Time Management

[Grant BachParticipant]

Hi:

How long should I spend on each course? I want to complete the course but work long weeks. I want to allocate time specially to complete at least one course per week.

 

Thank you

[Spencer BurtonKeymaster]

Grant – thanks for the question.

Most Accelerator members spend 3-5 hours per course. So if you were to commit 5 hours per week, you could expect to complete the ‘Agent Candidate’ program in approximately 6 weeks, the MMCC Candidate program in 8 weeks, and the entire Accelerator program in 12 weeks.

Spencer

[Grant BachParticipant]

Hi Spencer,

Thank you for the response. How much time should I allocate to learn all of the excel information that you guys say is important to know for modeling purposes?

 

[Grant BachParticipant]

I’m trying to become proficient in modeling and underwriting. Do you think that the Agent Candidate program would be sufficient? I also was wondering if you guys have assumptions on expenses. I know 30-40% of gross income is standard but I wanted to see if you guys had any assumptions. Example: Utilities at X/Unit, R&M at X/Unit etc. I know there are many nuances that will impact assumptions but just wanted to see if you guys had any information regarding expenses assumptions.

[Spencer BurtonKeymaster]

How much time should I allocate to learn all of the excel information that you guys say is important to know for modeling purposes?

It really depends on your current Excel proficiency. If you’re comfortable in Excel, it won’t be necessary to expend additional energy on purely Excel. As that will come through the case tasks.

But if you’re a novice to Excel, I’d highly recommend taking our Definitive Guide to Excel for Real Estate. That will provide a baseline, and shouldn’t take longer than 4-5 hours to complete.

Do you think that the Agent Candidate program would be sufficient?

If you have the time, I’d recommend completing the entire program. Learning this skill is like learning to play an instrument – the more iteration and practice you put in, the better you become. So while the Agent Candidate program is a nice start, completing the entire program will provide greater depth.

Additionally, you’re lucky that as an M&M employee you have lifetime access (so longer as you’re with M&M) to all of the training material here. There is as much content outside outside of the formal programs as there is in the programs. So for instance, to continue to learn and improve you can also complete the Advanced Concept modules, the various exercises in the Library of Supplementary Tools, all of the cases in the Case Study Library, etc.

My suggestion is to just commit a certain number of hours every week to developing this skill, and over time you’ll become the expert in the room.

I also was wondering if you guys have assumptions on expenses. I know 30-40% of gross income is standard but I wanted to see if you guys had any assumptions. Example: Utilities at X/Unit, R&M at X/Unit etc. I know there are many nuances that will impact assumptions but just wanted to see if you guys had any information regarding expenses assumptions.

This all depends on the property type, market, vintage of the building, etc. While we can offer our two cents on the subject, and are happy to do so, you’ll also do well to ask the experienced folks in your office for rule of thumb underwriting assumptions.

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Andrew

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