The benefit of learning together with your friend is that you keep each other accountable and have meaningful discussions about what you're learning.
Courtlyn
Promotion and Events Specialist
Evaluate and finance real estate acquisitions
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October 26, 2023
6 weeks, online
4–6 hours per week
Our participants tell us that taking this program together with their colleagues helps to share common language and accelerate impact.
We hope you find the same. Special pricing is available for groups.
The benefit of learning together with your friend is that you keep each other accountable and have meaningful discussions about what you're learning.
Courtlyn
Promotion and Events SpecialistCommercial property sales in the United States totaled a record US$809 billion in 2021 according to data organization Real Capital Analytics, nearly doubling that of 2020 and exceeding the previous record of about US$600 billion in 2019. Given this trend, real estate investing is seeing abundant opportunities across emerging and established sectors. However, with volatility in markets and lending rates, maximizing returns on real estate investments requires a deep understanding of the nuances, variables, and risks that drive ever-fluctuating property markets. A challenge for most traditional investors is that the real estate market is less liquid and transparent than stocks, and it’s often difficult to get the necessary information all in one place to make fully informed investment decisions.
Taught by faculty from Columbia Business School’s esteemed Paul Milstein Center for Real Estate, this program provides a quality hands-on learning experience in just six weeks to prepare you with the real estate valuation skills and investment methodologies to support smarter investment decisions. You will gain industry-leading skills in creating financial models, analyzing cash flows, determining values, and measuring returns of real estate investments.
Size of the professionally managed global real estate investment market in 2021, an increase of 8.5 percent from 2020.
Increase in commercial real estate transaction activity during the first three months of 2022 compared to the same period for 2021.
As of August 26, 2022, the average annual pay for a real estate investor in the United States. Investors with the title of real estate professional can earn an estimated 53.7 percent more or around US$180,000 per year.
After participating in this program, you will be able to:
In each module, leading faculty from Columbia Business School’s Paul Milstein Center for Real Estate will focus on the latest strategies for applying value investing to the real estate industry, determining valuation based on capitalization rate and cash flow, and analyzing property data to support more informed investment decisions.
Get started with the foundational elements of a platform ecosystem model for real estate investment compared to other business models. Learn essential elements of cash flow analysis, calculating net operating income and leasing revenue, and cost responsibility based on lease type.
Apply the cash flow fundamentals in Module 1 to design and build a digital platform for real estate valuation and capitalization. Get hands-on experience in assessing capitalization rates, and projecting reversion value, operating income, and cost of capital.
Analyze frameworks for financing real estate acquisitions, and how mortgage financing affects risk and return on investment of real estate investments. Get real-world insights into the nuances of real estate financing and tax implications through case study assignments and discussions.
Learn how to find new opportunities to recapitalize and reposition troubled properties and companies through private equity funds (PEFs) and real estate investment trusts (REITs). Discover how to use these investment modes to add real estate to your overall investment portfolio and make them profitable.
Learn to use a commercial real estate framework to analyze residential property data to determine investment potential. Also explore the economic and social variables affecting housing markets and other real estate data to forecast property appreciation.
Explore the risks and rewards associated with land, development, and affordable housing. Evaluate the costs of building new property and the option value of waiting versus building. Also estimate the value of land based on several given scenarios.
Get started with the foundational elements of a platform ecosystem model for real estate investment compared to other business models. Learn essential elements of cash flow analysis, calculating net operating income and leasing revenue, and cost responsibility based on lease type.
Learn how to find new opportunities to recapitalize and reposition troubled properties and companies through private equity funds (PEFs) and real estate investment trusts (REITs). Discover how to use these investment modes to add real estate to your overall investment portfolio and make them profitable.
Apply the cash flow fundamentals in Module 1 to design and build a digital platform for real estate valuation and capitalization. Get hands-on experience in assessing capitalization rates, and projecting reversion value, operating income, and cost of capital.
Learn to use a commercial real estate framework to analyze residential property data to determine investment potential. Also explore the economic and social variables affecting housing markets and other real estate data to forecast property appreciation.
Analyze frameworks for financing real estate acquisitions, and how mortgage financing affects risk and return on investment of real estate investments. Get real-world insights into the nuances of real estate financing and tax implications through case study assignments and discussions.
Explore the risks and rewards associated with land, development, and affordable housing. Evaluate the costs of building new property and the option value of waiting versus building. Also estimate the value of land based on several given scenarios.
Note: Participants are required to have access to Microsoft Excel for the duration of the program to successfully complete all assignments.
