Teaching
Connecting economic reasoning to real estate decisions.
At Cal State Fullerton, I teach courses in real estate principles and investment analysis, with an emphasis on applied market evidence, financial modeling, and professional practice.
Current courses
FIN 351
Real Estate Principles
An introduction to property rights, markets, finance, valuation, brokerage, and the institutions that shape real estate decisions.
FIN 355
Real Estate Investment Analysis
Applied analysis of property cash flows, financing, risk, valuation, and investment decisions using spreadsheet models and case-based work.
Open labs and data platforms
Housing Market Lab organizes selected aggregate Southern California housing indicators for classroom exploration and academic research. It appears alongside the real estate teaching-tool collections and the collaborative Linguistics Teaching Labs on a dedicated overview covering their purposes, contributors, design principles, sources, and reuse information.
Interactive teaching tools
These browser-based tools support core concepts in FIN 351: Real Estate Principles and FIN 355: Real Estate Investment Analysis. They are designed for classroom demonstration and independent exploration.
FIN 351 Real Estate Principles Browse collection FIN 355 Real Estate Investment Analysis Browse collection
Site Feasibility Sandbox
Draw and edit a parcel and building footprints, then connect site geometry, setbacks, lot coverage, stories, and FAR to live development-capacity measures and binding constraints.
FIN 351 · Urban land economics
Bid-Rent Curves and Urban Land Use
Build equilibrium curves for two household types, compare closed- and open-city responses, explore production bids, and determine which building design supports the highest land rent.
FIN 351 · Residential mortgage finance
Mortgage Cost and Payment Risk
See how rates, up-front charges, and payoff timing change APR and effective borrowing cost, then compare conventional, interest-only amortizing, and Option ARM payment and balance paths.
FIN 351 · Commercial mortgage finance
Commercial Mortgage Leverage and Refinancing
Compare conventional and mezzanine-debt capital structures, see how leverage changes required equity and equity return, and evaluate refinancing using NPV, IRR, and break-even conditions.
FIN 355 · Market research
Market Research Explorer
Classify observations through supply, demand, property-and-lease, and local-context lenses, then compare two investments with the same projected return but different levels of uncertainty.
FIN 355 · Debt financing
How Amortization Changes a Loan Payment
Explore how each level mortgage payment is divided between interest and principal, and how the principal share rises over the loan term.
FIN 355 · Commercial debt underwriting
Commercial Mortgage Loan Sizing
Compare the loan ceilings implied by LTV, DSCR, and debt yield, identify the binding constraint, and see how underwriting assumptions change the maximum permitted loan.
FIN 355 · Investment returns
Internal Rate of Return as a Zero-NPV Solution
Visualize IRR as a zero-NPV solution, edit annual cash flows, and see why nonconventional cash flows may produce multiple IRRs or no real IRR.
FIN 355 · Structured finance
CMBS Tranching and the First-Loss Waterfall
Build a CMBS capital stack, trace losses from junior to senior bonds, and connect tranche yields to pool pricing and lender economics.
FIN 355 · Commercial leases
Net Effective Rent and Lease NPV
See how concessions change annual net effective rent, then compare constant rent growth with a delayed rent bump using multi-year landlord NPV.
FIN 355 · Development feasibility
Development Feasibility: Replacement Rent and Land Value
Solve the same development model in two directions: find the minimum rent that supports a land cost or the maximum land price supported by market rent.
FIN 355 · Ground leases
Four Models for Ground-Lease Valuation
Compare two residual land-value approaches with two direct building-NOI approaches, and see how rent steps, NOI growth, discount rates, and cap rates affect whether the four estimates converge.
FIN 355 · Exit strategies
Sale, Refinancing, or Like-Kind Exchange?
Compare liquidity, retained real estate equity, debt, transaction costs, and current taxes across three exit strategies, including when cash received in a 1031 exchange becomes taxable boot.
FIN 355 · Real estate company valuation
Source and licensing FIN 351 on GitHub FIN 355 on GitHub Site feasibility sandbox on GitHub
Previous teaching experience
California State University, Fullerton
Real Estate Principles; Real Estate Investment Analysis.
University of Pennsylvania
Statistics for Economists; Public Finance; Urban Real Estate Economics (Undergraduate/MBA); International Housing Comparisons (Undergraduate/MBA); Intermediate Microeconomics.
University of California, Santa Barbara
Microeconomic Theory (Ph.D.); Intermediate Microeconomics; Principles of Macroeconomics.
Fudan University
Public Economics; Probability and Statistics.