Level Up Your Commercial Real Estate Career With REFAI® Certification
Learn directly from the renowned Dr. Peter Linneman and Bruce Kirsch
REFAI Alumni work at firms including Blackstone, Fortress, Nuveen, Bellwether, FCP, Invesco, Pacific Industrial and TPG
Get the Brochure Now
Get all the details on REFAI® in PDF.
REFAI® Certification from Linneman Associates and REFM is a rigorous educational self study program focused on practical, high impact learning outcomes.
Get started with REFAI
REFAI® Certification from Linneman Associates and REFM is a rigorous educational self study program focused on practical, high impact learning outcomes.
Get the Brochure Now
Get all the details on REFAI® in PDF.
REFAI® Adopters Include
Course Formats
REFAI® Certification Program Enrollment
COHORT
-
Hardcover Textbook and USB flash drive with Chapter Insights interview series
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Digital Excel for Real Estate Certificates as you complete Levels 1, 2 and 3
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Physical and Digital REFAI® Certificates upon overall course completion
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Synchronized Group Pacing, First-Come Enrollment
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Convenient Online Group Office Hours, Mid-week and Weekend
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Two 30-minute Private Tutoring/Coaching Sessions with Bruce Kirsch
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Curated Core 8-Week Schedule
-
-
Starts January 20th
-
$3,299 or as low as $298/mo.*
* Based on a $3,299 purchase over 12 months at 14.99% APR. Subject to eligibility. See lending terms at affirm.com/disclosures.
$2,499 Nonprofit / $949 Academic or US Military.
To upgrade to Cohort from Self-Paced, you can pay the difference to equal the Cohort pricing.
REFAI® CERTIFICATION PROGRAM ENROLLMENT
SELF-PACED
-
Hardcover Textbook and USB flash drive with Chapter Insights interview series
-
Digital Excel for Real Estate Certificates as you complete Levels 1, 2 and 3
-
Digital REFAI® Certificate upon overall course completion
-
Self Pacing, Start Independently Anytime
-
Semester-style Schedule
-
-
Always Offered
-
$1,999 or as low as $181/mo.*
* Based on a $1,999 purchase over 12 months at 15% APR. Subject to eligibility. See lending terms at affirm.com/disclosures.
$1,499 Nonprofit / $699 Academic or US Military.
To upgrade to Cohort from Self-Paced, you can pay the difference to equal the Cohort pricing.
REFAI® CERTIFICATION PROGRAM ENROLLMENT
CUSTOM
-
Hardcover Textbook and USB flash drive with Chapter Insights interview series
-
Digital Excel for Real Estate Certificates as you complete Levels 1, 2 and 3
-
Physical and Digital REFAI® Certificates upon overall course completion
-
Includes 10 Hours of Online Private Tutoring/Coaching with Bruce Kirsch
-
100% Custom Schedule
-
Always Offered
-
$5,499*
* If more tutoring hours are desired, price will change.
To upgrade to Custom from Cohort or Self-Paced, you can pay the difference to equal the Custom pricing.
Ready to build your REFAI knowledge skyline?
COHORT
REFAI Cohort is available only three times a year. The Cohort format provides a unique opportunity to learn an investment-focused curated core curriculum in sync with a group of peers over an 8-week period. During the 8-week cohort period and afterwards, you will learn collaboratively with the benefits of structured pacing, weekly quizzes, live group Office Hours, live Private Coaching, shared perspectives and networking.
Starts Monday, January 20th
While the full course curriculum is made available from the very start, the Cohort program guides you through curated core investment-focused topics during the 8-week cohort period.
The topics and learning sequence for the 8-week period are shown below, as well as the remaining curriculum after week 8.
Cohort members learn by interacting with one another in addition to reading the textbook and on the online course platform. The platform delivers various media, including recorded video and audio lectures, spreadsheet modeling exercises, multiple choice quizzes and exams.
Year-round, there are dedicated live online Office Hours each week with textbook and course co-author Bruce Kirsch.
In addition, there is a dedicated live online Midterm exam review session (which is also recorded), and you have the ability to communicate with your fellow Cohort members during and after the 8 weeks.
Ongoing learning support after the 8 weeks is available from the ever-growing Cohort alumni base.
Lifetime access is provided to the REFAI platform, online groups and forums, and to all course materials.
By the end of the 8 weeks, through approximately 65 hours of self study, you will have completed 50% of the overall curriculum as well as have taken the Midterm exam.
This gives you tremendous momentum to complete the balance of the course.
Depending on your background and prior experience, this will take up to approximately 55-70 hours, getting you to the finish line of earning REFAI Certification.
You have lifetime course access, and there is no time restriction for how long you can take to complete the course and earn the Certification. However, if you wish to attempt to earn the secondary designation of Passing With Distinction, you must complete the course within 150 days of enrollment.
Cohort Curriculum Sequence
Prerequisites
In this recommended but optional module, we make sure you have the needed foundational finance knowledge in place so that you can thrive during the course. We also teach you how to best leverage Excel to your advantage with REFM Excel for Real Estate skills Level 1 Certification.
29 pages
5.3 hours
3 quizzes
1 Certification Exam
Badges
Risks and Opportunities
In Week 1, you are introduced to the real estate asset class in the US and how real estate investment can be viewed through an analytical lens of risk and opportunity. You also get a grasp of how property market cycles work and the challenges they present. Last, we fortify your knowledge of real estate finance as it is represented in Excel with REFM Excel for Real Estate skills Level 2 Certification.
50 pages
5.8 hours
2.5 hours
3 quizzes
1 Certification Exam
Bonus Excel Tutorials are included on Stabilized Asset Levered Acquisition Modeling and Advanced Amortization Schedule Modeling.
