3170 students


Using a true-to-life Case Study, this mini course teaches the student how to read a typical real estate income statement and rent roll for multifamily properties. This skill is essential for any professional working in, or considering working in, multifamily investments – either as an acquisition, asset management, portfolio management, or development professional.

Knowing how to properly dissect and categorize the income and expense items typical to multifamily properties, is an important step to properly modeling multifamily cash flows. As is being able to quickly and accurately analyze a multifamily rent roll in Excel.


You have recently been contacted by a friend working at one of A.CRE Advisors competitors, Burton Belasco, LP (BBLP). She is reaching out because there is an exciting job opportunity to become part of their underwriting team. You’ve been at A.CRE Advisors for a few years and it’s crowded at the top, so it’s been tough for your career advancement.

This job opportunity would be a bump in both title and salary. You decide to send her your resume and a few days later, a member of the BBLP team reaches out to you for a first round interview.

In anticipation, you call your friend to ask her for a few tips to prepare. She informs you that in her interview process last year, they wanted to know that she understood fundamental concepts and particularly grilled her on her understanding of line items in the income statements.

She said to make sure you review these items for each asset class and come prepared to answer questions about them.


  • Multifamily


  • 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


  • The course assumes you have at least a basic proficiency working with Microsoft Excel, Google Sheets, or OpenOffice Calc


Spencer Burton is currently President and member of the founding team at Stablewood, a data-infused multi-strategy institutional real estate investor that combines the best of traditional real estate investment with proprietary data analytics and machine learning.

Spencer has over 20 years of real estate experience, both as a fiduciary and principal. Over his career, Spencer has helped close $5+ billion and underwrite $30+ billion of commercial real estate at some of the largest institutional real estate firms in the world. He has worked in land brokerage, residential development, commercial real estate acquisitions, debt production, and Investment Manager for a $60 billion institutional real estate investor.

Spencer is also the co-creator of AdventuresinCRE.com, the industry’s go-to place for commercial real estate financial modeling, education, and career advancement resources. He is also the author of various AI-powered CRE tools and an expert on the practical application of generative AI in commercial real estate.

Spencer Burton holds a Bachelor of Arts in International Affairs with an emphasis in economics from Florida State University and a Masters in Real Estate with a concentration in finance from Cornell University.