Entries by Michael Belasco

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Why Your IRR and XIRR are Different (Updated June 2024)

This post was inspired by a question on our real estate financial modeling Accelerator forum. Additionally, Spencer and I frequently get emails asking about this very issue, which is ‘why the IRR (internal rate of return) and XIRR (extended internal rate of return) functions provide different results on the same cash flow’. Both functions aim […]

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Case Study #5 – The Jefferson Branded Condo Development – Case Only (Updated June 2024)

This is the fifth in a series of commercial real estate case studies shared by A.CRE. These case studies are meant to help you practice to master real estate financial modeling. The Jefferson Branded Condo Development puts you in the position of boutique condo developer considering investing in a to-be-built branded condo project. You are […]

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Case Study #4 – The Stones Hotel Acquisition – Case Only (Updated May 2024)

This case study on hotel acquisition is the fourth in a series shared by A.CRE, designed to enhance your skills in real estate financial modeling. In this scenario, you take on the role of an associate at a prominent firm specializing in debt and equity capital for value-add and opportunistic hospitality investments. Your task is […]

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Multifamily Development Model (Updated April 2024)

Not to be confused with Spencer’s masterpiece, The A.CRE Apartment Development Model, I decided to build a second option on our website for multifamily development with a different feel. For us true modeling nerds out there, we know that financial modeling and the way we present our underwriting models is equal parts math and art. […]

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Real Estate Development Tracker (Updated Feb 2024)

One of the many challenges of both analyzing real estate development deals and managing development projects is understanding and tracking the numerous differing but intertwining work streams. The more a development team takes the time to understand and map out the processes, the better chance there is of the project being successful. It is with that […]

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RV Park Development Model (Initial Release)

Created to underwrite one of my projects, RV@Olympic, the RV Park Development Model is something I built and have been working with frequently over the past year. What’s especially unique about this model is that the template you are getting here actually contains the current underwriting projections of this project as of the date of […]

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A.CRE 101: CRE Risk Profiles (Updated May 2023)

In this post we will go into detail about the four CRE risk profiles commonly ascribed to commercial real estate opportunities. In order of least risky to most risky, they are as follows: Core Core Plus Value Add Opportunistic This broad categorization helps commercial real estate professionals to quickly describe the type of risk/reward profile […]

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Commercial Real Estate Interview Prep with ChatGPT-4: A Step-by-Step Guide

Preparing for a commercial real estate job interview can be a daunting task, but with the right tools and guidance, you can effectively practice and refine your interview skills. In this blog post, we’ll outline how to use the following comprehensive interview simulation prompt with ChatGPT to help you practice and prepare for your upcoming […]

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¿MBA o Maestría en Bienes Inmuebles? Por Qué Decidí Obtener Ambos y Algunas Consideraciones Sobre lo que Podría Ser Adecuado Para Usted

Desde que Spencer escribió su post sobre por qué decidió hacer un Maestría en Bienes Inmuebles en lugar de un MBA o una doble maestría, nuestros lectores me han preguntado mucho por qué decidí hacer un MBA y una Maestría en Bienes Inmuebles. A continuación, expondré mis razones y reflexiones, y ofreceré algunas consideraciones para […]