Badges
(started)
Leases, Due Diligence and Introduction to Property-Level Modeling
In Week 2, you learn about the economic and non-economic terms of commercial leases, including the pervasive risk mitigation structures. In addition, you will get exposure to the importance of due diligence analysis regarding leases and property characteristics. Third, you will learn how to model office, industrial and retail leases from both the tenant and landlord perspectives.
Last, you will get an overview of property-level modeling using a multi-family Excel pro forma. You will start with Gross Potential Rent and end at Net Operating Income.
24 pages
2.1 hours
0.9 hours
2 quizzes
Badges
(started)
Property-Level Projection Modeling
In Week 3, we pick up in the multi-family Excel at NOI and continue line by line through After-Tax Cash Flow to equity, setting you up for Week 4’s integration of purchase, sale, debt and equity elements in an investment analysis.
13 pages
1.4 hours
0.4 hours
1 quiz
Optional Case Study on development
Bonus Tool: Multi-Period Value Add Apartment BOTE (back of the envelope) Excel template
Badge
(started)
Investment Analysis & Midterm
In Week 4, you will focus on how financial modeling in Excel can assist in analyzing the attractiveness of an acquisition transaction at a particular price. You will model the property operations and the use of debt financing and assess the resulting levels of the four key equity investment performance indicators. You will then perform sensitivity analysis around key transaction variables to understand the resiliency (or lack thereof) of the equity returns.
11 pages
1 hour
0.6 hours
1 quiz
The Midterm Examination covers all course content from the first 4 weeks, with an emphasis on the content from the textbook readings.
The Midterm contains 56 questions and must be completed in a single sitting of up to 120 minutes.
Badges
(completed)
Cap Rates
In Week 5, you will do a deep dive into capitalization rates as a basis for property valuation. After learning the technical bases and how to quote and interpret cap rates, you will learn about the biggest misconception related to them in the market.
41 pages
1.7 hours
0.8 hours
1 quiz
Badge
Development Pro Forma and Feasibility Analysis
In Week 6, you will learn about the development business model and how to construct a detailed pro forma for an industrial property that simulates construction and operation, allowing you to solve for land value on a residual basis. We also teach you in line by line detail how to model the ground-up development of a multi-tenant industrial property.
26 pages
5.8 hours
0.9 hours
2 quizzes
Bonus Excel Tutorial: Technical Job Interview Modeling Test.
Bonus Tools: Development static back of the envelope calculators, and Multi-Period Apartment Development BOTE template.
Badge
Debt Financing and Transaction Capital Structuring
In Week 7, you will learn in detail about the potentially good, bad and ugly of using senior mortgage financing for your transactions, as well as the potential use of mezzanine financing. The module includes a basic primer on bankruptcy and other forms of distressed debt resolution. In addition, you will learn about the rise and mechanics of the CMBS market and how the business is sometimes still misunderstood.
23 pages
3.2 hours
0.9 hours
2 quizzes
Badge
Exit Strategies, Real Estate Private Equity and Equity JV Partnerships
In Week 8, you will learn about the four ways to exit a real estate investment and their respective trade offs, as well as the net wealth positions produced by each of the methods. You will also learn about the origins of the real estate PE business as well as common waterfall structures at the fund level. Lastly, you will gain transaction-level joint venture waterfall modeling skills through your preparation for the REFM Excel for Real Estate skills Level 3 Certification.
22 pages
4.2 hours
1 hour
2 quizzes
1 Certification Exam
Bonus Resource: Sample Joint Venture Structure Profiles.
Badges
International Real Estate
In this module, you will learn about real estate in other developed nations around the world and the additional challenges posed by investing across borders.
7 pages
0.25 hours
1 quiz
Distressed Debt and CMBS
In this module, you will learn about distressed debt, the basics of bankruptcy, and other forms of distressed debt resolution. You will also learn about the rise and mechanics of the CMBS market and how the business is sometimes still misunderstood. In addition, you will look at the details of an actual CMBS issuance.
14 pages
0.5 hours
0.9 hours
2 quizzes
Badge
Market Growth
In this module, you will learn about US population growth in the 21st century and about the factors that are most predictive of future metropolitan area growth.
16 pages
0.4 hours
1 quiz
Badge
Ground Leases
In this module, you will learn about the nuances of ground leases and how they can serve as an alternative financing method for an acquisition or development transaction.
7 pages
0.5 hours
0.3 hours
1 quiz
Badge
Real Estate Companies
In this module, you will learn about modeling at the real estate company level, as well as the the math and history behind the formation and proliferation of REITs.
23 pages
0.4 hours
0.6 hours
2 quizzes
Badge
Investment Return Profiles and Market Evolution
In this module, you will learn about the primary investment strategies and how they have fared historically in both public and private contexts. You will also get a view into how the CRE business has consolidated and changed over the last 30 years, and how it is likely to continue to evolve going forward.
26 pages
0.5 hours
0.6 hours
2 quizzes
Badge
Corporate Real Estate, Entrepreneurship and Ethics
In this module, you will learn about the fallacy of past models for analyzing the rent vs. own real estate decision for corporations, and how to correctly run the analysis. In addition, you will see what makes real estate entrepreneurs successful. We close the course content with thoughts on ethics in the CRE business.
24 pages
0.5 hours
1 hour
3 quizzes
Badge
FINAL EXAM
The Final Examination covers all course content cumulatively, with an emphasis on the content from the textbook readings after the Midterm exam.
The Final contains 50 questions and must be completed in a single sitting of up to 120 minutes.
Badge
SELF-PACED
REFAI Self-Paced gives you the ultimate flexibility to start, engage with, and complete the course whenever and in whatever sequence choose. You will study independently at your own pace and complete the curriculum in a convenient timeframe. This format can be a good fit for those with rigid or spontaneously changing existing obligations, and those looking to rejoin the workforce.
Start Instantly
The full course curriculum is made available from the very start, but the learning path is based on a traditional academic semester schedule, with the 12 modules sequenced in a progressive manner to give both the big picture and details.
