Real Estate Financial Modeling

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Real Estate Financial Modeling Accelerator (Updated January 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…

RE Education, Real Estate Financial Modeling, Excel Models, Tutorial, Investment Analysis

Could You Be Exiting Too Early? Don’t Forget to Analyze Your Reinvestment Rate

When attempting to maximize the value of your money invested in real estate, the timing of your exit is key to maximize your return. Exit too early, and you might leave money on the table. Exit too late, and you might have better used that capital…

Real Estate Financial Modeling, Excel Models, Apartment, Tutorial, Acquisition, Value-Add

Tutorials for A.CRE Value-Add Apartment Acquisition Model

As promised, I'm following up the release of the A.CRE Value-Add Apartment Acquisition model with a series of walk-throughs and tutorials to help you better understand the various elements of the model. The tutorials start with the basics -…

Real Estate Financial Modeling, Excel Tips, Excel Models, Office, Retail, Industrial, Tutorial, Acquisition

Using Boolean Logic to Model Multiple Generations of Tenant Improvements

Arguably the most powerful, and least appreciated and understood, functionality in Excel is its use of boolean logic. Or in other words, the use of TRUE and FALSE binary logic. This form of logic can be used to dramatically simplify formulas…

Real Estate Financial Modeling, Excel Models, Modules, Acquisition

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…

Real Estate Financial Modeling, Excel Models, Modules, Acquisition

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…

Real Estate Financial Modeling, Excel Models, Apartment, Stochastic Modeling, Standalone, Acquisition

Apartment Acquisition Model with Monte Carlo Simulation Module (Updated Jan 2021)

We have a few stochastic modeling tools for real estate on the website, but none as robust as this Apartment Acquisition Model with Monte Carlo Simulation Module. I originally built the model in 2016 by taking my standard apartment acquisition…

RE Education, Real Estate Financial Modeling, Excel Tips, Excel Models, Tutorial, Equity Waterfall, Modules, Watch Me Build

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…

Real Estate Financial Modeling, Excel Models, Office, Retail, Industrial, Standalone, Acquisition

Real Estate Acquisitions Model #2 for Office, Retail, Industrial (Updated Aug 2020)

I've decided to do a major overhaul of my last acquisitions model for office, industrial, and retail properties. There were a lot of things I wanted to change as well as add to the model and finally had a weekend to do it. This new and improved…

Real Estate Financial Modeling, Excel Models, Apartment, Development, Standalone, Value-Add

Multifamily Redevelopment Model (Updated June 2020)

This is an Excel model I originally built from scratch back in 2015 for quickly assessing multifamily redevelopment opportunities. It was designed to work best for scenarios where individual units will be rehabbed over the hold at varying times.…

Real Estate Financial Modeling, Single Family, Tutorial, A.CRE 101 - Basic Concepts in Commercial Real Estate, Watch Me Build

Watch Me Build – Capital Stack with Mezzanine Debt

One of the more difficult aspects of modeling a real estate development is figuring out how to handle equity and debt cash flows. This becomes all the more difficult when a second tranche of debt is introduced. In this Watch Me Build video,…

Real Estate Financial Modeling, Excel Tips, Excel Models, Office, Retail, Industrial, Tutorial, Modules, Acquisition, Watch Me Build

Watch Me Build a Tenant Rollover Analysis Model

The feedback has been positive on the ‘Watch Me Build a Multifamily Model’ video I recorded earlier this year. So I thought I’d follow that up with another. This time I build a Real Estate Tenant Rollover Analysis Model and talk through…

Real Estate Financial Modeling, A.CRE All-in-One (Ai1) Model, Ai1 Tutorials

All-in-One (Ai1) Walkthrough #2 – Office, Retail, Industrial Rent Roll Tab

This walkthrough, our second in the series, will detail how to use the office/retail/industrial rent roll (see ORI-RR Tab). The rent roll tab is arguably the most important, and most complex, tab in the All-in-One model. Below we post a video…

General, Real Estate Financial Modeling, Excel Models, Affordable Housing

LIHTC (Low Income Housing Tax Credits) Overview and Calculator

Below is an overview of how LIHTC (low income housing tax credits) are calculated and applied to affordable housing projects. At the bottom of the post you will find downloadable excel files that correspond with the videos. LIHTC - An Overview LIHTC…

Real Estate Financial Modeling, Excel Tips, Excel Models, Apartment, Tutorial, Standalone, Acquisition, A.CRE 101 - Basic Concepts in Commercial Real Estate, Watch Me Build

Watch Me Build a Multifamily Real Estate Model (Updated Feb 2020)

One way to become a better real estate financial modeling professional, is to watch other professionals model. I know in my career being able to physically see how others tackle different modeling problems has shaped my methods and made me better…

Real Estate Financial Modeling, Excel Models, Modules, Debt

Dynamic Amortization Schedule (Updated 2.06.2020)

This is a dynamic amortization schedule for debt that gives the user the capability to model a loan with an interest only period up front and an amortizing floating rate debt repayment period once the interest only period is over. This module…