The Course · The Library
A course and a library on apartment-building investing.
How apartment buildings are priced, financed, and compounded — read here, or paced to your inbox. No cost, no obligation, unsubscribe anytime.
The Course
The First Building
A guided path from capital to keys. Eight lessons, in order. New to the asset class? Start here.
Lesson Zero · Start Here
Why multifamily?
01
Two Ways to Price Real Estate
Comparable sales against income — and the lever that only income property hands its owner.
02
Why Buildings Beat Doors
The lending wall, the operating math, and what scale actually buys.
03
Reading a Building Like a Buyer
Two documents, five numbers, and where sellers hide the soft spots.
04
The Financing Nobody Tells Beginners About
Five units, CMHC, and how lenders test a building's income.
05
The Full Costs
The taxes, the closing costs, and when buying a building is the wrong move.
06
The Compounding Mechanic
Tenants retire the debt, income compounds into value, refinancing recycles the equity.
07
The Levers
Rent, expenses, the spread, and growth — small numbers that decide 25-year outcomes.
08
What Working With a Broker Actually Looks Like
The process end to end, what it costs, and a closing note.
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The Library
The Mechanics
How multifamily actually works, one question at a time. Read in any order. Evaluating a deal, or want the machinery? Go deeper.
01
What you're actually buying
Price is income times a multiple — what a cap rate actually tells you.
Read
02
What it really costs to run
The full expense schedule, and what unusually low ratios usually mean.
Read
03
How buildings become worth more
The levers, each with its cost named beside it.
Read
04
Where returns leak
Deferred maintenance, reserves, vacancy, and gradual expense growth.
Read
05
Value-add or stabilized
What the posture decision actually requires.
Read
06
How to read a listing
Pro forma against actuals, one line at a time.
Read
07
The lender's math
DSCR, breakeven occupancy, and the number that sizes your bid.
Read
08
Which mechanics matter in which situation
The capstone — situations, mapped to the mechanics that matter.
Read
Every page runs on the Underwriter
The same arithmetic, on a full deal — your assumptions, a complete pro forma.
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The Next Step
Bring your questions, or a building.
A consultation costs nothing and obliges nothing — bring your questions, or a building.