Since starting A.CRE, Michael and I have 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 topics in our blog, published hours of video, and shared 50+ real estate Excel models in our Library. Nonetheless, no matter how many posts we publish or models we share, we continue to get the same questions. What does it take to become fully proficient? What do I focus on and in what order?

So a few years ago we developed a solution: The A.CRE Real Estate Financial Modeling Accelerator. The Accelerator is a case-based, comprehensive real estate financial modeling training program that prioritizes the right information in the ideal order.

Important Note: We’re updating and adding to the Accelerator every week. Since launch, we’ve made hundreds of content updates, added an Advanced Concepts course, a Library of Supplementary Tools section, a Case Study video and solution subsection, a Networking and Careers in Real Estate course, responded over 1,000 times to topics raised in the Accelerator forums, and much more. Click here to view the changelog and see what’s new in the Accelerator.

What is the Real Estate Financial Modeling Accelerator?

Note: This video was recorded in late 2019. Dozens of new resources have been since added to the Advanced Concepts course and Library of Supplementary Learning Tools. 

 

The Accelerator is a comprehensive, case-based, real estate financial modeling training program.

The program consists of 16 core courses with accompanying case studies and Watch Me Build videos; an interactive student-instructor forum with over 1000 discussions (and growing daily); an Advanced Concepts section where every month we add new modules that explore the more nuanced techniques in real estate financial modeling (e.g. Modeling Partnership Crystallization); and a growing library of supplementary resources such as Watch Me Build videos, practice case studies, technical interview exams, and mini-video tutorials to help you augment your practice and learning.

All members who complete the 16 core courses receive a ‘Certificate of Completion’, unique to them with custom URL, that can be shared on LinkedIn and with employers to confirm completion of this rigorous real estate financial modeling training program.

Who is the Accelerator For?

Knowing that each member is at a different place in their real estate financial modeling learning, we’ve developed the Accelerator program with three types of individuals in mind:

  • Those with limited real estate financial modeling skills looking to model their own deals, transition to a completely different role in CRE, or land their first job in industry.
  • Those with intermediate modeling skills but gaps in their knowledge (e.g. lacking institutional modeling experience, certain property-type or investment-type expertise, etc.).
  • Those with advanced proficiency, but that are lifetime learners. The advanced individuals will especially find value in the Advanced Concept modules, the Library of Supplementary tools, the later courses in the core curriculum, and in engaging directly with us via the Accelerator forums.

Virtually every concept related to modeling direct investments in real estate is covered either in the core courses, or in the additional resources. Nevertheless, when an Accelerator member is interested in learning more about a given topic, they only need to ask (via the Accelerator forums) and we create custom video tutorials and materials to enhance their learning around that topic.  Thus, the Accelerator has something for almost every real estate professional.

Why a Real Estate Financial Modeling Accelerator?

In the Adventures in CRE Audio series, season 1 episode 10, Michael and I dive into why we created the real estate financial modeling Accelerator. If you’re considering the Accelerator, I highly recommend you listen to this episode as we take a more pronounced look into the why behind this program.

Accelerator – More Than Just Real Estate Financial Modeling Courses

When we started, what we didn’t want to end up with was a typical online real estate financial modeling course. We’ve all taken them and while they are a piece of the puzzle, they lack the sort of true-to-life application that leads one to true proficiency.

On top of that, Michael and I have already covered virtually every concept on our blog. Thus, creating a compilation of our 200+ posts may have been a profitable exercise, but it wouldn’t have created the value we would have wanted when we were at the early stage of our professional development.

And so we’ve set out to develop something different. An Accelerator.

Accelerator (noun): “a person or thing that causes something to happen or develop more quickly.”

An accelerator is meant to help someone who’s already on their way to get to their destination faster and more efficiently. Think of it as a toll road (or express lane) for real estate financial modeling learning.

You could read all 200 of our blog posts, take apart all 50 of our real estate models, and eventually you’d get there. Or you could cut to the chase, spend 8 to 12 solid weeks with the A.CRE Accelerator, and get there much faster.

In short, the goal of the Accelerator is to bring laser-focus to the process. To teach you the right information in the right order. To help you learn to model real estate in a fraction of the time without wasting energy on irrelevant information.

