Seeking advice on running #’s and studying market(s)
I am seeking advice on attaining the knowledge to run numbers on Multifamily Real Estate. I want to broker these types of transactions in the future but I know this is a long term game. Been thinking about an REFM certificate.

I plan on doing business in the Portland-Vancouver-Hillsboro, OR-WA MSA. So my goal is to get licensed in both states before this year ends.

To give more context on my situation: I’m 20 years of age, working full time and studying construction management(associates degree). I still manage to have time on my hands so during that time I want to increase my knowledge on this industry so that I’m ready. 

Any general tips are appreciated!
[{"id": "gu4re4w", "text": "As a 20 year old, do yourself a favour and join a brokerage if this is what you want to do. No serious buyer will take you seriously because you have an REFM certificate.", "replies": [{"id": "gu4rise", "text": "Of course they wouldn\u2019t. I am planning on finding a brokerage to work for. I guess my wording is shit since I\u2019m pretty tired lol. I just wanted to see how to run #\u2019s on Multifamily and was wondering if REFM would help better my knowledge but I gave context just Incase.", "replies": [{"id": "gu4rqvz", "text": "For learning the numbers I definitely recommend REFM or Adventures in CRE.", "replies": [{"id": "gu6s4jg", "text": "Adventures in CRE is a great course, I\u2019m taking that right now. Highly recommend.", "replies": [], "depth": 4}, {"id": "gu7wwwn", "text": "REFM incorrectly calls a cap rate a rate of return.  This is 100% incorrect.  If a company can't define a basic real estate valuation concept I would not consider them a reliable source of information.\n\n [Sample Content REFM's Truly Understanding Cap Rates - YouTube](https://www.youtube.com/watch?v=1-dax7RVyi8)", "replies": [{"id": "gu90i1l", "text": "Lol fair enough, I\u2019ve never actually used it just mentioned it as that and A.CRE are the only two in depth courses truly dedicated to real estate.\n\nA.CRE\u2019s free resources are excellent", "replies": [], "depth": 5}, {"id": "gubgw4b", "text": "Wow. That\u2019s almost unbelievably bad.", "replies": [], "depth": 5}, {"id": "guit4gj", "text": "I understand that cap rates are derived via direct capitalization and in use are an income approach valuation metric, but -\n\nIt's not the first time I've seen that approach to helping first timers understand what a cap rate is. NOI/Purchase Price is by format a rate of return. It may not be a return metric like IRR or Cash on Cash that are used for returns over time, but the relationship between NOI and purchase price is an annualized rate of return. \n\nIn other words semantics. \n\nAm I wilding out or what?", "replies": [{"id": "guiuf44", "text": "Nope.  Cap rates as a \"return\" is scammer talk to novices.  Scammer has 25,000 NOI that he wants to sell.  His market cap rate is 12%.  That means that other investors in that market are paying $8.33 for each POSSIBLE dollar of NOI.  He convinces some clueless schmuck from CA that he will get a 10% \"return\" if he pays him $10 (10% cap rate) for each possible dollar of NOI.  Scammer buys for $208,333 and sell for $250,000 a quick $41,667 profit!  Where is the schmucks 10% return now?  Ha Ha\n\nJust because a ratio is expressed as a percentage does NOT make it a return.\n\nSay a seller in Podunk has $100,000 NOI that he can sell at a 10% cap rate so $1,000,000.  In CA a seller can sell that same $100,000 NOI for $2,000.000 at a 5% Cap rate.  Explain to the Podunk seller why he is selling TWICE the \"return\" for HALF the price.  I don't think you can.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gu54m6d", "text": "Get an internship with Eastdil Secured, JLL, Cushman &amp; Wakefield, CBRE, or Newmark doing investment sales.\n\nLook up every single broker (Associate, Vice President, Director, Managing Director, Executive Managing Director) at all of those companies in the area you want to work.  Read through all of their backgrounds.  Reach out to them.", "replies": [], "depth": 1}, {"id": "gu55f76", "text": "Some good advice above.  For \u201cmarket knowledge\u201d and market analysis ... read broker market reports often and frequently. Over time you will get to understand the reasoning they attribute to different market characteristic and how they interpret data. There is no shortage of quick market snapshots and long pseudo-academic white papers on the net. Look at big brokerage companies but also the industry associations (NAIOP, NCREIF, NAREIT, CCIM/SIOR, ABC, FBI, DEA, USA...I\u2019m just naming acronyms now)", "replies": [], "depth": 1}, {"id": "gu5fztt", "text": "Adventures in CRE is great. Spreadsheets to play with and such.  If memory serves, CCIM is also v active PDX. Go to events, make friends. If you can, score someones used CCIM course books. The value of the designation is arguable, but the first year is Basic Real Estate Financials, and you should know that.\n\nRead the News.  The Business Journal, OregonBusiness.com etc. Think about how what you read effects various sectors.\n\nKnow that your first gig may not be in MF, even if it is your love. That's ok.  Be nice to people. Have/fake decent social skills. Make friends in your peer group. Find little ways to add value to clients, peers, and vendors, (makes you memorable!).\n\nLearn as much about Excel as you can. It is the Universal Soldier of CRE. :)", "replies": [{"id": "gubgqpp", "text": "Second the Business Journal for your city. I stopped subscribing for awhile and when I started again I remembered how helpful it was.\n\nSpeaking of which, many newspapers, journals, associations, have discounted student rates that are a great deal. The WSJ is a really good one.", "replies": [], "depth": 2}], "depth": 1}, {"id": "gu6upq3", "text": "I like the initiative and desire to learn! CCIM, as someone mentioned, is a great way to demonstrate a basic understanding of commercial real estate financials. They have had some student programs, have you looked into this at your university? Maybe a real estate finance club? Multifamily can describe anything from a duplex to 300-door apartment complex, and each end of the market generally has different buyers, sellers, investors, and lenders. \n\nKeep in mind, you are learning both the language and the mechanics of real estate finance. As a broker your analysis of the numbers may help price the deal, however the buyer will complete their own analysis. In this case you'll need to understand the key concepts, much of the syntax, and know the important calculations cold. The technical stuff like advanced Excel is also important, but with a decent foundation can be learned over time.", "replies": [], "depth": 1}, {"id": "gu730ln", "text": "I\u2019m going to suggest you back up a step and try this: Get a case study from any of the sources already recommended or a textbook. Try to set up a ten-year income and expense and then discounted cash flow analyses in Excel without looking up ways of doing it. Unless you\u2019re an Excel prodigy, you\u2019ll probably have to start over a few times. It\u2019ll make you really think about the many factors you have to make assumptions about and how they change your results. You\u2019ll realize how critical good data is in knowing what works and what doesn\u2019t. Then look up how your case-study source tells you to do it and compare. You\u2019ll learn a ton.", "replies": [{"id": "gubfm0l", "text": "Interesting. I think that\u2019s a good way to self learn", "replies": [], "depth": 2}], "depth": 1}]