Entries by Michael Belasco

, , ,

LIHTC (Low Income Housing Tax Credits) Overview and Calculator

Below is an overview of how LIHTC (low income housing tax credits) are calculated and applied to affordable housing projects. At the bottom of the post you will find downloadable excel files that correspond with the videos. LIHTC – An Overview LIHTC s are federal tax incentives given to the states who then award developers […]

, , , , ,

Watch Me Build Data Tables For Real Estate Sensitivity Analysis

This is a 3 part mini-series on using data tables in Excel to perform real estate sensitivity analysis. In this series, I’ll walk you through how to build both one-variable and two-variable data tables in parts 1 and 2. And in Part 3, I’ll walk you through how to no longer limit your two-variable sensitivity […]

, , , , , ,

Watch Me Build A Construction Draw Schedule (Updated Jan 2020)

In the following video, I record my screen and narrative my steps as I build a basic construction draw schedule. I’ve also included the template and completed worksheets from this Watch Me Build exercise. Basic Construction Financing & Draw schedules: A Conceptual Overview A standard draw schedule with a basic capital stack of debt and […]

, , , , ,

Roll Up Your Monthly Cash Flow Line Items Into Annual Periods Using Only One Formula For The Whole Sheet

While building out my hotel development model (currently underway), I decided to take a break and record a video about how I roll up the monthly cash flow line items on my Monthly Cash Flow sheet into annual cash flow line items on a separate sheet using only a single formula and simply copying and […]

, , ,

A.CRE Flashcard Series – Sharpen Your Vocabulary (Updated 09.25.19)

As Spencer and I continue to flesh out the Adventures in CRE Glossary of Commercial Real Estate Terms, we thought it would be fun and useful to provide some of our readers who are just starting out in the industry with some practice flashcards. We hope you can use this as a tool to test […]

, , , , , ,

30/360, Actual/365, and Actual/360 – How Lenders Calculate Interest on CRE Loans – Some Important Insights

(Updated August 7, 2019 to include a Watch Me Build video and Downloadable file) Commercial real estate lenders commonly calculate loans in three ways: 30/360, Actual/365 (aka 365/365), and Actual/360 (aka 365/360). Real estate professionals should be aware of these methods if they want to understand the real interest rate as well as the total amount of interest […]

, , , , , ,

A.CRE Hotel Valuation Model in Excel (Updated 07.23.19)

I am excited to introduce our new Hotel Valuation (Acquisition) Model to underwrite both stabilized and value-add hotel opportunities. This hotel pro forma is designed to allow users to do everything from a quick back of the envelope exercise to a fulsome and detailed underwriting exercise in which the user can get into the weeds […]

, , , , ,

Through The Entitlement Process: Identifying Risks and Strategies For Mitigation

Investing in and developing an unentitled site, broadly speaking, is one of the riskiest, yet rewarding, endeavors in the commercial real estate industry. The entitlement process, in particular, is fraught with the potential for setbacks and even failure, all while significant money needs to be spent and put at risk long before any revenue can […]