 A Real-World Curriculum

Michael and I believe that you don’t truly learn real estate financial modeling until you actually do it in the real world.

The challenge is, most employers expect you to already have the skills before they interview you. And since most schools only teach the theoretical and the online courses are lacking in depth and applicability, most of us are left to our own devices to learn.

To accelerate the learning process, we’ve developed a case-based curriculum that focuses on what really goes on out here.

In our combined 25 years in real estate, we’ve modeled hundreds of institutional deals worth $20+ billion; saying nothing of the thousands of hours spent on A.CRE projects. We’ve worked carefully to create course content that parallels the realities of the industry.

For example, many of the hypothetical deals used in the Accelerator come from our hypothetical brokerage firm – East Lang Ellis.

East Lang Ellis – The fictitious brokerage firm providing the offerings for the Accelerator case studies.

For many of the case studies, this hypothetical firm shares a link to a deal War Room where you’ll find realistic looking offering (or financing) memoranda, operating statements, rent rolls, and other deal-specific documents.

Furthermore, the cases use real-to-life jargon, processes, and examples so that you learn real estate financial modeling as if an actual boss was giving you real deals to underwrite.

Modern, Easy-to-Navigate, Proprietary Interface

Besides developing true-to-life content, having a learning interface that was attractive, easy-to-navigate, and housed within our Adventures in CRE site was essential. This piece took some time to come together, and we continue to make regular improvements based on feedback from Accelerator members. But thanks to a couple of people far more technically capable than we are, we have a learning platform we’re really excited about.

Practice Makes Perfect

While the 16 core courses are meant to help you master the fundamental elements of real estate financial modeling, your learning should not stop at completion of the core courses. In fact, the key to true mastery of real estate financial modeling is practice (practice, practice)!

To help our Accelerator members with that, we’ve developed a comprehensive set of additional resources and advanced concept lessons. And those resources continue to grow monthly as we have time and as specific requests come in from Accelerator members. As of July 2020, those resources include:

  • A fast growing library of real estate case studies and modeling tests to practice your craft (six add’tl cases/tests on top of the 20 in the core)
  • ‘Watch Me Solve’ videos and/or answer keys for various cases in our growing Library of Real Estate Case Studies
  • An extensive list of Advanced Concept modules with video tutorials on how to tackle difficult modeling tasks (12 property-level, and 5 partnership-level modules)
  • An ever-growing collection of short video tutorials that arise from questions raised in the Accelerator forums (20 videos with completed Excel files)
  • A series of additional ‘Watch Me Build’ videos covering a wide array of modeling challenges (14 videos with Excel files)
  • An active forum where you can ask questions, and get detailed (and often video/tutorial supported) answers (over 1,000 responses)

These practice and support materials and resources constitute hundreds of additional hours of learning, on top of the 16 core courses, to help you continue to grow and thrive in your mastery of real estate financial modeling.


What’s New – Accelerator Changelog

Accelerator member? Click here to view Changelog with links to new features

October 2020

  • Added a complimentary download link to the A.CRE Geocoding Excel Add-in to the Library of Supplementary Tools
  • Added mini video tutorial ‘Modeling Total Potential Gross Rent in Long-Term Leases’ to the Library of Supplementary Tools
  • Video tutorial for extending analysis period added to Advanced Concept module ‘Modeling a Construction Loan Takeout’
  • Mini-tutorial added to Library of Supplementary Tools: Technique for Extending Analysis Period in an Existing Model
  • Added section on ‘LinkedIn Skills Endorsements’ to the How to Leverage Your Accelerator Certificate of Completion

September 2020

  • In response to a forum question, created a mini-tutorial on how to model a CapEx Reserve Account
  • Added How to Model CapEx Reserve Account to ‘Forum Post Videos’ section of the Library of Supplementary Tools
  • Slight edit to question 3 in the Retail Income Statement Quiz, to make the question more clear
  • Update to the core platform code to reduce load time between lectures
  • Created tutorial for building Dynamic Portfolio (Fund) models in Advanced Concept module 1.8: Considerations in Portfolio-Level Modeling
  • Added new Watch Me Build video to Library of Supplementary Tools: Partitioning an IRR and Equity Multiple
  • Added new Case Study to Library of Supplementary Tools: Hamilton Park VIII: Industrial Development Residual Land Analysis
  • Added solution file to Hamilton Park VIII Case Study
  • Added solution video to Hamilton Park VIII Case Study

