This Monday, May 5th, we’re launching Thesis Driven’s Fundamentals of Capital Raising course and new Fundamentals of Real Estate Underwriting course, both online.

Learn the Fundamentals of Underwriting

A bootcamp teaching how to underwrite deals like an institutional investor — with interactive models, real-world case studies, and Excel-based tools you’ll actually use.

What You’ll Learn

Fundamentals of Real Estate Underwriting provides students with the technical skills and practical intuition to confidently evaluate real estate investments, across property types and capital structures.

• Dynamic Excel Models: From income and expense modeling to capital stack structuring, students will build institutional-quality underwriting models - equipped with monthly and annual cash flow statements, portfolio rollups and sensitivity analyses  - from scratch.

• Investment Strategies: Understand the differences between core, core-plus, value-add, and opportunistic investments — and how risk, return, and hold periods vary. 

• Underwriting Property Types: Learn how lease structure, revenue models, operating expenses, and capital expenditures differ across multifamily, office, retail, and industrial assets.

• Modeling the Capital Stack: Model senior debt, mezzanine debt, preferred equity and joint venture equity waterfalls.

• Valuing Properties: Use cap rates, DCFs, and comparable sales to triangulate property value and calculate key metrics like IRRs, MOICs, and Yields on Cost to evaluate prospective investments.

• Analyze Investments: Utilize scenario and sensitivity analysis in real-world case applications to build conviction in your underwriting.

Learn the Fundamentals of Capital Raising

A bootcamp providing an insider’s guide to raising capital for real estate projects from individuals, family offices and institutional investors.

What You’ll Learn

Fundamentals of Real Estate Underwriting provides students with the technical skills and practical intuition to confidently evaluate real estate investments, across property types and capital structures.

• Investor Types: Break down five different investor profiles, discussing what they look for in a deal, how much they invest and when, what controls they require, and more.

• Investment Structures: Review the five most common investment structures, alongside nuances and variations of each depending on the sponsor’s growth goals.

• Go-To-Market Strategy: Walk through the best practices for positioning deals for institutional investors, including how to add team members and partners to put a project in a position to win

• Raising Debt & Equity: Cover the key terms of a debt term sheet, negotiating with lenders, building investor lists, and running a process to get the best financial terms

• Raising from HNWIs and Family Offices: Break down the process and best practices for a broad offering, and how to attract family office money

• Negotiation: Utilize scenario and sensitivity analysis in real-world case applications to build conviction in your underwriting.

We’ll look forward to seeing you in a Thesis Driven course this summer.

— Kam, Brad & Paul