The module sequence is shown in the Curriculum below.
In addition to reading the textbook, you will learn on the online course platform through various media, including recorded video and audio lectures, spreadsheet modeling exercises, multiple choice quizzes and exams.
Learning support is provided through the Course Forum, run by textbook and course co-author Bruce Kirsch.
Lifetime access is provided to the REFAI platform, the Forum, and to all course materials.
Depending on your background and prior experience, this program requires up to 120-135 hours to complete the course content, exercises, quizzes, Midterm and Final exams. Some have finished the course in as little as a few weeks, but most take approximately 90-120 days.
You have lifetime course access, and there is no time restriction for how long you can take to earn the Certification. However, if you wish to attempt to earn the secondary designation of Passing With Distinction, you must complete the course within 150 days of enrollment.
Self-Paced Curriculum Sequence
Prerequisites
In this module, we make sure you have the needed foundational finance knowledge in place so that you can thrive during the course. We also teach you how to best leverage Excel to your advantage with REFM Excel for Real Estate skills Level 1 Certification.
29 pages
5.3 hours
3 quizzes
1 Certification Exam
Badges
Risks and Opportunities
In this module, you are introduced to the real estate asset class in the US and internationally, and how real estate investment can be viewed through an analytical lens of risk and opportunity. We also fortify your knowledge of real estate finance as it is represented in Excel with REFM Excel for Real Estate skills Level 2 Certification.
42 pages
5.2 hours
2.2 hours
3 quizzes
1 Certification Exam
Bonus Excel Tutorials are included on Stabilized Asset Levered Acquisition Modeling and Advanced Amortization Schedule Modeling
Badges
Fundamentals of Commercial Leases
In this module, you learn about the economic and non-economic terms of commercial leases, including the pervasive risk mitigation structures. You also learn how to model office, industrial and retail leases from both the tenant and landlord perspectives.
8 pages
1.2 hours
0.5 hours
1 quiz
Badge
Property-Level Projection Modeling
In this module, we lead you line by line in Excel through a multi-family operating pro forma and a levered investment analysis, starting at Gross Potential Rent and ending at After-Tax Cash Flow to equity. You will assess the resulting levels of the four key equity investment performance indicators and perform sensitivity analysis around key variables.
35 pages
8.5 hours
0.9 hours
2 quizzes
Optional Case Study on development
Bonus Tool: Multi-Period Value Add Apartment BOTE (back of the envelope) Excel template
Badge
Due Diligence & Capitalization Rates
In this module, we give you exposure to the litany of risks that can potentially be mitigated, or must be accepted, when investing in commercial real estate. In addition, we give capitalization rates and their use for property valuation the tremendous attention and nuanced discussion they deserve.
46 pages
2.3 hours
1.1 hours
2 quizzes
Badge
Midterm
The Midterm Examination covers all course content from the first 4 weeks, with an emphasis on the content from the textbook readings.
The Midterm contains 56 questions and must be completed in a single sitting of up to 120 minutes.
Badge
Development Pro Forma and Feasibility Analysis
In this module, you will learn about the development business model and how to construct a detailed pro forma for an industrial property that simulates construction and operation, allowing you to solve for land value on a residual basis. We also teach you in line by line detail how to model the ground-up development of a multi-tenant industrial property.
26 pages
4.1 hours
0.9 hours
2 quizzes
Bonus Excel Tutorial: Technical Job Interview Modeling Test.
Bonus Tools: Development static back of the envelope calculators, and Multi-Period Apartment Development BOTE template.
Badge
Debt Financing and Transaction Capital Structuring
In this module, you will learn in detail about the potentially good, bad and ugly of using senior mortgage financing for your transactions, as well as the potential use of mezzanine financing. The module includes a basic primer on bankruptcy and other forms of distressed debt resolution. In addition, you will learn about the rise and mechanics of the CMBS market and how the business is sometimes still misunderstood.
37 pages
3.7 hours
1.9 hours
4 quizzes
Badge
Ground Leases and Real Estate Exit Strategies
In this module, you will learn about the nuances of ground leases and how they can serve as a financing method for an acquisition or development transaction. You will also learn about the four ways to exit a real estate investment and their respective trade offs, as well as the net wealth positions produced by each of the methods.
37 pages
0.7 hours
0.6 hours
2 quizzes
Optional Case Study on corporate headquarters decision analysis
Badge
Real Estate Companies, Private Equity and JV Partnerships
In this module, you will learn about real estate company modeling, the math behind the formation and proliferation of REITs, and the origins of the real estate PE business as well as common waterfall structures at the fund level. In addition, you will gain transaction-level joint venture waterfall modeling skills through your preparation for the REFM Excel for Real Estate skills Level 3 Certification.
36 pages
4.4 hours
1.3 hours
3 quizzes
1 Certification Exam
Bonus Resource: Sample Joint Venture Structure Profiles.
Badges
Real Estate Cycles and Market Growth
In this module, you will learn about the necessarily prolonged supply and demand imbalances that contribute to real estate market cycles. In addition, you will gain insight into the factors that are most predictive of future metropolitan area growth.
31 pages
0.6 hours
1 hour
2 quizzes
Badge
Investment Return Profiles and Market Evolution
In this module, you will learn about the primary investment strategies and how they have fared historically in both public and private contexts. You will also get a view into how the CRE business has consolidated and changed over the last 30 years, and how it is likely to continue to evolve going forward.
26 pages
0.5 hours
0.6 hours
2 quizzes
Badge
Corporate Real Estate, Entrepreneurship and Ethics
In this module, you will learn about the fallacy of past models for analyzing the rent vs. own real estate decision for corporations, and how to correctly run the analysis. In addition, you will see what makes real estate entrepreneurs successful. We close the course content with thoughts on ethics in the CRE business.
