Real Estate Financial Modeling

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real estate financial modeling courses

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Real Estate Financial Modeling Accelerator (Updated May 2023)

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…
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Create A Dynamic Revenue Row to Calculate Multiple Tenant Leases (Updated Nov 2022)

I recently received an email from one of our readers asking how to create a dynamic revenue row for a pro forma that can capture rent changes for multiple tenants. I thought that this would make a great post for the site and would be a good…
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Linear Mortgage Payment Schedule Tool (Updated Oct 2022)

We recently shared a new modeling test to our library of real estate case studies entitled UK Debt Advisory Firm Modeling Test. In that case study, the test asked the real estate professional to analyze the returns of three different debt options.…
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Commercial Real Estate Lease Analysis Tool

The topic of analyzing commercial real estate leases from the perspective of the landlord and/or tenant has come up several times over the years. And while I generally respond to requests for new models or tools at A.CRE, I've been hesitant…
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Using an IRR Matrix to Determine Hold Period (Updated Sep 2022)

When building a real estate financial pro forma, it's important to model for and include a summary of various return and risk metrics. Among the different return metrics, the internal rate of return (IRR) - both on an unlevered and levered…
Sources and Uses
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Construction Draw and Interest Calculation Model (Updated Sep 2022)

I originally uploaded this equity/construction loan draw and interest calculation tool to our library of real estate financial analysis models in 2016. Over the years, I've continued to update it as suggestions, comments, and requests…
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The Advanced Mortgage Amortization Module (Updated Jul 2022)

In recent months, I've been working on an advanced real estate investment amortization table with interest-only capability, fixed and variable interest rates, multiple interest calculation methods (i.e. 30/360, Actual/Actual, Actual/365, Actual/360),…
a shopping center with robust sales and low occupancy cost
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Tenant Sales and Occupancy Cost in Retail Underwriting (UPDATED JUNE 2022)

When underwriting a retail investment, rollover risk is an incredibly important consideration. You, as a prospective debt or equity investor in the property, need to understand how secure the cash flows you're buying are; or in other words,…
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Publicly Traded Tenant Analysis Tool (Updated May 2022)

In this post and corresponding video, I am going to walk you through a revamped tenant health worksheet that I shared a long time ago on the site. I spent some time giving it a makeover and decided to put together a video walkthrough for it. Publicly…
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Forecasting After-Tax Cash Flow in Real Estate Analysis (UPDATED MAY 2022)

When modeling real estate investments, industry practice is generally to stop at before-tax cash flow. And this makes sense in most instances. No two owners of real estate have the exact same tax situation and no two properties necessarily have…
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Real Estate Debt Module in Excel (Updated May 2022)

I thought I'd share the real estate debt module I built for the ARGUS alternative in Excel that I've been working on over the last few months. Most debt modules I've seen in real estate financial models only include the ability to model…
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Real Estate Capital Account Tracking Tool (UPDATED MAY 2022)

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…
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Physical Occupancy Calculation Model for Real Estate (UPDATED MAY 2022)

As many of you know, I'm in the midst of moving my family from Milwaukee to Dallas, and quite frankly I'm getting sick of eating out and sleeping in hotel rooms. So what better way to unwind from hours of whining kids and tiresome travel, than…
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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…
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Development Draw Schedule – Visually Customize Each Line Item (UPDATED APR 2022)

Working a lot with development draw schedules, I have always been looking for a catch all solution as to how one could easily model all the unique ways cash actually flows over time during the process. The norm for many is to model cash flows…
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Construction Draw Schedule: Accounting For True LTC (Updated Apr 2022)

When lenders provide debt for a development project, they lend based on a Loan-to-Cost ratio (LTC), which is simply the percent of the total budget the lender will agree to lend to the borrower. So, if a project costs $10MM, and a lender loans…