Any good resources for learning how to underwrite RE deals?
I'm looking for online resources, (books, videos, practice models, etc) that can better teach me how to underwrite RE deals.

 I currently work in finance on the development/operational side, and it seems like underwriting is more on the investor side. 

Any help is greatly appreciated!
[{"id": "hxjewed", "text": "Adventures in CRE. Break into CRE.", "replies": [{"id": "hxjh2pr", "text": "I see two \u2018Adventures\u2019 on Amazon. Male or female author?", "replies": [{"id": "hxjjrw6", "text": "Website, not a book.", "replies": [], "depth": 3}], "depth": 2}, {"id": "hxkmtyk", "text": "Ty. I'll be doing one of both of these. Adventures has so many options, Break into seems easier to choose a course, as the options are slimmer.", "replies": [], "depth": 2}, {"id": "hxkyj5v", "text": "They don\u2019t help to underwrite. They help you learn how to model. They\u2019re different.", "replies": [{"id": "hxl0wok", "text": "I totally appreciate that they are different. But ACRE also has checklists and topics about full execution decisions. At the institutional level, modeling is a large percentage of the decision making process. \n\nIs there anyone who can advise on what your own investment goals should be?", "replies": [{"id": "hxm1wdz", "text": "That\u2019s not really true.", "replies": [], "depth": 4}, {"id": "hxm23s8", "text": "Modeling is a commoditized skill. Valuable (consistently worth $100-150k a year) but there\u2019s not a single modeler in the country that makes more than $250. My point isn\u2019t to disparage, it\u2019s to say that modeling isn\u2019t underwriting.", "replies": [{"id": "hxmemdc", "text": "Other than actually investing in properties, how else would you learn \u201cunderwriting \u201c? \n\nGetting into the actual decision making may be the only way, curios what you think", "replies": [{"id": "hxrd9vp", "text": "Get some modeling skills via ACRE + get as close to a decision maker as you can + find and engage with some good mentors* + get trained via a real estate academic program that exposes you to cases and frameworks (masters programs are overpriced imo) or CRE Analyst, which is a substitute for a grad program. \n\n* great mentors are hard to find. Make sure you get someone who has actually made a lot of investments, made $, and learned the ropes.", "replies": [], "depth": 6}], "depth": 5}, {"id": "hxmuw30", "text": "By modeling, do you mean the hurdles and promotes to GP and LP or the whole process of looking at a deal and figuring out a stabilized cash flow, returns, and exit? I guess \u201cunderwrite\u201d has come to mean from a debt perspective but could be different depending on where you are.", "replies": [{"id": "hxo547i", "text": "I mean making the assumptions that go into a property valuation and the splits of a waterfall model. It doesn\u2019t take much to learn the mechanics of those exercises\u2014which is the focus of the mentioned classes\u2014but it take a lot to build the judgement to make sound assumptions. \u2026and people get paid for their ability to make sound assumptions, not to build models imo.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hxjm7sj", "text": "Break into CRE - Justin Kivel, go through his courses.", "replies": [], "depth": 1}, {"id": "hxju45u", "text": "[Top Shelf Academy](http://www.tsmfinancialacademy.com).  The main course there has practice models and teaches you how to underwrite private equity real estate.", "replies": [], "depth": 1}, {"id": "hxkok20", "text": "Adventures in CRE", "replies": [], "depth": 1}, {"id": "hxktyvx", "text": "CCIM has really good modeling and will teach you how to make a DCF. It\u2019s not free but can be taken virtually.", "replies": [{"id": "hxlawtk", "text": "There are some requirements for CCIM. I'm new to CRE and I looked into this. For new brokers looking to get into CRE, it may not be the best resource. But there's definitely value in the designation.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hxlnw9b", "text": "Replicate a case study. The only thing matters is getting experience building models in excel.", "replies": [], "depth": 1}, {"id": "hxlzmoh", "text": "ACRE or BIWS for modeling. Break into CRE is supposed to be decent as well.\n\nKeep in mind modeling is truly different than underwriting - modeling is the technical skill, but to me underwriting is the more qualitative aspect of figuring out the correct assumptions by understanding your market. That comes with experience.\n\nAnyone can put together a model with practice but if all your assumptions are wrong you\u2019re done.", "replies": [], "depth": 1}]