August 2020

  • Added ‘Watch Me Build – American-Style Real Estate Equity Waterfall Model’ to the Library of Supplementary tools
  • Updates to the Guide to Getting Started to provide further guidance for members with an advanced proficiency modeling real estate
  • New Advanced Concepts Module: ‘Advanced Lender Risk Metrics – Duration and Average Life
  • In response to a forum question, created a quick Excel example of how a mortgage loan can actually lower the IRR of an investment
  • Added a ‘Troubleshooting Issues’ subsection to the ‘Add a Recalculate Button to Avoid Circular References’ Advanced Concept module
  • Update front page background image
  • Expanded main menu to provide easier access to supplementary and advanced tools available beyond the core courses

July 2020

  • New Case Study: ‘Just the Facts – Retail Sale-Leaseback’ added to the Library of Supplementary Learning Tools
  • DCF Valuation Revisited – a video created in response to a forum post about using present value in real estate
  • New Modeling Test / Case Study: ‘The Stones Hotel – Acquisition’ added to the Library of Supplementary Learning Tools
  • Added Instructor bios to the Guide to Getting Started to better introduce Spencer and Michael to new Accelerator members
  • New Case Study: ‘The Jefferson – Branded Condo Development’ added to the Library of Supplementary Learning Tools
  • The Jefferson – Branded Condo Development’ case solution added
  • New mini-tutorial: “Modeling a Custom Rent Schedule’ added to the Library of Supplementary Learning Tools
  • In response to question regarding IRR*12 in lender cash flow, created an example Excel model with 120-period amortization table
  • The video solution for The Presidio was added to the case study lecture
  • The solution to the extra credit was added to The Presidio Case Study

June 2020

  • Updated Accelerator home page background image
  • In response to a forum post, created a short tutorial for how to calculate land value in a ‘Covered Land Play’ scenario
  • New Advanced Concept Module: Break Out Promote, Preferred Return, Excess Cash Flow, Return of Capital Plus Separate Returns Before and After Fees
  • Update lecture 2.3 of the Waterfall Modeling course to include a link to the new Advanced Concept course that expands the model built in lecture 2.3
  • New Case Study: ‘Presidio’ added to the Library of Supplementary Learning Tools
  • New Case Study: ‘Renovo Tower’ added to the Library of Supplementary Learning Tools
  • Created a video tutorial with Excel file showing how to amortize debt with semi-annual (and other) interest compounding
  • Added a solution file to the ‘Presidio’ case study
  • Added a solution file to the ‘Renovo Tower’ case study
  • Added a ‘Watch Me Solve’ video to the ‘Renovo Tower’ case study
  • Merged practice tests and case studies subsections of the Library of Supplementary Learning Tools
  • Updated ‘East Lang Ellis’ with ‘Renovo Tower’ investment details
  • Updated Main Menu for improved navigation
  • Added a short video tutorial on calculating monthly hurdle rate using an actual month and 365 day year
  • Fixed typo in ‘The Foles’ boss’ notes
  • 79 new replies and 28 new forum topics in the Accelerator forums

May 2020

  • Framework for Modeling Bridge + Construction Loan added to the Library of Supplementary Tools
  • Capital Stack with Customer Deposits added as Source added to the Library of Supplementary Tools
  • Added new Watch Me Build module to Library: Watch Me Build – Capital Stack with Mezzanine Debt
  • A mini-tutorial in response to a question about building an absorption module
  • Walk through of how to perform a residual land value analysis
  • Video tutorial plus Excel file to illustrate the concept of cap rate vs. unlevered IRR
  • New Advanced Concept Module: Modeling Variability in Income and Expense Line Items
  • Updates/fixes to Accelerator Forums
  • Added to lecture 3.2 of the last course of the Accelerator, helpful tips for sharing your Certificate of Completion on LinkedIn
  • 94 new replies and 40 new forum topics in the Accelerator forums