24 pages
0.5 hours
1 hour
3 quizzes
Badge
Final Exam
The Final Examination covers all course content cumulatively, with an emphasis on the content from the textbook readings after the Midterm exam.
The Final contains 50 questions and must be completed in a single sitting of up to 120 minutes.
Badge
REFAI® Certification Adopters Include
REFAI. Created Just For You.
Are you a current student, recent graduate, or professional targeting one of the roles below?
-
-
- CRE Investment Analyst/Associate
- Development Analyst/Associate
- Mortgage Loan Underwriter
- Investment Banking Analyst
-
- CRE Investment Analyst/Associate
- Development Analyst/Associate
- Mortgage Loan Underwriter
- Investment Banking Analyst
-
-
- Development Manager
- Acquisitions Analyst/Associate
- Asset Management Analyst/Associate
- Asset Manager
-
- Development Manager
- Acquisitions Analyst/Associate
- Asset Management Analyst/Associate
- Asset Manager
-
-
- Investment Sales
- Capital Markets Analyst/Associate
- Financial Analyst
- Private Equity Analyst
-
- Investment Sales
- Capital Markets Analyst/Associate
- Financial Analyst
- Private Equity Analyst
Are you seeking to move up faster, looking to transition into CRE, or preparing to go out on your own?
REFAI can help move you into and up in real estate, or move laterally within real estate,
and also build the confidence to launch your entrepreneurial venture.
REFAI. Created Just For You.
Are you a current student, recent graduate, or professional targeting one of the roles below?
CRE Investment Analyst/Associate
Development Analyst/Associate
Mortgage Loan Underwriter
Investment Banking Analyst
Development Manager
Acquisitions Analyst/Associate
Asset Management Analyst/Associate
Asset Manager
Investment Sales
Capital Markets Analyst/Associate
Financial Analyst
Private Equity Analyst
Are you seeking to move up faster, looking to transition into CRE, or preparing to go out on your own?
REFAI can help move you into and up in real estate, or move laterally within real estate, and also build the confidence to launch your entrepreneurial venture.
REFAI Student Stories
Get started with REFAI
Enroll In The REFAI Program To
Acquire not just one, but four CRE
industry recognized Certifications
Earn your first REFM Excel for Real Estate Certification in as little as a day, and graduate to earn the overarching REFAI® designation
Gain insight into the risks and opportunities in commercial real estate investment
Learn how to frame risk related to investment and development opportunities and how to assess and model out the various potential rewards
Learn practical knowledge and skills from Dr. Peter Linneman and Bruce Kirsch
With over 50 combined years of teaching, skills training and CRE investing experience, Peter and Bruce are the ultimate teaching duo. You will earn badges as you go, marking your progress.
Read “the one book that’s so good it’s kept forever” by readers
See why both students and professionals have referred to it as “The Blue Bible of Real Estate” for more than 20 years
Position yourself to enter, or move laterally or vertically within the CRE business
Apply yourself and REFAI can help you upskill, get in the know, and potentially accelerate your career by up to a year
Stay up to date on market dynamics with Linnsights, exclusive to REFAI
48 weekly audio messages from Dr. Peter Linneman with his thoughts on the market
Coming Soon
Connect with others with similar investing and geographic interests.
REFAI includes REFM’s industry standard Certification in Excel for Real Estate Bootcamps. As you pass these modules within REFAI, you are granted the associated individual skills Certificates, and you can list them on your resume and LinkedIn in real time. You can even opt to complete these modules first. 100% payment credit and course progress credit will be given to those who have already purchased and completed the Bootcamps.
Enroll In The REFAI Program To
Acquire not just one,
but four CRE
industry recognized
Certifications
Earn your first REFM Excel for Real Estate Certification in as little as a day, and graduate to earn the overarching REFAI® designation
Gain insight into the risks and opportunities in commercial real estate investment
Learn how to frame risk related to investment and development opportunities and how to assess and model out the various potential rewards
Learn practical knowledge and skills from Dr. Peter Linneman and Bruce Kirsch
With over 50 combined years of teaching, skills training and CRE investing experience, Peter and Bruce are the ultimate teaching duo. You will earn badges as you go, marking your progress.
Read “the one book that’s so good it’s kept forever” by readers
See why both students and professionals have referred to it as “The Blue Bible of Real Estate” for more than 20 years
Position yourself to enter, or move laterally or vertically within the CRE business
Apply yourself and REFAI can help you upskill, get in the know, and potentially accelerate your career by up to a year
Stay up to date on market dynamics with Linnsights
48 weekly audio messages from Dr. Peter Linneman with his thoughts on the market
Coming Soon
Connect with others with similar investing and geographic interests.
REFAI includes REFM’s industry standard Certification in Excel for Real Estate Bootcamps. As you pass these modules within REFAI, you are granted the associated individual skills Certificates, and you can list them on your resume and LinkedIn in real time. You can even opt to complete these modules first.
Get started with REFAI
The Course Textbook
Founder
Real Estate Finance and Investments: Risks and Opportunities
Authored by Peter Linneman, PhD and Bruce Kirsch, REFAI ®
Edition 5.3 | First Published in 2003 | 457 pages | 26 Chapters
Select Corporate Adoptions
125+ University Adoptions
Unique Features
Chapter 1 in Audiobook | Hands-on Excel modeling exercises integrated throughout | ARGUS platform overview
Real Estate Finance and Investments: Risks and Opportunities
Authored by Peter Linneman, PhD and Bruce Kirsch, REFAI ®
Edition 5.3 | First Published in 2003 | 457 pages | 26 Chapters
Select Corporate Adoptions
125+ University Adoptions
Unique Features
Chapter 1 in Audiobook | Hands-on Excel modeling exercises integrated throughout | ARGUS platform overview
Get started with REFAI
Program Details
REFAI Program Overview
The REFAI program curriculum is equal to that of “Real Estate Finance and Investment Analysis 101” semester-long courses delivered in the traditional classroom format in top MBA and Masters in real estate programs.
