In Step 5 – Part 2, Cheddy Matthews and Selcuk Alemdar break down the most important return metrics and risk factors every investor must understand before investing in real estate.

They explain cash flow, cash-on-cash return, IRR, equity multiple, break-even occupancy, underwriting assumptions, and how to spot red flags in a deal. Plus, a bonus breakdown of which metrics matter most across different asset types.

The key takeaway: Don't chase the biggest number—understand what the numbers actually mean.