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Real Estate Financial Modeling Accelerator (Updated March 2024)

Prior to launching the Accelerator program, Michael and I fielded email after email requesting a more structured real estate financial modeling training program on the site. Over the years, we've covered hundreds of real estate modeling…
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Through The Entitlement Process: Identifying Risks and Strategies For Mitigation

Investing in and developing an unentitled site, broadly speaking, is one of the riskiest, yet rewarding, endeavors in the commercial real estate industry. The entitlement process, in particular, is fraught with the potential for setbacks and…
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Day in the Life: EVP/Asset Manager – Family Office

In this 'Day in the Life of a Commercial Real Estate Professional' post, we hear from an EVP/Asset Manager working at a Family Office in California where this person has been located for the last 2 years. This professional has been kind enough…
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Using the OFFSET Function in Real Estate Financial Modeling

In a previous post, I showed you how to use the OFFSET function to create dynamic lists in Excel. As you become more comfortable using this function in real estate financial modeling, you'll find that it has almost infinite applications when…
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A.CRE 101 – Create Smart Drop-Down Menus in Real Estate Modeling

One Excel feature real estate financial modeling professionals use often is the data validation list. Where data validation is a method of limiting the possible inputs of a cell, the data validation list limits those inputs to a pre-defined…
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Create a Dynamic Real Estate Chart in Excel

Most of the real estate financial models we've shared over the years are dynamic to analysis period. Meaning, we've included an input to adjust the length of the analysis period, and the model will adjust the results accordingly. This is…
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3-Tiered Acquisition Debt Module

This is a 3-tiered debt module that will allow the user to add one to three tiers of debt to his or her real estate DCF model. Includes the option to layer in senior debt, secondary debt, and mezzanine debt; calculate interest on either…
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Hold-Sell Analysis in Real Estate

In course 3 of our A.CRE Accelerator, we use a case study that revolves around a hold-sell (i.e. hold vs sell) analysis scenario to teach the anatomy of the real estate DCF. In that scenario, the student is an asset manager working for an open-end…
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Quick Tutorial: Add Line Items to OpSt Sheet in All-in-One

I was recently asked the question whether it's possible to add more other income or operating expense line items to the MF-OpSt or ORI-OpSt worksheets in my All-in-One Model for Underwriting Acquisitions and Development. Short answer is: out…
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Deep Dive: Understanding Acquisitions: The Letter of Intent (LOI)

The Letter of Intent - Legal Issues The letter of intent is a critical document that is written up at the beginning of a potential real estate transaction between either a prospective buyer and seller or a prospective tenant and landlord.…
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Graduate Real Estate Series: Columbia University MS.RED (Updated 2.2.2019)

The Columbia University Master of Science of Real Estate Development (MS.RED) program is an intensive, three term (one year) graduate program in real estate offered through Columbia University's highly ranked Graduate School of Architecture,…
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A Few Indispensable Keyboard Shortcuts for Moving Quickly Around Excel

The more time you spend modeling real estate in Excel, the more important keyboard shortcuts become. It's partly about speed - using keyboard shortcuts is much faster than using the mouse. But it's also about impressing your peers; whether you…