- Total of 16 hours of recorded content (lecture videos plus audio interviews)
- 11 downloadable lecture videos
- 250+ slides
- 10 Excel supplements with major textbook Figures recreated
- 2 optional homework assignments
- Re-usable unlocked Excel Condominium project development template (a $249.00 value)
- 48 curated audio interviews with textbook author Peter Linneman, Ph D
The course objectives are to:
- Provide you with a solid theoretical and technical grounding in real estate finance and investments
- Make you a more critical thinker with respect to the business of real estate across all property types
- Empower you with marketable knowledge and skills
This exciting 11-Module course instructed by REFM founder Bruce Kirsch provides you with a solid foundation in commercial real estate finance and investments. Among many other things, you will learn about discounting property cash flows, commercial real estate leases, pro-forma modeling, and how to think critically about real estate and transactions.
The course is based on Real Estate Finance and Investments: Risks and Opportunities (Linneman), the top graduate-level real estate finance textbook, of which Mr. Kirsch is the Editor. A copy of the Third or Fourth Edition of the textbook is required.
NOTE: The textbook is not included in the cost. You can purchase the textbook separately here.
See below for a full list of topics covered.
Course Materials For You To Keep
- 11 downloadable lecture videos
- 11 PDF slide presentations (1 for each Module), totaling over 250 slides (Sample below)
- 10 associated unlocked Excel Exhibits files with major textbook Figures recreated with working formulas (click for Sample)
- An unlocked REFM Condominium Development model for use with the case study “The Upzoning Decision”, and usable for future personal analyses (a $249.00 value)
Course Format And Participant Computer Requirements
This course is self-paced. There are assigned textbook readings and article, audio and video supplements; video lectures, and hands-on Excel spreadsheet exercises. There are also two optional homework assignments. The software required is Excel 2007 or more recent for PC, or Excel 2010 or more recent for Mac.
Modules 1-3 Free Samples
- Module 1: Risks And Opportunities; What Is Real Estate?; Global Real Estate (video below)
- Module 2: Time Value of Money and Discounted Cash Flow; Real Estate Cycles (start at 17:24 mark)
- Accompanying Excel Exhibits file
- Read Prerequisite I: The Basics of Discounted Cash Flow & Net Present Value Analyses
- Read Ch. 20: Real Estate Cycles
- Listen to Linneman Audio Interviews:
- Module 3: Fundamentals of Commercial Leases (start at 38:47 mark)
- Module 4: Property Level Pro Forma Analysis; Financial Modeling; Internal Rate of Return; Amortization
- Module 5: Due Diligence; Capitalization Rates
- Module 6: Development Pro Forma and Feasibility Analysis
- Homework #1 introduction, “The Upzoning Decision” (Condominium Development Analysis)
- Module 7: Debt Financing
- Homework # 2 Introduction (Multi-Tenant Commercial/Industrial/Retail Asset Acquisition Modeling)
- Module 8: Bankruptcy; Commercial Mortgage Backed Securities (CMBS)
- Module 9: Ground Leases; Real Estate Exit Strategies
- Review of Homework #1
- Module 10: Real Estate Companies; Real Estate Private Equity; Real Estate Investor Perspectives
- Module 11: REITs and Liquid Real Estate; Corporate Real Estate; There Are A Lot Of Right Ways To Do It; Some Obvservations On Real Estate Entrepreneurship
- Review of Homework #2
Who Should Purchase
Anyone who would like an introduction to the foundations of commercial real estate finance and investments, or a refresher.
Mr. Kirsch is the founder and principal of REFM, and is an Editor of the Third Edition of Wharton Professor Peter Linneman’s Real Estate Finance and Investments: Risks and Opportunities, the top graduate-level real estate finance textbook. Mr. Kirsch instructed on real estate finance and financial modeling for three years as Adjunct Faculty at Georgetown University. A highly-acclaimed instructor, Mr. Kirsch previously worked in commercial brokerage and real estate investment in New York and Washington, DC. Mr. Kirsch holds an MBA in Real Estate from The Wharton School and a BA in Communication from Stanford University.