You are here: / / / Equity Waterfall

Real Estate Financial Modeling

All | Argus| Excel Models | Excel Tips | Stochastic Modeling

Acquisition | Development | Value-Add | Asset Management | Debt | Equity Waterfall | Excel Add-ins | Modules | Portfolio | Standalone | Tutorial | Apartment | Hotel | Industrial | Land Development | Office | Retail | Single-Family

real estate financial modeling courses

, , ,

Real Estate Financial Modeling Accelerator (Updated May 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…
, , ,

The First Dollars In: Modeling Pursuit Capital In Real Estate Deals

At the outset of every compelling real estate venture, before architects sketch their visions and contractors pour concrete, there's a quiet but powerful player setting the stage: pursuit capital. This early-stage funding powers the riskiest…
, , ,

Real Estate Equity Waterfall Model – IRR and Equity Multiple Hurdles (Updated July 2025)

Over the years, this real estate equity waterfall with annual periods and IRR or Equity Multiple hurdles has been one of the most popular models in our library of real estate Excel models. It's been downloaded thousands of times and we've received…
, , ,

Real Estate Equity Waterfall Model with Catch Up and Clawback (Updated Dec 2024)

A question came up recently in the A.CRE Accelerator's real estate waterfall modeling course regarding how to model GP Catch Up (i.e. Sponsor Catch Up) and LP Clawback provisions. I put together a quick video tutorial in response to that question,…
, , , , , ,

Watch Me Build a 3-Tier Real Estate Equity Waterfall Model (Updated Aug 2024)

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…
adventures in cre real estate modeler creating cash-on-cash return equity waterfall
, , ,

Real Estate Equity Waterfall Model With Cash-on-Cash Return Hurdle (Updated Jul 2024)

Over the years, Michael and I have built and shared numerous real estate equity waterfall models, all multi-tiered and most with internal rate of return (IRR) hurdles. And as our readers have downloaded those models, I've received dozens of…
iming of Preferred Return vs Return of Capital
, , , ,

Timing of Preferred Return vs Return of Capital in an Equity Waterfall with IRR Hurdles (Updated May 2024)

Recently, we had an A.CRE reader ask us about the mechanics of Preferred Return distributions in our equity waterfall models with IRR hurdles. Specifically, he questioned the timing of when and how Preferred Return vs Return of Capital were…
, , , ,

Real Estate Capital Account Tracking Tool (Updated Apr 2024)

I'll be the first to admit that real estate asset management doesn't get the attention it deserves on AdventuresinCRE.com. The real reason for this is that we're not necessarily asset management experts. I spent some time working in asset management…
, , , ,

Watch Me Build – American-Style Real Estate Equity Waterfall (Updated Apr 2024)

A few years ago, I recorded my screen as I built a 3-tier real estate equity waterfall model. What I didn't mention in that Watch Me Build video, is that the kind of waterfall I built is colloquially called a European-style equity waterfall.…
, , , , , ,

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…
, , , , ,

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…
, , , ,

Scenario Analysis Tool using the Equity Waterfall Model (UPDATED MAY 2022)

I received a question this morning asking how to use scenario (or sensitivity) analysis with our Real Estate Equity Waterfall Model. I started to answer the question via email, decided to build an Excel file to go along with my answer, and ultimately…
, , , , , , , ,

4-Tier Equity Multiple Waterfall – Download and Watch Me Build (UPDATED APR 2022)

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…
, , ,

Real Estate Equity Waterfall Model – Monthly Periods (Updated Jul 2021)

When I decided to share my real estate equity waterfall model in Excel, I never imagined it would be as popular as it has. The model has been downloaded thousands times and many of you have written to extend your thanks for sharing. It is gratifying…
, , , , , , ,

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…
, , , , ,

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…