New associate here at a medium west coast brokerage working under a high producing broker in the multifamily space with deals ranging from 3M-30M.
I just started shadowing this broker and have been tasked with creating proposals and OMs early on. My background is mostly in Residential with a non-technical role.
What books do you recommend that would help me understand/provide an introduction to Multifamily finance? I'm looking to learn financial concepts that go into creating BOVs. I'm new to CRE but eager to learn and want to crank out some proposals with accurate financial analysis.
Obviously, my mentor will be reviewing all my work before presenting it to clients but I would like to start off strong on these proposals.
I would appreciate any recommendations and tips to guide me in the right direction.
Thanks!
good article on concept of loss to lease: https://propertymetrics.com/blog/loss-to-lease/
For basic real estate finance, pick up Real Estate Finance & Investments by Brueggeman and Fisher (or Google it for an easy PDF version). I find that out of the three most popular CRE textbooks, this one does the best job of getting very granular with the most basic, fundamental concepts of real estate finance. It's a dry, academic read but great for absolute beginners in CRE. From there, you can pick up Real Estate Finance & Investments: Risks and Opportunities by Peter Linneman (or as some call it, the bible), and Commercial Real estate Analysis & Investments by Geltner & Miller for more technical textbook reads.
For less academic, higher level learning of real estate, The Real Estate Game by William Poorvu is amazing and an easy read, as is Making it in Real Estate by John McNellis (albeit this one's a more development-focused read).
Outside of books, there are great free resources online - PropertyMetrics is awesome for definitions and explanations of different concepts/mechanics, and for the financial modeling side Adventures in CRE offers a ton of free stuff on their website and YouTube.
I'd highly recommend the online resources in combination with The Real Estate Game and the Brueggeman & Fisher textbook to start (if you already have some basic finance knowledge i.e. time value of money, annuities, etc. then you can skip to the Linneman book).
Wow very helpful. I will take your advice and start with Brueggeman & Fisher combined with Adventures in CRE. Thank you!
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