Fundamentals of Analyzing Real Estate Investments
4.5 (8,358 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
62,787 students enrolled

Fundamentals of Analyzing Real Estate Investments

Learn professional investment analysis techniques for real estate investing in residential and commercial properties
4.5 (8,358 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
62,783 students enrolled
Created by Symon He
Last updated 7/2020
English [Auto], French [Auto], 6 more
  • Indonesian [Auto]
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  • Polish [Auto]
  • Portuguese [Auto]
  • Romanian [Auto]
  • Spanish [Auto]
Current price: $139.99 Original price: $199.99 Discount: 30% off
5 hours left at this price!
30-Day Money-Back Guarantee
This course includes
  • 18.5 hours on-demand video
  • 19 articles
  • 72 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What you'll learn
  • Confidently Evaluate the Return Potential of Any Real Estate Investment Opportunity
  • Know a "Good" Investment from a "Bad" Investment
  • Use Professional Grade Investment Models to Evaluate Your Deals
  • Evaluate Rental Income Properties
  • Evaluate Fix & Flips
  • Evaluate Commercial Properties
  • Evaluate Airbnb Properties
  • Use Smart Investment Deal Structures With Business Partners
  • Understand and Use Professional Real Estate Investment Strategies & Techniques
  • Have Microsoft Excel 2011 or Newer

Welcome to Fundamentals of Analyzing Real Estate Investments , my practical course on how to use professional techniques to evaluate investment opportunities in real estate. This course has been propelling students from total beginners to confident practitioners in a matter of weeks.

Here is what a few of my students have to say:


James Mccarthy - 5 stars

 “The most bang for your buck, this is the most value packed course I have on Udemy out of 84. The tools and materials in this course are top notch. This course is a clear investment towards achieving my investment goals. Your not likely going to build a house without a hammer. You need the right tool for the job and this is it!!!!!!!"

Dave Clinton - 5 Stars

“The instructor not only gave you a strategy but he also show how to apply it in real world situations.” 


Bradley Garza - 5 Stars

“Tremendous value - just a wealth of content and knowledge I don't see anywhere else. The investment models and examples alone are worth 100x what I paid for this course. Instructor is responsive and continues to update content. Thank you Symon!”


Mark Forest - 5 Stars

“There is a tremendous amount of information in this course that far surpasses anything else offered by Udemy.


It doesn’t matter what facet of the real estate investment industry you are interested in, this course is full of invaluable information that will save you time and, if you apply what you learn, money.


Inside, you’ll find useful information on:


•    Rental Income Properties

•    Fix and Flips

•    Multifamily Apartments

•    Commercial Properties

•    Land Development

•    And a whole lot more!


Want to know what REAL real estate investment analysis is all about?


Tired of "no money down/get rich like me" real estate investing "secrets" from supposed real estate gurus that leave you filled with nothing but marketing fluff and upsells trying to convince you to purchase their $2000 elite coaching program?


Me too. That’s why I developed this course for students who are looking for actual results and not a magic bullet.


I can't promise I'll help you get rich enough to buy your own a yacht and and a pair of  Ferraris, but I can teach you some serious real estate investment analysis techniques.  The same techniques used by the best and most successful investors.


If you want to learn the real fundamentals of real estate investing and how to actually evaluate investment opportunities the way professional investors do, this is the course for you.


After getting my MBA from Stanford, I became a licensed broker and real estate consultant and worked on over $400M in real estate deals. I’ve spent hundreds of hours on research, not counting the countless deals I’ve made over the years.


 And I’ve taken all that knowledge and put it all into this course.     

Jim Bo - 5 Stars

“This is a very detailed and very thorough course that covers many aspects builds a solid foundation of real estate investing. In addition to superb videos, Symon does an excellent job at promptly answering all your questions with a lot of details. Anyone who is thinking about investing in real estate should take this course!”


Nelson Robertson - 5 Stars

“Well organized, thorough, and easy to follow. Symon makes a point to be very responsive to questions and provides very detailed answers. Tremendous value.”


How do you know if this course is right for you?


Have  you've ever wanted to:

            •           Invest with business partners but do so in a smart and fair way?

            •           Want to appeal to investor clients as an agent?

            •           Want to land an acquisitions role as an analyst/associate?

            •           Want to get into real estate private equity and need to get up to speed?

            •           Want to be able to ANALYZE any real estate opportunity?

            •           Look at and evaluate deals the way a professional investor would?

            •           Become smarter and more efficient at finding and evaluating deals than you did before?

            •           Know what Airbnb short term rentals are all about and if it's worth your effort?

            •           Become an agent who could target investor clients instead of just home buyers?

            •           Have professional investment analysis tools that you could use immediately to evaluate your own investment opportunities?

            •           Get into a real estate acquisitions role (analyst or associate) in real estate i-banking or private equity (you get 20+ investment models/examples!)?

