This course is designed to provide practical, real-world skills to prepare students for a career in real estate. Students learn how to analyze real estate transactions at all stages from acquisition to disposition and everything in between: syndicating, leasing, financing, refinancing, repositioning, selling, and holding. The course will be taught through real-life documents from actual transactions.The course features analysis of multi-family, office, retail, and industrial real estate projects. Several moderated guest speakers (developer, lender, appraiser and syndicator) will join us in class. We will also visit a local real estate site. Topics to be discussed include: real estate as an investment category, net operating income, capitalization rates, cash on cash returns, net present value, and internal rate of return. We will also look at lease types (gross, triple net, modified gross), title, boundary surveys, environmental reports and capital studies, and an introduction to the CoStar database. While there will be some Excel work, no prerequisites exist other than basic Excel skills and a passion for real estate. The bulk of your grade will be based on a group project analyzing a residential or commercial real estate deal starting with its acquisition through repositioning. At the end of the class, we hope you will look at real estate from a different viewpoint and engage effectively with real estate in the future.
Meets
Wed 2:30-5:30pm R0320 (Ross School of Business)