Intro Commercial Real Estate Investing Symon He Brandon Young

Learn the essential fundamentals of commercial real estate

Last updated 2022-01-10 | 4.4

- Be able to speak intelligently about commercial real estate
- Understand the key financial concepts for commercial real estate
- Understand and apply key analysis techniques to commercial real estate

What you'll learn

Be able to speak intelligently about commercial real estate
Understand the key financial concepts for commercial real estate
Understand and apply key analysis techniques to commercial real estate
Understand the differences between the core asset classes
Understand the emerging trends that will shape the future of commercial real estate

* Requirements

* Understanding of real estate investment fundamentals
* Understanding of basic real estate finance
* Microsoft Excel 2013+

Description

I’m very excited to unveil this brand-new course as part of my ongoing series in real estate investing.   Although the course is new, this is not my first course.  Just take a look at my thousands of 5-star reviews from my other courses to see the value and commitment I give to my students.


Gregory A. Weinstein on my Multifamily Investment Course- 5 Stars

“Course material is comprehensive, presented in an engaging manner and the modeling tools have real-world applicability making this course valuable!”

 

Mark Forest on my ‘Fundamentals of Real Estate Course - 5 Stars

“There is a tremendous amount of information in this course that far surpasses anything else offered by Udemy.

 

Jason Mora on my ‘How To Analyze Rental Properties Course - 5 Stars

“I'm loving it so far. The content is top notch. The instruction is clear and concise. The pace is perfect and the extra resources are enormously helpful. Well done!”


The commercial real estate game has long been reserved for big financial institutions and deep-pocked private investors, but not anymore.

 

With the emergence of crowd-investing platforms and the right investment knowledge, practically anyone can start investing in commercial real estate today.

 

Including you.

 

Whether you're new to real estate investing or have dabbled in residential real estate, getting an understanding of commercial real estate can seriously expand your investment horizons.  However, you have to have some foundational knowledge before you get started.

 

With this course, you'll take the first crucial steps toward understanding commercial real estate.

 

Why should you learn from us?

 

I have an MBA from Stanford University and have worked on many commercial real estate properties across a dozen asset types in multiple markets. I even helped create the underwriting standards for a 2000-store private restaurant chain, helping them open new locations around the world.

 

And as a licensed broker and real estate consultant, I've helped many private clients with locating, evaluating, and structuring investment opportunities including multi-million dollar commercial property acquisitions and 1031 exchanges.

 

My co-instructor, Brandon Young, has a Masters in Real Estate Finance & Development from the University of North Carolina Charlotte as well as a Masters in Finance from Tulane University. He has over a decade of combined financial and real estate experience, including acquisitions and development.

 

Collectively, through our experience working with real estate private equity funds, private investors, development groups, and working within corporate real estate divisions, Brandon and I have involved commercial real estate deals worth well over $1B in aggregate completion value.

 

Enroll in this course and you will learn to speak confidently about the core concepts of commercial real estate.

 

We’ll start you off with simple foundational concepts, using easy-to-follow explanations (on purpose). We'll cover concepts like the replacement cost, highest and best use, absorption, and many key financial concepts critical to understanding commercial real estate.


We'll then dive into more than a dozen detailed case studies inspired by real-world commercial deals we've previously worked on, all paired with custom-built investment models so you can learn by doing, exactly how professionals evaluate commercial deals across a wide range of asset types.

 

Glenn Levine on my ‘How To Analyze Multifamily Opportunities’ Course - 5 Stars

 “The instructor is exceptionally knowledgeable and keeps the course very informative and interesting!”

 

Ethan Wong on my ‘Pre-Investing” course - 5 Stars

“Yet another successful course from Symon. Even though I have some experience as an investor, I found this class to be quite valuable. Although I was already quite familiar & comfortable with the course material and topics, the experiences gained from completing the exercises showed me where I have a couple weaknesses in my network. That alone made the class worth my investment…”

 

 

This course does assume an understanding of basic real estate investment analysis and is great for those build a solid foundation in commercial real estate as well as those with experience looking for a detailed, but efficient, refresher. 

 

If you want to build a solid foundational knowledge in commercial real estate, this is your course.

 

What’s holding you back?

 

Are you afraid this course won’t work?  I promise you it will.

