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Real Estate & Property Advanced

Real Estate Development & Equity Waterfalls

Take a 120-unit apartment project from land bid and budget through construction loan, lease-up and sale to the investor waterfall, every formula checked live. Educational only, not investment advice.

8 lessons 8 labs 2.1 h Certificate

  • One-time payment
  • 14-day money-back guarantee
  • Secure checkout with Stripe

What you'll build

What you will be able to do

Each lab ends with a concrete result that you build yourself and the checker confirms, cell by cell.

  • Build the cost budget for Harbor Point, a 120-unit apartment project, from land to developer fee.
  • Work out the most Harbor Point's developer can pay for the land and still earn the required profit.
  • Test whether Harbor Point pays developers enough for the risk of building instead of buying.
  • Size Harbor Point's construction loan, schedule the draws and calculate the interest reserve and the equity needed.
  • Model how Harbor Point fills up after completion, find its stabilised NOI and the income lost while it leases up.
  • Price Harbor Point's sale at the end of 2030 and measure the developer's profit on cost.
  • Lay out Harbor Point's equity cash flows on their real dates and measure the return with XIRR, the equity multiple and XNPV.
  • Split Harbor Point's equity cash flows between the investor (LP) and the developer (GP) with an 8 % preferred return and a 70/30 promote.

About this course

Before breaking ground, a developer needs to know what the land is worth and whether the margin justifies the risk. You build that answer in eight connected labs. Starting from a development budget, you back into residual land value and compare yield on cost with the market cap rate. You size a construction loan with an interest reserve, model lease-up to stabilised NOI and estimate sale value and profit on cost. Levered IRR and equity multiple measure the investor return, and a final lab splits cash between partners with a preferred return and promote. Suited to aspiring developers, real estate finance students, analysts at development firms and lenders reviewing projects.

Curriculum

Course content

8 lessons · 8 labs · 2.1 h · final exam

  1. The development budgetLab14 min5 checked tasks
    Unlocked when you buy the course
  2. Residual land valueLab14 min4 checked tasks
    Unlocked when you buy the course
  3. Yield on cost vs market cap rateLab13 min4 checked tasks
    Unlocked when you buy the course
  4. Construction loan & interest reserveLab18 min5 checked tasks
    Unlocked when you buy the course
  5. Lease-up & stabilised NOILab16 min3 checked tasks
    Unlocked when you buy the course
  6. Sale value & profit on costLab14 min4 checked tasks
    Unlocked when you buy the course
  7. Levered IRR & equity multipleLab16 min4 checked tasks
    Unlocked when you buy the course
  8. Equity waterfall: pref & promoteLab20 min4 checked tasks
    Unlocked when you buy the course
  9. Final exam12 questions, 75% to pass, unlimited retries.

Certificate

Finish with a certificate you can verify

Complete every lesson and pass the final exam to receive a certificate of completion for this course, with a unique credential ID and a public verification page.

  • Names the course, your score and the date of issue
  • A verification link for your CV or LinkedIn profile
  • 12 questions, 75% to pass, unlimited retries.

A Tutorvo certificate confirms that you completed a course. It is not an official or professional qualification.

Illustration. Your certificate shows your own name, course and credential ID.

Before you buy

Questions about this course

Is this a subscription?

No. You pay $9.99 once for this course. There is no subscription and nothing renews automatically. Prices are in US dollars; taxes may be added where required.

What exactly do I get?

All lessons and labs of this course, the final exam and the certificate, including later updates to the course, for as long as Tutorvo offers it. Access is personal and tied to your account.

Can I get a refund?

Yes. If you are not satisfied, email hello@tutorvo.com within 14 days of buying and we refund the course in full via Stripe. The guarantee does not apply once a certificate for the course has been issued to you, or where there are signs of abuse.

When can I start?

Right after payment. Access starts immediately at your request; for consumers in the EU/EEA the statutory right of withdrawal therefore ends once access has begun, while our 14-day money-back guarantee applies regardless.

Do I need Excel or other software?

No. The labs run in a spreadsheet inside your browser on a laptop, tablet or phone. Function names and syntax follow Excel.

Is the certificate an official qualification?

No. It confirms that you completed all lessons of the course and passed its final exam. It is not an official, state-recognised or professional qualification. The name is taken from your profile when the certificate is issued.

Full details are in our Terms · hello@tutorvo.com

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