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Real Estate Financial Modeling Accelerator (Updated September 2026)

Before launching the Accelerator program, Michael and I received countless emails requesting a more structured, step-by-step real estate financial modeling training program. Over the years, we've covered hundreds of real estate modeling…
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Construction Draw Schedule: Accounting For True LTC (Updated Sept 2026)

When lenders provide debt for a development project, they lend based on a Loan-to-Cost ratio (LTC), which is simply the percent of the total budget the lender will agree to lend to the borrower. So, if a project costs $10MM, and a lender loans…
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LIHTC (Low Income Housing Tax Credits) Overview and Calculator (Updated Sept 2026)

Below is an overview of how LIHTC (low income housing tax credits) are calculated and applied to affordable housing projects. At the bottom of the post you will find downloadable excel files that correspond with the videos. LIHTC - An Overview LIHTC…
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AI Tools for Commercial Real Estate (Fall 2026 Edition)

We've spent the last few years testing, teaching, and building with AI in commercial real estate, and this post is where we keep track of the tools that matter. It started as a list. This Fall 2026 edition is organized differently, because the…
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Episode 18 of Multipliers: JEV Is a Bigger Deal for CRE Than LLMs

Spencer posted about JEV on LinkedIn a few days before this episode and very few people from our industry reacted to it. He understands why. This is boring engineer stuff. The end user of an AI system doesn't care how the micro-decisions inside…
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A.CRE Apartment Development Model (Updated Sept 2026)

For several years now, our library of real estate models has been lacking a robust ground-up apartment development model. Sure, our All-in-One (Ai1) model has the capability to model multifamily development deals, but it's more a generalist…
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AI May Build a Model. Could You Sign Off On It?

An 18-point real estate financial modeling check for CRE professionals One of the questions we hear most often today is some version of this: Is it still worth learning real estate financial modeling if AI is going to do it for me? It's…
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Cuando los Precios Dejaron de Subir: Crisis Financiera del 2008, Parte 5

Parte 5 de mi serie recorriendo la crisis financiera de 2008 desde la óptica de los bienes raíces, y la parte donde por fin se pone a prueba el supuesto sobre el que descansaba todo. Si recién te sumas, en la Parte 1 miré por qué se le…

Marcus & Millichap 2026 Future Talent Conference

Marcus & Millichap is hosting its 2026 Future Talent Conference, a two-day live virtual event for students and early-career professionals interested in commercial real estate investment sales and brokerage careers. One of our goals at…
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When Prices Stopped Rising: 2008 Crisis, Part 5

Part 5 of my series working through the 2008 financial crisis from a real estate perspective, and the part where the assumption everything rested on finally gets tested. If you're new to the series, in Part 1 I looked at why the mortgage was…
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Camino hacia un NOI estabilizado – Pérdida Por Arrendamiento En La Suscripción De Propiedades Multifamiliares (Actualizado Sept 2026)

El cálculo del Ingreso Operativo Neto estabilizado de una propiedad es sinónimo de construir una proforma estabilizada, modelando primero los ingresos y luego los gastos, eso significa que, debemos ajustar los ingresos anticipados menos los…
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Episode 17 of Multipliers: The AI Tech Stack Every CRE Professional Needs to Master

More commercial real estate professionals are using AI every day. But using AI and understanding how to engineer an AI output are two very different things. And that distinction is going to matter a lot. We're moving into a world where…
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Watch Me Solve a Real Estate Technical Interview Modeling Test: Case Study #17, Windsor Crossing

A decade ago, I recorded myself completing a real estate technical interview modeling exercise, start to finish, so our readers could watch over my shoulder and pick up on my process. That video, and the companion blog post, is still one of…
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Case Study #17 – Windsor Crossing: An Industrial Development (Case Study + Solution)

For our 17th case study, we turn to a merchant industrial development in the Lebanon Valley, one of the mid-Atlantic's most active distribution corridors. This Windsor Crossing case study places you in the role of Alex Morgan, an investment…
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The Road to Stabilized NOI – Loss to Lease in Multifamily Property Underwriting (Updated Sept 2026)

The calculation of stabilized Net Operating Income for a property is synonymous with building a stabilized proforma. This modeling process starts by estimating revenues and then the expenses, which means we must adjust the anticipated revenues…