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Mini-Lessons
Case Studies
Real-World Examples
Knowledge Checks
Guest Speaker Interview
Hands-On Activities
Discussions
Live Sessions
Program Leader Feedback
Throughout the six-week program, the faculty will bring the real estate investment concepts in each module to life as part of an ongoing commercial real estate case study. Learn successful investment strategies from real-world examples. Additional case studies include Facebook/Meta, Google, Amazon, Apple, and WeWork.
Tomasz Piskorski
Dr. Christopher J. Mayer
Stijn Van Nieuwerburgh
Tomasz Piskorski
Edward S. Gordon Professor of Real Estate in Finance, Columbia Business School
Tomasz Piskorski is the Edward S. Gordon Professor of Real Estate in the Finance Division at Columbia Business School. He is also a research associate at the National Bureau of Economic Research and serves on the Academic Research Council of the Housing Finance Policy Center at the Urban Institute.
His research on real estate finance, securities and mortgage markets, financial intermediation, and banking has been published in The Wall Street Journal, the Financial Times, Bloomberg Businessweek, and The Economist. His research and market views have been presented at an array of academic, governmental, and financial institutions, including the United States Congress, the United States Treasury, the Securities and Exchange Commission, and he London Stock Exchange. He received the AQR Insight Distinguished Paper Award, which recognizes research that provides the most significant new practical insights for tax-exempt institutional or taxable investor portfolios.
He earned an MS in mathematics from New York University Courant Institute of Mathematical Sciences and a PhD in economics from New York University Stern School of Business.
Dr. Christopher J. Mayer
Paul Milstein Professor of Real Estate in Finance, Columbia Business School
Dr. Christopher Mayer is the Paul Milstein Professor of Real Estate at Columbia Business School. He serves as a research associate at the National Bureau of Economic Research, a director of the National Reverse Mortgage Lenders Association, and a member of the academic advisory boards for Standard and Poor’s and the Housing Policy Center at the Urban Institute. He is also CEO of Longbridge Financial, a reverse mortgage organization.
Dr. Mayer’s research, which has received funding from the National Science Foundation and the Pew Charitable Trusts, explores a variety of topics in real estate and financial markets, including housing cycles, mortgage markets, debt securitization, and commercial real estate valuation.
Dr. Mayer is active in the media and in advising policymakers, having testified six times before committees of the United States Senate and House of Representatives. He previously served as senior vice dean at Columbia Business School and held positions at the Wharton School, the University of Michigan, Harvard Business School, and the Federal Reserve Bank of Boston. He earned a BS in mathematics and economics from the University of Rochester with highest honors and a PhD in economics from MIT.
Stijn Van Nieuwerburgh
Earle W. Kazis and Benjamin Schore Professor of Real Estateand Professor of Finance, Columbia Business School
Stijn Van Nieuwerburgh’s research lies at the intersection of housing, asset pricing, and macroeconomics. He has also worked on regional housing prices, households’ mortgage choice, commercial real estate price formation, the impact of foreign buyers on the housing market, and mortgage market design.
He has published articles in the Journal of Political Economy, American Economic Review, The Journal of Finance, and the Journal of Monetary Economics, among other journals. He is an editor at The Review of Financial Studies and a faculty research associate at the National Bureau of Economic Research and at the Center for European Policy Research.
In addition, he has served as an advisor to the Norwegian minister of finance and has been a visiting scholar to the Central Bank of Belgium, the New York and Minneapolis Federal Reserve Banks, the Swedish House of Finance, and the International Center for Housing Risk. He has also contributed to a World Economic Forum project on real estate price dynamics.
Upon completion of the Real Estate Investing Strategies (Online) program, you will receive a certificate of participation from Columbia Business School Executive Education—a powerful testament to your management capabilities—and add two days towards a Certificate in Business Excellence.
Your verified digital certificate will be issued in your legal name and emailed to you, at no additional cost, upon completion of the program as per the stipulated requirements. All certificate images are for illustrative purposes only and may be subject to change at the discretion of Columbia Business School Executive Education.
After reviewing the information on the program landing page, we recommend you submit the short form above to gain access to the program brochure, which includes more in-depth information. If you still have questions on whether this program is a good fit for you, please email learner.success@emeritus.org, and a dedicated program advisor will follow-up with you very shortly.
Some programs do have prerequisites, particularly the more technical ones. This information will be noted on the program landing page, as well as in the program brochure. If you are uncertain about program prerequisites and your capabilities, please email us at the ID mentioned above.