April 2020

  • Added template and completed Excel files to Lecture 1.4 of course 4d. Real Estate Income Statement – Multifamily
  • Updated Lecture 1.1 of course 4e. Real Estate Income Statement – Industrial
  • Added note to lecture 3.7 of course 5. Introduction to Modeling Leases related to modeling 1st generation leasing costs (see this forum thread for more color)
  • Created a mini-tutorial with Excel template for how to model a land loan bridged to construction loan financing structure in real estate development
  • Created a mini video tutorial that shows one way to model a capital stack with three sources of capital, where one source consists of customer deposits
  • Added a follow-up video to supplement the mini-tutorial on bridge to construction loan structure
  • Explanation of bell curve vs. s-curve, together with two charts to visualize as well as a simple Excel model to further illustrate
  • 121 new replies and 54 new forum topics in the Accelerator forums

March 2020

  • Video response to question related to modeling existing debt
  • Lengthy forum response related to performing comp analysis
  • Added ‘Watch Me Build Data Tables for Real Estate Sensitivity Analysis’ tutorial to Library of Supplementary Learning Tools
  • Numerous forum post threads and responses
  • Server upgrade with speed, performance, and security improvements
  • Significant enhancements made to the Accelerator Forums
    • New ‘Welcome Back’ section on main forum page with links to ‘New posts since last visit’ and ‘User Profile’
    • ‘New topic’ and ‘New reply’ badges next to new content posted to forums
    • Added sidebar sections including ‘Topics Views List’, ‘Forum Information’, and ‘Topic Information’
    • Added more robust topic/reply text editor with many new features (align, font color and size, lists, links, strikethrough, indent, horizontal line, etc)
    • Both WYSIWYG and HTML text edit options
    • Attachments now supported for inserting Excel files, PDFs, Docs, etc
    • Updated Topic/Reply notification email template
  • Added a ‘Need Help?’ section to the 4E. Industrial Income Statement course to help members complete the final case assignment
  • Recorded a new 20 minute Watch Me Build video showing you how to transpose a detailed industrial property income statement to a summary industrial property income statement
  • Built a new Advanced Concept module entitled “Ground Leases, Valuation, and Impact on Cash Flow” with accompanying Ground Lease Valuation model
  • 65 new replies and 26 new forum topics in the Accelerator forums

February 2020

  • Added ‘Modeling Existing Debt’ forum video to Library of Supplementary Learning Tools
  • Added guidance on how to include the A.CRE Accelerator Certificate of Completion on graduates’ resume
  • Note added to ‘Waterfall Model #1 – Annual Cash Flows and a Cash-on-Cash Hurdle’ lecture to address an optional modification to the model
  • Forum thread discussing modification to Cash-on-Cash Waterfall model that would improve consistency
  • Added ‘Mezz Debt – Interest Partially Capitalized’ video tutorial to Library of Supplementary Learning Tools
  • Added note to ”Modeling Alternative Interest Calculation Methods’ lecture related to using one method for charging interest, while using a separate method for setting debt service payment
  • Created video forum response related to question about ‘Variability in Operating Expenses Based on Occupancy’
  • Posted new Modeling Test ‘Hotel Investment Opportunity’ to the Library of Supplementary Learning Tools
  • Posted new Modeling Test ‘Apartment Acquisition’ to the Library of Supplementary Learning Tools
  • 91 new replies and 27 new forum topics in the Accelerator forums

January 2020

  • Added new section to ‘Library of Supplementary Learning Tools’ entitled ‘Forum Post Videos’, providing quick access to video tutorials created in response to forum questions
    • One Technique for Manually Auditing an Excel Model
    • Creating Custom Conditional Formatting Rules
    • Troubleshooting Slow Excel Workbooks
    • Modeling a Simple Interest Preferred Return
    • Combining Multiple Uses from Two Models into One
    • Modeling Lease-Up Income During Construction
    • Waterfall with Mid-Hold Capital Event
    • Two Methods for Modeling Residential Lease-Up
    • Greater Explanation of Circuit Breaker
    • Adding an Operating Shortfall to Model
    • How to Model Multi-tenant Industrial Building Converted to Condo
    • Hiding/Showing Excess Rows and Columns
    • Catch Up Provision Example
  • Added new module to ‘Advanced Concepts’ course entitled ‘Creating In-Cell Buttons, Toggles, and Navigation Buttons’ in Excel
  • Created video response to forum question related to making real estate financial models more intuitive and user-friendly
  • Updated Guide to Getting Started to highlight the new and expanding supplementary resources
  • Updated ‘The Foles’ offering memorandum to correct a rounding error in average SF (790 vs 791)
  • Updated ‘Crescent Apartments’ Sales Comps Excel file to use weighted average square feet rather than average
  • In course 8. Partnership-Level (Waterfall) Modeling, changed the Equity Multiple calculations for the GP and LP in lectures 2.5 and 3.1-3.2 to the more robust SUMIF() logic
  • In response to a forum post, a lengthy discussion on why use Yield-on-Cost in value-add underwriting
  • 68 new replies and 20 new forum topics in the Accelerator forums

