Real Estate Financial Modeling

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real estate financial modeling courses

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Real Estate Financial Modeling Accelerator (Updated September 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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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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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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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…
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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…
adventures in cre real estate modeler creating cash-on-cash return equity waterfall
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Real Estate Equity Waterfall Model With Cash-on-Cash Return Hurdle (Updated Sep 2021)

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…
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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…
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Watch Me Build – Custom Rent Schedule Module

In this Watch Me Build video I show you how to build a custom rent schedule module for long-term leases. The foundation of the module is a simple INDEX/MATCH combination that takes a rent schedule and models the rent cash flows across the entire…
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Real Estate Sources and Uses of Capital Module

An important component in any acquisition, development, and value-add model is the Sources and Uses of Capital section. Of course, how the sources and uses are modeled and how those cash flows are visualized will vary from one model to the next.…
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Real Estate Equity Waterfall Model with Catch Up and Clawback (Updated May 2021)

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,…
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Real Estate Acquisition Due Diligence Checklist

Most of the Excel tools we share on Adventures in CRE are real estate financial models, but occasionally we'll venture into building other CRE-related tools. Over the past several months, I've been working on a real estate acquisition checklist…
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Real Estate Development Due Diligence Checklist

Last year, I shared a Real Estate Acquisition Due Diligence Checklist that was quite popular. Soon after its release, we began getting requests for a similar tool, but for development deals. So allow me to share a Real Estate Development Due…
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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…
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Actual + Forecast Construction Draw Schedule with S-Curve

Several times in the last month, I've been asked to tackle an interesting real estate financial modeling challenge - pare actual construction draw cash flows with s-curve cash flow forecasts to create an Actuals + Forecast Construction Draw…