The backbone of REFAI is Real Estate Finance and Investments: Risks and Opportunities, “The Blue Bible of Real Estate,” authored by Dr. Peter Linneman and Bruce Kirsch. In circulation for more than 20 years and based on his Wharton classes, the book reflects Dr. Linneman’s frustration with texts that concentrate excessively on theoretical detail and literature, while ignoring important aspects of financial analysis and decision making. This book balances the “real world” aspects of real estate finance without compromising key theoretical underpinnings. It covers the basic mathematics of real estate finance and investments, while stressing the ambiguity of decision making.
The book, and the REFAI program by extension, is an exploration of the key concepts of real estate finance and investment strategy, not a mere formulaic analysis of numbers designed to give you “the answer” to any and all real estate investment decisions.
Holding the REFAI Certification signifies proficiency in this material and the ability to apply that knowledge by overlaying sound analytical frameworks on real world problems. Candidates must earn a minimum passing grade of 70% to complete the requirements for the Program and receive the Certification. Candidates are forewarned that this grade depends upon their performance and passing is not guaranteed.
Program Goals
Provide you with a solid theoretical and technical grounding in real estate finance and investments and Excel-based modeling
Make you a more critical thinker with respect to the business of real estate across all property and transaction types
Position you for success in the workplace and with your own real estate investing endeavors
Content Highlights
The REFAI Certification Program examines:
-
-
- Basic financial analysis and metrics
- Dynamic financial modeling in Excel
- Selection of discount and capitalization rates
- Development feasibility
- Lease negotiation
- Preferred return, promote and catch-up structures
- Corporate rent versus own decisions
- Owner exit strategies
- Investing internationally
- Dynamic financial modeling in Excel
- Valuation of properties subject to ground leases
- REITs
- Going public as a real estate company
- Real estate entrepreneurship.
-
Skills Objectives
Upon completion, REFAI Certification Holders will be able to perform in Excel:
-
-
- Forecasting property income and expense cash flows
- Building a mortgage payment schedule with an Interest-Only component
- Calculating IRR and NPV
- Allocating construction costs according to a bell-shaped curve
- Valuing a ground-up development site on a residual basis
- Forecasting an asset’s future stabilized Net Operating Income
- Performing sensitivity analyses around the driving variables in a transaction
- Calculating loan interest for multiple layers of debt financing
- Evaluating whether a corporation should own or rent facilities.
-
Learning Support
Support is provided by the Course co-creator in the Group Forum.
In the Cohort program, there is additional support available through live online Office Hours with Bruce during the 8 weeks, a live Midterm review session, and peer support.
Unique Differences
REFAI is unique from other course offerings in that:
-
-
- You earn 4 Certifications, not just one
- You consume the entire Linneman/Kirsch textbook, getting the most possible out of it
- You get the most thorough discussion of risk of any course on the market
- You get lifetime platform access
- You get exclusive Linnsights ongoing market commentary once you enroll
- You get access to REFM professional analysis tools and data
- You get an extensive course glossary accessible via Amazon’s Alexa.
-
Time Commitment
Depending on your background and experience, it likely will take up to 120-135 hours to complete the course content, exercises, quizzes, midterm and final exams.
How You Will Learn
In addition to reading the textbook, candidates will learn on the immersive online course platform through various media, including recorded video and audio lectures, spreadsheet modeling exercises, multiple choice quizzes and exams.
Testing and Assignments
-
-
- Online quizzes for each of the 12 Modules are open book, generally subject to a 15-minute time limit.
- Almost all Modules contain at least one quiz that requires working in Excel worksheets to get to solutions.
- Midterm and final exam are open book, subject to a 90-minute time limit; both require working in Excel worksheets.
- All quizzes, exams and provide correct answers and commentary once taken.
- There are 150 sample practice quiz questions, which you can use an unlimited number of times to study for the quizzes, midterm and final.
- Across the 30 quizzes and exams, candidates will answer more than 500 questions.
- There are 2 optional case studies for completion.
-
Bonus Resources
Custom Bonus Resources are included that are not available in any other course.
☆ Weekly Market Commentaries
☆ Proprietary Data
Library of actual equity joint venture partnership waterfall structures across strategies and geographies
☆ Professional Tools
The same downloadable and online value add and ground-up development back of the envelope (BOTE) analysis tools that REFM customers have trusted for more than a decade to help them run preliminary numbers on prospective transactions.
☆ Interview Training
3.5-hour video tutorial with Excel-based answer key for a simulated technical Excel modeling job interview test
Program Details
REFAI Program Overview
The REFAI program curriculum is equal to that of “Real Estate Finance and Investment Analysis 101” semester-long courses delivered in the traditional classroom format in top MBA and Masters in real estate programs.
The backbone of REFAI is Real Estate Finance and Investments: Risks and Opportunities, “The Blue Bible of Real Estate,” authored by Dr. Peter Linneman and Bruce Kirsch. In circulation for more than 20 years and based on his Wharton classes, the book reflects Dr. Linneman’s frustration with texts that concentrate excessively on theoretical detail and literature, while ignoring important aspects of financial analysis and decision making. This book balances the “real world” aspects of real estate finance without compromising key theoretical underpinnings. It covers the basic mathematics of real estate finance and investments, while stressing the ambiguity of decision making.
The book, and the REFAI program by extension, is an exploration of the key concepts of real estate finance and investment strategy, not a mere formulaic analysis of numbers designed to give you “the answer” to any and all real estate investment decisions.
Holding the REFAI Certification signifies proficiency in this material and the ability to apply that knowledge by overlaying sound analytical frameworks on real world problems. Candidates must earn a minimum passing grade of 70% to complete the requirements for the Program and receive the Certification. Candidates are forewarned that this grade depends upon their performance and passing is not guaranteed.