December 2019

  • Launched bonus ‘Guide to Networking and Careers in CRE’ course for all Accelerator Members. Includes three career case studies, nearly two hours of audio lectures, and lecture notes for how to land that next (or first) job in commercial real estate
    • Added lecture: Introduction to Careers in CRE
    • Added lecture: Building Your Value in Real Estate – Deal Seasoning and Quality of Network
    • Added lecture: A Framework for Landing that First (or Next) Job in CRE
    • Added lecture: Step 1: Choose Your Focus – Property Type, Location, Firm Type, and Role Type
    • Added lecture: Step 2: Create Your “LAMP 4 CRE” List
    • Added lecture: Step 3: Identify Contacts at Companies on Your List
    • Added lecture: Step 4: Reach Out and Build Your Network
    • Added lecture: Step 5: Submit “Warm” Applications
    • Added lecture: Practice Regular Follow-Up and Give Back as Your Career Grows
    • Added lecture: Appendix: The Real Estate Resume
  • Updated five videos in Long-Term Leasing section of Introduction to Modeling Leases course to fix three minor errors visible in each of the videos
  • Updated the Watch Me Build video and final Excel file for the Introduction to Modeling Leases course
  • Added ‘Watch Me Expand a Single Family Home Construction Pro Forma to Analyze Multiple Homes’ to library of supplementary tools.
  • In response to a forum post, a lengthy discussion on why use Yield-on-Cost in value-add underwriting

November 2019

  • Released the ‘Modeling Annual Partnership Distributions with Monthly Property-Level Cash Flows’ module in the Advanced Concepts course
  • Released the ‘Framework for Modeling Mixed-Use Investments’ module in the Advanced Concepts courses
  • Reorganized the layout of the Advanced Concepts course, separating the various modules into three sections to make it easier to navigate the course
  • Video response to forum post related to partnership distributions upon mid-hold cash-out refinance events
  • Created new bonus course entitled: Library of Supplementary Learning Tools
    • Moved Watch Me Build videos from Advanced Concepts course to this new course
    • Added section where we will begin to add supplementary Case Studies
    • Added section where we will begin to add supplementary Technical Interview Exams
    • Added section where we will begin to add supplementary Excel files
  • Updated ‘Modeling Multiple Tranches of Capital Sources Dynamically’ module to include an optional tutorial for modeling irregular timing of contributions of capital
  • Video response to a forum post about how to handle irregular timing of contributions of capital
  • Video tutorial created, in response to a forum question, showing how to create custom Conditional Formatting rules to improve user experience
  • Minor update to the ‘Step 2’ video in the ‘Working with Apartment Rent Roll Exports’ lecture of the Real Estate Income Statement – Multifamily course

