)
Interest & Depreciation Expense (3:07)
After-Tax Analysis Excel Walkthrough (5:26)
The 1031 Exchange (2:07)
The Cash-Out Refinance (3:57)
Wrapping Up (2:03)
The Loan-To-Value (LTV) Ratio
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