Multifamily Underwriting Course
Master multifamily underwriting.
The exact underwriting playbook a working sponsor uses — from reading a rent roll to defending a deal in front of an investment committee.
One-time purchase · lifetime access · certificate of completion
A Comprehensive Guide to Multifamily Real Estate Underwriting
Taught by Manny Awasom — an active institutional multifamily underwriter, not a career instructor. Built for first-time sponsors, acquisitions analysts, and LPs who want to underwrite deals independently, not just read about it.
- Classify and evaluate multifamily property investments
- Run a full underwriting risk assessment — market and property
- Read a rent roll and a P&L statement like a pro
- Size financing, forecast property taxes, and manage insurance risk
- Stress-test a deal and avoid common underwriting blunders
- Work three real-world case studies: stabilized, value-add, and bridge debt
What you'll learn in this multifamily underwriting course
This course walks through how a multifamily deal is actually underwritten, step by step. You'll learn to read and analyze a rent roll and a profit and loss (P&L) statement, and turn raw income and expense data into real insight. You'll cover the key metrics behind acquisition, financing and returns, how to choose the right loan, and how to forecast property taxes and insurance risk. Then you'll stress-test a deal against downside scenarios, work through three real-world case studies (stabilized, value-add and bridge debt), and learn the most common underwriting mistakes to avoid. The course comes with a downloadable companion Excel model, so you finish with a repeatable process you can apply to the next property you look at.
Inside the Underwriting Course.
Ten modules. Bonus MSA Analyzer walkthroughs. A downloadable companion Excel model.
Unlocking the Potential of Multifamily Real Estate
Single-family vs. multifamily properties, how multifamily assets are classified, and a clear-eyed look at the pros and cons of investing in them.
A Comprehensive Guide to Multifamily Underwriting
What multifamily underwriting is and how to run a risk assessment — covering both market analysis and property-level analysis.
Key Metrics in Multifamily Underwriting
The numbers that matter at acquisition, in financing, on investment returns, and across a partnership structure.
Strategies for Success in Multifamily Property Analysis
Defining your investment criteria, building your underwriting team, cracking property valuation, and reading an Offering Memorandum (OM) past the marketing pitch.
The ABCs of Multifamily Rent Rolls
A complete guide to reading and analyzing a rent roll, from theory to hands-on practice — plus a bonus walkthrough using MSA Analyzer.
Mastering Multifamily P&L Analysis
Demystifying the P&L statement, its anatomy of income and expenses, and turning raw data into real insight — with a bonus MSA Analyzer walkthrough.
Financing and Risk Management: Debts, Taxes & Insurance
Navigating the financing landscape, choosing the right loan, forecasting property taxes, and mitigating flood-zone and insurance risk.
Real-World Case Studies
Three full underwriting walkthroughs: a stabilized asset, a value-add repositioning, and a deal bridged with short-term debt.
Stress Testing for Robust Real Estate Analysis
Pressure-test your assumptions before you commit capital — how professionals stress-test a deal against downside scenarios.
Guarding Your Investments: Common Underwriting Blunders
The most common mistakes investors make when underwriting a deal, and how to avoid them.
Your Instructor
About Manny Awasom
Manny Awasom
Founder, MSA Data Insights · Multifamily Underwriter, XSITE Capital
2,000+
Deals Underwritten
$200M+
Assets Acquired
MSA Analyzer
Creator & Builder
Manny Awasom has underwritten over 2,000 multifamily deals and helped acquire more than $200M in assets. He built MSA Analyzer — the institutional-grade underwriting model at the core of MSA — and this course is the actual playbook he uses to get from a broker's OM to an investment-committee memo, not a re-packaging of someone else's curriculum.
The frameworks taught in every module are the same ones Manny applies day-to-day as an underwriter at XSITE Capital — a multifamily investment firm actively acquiring properties across the Southeast.
Answers about MSA training.
What is the MSA Underwriting Course?
The MSA Underwriting Course is a self-paced, video-led training program that teaches multifamily real estate underwriting from fundamentals through full deal analysis. It is designed for first-time syndicators, acquisitions analysts, limited partners doing independent diligence, and brokers who want to underwrite the deals they sell. The course is taught by Manny Awasom, an active institutional multifamily underwriter and the founder of MSA Data Insights.
Who is the course for?
The course is built for serious learners across three buckets: (1) emerging sponsors and syndicators on their first one to ten deals, (2) acquisitions analysts and associates at small-to-mid funds who want institutional-grade rigor without an expensive in-house training program, and (3) limited partners and capital allocators who want to underwrite syndication offerings independently before committing capital. No prior real estate experience is required, but Excel fluency and a willingness to think in cash flows is.
What will I be able to do after completing the course?
After the course, you will be able to underwrite a multifamily property end-to-end in Excel: parse a rent roll, normalize a T12, build a 5-year pro forma with realistic rent growth and operating-expense assumptions, size senior debt, model a value-add renovation plan with returns sensitivity, build a waterfall promote, and produce an investment-committee memo. You'll also know how to spot the sponsor errors, broker spin, and submarket red flags that distinguish a good deal from a tempting one.
How long does the course take?
The course is over 10 hours of structured video lessons across 10 modules — from multifamily fundamentals through key metrics, financing, risk management, and real-world case studies — plus bonus MSA Analyzer walkthroughs. Most students complete it in two to four weeks at a pace of a few lessons per week. Lifetime access means you can revisit any module — every lesson is bookmarkable and available on-demand.
Do I get the MSA Analyzer template with the course?
The course is sold separately from the MSA Analyzer Excel model so you can buy what you need. The Complete Bundle on the products page includes the Underwriting Course, the MSA Analyzer template, and a starter QuicRollAI subscription at a discounted price — that is the most popular path for new sponsors who want everything in one purchase.
Is there a certificate of completion?
Yes. Once all lessons in a course are marked complete, a certificate of completion is generated automatically with your name, the course title, completion date, and a verifiable URL you can share on LinkedIn or include in a deal package. The certificate is downloadable as a PDF.
How much does the Underwriting Course cost?
The standalone course is $399 as a one-time purchase with lifetime access — no recurring subscription, no platform fees, no expiration. The Complete Bundle (course + MSA Analyzer + starter QuicRollAI subscription) is the better value if you want the full underwriting stack; see the products page for current bundle pricing.