Learning Path
Real Estate Developer
Entitle, budget, finance, and deliver ground-up projects.
For the ground-up side of the business: market and capital markets analysis to underwrite a site, the full capital stack from senior construction debt to preferred equity, construction/development finance mechanics, and the public incentive programs (LIHTC, TIF, PILOTs, Opportunity Zones) that can make or break a project's returns.
The Path, In Order
Module 1 — Part 0 — Foundations & Prerequisites
Zero-knowledge starting point: time value of money, reading financial statements, Excel modeling, statistics, macroeconomics, contracts, how financial markets work, professional writing, professional tools, and ethics. Complete this before anything else on the platform.
- 1Simple vs. Compound Interest
- 2Present Value & Future Value
- 3Annuities & Perpetuities
- 4Nominal vs. Effective Interest Rates
- 5The Income Statement
- 6The Balance Sheet
- 7The Cash Flow Statement (and How the Three Connect)
- 8Core Excel Skills for Financial Modeling
- 9Model Hygiene, Scenarios & Sensitivity Tooling
- 10Descriptive Statistics & Distributions
- 11Correlation & Regression
- 12Monte Carlo Simulation Intuition
- 13GDP, Inflation & Employment
- 14The Federal Reserve & Interest Rates
- 15Credit Cycles and Why They Matter to CRE
- 16What Makes a Contract Enforceable
- 17Negotiating, Breaching & Remedying Agreements
- 18Debt vs. Equity as Capital
- 19Bonds & Fixed-Income Basics
- 20Securitization Intuition: From Loan to Bond
- 21Writing Memos, Emails & Decks That Get Read
- 22Speaking With Authority in Meetings and Calls
- 23Email, Calendar & Project-Management Discipline
- 24Data Rooms, E-Signature & CRM Basics
- 25Fiduciary Duty & Conflicts of Interest
- 26Confidentiality & Professional Standards
Module 2 — Foundations & the CRE Ecosystem
What CRE loan origination is, who's involved, and how the business works.
Module 3 — Property Types & Asset Fundamentals
How each major commercial property type makes money, and what makes it unique to finance.
- 1Commercial Real Estate Property Types
- 2Multifamily Properties
- 3Office Properties
- 4Retail Properties
- 5Industrial & Logistics Properties
- 6Hospitality Properties
- 7Self-Storage Properties
- 8Medical Office & Healthcare Properties
- 9Senior Housing Properties
- 10Student Housing Properties
- 11Manufactured Housing Communities
- 12Data Center Properties
- 13Life Sciences Properties
- 14Mixed-Use Properties
- 15Land & Development Sites
- 16Special-Purpose Properties
- 17Alternative Land Income: Cell Towers, Billboards & Renewable Energy Ground Leases
- 18Industrial Outdoor Storage (IOS)
- 19Multifamily: Sub-Asset Classes, Financing & Underwriting Metrics
- 20Office: Sub-Asset Classes, Financing & Underwriting Metrics
- 21Industrial & Logistics: Sub-Asset Classes, Financing & Underwriting Metrics
- 22Retail Deep Dive: Sub-Asset Classes, Financing & Underwriting Metrics
- 23Hospitality: Sub-Asset Classes, Financing & Underwriting Metrics
- 24Healthcare & Senior Housing: Sub-Asset Classes, Financing & Underwriting Metrics
- 25Self-Storage: Sub-Asset Classes, Financing & Underwriting Metrics
- 26Data Centers: Sub-Asset Classes, Financing & Underwriting Metrics
- 27Land & Ground Leases: Sub-Asset Classes, Financing & Underwriting Metrics
- 28Manufactured Housing Communities: Sub-Asset Classes, Financing & Underwriting Metrics
- 29Mixed-Use & Master-Planned: Sub-Asset Classes, Financing & Underwriting Metrics
- 30Special-Purpose & Niche Assets: Sub-Asset Classes, Financing & Underwriting Metrics
- 31Life Sciences & Lab Space: Sub-Asset Classes, Financing & Underwriting Metrics
- 32Senior Housing Deep Dive: Levels of Care, Financing & Underwriting Metrics
- 33Student Housing: Sub-Asset Classes, Financing & Underwriting Metrics
Module 4 — Income, Value & Return Fundamentals
GPR, NOI, cap rates, and the return metrics investors use to compare deals.
Module 5 — Sourcing & Qualifying Deals
Finding real deals and spotting red flags before you invest your time.
Module 6 — Valuation
Income, sales-comparison, and cost approaches to valuing commercial property.
Module 7 — Market Analysis & Capital Markets
Supply, demand, comps, rates, and how the macro environment moves CRE.
- 1Supply, Demand & Absorption
- 2CRE Market Cycles
- 3Comps & Comp Adjustment
- 4Location & Submarket Analysis
- 5Location Theory & Retail Hierarchy
- 6Economic Base & Demographic Demand Analysis
- 7Market Feasibility & Capture Analysis
- 8Interest Rates, Treasuries & CRE
- 9SOFR & Credit Spreads
- 10Monetary Policy & CRE Values
- 11Inflation, Recession & CRE Performance
Module 8 — Capital Stack & Investment Structures
Mezzanine debt, preferred equity, joint ventures, and equity waterfalls.
Module 9 — Development & Construction Finance
Entitlements, budgets, draw schedules, and construction-to-permanent financing.
Module 10 — Public Finance & Incentive Programs
LIHTC, HUD/FHA multifamily programs, TIF, PILOTs, and Opportunity Zones.
Case Studies
13 for this path
Deal Simulations
4 for this path
Real Estate Developer Certification
Take the exam for this path →
Capstone Practice
Once you've worked through the modules above, these apply everything to a full deal.