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    Why MSA training

    Multifamily underwriting, taught by a working sponsor.

    The MSA Training Library exists because most multifamily underwriting education is either too academic to use on a real deal, or too informal to defend in front of an investment committee. Our courses sit in the middle: structured, current, and built around the actual workflow a professional sponsor runs every week.

    Every course in the library is written and recorded by Manny Awasom, an active institutional multifamily underwriter and the founder of MSA Data Insights. The lessons reflect what's working in the market right now — agency debt sizing, value-add capex assumptions, exit cap sensitivity, the operating-statement red flags that separate a real opportunity from a tempting one. You learn from someone who is still in the deal flow, not someone who has been out of it for a decade.

    The flagship offering, the Multifamily Underwriting Course, is a self-paced video program that takes you from rent-roll fundamentals through deal-room mastery in roughly eight hours. Lifetime access, downloadable companion model, certificate of completion, and a 30-day money-back guarantee. Read the full curriculum below.

    Course catalog

    Every program in the MSA Training Library.

    One flagship program today. Additional specialized courses on debt structuring, value-add asset management, and capital raising are in production for 2026.

    Flagship~8 hours · 6 modules · $197 one-time

    Multifamily Underwriting Course

    The flagship MSA training program. From fundamentals to deal-room mastery — taught by an active institutional multifamily underwriter.

    For: First-time sponsors, acquisitions analysts, LPs doing independent diligence.

    By the end, you'll be able to

    • Read a rent roll and a T12 like a pro
    • Build a 5-year pro forma with realistic assumptions
    • Size agency debt and model bridge-to-perm scenarios
    • Construct a value-add capex plan with returns sensitivity
    • Build a waterfall promote your LPs will trust
    • Produce an investment-committee memo end-to-end
    Team licensing
    Curriculum

    Inside the Underwriting Course.

    Six modules, roughly eight hours of structured video, plus worksheets, sample deals, and a downloadable companion Excel model.

    Module 01

    Underwriting Foundations

    What multifamily underwriting actually is, why it matters, and the mental model professionals use. Asset classes, hold periods, and the difference between core, value-add, and opportunistic strategies.

    Module 02

    Reading the Operating Statements

    Rent roll anatomy, T12 categorization, what's a true expense vs. an owner add-back, and how to spot the games sellers play with NOI. Includes hands-on parsing of three real deals.

    Module 03

    Building the Pro Forma

    Year-1 stabilization, market rent growth assumptions, vacancy and credit loss, fixed vs. variable expenses, and how to defend every line item to a skeptical investment committee.

    Module 04

    Debt & Capital Stack

    Agency debt sizing (Fannie, Freddie), bridge structures, IO periods, debt service coverage, debt yield, and when assumable debt is worth pursuing. Includes a debt-shopping playbook.

    Module 05

    Returns, Promote & Waterfalls

    IRR vs. equity multiple vs. cash-on-cash, how to build a tiered waterfall, GP/LP splits, catch-up tiers, and the mechanics of a clean preferred return structure.

    Module 06

    Putting It All Together

    Build a full investment-committee memo from scratch on a live deal: market analysis, financial projections, sensitivity tables, risk factors, and a reasoned recommendation.

    Your instructor

    About Manny Awasom.

    Manny Awasom is the founder of MSA Data Insights and an active institutional multifamily underwriter. He built the MSA stack — the Underwriting Course, the MSA Analyzer Excel model, QuicRollAI, and MSA IQ — out of the same workflow he runs on his own deals every week. The course is not a re-packaging of someone else's curriculum; it is the actual playbook he uses to get from a broker's OM to an investment-committee memo.

    His teaching style is direct and example-led. Every module pairs the concept with a real deal: a real rent roll, a real T12, a real broker pitch. By the end of the course you will have built a defensible underwriting model on three different deals — one stabilized, one value-add, one heavy lift — and you will know exactly which assumptions to challenge first when a sponsor sends you a deck.

    Frequently asked questions

    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 deal-room mastery. 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 roughly 8 hours of structured video lessons across multiple modules, plus accompanying worksheets, sample deals, and a downloadable companion model. Most students complete it in two to four weeks at a pace of three to four lessons per week. Lifetime access means you can revisit any module — every lesson is bookmarkable, searchable, 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 $197 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.

    Ready to start? The Underwriting Course is a one-time purchase with lifetime access.

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