Entries by Spencer Burton

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Single Tenant NNN Lease Valuation Model (Updated 9.18.2018)

I originally built this single tenant net lease (NNN) valuation Excel model back in 2016. Based on some feedback from a few of our readers, I’ve since made a few updates. This model is an attempt to re-think how the industry underwrites single-tenant net lease investments. The model is different from your typical discounted cash […]

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Real Estate Equity Waterfall Model With Cash-on-Cash Return Hurdle (Updated 9.11.2018)

Over the years, Michael and I have built and shared numerous real estate equity waterfall models, all multi-tiered and most with internal rate of return (IRR) hurdles. And as our readers have downloaded those models, I’ve received dozens of requests for an equity waterfall model with a simpler partnership structure. This model seeks to be an […]

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Real Estate Equity Waterfall Model – IRR and Equity Multiple Hurdles (Updated 9.4.2018)

Over the years, my real estate equity waterfall with annual periods and the option of using either IRR or Equity Multiple Hurdles has been one of the most popular models download at Adventures in CRE. I’ve received dozens of requests for how to improve the model, and so I thought I’d incorporate some of those […]

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Single Family Residential Investment Analysis Model (Updated 9.1.2018)

Pre-2008, I bought and sold my fair share of single family homes – both for investment purposes (rental or flips) and to live in. In those days, almost everyone was “investing” in residential real estate – hence the market crash. I personally don’t have any plans to get back into buying and selling homes, beyond […]

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Understanding Treatment of Time 0 in the All-in-One Model

I received a very astute question/concern from a user of our All-in-One(Ai1) model in our Ai1 Support Forum late last month. I initially set out to answer the question in writing, but the more I thought about my response, the more I concluded a video was necessary to fully explain the methodology here. Below find a […]

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All-in-One (Ai1) Underwriting Model for Real Estate Development and Acquisition (Updated 08.25.18)

As many of you recall, in 2015 I set out to build an Excel alternative to the widely-used (and now discontinued) ARGUS DCF. With career moves and a lot of other A.CRE-related side projects, this undertaking has been slow going. Alas, in 2016 I released the first beta-version of the model – my All-in-One (Ai1) Underwriting […]