Entries by Spencer Burton

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Industrial Real Estate Development Model (Updated Feb 2022)

Allow me to share my Industrial Development Model in Excel. Over the past year, I’ve been working to add more specialty real estate models to our library. While our All-in-One model certainly has its place, oftentimes really digging into the underwriting of a deal takes a hyper-focused tool. This model fits the definition of a […]

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Single Family Residential Investment Analysis Model (Updated Feb 2022)

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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Refinance Risk Analysis Tool in Excel (Updated Feb 2022)

Generally speaking, equity real estate investors spend their time modeling the upside while their debt partners spend their time modeling the down side. Equity investors generally focus on an investment’s internal rate of return, cash-on-cash return, equity multiple and other return metrics while debt investors focus on debt coverage, loan to value, debt yield and […]

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Introducing the New Accelerator 2.0 Learning Platform

In 2018, Michael and I designed and built the A.CRE Accelerator program. We sought to build the preeminent tool for learning and mastering real estate financial modeling. It was intended to provide a clear path to real estate financial modeling mastery, and ultimately give Accelerator Graduates a significant advantage in the industry. Now as we […]

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Ground Lease Valuation Model (Updated Jan 2022)

The topic of ground leases has come up several times in the past few weeks. Numerous A.CRE readers have emailed to ask for a purpose-built Ground Lease Valuation Model. And I’m in the process of creating an Advanced Concepts Module for our real estate financial modeling Accelerator program covering the mechanics of modeling ground leases. […]

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Land Development Model – Multi-Scenario (Updated Jan 2022)

Over the years, we’ve shared eight development-focused real estate financial models and numerous development-specific tools to the A.CRE Library of Excel Models. Nevertheless, there’s been a hole in the development offerings in our library. The library has been missing a model to analyze general land development scenarios, such as master-planned residential and commercial developer opportunities […]

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Real Estate Equity Waterfall Model – IRR and Equity Multiple Hurdles (Updated Jan 2022)

Over the years, this real estate equity waterfall with annual periods and IRR or Equity Multiple hurdles has been one of the most popular models in our library of real estate Excel models. It’s been downloaded thousands of times and we’ve received dozens of suggestions for how to improve the model. As a result, we […]

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The Definitive Guide to Microsoft Excel for Real Estate (Updated Dec 2021)

Microsoft Excel is the primary tool used by real estate financial modeling professionals. Even while numerous non-Excel alternatives have attempted to de-throne Excel, the 35+ year-old software has shown to be surprisingly resilient to competition. And thus, if you intend to work in real estate you must be proficient in Excel. So what does it […]

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Watch Me Solve a REPE Technical Interview Modeling Test (Updated Nov 2021)

What better way to spend some free time over the Thanksgiving holiday, than to record myself completing a real estate private equity technical interview exercise! While I’ve offered help with the real estate technical interview in the past, I’ve never just grabbed an actual technical interview case study and walked our readers through how I […]

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Construction Draw and Interest Calculation Model (Updated Aug 2021)

I originally uploaded this equity/construction loan draw and interest calculation tool to our library of real estate financial analysis models in 2016. Over the years, I’ve continued to update it as suggestions, comments, and requests flowed in from our readers. The model is meant to be used to forecast construction budget cash flows (uses), and then model […]