IF YES to any of the above, then this course is definitely for you.


Theododre Catillo - 5 Stars

“Very comprehensive. Much more than I expected. Recommend to anyone wanting a solid foundation”


Priska Prasetya - 5 Stars

“Easy to understand. The teacher makes the explanation simple. Highly recommended!”


Jorge juyo - 5 Stars

“The information is really well organized, well presented, Symon uses all the media and audio visual aids possible and that makes it easy to follow.”




I don't live in the US, is the material still relevant to me?


Yes! While all of  the examples are using US properties, ALL of the concepts taught and tools provided are just as useful for any market around the world.  In fact, I have students from over 190 countries who are learning and using the tools provided in the course to help them invest in their local area.


What if I don't have any real estate background?


Perfect! I start you off with a heavy dose of the fundamentals so students with no experience or background can get the most out of the rest of the course. Check out my foundational sections below.


I have some real estate background already, what could I learn from your course?

Besides everything listed above, I’ll show you how to answer these types of questions for EVERY kind of real estate property:


            •           How do you know if a particular investment is worth your time and money?

            •           How do you know if property A is better than property B?

            •           How do you find deals that make sense for you? That fit your risk preferences and goals?

            •           How can you calculate your expected return on your investment?

            •           How would you analyze the returns for your investment company?

            •           How do you structure an investment with investment partners?

            •           How do you analyze operating assets?


If you know how to do all of that, this course isn’t for you. The good news I have plenty of advanced courses available as well, feel free to check those out right now to find the one that’s appropriate for your experience level.


Having said that, I put A LOT of useful materials in here so you're more than likely going to learn something new.


I've had folks who had over 20 years of experience find something of value in this course, so I’m certain you can too.


Why is there so much math and number crunching?

You can't properly evaluate a real estate investment without looking at its numbers.  So if you hate math and don't like numbers, this course isn't for you.  Serious real estate analysis is probably not for you either. 


Why do you use Excel so much?


Good question.  Analyzing real estate investments involves looking at the numbers and it's easiest to do so with spreadsheets, which is why I use Excel extensively in this course.  But the good thing is you DO NOT have to build any of the models yourself.  You just need to be able to follow along and then you'll be able to use the models I give you.  


Can you make me rich by taking your course?

No, not just from taking the course. Anyone who promises you that is selling snake oil.

What I can guarantee is that you will leave with some serious real estate investing knowledge and techniques that can then lead you to being more profitable with your investments.


What else does this course cover besides real estate investing?

This course is ALL about and ONLY about professional real estate investing analysis concepts and techniques. Nothing else. But as you can see, this topic alone offers quite a bit to cover already.


Actually, I do cover one more thing: I will also cover daily affirmations that help you build that winning mindset. Oh, and I’ll have lots of sales videos that will push you to sign up for my super top secret real estate system for only 12 monthly low payments of just $999. Just kidding.


What will I be able to do after I take your course?


After taking my course, you will be:

            •           Able to confidently use professional real estate investment techniques.

            •           Able to evaluate both residential AND commercial real estate opportunities.

            •           Able to structure investments with business partners in a smart and equitable way via the waterfall framework

            •           Know how to identify and mitigate investment risks.

What WON'T I get from this course?

            •           You will not get a Real Estate License from taking this course. You can only get licensed by taking the appropriate test with the testing agency of your state and country. But what is taught in this course has nothing to with getting a license, which focuses on how to legally transact real estate deals between buyers and sellers. This course is about investment analysis.

            •           Due to the sheer number of students, I am unfortunately unable to help you evaluate your personal investment deals in this course. This is about you learning how to do it on your own using the lessons and the tools here. If you really want me to consult with you privately, my hourly rate is $350/hr with a minimum of 20 hours per request.

            •           This course does not cover any of the wide range of OTHER real estate topics, which deserve their own courses, including but not limited to: contract negotiations, real estate law, real estate marketing, REITs, etc...  I try to cover the most important concepts as it relates to evaluating investment opportunities. 


Diego Ginzo - 5 stars

"Excelente. Son clarisimas las explicaciones y la conceptualizacion"

Larry Butler - 5 stars

“Like the Bacchanal buffet in Las Vegas for real estate investing--a lot to devour but each is deliciously made. I'm already feeling full but can't wait to go back for more platefuls. If you're hungry and have a refined palette with respect to real estate, look no further.”


What’s holding you back?


Are you afraid this course won’t work?  I assure you it will.


Are you afraid this course will work and you’ll actually have to start investing? I think that’s a pretty good problem to have.


Are you afraid it will take time and effort? It will. Real estate isn’t an easy business, if it was everyone would do it. But if you put in the work I promise you’ll see results.


Best of all, there is absolutely ZERO risk. Udemy gives you a 30-day money back guarantee to ensure you get what you pay for.


