Why this Course?

Joint ventures and waterfalls are the most complex piece of any actual investment model.

It's also rarely explained or taught well even at major universities. 

This course builds on my 20+ years of experience of building investment structures both for my own deals and for institutional class investments that I have served on in a consulting capacity. 

Best of all, I use actual documents from real deals to explain how all of it works. 

Of all of the courses I teach, this is my favorite due to the range of potential options. There is so much variation in this corner of the financial universe. 

Let's get into it. 

- Josh Kahr 

Checklist

Why take this course?

  • Learn from actual real world documents.

  • Templates are provided for all covered financial concepts.

  • Build and understand why some methods are preferable.

Course curriculum

    1. A message from the instructor

      FREE PREVIEW

    2. How to use this course

      FREE PREVIEW

    3. Have a question? Feedback?

      FREE PREVIEW

    4. Before we begin...

      FREE PREVIEW

    1. Waterfall Example

      FREE PREVIEW

    2. What's a Waterfall?

      FREE PREVIEW

    3. The Two Kinds of Promotes

    4. Structuring for Risk

    1. Preferred Return and Split of Cash Flow Example

    2. The Incoming Cash Flows

    3. Walkthrough of the Pref and Split of Cash Flow

    4. Additional Technical Issues in Walkthrough

    1. Return On Example Vs. Return Of Capital Example

    2. The Basics of Return Of Capital

    3. Comparing Return of Capital to Return on Capital

    4. Discount Rates

    1. What Fee Structures Can We Expect?

    2. Private Placement Memorandum, download

    3. The Economics of the Deal

    4. Investment Supervision, Acquisition Fees, Securities Fees

    1. Multi Tier, Splits

    2. The Basics of a Multi-Tier IRR Hurdle Driven Waterfall

    3. Multi Tier 4+

    4. 4+ Tiers - An Expansion

    5. Consolidation at The Bottom of the Model

About this course

  • $199.00
  • 48 lessons
  • 3 hours of video content

Instructor(s)

Joshua Kahr

Senior Instructor

Joshua Kahr is the principal of Kahr Real Estate Services, a training and consulting company that he founded in 2002 and that serves the commercial real estate industry. In 2009, he founded Metropolitan America, a real estate investment company that owns and manages apartment buildings in New Jersey. In 2020, he started Essex Suites, a coworking company, that opened its first location in Verona, New Jersey.

Prior to this, he held positions in investment sales at a regional brokerage firm in New York City and in acquisitions at a fund that focused on environmentally contaminated real estate.

He was on the board of directors of two public companies, Monmouth Capital Corporation and Monmouth Real Estate. He was an advisory board member of Assess+RE which was sold to LightBox in 2021. He is currently on the advisory board of clik.ai.

Mr. Kahr has served as an adjunct associate professor since 2005 for Columbia University’s MS in Real Estate Development program where he has taught real estate finance, real estate capital markets, and related topics. He has also served as an adjunct professor at Northwestern, New York University, and Georgetown University. For corporations, he has taught over 200 two-day seminars on Excel modeling and Argus.

Publications include two books on real estate market analysis, Real Estate Market Valuation and Analysis (John Wiley and Sons: 2005) and Beyond the Bubble (Amacom Books: 2007).

He has a Master of Science in Real Estate from New York University (’97) and a Bachelor of Arts in Economics from Reed College (’92).

He is also licensed as a real estate broker in New York and New Jersey.

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