October 2019

  • Added 10-part ‘Watch Me Build’ supplementary series to the Advanced Concepts in Real Estate Financial Modeling course. Lectures include:
    • Lecture 2.1 – Introduction to this Watch Me Build Section
    • Lecture 2.2 – Watch Me Build a Residential Land Development Model
    • Lecture 2.3 – Watch Me Build a Multifamily Real Estate Model
    • Lecture 2.4 – Watch Me Build a Tenant Rollover Analysis Model
    • Lecture 2.5 – Watch Me Build a 4-Tier Equity Multiple Waterfall Model
    • Lecture 2.6 – Watch Me Build a Construction Draw Schedule
    • Lecture 2.7 – Watch Me Solve a REPE Technical Interview Modeling Test
    • Lecture 2.8 – Watch Me Build a Dynamic Mortgage Amortization Table in Excel
    • Lecture 2.9 – Watch Me Build 30/360, Actual/365, Actual/360 Amortization Tables
    • Lecture 2.10 – Watch Me Build a 3-Tier Real Estate Equity Waterfall Model
  • Released the Accelerator for Enterprise, a platform for the Accelerator real estate financial modeling training program tailor-made for organizations
    • New Master Accounts and Sub-accounts
    • Add new licenses as needed
    • Separate login and forum for Enterprise
    • Enterprise Dashboard where Master Account holder can add/edit/remove users
    • Weekly email progress sent to Master Account for each sub-account; view progress of sub-account user at anytime view the Enterprise Dashboard
  • Video response to a forum post on how to calculate simple interest preferred return (i.e. preferred return calculated on contributed capital); the video also covers the difference between a Cash-on-Cash vs. IRR preferred return hurdle
  • Video response to a forum post on using multiple single-use models to analyze a mixed-use opportunity
  • Minor error fix: In the videos for course 1. Direct Cap Method to Valuing Real Estate, the operating expenses /Unit heading reads ‘/Unit/Mo’ but it should read ‘/Unit/Yr’. The template and completed files have been corrected.
  • Built and shared a multi-tiered cash-on-cash return waterfall model to help answer a forum post
  • Updated General Vacancy and Credit Loss language in Boss’ Notes on The Foles case to make it more clear that the assumption should be 5% of Gross Revenue
  • Video tutorial in response to forum question around how to fix a slow Excel Workbook
  • Added text-searchable captions to all 217 videos within the following courses/sections (View walk-through video):
    • All videos posted to forum threads
    • i. Guide to Getting Started with A.CRE Accelerator
    • 1. The Direct Cap Method to Valuing Real Estate
    • 2. The DCF Method to Valuing Real Estate
    • 3. Anatomy of the Real Estate DCF
    • 3a. Calculating Key Risk and Return Metrics
    • 4a. Real Estate Income Statement – Retail
    • 4b. Real Estate Income Statement – Hotel
    • 4c. Real Estate Income Statement – Office
    • 4d. Real Estate Income Statement – Multifamily
    • 4e. Real Estate Income Statement – Industrial
    • 5. Introduction to Modeling Leases
    • 6. Introduction to Development Cash Flow Modeling
    • 7. Introduction to Real Estate Debt
    • 8. Introduction to Partnership-Level (Waterfall) Modeling
    • 9. Building an Acquisitions Model from Scratch
    • 10. Building a Development Model from Scratch
    • 11. Solving a Real Estate Financial Modeling Test
    • Advanced Concepts in Real Estate Financial Modeling
  • Added link to forward rate curve on How to Model Floating Rate Debt module
  • Replaced a broken link in lecture 2.3 of course 1. The Direct Cap Method to Valuing Real Estate, that had referenced now unavailable information on RUBS

September 2019

  • Minor update to the ‘Guide to Getting Started’
  • Updated Boss’ Notes in Course 1 to clear up confusion around Gross Potential Revenue vs. Gross Market Rent
  • A video response to a forum question about modeling multifamily lease-up during construction
  • In response to a forum question, the guys offer one methodology for determining the discount rate to use when calculating the present value of a tax abatement benefit
  • 17 new topics added to the Accelerator forums

August 2019

  • Released ‘Considerations in Portfolio-Level Modeling’ module in the Advanced Concepts course
  • Prior quiz results are now archived after each attempt so you can see past results
  • Added functionality to be able to review quiz results after completion
  • In response to a forum post, Spencer created a quick tutorial for partitioning the IRR of an investment with a mid-hold cash-out refinance
  • A forum question and multiple responses around how to calculate cash-on-cash return in the context of a construction loan takeout with equity proceeds
  • Released ‘Modeling Partnership Crystallization / Ownership Reset’ module in the Advanced Concepts course
  • Misc. updates to 6. Introduction to Development Cash Flow Modeling
  • 15 new topics added to the Accelerator forums