 

Are you afraid this course will work and you’ll actually have to start investing? I think that’s a pretty good problem to have.

 

Are you afraid it will take time and effort? It will. Real estate isn’t an easy business, if it was everyone would do it. But if you put in the work I promise you’ll see results.

 

Best of all, there is absolutely ZERO risk. Udemy gives you a 30-day money back guarantee to ensure you get what you pay for.

 

So go ahead, enroll today.


We look forward to helping you succeed!


~Symon & Brandon

Who this course is for:

  • Those seeking to a build a solid foundational knowledge in commercial real estate
  • Investors who want to better understand commercial real estate before investing
  • Professionals seeking exploring commercial real estate as a potential career path

Course content

21 sections • 132 lectures

Welcome Preview 01:27

Why Investment Analysis? Part 1 of 2 Preview 10:17

Why Investment Analysis? Part 2 of 2 Preview 07:41

Investment Analysis Process Overview Preview 05:47

Check out my latest articles Preview 00:54

What is Commercial Real Estate? Preview 12:18

What is commercial real estate and how is it defined differently from residential real estate?

Commercial Real Estate Asset Classes Preview 06:45

Primer on the primary commercial real state asset classes.

Replacement Cost Preview 07:04

What is the replacement cost and why does it matter?

Highest and Best Use Preview 07:48

What is the highest and best use tenant and why is it important?

Deal States Preview 07:14

Understand the different states of a deal in potential investments.

Key Financial Concepts Overview Preview 01:02

This lecture provides an overview of the key financial concepts covered in the section

The Capital Stack Preview 04:04

This lecture provides students with an explanation of the capital stack and how it's used in commercial real estate

Revenue Items Preview 06:08

This lecture covers the various sources of real estate revenue, including rents and miscellaneous items

Operating Expenses Preview 06:37

This lecture provides a breakdown of the most common commercial real estate operating expenses

RUBS Preview 02:59

This lecture provides an overview of the ratio utility billing system and how it's used to create value in commercial real estate

Net Operating Income Preview 03:46

This lecture provides a definition and formula for net operating income, a key financial metric in commercial real estate

Capital Expenditures Preview 01:57

This lecture introduces real estate capital expenditures and how they differ from operating expenses

Gross Rent Multiplier Preview 02:19

This lecture shows students how to calculate the gross rent multiplier and describes when to use it in commercial real estate

Vacancy - Economic and Physical Preview 03:45

This lecture defines commercial real estate vacancy and describes the two types, economic and physical

Rent Roll Preview 05:32

This lecture introduces the commercial real estate rent roll and how it can be used to create value

Delinquencies and Bad Debts Preview 01:15

This lecture defines bad debts and delinquencies and how they are applicable to commercial real estate

Debt Service Preview 04:41

This lecture provides a definition of debt service and walks students through a debt service calculation

Cash Flow Preview 02:33

This lecture discusses cash flow, one of the most important aspects of commercial real estate - we cover the two types, levered and un-levered

Return on Assets Preview 01:27

This lecture walks students through the return on assets formula and describes how it's used in commercial real estate

Cash on Cash Return (Return on Equity) Preview 03:06

This lecture provides an overview of cash-on-cash return and how to calculate it

Capitalization Rates Preview 09:26

This lecture defines capitalization rate and describes how it's used in commercial real estate

Sources and Uses Preview 01:18

The lecture provides an overview of the sources and uses statement

Replacement Reserves Preview 02:02

This lecture provides an overview of replacement reserve and describes how it should be calculated

Carried and Promoted Interest Preview 04:37

This lecture provides an overview of carried or promoted interest and how it's utilized in commercial real estate deal structuring

Types of Commercial Real Estate Loans Preview 03:28

This lecture introduces the primary types of commercial real estate loans

Construction Loans Preview 04:52

This lecture provides an overview of construction loans and how / when they are used

Permanent Loans Preview 04:11

This lecture provides an overview of permanent loans and how / when they are used

Refinancing Preview 02:46

This lecture provides an overview of refinancing loans and how / when they are used

Mezzanine and Bridge Loans Preview 03:11

This lecture provides an overview of mezzanine or bridge loans and how / when they are used

