Real Estate Financial Modeling

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All-in-One (Ai1) Underwriting Model for Real Estate Development and Acquisition (Updated 02.14.18)

As many of you recall, in 2015 I set out to build an Excel alternative to the widely-used (and now discontinued) ARGUS DCF. With career moves and a lot of other A.CRE-related side projects, this undertaking has been slow going. Alas, in 2016…
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4-Tier Equity Multiple Waterfall - Download and Watch Me Build

Here is a simple, yet very powerful, 4-tier equity multiple waterfall module. This post contains both a completed version of the module ready to plug into a real estate financial model as well as a 'Watch Me Build' template and companion video…
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1031 Exchange - Introduction, Overview, and Analysis Tool

A 1031 Exchange, or Like-kind Exchange, is a strategy in which a real estate investor can defer both capital gains tax and depreciation recapture tax upon the sale of a property and use that money, which has not been taxed, to purchase a like-kind…
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Watch Me Build a 3-Tier Real Estate Equity Waterfall Model with IRR Hurdles

As I've mentioned in other Watch Me Build posts, one way to become a better real estate financial modeling professional, is to watch other professionals model. Thus, the more exposure you can get to other's methods, the more adept a real estate…
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Watch Me Solve a REPE Technical Interview Modeling Test

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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A.CRE 101: How to Build a Mortgage Amortization Table in Excel

There are a few basic, yet fundamental, real estate modeling skills you must master before anyone will take you seriously as a real estate professional. Building a mortgage amortization schedule is one of them. Virtually every model you create…
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All-in-One (Ai1) Walkthrough #10 - Underwriting a Value-Add Office Investment

This walkthrough, our tenth in the series, takes you through the entire process of underwriting a hypothetical office value-add opportunity using the All-in-One (Ai1) Model. This walkthrough comes as a response to a question we recently received…
real estate professional using the income approach, a financial tool to value income producing property
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A.CRE 101: How to Use the Income Capitalization Approach to Value Income-Producing Property

In commercial real estate, there are a few generally accepted methods for appraising (or valuing) real property. The three most common are the Cost Approach, the Sales Comparison Method, and the Income Approach. The Income Approach includes…
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3 Tiered Waterfall Module Added to the Condo Development Model

After receiving a few requests, I've finally gotten around to adding an equity waterfall module to the Condominium Development Model. This module allows you to model partnership splits up to three tiers using either equity multiple hurdles or…