Real Estate Investment Analysis
Analyse a 12-unit apartment building from NOI to IRR, plus rent vs buy, with every formula checked on a live spreadsheet. Educational only, not investment advice.
Real Estate & Property · 13 courses
Real estate & property courses
Property decisions come down to a handful of numbers: net operating income, cap rate, cash-on-cash return, debt service coverage and what is left after closing costs. These 13 real estate courses teach those numbers on one realistic deal per course, in a spreadsheet that checks every formula, so you can underwrite your own rental, development or loan the same way.
The courses cover rental property and BRRRR analysis, short-term rentals, development pro formas and equity waterfalls, REITs, ground leases and sale-leasebacks, mortgage underwriting, refinancing and broker economics, closing statements and escrow, appraisal grids and home inspections, plus operating businesses built on property such as self-storage, parking, coworking, co-living, student housing and manufactured home communities. Numbers are illustrative and nothing is investment advice.
Courses in Real Estate & Property
Real Estate Development & Equity Waterfalls
Take a 120-unit apartment project from land bid and budget through construction loan, lease-up and sale to the investor waterfall, every formula checked live. Educational only, not investment advice.
Mortgage & Loan Underwriting Math
Work through one home loan file: payment and amortization, PITI, LTV, mortgage insurance, qualifying income, DTI, APR and points, and a refinance check, with every cell checked as you go. Educational only, not financial advice.
Short-Term Rental Investment Analysis
Analyse one 2-bed apartment as a short-term rental: occupancy, ADR and RevPAR, seasonal forecast, fees, NOI, financing vs a long-term let, arbitrage, dynamic pricing and break-even. Educational only, not investment advice.
Property Management Math: Rent Rolls, Vacancy & CAM Reconciliation
Run the numbers of a mixed-use building like a property manager: rent roll, vacancy and loss to lease, lease expiries, escalations, CAM reconciliation, arrears, budget vs actual NOI and net effective rent, with every cell checked as you go.
REIT Analysis: FFO, AFFO, NAV & Dividend Coverage
Analyse a fictional REIT the way REIT analysts do, from FFO and AFFO to P/FFO, NAV, leverage and same-store growth, with every formula checked on a live spreadsheet. Educational only, not investment advice.
Real Estate License Exam Math: Commissions, Prorations & Loans
Hands-on practice for the math on US-style real estate license exams: commission splits, area and acres, property tax and mill rates, closing prorations with 365- and 360-day methods, LTV, payments and points, qualifying ratios, the three appraisal approaches and investment returns, every cell checked as you go. Independent practice, not affiliated with any state commission or exam provider; rules vary, check your state's rules.
Real Estate JV Waterfalls: Preferred Return, IRR Hurdles & Promote
Split one fictional apartment joint venture between LP and GP: compounding pref, IRR hurdle balances, a three-tier promote, equity multiple hurdles, the GP's effective share, exit cap sensitivity and American vs European timing, every cell checked as you go. Educational only, not investment advice.
Mortgage Refinancing Math: Break-Even, Points, Cash-Out & ARMs
Decide a refinance from the borrower's side, number by number: the remaining balance with CUMPRINC and CUMIPMT, new payments by term, itemised closing costs and the break-even month, points vs lender credits, the term-extension trap in total interest, a cash-out refinance with its LTV and the true rate on the cash, ARM resets with index, margin and 2/2/5 caps, and a decision table ranking offers by NPV with a chart – 8 labs on one fictional household's loan, every cell checked instantly. Illustrative rates, educational only, not financial advice.
Self-Storage Business Economics: Unit Mix, Occupancy & Revenue Management
Run the numbers of a fictional storage facility: unit mix, physical vs economic occupancy, street rates and rate increases, move-outs and length of stay, RevPAF, NOI, a lease-up curve and value, with every cell checked as you go.
Housing Market Analytics: Price Indices, Affordability & Supply
Analyse a housing market like a research analyst: median vs mean prices, a price index with YoY change and CAGR, the repeat-sales idea, price-to-income and payment-to-income affordability, months of supply, days on market, sale-to-list, rent vs buy and a regional dashboard with charts: 8 graded labs on synthetic data. Educational only, not investment advice.
Home Appraisal Math: Sales Comparison Grid, Adjustments, Cost & Income Approaches
Value one fictional house step by step: comp screening by price per sq ft, a sales comparison grid with line and market-conditions adjustments, net and gross adjustment checks, weighted reconciliation, the cost and income approaches, and a final value range with report line and chart, in 8 graded labs. Practice only, not a licensed appraisal.
Real Estate Agent Business Math: Commission Splits, Caps, GCI Goals & Expenses
Run a real estate career like a business in a spreadsheet: side commissions and GCI, brokerage splits with an annual cap, an income goal turned into deals, a lead funnel with cost per closing, expenses, team and referral splits, a quarterly tax set-aside and a plan-vs-actual dashboard, every cell checked as you go. Fictional agent and brokerage, illustrative numbers, not legal or tax advice.
Guides with worked examples
RevPAR Calculation: Formula, ADR, Occupancy and Example
RevPAR calculation step by step: occupancy, ADR, RevPAR = ADR × occupancy, plus TRevPAR, GOPPAR and the RevPAR index, in a worked Excel example.
Cap Rate Calculation: Formula, NOI and Worked Example
How to calculate the cap rate: build NOI from rent, vacancy and expenses, divide by price, and turn a market cap rate into a value. Excel example.
Debt-to-Income Ratio Calculation: DTI Formula & Limits
Debt-to-income ratio calculation: front-end and back-end DTI, which debts count, typical US lender limits and the maximum loan, with an Excel example.
How to Calculate FFO and AFFO for a REIT, with Example
FFO and AFFO step by step: from net income to FFO per share, AFFO after recurring capex, payout ratios and P/FFO. Worked Excel example of a REIT.
Equity Waterfall with an IRR Hurdle in Excel (Example)
Build a real estate equity waterfall with an 8% LP IRR hurdle and a promote in Excel: hurdle balance, tier cash, LP IRR and the GP promote. Worked example.
Refinance Break-Even Calculator: Closing Costs ÷ Savings
Refinance break-even calculator in Excel: new payment with PMT, real closing costs, break-even month, net saving and the term trap. Excel example.
Frequently asked questions
Do I need real estate experience?
No. Each course starts from the basic terms and builds the analysis step by step, with a hint and a coach message for every task.
Are the courses specific to one country?
No. The maths is the same everywhere; where taxes, fees or legal steps differ by country, the lesson uses labelled placeholder rates and says so.
Can I use the sheets for real deals?
Yes. Every lab teaches a method you can rebuild with your own rents, costs, rates and prices.
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