Real Estate Financial Modeling

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real estate financial modeling courses

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Real Estate Financial Modeling Accelerator (Updated March 2024)

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…

Version Notes: All-in-One Underwriting Model

Version notes for the All-in-One Underwriting Model for Real Estate Development and Acquisition are found here as well as in the 'Version' tab of the Excel model. Download the Model Version 0.3.1 (March 11, 2017) Added version notes…
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Supercharge Excel with the WST Macros Add-in

In 2016, I wrote about Wall St. Training and their free Excel modeling resources. In that post, I mentioned the free WST Macros and how it is an indispensable add-in; one that I used in my professional life daily. Unfortunately, as of 2023,…
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How to Use the Apartment Acquisition Model’s Monte Carlo Simulation Module

You may recall that a couple of weeks ago, I began to explore Stochastic Modeling concepts, or the idea of adding probability into my models, to get a more complete picture of the risk-return metrics of an investment. I became interested in…
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Waterfall Model For Real Estate Joint Ventures with Catch Up

I've just wrapped up a new JV waterfall model with catch up clause that I am excited to share on the site. This model was built as an addition to my back-of-the envelope retail/industrial/office acquisitions model I posted a few weeks back.…
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How to Use the Construction Draw and Interest Calculation Model

As promised, I've recorded a tutorial on how to use my construction draw and interest calculation model. The 20 minute tutorial walks you through how to use the model to forecast construction cash flows during your development period. The model…
equity multiple
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Real Estate Waterfall Model – Equity Multiple Hurdles

I've created a companion to my real estate equity waterfall model to work with equity multiple hurdles, rather than IRR hurdles. It took me longer than I expected to build this, largely because I was over thinking it. I messed around with…
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Apartment Valuation Tutorial Using the Real Estate Acquisition Model

I promised a how-to video for my real estate apartment acquisition model, and so I thought I'd use an actual property to do so. I grabbed a property from Loopnet that is currently for sale, and dropped the information from the listing into…
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MS Excel Alternative to ARGUS DCF

It is little secret among our readers that I view ARGUS DCF as a necessary evil. On the one hand, it is the industry standard for underwriting real estate. Virtually every broker package for institutional quality deals comes with an ARGUS run,…
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How to Use My Real Estate Equity Waterfall Model

I took a few minutes this weekend, and created a video to help you use my real estate equity waterfall (IRR hurdle technique) model that I built in Excel. Again, keep in mind that the model is not standalone, but can be used with any of the…
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Update to Portfolio Acquisition Model

I've updated my Portfolio Acquisition Model to include the following changes: - Added an "Investor Level Returns" tab to the model, which uses my Real Estate Equity Waterfall Model to calculate the equity returns of the sponsor (GP) and the…
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Real Estate Development ROI Models

From time to time, I'm asked to share more complex development models that I've used professional. Unfortunately, most of the models that I've used professionally were built in partnership with others, and so I'm not at liberty to share those…
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Hotel Value-Add Assignment Example

I built this multi-scenario , value-add hotel investment model from scratch in Excel for an assignment in one of my real estate finance courses at Cornell. Keep in mind, this model is not plug-and-chug ready. However, with a few tweaks it works…
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Multifamily Development Model

This is the first in a series of Excel models on adventuresincre.com Here is a basic multifamily development model that I put together. I didn't build this model from scratch, but rather pieced together several other models to arrive at…