Program Goals
Provide you with a solid theoretical and technical grounding in real estate finance and investments and Excel-based modeling
Make you a more critical thinker with respect to the business of real estate across all property and transaction types
Position you for success in the workplace and with your own real estate investing endeavors
Content Highlights
The REFAI Certification Program examines:
-
-
- Basic financial analysis and metrics
- Dynamic financial modeling in Excel
- Selection of discount and capitalization rates
- Development feasibility
- Lease negotiation
- Preferred return, promote and catch-up structures
- Corporate rent versus own decisions
- Owner exit strategies
- Investing internationally
- Dynamic financial modeling in Excel
- Valuation of properties subject to ground leases
- REITs
- Going public as a real estate company
- Real estate entrepreneurship.
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Skills Objectives
Upon completion, REFAI Certification Holders will be able to perform in Excel:
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- Forecasting property income and expense cash flows
- Building a mortgage payment schedule with an Interest-Only component
- Calculating IRR and NPV
- Allocating construction costs according to a bell-shaped curve
- Valuing a ground-up development site on a residual basis
- Forecasting an asset’s future stabilized Net Operating Income
- Performing sensitivity analyses around the driving variables in a transaction
- Calculating loan interest for multiple layers of debt financing
- Evaluating whether a corporation should own or rent facilities.
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Learning Support
Support is provided by the Course co-creator Bruce Kirsch in the Group Forum.
In the Cohort program, there is additional support available through live online Office Hours with Bruce during the 8 weeks, a live Midterm review session, and peer support.
Unique Differences
REFAI is unique from other course offerings in that:
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- You earn 4 Certifications, not just one
- You consume the entire Linneman/Kirsch textbook, getting the most possible out of it
- You get the most thorough discussion of risk of any course on the market
- You get lifetime platform access
- You get exclusive Linnsights ongoing market commentary once you enroll
- You get access to REFM professional analysis tools and data
- You get an extensive course glossary accessible via Amazon’s Alexa.
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Time Commitment
Depending on your background and experience, it likely will take up to 120-135 hours to complete the course content, exercises, quizzes, midterm and final exams.
How You Will Learn
In addition to reading the textbook, candidates will learn on the immersive online course platform through various media, including recorded video and audio lectures, spreadsheet modeling exercises, multiple choice quizzes and exams.
Testing and Assignments
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- Online quizzes for each of the 12 Modules are open book, generally subject to a 15-minute time limit.
- Almost all Modules contain at least one quiz that requires working in Excel worksheets to get to solutions.
- Midterm and final exam are open book, subject to a 90-minute time limit; both require working in Excel worksheets.
- All quizzes, exams and provide correct answers and commentary once taken.
- There are 150 sample practice quiz questions, which you can use an unlimited number of times to study for the quizzes, midterm and final.
- Across the 30 quizzes and exams, candidates will answer more than 500 questions.
- There are 2 optional case studies for completion.
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Bonus Resources
Custom Bonus Resources are included that are not available in any other course.
☆ Weekly Market Commentaries
☆ Proprietary Data
Library of actual equity joint venture partnership waterfall structures across strategies and geographies
☆ Professional Tools
The same downloadable and online value add and ground-up development back of the envelope (BOTE) analysis tools that REFM customers have trusted for more than a decade to help them run preliminary numbers on prospective transactions.
☆ Interview Training
3.5-hour video tutorial with Excel-based answer key for a simulated technical Excel modeling job interview test
REFAI is delivered on a state of the art learning platform
Learning Platform and Content Previews
What REFAI Certification Holders Are Saying
“REFAI truly was the missing piece in my educational journey, allowing me to gain knowledge and skills in an environment that’s challenging. I recommend it to anyone who has a bit of extra time and is eager to learn about real estate.”
Jack McLaughlin
Bayhill Ventures
“I have no doubt that the skills I learned in REFAI helped me get my first job and also prepare to move to the buy side. I have learned so much from Peter and Bruce. People will really give you credit for REFAI because they know its rigor.”
Matthew Shell
Pacific Industrial
“I feel grateful for the CRE foundation I gained from REFAI. Coming from a non-technical liberal arts background, these courses helped me hit the ground running and no doubt influenced my career trajectory for the better.”
Dylan Katz
REPE Fund
I’m glad that I took the REFAI Certification. As a college student who wants to start a career in the commercial real estate industry, this course provided me with the necessary tools and concepts used currently in the industry.
The course is organized in an enjoyable format, being well-proportioned yet sufficiently challenging, with each module building on the previous modules. Both instructors, Peter Linneman and Bruce Kirsch, are extremely knowledgeable. I definitely would recommend this course to anyone who wants to build a career in the commercial real estate industry!
Alejandro Tellez Vazquez, Student at Texas Tech University
For the real estate brokers out there looking to improve in their knowledge and impress their clients, the student right out of college looking to gain an edge on competing for highly desired entry level jobs, or the beginner looking to invest in real estate, I highly recommend earning these certifications and taking the course. You will be astonished as to how much you learn.
Dan Litt, Commercial Real Estate Salesperson in Philadelphia
The course provides a ton of helpful review material, hands-on modeling exercises, and insightful real estate stories and lessons. When combined with the Real Estate Finance and Investments textbook, the entire experience gives you an invaluable leg up in the industry. All in all, I would recommend this course to anyone trying to learn more about the business and master the technical side of real estate risks and opportunities.
Brooks Arundel, Analyst, Cushman & Wakefield NYC
I have been an investment sales professional for the last seven years and was looking to improve my real estate financial modeling skills to best service my clients. After researching the REFAI course offered by Bruce Kirsch and Dr. Peter Linneman, I decided to give it a try.
