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Real Estate Financial Modeling Accelerator (Updated September 2026)

Before launching the Accelerator program, Michael and I received countless emails requesting a more structured, step-by-step real estate financial modeling training program. Over the years, we've covered hundreds of real estate modeling…
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The Road To A Stabilized NOI – Underwriting Real Estate Concessions (Updated Nov 2026)

The incentives offered to the tenants of a real estate property constitute another of the adjustments that real estate professionals must underwrite to achieve a stabilized NOI, but beyond the adjustment, the concessions represent the cost of…
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The Road To A Stabilized NOI – Vacancy And Credit Loss In Real Estate Underwriting (Updated Oct 2026)

Considering the potential vacancy loss as well as tenant default on an income-producing real estate property represents another key underwriting decision that real estate professionals must make when transitioning to a pro forma (Stabilized)…
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Watch Me Solve a Real Estate Technical Interview Modeling Test: Case Study #17, Windsor Crossing

A decade ago, I recorded myself completing a real estate technical interview modeling exercise, start to finish, so our readers could watch over my shoulder and pick up on my process. That video, and the companion blog post, is still one of…
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The Road to Stabilized NOI – Loss to Lease in Multifamily Property Underwriting (Updated Sept 2026)

The calculation of stabilized Net Operating Income for a property is synonymous with building a stabilized proforma. This modeling process starts by estimating revenues and then the expenses, which means we must adjust the anticipated revenues…
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The Definitive Guide to Microsoft Excel for Real Estate (Updated Aug 2026)

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.…
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Best Practices in Real Estate Financial Modeling (Updated August 2026)

Before you use one of our real estate financial models (i.e. Excel templates), or before you set out to build your own real estate analysis tool in Excel, it's important to keep in mind a few real estate financial modeling best practices. This…
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IRR vs Discount Rate: Two Sides of the Same Coin (Case Study + Model) (Updated March 2026)

In the discipline of commercial real estate financial modeling, certain principles serve as foundational pillars, essential across all valuation, acquisition, and investment analyses. Few concepts are as omnipresent, yet as frequently misunderstood,…
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Watch Me Build A Construction Draw Schedule (Updated Feb 2026)

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…
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Deep Dive: Understanding the Time Value of Money in Commercial Real Estate

In commercial real estate, nearly every investment decision boils down to a key question: What is the present value of uncertain future cash flows? The answer exists because money has a fundamental property: its value changes over time. The…
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How to Prepare for the Real Estate Technical Interview (Updated Nov 2025)

So you've made it past the HR screening interview. You have the education and experience the company is looking for, but now they want to be sure you possess the real estate financial modeling skills necessary to do the job. They've asked…
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Watch Me Solve a REPE Technical Interview Modeling Test (Updated Sept 2025)

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,…
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The Real Estate Site Visit Checklist: What to Look For and Other Thoughts

In our business, initial assessments are most often made from a distance. We rely on Google Maps satellite images, broker packages, demographic reports, street view, and more to evaluate a multi-million-dollar property. And these assessments…
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30/360, Actual/365, and Actual/360 – How Lenders Calculate Interest on CRE Loans – Some Important Insights (Updated July 2025)

(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…
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Watch Me Build a Residential Land Development Model (Updated June 2025)

Over the years, we've created a sizable library of Watch Me Build videos covering Excel models for various real estate investment and property types. However, we've yet to create a Watch Me Build involving for-sale product. So this weekend,…