So go ahead, sign up and I'll see you inside!


Who this course is for:
  • Newbie real estate investors
  • Experienced commercial and/or residential real estate investors
  • People that want to invest in House Flips, Rental Properties or Apartments
  • Those that want to invest in commercial warehouses, parking lots, retail properties, etc...
  • Great for private investors and investment teams
  • Real Estate Agents Seeking Tools to Appeal to Investor Audience
  • Those who want to make BANK with Airbnb
  • MBA Students, iBankers, Financial Analysts
  • Someone who wants an in depth and broad coverage of real estate investment analysis concepts and techniques
Course content
Expand all 152 lectures 18:43:20
+ Intro: Why Do We Care About Investment Analysis?
5 lectures 28:16
A few reminders before we begin

Why even do investment analysis? Part 1 of 2

Preview 09:26

Why even do investment analysis? Part 2 of 2

Why Investment Analysis? Part 2 of 2

Quick message about investment analysis process as well as message for international students.

Preview 05:47
Check out my latest articles
+ Jumpstart
9 lectures 38:27

NOTE: Even though the example uses, you're free to use ANY website that has home listing as long as you can gather similar information for the exercise.

Get the details of what you're about to learn in this section, which will give you a major jumpstart to your real estate investment analysis education.

Get through these few lectures and in less than an hour, you'll be able to evaluate your very own rental income property.

This is meant to be a highly summarized and fast paced section--don't worry if you don't follow on 90% of it!

It is only meant to give you a FEEL for what it's like. EVERYTHING will be explained in detail at a normal pace in the rest of the course!

You can download this model for free here and follow along in the Jumpstart section. Try before you buy!

Preview 00:52

Here are some alternative sites to do your market research.

Zillow Alternatives

Using the attached Excel model and listings, we do some quick market research on rental income properties.

Preview 16:32

Demonstrating how to interpret the results from the quick market research exercise. 

Preview 07:08

Using the attached back of the envelope model, we evaluate a rental income property that you've just found.

Preview 07:59
Updated BOE Model (Up to 50 Years)

Whoa, you've already learned how to evaluate a rental income property (at a high level).  Here's what to expect in the rest of the course.

What's Next?
Can I get your opinion?
+ Foundations: Investment Process
10 lectures 40:04

Overview of this section on the components of the investment process. 

Investment Process Overview

The first stage in the Investment Process - Originations.
The who, what and where of deal sourcing.
Who will bring you deals, what are you looking to invest in and where are you looking to invest?


This Analysis phase of the Investment Process is the emphasis of the course. It is detailed further in the examples in the latter part of the course.

This lecture will tell you why analysis is so important and how it could save you precious time and money.

Analysis (What This WHOLE Course is ALL About!)

After you have completed the analysis and modeled out the return potential for your investment, you must take the time and care to validate and verify all the key assumptions that could impact your investment.

Due Diligence

Financing and Closing is the stage where you assure all the necessary funds are in place to make your deal happen.

In this lecture you will learn about the main sources of funding involved in real estate investments.

Financing & Closing

The project doesn't end after closing, now it's time to increase the value of your asset.

In this lecture you will learn the key considerations for construction and rehab and how to work with contractors.

Construction & Rehab

After construction is complete, you then want to stabilize the asset (aka get it to the point where it would be most marketable for a sale).  

Learn the various types of stabilization depending on the nature of the type of investment. 


In the final stage of the investment process, this is where you sell (or exit) from the asset and actually realize your returns (or losses).  


Too Long Didn't Watch (TLDW) Summary of the Investment Process Section.

TLDW Summary Investment Process

Brief summary of the Investment Process covered in this section.

Preview 2 pages

Review of concepts covered in the Investment Process section

Investment Process Quiz
4 questions
+ Foundations: Real Estate Cycles
6 lectures 34:24

What are the four phases that repeat for every real estate cycle?

Intro to Real Estate Cycles

Following the market crash of 2008, recovery began in most real estate markets in 2011-12.

Recovery Phase

What marks the beginning and end of the expansion phase, which many markets seem to be in already in 2018.

Expansion Phase

What will kick off the hypersupply phase and what will signal it's end?  

Hypersupply Phase

Learn why when markets crash, it often takes 3-5 years to fully bottom out.

Recession Phase

Barring a global conflict or major interest rate hikes from the feds, when should we expect to see the next peak and crash of the real estate market?

The Next Bust?
+ Foundations: How to Measure Returns
12 lectures 59:05

Quick summary of the  topics covered in this section.

Preview 01:48

What is discounted cash flow analysis and net present value?

Preview 05:37

What is the discount rate and how do you determine the right one to use for your NPV calculation?

Discount Rate

Demonstration of the Net Present Value calculations through examples using Excel

Preview 07:34

Understand what the Internal Rate of Return is and how to use it

Internal Rate of Return

Demonstration of the Internal Rate of Return (IRR) Calculations by comparing sample investment cash flows that appear very similar but give different IRR results.    