I was able to improve my modeling skills through extremely detailed tutorials, and, to my surprise, I learned even more through their textbook and online lectures. I am very satisfied with their program and would highly recommend it to anyone looking to learn the real estate business or, like me, improve their knowledge and skill set.
JS, CFA
I just want to say how amazing this course was overall. I really am pushing around twenty other younger college students to take this to get them ahead of the curve. It really does a great job of teaching you a topic through the book, then pounding it in your head through the lecture then understanding it analytically with the Excel. Thank you again.
Chris Comet, Student at University of Southern California
It was great! The videos and models were very interactive and helpful, and I’ve already recommended the course to all my real estate classmates. Thank you once again for an amazing curriculum, it certainly made for a great foundation of real estate knowledge on which to build.
Alejandro Banuelos, BS Candidate in Economics, The Wharton School
The course was fantastic! It really helped me stand out while applying for Analyst positions in the Commercial Real Estate world. I feel more confident in my excel skills and more comfortable with my terminology and critical thinking.
I am really glad I used my free time on something as productive as REFM.
Thank you for everything.
Zachary Bertucci, Wisconsin School of Business BBA, Real Estate and Finance
I just took the final exam for the REFAI course after completing all prior tasks. Incredible course, especially for an experienced analyst looking to get a very in-depth understanding of the equity side of acquisitions. Thanks again for a great course – best CRE training out there.
Connor Nolan, Underwriting Analyst – Structured Finance, Freddie Mac
As a career switcher who is entering into real estate, the course provided an opportunity to gain a credible industry-known certification (a simple LinkedIn search reveals just how many RE professionals list REFM as an accomplishment), develop practical skills, and stand out among job candidates with MBAs.
The disciplined, logical, clear, and methodical way in which the material was presented should be the benchmark for how real estate finance and investing is taught in top-tier universities. I feel much more confident in my ability to “talk real estate finance” after reading the book and working on the exercises. I also have a better sense of my strengths and weaknesses. Likewise, I have a lifetime to improve my skills with the course materials and textbook.
U.C. Berkeley MRED+D Graduate
REFAI is a phenomenal course. Thanks for your hard working putting this together.
I have taken financial modeling courses before. REFAI/REFM is unique because it’s the only one that shows how you lose money as a real estate investor through the Excel work, historic examples and scenarios.
The chapter interviews and insights are gold.
Brian Dentry, Associate, Weitzman
Frequently Asked Questions
What does REFAI cost? Are the book and its shipping included in the enrollment cost?
REFAI® Cohort is $3,299 or as low as $298/mo*, with Affirm, $2,499 for Non-Profit, and $949 for Academic or US Military.
REFAI® Self-Paced is $1,999 for professionals, or as low as $181/mo**, with Affirm and $699 for current students, academic faculty/staff, active duty, and retired U.S. military.
Groups of 2+ receive a 25% discount. The way this works is (if preferred) we will provide you with one discounted pricing invoice for the entire group, or individual discounted pricing invoices for each learner (standard free book shipping unless otherwise requested). Once payment is received for all learners, we email all a coupon code to enroll at no additional cost. Email [email protected] to get started.
The cost of the hard copy textbook is included no matter where you live. The book is a required material for the course. If you already have the book, you can choose to not receive another copy, and you will be instantly credited $149 during the checkout process.
Book shipping costs are shown below:
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- UPS Standard (excludes AK and HI) – free
- UPS 2-Day (excludes AK and HI) – $36
- UPS Overnight (excludes AK and HI) – $65
- Alaska or Hawaii by UPS Standard – $56
- Canada by UPS Standard – $47
- International by UPS Standard – $70
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We ship via UPS Monday through Friday, shipping same day for orders received before 2:30 PM Eastern time. International delivery generally takes 7-10 business days depending on the practices of your local Customs and UPS offices. Tracking information is sent to you by email typically the same day as the materials ship out.
You can learn about Academic and U.S. military status verification here.
If you already have Edition 5.2 or 5.3 of the book, you can get a $149 discount. To be granted a coupon code for the discount, please contact us at [email protected].
* Based on a $3,299 purchase over 12 months at 14.99% APR.
*** Based on a $1,999 purchase over 12 months at 15% APR.
Subject to eligibility. See lending terms at affirm.com/disclosures.
Is a payment plan available in the US?
Yes, we offer the chance to pay for the course over time through Affirm. You can apply for this option during the checkout process.
Is a discount available for a group of 2 or more that buy simultaneously?
Yes, a 25% discount is available for groups of 2 or more. Please email [email protected] to inquire.
Am I eligible for Academic or US military/veteran pricing? How do I get it applied?
Current students, academic faculty and staff, and current and former U.S. military are eligible for discounted pricing. They must prove their status by providing a current and valid ID from any high school, college or university (both US-based and international), or military ID, as well as government-issued ID that verifies their identity. Credentials can be uploaded here.
I've already been granted Academic pricing at GetREFM.com site. Do I need to re-submit my credentials?
Yes. You can do so here.
Can more than one person use a single purchase of the course and get Certified?
No, as each individual candidate must pass quizzes and exams tied to their username, and the quizzes and exams are not accessible again once taken by a candidate.
Are the book and its shipping included in the enrollment cost?
The cost of the hard copy textbook is included no matter where you live.
The book is a required material for the course. If you already have the book, you can choose to not receive another copy, and you will be instantly credited $149 during the checkout process.
Book shipping costs are shown below:
-
-
- UPS Standard (excludes AK and HI) – free
- UPS 2-Day (excludes AK and HI) – $36
- UPS Overnight (excludes AK and HI) – $65
- Alaska or Hawaii by UPS Standard – $56
- Canada by UPS Standard – $47
- International by UPS Standard – $70
-
We ship via UPS Monday through Friday, shipping same day for orders received before 2:30 PM Eastern time. International delivery generally takes 7-10 business days depending on the practices of your local Customs and UPS offices. Tracking information is sent to you by email typically the same day as the materials ship out.