Note that, unless otherwise stated on the program web page, all programs are taught in English and proficiency in English is required.
More than 50 percent of our participants are from outside the United States. Class profiles vary from one cohort to the next, but, generally, our online certificates draw a highly diverse audience in terms of professional experience, industry, and geography — leading to a very rich peer learning and networking experience.
Check back to this program web page or email us to inquire if future program dates or the timeline for future offerings have been confirmed yet.
Each program includes an estimated learner effort per week. This is referenced at the top of the program landing page under the Duration section, as well as in the program brochure, which you can obtain by submitting the short form at the top of this web page.
We have designed this program to fit into your current working life as efficiently as possible. Time will be spent among a variety of activities including:
The program is designed to be highly interactive while also allowing time for self-reflection and to demonstrate an understanding of the core topics through various active learning exercises. Please email us if you need further clarification on program activities.
More than 300,000 learners across 200 countries have chosen to advance their skills with Emeritus and its educational learning partners. In fact, 90 percent of the respondents of a recent survey across all our programs said that their learning outcomes were met or exceeded.
All the contents of the course would be made available to students at the commencement of the course. However, to ensure the program delivers the desired learning outcomes the students may appoint Emeritus to manage the delivery of the program in a cohort-based manner the cost of which is already included in the overall course fee of the course.
A dedicated program support team is available 24/5 (Monday to Friday) to answer questions about the learning platform, technical issues, or anything else that may affect your learning experience.
Peer learning adds substantially to the overall learning experience and is an important part of the program. You can connect and communicate with other participants through our learning platform.
Each program includes an estimated learner effort per week, so you can gauge what will be required before you enroll. This is referenced at the top of the program landing page under the Duration section, as well as in the program brochure, which you can obtain by submitting the short form at the top of this web page. All programs are designed to fit into your working life.
This program is scored as a pass or no-pass; participants must complete the required activities to pass and obtain the certificate of completion. Some programs include a final project submission or other assignments to obtain passing status. This information will be noted in the program brochure. Please email us if you need further clarification on any specific program requirements.
Upon successful completion of the program, you will receive a smart digital certificate. The smart digital certificate can be shared with friends, family, schools, or potential employers. You can use it on your cover letter, resume, and/or display it on your LinkedIn profile.
The digital certificate will be sent approximately two weeks after the program, once grading is complete.
No, only verified digital certificates will be issued upon successful completion. This allows you to share your credentials on social platforms such as LinkedIn, Facebook, and Twitter.
No, there is no alumni status granted for this program. In some cases, there are credits that count toward a higher level of certification. This information will be clearly noted in the program brochure.
You will have access to the online learning platform and all the videos and program materials for 12 months following the program start date. Access to the learning platform is restricted to registered participants per the terms of agreement.
Participants will need the latest version of their preferred browser to access the learning platform. In addition, Microsoft Office and a PDF viewer are required to access documents, spreadsheets, presentations, PDF files, and transcripts.
Yes, the learning platform is accessed via the internet, and video content is not available for download. However, you can download files of video transcripts, assignment templates, readings, etc. For maximum flexibility, you can access program content from a desktop, laptop, tablet, or mobile device.
Video lectures must be streamed via the internet, and any livestream webinars and office hours will require an internet connection. However, these sessions are always recorded, so you may view them later.
Yes, you can register up until seven days past the published start date of the program without missing any of the core program material or learnings.
The program fee is noted at the top of this program web page and usually referenced in the program brochure as well.
Yes, you can do the bank remittance in the program currency via wire transfer or debit card. Please contact your program advisor, or email us for details.
Yes! Please email us with the details of the program you are interested in, and we will assist you.
Please email us your invoicing requirements and the specific program you’re interested in enrolling in.
Yes, the flexible payment option allows a participant to pay the program fee in installments. This option is made available on the payment page and should be selected before submitting the payment.
Please connect with us via email for assistance.
You may request a full refund within seven days of your payment or 14 days after the published start date of the program, whichever comes later. If your enrollment had previously been deferred, you will not be entitled to a refund. Partial (or pro-rated) refunds are not offered. All withdrawal and refund requests should be sent to admissions@emeritus.org.
After the published start date of the program, you have until the midpoint of the program to request to defer to a future cohort of the same program. A deferral request must be submitted along with a specified reason and explanation. Cohort changes may be made only once per enrollment and are subject to availability of other cohorts scheduled at our discretion. This will not be applicable for deferrals within the refund period, and the limit of one deferral per enrollment remains. All deferral requests should be sent to admissions@emeritus.org.
Flexible payment options available.