About The Course

Top Shelf® Academy’s Real Estate Townhome Development Certification Course is composed of 6 chapters created to teach you about topics like Unit Mix, Levered Cashflows, and much more. By completing this certification, you will gain the knowledge required in the real estate industry as well as add value to your resume when applying for jobs.

Requirements and Benefits

  • Requirements

    Purchase the course and go through each module to review all of the provided lessons. You will be prompted to complete short quizzes for each module before going on to the next one. Once you have gone through the entire course, take the Certification exam. Good Luck!

  • Benefits

    Enhance your industry knowledge, boost your resume, and show off your new certification on your LinkedIn profile. You will even have the opportunity to upload your resume to our resume book that we will send to top private equity companies!

  • Key Notes

    In this course, we will thoroughly explain the fundamentals of townhome development in real estate. The course will also explain how to apply those fundamentals to underwriting.

Course curriculum

  • 1

    Welcome to Top Shelf® Academy's Real Estate Townhome Certification

  • 2

    Chapter 1: Unit Mix

    • Chapter 1: Unit Mix

    • Unit Mix

    • Case Study 1

    • Case Study 1 Questions
  • 3

    Chapter 2: Construction Budget

    • Chapter 2: Construction Budget

    • Land Costs

    • Hard Costs

    • Soft Costs

    • Hard/Soft Cost Contingency

    • Hard Cost Curves

    • Types of Hard Costs

    • Pre-Leasing

    • Sources and Uses - Development

    • Operating Deficit

    • Development Spread and Yield on Cost

    • How to Secure Capital for Development Projects
  • 4

    Chapter 3: Presales/Deposits/Sale

    • Chapter 3: Presales/Deposits/Sale

    • Case Study 2

    • Case Study 2 Questions

    • Case Study 3

    • Case Study 3 Questions
  • 5

    Chapter 4: Unlevered Cashflows

    • Chapter 4: Unlevered Cashflows

    • Acquisition Basis

    • All-in Basis

    • Closing Costs

    • Equity Placement Fee

    • Stabilized Returns

    • Sources and Uses - Acquisition

    • NOI Offset

    • Equity Market

    • Peak Capital

    • IRR

    • Case Study 4

    • Case Study 4 Questions

    • Equity Multiple

    • Net Profit

    • Cash on Cash Returns

    • Unlevered Cash Flow

    • Case Study 5

    • Case Study 5 Questions

    • Case Study 6

    • Case Study 6 Questions
  • 6

    Chapter 5: Levered Cashflows, Part 1

    • Chapter 5: Levered Cashflows, Part 1
  • 7

    Chapter 6: Levered Cashflows, Part 2

    • Chapter 6: Levered Cashflows, Part 2

    • Senior Debt

    • Construction Debt

    • Mezzanine Debt

    • Refi Debt

    • Bridge Loans

    • Mini Perm Loans

    • Land Loan

    • HUD Loans

    • Debt Proceeds

    • Levered Cash Flow

    • Drawdowns

    • Cash Sweeps

    • Loan Origination Fees

    • Amortization

    • Interest Expense

    • Exit Fees

    • Defeasance

    • Prepayment Penalty

    • Working Capital Release

    • Interest Reserves

    • How to Calculate Interest Expense

    • Fixed vs. Floating

    • LIBOR Rate

    • Debt Service Coverage Ratio (DSCR)

    • Debt Yield

    • LTV and LTC

    • Case Study 7

    • Case Study 7 Questions

    • Types of Lenders
  • 8

    Final Exam

    • Townhome Development Certification Exam

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