You can learn about Academic and U.S. military status verification here.
If you already have Edition 5.3 of the book, you can get a $149 discount. To be granted a coupon code for the discount, please contact us at [email protected].
Is a PDF copy of the textbook included?
No, the book is provided to you in hard copy only. The book is not offered in PDF.
What if I already have Edition 5.3 of the book? Do I get a discount?
If you already have Edition 5.3 of the book, you can get a $149 discount. Select “EXCLUDE Textbook” during checkout and you will see the discount applied.
Do I need Edition 5.3 of the book specifically for the coursre?
Yes. The course content is tied directly to this edition of the book, which is majorly enhanced and updated from prior editions.
Can I download course videos?
No, the videos are streaming only. You must have a stable broadband Internet connection to view them without experiencing interruptions and file buffering.
Does my course access ever expire?
No, you have lifetime access to everything.
Have a question that’s not addressed above?
Email [email protected]
When can I start the course?
You can start the course at any time once you have the textbook in your possession. The course is self-paced and the online platform is available 24/7/365.
What are the contents of the book, and what is the course syllabus?
Is REFAI applicable for operating apartment buildings or just commercial buildings?
It applies to both. A key chapter on projection modeling uses an apartment building as the case study.
Are there deadlines to complete the lessons?
No. The course is self-paced, and you have lifetime access to it.
How long will it take to complete the course?
In addition to reading the textbook, candidates will learn on the online course platform through various media, including recorded video and audio lectures, spreadsheet modeling exercises, multiple choice quizzes and exams.
This program requires 120-135 hours to complete the course content, and complete the exercises, quizzes, midterm and final exams. Some have finished in 5 days, some in 300, but the norm is around 90 days.
Lifetime access is provided to all course materials.
Do I need to pursue the Certification to take the course?
No. You are welcome to take the course just for your own educational enrichment and skill building if you wish.
Is the course system mobile-friendly?
Yes, the learning platform is optimized for phones and tablets. However, we recommend working on Excel on a desktop or laptop for the best experience.
What are the computer and software requirements?
Any computer purchased in the last 5 years, and Excel 2013 or more recent. For best results, we recommend using Google Chrome as your web browser.
Is the course live or recorded?
The course is available on-demand, 24/7/365. All of the videos have been produced in a studio environment and edited to achieve the highest production value.
What learning support is offered?
There is an online course forum, with discussion monitored and responded to by course co-creator Bruce Kirsch.
Am I able to see my graded quizzes and exams to learn from my mistakes?
Yes, in your learner profile you have a list of all of the quizzes and links to view the quiz and answer explanations. You can also revisit your graded quizzes at any time and view the answer explanation.
Am I able to take quizzes or exams more than once?
You cannot take a lesson quiz more than once, but you are given the option of one re-take for each of the three Excel for Real Estate Certification exams, as well as for the Midterm and Final.
The way it works for the Midterm and Final is as follows:
Before you submit your answers, if you are not feeling satisfied with your performance, you can elect to forfeit your test submission and forfeit your ability to view a graded version with the answer key for the initial take. This will allow you to retake the test at another time. Your last take of the Midterm/Final will be the score counted.
You can also learn from all of your graded quizzes, as well as the Midterm and Final, by revisiting them at any time.
Is the course designed to be easy to pass?
REFAI was designed to be demanding but fair. While the pass rate is quite high, you’re not guaranteed passing and you need to get approximately 350 questions correct of the approximately 500 questions in the course. REFAI is your chance to both learn and to demonstrate you have mastered the material.
Is the course just focused with financial modeling?
No, it is much more. This course is the equivalent of a semester-long “Real Estate Finance and Investment Analysis 101” course given in a traditional university setting. Financial modeling is one aspect of the course, and a critical one, but one of many. to everything.
Do I need to re-take the 3 Excel for Real Estate Certifications within REFAI or can I passed through?
If you have already earned any of Level 1, 2 or 3 Excel for Real Estate Certification and do not wish to repeat the content and exam in the course, please email [email protected] to be verified and automatically passed through the relevant lesson(s) and quiz(zes).
When do I receive the three Excel for Real Estate Certifications?
You will receive them in real time as you complete them, and can list them on your resume and LinkedIn at those points in time. You can even go straight to these modules (Modules 1, 2 and 9) if you wish to do them before the rest of the REFAI course.
I already did one or more of the REFM Excel for Real Estate Certifications. How is this different?
REFAI is the equivalent of a semester-long “Real Estate Finance and Investment Analysis 101” course given in a traditional university setting. REFM’s Excel for Real Estate Certifications are short-format tutorials focused solely on technical skills in Excel as they apply to real estate analyses.
REFAI includes the three Bootcamps. If you have already passed one or more levels of the Bootcamps, you can apply that achievement to automatically pass through the lessons and exams on the same in REFAI. You can also apply payment made for the Bootcamps towards enrollment in REFAI.
What score do I need to pass and achieve the Certification?
To pass the course, you must achieve an average score of 70% or better across the entire set of graded quizzes, midterm and final exam. To pass With Distinction, you must achieve an average score of 85% or better and complete the course within 150 days of registration.
What level of Excel knowledge/skill is needed to take the course?
You can be a complete beginner and you will be fine. We start from zero and build from there.
Do I get a physical or PDF certificate?
If you are in the Cohort program, you will be shipped a physical hard copy certificate ready for framing.
In both programs, you will instantly receive a high-resolution PDF certificate with your name on it, and the With Distinction designation if applicable.
Upon passing, you can put REFAI Certification on your resume and LinkedIn profile.
As you pass the Certification in Excel for Real Estate Level 123 exams during the course, you can put these on your resume and LinkedIn profile in real time.
Get Started With REFAI