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Real Estate Financial Modeling Accelerator (Updated May 2022)

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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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…
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1031 Exchange – Overview and Analysis Tool (Updated Apr 2022)

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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Convert Monthly Cash Flows to Quarterly and Annual Cash Flows (Updated Mar 2022)

Over the past few years, I've been working to build an ARGUS DCF alternative in Excel - or otherwise known here as the A.CRE All-in-One (Ai1) Model. As I've worked on that model, I've been jotting down modeling techniques I use and think would…
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Publicly Traded Tenant Analysis Tool

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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Refinance Risk Analysis Tool in Excel (Updated Feb 2022)

Generally speaking, equity real estate investors spend their time modeling the upside while their debt partners spend their time modeling the down side. Equity investors generally focus on an investment's internal rate of return, cash-on-cash…
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Ground Lease Valuation Model (Updated Jan 2022)

The topic of ground leases has come up several times in the past few weeks. Numerous A.CRE readers have emailed to ask for a purpose-built Ground Lease Valuation Model. And I'm in the process of creating an Advanced Concepts Module for our real…
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Real Estate Equity Waterfall Model – IRR and Equity Multiple Hurdles (Updated Jan 2022)

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…
Sources and Uses
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Construction Draw and Interest Calculation Model (Updated Aug 2021)

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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Linear Mortgage Payment Schedule Tool

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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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…