Real Estate Financial Modeling

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Real Estate Financial Modeling Accelerator (Updated April 2024)

Prior to launching the Accelerator program, Michael and I 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…

RE Education, Careers, Real Estate Financial Modeling, Excel Models, Interviews, Tutorial, A.CRE 101 - Basic Concepts in Commercial Real Estate, Watch Me Build, Real Estate Case Studies, Office, Development

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,…

RE Education, Real Estate Financial Modeling, Excel Tips, Excel Models, Tutorial, Modules, Development

S-Curve Forecasting in Real Estate Development (Updated Sep 2021)

One of the reasons Michael and I blog, is to force ourselves to be continually learning. I built the first version of my real estate waterfall model, because I wanted to better understand the mechanics of modeling an equity waterfall with IRR…

RE Education, Real Estate Financial Modeling, Excel Tips, Excel Models, Office, Retail, Industrial, Tutorial, Modules, Watch Me Build

Watch Me Build – Custom Rent Schedule Module

In this Watch Me Build video I show you how to build a custom rent schedule module for long-term leases. The foundation of the module is a simple INDEX/MATCH combination that takes a rent schedule and models the rent cash flows across the entire…

Real Estate Financial Modeling, Excel Models, Tutorial, Excel Add-ins

A.CRE Geocoding Excel Add-in to Auto-Populate Latitude and Longitude in Excel (Updated Jul 2021)

The A.CRE Geocoding Excel Add-in uses the Google Geocoding API to automatically convert a given address to latitude and longitude coordinates, or to convert a given latitude and longitude coordinate to an address. The add-in makes auto-populating…

RE Education, Real Estate Financial Modeling, Excel Models, Tutorial, Investment Analysis

Could You Be Exiting Too Early? Don’t Forget to Analyze Your Reinvestment Rate

When attempting to maximize the value of your money invested in real estate, the timing of your exit is key to maximize your return. Exit too early, and you might leave money on the table. Exit too late, and you might have better used that capital…

Real Estate Financial Modeling, Excel Models, Apartment, Tutorial, Acquisition, Value-Add

Tutorials for A.CRE Value-Add Apartment Acquisition Model

As promised, I'm following up the release of the A.CRE Value-Add Apartment Acquisition model with a series of walk-throughs and tutorials to help you better understand the various elements of the model. The tutorials start with the basics -…

Real Estate Financial Modeling, Excel Tips, Excel Models, Office, Retail, Industrial, Tutorial, Acquisition

Using Boolean Logic to Model Multiple Generations of Tenant Improvements

Arguably the most powerful, and least appreciated and understood, functionality in Excel is its use of boolean logic. Or in other words, the use of TRUE and FALSE binary logic. This form of logic can be used to dramatically simplify formulas…

RE Education, Real Estate Financial Modeling, Excel Tips, Excel Models, Tutorial, Equity Waterfall, Modules, Watch Me Build

Watch Me Build – IRR Partitioning in Excel

In this post, I'd like to show you how to partition the internal rate of return of your real estate investment in Excel. I also throw in a quick equity multiple partition, to highlight how the time value of money affects your returns. I've recorded…

Real Estate Financial Modeling, Single Family, Tutorial, A.CRE 101 - Basic Concepts in Commercial Real Estate, Watch Me Build

Watch Me Build – Capital Stack with Mezzanine Debt

One of the more difficult aspects of modeling a real estate development is figuring out how to handle equity and debt cash flows. This becomes all the more difficult when a second tranche of debt is introduced. In this Watch Me Build video,…

Real Estate Financial Modeling, Tutorial, Deep Dive, Valuation

Why Your IRR and XIRR are Different

This post was inspired by a recent 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…

Real Estate Financial Modeling, Excel Tips, Excel Models, Office, Retail, Industrial, Tutorial, Modules, Acquisition, Watch Me Build

Watch Me Build a Tenant Rollover Analysis Model

The feedback has been positive on the ‘Watch Me Build a Multifamily Model’ video I recorded earlier this year. So I thought I’d follow that up with another. This time I build a Real Estate Tenant Rollover Analysis Model and talk through…

Real Estate Financial Modeling, Excel Tips, Excel Models, Apartment, Tutorial, Standalone, Acquisition, A.CRE 101 - Basic Concepts in Commercial Real Estate, Watch Me Build

Watch Me Build a Multifamily Real Estate Model (Updated Feb 2020)

One way to become a better real estate financial modeling professional, is to watch other professionals model. I know in my career being able to physically see how others tackle different modeling problems has shaped my methods and made me better…

Real Estate Financial Modeling, Excel Tips, Tutorial

Using VBA to Hide Rows in Excel

Over the next few minutes, I will show you two techniques for automatically hiding and showing rows in Excel using VBA code. These techniques I use regularly in my real estate financial models to make for a more intuitive user experience. In…

Real Estate Financial Modeling, Excel Tips, Excel Models, Tutorial, A.CRE 101 - Basic Concepts in Commercial Real Estate, Watch Me Build

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…

RE Education, Real Estate Financial Modeling, Excel Models, Tutorial, Modules, Development, Watch Me Build

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. Are you an Accelerator member? See…