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The Complete Guide To Multifamily Real Estate Investing (Udemy.com)

The Step-By-Step Guide To Analyzing and Acquiring Multifamily Properties

Created by: Justin Kivel

Last updated August 2026

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What you will learn

  • How to confidently analyze multifamily real estate investment opportunities using professional underwriting and analysis techniques
  • How to use an institutional-quality pro forma acquisition model to analyze and value potential multifamily investment opportunities
  • How to identify risks and opportunities for value creation on multifamily deals
  • How to use debt and equity financing to capitalize a multifamily acquisition or development project

How it compares

Against the other 75 rated Udemy courses in Real Estate on CourseDuck:

  • Rating4.8 out of 5higher than 80% of them
  • Reviews3,246#6 of 76 by number of reviews
  • Length7.4 hourslonger than 76% of them
  • Last updatedAugust 2026more recently than 68% of them

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Course Description

Interested in multifamily real estate investing? Whether you're looking to break into the commercial real estate industry and land a job at a multifamily-focused investment, development, or brokerage firm, looking to invest in multifamily properties to build your own portfolio, or just considering investing passively in your first multifamily deal, this course will walk you step-by-step through the underwriting and analysis process used by top global investment and development firms to value multifamily properties. After taking this course, you'll be able to:

  • Confidently analyze a multifamily acquisition opportunity utilizing analysis techniques used by major private equity firms and institutions to determine an optimal offer price for a potential multifamily acquisition.

  • Start a lucrative career in real estate private equity, brokerage, or lending in the multifamily sector, building the skills necessary to get "paid to learn" at some of the top investment management firms in the world.

  • Invest passively in multifamily deals with the ability to confidently analyze investment opportunities and choose those that fit your own personal goals and investment objectives.


Multifamily real estate can be an incredibly lucrative business to be in, but you have to be able to know how to buy the right deals at the right prices. This course was designed to help you build a solid foundation in multifamily investment analysis, so you can land jobs at top firms in the industry or build your own multifamily investment portfolio that can withstand market fluctuations over the long-term.


Here's what some of our students have had to say:

★★★★★ "Wow, Just wow. This is my 3rd class with Justin, and this one might be the best. This was an awesome class that guided me through the entire process of acquiring a Multifamily Property. I cannot say enough about Justin and his teaching acumen. I learned so much in this class that I do not even know where to begin. The templates he provides are insane and are ready-made for anyone who wants to engage in MF investing. Thank you for this awesome class, Justin."

★★★★★ "Justin is a versed instructor of real estate who implements contextualization (ex: Excel spreadsheets) to drive his points home in the most concise and precise manner. His lessons are all relevant to today's real estate market and are interesting as well. He took a difficult and dry subject such as investment metrics and brought it to life making it something very easy to comprehend. I highly recommend him."

★★★★★ "Justin explains everything very clearly and is very knowledgeable in the topics. I love how he has exercises for the students to complete. Very organized and exactly what I was looking for! Highly recommend"

★★★★★ "This course is absolutely stellar! Justin really knows how to break complex ideas and get to the core of what matters when investing in multifamily real estate. I have minimal background in finance, but I found this course to be accessible, easy to follow and well-structured. Thank you, Justin!"

★★★★★ "Justin did it again! This course is an excellent course for anybody interested in multifamily real estate. The course content is comprehensive and the presentation of the material is clear and easy to understand. The fully built out excel template multifamily model that comes with the course is institutional grade. The value of this course far exceeds the cost and the time spent going through the course material is well worth."

★★★★★"This is the best real estate investing course I've taken on Udemy. I am an experienced real estate developer and investor, and I found this course spot on!"

★★★★★ "Best real estate investing courses on Udemy! Justin does a great job of breaking things down into bite sized pieces, that make it easy to learn and follow. His teaching style, ability to breakdown complex ideas and the resources help you through everything step by step, rather than just showing you how to use the pre-built model."

★★★★"I have been an avid passive investor in multifamily syndications for a few years now. This course not only sharpened my perspective as a limited partner, but also provided me an understanding of a deal from both a sponsor and lender's point of view. Justin's comprehensive course material and ability to communicate 'technical' information to a potentially non-technical audience is proof of his expertise in the MF area. I look forward to any future courses that he may teach."


Enroll today and get started on your multifamily investing journey. Looking forward to having you in the course!

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Instructor Details

Justin Kivel

Master real estate financial modeling, advance your career, and earn more money.

If you’re an aspiring real estate investment professional looking to break into the real estate investment field, or a current real estate professional looking to advance your career and increase your compensation, you’re in the right place.

My name is Justin Kivel, and I’m a real estate investment professional with a love for teaching. Throughout my career, I’ve worked on over $1.5 billion of closed acquisitions across multifamily, retail, office, and mixed-use properties. I’ve had the opportunity to work with some of the brightest minds in real estate investing and have spent almost a decade in the industry across private equity, finance, and brokerage roles.

Unfortunately, most of what I know today I had to learn on the job. Although great courses exist on Microsoft Excel and financial modeling, I couldn’t find a resource that was specifically tailored toward real estate investment professionals that would actually walk me through exactly what I needed to know to succeed in the real estate investment industry.

These courses are that resource.

After dozens of phone calls and coffee meetings with college students and aspiring real estate investment professionals, I realized that most people were asking exactly what I was asking when I was in their shoes.

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Reviews

4.8

3,246 ratings on Udemy

Select a bar to show only those reviews.Select the bar again to show every rating.

By Brennan A on 9/1/2024

This is an extremely well-thought-out course covering the underwriting of multifamily investing. It's more focused on the underwriting portion and a bit about some of the other areas of multifamily investing. Clearly, the instructor hasn't done a lot of deals outside of the analysis, but I think that's okay as the course is fantastic for underwriting. But the JV lesson, #61 is wrong, you should skip that until it gets fixed. Google "real estate syndication" instead.

By Melissa Dinas on 2/12/2021

Justin is very clear in his explanations - he doesn't speak with jargon, trying to show off. He speaks in a normal tone - not in that super excited way too many others do in order to "pump up" the excitement. There aren't excessive (or any, really) "umm"s and "uhhh"s throughout the course that can be hard to sit through. He is very responsive to questions - he answered all my questions within 24 hrs with thoughtful responses that actually help. You are left with an excel workbook you can actually use in real life and tons of other very useful information, no fluff. I definitely recommend this course!

By Juan Pablo lineros on 11/21/2020

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By James T. Lewis on 11/21/2020

This Course was very informative. I initially thought it would just be a straight guide to better understand the basics but it went a little deeper than that and I now have a real understanding of what it takes to invest in Multifamily Properties. I really comprehensive learning.

By Clint Yoder on 11/14/2020

So far so good, great information.

By LaShan Jenkins on 11/14/2020

Good information to help me begin my Multifamily Investing.

By Terrence Efe on 11/14/2020

The content is GREAT - its very easy to follow & informative.

By Nick Becker on 11/7/2020

yes Justin actually shows how to calculate and tells you exactly what you should expect in a deal.

By David Meadows on 11/7/2020

Great match -- let's keep going.

By Alejandro Canavati on 11/7/2020

You can tell Justin works hard in order to create this material for us, and he is able to do so in a beginner-friendly, yet challenging way. Thank you Justin and I'll be taking plenty more of your classes!

By Cesar Maraver on 11/1/2020

Excellent course !!

By Jared Bergenstal on 10/27/2020

Very informative coming from single family properties. Love this lecture.

Showing 12 of 214 reviews

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Overall Score : 96 / 100