Internal Rate of Return Excel Demo

Learn what the Cash Multiple is and why it's used alongside the IRR

Cash Multiple

So which measure should you use?  You need at least two to measure both the efficiency and magnitude of investment returns. 

Preview 06:03

Demonstration of why you should use multiple measures of returns using examples in Excel. 

Preview 04:50

How to calculate the Terminal Value of an income property you plan to hold indefinitely.

Terminal Value

Learn what Yields and Cap Rates mean and how they apply to income producing properties.

Yields and Cap Rates

A Too Long Didn't Watch (TLDW) Summary of all the topics covered in this section.

TLDW Summary Measures of Return
Measures of Return Quiz
7 questions
+ Foundations: Impact of Debt on Return
6 lectures 19:36

Overview of the topics to be covered in this section around how debt impacts your measures of return.

Preview 00:54

Learn the difference between interest only vs fully amortized loans.

Interest Only vs Amortized Debt

A look at the amortization calculator that is built into every investment model in this course.

The Amortization Calculator

This is a new revised Amortization calculator that shows what happens if you made extra monthly payments towards principal each month.  

Preview 00:09

Understand how taking on debt could impact your investment.

Unleveraged vs Leveraged Returns

Too Long Didn't Watch (TLDW) summary of the Impact from Debt section

TLDW Summary Impact from Debt
+ Foundations: Investment Considerations
6 lectures 52:54

Overview of topics to be covered in this section.

Preview 00:35

In this lecture, we'll explore market and external considerations that could affect your investment analysis

External Considerations

In this lecture, we will discuss property specific considerations that could affect your investment analysis.

Property Considerations

In this lecture, we discuss some deal specific considerations that affect your investment analysis. 

Deal Considerations

In this lecture, we will discuss other considerations that could affect your investment analysis.   

Other Considerations

Too Long Didn't Watch (TLDW) summary of all the investment considerations discussed in this section.

TLDW Summary Investment Considerations
Investment Considerations Quiz
6 questions
+ Foundations: Three Primary Investment Strategies
5 lectures 34:32

Overview of the topics to be covered in this section regarding the three broad investment strategies. 

Preview 00:37

In this lecture, we explore the characteristics of the core investment strategy. 

Core Investment Strategy

In this lecture, we explore the characteristics of the opportunistic investment strategy. 

Opportunistic Investment Strategy

In this lecture, we look at how the value added investment strategy falls somewhere in between core and opportunistic strategies. 

Value Added Investment Strategy

Too Long Didn't Watch (TLDW) summary of the topics in this section reviewing the key points on the investment strategies. 

TLDW Investment Strategies
Investment Strategies Quiz
5 questions
+ Check In
2 lectures 01:52

You've learned a lot of real estate investing foundations--how do you feel?  Ready to do deep dive analysis?

Checking In

Too Long Didn't Watch Summary for Case Studies

TLDW (Too Long Didn't Watch) - Case Studies
+ How to Invest with Others - Intro to the Waterfall Framework
16 lectures 01:03:40

Overview of the topics to be covered in this section.  

Preview 02:18

Learn why would you want to invest with others? What are the potential benefits?

Preview 03:32

What could go wrong when investing with others?

What are the Risks of Investing with Others?

What is the waterfall distribution framework?  What are its components?

Intro to the Waterfall Distribution Framework

In this lecture, we look at the sample investment that we will use for the four upcoming waterfall examples--one where there is NO waterfall, a 2-tier waterfall, a 3-tier waterfall, and finally a 4-tier waterfall. 

Download the file in this lecture.  You will be using it for the next 4 lectures. 

Preview 02:11

A breakdown of how the sample investment's profits would be distributed to the investors if no waterfall framework is used.

Preview 04:08

A breakdown of how the sample investment's profits would be distributed to the investors if a 2-tier waterfall framework is used. 

Example 2: Two Tier Waterfall

A breakdown of how the sample investment's profits would be distributed to the investors if a 3-tier waterfall framework is used. 

Example 3: Three Tier Waterfall

A breakdown of how the sample investment's profits would be distributed to the investors if a 4-tier waterfall framework is used. 

Example 4: Four Tier Waterfall

A summary and comparison of the waterfall examples.

Waterfall Examples Summary
Which Waterfall to Use?
What Happens if Investment Loses Money?
Example 5: Money Losing Investment Waterfall

The file in this lecture will be reviewed in greater detail in the Fix & Flip Case Study.

Example 6: Waterfall using Fix & Flip Investment

The file in this lecture will be reviewed in greater detail in the Rental Income Property Case Study.

Example 7: Waterfall using Rental Income Investment
Investing with Others Final Tips
Investing with Others Quiz
5 questions