Learn the fundamentals behind every deal.

Practical articles and tutorials focused on commercial real estate analysis.

• CRE 101 Series

  A 15-chapter series covering the core concepts behind every commercial real estate deal, from what CRE is to the acquisition process.

• How Lenders Size a CRE Loan: DSCR, LTV, LTC, and Debt Yield

  Learn how commercial real estate lenders calculate maximum loan proceeds using DSCR, LTV, LTC, and Debt Yield constraints, with a full worked example.

• Real Estate vs Stock Market: How to Compare Returns

  Learn how to compare a real estate investment to stock market returns over the same hold period, including how equity multiples, IRR, and compounding affect the comparison.

• What Is LIHTC? A Guide to the Low-Income Housing Tax Credit

  Learn how the LIHTC program works, how 9% and 4% credits differ, and how rent limits are calculated.

• How to Find Rent Comps for Multifamily Properties

  Learn where to find multifamily rent comps, what makes a comp actually comparable, and how to avoid the mistakes that throw off pro forma rent.

• How to Calculate Commercial Real Estate Loan Payments

  Learn how loan amount, interest rate, amortization, and loan term combine to set your commercial mortgage payment, plus how interest-only periods and balloon payments work.

• How to Build a CapEx Budget for a Multifamily Acquisition

  A step by step guide to building a multifamily capex budget, covering interior renovation costs by unit type and condition, exterior costs, and contingency.

• How to Calculate RUBS for Multifamily Properties

  A step-by-step guide to calculating Ratio Utility Billing System charges, including common area deductions and vacancy handling.

• What Is a Rent Roll? Definition and Example

  What a rent roll lists for every unit, how it's used in underwriting, and the export problems that show up most often.

• How to Sort a Rent Roll in Excel

  The sorting hierarchy analysts use, unit type to square footage to effective rent, and the Excel steps to apply it without breaking your rows.

• Breakeven Occupancy: What It Is and Why It Matters

  Learn what breakeven occupancy is, how to calculate it from operating expenses and debt service, and why it matters more once leverage enters the picture.

• What Is RUBS in Real Estate? Ratio Utility Billing Explained

  Learn how RUBS allocates utility costs across units, common allocation formulas, RUBS vs submetering, and how to underwrite RUBS income in a deal.

• CRE Glossary

  Quick definitions for the commercial real estate and finance terms that come up most in underwriting and deal analysis, from DSCR and LTV to IRR and cap rate.