July 2019

  • Added link to the A.CRE Job Board in the main menu; A.CRE Jobs is a great free resource for Accelerator members to search for jobs in CRE
  • Released ‘Add a Recalculate Button to Your Development Model with Non-Circular References’ module in the Advanced Concepts course
  • In response to a forum post, Michael uploaded a video where he expands on the discussion of adding a Circuit Breaker when using circular references in Excel
  • A greater explanation of the logic used to calculate GP Distribution is now provided in Lecture 2.3 of Course 8. Introduction to Partnership-Level (Waterfall) Modeling
  • Update Accelerator Member home page to include button to Accelerator Forums
  • Revamped Hotel Income Statement course to provide greater clarity and improve video tutorials
  • Updated video to Course 7, Lecture 3.5 – Projecting Debt And The Interest Reserve Over the Development Period – Without Circular References – to improve debt cumulative balance calculation formula.
  • In response to a forum post, Spencer uploaded a video tutorial of two methods for modeling residential lease-up
  • Added video to lecture 2.3 of ’11. Solving a Real Estate Financial Modeling Test’ showing an alternative (and preferred) method for calculating the mezzanine loan debt service payment in this case
  • 19 new topics added to the Accelerator forums

June 2019

  • Created ‘What’s New – Accelerator Changelog’ page for helping users track changes and be made aware of new features
    • Edited ‘Guide to Getting Started’ with link to Accelerator Changelog page
    • Added links to Changelog on member home screen
  • Released ‘One Technique for Modeling an LP Clawback Provision’ module in Advanced Concepts course
  • Released ‘Modeling a Construction Loan Takeout’ module in the Advanced Concepts course
  • In the ‘Guide to Getting Started’, combined “More Than Just a Real Estate Financial Modeling Course” lecture with the “What is the Accelerator?” lecture
  • Updated ‘Key-Excel-Functions.xlsx’ to ‘Key-Excel-Functions-v1.1.xlsx’, a Workbook included in the Guide to Getting Started, fixes issue where INDEX/MATCH, VLOOKUP, and HLOOKUP were not calculating correctly
  • In response to a forum question, uploaded a video tutorial for adding an Operating Shortfall to my ‘Watch Me Complete’ a WSO REPE Modeling Test
  • Added two new forums
    • Non-Course Specific Real Estate Financial Modeling Questions
    • Careers in Real Estate Questions
  • Added a discussion around IRR*12 vs XIRR in partnership-level waterfall modeling. This can be found under the heading ‘A Comment on IRR Calculation Methods’ in lecture 2.3 of ‘8. Introduction to Partnership-Level (Waterfall) Modeling’
  • 11 new topics added to the Accelerator forums
  • Misc. content updates and bug fixes

May 2019

  • Added enhanced search feature to make finding information in forums and courses faster and easier
    • Added to main menu, page sidebar and course sidebar
    • In-lecture search functionality to be released in June 2019
  • Released ‘Two Techniques for Modeling a GP Catch Up Provision’ module in Advanced Concepts course
  • 17 topics added to the Accelerator forums
  • Implemented various server-side enhancements and adjustments to improve website speed

April 2019

  • Released ‘Real Estate Sensitivity Analysis Using a Data Table in Excel’ module in Advanced Concepts course
  • Released ‘Modeling Multiple Tranches of Capital Sources Dynamically’ module in Advanced Concepts course
  • 24 topics added to the Accelerator forums
  • Misc. content updates and bug fixes

March 2019

  • Added ‘Advanced Concepts in Real Estate Financial Modeling’ course layout and curriculum
  • Released ‘Introduction to Advanced Concepts’ module in Advanced Concepts course
  • Released ‘Modeling Floating (Variable) Rate Debt’ module in Advanced Concepts course
  • 31 topics added to the Accelerator forums
  • Misc. content updates and bug fixes

February 2019

  • 20 topics added to the Accelerator forums
  • Fixed an issue where courses we’re not appearing properly for some users
  • Visual enhancements to Learning Dashboard
  • Various content updates and Excel model bug fixes

January 2019

  • Initial launch of 16 core Accelerator courses and Accelerator forums
  • 31 topics added to the Accelerator forums
  • Various content updates and Excel model bug fixes

About the Author: Born and raised in the Northwest United States, Spencer Burton has nearly 20 years of residential and commercial real estate experience. Over his career, he has underwritten $30 billion of commercial real estate at some of the largest institutional real estate firms in the world. He is currently Head of Real Estate Investments and member of the founding team at Stablewood Properties. Spencer holds a BS in International Affairs from Florida State University and a Masters in Real Estate Finance from Cornell University.