What Lenders Care About Preview 02:42

Discussion on what commercial lenders are looking for when they are evaluating a loan application

Loan to Value (LTV) Preview 03:13

This lecture provides a definition of loan to value (LTV) and describes how the ratio is used in commercial real estate

Loan to Cost (LTC) Preview 02:10

This lecture provides a definition of loan to cost (LTC) and describes how the ratio is used in commercial real estate

Debt Service Coverage Ratio Preview 04:11

This lecture provides a definition of debt service coverage ratio (DSCR) and describes how the ratio is used in commercial real estate

Debt Yield Preview 02:13

This lecture provides a definition of debt yield and describes how the ratio is used in commercial real estate

Maximum Loan Calculation Example Preview 03:44

Walk through on how to calculate the maximum eligible loan amount for a commercial property

Spotting Opportunities Overview Preview 00:33

This lecture introduces the section on how to spot commercial real estate opportunities

City Planning and Development Preview 08:32

This lecture describes how city planning can be used to spot commercial real estate opportunities

Land Use and Zoning Preview 03:58

This lecture describes how land use and zoning can be used to spot commercial real estate opportunities

Demographic Trends Preview 04:27

This lecture describes how demographic trends can be used to spot commercial real estate opportunities

Job and Employment Outlook Preview 06:22

This lecture describes how job and employment numbers can be used to spot commercial real estate opportunities

Approved Projects - Local and Regional Preview 03:16

This lecture describes how approved projects can be used to spot commercial real estate opportunities

Elements of Commercial Leases Preview 12:18

Learn the common elements shared by most commercial real estate leases

Types of Commercial Leases Preview 15:36

Understand the main types of commercial leases

Top 10 Risks Overview Preview 00:42

Introduction to the top 10 risks found in commercial real estate

Sponsor Risk Preview 02:16

This lecture describes sponsor risk and how it impacts commercial real estate projects

Debt Risk Preview 02:25

This lecture describes debt risk and how it impacts commercial real estate projects

Cap Rate Risk Preview 02:12

Tenant Risk Preview 03:22

This lecture describes tenant risk and how it impacts commercial real estate projects

Leasing Risk Preview 01:56

This lecture describes leasing risk and how it impacts commercial real estate projects

Physical Asset Risk Preview 02:12

This lecture describes physical asset risk and how it impacts commercial real estate projects

Entitlement Risk Preview 01:43

This lecture describes entitlement risk and how it impacts commercial real estate projects

Construction Risk Preview 02:13

This lecture describes construction risk and how it impacts commercial real estate projects

Market Risk Preview 01:09

This lecture describes market risk and how it impacts commercial real estate projects

Geographic Risk Preview 01:20

This lecture describes geographic risk and how it impacts commercial real estate projects

Introduction to the Investment Model Preview 08:50

Industrial Asset Class Preview 19:16

A brief overview of the industrial asset class

Warehouse Subdivision Example Preview 07:19

A case study of a warehouse subdivision

Industrial Warehouse Portfolio Example Preview 08:28

A case study of a warehouse portfolio acquisition and stabilization

Retail Asset Class Preview 18:59

Overview of the retail asset class

Simple Retail Example Preview 07:21

A case study example of a simple strip retail acquisition and stabilization.

Anchored Retail Acquisition Preview 06:10

Case study of a supermarket anchored retail acquisition

Mixed Use Retail Example Preview 08:11

Case study of a mixed-use retail development project

Office Asset Class Preview 16:30

Overview of the office asset class

Simple Neighborhood Office Example Preview 08:16

Case study of a simple neighborhood office acquisition

Downtown High Rise Office Example Preview 07:36

Case study of a high rise downtown office acquisition and lease-up

Medical Build to Suit Development Example Preview 11:26

Case study of a build to suit medical office park development project

Multifamily Example Overview Preview 05:32

Overview of multifamily case study

Multifamily Example - Front-loaded Renovation Preview 05:12

Case study involving a low initial renovation but high finishing renovation

Multifamily Example 2 - Backloaded Renovation Preview 03:20

Case study involving a high initial renovation but low finishing renovation

Specialty Assets Preview 04:09

Introduction to specialty and operating assets

Self Storage Example Preview 13:10

Case study of a self storage development and stabilization project.

