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Mastering Underwriting

Led by real estate veteran Jonathan Twombly, this course is designed to teach you the fundamentals of syndication underwriting. This course covers everything from reading rent rolls and operating statements to using advanced underwriting models, scenario planning, and real-world examples, equipping you with the skills needed to confidently analyze and execute real estate deals.

💰 $599  ⌛ 4.5 hrs  🖥️  Async  🏷️  Finance

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Course Outline 

4 modules, 17 lessons, 4.5 hours

What You Need To Start Underwriting
Lesson 1: Course Introduction
Lesson 2: What Do I Need to Underwrite Deals?
Lesson 3: How Do I Read a Rent Roll?
Lesson 4: How Do I Read an Operating Statement?
 
Introduction to the Underwriting Model
Lesson 5: Introduction to the AIC Syndication Underwriting Model
Lesson 6: What's "Loss-to-Lease"?
Using the Underwriting Model
Lesson 7: Underwriting Income
Lesson 8: Underwriting Operating Expenses
Lesson 9: Underwriting Debt
Lesson 10: Underwriting Deal Expenses and Capex
Lesson 11: Underwriting Pro Forma Projections & Exit Assumptions
Lesson 12: Underwriting Debt Refinancing and Cash-Out Refinancing
Lesson 13: Performing Scenario Planning & Stress-Testing
Lesson 14: Underwriting Syndication Waterfalls
Underwriting Examples
Lesson 15: Underwriting Ex. 1: Basic Buy & Hold
Lesson 16: Underwriting Example 2: Value-Add
Lesson 17: Course Conclusion
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Walk away with

  • The ability to accurately read and analyze rent rolls and operating statements for real estate deals
  • A thorough understanding of syndication underwriting models, including how to underwrite income, expenses, and debt
  • The skills to scenario plan, stress test deals, and apply pro forma projections and exit assumptions effectively
  • The knowledge to underwrite syndication waterfalls and complex deal structures like buy and hold and deep value add deals.
  • Real-world experience by working through detailed underwriting examples to solidify your learning.
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Meet Jonathan

Jonathan Twombly is a real estate investor and mentor with a background in law, shifting to real estate in 2011. He founded Two Bridges Asset Management LLC, building a 400+ unit multifamily portfolio, and later co-GP’d $250 million in multifamily properties. More recently, he has focused on hotel repositions, including the transformation of properties in New York and Vermont. Frustrated by the typical real estate mentoring programs, he launched the Apartment Investors Club, offering a professional approach to real estate investing. Jonathan is a Harvard College and Columbia Law School graduate, fluent in Japanese, and resides in Brooklyn, NY, with his family.

 

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