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Advanced Concepts in Real Estate Financial Modeling is a supplemental bonus course offered as part of the Accelerator curriculum. This course is not required to earn an Accelerator Certificate of Completion, but instead is meant to teach concepts not directly addressed in the standard Accelerator curriculum but that you will likely use at some point in your career.

In this course you will:

  1. Learn to model floating (i.e. variable) rate debt
  2. Perform sophisticated real estate sensitivity and scenario analysis using Excel’s data table feature
  3. Model multiple tranches of capital sources, dynamic to order in which sources are deployed
  4. Learn a technique for modeling GP catch up provisions in equity waterfall modeling
  5. Learn a technique for modeling LP clawback provisions in equity waterfall modeling
  6. How to model quarterly and annual partnership distributions with monthly property-level cash flows
  7. Discover a variety of advanced formatting techniques for more user-friendly and intuitive real estate models
  8. Explore considerations in portfolio-level modeling
  9. Learn one method for modeling partnership crystallization (i.e. ownership reset) in equity waterfall modeling
  10. Model basic after-tax analysis, including the option to defer capital gains
  11. Use Probabilistic Modeling and Monte Carlo Simulations in real estate analysis
  12. And much more

Additional tutorials are regularly added to this course based on your recommendations. So if there is a real estate financial modeling topic not covered in the standard Accelerator curriculum, and you’d like to see Spencer or Michael teach it, let us know in this course’s forum.


Unlike standard Accelerator courses, this course does not have any specific case study. Nor are there quizzes or completion requirements. This course is a series of video (i.e. Watch Me Build) tutorials. Each tutorial includes a template Excel file for you to use to follow along, and a completed Excel file to see the answers.


  • All property types


  • While we recommend using Microsoft Excel, as that is the industry standard, this course will work with most other spreadsheet software such as Google Sheets and OpenOffice Calc
  • This course was built using the Google Chrome browser, thus we recommend you use Google Chrome for optimal view experience
  • This course is best taken on a desktop computer, although the platform is compatible with tablet and mobile devices


  • The course assumes you’ve spent significant time in the Accelerator and have at least an intermediate proficiency in Excel


Spencer and Michael started Adventures in CRE in their first year of graduate school. Since that time, the two have written over 350 in-depth articles on real estate financial modeling, careers, and education options; built and shared over 60 institutional-quality real estate financials models; developed an extensive glossary of real estate terms, recorded over 100 tutorial videos, and created the most comprehensive real estate financial modeling training program available.