Economy Hotel Example Preview 12:09

Case study of an economy hotel development and stabilization project

Parking Garage Example Preview 11:23

Case study of a parking garage development and stabilization

Landing Banking Example Preview 11:40

Case study of a land banking investment strategy

Congratulations! Preview 00:41

Congratulations!

Real Estate Cycles Overview Preview 03:50

Intro to real estate market cycles

The Recovery Phase Preview 08:19

A discussion of the recovery phase of the cycle

The Expansion Phase Preview 04:27

A discussion of the expansion phase of the cycle

The Hypersupply Phase Preview 04:34

A discussion of the hypersupply phase of the cycle

The Recession Phase Preview 05:57

A discussion of the recession phase of the cycle

The Next Bust? Preview 07:19

A discussion on the possible next bust if we follow the RE cycle

What makes a good investment? Preview 01:48

Discounted cash flow analysis and net present value Preview 05:37

Discount rate Preview 02:42

What is the discount rate?

NPV demonstration Preview 07:34

Demonstration of the NPV in Excel

Measuring Efficiency - Internal Rate of Return Preview 02:33

Introduction to the internal rate of return

IRR demonstration Preview 04:24

Internal rate of return demonstration

Measuring magnitude - cash multiple Preview 01:58

Introduction to the cash multiple

How to use the measures Preview 06:03

Which measures should we use?

NPV vs IRR Preview 04:50

NPV vs IRR demostration

Terminal value of an indefinitely held rental property Preview 05:09

Understanding the terminal value

Investment yields and capitalization rates Preview 08:38

Investment yields and capitalization rates

Measures of return summary Preview 07:49

Measures of return summary

What is debt leverage? Preview 00:54

What is debt leverage?

Interest only vs amortized loans Preview 04:34

Interest only vs amortized loans

The amortization calculator Preview 03:57

The amortization calculator

How debt impacts investment returns Preview 05:07

How debt impacts investment returns.

Intro to investment strategies Preview 00:37

Intro to investment strategies

Core investment strategy Preview 08:22

What is the core investment strategy?

Opportunistic investment strategy Preview 11:21

What is the opportunistic investment strategy?

Value-added investment strategy Preview 06:24

What is the value-added investment strategy?

Investment strategies summary Preview 07:48

Investment strategies summary

Why do you need the waterfall Preview 02:18

Intro to investing with others  on why you need the waterfall framework

Why invest with other people? Preview 03:32

Why should you even invest with others?

Risk of investing with othe rpeople Preview 01:28

Risks of investing with others

Introduction to the waterfall framework Preview 10:33

What is the waterfall and what are its components?

Waterfall example overview Preview 02:11

Intro to the waterfall example

No waterfall Preview 04:08

With no waterfall framework used, all parties get the same returns

2-tier waterfall Preview 03:09

A look at the 2-tier waterfall framework

3-tier waterfall Preview 03:36

A look at the 3-tier waterfall framework

4-tier waterfall Preview 05:17

A look at the 4-tier waterfall using the catchup

Summary of waterfall example Preview 05:41

Summary of the waterfall example

Which waterfall to use? Preview 02:15

So which waterfall should you use?

What happens if the investment loses money? Preview 00:30

Money losing waterfall example Preview 04:53

Money losing example for the waterfall

Waterfall example - rental income property Preview 06:55

Waterfall example applied to rental income property

Waterfall example - fix and flip investment Preview 05:25

Waterfall example applied to a fix and flip

Waterfall example - restaurant startup Preview 09:21

Waterfall example applied to restaurant startup

Waterfall example - revisiting the parking garage Preview 05:39

Waterfall example applied to parking garage

Other situations to use the waterfall Preview 01:19

Other uses for the waterfall

Deep Dive into the Waterfall Framework Overview Preview 00:56

Modeling the Preferred Return Preview 10:19

Modeling the IRR and Cash Multiple Hurdles Preview 07:55

Modeling the Catchup Preview 06:42

Final Calculations for the Waterfall Preview 04:20

OPTIONAL: How to use Udemy, download files, etc... Preview 19:13

Overview of some useful Udemy features like speeding up lectures, bookmarking, downloading files, and how to to ask questions to the Q&A forum.

Udemy Technical Issues Preview 00:58